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William E. Grace, EVP, CFO at United Rentals, Inc. (URI +0.17%), sold 1,500 shares of common stock on July 24, 2026, according to a SEC Form 4 filing.

Transaction summaryMetricValueTransaction value$1.7 millionShares sold1,500Post-transaction shares (directly held)6,061Post-transaction value$6.92 millionTransaction value based on SEC Form 4 weighted average sale price ($1,133.15); post-transaction value based on July 24, 2026 market close ($1,141.59).

Key questionsHow does this sale align with the stock's recent performance?
The sale was executed at $1,133.15 per share, following a one-year return of 30% for United Rentals as of the July 24, 2026 transaction date.What is the scale of the executive's remaining equity position?
Following the sale, Grace maintains direct ownership of 6,061 shares, representing a market value of $6.92 million as of the July 24, market close.Company OverviewMetricValueShare Price (as of market close 2026-07-23)$1,139.71Market Capitalization$71.1 billionRevenue (TTM)$16.8 billionNet Income (TTM)$2.6 billionCompany SnapshotUnited Rentals operates as a leading equipment rental provider offering a comprehensive portfolio of construction and industrial machinery, aerial work platforms, and specialty equipment through its General Rentals and Specialty divisions, generating the majority of revenues from equipment rental and related services.The company operates a capital-intensive rental business model that generates recurring revenue through equipment leasing to construction, industrial, and commercial customers, supplemented by ancillary services including equipment maintenance, delivery, and specialized technical support.The company serves a diverse customer base, including construction contractors, industrial manufacturers, energy companies, and commercial enterprises, with particular strength in serving mid-market and large-scale construction and infrastructure projects across North America.United Rentals, Inc. is the largest equipment rental company in North America with a market capitalization of $71.1 billion and TTM revenues of $16.8 billion, reflecting its dominant position in the fragmented rental and leasing services industry. The company leverages an extensive fleet of equipment, strategic geographic distribution across North America, and a diversified customer base to maintain competitive advantages in pricing power and service delivery. With 28,500 employees and a 30.43% one-year stock price appreciation, United Rentals demonstrates strong operational execution and capital allocation discipline in a cyclical yet structurally growing market.

What this transaction means for investorsUnited Rentals CEO William Grace sold 1,500 shares two days after the company reported record quarterly results and raised annual guidance. Shares popped more than 10% on that news. Grace’s share sale was timely, as United Rentals’ stock is at an all-time high.

That doesn’t mean the company CFO is calling a top, though. Grace still holds over 6,000 shares. Company executives sell stock for many reasons, including for personal spending needs.

The company raised full-year revenue, earnings, and operating cash guidance after the strong results. United Rentals CEO Matthew Flannery stated, “Looking ahead, I am very pleased that we are again raising our guidance for the year, supported by the tailwinds we see across large projects, customer backlogs, and the momentum witnessed year-to-date.”

Investors should take note. Business from reshoring manufacturing, growing data center construction, energy projects, and infrastructure investments should continue to provide a strong base for the company.

Today's Change

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1.88

Current Price

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1,141.59

Investors shouldn’t worry about the CFO’s share sale. The company’s underlying business is well-positioned for further growth. More record results could easily keep shares moving to new record highs.

The 3 Biggest M&A Stock Opportunities for 2025United Rentals NYSE: URI reported record second-quarter revenue and earnings while raising its 2026 outlook, as management said large projects and specialty rental demand continued to run ahead of expectations.

President and CEO Matt Flannery said the company’s growth “accelerated in the quarter,” supported by customers that “remain optimistic, particularly around large projects,” along with continued cost discipline. He said the company’s equipment breadth, technology, service levels and safety focus continue to differentiate United Rentals in the market.

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3 large caps near 52-week lows with large dividendsTotal revenue rose 12% year over year to $4.4 billion, while rental revenue increased nearly 13% to $3.8 billion. Both were quarterly records, according to Flannery. Adjusted EBITDA was just over $2 billion, representing a margin of 46.6%, and adjusted earnings per share were $12.76, up 22% from a year earlier and also a quarterly record.

