Stamford, Conn. — October 22, 2025 — United Rentals, Inc. (NYSE: URI), the world’s largest equipment rental company, has announced its financial results for the third quarter of 2025, reflecting robust growth across its operations. The company also raised its full-year guidance for revenue and capital expenditures, attributing this optimism to strong customer demand across various sectors.

1. Third Quarter 2025 Financial Highlights

United Rentals reported total revenue of $4.229 billion for the third quarter, an increase from $3.992 billion in the same period last year. This includes rental revenue of $3.665 billion, marking a year-over-year increase of 5.8%. The company's net income stood at $701 million, yielding a net income margin of 16.6%, with GAAP diluted earnings per share (EPS) of $10.91 and an adjusted EPS of $11.70.

Key financial metrics for the quarter included:

Adjusted EBITDA: $1.946 billion (46.0% margin)

Year-to-date net cash from operating activities: $3.934 billion

Free cash flow: $1.192 billion

Gross rental capital expenditures: $3.760 billion

Shareholder returns: $1.633 billion year-to-date, comprising $1.283 billion in share repurchases and $350 million in dividends.

2. CEO Insight

Matthew Flannery, Chief Executive Officer of United Rentals, expressed pride in the company’s performance, stating, “Our third-quarter results were again supported by our unrelenting focus on being the partner of choice to our customers as we serve their needs across both construction and industrial end-markets.” He emphasized the team's commitment to growth and the robust demand from customers, particularly for large projects in key verticals.

Flannery highlighted the company’s competitive edge: “The combination of our one-stop-shop model, unparalleled service levels, and industry-leading technology differentiates our value proposition to customers and enables us to outpace the market.”

3. 2025 Outlook Enhanced

Following the strong third quarter, United Rentals adjusted its full-year guidance:

Total Revenue: Increased to $16.0 billion to $16.2 billion, up from the previous range of $15.8 billion to $16.1 billion.

Adjusted EBITDA: Revised to $7.325 billion to $7.425 billion from $7.3 billion to $7.45 billion.

Net Rental Capital Expenditures: Expected to range from $2.55 billion to $2.75 billion, following gross purchases of $4.0 billion to $4.2 billion.

The revised outlook reflects the company’s strategic investment in capital expenditures to meet the rising demand from customers.

4. Segment Performance Analysis

General Rentals

The general rentals segment reported a record revenue of $2.400 billion, reflecting a 3.1% year-over-year increase. However, the rental gross margin slightly declined to 36.7%, attributed to inflationary pressures and cost variability, particularly in delivery expenses.

Specialty Rentals

In contrast, the specialty rentals segment saw a significant 11.4% increase in revenue, reaching $1.265 billion. The gross margin decreased to 45.1%, mainly due to higher depreciation costs linked to growth in the matting business and inflation.

5. Capital Management and Shareholder Returns

United Rentals has maintained a strong focus on capital management, with a net leverage ratio of 1.86x and total liquidity of $2.452 billion as of September 30, 2025. The company announced a quarterly dividend of $1.79 per share, payable on November 26, 2025. Additionally, it commenced a new share repurchase program, originally valued at $1.5 billion, which has been increased to $2.0 billion following favorable tax legislation.

6. Conclusion

United Rentals continues to demonstrate resilience and strategic foresight in navigating the evolving economic landscape. With a solid financial performance in the third quarter and an optimistic outlook for the remainder of 2025, the company is well-positioned to leverage its market leadership and deliver substantial value to its shareholders.

For further details, investors are invited to join the conference call scheduled for October 23, 2025, at 8:30 a.m. Eastern Time, where further insights into the company’s performance and strategic direction will be shared.

Original press release