United Rentals, Inc. · URI · FY2025 Q1 · Calendar Q2 2025

URI: Specialty rentals drove Q1 growth as margins faced pressure

The call supports a constructive but qualified outlook: specialty rental growth, large-project demand and free cash flow support the trajectory, while margin normalization, tariffs and macro sensitivity remain key tests.

Reported Before market openNYSEIndustrials $65.75B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $8.92
EPS surprise — Reported versus consensus
Reported revenue — Consensus $3.61B
Revenue surprise — Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +2.5% Event window
SPY move +1.5% Same window
Abnormal move +1.0% Stock minus SPY
Volume 1.1× Versus trailing sessions
Subsequent drift +18.1% Up to 20 sessions
URISPY benchmark

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Transcript intelligence

What changed

Compared with the prior analysis, the H&E deal was terminated and a breakup fee was received; specialty growth continued, while management shifted emphasis to cold-start expansion, cross-selling, technology investment and opportunistic M&A.

Guidance delta

Maintained: management reaffirmed its 2025 guidance despite macro and tariff uncertainty.

Key takeaways

  • Management said Q1 total revenue rose 6.7% year over year and adjusted EBITDA reached a record $1.7 billion.
  • Specialty rental revenue grew 22% year over year, with eight cold-start locations opened in Q1 and a target of 50 for the year.
  • Management highlighted approximately $1.1 billion of free cash flow and a 1.7x leverage ratio as support for capital allocation.
  • The constructive outlook is tempered by margin compression, tariff exposure, used-equipment normalization and reliance on large projects.

Management priorities

  • Reach at least 50 specialty cold-start locations in FY2025.
  • Cross-sell specialty products to national-account customers and improve the one-stop-shop technology experience.
  • Pursue specialty and power-generation-related M&A opportunities while maintaining disciplined capital allocation.

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Earnings History

Estimate Beat Miss Match
URI EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q1 '24 estimate $8.33 Q1 '24 actual $9.15, beat Q2 '24 estimate $10.54 Q2 '24 actual $10.70, beat Q3 '24 estimate $12.48 Q3 '24 actual $11.80, miss Q2 '25 estimate $10.51 Q2 '25 actual $10.47, miss Q3 '25 estimate $12.29 Q3 '25 actual $11.70, miss Q4 '25 estimate $11.79 Q4 '25 actual $11.09, miss Q1 '26 estimate $8.95 Q1 '26 actual $9.71, beat Q2 '26 estimate $11.53 Q2 '26 actual $12.76, beat Q3 '26 estimate $13.93 Q4 '26 estimate $13.19 Q1 '27 estimate $11.19 Q2 '27 estimate $14.40
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Analyst Consensus ?

