URI United Rentals (URI) Q3 FY26 earnings call
United Rentals delivered record third-quarter results, driven by strong demand from large projects across diverse end markets like energy, manufacturing, infrastructure, and data centers. The company raised its full-year guidance for revenue, EBITDA, and CapEx, reflecting continued momentum and confidence in profitable growth. Management emphasized disciplined capital allocation, a strong balance sheet, and a focus on operational efficiency to drive shareholder value.
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URI operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | This call Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|
| Cold starts Specialty | — | 8We opened 8 Specialty cold starts in the first quarter and expect to open at least 50 this year.Source: earnings call transcript | 18Specialty continues to post double-digit increases with rental revenue up 11% year-over-year driven by growth across all our product offerings and an additional 18 cold starts.Source: earnings call transcript | — | 17Within specialty, which grew 14% year-over-year, we saw growth across all lines of business and opened 17 cold starts.Source: earnings call transcript | 11Specialty saw exceptional rental revenue growth of 25% year-over-year, including 11 cold starts and with growth across all lines of business.Source: earnings call transcript | 12Specialty was a standout with total revenue growth of 35% year-over-year, including 12 cold starts which brings us to 40 cold starts year-to-date.Source: earnings call transcript | +9.1% |
| Capital expenditures Rental | $469MFourth quarter gross rental CapEx was $469 million.Source: earnings call transcript | $707MFirst quarter gross rental CapEx was $707 million, in line with normal seasonality.Source: earnings call transcript | $1.49BThird quarter gross rental CapEx was $1.49 billion.Source: earnings call transcript | $429MFourth quarter gross rental CapEx was $429 million, bringing our full year total to $4.19 billion.Source: earnings call transcript | $874MIn conjunction with these sales, we spent $874 million on rental CapEx.Source: earnings call transcript | <$2.1BAs we replace this fleet and grow to meet customer demand, we spent nearly $2.1 billion on gross rental CapEx in the quarter.Source: earnings call transcript | $1.8BGiven the demand from our customers and our replacement of sold equipment, we spent $1.8 billion on gross rental CapEx in the quarter, and this takes us to $4.7 billion year-to-date.Source: earnings call transcript | — |
| Employees | — | — | <28KThe hard work of our nearly 28,000 employees enabled record revenue and adjusted EBITDA.Source: earnings call transcript | — | 28KThis is all attributed to our 28,000 team members who are laser-focused every day on serving the customer and delivering against our goal to be their partner of choice.Source: earnings call transcript | — | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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