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Mar 31
United Rentals Q1 2025 Earnings Report
United Rentals delivered a record-setting Q1 2025 with strong revenue and adjusted EBITDA, while reaffirming guidance and launching a new repurchase program.
Key Takeaways
United Rentals had a strong start to 2025 with record Q1 revenue of $3.719B and adjusted EBITDA of $1.671B, driven by demand across key sectors and supported by a solid capital position and a new $1.5B share repurchase program.
Achieved record first-quarter revenue of $3.719 billion, up from $3.485 billion YoY.
Adjusted EBITDA reached $1.671 billion, boosted by a $52 million merger termination benefit.
Net income was $518 million, including a $29 million after-tax benefit from a terminated merger.
Launched a new $1.5 billion share repurchase program and reaffirmed full-year guidance.
United Rentals
United Rentals
United Rentals Revenue by Segment
Revenue by Segment
General Rentals Revenue
CapyFin.comSpecialty Rentals Revenue
CapyFin.com Forward Guidance
United Rentals maintained its 2025 outlook, projecting strong revenue and cash generation supported by resilient demand and strategic capital investments.
Positive Outlook
- Revenue expected between $15.6B and $16.1B for FY2025.
- Adjusted EBITDA forecasted between $7.2B and $7.45B.
- Free cash flow guidance excluding merger costs between $2.0B and $2.2B.
- Strong total liquidity of $3.345B as of March 31, 2025.
- Full-year capital repurchase goal of $1.5B on track with new program.
Challenges Ahead
- Used equipment sales margin declined due to pricing normalization.
- SG&A costs rose due to H&E acquisition-related expenses.
- Interest expenses increased from merger-related financing.
- Specialty rental margins compressed due to inflation and fleet repositioning.
- Overall gross margins impacted by cost variability and ancillary revenue mix.
Revenue & Expenses
Visualization of income flow from segment revenue to net income