United Rentals reported record-breaking second quarter results with strong growth in rental revenue and specialty segments, improved free cash flow guidance, and increased shareholder returns. However, the growth in ancillary revenue, while beneficial for top-line growth, pressured margins due to its lower profitability, compounded by ongoing inflationary pressures.

Company Guidance

During the United Rentals Investor Conference Call, the company provided updated guidance reflecting strong confidence in their performance for the remainder of 2025. Key metrics included a 4.5% year-over-year increase in total rental revenue, reaching $3.9 billion for the second quarter, with rental revenue specifically growing by 6.2% to $3.4 billion, both marking second-quarter records. Fleet productivity rose by 3.3%, contributing to an adjusted EBITDA of $1.8 billion, a nearly 46% margin. The company also reported an adjusted EPS of $10.47. Specialty rental revenue saw a 14% increase year-over-year, with 21 new cold starts in the second quarter. United Rentals maintained its full-year free cash flow guidance at $2.4 billion to $2.6 billion, benefiting from recent changes in federal tax policy, and planned to return nearly $2.4 billion to shareholders. The company expects total revenue growth of 4% to 5% excluding used equipment sales, with EBITDA margins north of 46%. The utility vertical now contributes over 10% of their revenue, a significant increase from 4% less than a decade ago.

Record-Breaking Second Quarter Results

Total rental revenue grew by 4.5% year-over-year to $3.9 billion, with rental revenue increasing by 6.2% to $3.4 billion, both second quarter records. Adjusted EBITDA increased to a record $1.8 billion, translating to a margin of nearly 46%.

Strong Growth in Specialty Rental

Specialty rental revenue grew 14% year-over-year, while opening 21 cold starts in the second quarter and remaining on track to open at least 50 this year.

Improved Free Cash Flow Guidance

Year-to-date free cash flow of $1.2 billion, with expectations to generate between $2.4 billion and $2.6 billion for the full year, benefiting from recent changes in federal tax policy.

Increased Shareholder Returns

Returned $534 million to shareholders through share buybacks and dividends in the quarter, expecting to return nearly $2.4 billion for the full year.

Positive Customer Confidence

Continued growth in both GenRent and Specialty businesses, with healthy demand for used equipment and ongoing optimism from the field.

United Rentals (URI) Earnings, Revenues Date & History

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URI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 22, 2025	2025 (Q3)	12.29 / -	11.8	―	―	―
Jul 23, 2025	2025 (Q2)	10.51 / 10.47	10.7	-2.15% (-0.23)
Apr 23, 2025	2025 (Q1)	8.78 / 8.86	9.15	-3.17% (-0.29)
Jan 29, 2025	2024 (Q4)	11.69 / 11.59	11.26	2.93% (+0.33)
Oct 23, 2024	2024 (Q3)	12.48 / 11.80	11.73	0.60% (+0.07)
Jul 24, 2024	2024 (Q2)	10.56 / 10.70	9.88	8.30% (+0.82)
Apr 24, 2024	2024 (Q1)	8.37 / 9.15	7.95	15.09% (+1.20)
Jan 24, 2024	2023 (Q4)	10.69 / 11.26	9.74	15.61% (+1.52)
Oct 25, 2023	2023 (Q3)	11.23 / 11.73	9.27	26.54% (+2.46)
Jul 26, 2023	2023 (Q2)	9.01 / 9.88	7.86	25.70% (+2.02)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

URI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 23, 2025	$801.68	$873.54	+8.96%
Apr 23, 2025	$586.60	$644.49	+9.87%
Jan 29, 2025	$753.24	$768.82	+2.07%
Oct 23, 2024	$826.96	$817.85	-1.10%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.