The earnings call highlights strong revenue and EBITDA growth, significant free cash flow generation, and increased returns to shareholders. However, the impact of lower-margin ancillary revenue on overall margins and the challenging inflationary environment present some concerns. Overall, the positive aspects of growth and shareholder returns outweigh these challenges.

Company Guidance -

Q3 2025

During the United Rentals Investor Conference Call, the company provided updated guidance for the remainder of 2025, reflecting confidence in ongoing demand. Key metrics included a 4.5% year-over-year increase in total rental revenue to $3.9 billion and a 6.2% rise in rental revenue to $3.4 billion, both setting second-quarter records. Fleet productivity grew by 3.3%, while adjusted EBITDA reached a record $1.8 billion, translating to a margin of nearly 46%. The company also reported an adjusted EPS of $10.47. Specialty rental revenue surged by 14% year-over-year, and the company opened 21 cold starts in the second quarter, with plans to open at least 50 for the year. Used equipment sales amounted to $600 million, on track to meet a $2.8 billion target for the year. Additionally, United Rentals boosted its free cash flow guidance to between $2.4 billion and $2.6 billion for 2025, driven by federal tax policy changes, and plans to return nearly $2.4 billion to shareholders. The company's leverage stood at 1.8x, providing flexibility for growth and capital returns. Overall, the updated guidance anticipates total revenue growth of 4% for the year, excluding used equipment sales, with EBITDA margins expected to surpass 46%.

Record-Breaking Rental Revenue and EBITDA

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. Adjusted EBITDA reached a second quarter record of $1.8 billion, translating to a margin of nearly 46%.

Strong Free Cash Flow Generation

Year-to-date free cash flow reached $1.2 billion, with an expected full-year generation between $2.4 billion and $2.6 billion. This includes benefits from recent changes in federal tax policy.

Specialty Rental Revenue Growth

Specialty rental revenue grew 14% year-over-year, with 21 cold starts in the second quarter. The company remains on track to open at least 50 specialty locations this year.

Increased Shareholder Returns

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

Technological Advancements

Enhanced advanced telematics offerings to help customers improve productivity and reduce costs.

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)	12.30 / -	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.