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Side-by-side financial comparison of Illinois Tool Works (ITW) and United Rentals (URI). Click either name above to swap in a different company.
Illinois Tool Works is the larger business by last-quarter revenue ($4.1B vs $4.0B, roughly 1.0× United Rentals). Illinois Tool Works runs the higher net margin — 19.3% vs 13.3%, a 6.0% gap on every dollar of revenue. On growth, United Rentals posted the faster year-over-year revenue change (7.2% vs 4.1%). United Rentals produced more free cash flow last quarter ($1.1B vs $858.0M). Over the past eight quarters, United Rentals's revenue compounded faster (114.0% CAGR vs 1.5%).
Illinois Tool Works Inc. (ITW) is an American Fortune 500 company that produces engineered fasteners and components, equipment and consumable systems, and specialty products. It was founded in 1912 by Byron L. Smith and has built its growth on a "small-wins strategy" based on decentralization, simplicity, customer-focused innovation, and acquisitions.
United Rentals, Inc. is an American equipment rental company, with about 16 percent of the North American market share as of 2022. It owns the largest rental fleet in the world with approximately 4,800 classes of equipment totaling about $20.59 billion in original equipment cost (OEC) as of 2025. The company has a combined total of 1,625 locations, including an integrated network of 1,504 rental locations in North America, 38 in Europe, 23 in Australia and 19 in New Zealand.
ITW vs URI — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $4.1B | $4.0B |
| Net Profit | $790.0M | $531.0M |
| Gross Margin | 53.0% | 36.9% |
| Operating Margin | 26.5% | 21.8% |
| Net Margin | 19.3% | 13.3% |
| Revenue YoY | 4.1% | 7.2% |
| Net Profit YoY | 5.3% | 2.5% |
| EPS (diluted) | $2.72 | $8.43 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $4.0B | ||
| Q4 25 | $4.1B | $992.0M | ||
| Q3 25 | $4.1B | $938.0M | ||
| Q2 25 | $4.1B | $872.0M | ||
| Q1 25 | $3.8B | $893.0M | ||
| Q4 24 | $3.9B | $1.0B | ||
| Q3 24 | $4.0B | $874.0M | ||
| Q2 24 | $4.0B | $870.0M |
| Q1 26 | — | $531.0M | ||
| Q4 25 | $790.0M | $653.0M | ||
| Q3 25 | $821.0M | $701.0M | ||
| Q2 25 | $755.0M | $622.0M | ||
| Q1 25 | $700.0M | $518.0M | ||
| Q4 24 | $750.0M | $689.0M | ||
| Q3 24 | $1.2B | $708.0M | ||
| Q2 24 | $759.0M | $636.0M |
| Q1 26 | — | 36.9% | ||
| Q4 25 | 53.0% | — | ||
| Q3 25 | 53.2% | — | ||
| Q2 25 | 52.8% | — | ||
| Q1 25 | 52.6% | — | ||
| Q4 24 | 52.1% | — | ||
| Q3 24 | 52.5% | — | ||
| Q2 24 | 52.3% | — |
| Q1 26 | — | 21.8% | ||
| Q4 25 | 26.5% | — | ||
| Q3 25 | 27.4% | — | ||
| Q2 25 | 26.4% | — | ||
| Q1 25 | 24.8% | 90.0% | ||
| Q4 24 | 26.2% | — | ||
| Q3 24 | 26.5% | — | ||
| Q2 24 | 26.2% | — |
| Q1 26 | — | 13.3% | ||
| Q4 25 | 19.3% | 65.8% | ||
| Q3 25 | 20.2% | 74.7% | ||
| Q2 25 | 18.6% | 71.3% | ||
| Q1 25 | 18.2% | 58.0% | ||
| Q4 24 | 19.1% | 67.6% | ||
| Q3 24 | 29.2% | 81.0% | ||
| Q2 24 | 18.8% | 73.1% |
| Q1 26 | — | $8.43 | ||
| Q4 25 | $2.72 | $10.20 | ||
| Q3 25 | $2.81 | $10.91 | ||
| Q2 25 | $2.58 | $9.59 | ||
| Q1 25 | $2.38 | $7.91 | ||
| Q4 24 | $2.53 | $10.41 | ||
| Q3 24 | $3.91 | $10.70 | ||
