The latest roundup of equipment rental earnings saw total revenue gains across the board for the largest companies operating in the U.S.: United Rentals, Sunbelt parent Ashtead Group, and Herc Rentals.
A fourth equipment rental company, EquipmentShare, recently went public on the NASDAQ but has not filed its first earnings report yet.
Herc Rentals
For its fourth-quarter 2025, Herc Rentals reported a 27% year-over-year increase in total revenue to $1.2 billion, while the full year saw a 23% increase in total revenue to $4.4 billion.
Equipment rental revenue was up 24% in the fourth quarter to $1 billion and rose 18% to $3.8 billion in the full year. Revenue from sales of rental equipment came in at $147 million in the fourth quarter, up 53% year-over-year, and $509 million for the full year, up 64%.
Net income for the quarter came in at $24 million versus a net loss of $46 million in the previous year’s fourth quarter. However, for the full year 2025, net income amounted to $1 million versus net income of $211 million in the full year 2024.
Herc Rentals forecasts total equipment rental revenue in its 2026 fiscal year at $4.275 billion to $4.4 billion.
Sunbelt Rentals/Ashtead Group
Ashtead Group, parent company of Sunbelt Rentals, reported total revenue in the second quarter of its 2025 fiscal year at $3 billion, up 1% from $2.9 billion in the second quarter of its previous fiscal year. For the first half of the year, total revenue was up 1% to $5.8 billion.
Rental revenue was up 1% in the second quarter to $2.8 billion and up 2% in the first half of the year to $5.4 billion.
Ashtead reported operating profit at $704 million in the second quarter, down 12% year-over-year, and $1.3 billion for the first half of the year, down 9%.
The company’s North American General Tool segment revenue — which encompasses its general equipment rental business — was up 1% in the second quarter to $1.8 billion and up 0.2% in the first half of the year to $3.4 billion. Adjusted operating profit in this segment was up 5% in the second quarter but down 6% in the first half of the year to $1.1 billion.
Ashtead Group’s North American Specialty business saw a revenue gain of less than 1% in the second quarter to $970 million and a 3% gain in the first half of the year to $1.9 billion. This segment, which covers industries including HVAC and film and TV, also reported a 2% adjusted operating profit decrease in the second quarter to $327 million but saw a 2% adjusted operating profit increase in the first half of the year to $628 million.
Ashtead Group maintained its total fiscal year 2025 revenue forecast at up 0%-4% year-over-year.
United Rentals
United Rentals reported total revenue in its fourth quarter was up 3% to $4.2 billion and up 5% in the full year to $16 billion.
Fourth-quarter equipment rental revenue rose 5% to $3.6 billion, and full year equipment rental revenue rose 6% to $13.8 billion.
Sales of rental equipment came in at $386 million in the fourth quarter, down 15% year-over-year, and $1.4 billion in the full year, down 7%.
Gross income was down 3% to $1.6 billion in the fourth quarter and down less than 1% to $6.1 billion for the full year 2025.
United Rentals forecasts total revenue in its 2026 fiscal year at $16.8 billion to $17.3 billion.
