30.01.2026

United tops $16 billion

US based United Rentals topped $16 billion in revenues for the first time in 2025, although profitability suffered a little.

Full year Numbers

Total revenues for the year increased just under five percent to $16.1 billion, of which rentals were 13.8 billion, an increase of six percent last year’s record. Other sales of used rental equipment fell seven percent to $1.41 billion, while new sales jumped 23.5 percent to $348 million, albeit from a low number last year. Services and Supplies showed modest gains.

Pre-tax profit for the year was 1.5 percent lower than last year at $3.34 billion.

Capital expenditure for the full year increased just over 17 percent to $4.19 billion, while sales from the rental fleet were seven percent lower at $1.41 billion. The average age of the fleet as of the end of December was 49.5 months

Fourth Quarter

Total revenues in the final quarter came in 2.76 percent higher than last year at $4.21 billion, of this, rental revenues were 4.6 percent higher at $3.58 billion. The other sales performed much the same as for the full year.

Pre-tax profit declined almost four percent to $874 million, due to higher depreciation and cost of rentals and moderately higher interest cost.

Forecast for 2026

The company is forecasting revenues for the full year in 2026 of $16.86 to $17.3 billion with capital expenditure of between $4.36 billion and $4.76 billion.

Chief executive Matthew Flannery said: “I am very pleased that the team’s commitment to again double down on being the partner of choice for our customers in 2025 resulted in a year of record revenue and EBITDA. By working hand in hand with our customers to provide an unmatched experience across our one stop shop of general and speciality rental products and services, coupled with our industry leading technology, we improved our customers’ efficiency and productivity. This ultimately positioned us to outperform the market and generate strong shareholder returns.”

“As you can see in our initial 2026 guidance, we expect another year of profitable growth with strong free cash flow. In many ways, we expect this year to be similar to 2025, with large projects and dispersed geographic demand driving most of our growth. I am confident our team will build on our momentum while aggressively managing costs, focusing on efficiency, and effectively allocating capital to continue generating long-term value for our shareholders.”

Vertikal Comment

Interesting numbers from United, it continues to grind its way ever upwards, and it is incredible to think that next year it may well top $17 billion in revenues, and spend up to $4.7 billion on new equipment!

The profits have stagnated somewhat, but some of that can be put down to the need to spend more on fleet renewal after a few slow years, while also continuing its post acquisitions restructuring efforts.

The company also appears to be pushing its overseas expansion efforts with a little more vigour, with the acquisition of Alfesi Hire in December, although it is not mentioned at all in the press release, or the presentation, as far as we could see.
No matter what you say, the numbers here are mind boggling. United is aiming for $20 billion by 2028!