United Rentals, Inc. Q1 2026 Earnings Recap

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.