联合租赁 2025年度报告

FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE FISCAL YEAR ENDED DECEMBER31, 2025OR 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 not required to file reports pursuant to Section13 or Section15(d) of the Act.Yes☐No☑ Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90 days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer☑Non-Accelerated Filer☐Emerging Growth Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment 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 preparedor 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 financial statements.☐ Table of Contents Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ As of June30, 2025 there were 64,450,115 shares of United Rentals, Inc. common stock outstanding. The aggregate market value of common stockheld by non-affiliates (defined as other than directors, executive officers and 10 percent beneficial owners) at June30, 2025 was approximately $42.7billion, calculated by using the closing price of the common stock on such date on the New York Stock Exchange of $753.40. As of January26, 2026, there were 62,998,147 shares of United Rentals, Inc. common stock outstanding. There is no market for the common stock ofUnited Rentals (North America), Inc., all outstanding shares of which are owned by United Rentals, Inc. This Form 10-K is separately filed by (i)United Rentals, Inc. and (ii)United Rentals (North America), Inc. (which is a wholly owned subsidiary ofUnited Rentals, Inc.). United Rentals (North America), Inc. meets the conditions set forth in General Instruction (I)(1)(a)and (b)of Form 10-K and istherefore filing this form with the reduced disclosure format permitted by such instruction. Documents incorporated by reference: Portions of United Rentals, Inc.’s Proxy Statement related to the 2026 Annual Meeting of Stockholders areincorporated by reference into Part III of this annual report. FORM 10-K REPORT INDEX PARTI Item1BusinessItem1ARisk FactorsItem1BUnresolved Staff CommentsItem 1CCybersecurityItem 2PropertiesItem 3Legal Proceedings PARTII Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecuritiesManagement’s Discussion and Analysis of Financial Condition and Results of OperationsQuantitative and Qualitative Disclosures About Market RiskFinancial Statements and Supplementary DataChanges in and Disagreements with Accountants on Accounting and Financial DisclosureControls and ProceduresOther InformationDisclosure Regarding Foreign Jurisdictions that Prevent Inspections Item 7Item7AItem 8Item 9Item9AItem9BItem9C PARTIII Directors, Executive Officers and Corporate GovernanceExecutive CompensationSecurity Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersCertain Relationships and Related Transactions, and Director IndependencePrincipal Accountant Fees and Services Item10Item11Item12Item13Item14 PARTIVItem15 Exhibits and Financial Statement Schedules CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This