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Sep 30, 2025
United Rentals Q3 2025 Earnings Report
United Rentals reported strong third-quarter 2025 results, driven by robust customer demand, and subsequently raised its full-year guidance for revenue and capital spending.
Key Takeaways
United Rentals delivered a strong third quarter in 2025, with total revenue reaching $4.229 billion and net income at $701 million. The company saw significant growth in both general rentals and specialty segments, leading to an increase in fleet productivity. Adjusted EBITDA also hit a record high, and the company maintained a healthy liquidity position while returning substantial capital to shareholders.
Total revenue for Q3 2025 reached $4.229 billion, with rental revenue contributing $3.665 billion.
Net income for the quarter was $701 million, resulting in a GAAP diluted EPS of $10.91 and an adjusted EPS of $11.70.
Adjusted EBITDA for Q3 2025 was a record $1.946 billion, with a margin of 46.0%.
The company increased its full-year 2025 guidance for total revenue and capital spending, reflecting strong customer demand and expected continued momentum.
Revenue by Segment
Forward Guidance
United Rentals has updated its full-year 2025 outlook, raising guidance for total revenue and capital spending, reflecting strong customer demand. The company expects continued growth and robust cash generation.
Positive Outlook
- Total revenue guidance raised to $16.0 billion to $16.2 billion (from $15.8 billion to $16.1 billion).
- Adjusted EBITDA guidance updated to $7.325 billion to $7.425 billion (from $7.3 billion to $7.45 billion).
- Net rental capital expenditures after gross purchases increased to $2.55 billion to $2.75 billion (from $2.2 billion to $2.5 billion).
- Gross purchases of rental equipment expected to be $4.0 billion to $4.2 billion (from $3.65 billion to $3.95 billion).
- Net cash provided by operating activities outlook remains strong at $5.0 billion to $5.4 billion.
Challenges Ahead
- Free cash flow excluding merger and restructuring related payments guidance reduced to $2.1 billion to $2.3 billion (from $2.4 billion to $2.6 billion).
- The reduction in free cash flow outlook reflects additional rental capital expenditures to support customer demand.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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