Jun 2026 (Q2 FY26) — Jul 23, 2026
United Rentals Q2 FY26 — Record Revenue and Raised Full-Year Guidance
Read the full callUnited Rentals (URI) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
United Rentals earnings: last reported Thu, 23 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,985 | +7.2% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 21.8 | +0.2 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | 531 | +2.5% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
8 of 11 judged targets kept · 24 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year adjusted EBITDA | $7.575 billion to $7.825 billion | Dec 2025 | we've also raised our adjusted EBITDA guidance by $300 million to a range of $7.975 billion to $8.125 billion | Revised Up |
| Full-year adjusted EBITDA margin, flat year-over-year excluding the prior-year H&E termination benefit | flat margins at the midpoint | Dec 2025 | we feel confident that the team is doing everything we've asked for them and has us in a good position to achieve our goal for the year, which is flat margins, excluding the impact of H&E last year | On Track |
3 of UNITED RENTALS, INC.'s 35 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 33 more targets are in the full ledger.
Claimed
- Total revenue grew 12% year-over-year to $4.4 billion, a quarterly record.
- Rental revenue increased 13% year-over-year to $3.8 billion, also a quarterly record.
- Adjusted EPS came in at $12.76, up 22% year-over-year, another quarterly record.
- Specialty rental revenue grew 25% year-over-year, including 11 cold starts.
- Free cash flow remained strong at nearly $1.2 billion in the quarter, with year-to-date FCF at $1.15 billion.
Qualified
- Fuel costs represented a 20-30 basis point additional headwind year-on-year in Q2.
Price
$1,025 −0.45% · −$4.64
Performance +4.6% 1Y
1Y: $980.37 on 17 Oct 2025 → $1,025. High $1,164.82 (17 Aug 2026), low $710.47 (20 Mar 2026).
- Previous close
- $1,029.64
- 52-week range
- $710.47 – $1,164.82
- One year
- +2.47%
Overview
- Symbol
- URI
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
8 of 11 judged targets kept · 24 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year adjusted EBITDA | $7.575 billion to $7.825 billion | Dec 2025 | we've also raised our adjusted EBITDA guidance by $300 million to a range of $7.975 billion to $8.125 billion | Revised Up |
| Full-year adjusted EBITDA margin, flat year-over-year excluding the prior-year H&E termination benefit | flat margins at the midpoint | Dec 2025 | we feel confident that the team is doing everything we've asked for them and has us in a good position to achieve our goal for the year, which is flat margins, excluding the impact of H&E last year | On Track |
Claimed
- Total revenue grew 12% year-over-year to $4.4 billion, a quarterly record.
- Rental revenue increased 13% year-over-year to $3.8 billion, also a quarterly record.
- Adjusted EPS came in at $12.76, up 22% year-over-year, another quarterly record.
- Specialty rental revenue grew 25% year-over-year, including 11 cold starts.
- Free cash flow remained strong at nearly $1.2 billion in the quarter, with year-to-date FCF at $1.15 billion.
Qualified
- Fuel costs represented a 20-30 basis point additional headwind year-on-year in Q2.
