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Dec 31, 2025
United Rentals Q4 2025 Earnings Report
United Rentals reported strong fourth quarter and full-year 2025 results, with record revenue and EBITDA, and announced a plan to return approximately $2 billion to shareholders in 2026.
Key Takeaways
United Rentals concluded 2025 with a record-breaking fourth quarter, achieving total revenue of $4.208 billion and net income of $653 million. The company's adjusted EBITDA reached $1.901 billion, demonstrating robust operational performance. Fleet productivity saw a modest increase, and the company maintained a healthy liquidity position, ending the year with $3.322 billion. The strong financial performance enabled the company to announce a significant capital return plan for 2026, including a new $5 billion share repurchase program and a 10% increase in its quarterly dividend.
Total revenue for Q4 2025 reached $4.208 billion, including rental revenue of $3.581 billion, marking a record for the quarter.
Net income for the quarter was $653 million, with a net income margin of 15.5%, while adjusted EPS stood at $11.09.
Adjusted EBITDA for Q4 2025 was $1.901 billion, achieving an adjusted EBITDA margin of 45.2%.
The company ended the year with a net leverage ratio of 1.9x and total liquidity of $3.322 billion, indicating a strong financial position.
Revenue by Segment
Forward Guidance
United Rentals anticipates another year of profitable growth in 2026, with total revenue projected between $16.8 billion and $17.3 billion, and adjusted EBITDA between $7.575 billion and $7.825 billion. The company expects strong free cash flow and plans to return approximately $2 billion to shareholders.
Positive Outlook
- Total revenue is projected to increase to $16.8 billion to $17.3 billion in 2026.
- Adjusted EBITDA is expected to grow to $7.575 billion to $7.825 billion.
- Net cash provided by operating activities is forecasted to be strong, ranging from $5.3 billion to $6.1 billion.
- Free cash flow, excluding merger and restructuring related payments, is anticipated to be between $2.15 billion and $2.45 billion.
- The company plans to return approximately $2 billion to shareholders in 2026, supported by a new $5 billion share repurchase program and a 10% increase in its quarterly dividend.
Challenges Ahead
- The forward guidance for adjusted EBITDA and free cash flow excludes certain items that cannot be reasonably predicted, such as the provision for income taxes and merger and restructuring related payments.
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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