United Rentals (URI) Risk Factor Changes

We currently have approximately 1,800 employees who are represented by unions and covered by collective bargaining agreements and approximately 26,700 employees who are not represented by unions.

Our operations are subject to numerous laws and regulations governing environmental protection and occupational health and safety matters.

We include in income from operations the difference between the sales price and the depreciated value of an item of equipment sold.

coverage will be sufficient or that we will continue to be able to obtain such coverage at reasonable rates or at all.

Our specialty reportable segment has accounted for an increasing portion of our business and revenues in recent years.

As severe weather events and other natural occurrences become increasingly common, our or our customers’ operations may be disrupted, which could result in increased operational costs or reduced demand for our product…

and greater monetary fines for privacy violations.

disruptions during upgrades or replacements of software or hardware or integrations of acquired businesses systems, adverse acts of nature and other unexpected events.

One of the reasons some of our customers find it more attractive to rent equipment than own that equipment is the need to deploy their capital elsewhere.

We would expect to pay for any future acquisitions using cash, capital stock, net proceeds from the issuance of notes, borrowings under our credit facilities and/or assumption of indebtedness.

We have historically achieved a significant portion of our growth through acquisitions and we will continue to consider potential acquisitions on a selective basis.

In addition to cash we generate from our business, our principal existing sources of funds to support operations and make capital expenditures on equipment and other items are borrowings available under the ABL facili…

In addition to the financial covenant and other financial tests, various other covenants in the ABL facility, term loan facility, accounts receivable securitization facility and the other agreements governing our debt…

We rely on our ABL facility and accounts receivable securitization facility to provide liquidity for our business, including to fund capital expenditures, acquisitions, operating expenses and other liquidity needs.

A portion of our indebtedness bears interest at variable rates that are linked to changing market interest rates.

At December 31, 2025, our total indebtedness was $14.2 billion.

We believe that one of our competitive advantages is the mobility of our fleet.

•geopolitical conflicts, such as those in Ukraine and Venezuela, and the resultant sanctions and other measures imposed in response; or

Our operations are subject to numerous laws and regulations governing environmental protection and occupational health and safety matters.

We include in income from operations the difference between the sales price and the depreciated value of an item of equipment sold.

operating results would be adversely affected.

Although the Board of Directors has authorized the share repurchase program, the share repurchase program does not obligate us to repurchase any specific dollar amount or to acquire any specific number of shares.

In January 2024, our Board of Directors authorized a share repurchase program, under which we are authorized to repurchase shares of common stock for an aggregate purchase price not to exceed $1.5 billion, excluding f…

We cannot guarantee that we will repurchase our common stock pursuant to our share repurchase program or that our share repurchase program will enhance long-term stockholder value.

•expectations regarding our share repurchase program;

Acquisitions, including the pending acquisition of H&E, entail certain risks, including:

acquisition opportunities in the future or that we will be able to consummate any such transactions on terms and conditions acceptable to us.

We rely on available borrowings under the ABL facility and the accounts receivable securitization facility for cash to operate our business, which subjects us to market and counterparty risk, some of which is beyond o…

The amount of borrowings permitted at any time under our ABL facility and the accounts receivable securitization facility is limited to a periodic borrowing base valuation of the collateral thereunder.

The amount of borrowings permitted under our ABL facility and the accounts receivable securitization facility may fluctuate significantly, which may adversely affect our liquidity, results of operations and financial…

payments; (vii) dividends, other payments and other matters affecting subsidiaries; (viii) transactions with affiliates; and (ix) issuances of preferred stock of certain subsidiaries.

Even if we adopt an alternative strategy, the strategy may not be successful and we may continue to be unable to service our indebtedness and fund our operations.

•restructuring or refinancing our indebtedness.

•reducing or delaying capital expenditures;

We depend on cash on hand and cash flows from operations to make scheduled debt payments.

To service our indebtedness, we require a significant amount of cash and our ability to generate cash depends on many factors beyond our control.

We believe that one of our competitive advantages is the mobility of our fleet.

lead to work stoppages and/or slowdowns or strikes by certain of our employees, which could adversely affect our ability to serve our customers.

We are exposed to a variety of claims relating to our business, and our insurance may not fully cover them.

We incorporate AI solutions into our products, services and features, and we leverage AI in our product development and our operations.

We use AI in our business and in our products, and challenges with properly managing its use could result in reputational harm, competitive harm, and legal liability, and adversely affect our business or results of op…

In recent years, our industry and end-markets have been characterized by rapid changes in technology and customer demands.

We may fail to respond adequately to changes in technology and customer demands, which could adversely affect our results of operation, financial condition and cash flows.

We collect, use, process, and store proprietary information and personal, sensitive, or confidential data relating to our business, customers, and employees.

We rely on the continuous and uninterrupted performance of our information technology systems, and those of our third-party vendors, to be able to monitor and control our operations, adjust to changing market conditio…

Repurchases of our common stock pursuant to our share repurchase programs could affect our stock price and increase its volatility.

In April 2025, our Board of Directors authorized a $1.5 billion share repurchase program, and repurchases under this program began in April 2025.

Share repurchases could increase the volatility of the price of our common stock and could diminish our cash reserves.

•expectations regarding our share repurchase programs and the amount of share repurchases thereunder;

Acquisitions entail certain risks, including:

We rely on borrowings under the ABL facility and the accounts receivable securitization facility to provide funds to operate our business and make capital expenditures, and our business would be adversely affected if…

indebtedness coming due and replace the ABL facility and/or the accounts receivable securitization facility, we would likely not have sufficient liquidity for our business needs and would be forced to adopt an alterna…