United Rentals (URI) Q2 2025 Earnings
Reported Jul 23, 2025 at 4:43 PM ET · SEC Source
Q2 25 EPS
$10.47
MISS 0.62%
Est. $10.54
Q2 25 Revenue
$3.94B
BEAT +1.39%
Est. $3.89B
vs S&P Since Q2 25
+20.4%
BEATING MARKET
URI +37.8% vs S&P +17.4%
Market Reaction
Did URI Beat Earnings? Q2 2025 Results
United Rentals posted a mixed second quarter, delivering a revenue beat while falling just short on earnings, as rental growth momentum was partly offset by mounting cost pressures. The equipment rental giant reported Q2 revenue of $3.94 billion, up … Read more United Rentals posted a mixed second quarter, delivering a revenue beat while falling just short on earnings, as rental growth momentum was partly offset by mounting cost pressures. The equipment rental giant reported Q2 revenue of $3.94 billion, up 4.5% year-over-year and ahead of the $3.89 billion consensus estimate, while adjusted EPS of $10.47 came in 0.62% below the $10.54 analyst forecast. The shortfall on the bottom line reflected a 130 basis point compression in rental gross margins to 38.7%, driven by inflation in delivery costs, labor, and benefits, which weighed on net income even as rental revenue climbed 6.2% to $3.42 billion. The specialty segment was a notable bright spot, with rental revenue rising 14.0% to $1.15 billion, though margin contraction there ran even steeper at 220 basis points. Management responded to the underlying demand strength by raising its full-year revenue outlook to $15.80 billion to $16.10 billion and lifting free cash flow guidance to $2.40 billion to $2.60 billion, while also boosting planned share repurchases by $400 million to $1.90 billion, sending shares to record levels in the days following the report.
Key Takeaways
- • Fleet productivity increased 3.3% year-over-year, reflecting combined impact of changes in rental rates, time utilization and mix
- • Specialty rentals rental revenue increased 14.0% YoY, driven by strong demand
- • Average original equipment at cost (OEC) increased 3.6% year-over-year
- • Stronger-than-expected growth in ancillary revenues
- • Particular strength in specialty business and large projects
- • $52 million net merger termination benefit from terminated H&E acquisition boosted adjusted EBITDA
URI YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
URI Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased with our solid second-quarter results, which reflect a continuation of the momentum we reported last quarter. 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.”
— Matthew Flannery, Q2 2025 Earnings Press Release
URI Earnings Trends
URI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
URI EPS Trend
Earnings per share: estimate vs actual
URI Revenue Trend
Quarterly revenue: estimate vs actual
URI Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $8.94 | $9.71 | +8.63% | $3.99B | +2.85% |
| Q4 25 MISS FY | $11.80 | $11.09 | -6.05% | $4.21B | +7.89% |
| FY Full Year | — | $42.06 | — | $16.10B | — |
| Q3 25 MISS | $12.29 | $11.70 | -4.79% | $4.23B | +1.69% |
| Q2 25 MISS | $10.54 | $10.47 | -0.62% | $3.94B | +1.39% |