United Rentals has raised its full-year guidance for 2025, following what it described as solid second-quarter results.
The company cited continued growth across both its general rentals and specialty businesses as key drivers of performance.
For the three months to June 30, total revenue rose to $3.943 billion, including $3.415 billion in rental revenue which is a second-quarter record.
Net income stood at $622 million, representing a margin of 15.8%, while adjusted EBITDA increased 2.3% year-on-year to a record $1.810 billion.
Fleet productivity improved by 3.3% compared to the same period last year.
Cash generation remained strong, with net cash from operating activities reaching $2.753 billion year-to-date and free cash flow totalling $1.198 billion.
Gross rental capital expenditure for the first half of the year stood at $2.274 billion.
United upgrades full-year guidance
Reflecting this performance, the company now expects total revenue for 2025 to be between $15.8 billion and $16.1 billion, raising the lower end of its previous forecast.
Adjusted EBITDA is now projected to fall between $7.3 billion and $7.45 billion, up slightly from earlier guidance, and includes a $52 million net benefit related to the termination of its planned acquisition of H&E Equipment Services in February.
United has also lifted its forecast for net cash from operating activities to a range of $4.9 billion to $5.5 billion, compared to the prior estimate of $4.5 billion to $5.1 billion.
The company said the increase in revenue guidance is being driven primarily by stronger-than-expected growth in ancillary revenues, with core rental performance continuing in line with expectations.
In the general rentals segment, revenue rose 2.7% year-on-year to $2.268 billion. Meanwhile, used equipment sales totalled $317 million for the quarter, down 13.2% year-on-year, as the company noted continued normalisation in the used equipment market.
United also announced that it returned $902 million to shareholders during the first half of the year, comprising $667 million in share repurchases and $235 million in dividends. It has now increased its 2025 buyback plan by $400 million, bringing the total to $1.9 billion.
CEO Matthew Flannery said the revised outlook reflects the momentum United is seeing across its core business lines. 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.”
He added that ongoing strength in large projects and specialty rentals, combined with disciplined capital allocation and investment in technology, will continue to support profitable growth, strong cash generation, and long-term returns.
