United Rentals Inc. reported total revenue of $4.229 billion for the third quarter of 2025, with rental revenue of $3.665 billion. Net income for the quarter was $701 million, representing a margin of 16.6%. Adjusted EBITDA was $1.946 billion, with a margin of 46.0%. Fleet productivity increased by 2.0% year-over-year. Year-to-date, net cash provided by operating activities was $3.934 billion and free cash flow was $1.192 billion, including gross payments for purchases of rental equipment totaling $3.576 billion. Year-to-date gross rental capital expenditures reached $3.760 billion. The company returned $1.633 billion to shareholders year-to-date through $1.283 billion in share repurchases and $350 million in dividends paid. Net leverage ratio was 1.86x, with total liquidity of $2.452 billion as of September 30, 2025. The excise tax on share repurchases totaled $12 million year-to-date.