McGrath RentCorp (MGRC) released its third‑quarter 2025 financial results on October 24, 2025. Total revenue for the quarter was $256.4 million, a 4% decline year‑over‑year, while net income fell to $42.3 million, or $1.72 per diluted share, compared with $266.8 million and $6.08 EPS in Q3 2024.
Segment performance highlighted a 2% increase in Mobile Modular rental revenue, but the division’s adjusted EBITDA dropped 10% to $64.6 million. Portable Storage adjusted EBITDA fell 14% to $9.2 million, whereas the TRS‑RenTelco segment posted a 7% rise in adjusted EBITDA to $20.2 million. Rental equipment purchases were $91.5 million, a sharp decline from $167.3 million in the same period last year, reflecting a strategic shift to utilizing existing fleet inventory.
In its earnings call, management updated the full‑year outlook, projecting total revenue of $935 million to $955 million, adjusted EBITDA of $350 million to $357 million, and gross rental equipment capital expenditures of $120 million to $125 million. The company also noted that its net borrowings stood at $552 million as of September 30, 2025, and that the $180 million termination fee received in September 2024 had been used to reduce debt and strengthen the balance sheet.
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