Large Projects and Specialty Rentals Drive Growth Flannery said United Rentals saw growth in both its General Rentals and specialty businesses. Specialty rental revenue increased 25% year over year, with growth across all lines of business and 11 cold starts during the quarter.

3 Compelling Cyclical Stocks to Buy NowBy vertical, Flannery said construction posted strong growth, led by nonresidential and infrastructure activity. On the industrial side, power continued to deliver double-digit growth, while metals and minerals also grew at a healthy pace. He said project activity started in a range of end markets, including hospitals, airports and LNG terminals, while data centers remained a source of growth.

During the question-and-answer portion of the call, Flannery said the major project pipeline was “stronger and deeper,” citing activity tied to power, semiconductor projects, infrastructure, airports, stadiums and pharmaceuticals. He also said semiconductor-related work and power projects accelerated in the second quarter.

Local markets, by contrast, were described as stable with modest growth. Flannery said local customer activity grew in the low single digits and suggested that lower interest rates, residential construction growth and renewed small-business investment could help spur broader local market improvement.

Fleet Productivity, CapEx and Used Equipment Sales Fleet productivity contributed 3.4% to original equipment rental, or OER, growth of 9% in the quarter, Flannery said. CFO Ted Grace said OER increased by $246 million, driven by 7.1% growth in average fleet size and fleet productivity of 3.4%, partially offset by assumed fleet inflation of 1.5%.

Ancillary and re-rent revenue grew nearly 28%, adding a combined $188 million, Grace said. He noted that the company has been able to pass through higher fuel and delivery costs, though those revenues brought limited incremental margin dollars.

United Rentals sold $624 million of original equipment cost, or OEC, in the used market during the quarter, generating $330 million in proceeds, an adjusted margin of 47.3% and a 52.9% recovery rate. Flannery said the company remains on track to sell approximately $2.8 billion of fleet this year, supported by strong used equipment demand.

The company spent nearly $2.1 billion on gross rental capital expenditures in the second quarter and $2.9 billion year to date, exceeding its initial expectations. Flannery said the demand environment is outpacing the company’s original expectations, and the company is operating at “historically high time utilizations.”

In response to analyst questions, Flannery said United Rentals would not add fleet simply to chase late-2026 revenue. He said the company has confidence in the large project pipeline carrying into next year, though management did not provide 2027 guidance.

Margins and Cost Controls Remain in Focus Grace said adjusted EBITDA, excluding a $49 million net benefit from the sale of the company’s scaffolding business, increased $197 million year over year to a second-quarter record of just over $2 billion. The increase was primarily driven by a $231 million increase in rental gross profit and a $3 million increase in used gross profit. Selling, general and administrative expense rose $39 million but was flat as a percentage of revenue.

On an as-reported basis, second-quarter adjusted EBITDA margin increased 70 basis points year over year. Excluding the scaffolding gain and the outsized growth in ancillary and re-rent revenue, Grace said margins increased 40 basis points year over year, which he said provided a better view of core cost performance.

Management fielded several analyst questions about delivery, repositioning, labor and repair costs. Grace said the company’s core cost categories of labor, delivery and repair and maintenance showed positive absorption year to date and in the second quarter. Flannery said the company has changed processes and increased coordination to better manage delivery and repositioning costs, despite higher fuel costs.

Grace said higher internal fuel costs represented an incremental 20 to 30 basis points of year-over-year headwind in the quarter. He also said the company realized approximately $12 million of second-quarter benefit from restructuring activities and remains on track for $45 million to $50 million of realized savings in 2026.

Guidance Raised for 2026 United Rentals raised its full-year 2026 guidance, with management saying demand continued to exceed expectations as the company progressed through its busy season.

