United Rentals 8-K
PositiveEarningsGuidance raised
Large projects and customer backlogs drive raised guidance and fleet spending; specialty rental growth shifts mix toward lower-margin revenue.
Filed 2026-07-22 16:23 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with raised FY2026 guidance. United Rentals reported record quarterly revenue, net income and adjusted EBITDA, supported by rental growth and higher fleet productivity. Management raised most full-year outlook ranges, citing large projects, customer backlogs and year-to-date momentum.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Revenue | $4.41B | $3.94B | +11.8% |
| Operating income | $1.14B | $1.00B | +13.5% |
| Net income | $753M | $622M | +21.1% |
| Diluted EPS | $12.03 | $9.59 | +25.4% |
| Adjusted EPS, non-GAAP | $12.76 | $10.47 | +21.9% |
| EBITDA, non-GAAP | $2.01B | $1.77B | +13.3% |
| Adjusted EBITDA, non-GAAP | $2.06B | $1.81B | +13.6% |
- Rental revenue rose 12.7% to $3.85B; average original equipment at cost increased 7.1% and fleet productivity rose 3.4%. General rentals revenue grew 6.6%, while specialty rentals rose 24.8%; specialty rental gross margin fell 140 bp to 44.4% as growth in lower-margin ancillary and re-rent revenue shifted mix.
- Results included a $49M pretax gain from selling part of the scaffolding business, contributing $37M after tax, or $0.58 per diluted share, and $49M to adjusted EBITDA. Net income margin rose 130 bp to 17.1%; adjusted EBITDA margin rose 70 bp to 46.6%, including the gain.
- YTD operating cash flow was $3.31B, up 20.1%; FCF was $1.15B, down 4.1%, with the prior-year comparison including a $52M H&E merger termination benefit. At 6/30/2026, cash was $112M, total liquidity $3.00B and net leverage 1.8x. YTD shareholder returns were $998M: $750M in repurchases and $248M in dividends.
Guidance
Raised outlook reflects large-project tailwinds, customer backlogs and year-to-date momentum.
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Total revenue | FY2026 | $17.5B-$17.8B | $16.9B-$17.4B | Raised |
| Adjusted EBITDA, non-GAAP | FY2026 | $7.975B-$8.125B | $7.625B-$7.875B | Raised |
| Net rental capital expenditures, after gross purchases | FY2026 | $3.4B-$3.8B | $2.95B-$3.35B | Raised |
| Gross rental equipment purchases | FY2026 | $4.85B-$5.25B | $4.4B-$4.8B | Raised |
| Net cash provided by operating activities | FY2026 | $5.85B-$6.65B | $5.4B-$6.2B | Raised |
| FCF excluding restructuring-related payments | FY2026 | $2.15B-$2.45B | $2.15B-$2.45B | Reaffirmed |
Investor Takeaways
- Watch whether continued large-project and backlog momentum supports delivery within the raised FY2026 revenue and adjusted EBITDA ranges.
The summary is written by an AI model reading the filing.
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