United Rentals, Inc. (NYSE: URI) announced today that its Board of Directors declared a quarterly cash dividend of $1.79 per share of URI common stock.

The dividend will be payable on May 28, 2025 to stockholders of record as of May 14, 2025.

United Rentals Reports Strong Q1 Performance, Launches $1.5 Billion Share Buyback


United Rentals, Inc. (NYSE: URI), the world’s largest equipment rental company, announced robust financial results for the first quarter of 2025, reaffirmed its full-year guidance, and launched a new $1.5 billion share repurchase program. The company attributed its performance to broad-based demand across construction and industrial markets and emphasized continued momentum heading into its peak season.

Q1 Highlights:

Revenue totaled $3.719 billion, with rental revenue contributing $3.145 billion, up 7.4% year-over-year.

Net income was $518 million, resulting in GAAP earnings per share of $7.91.

Adjusted EPS reached $8.86, including a $0.45 benefit from a terminated merger deal.

Adjusted EBITDA hit a quarterly record of $1.671 billion, with a margin of 44.9%.

Free cash flow rose 24.5% to $1.082 billion, fueled by strong operating cash flow and working capital benefits.

CEO Matthew Flannery highlighted that United Rentals began the year with “record first-quarter revenue and adjusted EBITDA,” supported by customer demand and effective execution. He emphasized the company’s focus on profitable growth and disciplined capital allocation, citing the strength of its business model and balance sheet.

Segment Performance:

General Rentals revenue increased to $2.099 billion, with a gross margin of 32.3%.

Specialty Rentals surged to $1.046 billion, a 21.8% rise driven partly by the Yak acquisition. Gross margin declined to 43.1% due to higher costs and fleet repositioning.

Capital Actions:

Completed previous $1.5 billion buyback program in Q1.

Approved a new $1.5 billion share repurchase program.

Declared a quarterly dividend of $1.79 per share, payable on May 28.

Full-Year 2025 Guidance (Reaffirmed):

Revenue: $15.6B–$16.1B

Adjusted EBITDA: $7.2B–$7.45B

Free cash flow: $2.0B–$2.2B

Rental CapEx (net): $2.2B–$2.5B

Financial Strength:

Net leverage ratio at 1.7x

Total liquidity at $3.345 billion

Return on invested capital at 12.6%

United Rentals concluded the quarter with a strong cash position, significant operational flexibility, and a reaffirmed commitment to driving long-term shareholder value through both organic growth and strategic capital deployment.

United Rentals, Inc. (NYSE: URI) will hold its first quarter 2025 conference call with Matt Flannery, chief executive officer, and Ted Grace, chief financial officer, on Thursday, April 24, 2025 at 8:30 a.m. Eastern Time.

The conference call is available live by audio webcast at unitedrentals.com, where it will be archived until the next earnings call. The call is also accessible by dialing 800-451-7724 (international: 785-424-1116). The replay number for the call is 402-220-2695. The passcode for both the conference call and the replay is 81314.

The company’s first quarter 2025 press release will be issued and available at unitedrentals.com after the market close on Wednesday, April 23, 2025.

UNITED RENTALS NAMED ONE OF AMERICA’S BEST-MANAGED COMPANIES

United Rentals, Inc., the world’s largest equipment rental company, has been named to The Wall Street Journal’s 250 Best-Managed Companies list for 2025. The ranking, developed by the Drucker Institute, evaluates publicly traded U.S. companies across 35 performance indicators, including a new “digital positioning score” based on online activity. United Rentals CEO Matthew Flannery credited the recognition to the team's dedication to being the top rental partner for customers. The company operates over 1,600 locations worldwide and employs nearly 28,000 people.

Herc Holdings Inc. and H&E Equipment Services, Inc. announced that H&E has terminated its previous merger agreement with United Rentals, Inc. and entered into a definitive merger agreement with Herc Holdings. The acquisition will bring H&E under Herc Holdings' ownership. The companies issued a joint press release on February 19, 2025, confirming the agreement.

United Rentals announced that it has terminated its merger agreement with H&E Equipment Services. As a result, United Rentals and its subsidiary, UR Merger Sub VII Corporation, withdrew their cash tender offer for all outstanding shares of H&E common stock. The termination makes it impossible to satisfy a key condition of the offer.

As part of the termination agreement, H&E will pay United Rentals a termination fee of $63.5 million. Additionally, the bridge financing commitment associated with the deal, which included institutions such as Morgan Stanley, Wells Fargo, and JPMorgan Chase, has also been terminated.

The company had previously disclosed details of the merger agreement in a filing on January 14, 2025.

United Rentals, Inc. announced that it will no longer pursue the acquisition of H&E Equipment Services, Inc. The company decided not to submit a revised proposal after H&E received a superior acquisition bid from another strategic bidder. As a result, H&E intends to terminate its merger agreement with United Rentals, which was initially announced on January 14, 2025.

United Rentals emphasized its commitment to financial discipline and capital allocation, stating that it remains focused on its long-term strategy of profitable growth, strong free cash flow generation, and shareholder returns. The company also confirmed that it is waiving the four-day negotiation period required under the merger agreement.

Following H&E’s termination of the agreement, United Rentals will receive a termination fee of approximately $63.5 million. Additionally, the company announced that it will immediately restart its share repurchase program, with approximately $250 million remaining under its existing $1.5 billion authorization.

United Rentals remains the world's largest equipment rental company, operating in North America, Europe, Australia, and New Zealand, with a broad portfolio of rental equipment serving construction, industrial, and municipal customers.

United Rentals, Inc. has appointed Julie Brandt to its board of directors, expanding the board to 11 members, including nine independent directors. Michael Kneeland, chairman of United Rentals, highlighted Ms. Brandt's leadership and expertise in managing large-scale distributed businesses and her deep knowledge of the construction industry as key assets to the board. Ms. Brandt currently serves as Corporate Vice President and President, Global Commercial & Field Operations at Johnson Controls, where she leads strategic initiatives for growth and operational excellence. Her extensive global experience also includes nearly three decades at Otis Elevator Company, where she held leadership roles across North America, Latin America, Europe, and Asia Pacific.

On January 13, 2025, United Rentals, Inc. (URI) entered a merger agreement to acquire H&E Equipment Services, Inc. through a cash tender offer of $92 per share, followed by a merger. The transaction, backed by a $3.8 billion bridge facility from Morgan Stanley and Wells Fargo, aims to expand URI's equipment rental operations. Regulatory approvals and a 35-day "go-shop" period are pending.