Total revenue: Now expected between $17.5 billion and $17.8 billion, up $500 million from prior guidance. Adjusted EBITDA: Raised by $300 million to a range of $7.975 billion to $8.125 billion. Gross rental CapEx: Increased by $450 million to a range of $4.85 billion to $5.25 billion. Net CapEx: Expected between $3.4 billion and $3.8 billion. Free cash flow: Reaffirmed at $2.15 billion to $2.45 billion. Used equipment sales: Still expected around $1.45 billion. Grace said the updated outlook implies full-year growth excluding used sales of more than 10% at the midpoint, compared with original guidance closer to 6%. He said the company still expects to maintain flat margins year over year while bringing revenue growth to the bottom line.

Balance Sheet and Capital Returns United Rentals generated nearly $1.2 billion of free cash flow year to date after funding growth, according to Flannery. Grace said return on invested capital was 11.8%, remaining above the company’s weighted average cost of capital.

Net leverage was 1.8 times at the end of June, within the company’s target range of 1.5 times to 2.5 times, and total liquidity was nearly $3 billion. Grace said S&P recently raised the company’s credit outlook to positive from stable, with the potential for an upgrade from high yield to investment grade within the next 12 months.

Grace said a potential investment-grade rating would not change United Rentals’ capital allocation strategy, adding that management believes the company can pursue an upgrade without constraining its ability to execute on mergers and acquisitions.

The company returned nearly $500 million to shareholders during the quarter through share repurchases and dividends. Year to date, it has returned $998 million, including $750 million through repurchases and $248 million through dividends. Grace said United Rentals still intends to repurchase $1.5 billion of shares in 2026, and combined with the dividend, expects to return roughly $2 billion to shareholders this year.

Flannery said the M&A pipeline remains “robust,” with opportunities across deal sizes. He said specialty rental offerings and new product areas remain priorities, while the company also continues to evaluate deals that could fill geographic or product gaps.

About United Rentals (NYSE:URI)United Rentals, Inc NYSE: URI is a leading equipment rental company headquartered in Stamford, Connecticut. The firm provides rental solutions and related services to construction, industrial, commercial, and municipal customers. Its business model centers on providing access to a broad fleet of equipment on a short-term or long-term basis, enabling customers to avoid the capital expenditure of ownership and to scale equipment use to match project needs.

The company's product and service offerings span general construction equipment and a range of specialty categories, including aerial work platforms, earthmoving and excavation machines, material handling equipment, pumps, power and HVAC systems, trench and shoring solutions, and tools.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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United Rentals, Inc. (URI) Q2 2026 Earnings Call July 23, 2026 8:30 AM EDT

Company Participants

Matthew Flannery - President, CEO & Director
William Grace - Executive VP & CFO

Conference Call Participants

David Raso - Evercore ISI Institutional Equities, Research Division
Robert Wertheimer - Melius Research LLC
Michael Feniger - BofA Securities, Research Division
Steven Fisher - UBS Investment Bank, Research Division
Jerry Revich - Wells Fargo Securities, LLC, Research Division
Kyle Menges - Citigroup Inc., Research Division
Kenneth Newman - KeyBanc Capital Markets Inc., Research Division
Seth Weber - BNP Paribas, Research Division
Mircea Dobre - Robert W. Baird & Co. Incorporated, Research Division
Jamie Cook - Truist Securities, Inc., Research Division
Angel Castillo Malpica - Morgan Stanley, Research Division
Sabahat Khan - RBC Capital Markets, Research Division
Tami Zakaria - JPMorgan Chase & Co, Research Division
Charles Albert Dillard - Bernstein Institutional Services LLC, Research Division

Presentation

Operator

Good morning, everyone, and welcome to the United Rentals Investor Conference Call. Please be advised that this call is being recorded.

Before we begin, please note that the company's press release, comments made on today's call and responses to your questions contain forward-looking statements. The company's business and operations are subject to a variety of risks and uncertainties, many of which are beyond its control. And consequently, actual results may differ materially from those projected. A summary of these uncertainties is included in the safe harbor statement contained in the company's press release.

