Top Equipment Rental Companies Report More Revenue Gains in Q4 2025

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.