AI Takeaway
URI delivered strong growth in 2026-Q2, with six-month revenue up 9.6% to $8.395B and net income up 12.6% to $1.284B, driven by higher fleet investment and productivity, although specialty-rental margins declined and results included a $37M after-tax gain on a scaffolding-business sale. Source: 10-Q Item 2 MD&A, pp.27, 30, 34
Filed · Source: SEC EDGAR 10-Q filing
For the six months ended June 30, 2026, total revenue rose 9.6% year over year to $8.395B. Equipment-rental revenue increased 10.8% to $7.268B, principally reflecting a 6.4% increase in average original equipment cost (OEC) and 2.9% fleet productivity growth; equipment rentals represented 87% of total revenue.
Source: 10-Q Item 2 MD&A, p.30
Six-month specialty equipment-rental revenue rose 19.5% to $2.621B, versus 6.4% growth to $4.647B in general rentals. Specialty equipment-rental gross margin fell 140 basis points to 43.1%, primarily because growth in lower-margin ancillary and re-rent revenue changed the revenue mix; general-rentals margin increased 100 basis points to 34.8%.
Source: 10-Q Item 2 MD&A, pp.33-34
Six-month net income increased 12.6% to $1.284B and diluted EPS increased to $20.44 from $17.48. Results included a $49M pre-tax gain, or a $37M after-tax/$0.58-per-diluted-share benefit, from selling part of the scaffolding business; excluding this gain and the prior-year H&E termination benefit, net-income margin increased 40 basis points year over year.
Source: 10-Q Item 2 MD&A, pp.27, 30
Six-month adjusted EBITDA increased 9.6% to $3.815B, while adjusted EBITDA margin was unchanged at 45.4%. Management stated that, excluding the current-period business-sale gain and prior-year H&E merger-termination benefit, adjusted EBITDA margin improved 10 basis points, as slightly lower SG&A expense as a percentage of revenue was partly offset by a slight decline in equipment-rental gross margin.
Source: 10-Q Item 2 MD&A, pp.28-30
As of June 30, 2026, URI reported $2.999B of available liquidity. It repurchased $400M under its new $5.0B authorization through June 30 and stated an intention to complete $1.5B of total share repurchases in 2026; it also paid $248M of dividends, or $3.94 per share, during the first six months.
Source: 10-Q Item 2 MD&A, p.27
Reported EPS of $12.76 versus the $11.64 analyst consensus — a +9.6% beat for Q2 2026.
Expected release date, analyst estimates & what to watch
URI delivered solid Q1 FY2026 results with revenue growing 7.2% YoY to $3.99B and EPS rising 6.6% to $8.43 diluted, driven by disciplined cost management and strong operating cash flow of $1.51B.
United Rentals (URI) delivered FY2025 revenue of $16.1B (+4.9% YoY), but margin compression from higher costs weighed on profitability, with net income declining 3.1% to $2.49B even as operating cash flow surged 14.2% to $5.19B.
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For the six months ended June 30, 2026, URI generated $8.395B of revenue, up 9.6%, and $1.284B of net income, up 12.6%. Equipment-rental revenue rose 10.8% to $7.268B, while the results also included a $37M after-tax gain from selling part of the scaffolding business. Source: 10-Q Item 2 MD&A, pp.27, 30
URI’s six-month revenue increased 9.6% to $8.395B. The largest driver was equipment-rental revenue, which increased 10.8% to $7.268B as average fleet OEC rose 6.4% and fleet productivity increased 2.9%. Source: 10-Q Item 2 MD&A, p.30
Specialty equipment-rental gross margin declined 140 basis points year over year to 43.1% for the six months ended June 30, 2026. Management attributed the decline primarily to a revenue-mix shift toward lower-margin ancillary and re-rent revenue, partly offset by lower labor and benefits expense as a percentage of revenue. Source: 10-Q Item 2 MD&A, p.34
For the six months ended June 30, 2026, URI reported net income of $1.284B and diluted EPS of $20.44, versus $1.140B and $17.48, respectively, in the prior-year period. Net income and EPS included a $37M, or $0.58-per-share, after-tax benefit from the sale of part of its scaffolding business. Source: 10-Q Item 2 MD&A, p.27
URI reported $2.999B of available liquidity as of June 30, 2026. It had repurchased $400M under its new $5.0B authorization through that date and stated that it intends to complete $1.5B of total share repurchases during 2026. Source: 10-Q Item 2 MD&A, p.27