The latest roundup of equipment rental earnings saw rental revenue continue to grow year-over-year for the largest companies operating in the U.S.: United Rentals, Sunbelt parent Ashtead Group, and Herc Rentals.
Herc Rentals
Total revenues for Herc Rentals’ second-quarter 2025 rose 18% year-over-year to just over $1 billion, driven by a 14% increase in equipment rental revenue. This includes the impact of Herc Rentals’ recent acquisition of H&E Rentals.
Looking at the first six months of Herc Rentals’ fiscal year, total revenue increased 13% to $1.9 billion vs. $1.7 billion in the first half of the previous fiscal year. Equipment rental revenue was up 8% year-over-year.
Revenue from the sale of rental equipment in the second quarter was up 63% year-over-year to $106 million and rose 57.5% in the first half of the year to $211 million.
Depreciation of rental equipment was up 18% to $195 million in the second quarter based on a larger fleet from the H&E acquisition. For the first half of the year, depreciation rose 13% to $367 million.
Herc Rentals reported an overall net loss for the quarter of $35 million compared to net income of $70 million in last year’s second quarter. Net loss for the first half of 2025 was $53 million vs. $135 million in net income this time last year.
Herc Rentals opened 11 new locations in the first six months of 2025.
For its full year fiscal year 2025, Herc Rentals forecasts equipment rental revenue between $3.7 billion and $3.9 billion.
United Rentals
In its second-quarter 2025, United Rentals reported $3.9 billion in total revenue, up 4.5% year-over-year from $3.8 billion in last year’s second quarter. Looking at the first six months of 2025, total revenue saw a 5.6% increase to $7.7 billion.
Equipment rental revenue rose 6.2% year-over-year to $3.4 billion. Equipment rental revenue for the first half of the year rose 6.7% year-over-year to $6.6 billion.
Revenue from sales of rental equipment fell in the second quarter, dropping 13.2% year-over-year to $317 million. These sales were also down across the first six months of 2025, falling 7.2% year-over-year to $694 million.
United Rentals brought in $622 million in second quarter net income, down 2.2% year-over-year from $636 million in the previous second quarter. For the first half of the year, net income fell 3.2% to $1.1 billion.
United Rentals is forecasting its total revenue in 2025 will fall between $15.8 billion to $16.1 billion, narrowed from its previous outlook of $15.6 billion to $16.1 billion.
Matthew Flannery, chief executive officer of United Rentals, stated the company had seen continued strength in its large project and specialty equipment rental segments.
Ashtead Group/Sunbelt Rentals
Ashtead Group, parent company for Sunbelt Rentals, saw a mild increase in rental revenue during its latest earning report, for the fourth-quarter of its 2025 fiscal year. Ashtead Group saw $2.3 billion in rental revenue, up less than 1% year-over-year. The full fiscal year fared better with a 4% increase to just under $10 billion, an all-time record for the company.
Ashtead Group was the only rental company to report a total revenue decline in its most recent earnings, down 4% to $2.5 billion for the fourth quarter and down 1% for the full year to $10.8 billion.
Operating profit was down 7% year-over-year in the fourth quarter to $523 million and down 4% to $2.6 billion in the full year.
Ashtead’s chief executive, Brendan Horgan, said the company has continued to take advantage of tailwinds in the industry, saying, “While completions continue to outpace starts in local non-residential construction, mega project activity continues to be robust, particularly in the data center, semi-conductor and LNG space.”
In a new reporting structure, Ashtead Group reported its North American general tool revenue for its 2025 fiscal year was down 4.8% year-over-year to $6.4 billion, while its North American specialty revenue rose 7.3% to $3.5 billion.