| Q2 24 | $2.54 | $9.54 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $851.0M | $156.0M |
| Total DebtLower is stronger | $7.7B | $13.9B |
| Stockholders' EquityBook value | $3.2B | $9.0B |
| Total Assets | $16.1B | $29.9B |
| Debt / EquityLower = less leverage | 2.38× | 1.55× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $156.0M | ||
| Q4 25 | $851.0M | $459.0M | ||
| Q3 25 | $924.0M | $512.0M | ||
| Q2 25 | $788.0M | $548.0M | ||
| Q1 25 | $873.0M | $542.0M | ||
| Q4 24 | $948.0M | $457.0M | ||
| Q3 24 | $947.0M | $479.0M | ||
| Q2 24 | $862.0M | $467.0M |
| Q1 26 | — | $13.9B | ||
| Q4 25 | $7.7B | $12.7B | ||
| Q3 25 | — | $12.6B | ||
| Q2 25 | — | $12.1B | ||
| Q1 25 | — | $11.5B | ||
| Q4 24 | $7.1B | $12.2B | ||
| Q3 24 | — | $11.9B | ||
| Q2 24 | — | $11.5B |
| Q1 26 | — | $9.0B | ||
| Q4 25 | $3.2B | $9.0B | ||
| Q3 25 | $3.2B | $9.0B | ||
| Q2 25 | $3.2B | $9.0B | ||
| Q1 25 | $3.2B | $8.8B | ||
| Q4 24 | $3.3B | $8.6B | ||
| Q3 24 | $3.4B | $8.6B | ||
| Q2 24 | $3.0B | $8.3B |
| Q1 26 | — | $29.9B | ||
| Q4 25 | $16.1B | $29.9B | ||
| Q3 25 | $16.1B | $30.1B | ||
| Q2 25 | $16.0B | $29.2B | ||
| Q1 25 | $15.5B | $28.1B | ||
| Q4 24 | $15.1B | $28.2B | ||
| Q3 24 | $15.8B | $28.4B | ||
| Q2 24 | $15.6B | $27.6B |
| Q1 26 | — | 1.55× | ||
| Q4 25 | 2.38× | 1.41× | ||
| Q3 25 | — | 1.40× | ||
| Q2 25 | — | 1.34× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | 2.14× | 1.42× | ||
| Q3 24 | — | 1.38× | ||
| Q2 24 | — | 1.39× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $963.0M | $1.5B |
| Free Cash FlowOCF − Capex | $858.0M | $1.1B |
| FCF MarginFCF / Revenue | 21.0% | 26.4% |
| Capex IntensityCapex / Revenue | 2.6% | — |
| Cash ConversionOCF / Net Profit | 1.22× | 2.85× |
| TTM Free Cash FlowTrailing 4 quarters | $2.7B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.5B | ||
| Q4 25 | $963.0M | $1.3B | ||
| Q3 25 | $1.0B | $1.2B | ||
| Q2 25 | $550.0M | $1.3B | ||
| Q1 25 | $592.0M | $1.4B | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $891.0M | $1.2B | ||
| Q2 24 | $687.0M | $1.3B |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $858.0M | — | ||
| Q3 25 | $904.0M | — | ||
| Q2 25 | $449.0M | — | ||
| Q1 25 | $496.0M | — | ||
| Q4 24 | $996.0M | $471.0M | ||
| Q3 24 | $783.0M | $-168.0M | ||
| Q2 24 | $571.0M | $-263.0M |
| Q1 26 | — | 26.4% | ||
| Q4 25 | 21.0% | — | ||
| Q3 25 | 22.3% | — | ||
| Q2 25 | 11.1% | — | ||
| Q1 25 | 12.9% | — | ||
| Q4 24 | 25.3% | 46.2% | ||
| Q3 24 | 19.7% | -19.2% | ||
| Q2 24 | 14.2% | -30.2% |
| Q1 26 | — | — | ||
| Q4 25 | 2.6% | — | ||
| Q3 25 | 2.9% | — | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | 2.5% | — | ||
| Q4 24 | 3.0% | 56.6% | ||
| Q3 24 | 2.7% | 157.0% | ||
| Q2 24 | 2.9% | 175.6% |
| Q1 26 | — | 2.85× | ||
| Q4 25 | 1.22× | 1.92× | ||
| Q3 25 | 1.24× | 1.68× | ||
| Q2 25 | 0.73× | 2.14× | ||
| Q1 25 | 0.85× | 2.75× | ||
| Q4 24 | 1.49× | 1.52× | ||
| Q3 24 | 0.77× | 1.70× | ||
| Q2 24 | 0.91× | 1.99× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ITW
Segment breakdown not available.
URI
| Equipment rentals | $3.4B | 86% |
| Sales of rental equipment | $350.0M | 9% |
| Service and other revenues | $92.0M | 2% |
| Sales of new equipment | $84.0M | 2% |
| Contractor supplies sales | $40.0M | 1% |
