United Rentals Reports Record Q3 2026 Results and Raises Full-Year Outlook

Executive Summary

On October 21, 2026, United Rentals, Inc. filed a Form 8-K reporting record financial results for the third quarter ended September 30, 2026, and raised its full-year 2026 financial guidance across revenue, adjusted EBITDA, and operating cash flows.

Third Quarter 2026 Operational & Financial Highlights

• Total Revenue: Reached $4.893 billion, anchored by rental revenue of $4.316 billion (up 17.8% year-over-year).
• Revenue Drivers: Rental growth was powered by a 7.9% increase in average original equipment cost (OEC), a 6.5% increase in fleet productivity, and a 4.9% combined boost from ancillary and re-rent channels.
• Net Income & Margins: Net income surged 31.2% year-over-year to $920 million, generating an 18.8% net income margin (up 220 basis points).
• Diluted EPS: GAAP diluted EPS was $14.77, while Adjusted EPS was $15.55.
• Adjusted EBITDA: Increased 19.8% year-over-year to a record $2.331 billion, with margins widening 160 basis points to 47.6%.
• Segment Performance:
  • General Rentals: Rental revenue grew 8.8% YoY to $2.612 billion; gross margin expanded 170 bps to 38.4%.
  • Specialty Rentals: Rental revenue rose 34.7% YoY to $1.704 billion; gross margin expanded 250 bps to 47.6%.

Updated Full-Year 2026 Guidance

• Total Revenue: Raised to $18.0B – $18.2B (prior guidance: $17.5B – $17.8B).
• Adjusted EBITDA: Raised to $8.3B – $8.4B (prior guidance: $7.975B – $8.125B).
• Net Rental CapEx: $3.75B – $4.05B (gross purchases of $5.2B – $5.5B).
• Operating Cash Flow: Raised to $6.25B – $6.85B (prior guidance: $5.85B – $6.65B).
• Free Cash Flow: Maintained at $2.15B – $2.45B (excluding restructuring).

Balance Sheet & Capital Return

• Leverage & Liquidity: Net leverage ratio was 1.8x, with total available liquidity of $2.615 billion ($153 million in cash and cash equivalents).
• Shareholder Returns: Returned $1.496 billion year-to-date, including $1.125 billion in share repurchases and $371 million in cash dividends. Total 2026 share repurchases are targeted at $1.5 billion.
• Quarterly Dividend: Declared a dividend of $1.97 per share, payable November 25, 2026, to stockholders of record as of November 11, 2026.