The full ledger
Open UNITED RENTALS, INC.’s full ledger
A free account opens 5 company ledgers a month. All 35 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 23, 2026
United Rentals Q1 FY26 — Record Revenue, EBITDA, and EPS with Raised Full-Year Guidance
Read the full callDec 2025 (Q4 FY25) — Jan 29, 2026
United Rentals Q4 FY25 — Record Revenue & EBITDA, Strong 2026 Outlook
Read the full callEvery analysed call
United Rentals earnings calls (URI)
Financials
What the filings say
Net profit, year on year: +3% (quarter to mar 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,773 | 3,992 | 4,095 | 3,719 | 3,943 | 4,229 | 4,208 | 3,985 |
| Operating profit | 1,004 | 1,122 | 1,087 | 804 | 1,003 | 1,114 | 1,052 | 869 |
| Operating margin | 26.6% | 28.1% | 26.5% | 21.6% | 25.4% | 26.3% | 25.0% | 21.8% |
| Profit before tax | 835 | 949 | 909 | 688 | 839 | 937 | 874 | 701 |
| Tax rate | 23.8% | 25.4% | 24.2% | 24.7% | 25.9% | 25.2% | 25.3% | 24.3% |
| Net profit | 636 | 708 | 689 | 518 | 622 | 701 | 653 | 531 |
| EPS ($ per share) | 9.56 | 10.73 | 10.50 | 7.92 | 9.59 | 10.93 | 10.30 | 8.44 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 4,101 | 5,275 | 6,165 | 7,551 | 9,656 | 11,672 | 13,813 | 15,843 |
| Total liabilities | 14,730 | 15,140 | 13,323 | 14,301 | 17,121 | 17,459 | 19,541 | 20,898 |
| Fixed assets | 614 | 604 | — | — | — | — | — | — |
| Total assets | 18,133 | 18,970 | 17,868 | 20,292 | 24,183 | 25,589 | 28,163 | 29,866 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,853 | 3,024 | 2,658 | 3,689 | 4,433 | 4,704 | 4,546 | 5,190 |
| Cash from investing | -4,551 | -1,710 | -223 | -3,611 | -5,016 | -2,976 | -4,148 | -3,369 |
| Cash from financing | 1,397 | -1,305 | -2,293 | -140 | 552 | -1,474 | -274 | -1,841 |
| Net cash flow | -309 | 9 | 150 | -58 | -38 | 257 | 94 | 2 |
| Capital expenditure | -185 | -218 | -197 | -3,198 | -3,690 | -3,864 | -4,130 | — |
| Free cash flow | 2,668 | 2,806 | 2,461 | 491 | 743 | 840 | 416 | — |
URI revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| General Rentals | — | 71% | 69% | 68% | 67% | 69% | 67% | 65% | +5.8% |
| Specialty | — | 29% | 31% | 32% | 33% | 31% | 33% | 35% | +24.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
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 | 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 | -35.3% |
| 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 | — |
| 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.
Insider filings
83 filings between Nov 3, 2025 and Sep 30, 2026.
Open market
decisions to buy or sellPurchases
$53.3K
1 purchase by 1 insider
Sales
$30.48M
7 sales by 6 insiders
Compensation
not trading decisions- 35
- Award — granted as compensation
- 38
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 dispositions to the issuer.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Flannery Matthew John | — | $22.43M | Apr 24, 2026 |
| Grace William E. | — | $2.88M | Jul 24, 2026 |
| PINTOFF CRAIG ADAM | — | $2.37M | Apr 27, 2026 |
| Durand Michael D | — | $1.97M | Feb 2, 2026 |
| Limoges Andrew B. | — | $535.9K | Apr 24, 2026 |
| Gross Joli L. | — | $292.2K | Apr 27, 2026 |
| Singh Shiv | $53.3K | — | Feb 2, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 30, 2026 | Bruno Marc A Director | Award | 38 | $38.0K |
| Sep 29, 2026 | Durand Michael D EVP, Chief Operating Officer | Tax withheld | 492 | $498.8K |
| Jul 24, 2026 | Grace William E. EVP, CFO | Sale | 1,500 | $1.70M |
| Jun 30, 2026 | Bruno Marc A Director | Award | 34 | $38.5K |
| May 8, 2026 | Bruno Marc A Director | Award | 203 | $190.2K |
