United Rentals (URI) Q3 2026 Earnings Report
MX:URI Q3 2026 EPS Results
- Actual EPS
- MXN 292.22
- Consensus EPS
- MXN 262.51
- Beat/Miss
- Beat by +MXN 29.71
- One Year Ago EPS
- MXN 219.87
MX:URI Q3 2026 Revenue Results
- Actual Revenue
- MXN 91.95B
- Expected Revenue
- MXN 88.50B
- Beat/Miss
- Beat by +MXN 3.45B
- YoY Revenue Growth
- +15.70%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/21/2026
- Time
- After Close
- Conference Call
- Wednesday, October 21, 2026
United Rentals's next earnings date is estimated for January 27, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive. United Rentals reported quarterly records for revenue, rental revenue, adjusted EBITDA, and adjusted EPS; raised revenue, EBITDA, and CapEx guidance; maintained strong free cash flow guidance; and highlighted broad project demand, operational efficiency, a healthy balance sheet, and an investment-grade credit upgrade. The main challenges were persistent inflation, fuel and supplier cost pressures, lower-margin ancillary and re-rent mix, stable rather than robust local markets, and weakness in certain end markets, but management stated that these factors were being offset through pricing, productivity, growth leverage, and disciplined execution.
United Rentals expects total revenue in the range of $18 billion-$18.2 billion, used sales at around $1.45 billion, full year total revenue growth ex used of better than 13% versus the initial 2026 guidance of closer to 6%, adjusted EBITDA in the range of $8.3 billion-$8.4 billion, and EBITDA margins over 46%, all at the midpoint; excluding the benefit of the H&E termination fee last year and the gain on sale of the scaffolding business this year, this implies a roughly 70 basis point improvement in full year EBITDA margin compared to the goal initially shared in January. Gross CapEx guidance is in the range of $5.2 billion-$5.5 billion, net CapEx is $3.75 billion-$4.05 billion, and free cash flow is in the range of $2.15 billion-$2.45 billion. The company still intends to repurchase $1.5 billion of shares in 2026, which combined with its dividend will return roughly $2 billion to shareholders this year, equating to approximately $32 per share, or a return of capital yield of over 3% based on the current share price.
- Record Third-Quarter Revenue and Rental RevenueTotal revenue grew 16% year-over-year to $4.9 billion, while rental revenue increased 17.8% to over $4.3 billion; both were quarterly records.
- Record EBITDA and EPS with Margin ExpansionAdjusted EBITDA increased $385 million to a record of over $2.3 billion, with the margin improving 160 basis points year-over-year to 47.6%. Adjusted EPS reached a quarterly record of $15.55, up 33% year-over-year.
- Strong Fleet Productivity and OER GrowthOER increased 12.9%, supported by a 7.9% increase in average fleet size and 6.5% fleet productivity, partially offset by assumed fleet inflation of 1.5%. Management said time, mix, and rate all contributed to productivity.
- Specialty Rental Growth and Cold StartsSpecialty rental revenue grew 35% year-over-year, with 12 cold starts during the quarter and 40 cold starts year-to-date. Each specialty line of business reported strong double-digit growth, and management said the company was slightly ahead of its cold-start target.
- Broad-Based End-Market and Project GrowthGrowth continued across construction, non-residential, infrastructure, power, metals and minerals, energy, manufacturing, and data centers. Power again posted double-digit growth, while non-residential construction continued to show strong double-digit growth even excluding data centers.
- Ancillary and Re-Rent Revenue OutperformanceAncillary and re-rent revenue grew over 37%, outpacing OER growth by a healthy margin. Management said the re-rent performance was primarily indicative of strong demand and high time utilization, with some activity also reflecting equipment or capacity not readily available in a particular market.
- Healthy Used Equipment MarketThe company sold $677 million of OEC during the quarter, generating $348 million of proceeds at an adjusted margin of 46.3% and a 51.4% recovery rate. Management described the used equipment market as healthy, deep, and normalized, with margins back to normalized levels.
- Robust Demand Supports Higher CapExGross rental CapEx was $1.8 billion in the quarter and $4.7 billion year-to-date, almost $1 billion higher than the prior year. The company raised full-year gross CapEx guidance by $300 million to $5.2 billion-$5.5 billion, or net CapEx of $3.75 billion-$4.05 billion, citing robust customer demand and historically high time utilization.
