Short answer
United Rentals (URI) filed its Q3 2025 10-Q quarterly report on Oct 22, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $938M (up 7.3% year over year) with net income of $701M.
Q3 2025 key financials · XBRL
- Revenue
- $938M
- +7.3% YoY · +7.6% QoQ
- Net income
- $701M
- −1.0% YoY · +12.7% QoQ
- Operating margin
- 118.8%
- Gross margin
- 177.5%
- EPS (diluted)
- $10.89
- +2.0% YoY · +13.8% QoQ
Source: XBRL data from the United Rentals (URI) Q3 2025 10-Q on SEC EDGAR. USD.
United Rentals Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $4.229B Q3 2025, up 5.9% YoY; nine months revenue $11.891B, up 5.7% YoY, driven by equipment rentals growth (+5.8% Q3, +6.4% YTD)
- Net income Q3 $701M, down 1.0% YoY; net income margin 16.6% vs 17.7% YoY; nine months net income $1.841B, down 2.4%, margin 15.5% vs 16.8% YoY
- Adjusted EBITDA Q3 $1.946B (+2.2% YoY), margin 46.0% vs 47.7% YoY; nine months adjusted EBITDA $5.427B (+3.2%), margin 45.6% vs 46.8% YoY
- Specialty segment best performer: equipment rentals revenue up 11.4% Q3 and 15.2% YTD, gross margin 45.1% Q3 (vs 50.0% YoY), decreased 490bps; General rentals weaker: revenue +3.1% Q3, gross margin 36.7% Q3, down 90bps
- Cash from operations $3.934B YTD; capital expenditures $3.849B; share repurchases $1.338B YTD with $1.9B expected total in 2025; liquidity $2.452B as of Sept 30, 2025
- Management notes inflation and delivery costs pressure on margins, normalization of used equipment market, and impacts from Yak acquisition in specialty; no change in equity or dividend policy; raised share repurchase program to $2B following tax law changes; expects to fund cash needs with existing liquidity and financing sources
Risk Factors
- No new or updated risk factors this quarter; risk factors unchanged from 2024 Form 10-K
- Carried-forward operational risk: economic downturns reducing equipment rental demand and utilization rates
- Regulatory risk: compliance with environmental and safety regulations impacting fleet operations and costs
- Financial risk: substantial debt levels with maturities concentrated in next 18 months requiring refinancing or cash flow management
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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