Equipment Rental Revenues Jump 6.2 Percent in Second Quarter for United Rentals

United Rentals posted $3.415 billion in equipment rentals revenue in the second quarter of 2025 compared to $3.215 billion in the second quarter of 2024, a 6.2-percent increase. United Rentals’ total revenues in the second quarter were $3.943 billion compared to $3.773 billion, a 4.5-percent jump.

The revenue totals exceeded the expectations of most analysts. 

Sales of new equipment increased in the quarter from $61 million in Q224 to $75 million in the first quarter, a 22.9-percent increase. Sales of used rental equipment decreased from $365 million a year ago to $317 million this year, a 13.1-percent decrease. 

For the first half of 2025, United Rentals’ equipment rental revenues totaled $6.560 billion compared to $6.144 billion for the first six months of 2024, a 6.8-percent hike. Total revenues were $7.662 billion in the first six months of 2025, up from $7.258 billion a year ago, by a 5.6-percent clip.

Sales of new equipment went from $109 million in the first half of last year to $145 million this year, a 33-percent boost. Sales of rental equipment declined from $748 million to $694 million, a 7.2-percent decline.

Adjusted EBITDA was $1.81O billion for the second quarter at a margin of 45.9 percent. Net income was $622 million, at a margin of 15.8 percent.

“We are pleased with our solid second-quarter results, which reflect a continuation of the momentum we reported last quarter,” said Matthew Flannery, United Rentals CEO. “Our updated guidance is a result of the growth we achieved across both our general rentals and specialty businesses, and supported by our customer optimism, backlogs and the momentum we are carrying into the remainder of the construction season.

“Looking forward, our team’s commitment to living our One UR culture every day, and focusing on being the partner of choice for our customers, is what allows us to deliver the results our shareholders have come to expect. We continue to see particular strength in our specialty business and in large projects this year, and believe our unique value proposition, coupled with our go-to-market approach, best-in-class technology offerings, and smart capital allocation will enable us to continue to generate profitable growth, strong free cash flow and compelling returns. To this point, I’m also pleased to announce a $400 million increase to our planned share repurchases this year, supported by the additional free cash flow we expect to generate in 2025.”

United Rentals has raised its full year revenue outlook, previously set at a range between $15.6 billion and $16.1 billion to a more confident range of between $15.8 billion and $16.1 billion. The previous outlook on adjusted EBITDA was between $7.2 billion to $7.45 billion and that has been raised to a range between $7.3 billion and $7.45 billion. Net cash provided by operating activities has been raised from an expectation of $4.5 billion to $5.1 billion to a range between $4.9 billion to $5.5 billion.

Equipment rental revenue in the general rental segment increased from $2.209 billion to $2.268 billion, a 2.7-percent change. Equipment rental revenue in the specialty rental segment, on the other hand, went from $1.006 billion to $1.147 billion, a 14-percent jump.

United Rentals, headquartered in Stamford, Conn., is still No. 1 on the RER 100, and has been for more than a quarter of a century.