- Strong Free Cash Flow and ReturnsYear-to-date free cash flow exceeded $1.4 billion, despite higher CapEx. Return on invested capital increased 30 basis points year-over-year to 12.3%, remaining comfortably above the company's weighted average cost of capital.
- Raised Full-Year Revenue and EBITDA GuidanceFull-year total revenue guidance increased to $18.0 billion-$18.2 billion, an increase of $450 million at the midpoint versus prior guidance. Excluding used sales, the midpoint implies better than 13% total revenue growth versus initial 2026 guidance of closer to 6%. Adjusted EBITDA guidance increased by $300 million to $8.3 billion-$8.4 billion.
- Improved Full-Year Margin OutlookExcluding the H&E termination fee benefit from last year and the scaffolding business sale gain this year, the midpoint of guidance implies roughly a 70 basis point improvement in full-year EBITDA margin versus the initial goal of a flat full-year margin.
- Reaffirmed Strong Free Cash Flow GuidanceThe company reaffirmed full-year free cash flow guidance of $2.15 billion-$2.45 billion, reflecting increased cash flow from operations offset by higher CapEx.
- Healthy Balance Sheet and Investment-Grade UpgradeNet leverage remained at 1.8x, within the targeted range of 1.5x-2.5x, with total liquidity of over $2.6 billion. S&P upgraded United Rentals' credit rating to investment grade earlier in the month; management said the upgrade should provide tighter borrowing spreads over time.
- Significant Shareholder ReturnsThe company returned roughly $1.5 billion to shareholders through the third quarter, including $1.125 billion in repurchases and $371 million in dividends. It still intends to repurchase $1.5 billion of shares in 2026 and expects total shareholder returns of roughly $2 billion, or approximately $32 per share and a return-of-capital yield of over 3% based on the current share price.
- Cost Discipline and Operational EfficiencyManagement cited strong labor absorption, R&M productivity, delivery efficiency, and fleet-movement process changes as contributors to margin improvement. SG&A increased by $54 million but improved by 20 basis points as a percentage of revenue. Restructuring benefits were consistent with expectations, while management said the primary year-over-year improvement came from efficiently leveraging strong growth.
- Positive Demand Outlook and Competitive PositionManagement said large-project momentum should carry through the rest of 2026 and into 2027, and that it felt better about demand than it did six to twelve months earlier. Customer surveys continued to show consistently positive views of their own prospects. The company cited its broad footprint, one-stop-shop offering, technology, service, safety, and surety of supply as competitive advantages.
- Continued Investment in Technology and AIManagement said AI and other technology initiatives are expected to provide longer-term productivity improvements, including potential productivity gains in shops and more time for managers to drive the business. The company described these initiatives as a continuation of its long-standing focus on continual improvement.
MX:URI Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 27, 2027 | 2026 (Q4) | 267.03- | 208.4 | ― | ― |
| Oct 21, 2026 | 2026 (Q3) | 262.51292.22 | 219.87 | 32.91% (+72.35) | |
| Jul 22, 2026 | 2026 (Q2) | 216.80239.79 | 196.75 | 21.87% (+43.03) | |
| Apr 22, 2026 | 2026 (Q1) | 168.15182.47 | 166.5 | 9.59% (+15.97) | |
| Jan 28, 2026 | 2025 (Q4) | 221.61208.40 | 217.8 | -4.31% (-9.40) | |
| Oct 22, 2025 | 2025 (Q3) | 231.05219.87 | 221.75 | -0.85% (-1.88) | |
| Jul 23, 2025 | 2025 (Q2) | 197.45196.75 | 201.07 | -2.15% (-4.32) | |
| Apr 23, 2025 | 2025 (Q1) | 165.05166.50 | 171.95 | -3.17% (-5.45) | |
| Jan 29, 2025 | 2024 (Q4) | 219.59217.80 | 211.6 | 2.93% (+6.20) | |
| Oct 23, 2024 | 2024 (Q3) | 234.47221.75 | 220.43 | 0.60% (+1.32) |
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.
