Filing Flows › United Rentals (URI) › Q4 2025
United Rentals (URI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Jan 28, 2026
United Rentals (URI) reported revenue of $4.2B for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and -0.5% from the quarter before. Operating margin was 25.0%, net earnings $653M (15.5% of revenue).
United Rentals, Q4 2025: revenue $4.2B (+3% year over year), operating margin 25.0%, net earnings $653M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.2B | -0.5% | +3% |
| Gross profit | $1.6B | -5% | -3% |
| Operating profit | $1.1B | -6% | -3% |
| Net earnings | $653M | -7% | -5% |
| Operating cash flow | $1.3B | +6% | +20% |
| Free cash flow | $989M | — | +17% |
What changed
Revenue was $4.2B in Q4 2025, up 3% year over year and roughly flat from the previous quarter. Owned equipment rentals was the largest line at 68% of revenue.
Gross margin was 37.8%, down 2.2 points from Q4 2024. Operating profit was $1.1B, a 25.0% margin (down 1.5 points year over year). Operating profit fell $0.04B even though revenue rose $0.11B versus Q4 2024, so costs grew faster than sales. Operating expenses fell 2% while revenue rose 3%. Net earnings were $0.65B, down 5% year over year. The effective tax rate was 25.3%.
Operating cash flow was $1.3B (up 20% year over year), 192% 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 $0.46B. After payments for purchases of rental equipment, net ($0.16B) and payments for purchases of non-rental equipment and intangible assets ($0.11B), free cash flow as the company reports it was $1.0B.
Questions
What was United Rentals' revenue in the fourth quarter 2025?
United Rentals (URI) reported revenue of $4.2B for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and -0.5% from the quarter before.
Was United Rentals profitable in the fourth quarter 2025?
Operating profit was $1.1B (25.0% of revenue) and net earnings $653M.
Source: United Rentals 10-K on SEC EDGAR.