United Rentals topped $15 billion in total revenue in 2024, with $15.345 billion, compared to $14.332 billion in 2023, for a 7.1-percent year-over-year increase. Equipment rental revenue for 2024 was $13.029 billion compared to $12.064 billion in 2023, an 8-percent jump.
Sale of new equipment increased from $218 million to $282 million, a 29.3-percent increase. Contractor supplies sales went from $146 million to $155 million, a 6.2-percent increase, more in line with the company’s other numbers. Service and other revenues hiked from $330 million to $358 million, an 8.5-percent increase.
In the fourth quarter of 2024, United Rentals’ total revenue was $4.095 billion, compared with $3.728 in the fourth quarter of 2023, a 9.8-percent year-over-year hike. Equipment rental revenue in the fourth quarter was $3.422 billion compared to $3.119 billion a year ago, a 9.7-percent increase.
Sales of rental equipment in the fourth quarter reached $452 million compared to $438 million a year ago, an3.2 increase. Sales of new equipment almost doubled from $52 million to $96 million a year ago, an 84.6-percent increase. Contractor supplies sales went from $36 million to $39 million, an 8.3-percent increase. Service and other revenues was $83 million compared to $83 million a year ago, a 3.6-percent increase.
In the general rentals segment rental revenue increased 2.2 percent year-over-year to a fourth quarter record of $2.339 billion, while rental gross margin declined 170 basis points year-over-year to 37.4 percent, primarily reflecting inflation and normal cost variability, including increases in insurance and certain other costs.
Specialty rentals segment rental revenue increased 30.5 percent year-over-year to a fourth quarter record of $1.083 billion, including the impact of the Yak acquisition. Excluding the impact of the Yak acquisition, rental revenue increased depreciation expense largely related to the Yak acquisition.
“In 2024, we doubled-down on being the partner of choice for our customers and I am very pleased with our team’s success,” said Matthew Flannery, CEO of United Rentals. “Their commitment was critical to achieving the growth we delivered across this past year, which culminated in fourth-quarter records across revenue, EBITDA and earnings. Our unique value proposition, which includes prioritizing safety and productivity for our customers, supported our 2024 results and provides the foundation of our strategy to drive sustainable long-term value for our shareholders.
“We are now focused on 2025 and putting our playbook to work to drive another year of profitable growth, strong free cash flow and attractive shareholder returns. Today’s guidance reflects our stand-alone expectations for continued growth, supported by numerous factors including both the demand we’ve carried into the new year and customer optimism. We look forward to the year ahead, including closing on our acquisition of H&E and welcoming those team members to United Rentals.”
Based in Stamford, Conn., United Rentals is No. 1 on the RER 100.