Equipment Rental Companies Start 2025 with Revenue Growth

In the latest financial reports, major equipment rental companies in the United States – United Rentals, Ashtead Group, and Herc Rentals – experienced growth in rental revenue during the first quarter of the year.

Herc Rentals reported total revenue of $861 million for the first quarter of 2025, a 7% increase from the same period in 2024. The growth was primarily attributed to a $20 million rise in equipment rental revenue, influenced by varying demand across different markets and additional revenue from previous year greenfield locations and acquisitions. Equipment rental revenue for the quarter reached $739 million, marking a 3% increase.

Herc Rentals’ President and CEO, Larry Silber, commented on the economic trends affecting their operations, highlighting growth in the national account business driven by funding for construction projects like data centers and LNG facilities. However, certain projects sensitive to interest rates remained paused, impacting local account growth. The company reported a net loss of $18 million in the quarter, largely due to acquisition-related costs.

For the full year 2025, Herc Rentals anticipates a 4-6% growth in equipment rental revenue and adjusted earnings before interest, taxes, depreciation, and amortization in the range of $1.575 billion to $1.650 billion.

United Rentals recorded $3.1 billion in equipment rental revenue in the first quarter of 2025, a 7.4% increase from the previous year. Total revenues for the quarter stood at $3.7 billion, up 6.7% year-over-year, with a significant rise in new equipment sales. The company’s net income for the quarter decreased by 4.4% compared to the previous year.

United Rentals projects total revenue for 2025 to range between $15.6 billion and $16.1 billion, with adjusted EBITDA estimated at $7.2 billion to $7.45 billion.

Ashtead Group, parent company to Sunbelt Rentals, reported $2.6 billion in revenue for the third quarter of its fiscal year 2025, a 3% decline from the same period a year ago. Rental revenue for the quarter increased by 1% to $2.4 billion. The U.S. rental revenue for the first nine months of the fiscal year saw a 4% growth to reach $5.2 billion.

For the full fiscal year 2025, Ashtead Group forecasts rental revenue to increase by 3-5% overall and by 2-4% specifically in the U.S.