Filing Flows › United Rentals (URI) › Q2 2025
United Rentals (URI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 23, 2025
United Rentals (URI) reported revenue of $3.9B for the second quarter 2025 (Q2 2025), +5% from a year earlier and +6% from the quarter before. Operating margin was 25.4%, net earnings $622M (15.8% of revenue).
United Rentals, Q2 2025: revenue $3.9B (+4% year over year), operating margin 25.4%, net earnings $622M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.9B | +6% | +5% |
| Gross profit | $1.5B | +13% | +1% |
| Operating profit | $1.0B | +25% | -0.1% |
| Net earnings | $622M | +20% | -2% |
| Operating cash flow | $1.3B | -7% | +5% |
| Free cash flow | $116M | — | -41% |
What changed
Revenue was $3.9B in Q2 2025, up 5% year over year and up 6% from the previous quarter. Owned equipment rentals was the largest line at 70% of revenue. Owned equipment rentals added $0.14B year over year (up 5%), 83% of the total change. Sales of rental equipment declined 13%.
Gross margin was 38.9%, down 1.4 points from a year earlier. Operating profit was $1.0B, a 25.4% margin (down 1.2 points year over year). Operating profit fell $1.0M even though revenue rose $0.17B versus a year earlier, so costs grew faster than sales. Operating expenses grew 3% against revenue growth of 5%. Net earnings were $0.62B, down 2% year over year. The effective tax rate was 25.9%.
Operating cash flow was $1.3B (up 5% year over year), 214% of net earnings. Non-cash charges added back $0.11B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.56B. After payments for purchases of rental equipment, net ($1.1B) and payments for purchases of non-rental equipment and intangible assets ($0.10B), free cash flow as the company reports it was $0.12B.
Questions
What was United Rentals' revenue in the second quarter 2025?
United Rentals (URI) reported revenue of $3.9B for the second quarter 2025 (Q2 2025), +5% from a year earlier and +6% from the quarter before.
Was United Rentals profitable in the second quarter 2025?
Operating profit was $1.0B (25.4% of revenue) and net earnings $622M.
Source: United Rentals 10-Q on SEC EDGAR.