Article Resultados Resultados Financieros de United Rentals Inc (Q3 2025)

United Rentals Inc. Financial Results (Q3 2025)

United Rentals Inc, a global leader in construction and industrial equipment rental, reported strong results for the third quarter of 2025 (Q3) ended September 30. The company posted total revenue of $4,229 million, up 5.9% year over year compared to $3,992 million in Q3 2024, exceeding analyst expectations of $2,262 million. Rental revenue reached a record $3,665 million (+5.8% year over year), driven by a 4.2% increase in average original equipment cost (OEC), a 2.0% improvement in fleet productivity, and contributions from ancillary and re-lease revenue. Net income was $701 million (-1.0% year over year), with a margin of 16.6%, and diluted GAAP EPS was $10.91 (+2.0% year over year). Adjusted EPS (non-GAAP) was $11.70 (-0.8% year-over-year), below estimates of $12.49. Adjusted EBITDA grew 2.2% to $1.946 billion (margin of 46.0%), reflecting operating efficiency despite inflationary pressures and delivery costs. The General Rentals segment grew 3.1% in rental revenue, while the Specialty Rentals segment increased 11.4%, driven by the mat business. United Rentals raised its fiscal year 2025 guidance to total revenue of $16.0-$16.2 billion (up from $15.8-$16.1 billion) and adjusted EBITDA of $7.325-$7.425 billion (up from $7.30-$7.45 billion), with net capital expenditures of $2.55-$2.75 billion. CEO Matthew Flannery highlighted the company’s “unwavering focus on being our customers’ partner of choice,” with growth opportunities across major projects and key verticals, and a proven strategy for profitable growth and free cash flow generation.

The results reflect strong momentum in customer demand, with shareholder returns of $1.633 billion to date (including $1.283 billion in buybacks) and a liquidity position of $2.452 billion.


Key financial results

Key indicators show solid growth in rental revenue and adjusted EBITDA, with higher-than-expected revenue growth but lower-than-expected adjusted EPS. A comparative table of key metrics is presented below:

Metric	T3 2025	third quarter of 2024	% Year-over-Year Change	Analysts' Estimate
Total revenue (millions of dollars)	4.229	3.992	+5,9%	2.262
Rental income (millions of dollars)	3.665	3.463	+5,8%	N / A
Net income (millions of dollars)	701	708	-1.0%	N / A
Diluted earnings per share on a GAAP basis	$10.91	$10.70	+2,0%	N / A
Adjusted EPS (GAAP)	$11.70	$11.80	-0,8%	$12.49
Adjusted EBITDA (millions of dollars)	1.946	1.904	+2,2%	N / A
Adjusted EBITDA margin	46,0%	47,7%	-170 basis points	N / A
Free cash flow ($ millions)	1.192	N / A	N / A	N / A

These results were higher than total revenue, highlighting the record productivity of the fleet and rental business.


Analysis of the income statement

The income statement shows growth driven by leasing and new equipment sales, offset by cost inflation and depreciation. Gross profit remained stable, with margins pressured by delivery costs.

Article	T3 2025	third quarter of 2024	% YoY Change
Total income	4.229	3.992	+5,9%
Rental income	3.665	3.463	+5,8%
Sale of rental equipment	333	321	+3,7%
Sale of new equipment	95	77	+23,4%
Cost of sales	2.283	2.127	+7,3%
Gross profit	1.946	1.865	+4,4%
Operating expenses	1.245	1.157	+7,6%
Operating income	701	708	-1.0%

The analysis indicates stable profitability, with adjusted EBITDA as the main driver despite lower margins due to inflation.


Segment analysis

$URI (United Rentals Inc) operates in two segments: General Rentals (70% of rental revenue) and Specialized Rentals (30%). The specialized segment grew more rapidly, driven by carpet installation, while the General segment showed strong demand.

General rentals:

Metric	Q3 2025 (millions of dollars)	Q3 2024 (millions of dollars)	% YoY Change
Rental income	2.400	2.327	+3,1%
Gross profit	881	N / A	N / A
Gross margin	36,7%	37,6%	-90 basis points

Growth supported by strong demand; reduced margin due to inflation and shipping costs.

Special rentals:

Metric	Q3 2025 (millions of dollars)	Q3 2024 (millions of dollars)	% YoY Change
Rental income	1.265	1.136	+11,4%
Gross profit	570	N / A	N / A
Gross margin	45,1%	50.0%	-490 basis points

Strong growth in mats; margin decline due to depreciation and fleet repositioning.

The segments highlight a focus on profitable growth, with specialty as a high-margin driver.


Investment income

No significant investment income was reported; the focus is on rental operations. Year-to-date free cash flow totaled $1.192 billion (-1.6% year-over-year), driven by a gross investment of $3.576 billion in rental equipment.


Administrative and other expenses:

Cost of sales increased 7.3% to $2.283 billion. Operating expenses increased 7.6% to $1.245 billion, driven by compensation and depreciation of rental equipment (+8.7% to $684 million). The restructuring charge was $0 (compared to $1 million in 2024).


Share and capital repurchases

Buybacks : $1.283 billion to date (part of a $2 billion program).
Dividends : $350 million.
Trailing 12-month ROIC : 12.0%.
Net leverage: 1.86x; liquidity: $2.452 billion.
Net investment in leases : $2.55-$2.75 billion in fiscal year 2025.


Outlook and Guidance for Fiscal Year 2025

Revenue: $16.0-$16.2 billion (+1.3% midpoint), Adjusted EBITDA: $7.325-$7.425 billion (midpoint unchanged), Operating Cash: $5.0-$5.40 billion, Free Cash Flow: $2.1-$2.30 billion (excluding merger/restructuring payments). Q4: Not explicit, but implied by the year. Confident in sustained demand, with opportunities in large projects and key verticals; prudent capital allocation strategy for profitable growth.


Stock performance

Following earnings, as reported on October 22, 2025, United Rentals Inc shares fell 3% after the market closed (to $215), reflecting lower-than-expected EPS despite exceeding revenue expectations and a high guidance. As of October 23, it traded at $210 (a 2% year-over-year decline). The average analyst price target is $230 (a 10% upside), with a "Hold" consensus. The forward PE is $18.


This analysis is based on public data and does not constitute financial advice. It is for informational purposes only and does not constitute investment advice.