URI United Rentals (URI) Q3 FY25 earnings call
United Rentals delivered record Q3 FY25 revenue and adjusted EBITDA, fueled by strong demand from large projects and key verticals, leading to increased CapEx guidance. Despite margin compression due to higher delivery costs and a growing mix of lower-margin ancillary services, the company remains optimistic about continued growth into 2026 and is actively managing capital allocation for organic and inorganic opportunities.
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URI operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | This call Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|
| Cold starts Specialty | — | 8We opened 8 Specialty cold starts in the first quarter and expect to open at least 50 this year.Source: earnings call transcript | 18Specialty continues to post double-digit increases with rental revenue up 11% year-over-year driven by growth across all our product offerings and an additional 18 cold starts.Source: earnings call transcript | — | 17Within specialty, which grew 14% year-over-year, we saw growth across all lines of business and opened 17 cold starts.Source: earnings call transcript | 11Specialty saw exceptional rental revenue growth of 25% year-over-year, including 11 cold starts and with growth across all lines of business.Source: earnings call transcript | 12Specialty was a standout with total revenue growth of 35% year-over-year, including 12 cold starts which brings us to 40 cold starts year-to-date.Source: earnings call transcript | +9.1% |
| Capital expenditures Rental | $469MFourth quarter gross rental CapEx was $469 million.Source: earnings call transcript | $707MFirst quarter gross rental CapEx was $707 million, in line with normal seasonality.Source: earnings call transcript | $1.49BThird quarter gross rental CapEx was $1.49 billion.Source: earnings call transcript | $429MFourth quarter gross rental CapEx was $429 million, bringing our full year total to $4.19 billion.Source: earnings call transcript | $874MIn conjunction with these sales, we spent $874 million on rental CapEx.Source: earnings call transcript | <$2.1BAs we replace this fleet and grow to meet customer demand, we spent nearly $2.1 billion on gross rental CapEx in the quarter.Source: earnings call transcript | $1.8BGiven the demand from our customers and our replacement of sold equipment, we spent $1.8 billion on gross rental CapEx in the quarter, and this takes us to $4.7 billion year-to-date.Source: earnings call transcript | — |
| Employees | — | — | <28KThe hard work of our nearly 28,000 employees enabled record revenue and adjusted EBITDA.Source: earnings call transcript | — | 28KThis is all attributed to our 28,000 team members who are laser-focused every day on serving the customer and delivering against our goal to be their partner of choice.Source: earnings call transcript | — | — | — |
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