| May 8, 2026 | Kelly Terri L. Director | Award | 203 | $190.2K |
| May 8, 2026 | MARTORE GRACIA C Director | Award | 203 | $190.2K |
| May 8, 2026 | Taussig Alexander R. Director | Award | 203 | $190.2K |
| May 8, 2026 | De Shon Larry D Director | Award | 203 | $190.2K |
| May 8, 2026 | Singh Shiv Director | Award | 203 | $190.2K |
| May 8, 2026 | Lopez-Balboa Francisco J Director | Award | 203 | $190.2K |
| May 8, 2026 | HEUER BRANDT JULIE M Director | Award | 203 | $190.2K |
| May 8, 2026 | Jones Kim Harris Director | Award | 203 | $190.2K |
| May 4, 2026 | MARTORE GRACIA C Director | Disposition to issuer | 213 | $197.1K |
| Apr 27, 2026 | Gross Joli L. SVP, Chief LGL & Sustain. Off. | Sale | 306 | $292.2K |
| Apr 27, 2026 | PINTOFF CRAIG ADAM EVP, Chief Admin. Officer | Sale | 2,466 | $2.37M |
| Apr 24, 2026 | Limoges Andrew B. VP, Controller | Sale | 548 | $535.9K |
| Apr 24, 2026 | Flannery Matthew John President & CEO | Sale | 22,768 | $22.43M |
| Mar 31, 2026 | Bruno Marc A Director | Award | 51 | $37.2K |
| Mar 5, 2026 | Flannery Matthew John President & CEO | Tax withheld | 440 | $371.1K |
| Mar 5, 2026 | Leopold Anthony S. SVP | Tax withheld | 73 | $61.7K |
| Mar 5, 2026 | Limoges Andrew B. VP, Controller | Tax withheld | 37 | $30.9K |
| Mar 5, 2026 | Durand Michael D EVP, Chief Operating Officer | Tax withheld | 169 | $142.7K |
| Mar 5, 2026 | Gross Joli L. SVP, Chief LGL & Sustain. Off. | Tax withheld | 92 | $77.3K |
| Mar 5, 2026 | Grace William E. EVP, CFO | Tax withheld | 191 | $161.0K |
| Mar 5, 2026 | PINTOFF CRAIG ADAM EVP, Chief Admin. Officer | Tax withheld | 297 | $250.3K |
| Mar 4, 2026 | Grace William E. EVP, CFO | Award | 356 | $303.3K |
| Mar 4, 2026 | Grace William E. EVP, CFO | Award | 987 | $840.8K |
| Mar 4, 2026 | Grace William E. EVP, CFO | Tax withheld | 136 | $115.7K |
| Mar 4, 2026 | Grace William E. EVP, CFO | Tax withheld | 172 | $146.6K |
| Mar 4, 2026 | Flannery Matthew John President & CEO | Tax withheld | 431 | $366.9K |
| Mar 4, 2026 | PINTOFF CRAIG ADAM EVP, Chief Admin. Officer | Award | 374 | $318.6K |
| Mar 4, 2026 | PINTOFF CRAIG ADAM EVP, Chief Admin. Officer | Award | 1,304 | $1.11M |
| Mar 4, 2026 | PINTOFF CRAIG ADAM EVP, Chief Admin. Officer | Tax withheld | 233 | $198.3K |
| Mar 4, 2026 | Flannery Matthew John President & CEO | Award | 1,017 | $866.4K |
| Mar 4, 2026 | Flannery Matthew John President & CEO | Award | 2,583 | $2.20M |
| Mar 4, 2026 | Limoges Andrew B. VP, Controller | Tax withheld | 90 | $77.0K |
| Mar 4, 2026 | Limoges Andrew B. VP, Controller | Award | 203 | $172.9K |
| Mar 4, 2026 | Flannery Matthew John President & CEO | Tax withheld | 317 | $270.2K |
| Mar 4, 2026 | Limoges Andrew B. VP, Controller | Tax withheld | 29 | $24.9K |
| Mar 4, 2026 | Leopold Anthony S. SVP | Tax withheld | 114 | $97.1K |
| Mar 4, 2026 | Leopold Anthony S. SVP | Award | 246 | $209.6K |
| Mar 4, 2026 | Durand Michael D EVP, Chief Operating Officer | Tax withheld | 146 | $124.1K |
| Mar 4, 2026 | Limoges Andrew B. VP, Controller | Award | 195 | $166.1K |
| Mar 4, 2026 | Durand Michael D EVP, Chief Operating Officer | Award | 340 | $289.6K |
| Mar 4, 2026 | Leopold Anthony S. SVP | Award | 405 | $345.0K |
| Mar 4, 2026 | Leopold Anthony S. SVP | Tax withheld | 55 | $47.0K |
| Mar 4, 2026 | Gross Joli L. SVP, Chief LGL & Sustain. Off. | Tax withheld | 142 | $120.8K |
| Mar 4, 2026 | Gross Joli L. SVP, Chief LGL & Sustain. Off. | Award | 306 | $260.7K |
| Mar 4, 2026 | Gross Joli L. SVP, Chief LGL & Sustain. Off. | Award | 485 | $413.2K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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