United Rentals (URI) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 results with total revenue of $4.41 billion, up 11.8% year-over-year, and net income of $753 million, up 21.1% year-over-year.

• Adjusted EBITDA reached $2.056 billion, up 13.6% year-over-year, with a margin of 46.6%.

• Raised full-year 2026 guidance for revenue, adjusted EBITDA, and net rental capital expenditures.

• Returned $998 million to shareholders year-to-date through share repurchases and dividends.

• CEO highlighted strong customer optimism, large project tailwinds, and disciplined cost management.

Financial highlights

• Rental revenue grew 12.7% year-over-year to $3.849 billion, a quarterly record.

• Net income margin increased 130 basis points to 17.1%, including a $37 million after-tax gain from the sale of part of the scaffolding business.

• Adjusted EPS was $12.76, up from $10.47 in Q2 2025.

• Free cash flow for the first six months was $1.149 billion, stable year-over-year.

• Year-to-date net cash from operating activities was $3.305 billion, up 20.1% year-over-year.

Outlook and guidance

• 2026 total revenue guidance raised to $17.5–$17.8 billion (prior: $16.9–$17.4 billion).

• Adjusted EBITDA guidance increased to $7.975–$8.125 billion (prior: $7.625–$7.875 billion).

• Net rental capital expenditures after gross purchases expected at $3.4–$3.8 billion.

• Free cash flow guidance maintained at $2.15–$2.45 billion.

• Company expects to complete $1.5 billion in share repurchases in 2026.