EarningsQ2 2026 Earnings Report
MX:URI Q2 2026 EPS Results
Actual EPS$221.14
Consensus EPS$199.95
Beat/MissBeat by +$21.20
One Year Ago EPS$181.46
MX:URI Q2 2026 Revenue Results
Actual Revenue$76.43B
Expected Revenue$72.99B
Beat/MissBeat by +$3.44B
YoY Revenue Growth+11.84%
Earnings Announcement Details
QuarterQ2 2026
Date07/22/2026
TimeAfter Close
Conference CallWednesday, July 22, 2026
MX:URI Upcoming Earnings
United Rentals's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:URI Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated multiple record results (revenue, rental revenue, EBITDA, EPS), raised full-year guidance, strong free cash flow, and balance sheet strength — all driven by robust demand (particularly large projects) and specialty growth. Challenges highlighted include persistent delivery/repositioning and fuel costs, forecasting variability in ancillary/re-rent, supplier capacity constraints and elevated CapEx needs to sustain high utilization. On balance, the positive operational momentum, upgraded guidance, continued cash generation and improved credit outlook materially outweigh the operational headwinds and forecasting variability.Company Guidance
Record revenue and rental growth
Total revenue grew ~12% year-over-year to $4.4 billion in Q2; rental revenue grew ~12.7% (reported as 'almost 13%') to a record >$3.8 billion.
Strong profitability and EPS
Adjusted EBITDA was just over $2.0 billion with an adjusted EBITDA margin of 46.6% (Q2 record); adjusted EPS was $12.76, up 22% year-over-year (quarterly record).
Improved fleet productivity and OER growth
Fleet productivity contributed 3.4%; OER grew 9% in the quarter. Average fleet size increased ~7.1% (partially offset by assumed fleet inflation of 1.5%).
Exceptional specialty segment performance
Specialty rental revenue grew ~25% year-over-year (including 11 cold starts) with growth across all seven specialty lines — driving meaningful contribution to overall growth.
Robust used equipment sales and recovery
Sold $624 million of OEC in the quarter generating $330 million of proceeds, with an adjusted margin of 47.3% and a ~52.9% recovery rate; on track to sell ~ $2.8 billion of fleet this year.
Elevated CapEx to support demand
Gross rental CapEx was nearly $2.1 billion in the quarter and $2.9 billion year-to-date; company raised full-year gross CapEx guidance by $450 million to $4.85B–$5.25B (net CapEx $3.4B–$3.8B) to meet high time utilizations.
Strong free cash flow and capital returns
Free cash flow remained strong at roughly $1.15–$1.2 billion year-to-date; returned ~$998 million to shareholders YTD (repurchases $750M, dividends $248M) and reaffirmed intent to repurchase $1.5B in 2026 (total returns ~ $2B).
Raised full-year guidance and margin outlook
Raised 2026 revenue guidance to $17.5B–$17.8B (a $500M increase vs prior guide); increased adjusted EBITDA guidance by $300M to $7.975B–$8.125B while maintaining a goal of roughly flat margins year-over-year.
Balance sheet strength and credit recognition
Net leverage at 1.8x (within target 1.5–2.5x) with ~ $3B total liquidity; S&P raised credit outlook to Positive with potential to upgrade to investment grade within 12 months; ROIC at 11.8% above WACC.
Ancillary and re-rent revenue acceleration
Ancillary and re-rent grew nearly 28% in the quarter (about 3x the rate of OER), adding ~$188 million of revenue, reflecting strong customer demand for one-stop-shop services.
MX:URI Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed