United Rentals reported a strong start to 2026 with record first-quarter results across key metrics including revenue, EPS, and adjusted EBITDA. The company raised its full-year guidance, reflecting positive momentum, healthy growth, and solid execution, underscoring confidence in its business model and capital allocation strategy.
Total revenue of $3.985 billion, a 7.2% increase year-over-year, setting a first-quarter record.
positiveRental revenue increased 8.7% year-over-year to a first-quarter record of $3.419 billion.
positiveGAAP diluted EPS of $8.43, a 6.6% increase year-over-year.
positiveAdjusted EBITDA of $1.759 billion, a 5.3% increase year-over-year, also a first-quarter record.
positiveFull-year 2026 guidance was raised for total revenue, adjusted EBITDA, and net rental capital expenditures.
positiveFleet productivity increased 2.3% year-over-year.
positiveReturned $500 million to shareholders, including $375 million via share repurchases and $125 million via dividends.
positiveNet income margin decreased 60 basis points year-over-year to 13.3%, although it increased 20 basis points excluding a prior year benefit.
attentionAdjusted EBITDA margin decreased 80 basis points year-over-year to 44.1%, although it increased 60 basis points excluding a prior year benefit.
attentionSpecialty rentals segment gross margin decreased by 170 basis points year-over-year to 41.4%, primarily due to higher depreciation, increased delivery costs, and changes in revenue mix.
attentionFree cash flow, including restructuring related payments, decreased 2.6% year-over-year from $1.082 billion to $1.054 billion.
attentionRestructuring charges of $45 million were recognized in the quarter.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
General Rentals | N/A | — | — | — |
Specialty Rentals | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Very pleased with our strong start to 2026, which again reflected our team’s commitment to being the partner of choice for our customers.
Reported first-quarter records in EPS, adjusted EBITDA and revenue, supported by healthy growth and solid execution across both our general rentals and specialty businesses.
We remain confident that our focus on improving our customers’ efficiency and productivity through our one-stop-shop approach, coupled with our industry-leading technology and world-class service, keeps us positioned to both outperform the market and generate strong shareholder returns.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.