United Rentals’ rental revenue climbs 6% in 2025

United Rentals posted record revenue in 2025 as it capitalized on robust construction activity and growing equipment rental demand overall.

The company’s growth was largely driven by construction of data centers and other commercial construction projects, President and Chief Executive Matthew Flannery said during today’s fourth-quarter earnings call.

“Our project pipeline is larger than ever, and we saw new projects kick off across health care, pharmaceuticals and infrastructure, to name a few,” he said.

United continues to expand its specialty rental business, opening 60 new locations in 2025, including 13 in Q4, Flannery said.

“Importantly, we remain confident that the combination of geographic expansion, the power of cross-sell and the addition of new products to our portfolio will enable us to continue growing our specialty business at a double-digit rate for the foreseeable future while also expanding our competitive moats and providing attractive returns,” he said.

BY THE NUMBERS: Stamford, Conn.-based United Rentals reported these full-year results in today’s earnings statement:

• Total revenue rose 4.9% year over year to $16.1 billion;
• Rental revenue increased 6% YoY to $13.8 billion;
• Rental equipment sales fell 7.1% YoY to $1.4 billion;
• New equipment sales jumped 23.4% YoY to $348 million;
• Fleet productivity rose 2.2% YoY; and
• Net income totaled $2.5 billion, down 3.1% YoY.

United attributed the decline in rental equipment sales to heavy use of aerial equipment in several regions, Flannery said.

“Obviously, those things were on rent. We weren’t going to pull them from customers to sell them,” he said.

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