Herc Rentals revenue hits record $4.4B for 2025

Equipment rental provider Herc Rentals reported record revenue in 2025 as its acquisition of H&E Equipment Services helped the company capitalize on industry tailwinds.

Herc is poised for continued growth following its integration of H&E amid strong construction activity, growing specialty rental demand and a broader shift in operators’ mindsets “from equipment ownership to rental,” President Aaron Birnbaum said during today’s fourth-quarter earnings call.

“We are winning our targeted 10% to 15% share of [mega]-project opportunities, with even more new mega-projects on deck and current projects still ramping up,” he said. “In 2025, local accounts represented 51% of rental revenue, compared with 49% for national accounts. As a combined company, we’ll continue to target a 60% local and 40% national revenue split long term, knowing that this diversification provides for growth and resiliency.”

Bonita Springs, Fla.-based Herc Rentals reported these full-year results in its Q4 earnings release:

• Total revenue increased 22.6% year over year to $4.4 billion;

• Rental revenue rose 18.2% YoY to $3.8 billion;

• Sales of rental equipment soared 63.7% YoY to $509 million;

• Dollar utilization rate fell 2.4 percentage points YoY to 38.5%; and

• Net income totaled $1 million, down from $211 million in 2024.

As Herc prepares for the height of construction season, the combined company’s “larger platform positions us to leverage scale‑driven network benefits and industry-leading technology, and begin ramping revenue synergies,” Chief Executive Larry Silber stated in the release.

“Combined with increased participation in mega projects and favorable secular trends in specialty equipment, this sets the stage for above‑market growth in 2026,” he said.

Shares of Herc [NYSE: HRI] dropped 13.3% from market open to $150.12 as of market close today. It has a market capitalization of $5 billion.

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