United Rentals, Inc. (NYSE: URI) has announced impressive financial results for the second quarter of 2026, showcasing record revenue and profitability levels that have led the company to raise its full-year guidance. The data released on July 22, 2026, highlights a robust performance driven by strong customer demand and efficient operational management.

1. Record Financial Performance

Second Quarter Highlights:

Total Revenue: $4.410 billion, which includes rental revenue of $3.849 billion.

Net Income: $753 million, achieving a net income margin of 17.1%. This translates to a GAAP diluted earnings per share (EPS) of $12.03, and an adjusted EPS of $12.76.

Adjusted EBITDA: Recorded at $2.056 billion with a margin of 46.6%.

Fleet Productivity: Increased by 3.4% year-over-year.

Cash Flow: Year-to-date net cash provided by operating activities reached $3.305 billion, while free cash flow totaled $1.149 billion.

Shareholder Returns: United Rentals returned $998 million to shareholders year-to-date through share repurchases and dividends.

The company’s net leverage ratio stood at 1.8x, with total liquidity of $2.999 billion as of June 30, 2026.

2. CEO Insights

Matthew Flannery, CEO of United Rentals, expressed optimism about the company's trajectory. He stated, “As evidenced in our record second-quarter results across EPS, adjusted EBITDA and revenue, 2026 is on track to be a great year for United Rentals.” Flannery noted the continued customer optimism around large projects, which is contributing to growth and underlining the effectiveness of their operational strategies.

3. Revised 2026 Outlook

The company has adjusted its 2026 outlook upwards, reflecting the strong momentum from the first half of the year:

Metrics	Current Outlook	Previous Outlook
Total Revenue	$17.5 billion to $17.8 billion	$16.9 billion to $17.4 billion
Adjusted EBITDA	$7.975 billion to $8.125 billion	$7.625 billion to $7.875 billion
Net Rental Capital Expenditures	$3.4 billion to $3.8 billion	$2.95 billion to $3.35 billion
Net Cash from Operating Activities	$5.85 billion to $6.65 billion	$5.4 billion to $6.2 billion
Free Cash Flow	$2.15 billion to $2.45 billion	$2.15 billion to $2.45 billion

4. Detailed Financial Metrics

Revenue Breakdown

Rental Revenue: Increased by 12.7% year-over-year to a record $3.849 billion.

Used Equipment Sales: Generated $330 million, with a GAAP gross margin of 46.7%.

Income and EBITDA

Net Income: Rose 21.1% year-over-year to $753 million. The increase in net income margin was attributed to both operational efficiencies and a $37 million after-tax gain from the sale of a portion of the company’s scaffolding business.

Adjusted EBITDA: Grew by 13.6% year-over-year to $2.056 billion, influenced by the aforementioned gain on business sale and changes in revenue mix.

Segment Performance

General Rentals Segment: Rental revenue hit $2.418 billion, up 6.6% year-over-year.

Specialty Rentals Segment: Achieved a remarkable 24.8% year-over-year growth in rental revenue to $1.431 billion, despite a slight decrease in rental gross margin due to revenue mix shifts.

Cash Flow and Capital Management

Cash from operating activities increased by 20.1% year-over-year, while free cash flow saw a minor decrease impacted by restructuring-related payments from previous years.

The company is currently in the midst of a $5.0 billion share repurchase program, with $750 million already repurchased in the first half of the year.

5. Looking Ahead

As United Rentals continues to leverage its market position and focus on operational excellence, the company expects to maintain its growth trajectory. The confidence in its operational strategy and the positive outlook for customer demand are pivotal as the company embarks on the latter half of 2026.

Conference Call Notification:

United Rentals will hold a conference call on July 23, 2026, at 8:30 a.m. Eastern Time to discuss these results further with analysts and stakeholders.

In summary, United Rentals’ second quarter results not only reflect a strong operational performance but also a promising outlook for continued growth in a competitive market.

Original press release