ConsensusBuy40 ratings
Bullish2767.5%
Neutral820.0%
Bearish512.5%

Analyst 52W Price Targets

$1,056.37Current
$269Low
$991.11Average
$1,421High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 12, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Truist Securities Buy BuyMaintainOct 5, 2026
RBC Capital Outperform OutperformMaintainSep 24, 2026
JP Morgan Neutral OverweightDowngradeSep 10, 2026
Evercore ISI Group Outperform OutperformMaintainAug 11, 2026
Argus Research Buy BuyMaintainAug 4, 2026
Wells Fargo Overweight OverweightMaintainJul 24, 2026
UBS Buy BuyMaintainJul 24, 2026
Citigroup Buy BuyMaintainJul 24, 2026
Barclays Underweight UnderweightMaintainJul 24, 2026
B of A Securities Buy BuyMaintainJul 23, 2026
Morgan Stanley Overweight OverweightMaintainJul 17, 2026
BNP Paribas Outperform NeutralUpgradeJun 29, 2026
Keybanc Overweight OverweightMaintainJun 25, 2026
Baird Outperform OutperformMaintainApr 24, 2026
Bernstein Outperform Market PerformUpgradeSep 23, 2025
Goldman Sachs Buy BuyMaintainMay 27, 2025
Oppenheimer Perform PerformMaintainApr 29, 2024
Stifel Buy BuyMaintainApr 26, 2024
Exane BNP Paribas Underperform OutperformDowngradeJan 5, 2024
Credit Suisse Outperform OutperformMaintainJun 2, 2023
OTR Global Mixed PositiveDowngradeApr 19, 2023
Deutsche Bank Hold HoldMaintainApr 12, 2023
Vertical Research Buy BuyMaintainJan 20, 2021
CFRA Buy BuyMaintainApr 30, 2020
Jefferies Hold BuyDowngradeApr 3, 2020
Buckingham Research Buy BuyMaintainNov 11, 2019
Buckingham Buy BuyMaintainNov 11, 2019
Citi Buy BuyMaintainSep 11, 2019
Standpoint Research Buy BuyMaintainOct 23, 2018
Argus Buy HoldUpgradeOct 22, 2018
Macquarie Underperform UnderperformMaintainOct 19, 2018
Bank of America Buy BuyMaintainSep 13, 2018
Stifel Nicolaus Buy BuyMaintainJan 26, 2018
Avondale Partners Outperform Market PerformUpgradeJan 26, 2017
Susquehanna Neutral PositiveDowngradeJan 29, 2016
Longbow Research Neutral BuyDowngradeJan 29, 2016
Axiom Capital Sell SellMaintainAug 21, 2015
Wolfe Research Underperform UnderperformMaintainJul 20, 2015
Northcoast Research Neutral BuyDowngradeJun 16, 2014
ISI Group Buy Strong BuyDowngradeNov 7, 2013
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Named analyst price targets

