Companies /Industrials

United Rentals Inc

NYSE: URI Rental & Leasing Services
$994.07
▲ $14.25 (+1.45%) today
Markets open · 3:52pm ET

Q2 2026 Earnings

Reported Jul 22, 2026, 4:23pm ET · SEC source
$12.76
Beat +10.11%
EPS · est. $11.59
$4.4B
Beat +4.73%
Revenue · est. $4.2B
−8.4%
Trailing market
URI vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−8%−4%0Jul 22Jul 23report 4:23pm ETearnings−1.3%−0.5%
−8%−4%0Jul 22Jul 23earnings−1.3%−0.5%
URI −0.5%S&P 500 −1.3%
−8%−4%0Jul 22Jul 23report 4:23pm ETearnings−1.9%−0.5%
−8%−4%0Jul 22Jul 23earnings−1.9%−0.5%
URI −0.5%NASDAQ −1.9%
−12%−8%−4%0Jul 21Jul 30report 4:23pm ETearnings−0.8%−7.0%
−12%−8%−4%0Jul 21Jul 30earnings−0.8%−7.0%
URI −7.0%S&P 500 −0.8%
−12%−8%−4%0Jul 21Jul 30report 4:23pm ETearnings−2.8%−7.0%
−12%−8%−4%0Jul 21Jul 30earnings−2.8%−7.0%
URI −7.0%NASDAQ −2.8%
+10.11%
Day of report
+0.16%
Next session
−6.24%
One week
−4.93%
30 days

S&P 500 over the same 30 days: +3.43%.

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 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

“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.”

United Rentals CEO, on the earnings call

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.

URI YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$2.0B$4.0B$3.9B$4.4BRevenue$1.4B$1.7BGross Profit$1.0B$1.1BOperating Income$622.0M$753.0MNet Income
$0$2.0B$4.0BRevenueGross ProfitOperating IncomeNet Income

URI Revenue by Segment

Equipment Rentals
General Rentals$2.4B+6.6%
Specialty Rentals$1.4B+24.8%
Sales of Rental Equipment
Service and Other Revenues
Sales of New Equipment
Contractor Supplies Sales

Figures from SEC filings and company reports. Not investment advice.