United Rentals, Inc. has announced financial results for the third quarter of 2025 and raised its 2025 full-year guidance for total revenue and capital spending, driven by strong customer demand.

Third Quarter 2025 Highlights

• Total revenue of $4.229 billion, including rental revenue of $3.665 billion.
• Net income of $701 million, at a margin of 16.6%. GAAP diluted earnings per share of $10.91, and adjusted EPS of $11.70.
• Adjusted EBITDA 3 of $1.946 billion, at a margin of 46.0%.
• Year-over-year, eet productivity increased 2.0%.
• Year-to-date net cash provided by operating activities of $3.934 billion; free cash of $1.192 billion, including gross payments for purchases of rental equipment of $3.576 billion.
• Year-to-date gross rental capital expenditures of $3.760 billion.
• Returned $1.633 billion to shareholders year-to-date, comprised of $1.283 billion via share repurchases and $350 million via dividends paid.
• Net leverage ratio 5 of 1.86x, with total liquidity of $2.452 billion, at September 30, 2025.

CEO Comment

Matthew Flannery, chief executive officer of United Rentals, said, “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. Our team did an outstanding job as we continued to lean into growth across both our general rentals and specialty businesses, and our updated guidance reflects the momentum we expect to carry through the rest of the year.”

Flannery continued, “Looking ahead, we are encouraged by the growth opportunities our customers see on the horizon, particularly within large projects and across key verticals. 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. I’m very proud of the company we continue to build, supported by a well-proven strategy focused on profitable growth, strong through-cycle free cash flow generation, and prudent capital allocation, all of which create compelling long-term value for our shareholders.”

Summary of Third Quarter 2025 Financial Results

• Rental revenue increased 5.8% year-over-year to a third-quarter record of $3.665 billion. Fleet productivity increased 2.0% year-over-year, while average original equipment at cost (“OEC”) increased 4.2%.
• Used equipment sales in the quarter increased 3.7% year-over-year. Used equipment sales generated $333 million of proceeds at a GAAP gross margin of 44.1% and an adjusted gross margin of 45.9%, compared to a GAAP gross margin of 45.2% and an adjusted gross margin of 49.5% for the same period last year. The year-over-year decline in the adjusted gross margin primarily reflected the normalization of the used equipment market, including pricing.
• Net income for the quarter decreased 1.0% year-over-year to $701 million, while the net income margin decreased 110 basis points to 16.6%. Consistent with the results for the first half of the year, the decline in net income margin was primarily driven by 1) decreased rental gross margin, which reflected the impact of inflation and normal cost variability, particularly in delivery costs, and higher depreciation expense in the specialty rentals segment, as discussed below, partially offset by decreases as a percentage of revenue in 2) the provision for income taxes and 3) interest expense.
• Adjusted EBITDA for the quarter increased 2.2% year-over-year to a third-quarter record of $1.946 billion, while adjusted EBITDA margin decreased 170 basis points to 46.0%. Consistent with the results for the first half of the year, the decline in adjusted EBITDA margin primarily reflected decreases in 1) rental gross margin (excluding depreciation and stock compensation expense) attributable, in part, to the impact of inflation and normal cost variability, and 2) adjusted gross margin from used equipment sales, both of which are discussed above.
• General rentals segment rental revenue increased 3.1% year-over-year to a third quarter record of $2.400 billion, while rental gross margin decreased by 90 basis points year-over-year to 36.7%, primarily due to inflation and normal cost variability, particularly in delivery costs.