United Rentals is the largest equipment rental company in the world, renting construction, industrial, and specialty equipment to customers across the U.S. and Canada, with a smaller presence in Europe, Australia, and New Zealand. United Rentals operates two segments: General Rentals, which rents aerial lifts, forklifts, cranes, compressors, and general tools to construction companies, industrials, utilities, and municipalities; and Specialty, which rents trench safety equipment, power and HVAC systems, fluid solutions, mobile storage, and surface protection mats, typically bundled with value-added services like setup, fueling, and breakdown. Equipment rental is approximately 86% of revenue, with the remainder coming from used equipment sales, new equipment sales, and service. The key revenue drivers are fleet size, rental rates, time utilization, and ancillary charges like delivery and fueling. United Rentals grows its fleet through roughly $4B in annual gross CapEx and actively rotates older equipment out through used sales. The cost structure has meaningful operating leverage, with roughly half of costs variable and a semi-fixed labor base. United Rentals' growth strategy centers on winning large national accounts and mega-projects in infrastructure, data centers, semiconductors, and power; expanding the Specialty segment through geographic cold starts; cross-selling specialty products to existing general rental customers; and supplementing organic growth with acquisitions. United Rentals returns substantial capital to shareholders through buybacks and a dividend it raises roughly 10% annually.