Upside is calculated against the persisted current price $1,056.37. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Truist FinancialAnalyst unavailable$1,395$1,077.36 +32.1%Oct 5, 2026
UBSAnalyst unavailable$1,170$1,028.77 +10.8%Sep 10, 2026
Argus ResearchKristina Ruggeri$1,250$1,142.14 +18.3%Aug 4, 2026
Morgan StanleyAnalyst unavailable$1,335$1,137.96 +26.4%Jul 24, 2026
KeyBancAnalyst unavailable$1,350$1,139.71 +27.8%Jul 24, 2026
Robert W. BairdAnalyst unavailable$1,300$1,139.71 +23.1%Jul 24, 2026
Wells FargoAnalyst unavailable$1,355$1,139.71 +28.3%Jul 24, 2026
BarclaysAnalyst unavailable$950$1,139.71 -10.1%Jul 24, 2026
UBSSteven Fisher$1,350$1,156.78 +27.8%Jul 23, 2026
Truist FinancialJamie Cook$1,421$1,111.76 +34.5%Jul 2, 2026
UBSAnalyst unavailable$1,300$1,130.8 +23.1%Jul 1, 2026
BNP ParibasAnalyst unavailable$1,320$1,121.66 +25.0%Jun 29, 2026
KeyBancAnalyst unavailable$1,250$1,083.72 +18.3%Jun 25, 2026
Raymond JamesTim Thein$1,275$1,094.17 +20.7%Jun 10, 2026
UBSAnalyst unavailable$1,145$1,010.42 +8.4%Jun 3, 2026
Evercore ISIDavid Raso$1,101$935.05 +4.2%May 11, 2026
BarclaysAnalyst unavailable$715$974.41 -32.3%Apr 24, 2026
Truist FinancialAnalyst unavailable$1,209$967.39 +14.4%Apr 24, 2026
Morgan StanleyAnalyst unavailable$1,030$977.07 -2.5%Apr 24, 2026
RBC CapitalAnalyst unavailable$1,119$986.78 +5.9%Apr 24, 2026
KeyBancAnalyst unavailable$1,150$986.78 +8.9%Apr 24, 2026
Robert W. BairdAnalyst unavailable$1,100$986.78 +4.1%Apr 24, 2026
BernsteinChad Dillard$903$767.36 -14.5%Apr 9, 2026
Truist FinancialAnalyst unavailable$972$779.29 -8.0%Jan 30, 2026
KeyBancAnalyst unavailable$950$787.04 -10.1%Jan 30, 2026
Robert W. BairdMircea Dobre$970$787.04 -8.2%Jan 30, 2026
BernsteinAnalyst unavailable$965$787.04 -8.6%Jan 30, 2026
RBC CapitalSabahat Khan$1,041$787.04 -1.5%Jan 30, 2026
Wells FargoJerry Revich$1,071$956.01 +1.4%Jan 23, 2026
Truist FinancialAnalyst unavailable$1,045$812.51 -1.1%Dec 18, 2025
KeyBancAnalyst unavailable$1,000$800.83 -5.3%Dec 3, 2025
Wells FargoJerry Revich$995$843.26 -5.8%Nov 13, 2025
UBSSteven Fisher$1,025$883.15 -3.0%Oct 28, 2025
Truist FinancialAnalyst unavailable$1,169$921.12 +10.7%Oct 24, 2025
RBC CapitalSabahat Khan$1,123$914.3 +6.3%Oct 24, 2025
BarclaysAnalyst unavailable$600$980.37 -43.2%Oct 20, 2025
Truist FinancialAnalyst unavailable$1,194$988.59 +13.0%Oct 8, 2025
Robert W. BairdAnalyst unavailable$1,050$954.66 -0.6%Oct 1, 2025
KeyBancAnalyst unavailable$1,120$931.25 +6.0%Sep 25, 2025
BernsteinChad Dillard$1,128$943.42 +6.8%Sep 23, 2025
BNP ParibasThomas Burlton$900$946.43 -14.8%Sep 16, 2025
KeyBancAnalyst unavailable$1,075$955.24 +1.8%Aug 29, 2025
Argus ResearchKristina Ruggeri$935$908.14 -11.5%Aug 12, 2025
Truist FinancialAnalyst unavailable$786$633.6 -25.6%Apr 25, 2025
BernsteinAnalyst unavailable$666$653.39 -37.0%Mar 25, 2025
Truist FinancialJamie Cook$965$796.02 -8.6%Dec 19, 2024
CitigroupKyle Menges$860$744.21 -18.6%Jul 29, 2024
Truist FinancialJamie Cook$793$668.43 -24.9%Mar 13, 2024
Wells FargoAnalyst unavailable$440$373.85 -58.3%Jan 10, 2023
Morgan StanleyAnalyst unavailable$404$368.44 -61.8%Dec 14, 2022
UBSAnalyst unavailable$420$346.9 -60.2%Nov 16, 2022
Robert W. BairdMircea Dobre$318$298.57 -69.9%Oct 27, 2022
KeyBancKen Newman$425$307.8 -59.8%Aug 22, 2022
BernsteinSam Boughedda$269$320.45 -74.5%Aug 18, 2022
Deutsche BankNicole Deblase$385$322.21 -63.6%Jan 10, 2022
Morgan StanleyCourtney Yakavonis$395$356.53 -62.6%Dec 9, 2021
CitigroupTimothy Thein$445$381.67 -57.9%Nov 16, 2021
Bank of America SecuritiesRoss Gilardi$440$353.05 -58.3%Oct 5, 2021
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Company context

Snapshot as of publication

United Rentals, Inc., founded in 1997 and headquartered in Stamford, Connecticut, functions as a prominent equipment rental firm through its various subsidiaries. The company's operations are divided into two main divisions: General Rentals and Specialty. The General Rentals segment offers a broad selection of construction and industrial machinery, including heavy equipment like backhoes, skid-steer loaders, earthmoving machinery, and forklifts, alongside aerial work platforms such as boom and scissor lifts. This division also provides general tools and lighter equipment, ranging from pressure washers to power tools. Its client base is diverse, encompassing construction and industrial enterprises, manufacturers, utility companies, municipalities, government bodies, and individual homeowners. Conversely, the Specialty segment focuses on more specialized construction products.…

Historical context

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2025-04-09T00:03:27.736600+00:00
  3. Polygon adjusted daily market bars · 2026-10-11T23:10:44.430942+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-11T23:10:44.428137+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-11. For educational purposes only; not investment advice.