United Rentals (URI) Q4 FY2025 earnings: revenue $4.2 billion, up 2.8% on the year

United Rentals, Inc. (URI) reported revenue of $4.2 billion for Q4 FY2025, the quarter ended 31 December 2025, up 2.8% on the same quarter a year earlier. Net income was $653 million, down 5.2% on the year, and diluted earnings per share $10.27. The figures are the company's own, from the 10-K it filed with the SEC on 28 January 2026.

Revenue

$4.2 billion

+2.8% on the year · -0.5% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

25.0%

26.5% a year earlier

Q1 FY2024Q4 FY2025

Net income

$653 million

-5.2% on the year · -6.8% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$10.27

-1.9% on the year · -5.9% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 10 new.

Fourth-quarter rental revenue reached a record: Rental revenue rose 4.6% year-over-year to a fourth-quarter record of $3.581 billion.
Net income and EPS declined: Quarterly net income was $653 million, down 5.2%. GAAP diluted EPS was $10.27 against $10.47, and adjusted EPS was $11.09 against $11.59.
Specialty revenue grew while margin fell: Specialty rental revenue rose 9.2% to a fourth-quarter record of $1.183 billion. Its rental gross margin fell 520 basis points to 40.3%. Full-year Specialty revenue rose 13.6%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	4,208	4,229	4,095	-0.5%	+2.8%
Cost of revenue	2,618	2,564	2,457	+2.1%	+6.6%
Gross profit	1,590	1,665	1,638	-4.5%	-2.9%
Gross margin	37.8%	39.4%	40.0%
Selling, general and administrative	431	442	436	-2.5%	-1.1%
Operating income	1,052	1,114	1,087	-5.6%	-3.2%
Operating margin	25.0%	26.3%	26.5%
Pre-tax income	874	937	909	-6.7%	-3.9%
Income tax	221	236	220	-6.4%	+0.5%
Effective tax rate	25.3%	25.2%	24.2%
Net income	653	701	689	-6.8%	-5.2%
Net margin	15.5%	16.6%	16.8%
Diluted EPS	$10.27	$10.91	$10.47	-5.9%	-1.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,256	1,181	1,048	+6.4%	+19.8%
Capital expenditure	n/a	n/a	577
Free cash flow	n/a	n/a	471
Free cash flow margin	n/a	n/a	11.5%
Cash from investing	-603	-1,194	-515
Cash from financing	-712	-14.0	-528
Depreciation and amortisation	107	109	115	-1.8%	-7.0%
Share-based compensation	32.0	32.0	33.0	0.0%	-3.0%
Buybacks	631	618	403	+2.1%	+56.6%
Dividends paid	114	115	108	-0.9%	+5.6%
Dividend per share	n/a	$1.79	n/a
Diluted shares, weighted	n/a	64m	n/a
Shares outstanding at period end	63m	64m	65m	-1.1%	-3.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	8,968	9,000	8,622	-0.4%	+4.0%
Debt	14,302	14,148	13,472	+1.1%	+6.2%
Operating lease liabilities	1,124	1,064	1,089	+5.6%	+3.2%
Finance lease liabilities	223	n/a	180		+23.9%
Other liabilities	5,249	5,853	4,800	-10.3%	+9.4%
Total liabilities and equity	29,866	30,065	28,163	-0.7%	+6.0%
Goodwill	7,119	6,884	6,900	+3.4%	+3.2%
Intangible assets	477	531	663	-10.2%	-28.1%
Cash and equivalents	459	512	457	-10.4%	+0.4%
Receivables	2,510	2,579	2,357	-2.7%	+6.5%
Inventory	240	234	200	+2.6%	+20.0%
Other assets	19,061	19,325	17,586	-1.4%	+8.4%
Total assets	29,866	30,065	28,163	-0.7%	+6.0%

Questions

What was United Rentals' revenue in Q4 FY2025?

United Rentals (URI) reported revenue of $4.2 billion for Q4 FY2025, the quarter ended 31 December 2025, up 2.8% on the same quarter a year earlier.

How much did United Rentals earn in Q4 FY2025?

Net income for Q4 FY2025 was $653 million, down 5.2% on the year, and diluted earnings per share $10.27.

When did United Rentals report Q4 FY2025 results?

United Rentals filed its 10-K for the quarter ended 31 December 2025 with the SEC on 28 January 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,776	2,524	2,771	3,051	3,296	3,285	3,554	3,765	3,728	3,485	3,773	3,992	4,095	3,719	3,943	4,229	4,208	3,985	4,410	4,893
Cost of revenue	1,615	1,532	1,621	1,685	1,808	2,044	2,129	2,180	2,166	2,139	2,255	2,344	2,457	2,363	2,410	2,564	2,618	2,516	2,678	2,847
Gross profit	1,161	992	1,150	1,366	1,488	1,241	1,425	1,585	1,562	1,346	1,518	1,648	1,638	1,356	1,533	1,665	1,590	1,469	1,732	2,046
Gross margin	42%	39%	42%	45%	45%	38%	40%	42%	42%	39%	40%	41%	40%	36%	39%	39%	38%	37%	39%	42%
SG&A	322	323	343	356	378	382	378	374	393	389	404	416	436	437	422	442	431	441	472	511
Operating income	745	572	715	921	1,024	740	925	1,099	1,063	852	1,004	1,122	1,087	804	1,003	1,114	1,052	869	1,138	1,409
Operating margin	27%	23%	26%	30%	31%	23%	26%	29%	29%	24%	27%	28%	27%	22%	25%	26%	25%	22%	26%	29%
Pre-tax income	644	483	608	816	895	594	772	943	902	695	835	949	909	688	839	937	874	701	1,007	1,231
Tax rate	25%	24%	19%	26%	29%	24%	23%	25%	25%	22%	24%	25%	24%	25%	26%	25%	25%	24%	25%	25%
Net income	481	367	493	606	639	451	591	703	679	542	636	708	689	518	622	701	653	531	753	920
Net margin	17%	15%	18%	20%	19%	14%	17%	19%	18%	16%	17%	18%	17%	14%	16%	17%	16%	13%	17%	19%
Diluted EPS	$6.61	$5.05	$6.90	$8.66	$9.15	$6.47	$8.58	$10.29	$10.01	$8.04	$9.54	$10.70	$10.47	$7.91	$9.59	$10.91	$10.27	$8.43	$12.03	$14.77
Operating cash flow	668	886	1,154	1,142	1,251	939	1,289	1,062	1,414	1,029	1,265	1,204	1,048	1,425	1,328	1,181	1,256	1,514	1,791	1,629
Capital expenditure	748	537	940	1,161	1,052	870	1,357	1,118	519	653	1,528	1,372	577	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Free cash flow	-80.0	349	214	-19.0	199	69.0	-68.0	-56.0	895	376	-263	-168	471	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Buybacks	1.0	318	501	239	10.0	303	251	252	264	415	376	377	403	289	431	618	631	421	395	375
Dividends paid	0.0	0.0	0.0	0.0	0.0	103	102	100	101	110	109	107	108	118	117	115	114	125	123	123
Shares outstanding	72m	72m	70m	69m	69m	69m	68m	68m	67m	67m	66m	66m	65m	65m	64m	64m	63m	63m	62m	62m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 28 January 2026: the filing.