The latest roundup of equipment rental earnings saw a mixed bag of revenue growth for the largest companies operating in the U.S.: United Rentals, Sunbelt parent Ashtead Group, and Herc Rentals.
Herc Rentals
Of the three largest publicly traded equipment rental businesses in the U.S., Herc Rentals showed the largest revenue percentage increase in the quarter: up 35% year-over-year to $1.3 million. The main catalyst was a 30% increase in equipment rental revenue to $1.1 billion.
Rental equipment revenue also rose for the first nine months of the year, up 16.2% to $2.7 billion. Total revenue during the same period was up 21% to $3.2 billion.
Revenue from sales of rental equipment was up 86.4% to $151 million and up 68.4% for the first three quarters to $362 million.
Net profit came in at $30 million in the first quarter, representing a 75% decline. Herc Rentals has reported a net profit loss of $23 million for the first nine months of 2025.
Herc Rentals also finished the full IT integration of its newly acquired H&E Rental locations this quarter, allowing the full network of stores to operate on the same systems.
For the full year 2025, Herc Rentals has maintained its equipment rental revenue forecast of $3.7 billion to $3.9 billion.
Ashtead Group/Sunbelt Rentals
Ashtead Group, parent company of Sunbelt Rentals, reported $2.8 billion in revenue for the first quarter of its 2025 fiscal year, a 2% year-over-year increase. Rental revenue specifically rose 2% to $2.6 billion, which Ashtead Group attributed in part to growing momentum in mega-project construction.
Total operating profit in the quarter fell 7% year-over-year to $642 million.
The company’s North American General Tool segment – which encompasses its general equipment rental business – saw a less than 1% year-over-year revenue decline to $1.7 billion in its first quarter. North American General Tool profit was also down 8% year-over-year to $520 million.
However, rental-specific revenue from Ashtead’s North American General Tool business was up 1% year-over-year due to volume growth.
Ashtead Group’s North American Specialty business saw a revenue gain of 6% to $909 million. This segment, which covers industries including HVAC and film and TV, also reported an 8% profit increase to $301 million.
Ashtead Group now forecasts its total fiscal year 2025 revenue will be up 0%-4% year-over-year.
United Rentals
Rental revenue in United Rentals’ third quarter was up 6% year-over-year to $3.7 billion. For the first nine months of the year, rental revenue rose 6% to $10.2 billion.
Revenue from sales of rental equipment was up 4% in the third quarter to $333 million but down 4% year-over-year for the first nine months of the year to $1 billion.
Total revenue in United Rentals’ third quarter across all segments rose 6% to $4.2 billion and rose 6% for the first nine months of the year to $11.9 billion. Total gross profit was up in the first quarter 1% to $1.7 billion and was up 1% for the first three quarters of the year to $4.6 billion.
The net value of all United Rentals’ rental equipment rose 10% between December 31, 2024, and September 30 to $16.4 billion.
United Rentals has raised its full year revenue forecast slightly to $16 billion-$16.2 billion.
