United Rentals Hikes Rental Revenue 7.4 Percent in First Quarter of 2025
United Rentals posted $3.719 billion in first quarter 2025, revenue compared to $3.485 billion in the first quarter of 2024, a 6.7-percent increase. Equipment rental revenue totalled $3.145 billion in the first quarter of 2025, compared to $2.929 billion in the first quarter of 2024, a 7.4-percent hike. Sales of rental equipment dropped 1.6 percent from $383 million last year to $377 in the just-concluded quarter. Sales of new equipment increased from $48 million to $70 million, a 45.8-percent jump.
“2025 is off to a solid start, reflecting demand across both our construction and industrial end-markets,” said Matthew Flannery, United Rentals CEO. “I’m pleased with the team’s commitment to putting our customers first, which ultimately translated to record first-quarter revenue and adjusted EBITDA. I’m also pleased to reaffirm our full-year guidance, based on both the momentum we’re carrying into our busy season and continued positive customer sentiment, which, together, reinforce our expectations for another year of profitable growth.
“We remain laser focused on executing our unique and well-proven strategy. This allows us to capitalize on the opportunities ahead and to differentiate ourselves from the competition. Our resilient business model, combined with prudent capital allocation, including our new $1.5 billion share repurchase authorization, and balance sheet strength, allows us to continue driving profitable growth, strong free cash flow and compelling returns.”
Adjusted EBITDA for the quarter increased 5.3 percent year over year to a first quarter record of $1.671 billion, which included the $52 million merger termination benefit after United Rentals walked away from its agreed-upon acquisition of H&E Equipment Services after H&E chose to accept an offer from Herc Rentals.
The General Rentals segment rental revenue increased 1.4 percent year over year to a first quarter record of $2.099 billion. Meanwhile the specialty rental segment rental revenue increased 21.8 percent year over year to a first quarter record of $1.046 billion, including the impact of the Yak acquisition. On a pro forma basis, including the pre-acquisition results of Yak for 2024, rental revenue increased 14.8 percent year over year.
United Rentals reaffirmed its 2025 outlook of total revenue in the range of $15.6 billion to $16.1 billion, with adjusted EBITDA of $7.2 to $7.45 billion. It is expecting free cash flow in the range of $2.0 billion to $2.2 billion.
Based in Stamford, Conn., United Rentals is No. 1 on the RER 100.
