The earnings call reflects a strong start to 2025 with record-breaking revenues and growth in specialty segments, robust free cash flow, and a solid balance sheet allowing for significant capital returns. However, margin compression due to cost pressures and the impact of the H&E deal termination presents challenges. Overall, positives such as revenue growth and cash flow outweigh the negatives, indicating a largely positive outlook.

Company Guidance

During the United Rentals investor conference call, the company reported first quarter records across several key financial metrics, indicating a strong start to fiscal year 2025. Total revenue grew by 6.7% year over year to $3.7 billion, with rental revenue increasing by 7.4% to $3.1 billion. Fleet productivity rose to 3.1%, contributing to an adjusted EBITDA of $1.7 billion, which translates to a margin of nearly 45%. Adjusted EPS reached $8.86. Specialty rental revenue saw a significant year-over-year growth of 22%. The company also recorded over $740 million in OEC sales. Free cash flow was substantial at nearly $1.1 billion, reinforcing United Rentals' commitment to shareholder value through capital returns, including a new $1.5 billion share repurchase program. The call highlighted confidence in maintaining 2025 guidance amidst macroeconomic uncertainties, emphasizing strategic growth and customer partnership as key drivers of long-term success.

Record-Breaking Revenue and Growth

United Rentals reported a total revenue growth of 6.7% year over year to $3.7 billion and rental revenue grew by 7.4% to $3.1 billion, marking first quarter records.

Strong Specialty Segment Performance

Specialty rental revenue grew 22% year over year and 15% pro forma for acquisitions, with eight specialty cold starts opened in the first quarter and plans to open at least 50 this year.

Robust Free Cash Flow

The company generated nearly $1.1 billion in free cash flow, setting the stage for another year of strong cash generation.

Solid Balance Sheet and Capital Returns

Net leverage remains low at 1.7x, with $368 million returned to shareholders in the first quarter through dividends and share repurchases. A new $1.5 billion share repurchase program has been approved.

Used Equipment Market Strength

A first-quarter record of over $740 million in original equipment cost (OEC) was sold, with the company on track to sell an estimated $2.8 billion of fleet this year.

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United Rentals (URI) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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URI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 23, 2025	2025 (Q2)	10.55 / -	10.7	―	―	―
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)
Apr 26, 2023	2023 (Q1)	8.01 / 7.95	5.73	38.74% (+2.22)

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

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URI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Apr 23, 2025	$589.21	$647.36	+9.87%
Jan 29, 2025	$756.59	$772.24	+2.07%
Oct 23, 2024	$830.63	$821.48	-1.10%
Jul 24, 2024	$711.12	$749.31	+5.37%

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.

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