For a more complete description of these and other possible risks, please refer to the company's annual report on Form 10-K for the year ended December 31, 2025, as well as the subsequent filings with the SEC. You can access these filings on the company's website at www.unitedrentals.com. Please note that United Rentals has no obligation and makes no commitment to update or publicly release any revisions to forward-looking statements in order to

ABN Amro Investment Solutions grew its position in United Rentals, Inc. (NYSE:URI – Free Report) by 25.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,758 shares of the construction company’s stock after purchasing an additional 1,802 shares during the period. ABN Amro Investment Solutions’ holdings in United Rentals were worth $6,381,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in URI. Woodline Partners LP raised its holdings in shares of United Rentals by 40.0% during the 1st quarter. Woodline Partners LP now owns 5,518 shares of the construction company’s stock valued at $3,458,000 after purchasing an additional 1,577 shares in the last quarter. Sei Investments Co. boosted its holdings in United Rentals by 24.7% in the second quarter. Sei Investments Co. now owns 27,136 shares of the construction company’s stock worth $20,444,000 after purchasing an additional 5,375 shares in the last quarter. Treasurer of the State of North Carolina boosted its holdings in United Rentals by 43.6% in the second quarter. Treasurer of the State of North Carolina now owns 56,057 shares of the construction company’s stock worth $42,233,000 after purchasing an additional 17,030 shares in the last quarter. HUB Investment Partners LLC increased its position in United Rentals by 11.3% during the second quarter. HUB Investment Partners LLC now owns 2,205 shares of the construction company’s stock worth $1,661,000 after buying an additional 223 shares during the last quarter. Finally, Diversify Advisory Services LLC increased its position in United Rentals by 338.7% during the second quarter. Diversify Advisory Services LLC now owns 1,654 shares of the construction company’s stock worth $1,246,000 after buying an additional 1,277 shares during the last quarter. 96.26% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets In other United Rentals news, EVP Craig Adam Pintoff sold 2,466 shares of the firm’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $963.00, for a total value of $2,374,758.00. Following the sale, the executive vice president owned 14,774 shares of the company’s stock, valued at $14,227,362. This trade represents a 14.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Matthew John Flannery sold 22,768 shares of United Rentals stock in a transaction that occurred on Friday, April 24th. The stock was sold at an average price of $984.98, for a total value of $22,426,024.64. Following the completion of the transaction, the chief executive officer directly owned 99,980 shares in the company, valued at approximately $98,478,300.40. This represents a 18.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 26,088 shares of company stock worth $25,628,877 over the last quarter. 0.47% of the stock is currently owned by company insiders.

United Rentals News Summary Here are the key news stories impacting United Rentals this week:

Positive Sentiment: United Rentals reported Q2 EPS of $12.76, beating Wall Street estimates, while revenue of $4.41 billion also topped forecasts. United Rentals (URI) Beats Q2 Earnings and Revenue Estimates Positive Sentiment: The company said quarterly results were record highs for revenue, rental revenue, EPS, and adjusted EBITDA, signaling continued demand in its core equipment rental business. United Rentals jumps after record Q2 results and higher 2026 guidance Positive Sentiment: Management raised 2026 guidance, including higher revenue and adjusted EBITDA targets, which suggests stronger expected performance for the rest of the year. United Rentals jumps after record Q2 results and higher 2026 guidance Neutral Sentiment: Some older analyst commentary remained mixed, including a recent Barclays sell rating, but that appears to have been outweighed by the strong earnings beat and improved outlook. Barclays Gives a Sell Rating to United Rentals (URI) Analyst Ratings Changes A number of brokerages have weighed in on URI. KeyCorp boosted their price target on United Rentals from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research report on Thursday, June 25th. BNP Paribas Exane raised United Rentals from a “neutral” rating to an “outperform” rating and set a $1,320.00 price objective on the stock in a report on Monday, June 29th. UBS Group raised their price objective on United Rentals from $1,145.00 to $1,300.00 and gave the company a “buy” rating in a research note on Wednesday, July 1st. Morgan Stanley boosted their target price on United Rentals from $1,030.00 to $1,165.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Finally, Sanford C. Bernstein set a $903.00 target price on United Rentals and gave the stock an “outperform” rating in a report on Thursday, April 9th. Fourteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,140.00.

