The earnings call conveyed a strong overall performance with record revenues and growth in key areas such as specialty rentals and used equipment sales. The company demonstrated financial strength with significant free cash flow and shareholder returns, and provided positive guidance for 2025. Despite some margin compression due to market normalization, the highlights significantly outweighed the lowlights.

Company Guidance

During the United Rentals' Investor Conference Call, the company provided guidance for 2025, expecting another year of growth, driven by large projects and a strong demand pipeline. They forecast total revenue in the range of $15.6 billion to $16.1 billion, indicating a growth of approximately 3.3% at the midpoint. The adjusted EBITDA is projected to be between $7.2 billion and $7.45 billion, with anticipated flow-through rates in the 40s, excluding used sales impact. The company also plans a gross CapEx of $3.65 billion to $3.95 billion and expects to generate free cash flow between $2 billion and $2.2 billion. Despite pausing their share repurchase program ahead of the H&E acquisition closing, they announced a 10% increase in their quarterly dividend to $1.79 per share.

Record Revenue and Growth

United Rentals reported record total revenue for Q4 2024, growing 9.8% year-over-year to almost $4.1 billion. Rental revenue grew by 9.7% to $3.4 billion, both setting fourth quarter records.

Specialty Business Expansion

Specialty rental revenue grew by more than 30% year-over-year, with organic growth of 18% excluding recent acquisitions. The company added 15 cold-starts in the quarter, totaling 72 for the full year.

Strong Used Equipment Market

United Rentals sold over $850 million of original equipment cost in the quarter, a record for any quarter in its history, demonstrating strong demand in the used market.

Record Adjusted EBITDA and EPS

Adjusted EBITDA reached a fourth quarter record of $1.9 billion, with a margin over 46%. Adjusted EPS also set a record at $11.59.

Financial Returns and Shareholder Value

Free cash flow totaled nearly $2.1 billion, with a healthy free cash flow margin over 13%. The company returned over $1.9 billion to shareholders through share buybacks and dividends, and announced a 10% increase in the quarterly dividend to $1.79 per share.

Positive 2025 Guidance

United Rentals expects 2025 to be another year of growth, led by large project growth. Total revenue is expected to range from $15.6 billion to $16.1 billion, implying full year growth of 3.3% at midpoint.

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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
Apr 23, 2025	2025 (Q1)	9.03 / -	9.15	―	―	―
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)
Jan 25, 2023	2022 (Q4)	10.14 / 9.74	7.39	31.80% (+2.35)

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
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%
Apr 24, 2024	$649.34	$684.75	+5.45%

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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