United Rentals (URI) Q3 2026 Earnings
Includes $0.18 per share restructuring charge and $0.37 per share merger-related intangible asset amortization, $0.18 for impact on depreciation related to acquired fleet, $0.05 for fair value mark-up of acquired fleet, all added back in the non-GAAP reconciliation
How Did URI Stock React to Q3 2026 Earnings?
Did URI Beat Earnings? Q3 2026 Results
Yes. United Rentals reported Q3 2026 earnings of $15.55 a share on Oct 21, 2026, beating the $14.03 consensus estimate by 10.8%. Revenue was $4.9B against a $4.7B estimate.
United Rentals delivered a standout third quarter, with adjusted EPS of $15.55 beating the $14.03 consensus by 10.85% and revenue of $4.89 billion clearing estimates by 3.90% while growing 15.7% year-over-year, a result that pushed full-year guidance sharply higher across every metric. The primary engine behind the beat was a surge in specialty rentals, where rental revenue climbed 34.7% to $1.70 billion and gross margin expanded 250 basis points to 47.6%, complementing solid general rentals growth of 8.8% to $2.61 billion. Adjusted EBITDA reached a quarterly high of $2.33 billion, with margin expanding 160 basis points to 47.6%, as efficiencies in depreciation, labor, repairs and maintenance, and delivery costs more than offset a mix shift toward lower-margin ancillary revenues. Management raised its full-year revenue outlook to $18.00 billion to $18.20 billion and lifted adjusted EBITDA guidance to $8.30 billion to $8.40 billion, signaling confidence in sustained demand despite a pre-quarter analyst price target trim from at least one major Wall Street firm.
- Fleet productivity increased 6.5% year-over-year
- Average OEC increased 7.9% year-over-year
- Ancillary and re-rent revenue contributed 4.9% to rental revenue growth
- Efficiencies in depreciation, labor and benefits, repairs and maintenance, and delivery expenses drove rental gross margin expansion
- SG&A expenses decreased as a percentage of revenue
- Specialty rentals rental revenue grew 34.7% with gross margin expanding 250 basis points to 47.6%
“I'm very pleased with our third-quarter results, which are a testament to our strategy, our team's dedication to our customers, and the unmatched breadth and scale of our premier offering. We continued to lean into growth across both our general rentals and specialty businesses with the momentum from the first half of the year carrying through the quarter.”
United Rentals CEO, on the earnings call
What Is United Rentals's Outlook?
United Rentals raised its full-year 2026 guidance across all metrics. Total revenue is now expected at $18.0 billion to $18.2 billion (up from $17.5 billion to $17.8 billion). Adjusted EBITDA is expected at $8.3 billion to $8.4 billion (up from $7.975 billion to $8.125 billion). Net rental capital expenditures after gross purchases are expected at $3.75 billion to $4.05 billion, after gross purchases of $5.2 billion to $5.5 billion (up from $3.4 billion to $3.8 billion after gross purchases of $4.85 billion to $5.25 billion). Net cash provided by operating activities is expected at $6.25 billion to $6.85 billion (up from $5.85 billion to $6.65 billion). Free cash flow excluding restructuring related payments is expected at $2.15 billion to $2.45 billion (unchanged). The company expects to complete $1.5 billion of share repurchases in 2026.
URI YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $4.9B | $4.2B | +15.7% |
| Gross Profit | $2.0B | $1.6B | +31.5% |
| Operating Income | $1.4B | $1.1B | +26.5% |
| Net Income | $920.0M | $701.0M | +31.2% |
URI Revenue by Segment
When Does United Rentals Report Next?
Figures from SEC filings and company reports. Not investment advice.