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United Rentals

United Rentals (URI) Q2 2026 Earnings

Reported Jul 22, 2026 at 4:23 PM ET · SEC Source

Q2 26 EPS

$12.76

BEAT +10.11%

Est. $11.59

Q2 26 Revenue

$4.41B

BEAT +4.73%

Est. $4.21B

Market Reaction

Did URI Beat Earnings? Q2 2026 Results

United Rentals delivered a convincing beat across the board in Q2 2026, with adjusted EPS of $12.76 clearing the $11.59 consensus estimate by 10.11% and revenue of $4.41 billion topping expectations by 4.73% while growing 11.8% year-over-year. The st… Read more United Rentals delivered a convincing beat across the board in Q2 2026, with adjusted EPS of $12.76 clearing the $11.59 consensus estimate by 10.11% and revenue of $4.41 billion topping expectations by 4.73% while growing 11.8% year-over-year. The standout driver was the Specialty Rentals segment, where rental revenue surged 24.8% to $1.43 billion, reflecting robust demand from large infrastructure and industrial projects that analysts had been watching closely heading into the print. Rental revenue overall reached $3.85 billion, up 12.7%, while adjusted EBITDA hit a quarterly high of $2.06 billion at a 46.6% margin, though both figures received a lift from a $49 million pre-tax gain tied to a partial sale of the company's scaffolding business. Net income climbed 21.1% to $753 million, with margin expanding 130 basis points to 17.1%. Management raised full-year 2026 guidance across every key metric, now targeting total revenue of $17.50 billion to $17.80 billion and adjusted EBITDA of $7.98 billion to $8.13 billion, citing strong customer backlogs and sustained project momentum as the foundation for the upgrade.

Key Takeaways

  • • Rental revenue increased 12.7% year-over-year to a quarterly record of $3.849 billion
  • • Fleet productivity increased 3.4% year-over-year
  • • Average original equipment cost (OEC) increased 7.1% year-over-year
  • • Specialty rentals segment rental revenue surged 24.8% year-over-year
  • • Strong cost discipline contributed to margin expansion
  • • Net income margin expanded 130 basis points to 17.1%
  • • $49 million pre-tax gain from sale of part of scaffolding business

URI Forward Guidance & Outlook

United Rentals raised its full-year 2026 guidance: total revenue of $17.5 billion to $17.8 billion (from $16.9 billion to $17.4 billion), adjusted EBITDA of $7.975 billion to $8.125 billion (from $7.625 billion to $7.875 billion), net rental capital expenditures after gross purchases of $3.4 billion to $3.8 billion (after gross purchases of $4.85 billion to $5.25 billion), net cash provided by operating activities of $5.85 billion to $6.65 billion, and free cash flow excluding restructuring related payments of $2.15 billion to $2.45 billion. The company expects to complete $1.5 billion of share repurchases in 2026. Management cited tailwinds from large projects, customer backlogs, and year-to-date momentum as supporting the guidance raise.

24/7 Wall St

URI YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

URI Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26

“As evidenced in our record second-quarter results across EPS, adjusted EBITDA and revenue, 2026 is on track to be a great year for United Rentals. Our growth accelerated in the quarter, customers remain optimistic, particularly around large projects, and we continue to demonstrate strong cost discipline. Our one-stop-shop value proposition, coupled with our technology, service levels, and unwavering focus on safety and customer productivity, continues to differentiate us in the industry.”

— Matthew Flannery, Q2 2026 Earnings Press Release

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