United Rentals, Inc. Q3 2026 Earnings Recap

United Rentals rose 3.9% after earnings, as third-quarter records and higher full-year revenue and EBITDA guidance signaled momentum continuing into year-end. Specialty rental growth and expanding margins were key positives, while the company also plans to increase capital spending.

Key Takeaways

• Total revenue increased 16% year over year to $4.9 billion; rental revenue rose 18% to $4.3 billion, both quarterly records.
• Adjusted EBITDA reached a record $2.3 billion, with a 47.6% margin, up 160 basis points year over year. Adjusted EPS was $15.55, up 33%.
• Specialty rental revenue grew 35%, with 12 cold starts in the quarter and 40 year to date; each specialty line posted double-digit growth.
• Management raised full-year revenue and EBITDA guidance, citing more than 12% total revenue growth and EBITDA margins above 46% at the midpoint. CapEx guidance also increased to more than $5.3 billion at the midpoint.
• Year-to-date free cash flow was $1.4 billion. The company spent $4.7 billion on gross rental CapEx year to date and returned nearly $500 million to shareholders in the quarter.