United Rentals, Inc. Earnings Recaps
Q1 2026
Apr 23, 2026
United Rentals delivered a strong start to 2026 with record first quarter revenue, EBITDA, and EPS, supported by solid project activity and disciplined fleet management. The company has raised its full-year guidance, reflecting robust momentum entering the busy season.
Key takeaways
- First quarter revenue surged 7% YoY to nearly $4 billion, with rental revenue reaching a record $3.4 billion, up 9%.
- Adjusted EBITDA hit $1.8 billion with a margin of 44.1%, increasing 60 basis points excluding H&E benefits.
- Customer activity across construction, industrial, and specialty sectors remains healthy, with specialty growth at 14%, led by infrastructure and power markets.
- Fleet utilization improved to 2.3%, supported by strategic fleet sales at a 51% recovery rate, with $680 million of used equipment sold.
- Free cash flow reached $1.1 billion, enabling the company to maintain a low leverage ratio of 1.9x and return $500 million to shareholders through buybacks and dividends.
Q3 2025
Oct 24, 2025
United Rentals reported record third-quarter revenue and adjusted EBITDA, reflecting robust demand and strategic execution, with expectations of continued growth into 2026.
Key takeaways
- Total revenue increased by 5.9% to $4.2 billion, with rental revenue rising by 5.8% to $3.7 billion.
- Adjusted EBITDA reached a record $1.9 billion, achieving a margin of 46%.
- Strong performance in Specialty businesses, with rental revenue growth of 11% year-over-year, supported by ongoing expansion.
- Year-to-date free cash flow generation of $1.2 billion, with a full-year expectation of $2.1 billion to $2.3 billion despite increased CapEx.
- The company returned over $730 million to shareholders this quarter through share buybacks and dividends, maintaining a leverage ratio of less than 1.9x.