FORM 10-K ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934Commission File Number 1-14387United Rentals, Inc. Commission File Number 1-13663United Rentals (North America), Inc.(Exact Names of Registrants as Specified in Their Charters) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the SecuritiesAct. Yes☐No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) ofthe Act. Yes☐No☐ Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrantwas required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☐No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required tobe submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (orfor such shorter period that the registrant was required to submit such files). Yes☐No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-acceleratedfiler, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,”“accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Non-Accelerated Filer☐Emerging Growth Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’sassessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.Yes☐No☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financialstatements.☐ Table of ContentsIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recoveryperiod pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the ExchangeAct).Yes☐No☐ As of June 30, 2024 there were 66,235,191 shares of United Rentals, Inc. common stock outstanding. Theaggregate market value of common stock held by non-affiliates (defined as other than directors, executive officersand 10 percent beneficial owners) at June 30, 2024 was approximately $37.8 billion, calculated by using the closingprice of the common stock on such date on the New York Stock Exchange of $646.73. As of January 27, 2025, there were 65,307,098 shares of United Rentals, Inc. common stock outstanding. Thereis no market for the common stock of United Rentals (North America), Inc., all outstanding shares of which are ownedby United Rentals, Inc. This Form 10-K is separately filed by (i) United Rentals, Inc. and (ii) United Rentals (North America), Inc. (whichis a wholly owned subsidiary of United Rentals, Inc.). United Rentals (North America), Inc. meets the conditions setforth in General Instruction (I)(1)(a) and (b) of Form 10-K and is therefore filing this form with the reduced disclosureformat permitted by such instruction. Documents incorporated by reference: Portions of United Rentals, Inc.’s Proxy Statement related to the 2025Annual Meeting of Stockholders are incorporated by reference into Part III of this annual report. Table of Contents FORM 10-K REPORT INDEX 10-K Partand Item No. Page No. PART I Item 1BusinessItem 1ARisk FactorsItem 1BUnresolved Staff CommentsItem 1CCybersecurityItem 2PropertiesItem 3Legal ProceedingsItem 4Mine Safety Disclosures PART II Market for the Registrant’s Common Equity, Related Stockholder Matters andIssuer Purchases of Equity Securities 25 Item 6Selected Financial Data26Item 7Management’s Discussion and Analysis of Financial Condition and Results ofOperations27Item 7AQuantitative and Qualitative Disclosures About Market Risk44Item 8Financial Statements and Supplementary Data45Item 9Changes in and Disagreements with Accountants on Accounting and FinancialDisclosure85Item 9AControls and Procedures85Item 9BOther Information87Item 9CDisclosure Regarding Foreign Jurisdictions that Prevent Inspections87 PART III Item 10Directors, Executive Officers and Corporate Govern