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United Rentals (URI) Q2-25 10-Q highlights: Total revenue rose 4.5% YoY to $3.94 bn, driven by a 6.2% increase in equipment-rental revenue to $3.42 bn; ancillary sales were flat. Gross profit inched up 1% to $1.53 bn as cost inflation offset pricing. Operating income was essentially unchanged at $1.00 bn, yielding a 25.4% margin (-110 bp).

Net income slipped 2.2% YoY to $622 m; diluted EPS was $9.59 (+0.5% on 2% lower share count). Interest expense remained elevated at $171 m. For 1H-25, revenue grew 5.6% to $7.66 bn, but net income declined 3.2% to $1.14 bn.

Cash & balance sheet: Operating cash flow surged 20% to $2.75 bn, easily covering $2.30 bn of cap-ex, leaving FCF of ~$1.18 bn. Net debt was $12.8 bn (4.4脳 annualised EBITDA est.), down $90 m YTD. URI ended with $3.0 bn liquidity. A/R securitisation maturity was extended to 2026, and the $4.25 bn ABL was upsized to $4.5 bn (July) and pushed to 2030.

Capital returns: URI repurchased $673 m of stock YTD and paid $235 m dividends ($1.79/sh quarterly). Board enlarged the current buy-back authorisation to $2.0 bn post-quarter.

Notables: a $64 m H&E break-up fee boosted other income; YTD net benefit $39 m. Share count at 64.3 m outstanding.

Key risks: $13.4 bn total debt, higher interest rates, cyclical end-markets, cost inflation and supply-chain constraints as detailed in risk factors.

United Rentals, Inc. (NYSE: URI) and several international subsidiaries executed a Fifth Amended and Restated Credit Agreement on 10 July 2025, replacing their prior asset-based revolver.

The agreement establishes a senior secured $4.5 billion asset-based loan (ABL) facility backed by first-priority liens on substantially all U.S. and certain non-U.S. assets. A $175 million ANZ tranche, along with sub-limits of $250 million for Canada and $125 million for Rest-of-World borrowers, plus multiple swing-line and LC sub-limits, provide multi-currency flexibility (USD, CAD, EUR, GBP and others).

Maturity: 10 July 2030. Drawn as of 9 July 2025: $2.049 billion. Availability: roughly $2.428 billion (net of LCs) subject to borrowing-base limits.

Pricing ranges:

• SOFR / SONIA / EURIBOR / Term CORRA + 1.00%鈥�1.25%
• Base or Canadian prime + 0.00%鈥�0.25%
• Unused line fee: 0.20%

Covenants & Security: Standard negative covenants on debt, liens, dividends, investments and M&A. No ongoing financial covenant unless availability falls below 10% for five consecutive business days, at which point a 1.0脳 fixed-charge coverage ratio springs into effect. Guarantees are provided by Holdings and extensive U.S. and international subsidiaries, with collateral including equity pledges (65% limit on voting shares of foreign subs).

Strategic Impact: The new facility extends URI鈥檚 debt maturity profile by five years, increases global liquidity, and keeps covenant pressure light under normal operating conditions鈥攕upporting working-capital needs, fleet investment and potential bolt-on acquisitions.

ONE Gas, Inc. (NYSE: OGS) filed an 8-K disclosing a Regulation FD announcement. The company will release its Q2 2025 financial results after market close on Tuesday, August 5, 2025, and will hold a live conference call on Wednesday, August 6, 2025 at 11 a.m. EDT (10 a.m. CDT). The webcast will be available on the company鈥檚 investor-relations website. A news release detailing the call logistics is furnished as Exhibit 99.1. No financial performance metrics, guidance revisions, or other material business developments were included in this filing.