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.
URI YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
URI Revenue by Segment
With YoY comparisons, source: SEC Filings
“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
URI Earnings Trends
URI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
URI EPS Trend
Earnings per share: estimate vs actual
URI Revenue Trend
Quarterly revenue: estimate vs actual
URI Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $11.59 | $12.76 | +10.11% | $4.41B | +4.73% |
| Q1 26 BEAT | $8.94 | $9.71 | +8.63% | $3.99B | +2.85% |
| Q4 25 MISS FY | $11.80 | $11.09 | -6.05% | $4.21B | +7.89% |
| FY Full Year | — | $42.06 | — | $16.10B | — |
| Q3 25 MISS | $12.29 | $11.70 | -4.79% | $4.23B | +1.69% |
| Q2 25 MISS | $10.54 | $10.47 | -0.62% | $3.94B | +1.39% |