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United Rentals (URI) investor relations material
United Rentals Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Second quarter 2025 revenue reached $3.943B, with rental revenue at $3.415B and net income of $622M at a 15.8% margin, reflecting strong operational execution and margin discipline.
Specialty segment drove growth, now representing over 33% of revenue, with 14% year-over-year growth and significant expansion in cold starts and infrastructure projects.
Digital initiatives contributed to 76% of revenue being digitally enabled, with online revenue up 22% year-over-year.
Free cash flow for the first half of 2025 reached $1.2B, supporting robust capital allocation and shareholder returns.
Shareholder returns totaled $902M year-to-date, including $667M in repurchases and $235M in dividends.
Financial highlights
Total rental revenue increased 6.2% year-over-year to $3.415B, setting a Q2 record; adjusted EBITDA was $1.81B (45.9% margin), and adjusted EPS was $10.47.
Free cash flow for the first half was $1.2B, with full-year guidance raised to $2.4B–$2.6B.
Net income margin for Q2 was 15.8%, down 110 bps year-over-year; net income for the quarter was $622M.
Used equipment sales generated $317M at a 46.1% margin, but declined 13.2% year-over-year.
Return on invested capital improved to 13.0% in 2024, exceeding the cost of capital.
Outlook and guidance
2025 total revenue guidance raised to $15.8B–$16.1B, with adjusted EBITDA expected at $7.3B–$7.45B and free cash flow at $2.4B–$2.6B.
CapEx guidance unchanged at $3.65B–$3.95B; net rental capital expenditures expected at $2.2B–$2.5B.
Expect to return nearly $2.4B to shareholders in 2025 via dividends and share repurchases.
2028 aspirational targets include ~$20B total revenue, ~$10B adjusted EBITDA, and 15%+ ROIC.
New federal tax legislation is expected to decrease 2025 cash income tax liability and increase deferred tax liability.
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Frequently asked questions
The world’s #1 equipment rental business
Depending on your definition, United Rentals is perhaps not a pure industrial company but no doubt a key supplier to the sector. As the largest equipment rental company in the world, United Rentals operates an integrated network of almost 1,400 rental locations spread over North America, Europe, Australia, and New Zealand.
Offers more than rentals
The company offers general, aerial, and specialty products in 4,400 classes for industrial and construction companies, utility municipalities, and homeowners.
Apart from its rental business, the company sells new and used equipment and offers servicing and safety training.
United Rentals' IPO
United Rentals had its IPO in 1997. By averaging almost seven monthly acquisitions between 1998 and 2001, the company quickly became North America's largest equipment rental company and has increased its market share ever since.
Strategy for success
Today the company is maximizing their long-term value creation by; capitalizing on the ongoing shift towards rental over ownership and leveraging cross-selling to capture more wallet share. In addition, they have ongoing projects for optimizing costs and margins by leveraging a LEAN mindset, focusing on fixed cost leverage, improving their product and customer mix, and leveraging their technology and systems.
Is the customer profiting from renting?
United’s customers can be found basically everywhere in our society, to name a few:
Manufacturing
Construction
Metals and mining
Food and beverage
Entertainment
Pulp and paper
Infrastructure.
So, how do customers profit from renting instead of buying their equipment? Despite differing needs, there is a lot to gain from renting. It is the same as for your home, meaning fewer responsibilities, predictable expenses, and more flexibility when renting. But it does expose you to eventually higher rent costs. On the other hand, buying demands significant upfront payments with ongoing costs but may provide a sense of ownership and stability.
For United Rentals customers, renting means conserving capital, having flexibility, and the right equipment for any job despite no need for massive storage, low downtime, and a 24/7 support service.
What about the future?
Looking forward, Specialty Solutions are a fast-growing part of United Rentals. The segment has grown with a CAGR of almost 28 percent since 2012—representing about one-third of the total revenue in 2021.
The fact that the equipment rental market still needs to be more fragmented means there is much room to grow for United Rentals, despite already being the market leader. United and its largest competitor Ashtead Group have an approximately 26 percent market share in North America as per United’s Q3 report, with United at 15 percent. Looking in the rearview mirror, United has increased its revenue 3.5 times since 2009. Their EBIT margin has increased from roughly 6 percent to 25 percent over the same period. United Rentals is also doing a lot of share buybacks and has repurchased 25.4 million shares since 2014—decreasing the number of outstanding shares by 26 percent.
Other publicly listed companies within the business are McGrath RentCorp, C.R Horton, and Herc Rentals, to name a few.
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