United Rentals 8-K
PositiveEarningsGuidance raised
Specialty rental demand and large-project momentum support raised FY2026 revenue guidance of $18.0B–$18.2B.
Filed 2026-10-21 16:25 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 record results with raised FY2026 guidance. United Rentals cited demand across general and specialty rentals, customer backlogs and momentum on large projects as support for the higher outlook.
Key Figures
| Metric | Q3 2026 | 9M 2026 |
|---|---|---|
| Revenue | $4.89B, +15.7% Y/Y | $13.3B, +11.7% Y/Y |
| Net income | $920M, +31.2% Y/Y; margin 18.8%, vs 16.6% | $2.20B, +19.7% Y/Y; margin 16.6%, vs 15.5% |
| Adjusted EBITDA, non-GAAP | $2.33B, +19.8% Y/Y; margin 47.6%, vs 46.0% | $6.15B, +13.2% Y/Y; margin 46.3%, vs 45.6% |
| Diluted EPS | $14.77, +35.4% Y/Y | $35.19, +24.0% Y/Y |
| Adjusted EPS, non-GAAP | $15.55, +32.9% Y/Y | $37.98, +22.5% Y/Y |
| Net cash provided by operating activities | $1.63B, +37.9% Y/Y | $4.93B, +25.4% Y/Y |
| Free cash flow, non-GAAP | $272M, vs $(6)M | $1.42B, +19.2% Y/Y |
- Rental revenue rose 17.8% Y/Y, driven by 7.9% growth in average original equipment at cost, 6.5% higher fleet productivity and a 4.9% contribution from ancillary and re-rent revenue. General rentals revenue increased 8.8% to $2.61B; specialty rentals increased 34.7% to $1.70B.
- YTD shareholder returns totaled $1.496B: $1.125B in share repurchases and $371M in dividends. The company expects $1.5B of repurchases in 2026. Net leverage was 1.8x, vs 1.9x at 12/31/2025; liquidity was $2.62B, including $153M cash. The board declared a $1.97 per-share dividend, payable 11/25/2026 to holders of record 11/11/2026.
- YTD net income included a $39M after-tax gain from selling part of the scaffolding business ($0.63 per diluted share); the prior-year period included a $29M after-tax H&E merger termination benefit ($0.45 per diluted share).
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Total revenue | FY2026 | $18.0B-$18.2B | $17.5B-$17.8B | Raised |
| Adjusted EBITDA, non-GAAP | FY2026 | $8.3B-$8.4B | $7.975B-$8.125B | Raised |
| Net rental capital expenditures, after gross purchases | FY2026 | $3.75B-$4.05B, after $5.2B-$5.5B gross purchases | $3.4B-$3.8B, after $4.85B-$5.25B gross purchases | Raised |
| Net cash provided by operating activities | FY2026 | $6.25B-$6.85B | $5.85B-$6.65B | Raised |
| Free cash flow, non-GAAP, excluding restructuring-related payments | FY2026 | $2.15B-$2.45B | $2.15B-$2.45B | Reaffirmed |
| Share repurchases | FY2026 | $1.5B | — | — |
Guidance changes, derived from earlier filings
| Metric | Period | Earlier guidance | Guidance now | Change |
|---|---|---|---|---|
| Total revenue | FY2026 | $17.5B-$17.8B | $18.0B-$18.2B | raised |
| Adjusted EBITDA, non-GAAP | FY2026 | $7.975B-$8.125B | $8.3B-$8.4B | raised |
| Net rental capital expenditures, after gross purchases | FY2026 | $3.4B-$3.8B | $3.75B-$4.05B, after $5.2B-$5.5B gross purchases | raised |
| Net cash provided by operating activities | FY2026 | $5.85B-$6.65B | $6.25B-$6.85B | raised |
| Free cash flow, non-GAAP, excluding restructuring-related payments | FY2026 | $2.15B-$2.45B | $2.15B-$2.45B | reaffirmed |
Investor Takeaways
- FY2026 results against the raised revenue, adjusted EBITDA and free cash flow ranges will test whether customer backlogs and large-project momentum continue through year-end.
The summary is written by an AI model reading the filing.
Model 005 · prompt v95 · 2026-10-21 22:41:37Z