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AI核心结论
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.
营业收入
$3.98B
同比 ++7.15%
每股收益（基本）
$8.44
同比 ++6.57%
毛利率
36.9%
同比 ++0.40%
营业利润
$869M
同比 ++8.08%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
United Rentals (URI) Q1 FY2026 营收 $3.98B，同比增长 7.2%。 净利润 $531M，同比增长 2.5%，稀释每股收益 $8.43。 毛利率 36.9%。
URI grew total revenue 7.2% YoY to $3.985B in Q1 FY2026, up from $3.719B in the prior-year period, reflecting continued demand for equipment rental services across its customer base.
来源: Source: 10-Q Income Statement
Gross profit increased 8.3% YoY to $1.469B, with gross margin improving approximately 40 basis points to 36.9% from 36.5%, indicating that revenue growth outpaced the 6.5% rise in cost of revenue ($2.516B).
来源: Source: 10-Q Income Statement
SG&A expense grew only 0.9% YoY to $441M despite a 7.2% revenue increase, demonstrating strong operating leverage and cost discipline that helped lift operating margin to 21.8% from 21.6%.
来源: Source: 10-Q Income Statement
Operating cash flow rose 6.2% YoY to $1.514B, while investing cash outflows surged 136.3% to -$853M, suggesting significant capital expenditure or acquisition activity in Q1 FY2026.
来源: Source: 10-Q Cash Flow Statement
Share repurchases increased 45.7% YoY to $421M, and dividends paid rose 5.9% to $125M, reflecting management's confidence in cash generation and commitment to returning capital to shareholders.
来源: Source: 10-Q Cash Flow Statement
URI's debt-to-equity ratio stands at 2.33x, indicating a heavily leveraged balance sheet. Total liabilities grew 8.6% YoY to $20.92B, outpacing asset growth of 6.6%, which could constrain financial flexibility if business conditions deteriorate.
来源: Source: 10-Q Balance Sheet
URI's current ratio of 0.80 means current liabilities of $4.127B exceed current assets of $3.311B, signaling potential short-term liquidity risk. Cash and equivalents dropped sharply by 71.2% YoY to just $156M, reducing the immediate liquidity buffer.
来源: Source: 10-Q Balance Sheet
Investing cash outflows widened dramatically to -$853M from -$361M in the prior year, a 136.3% increase, suggesting large capital expenditures or acquisitions. If these investments do not generate expected returns, they could pressure future free cash flow.
来源: Source: 10-Q Cash Flow Statement
Net income grew only 2.5% YoY to $531M despite 7.2% revenue growth, implying higher below-the-line costs such as interest expense on the company's significant debt load. This compression in net margin (13.3%) relative to operating margin (21.8%) warrants monitoring.
来源: Source: 10-Q Income Statement
URI spent $546M on dividends and buybacks combined in Q1 FY2026, a significant cash outflow relative to net income of $531M. Sustaining this pace of capital return while managing a $20.92B liability base could become challenging in a cyclical downturn.
来源: Source: 10-Q Cash Flow Statement
Q1 FY2026 实际 EPS $9.71，分析师一致预期 $9.06，超预期 +7.2%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $3.98B | $3.72B | +7.15% |
营业成本 | $2.52B | $2.36B | +6.47% |
毛利润 | $1.47B | $1.36B | +8.33% |
营业利润 | $869M | $804M | +8.08% |
净利润 | $531M | $518M | +2.51% |
每股收益（基本） | $8.44 | $7.92 | +6.57% |
每股收益（稀释） | $8.43 | $7.91 | +6.57% |
销售及管理费用 | $441M | $437M | +0.92% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $29.89B | $28.05B | +6.55% |
流动资产 | $3.31B | $3.24B | +2.16% |
总负债 | $20.92B | $19.26B | +8.61% |
流动负债 | $4.13B | $3.79B | +8.78% |
股东权益 | $8.97B | $8.79B | +2.04% |
现金及等价物 | $156M | $542M | -71.22% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.51B | $1.43B | +6.25% |
投资活动现金流 | $-853M | $-361M | -136.29% |
筹资活动现金流 | $-958M | $-981M | +2.34% |
股息支出 | $125M | $118M | +5.93% |
股票回购 | $421M | $289M | +45.67% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 36.9% | 36.5% | +0.40% |
营业利润率 | 21.8% | 21.6% | +0.19% |
净利率 | 13.3% | — | — |
净资产收益率 | 5.9% | — | — |
总资产收益率 | 1.8% | — | — |
流动比率 | $0.802 | — | — |
资产负债率 | $2.333 | — | — |
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
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.
Trading Companies & Distributors 行业其他公司
URI reported Q1 FY2026 revenue of $3.985B, up 7.2% YoY, and diluted EPS of $8.43, up 6.6% YoY. Operating income grew 8.1% to $869M, reflecting solid demand and disciplined cost management.
URI's 7.2% revenue increase to $3.985B in Q1 FY2026 was supported by strong equipment rental demand, with gross profit growing even faster at 8.3% to $1.469B. SG&A expenses grew only 0.9%, indicating efficient scaling of the business.
URI carries a heavy debt load with a debt-to-equity ratio of 2.33x and total liabilities of $20.92B, and its current ratio of 0.80 indicates short-term liabilities exceed current assets. However, operating cash flow remains robust at $1.514B, providing meaningful liquidity support.
URI returned approximately $546M to shareholders in Q1 FY2026, comprising $421M in share buybacks (up 45.7% YoY) and $125M in dividends (up 5.9% YoY). This level of capital return is notable relative to net income of $531M for the quarter.
URI's net income grew just 2.5% YoY to $531M despite 7.2% revenue growth, likely due to elevated interest expense on its $20.92B liability base compressing the net margin to 13.3% versus an operating margin of 21.8%. This gap between operating and net profitability is a key metric for investors to watch.