Get Our Latest Stock Report on United Rentals

United Rentals Stock Performance Shares of URI opened at $1,034.28 on Thursday. The company has a market capitalization of $64.80 billion, a PE ratio of 26.38, a price-to-earnings-growth ratio of 1.62 and a beta of 1.79. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.80 and a quick ratio of 0.74. United Rentals, Inc. has a one year low of $701.59 and a one year high of $1,143.69. The company’s fifty day moving average price is $1,045.86 and its 200 day moving average price is $915.44.

United Rentals (NYSE:URI – Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The construction company reported $12.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $11.53 by $1.23. The company had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.22 billion. United Rentals had a net margin of 15.32% and a return on equity of 30.56%. The business’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period in the prior year, the company earned $10.47 earnings per share. As a group, analysts expect that United Rentals, Inc. will post 46.85 earnings per share for the current year.

About United Rentals (Free Report)

United Rentals, Inc (NYSE: URI) is a leading equipment rental company headquartered in Stamford, Connecticut. The firm provides rental solutions and related services to construction, industrial, commercial, and municipal customers. Its business model centers on providing access to a broad fleet of equipment on a short-term or long-term basis, enabling customers to avoid the capital expenditure of ownership and to scale equipment use to match project needs.

The company’s product and service offerings span general construction equipment and a range of specialty categories, including aerial work platforms, earthmoving and excavation machines, material handling equipment, pumps, power and HVAC systems, trench and shoring solutions, and tools.

Further Reading Five stocks we like better than United Rentals Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding URI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for United Rentals, Inc. (NYSE:URI – Free Report).

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United Rentals (URI - Free Report) reported $4.41 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 11.8%. EPS of $12.76 for the same period compares to $10.47 a year ago.

The reported revenue represents a surprise of +4.12% over the Zacks Consensus Estimate of $4.24 billion. With the consensus EPS estimate being $11.67, the EPS surprise was +9.34%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how United Rentals performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenues- Equipment rentals: $3.85 billion versus the three-analyst average estimate of $3.67 billion. The reported number represents a year-over-year change of +12.7%.Revenues- Sales of rental equipment: $330 million versus the three-analyst average estimate of $339.4 million. The reported number represents a year-over-year change of +4.1%.Revenues- Service and other revenues: $101 million compared to the $100.07 million average estimate based on three analysts. The reported number represents a change of +6.3% year over year.Revenues- Contractor supplies sales: $44 million compared to the $44.3 million average estimate based on three analysts. The reported number represents a change of +7.3% year over year.Revenues- Sales of new equipment: $86 million versus the three-analyst average estimate of $80.75 million. The reported number represents a year-over-year change of +14.7%.Gross Margin/Profit- Equipment rentals: $1.5 billion compared to the $1.42 billion average estimate based on three analysts.Gross Margin/Profit- Sales of rental equipment: $154 million versus the three-analyst average estimate of $153.32 million.Gross Margin/Profit- Service and other: $45 million versus $41.13 million estimated by three analysts on average.Gross Margin/Profit- Contractor supplies sales: $14 million versus $14.06 million estimated by three analysts on average.Gross Margin/Profit- Sales of new equipment: $18 million versus $14.86 million estimated by three analysts on average.View all Key Company Metrics for United Rentals here>>>

Shares of United Rentals have returned -4.7% over the past month versus the Zacks S&P 500 composite's +0.3% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

STAMFORD, Conn.--(BUSINESS WIRE)--United Rentals, Inc. (NYSE: URI) today announced record financial results for the second quarter of 2026, and raised its 2026 full-year guidance.

Second Quarter 2026 Highlights1

Total revenue of $4.410 billion, including rental revenue2 of $3.849 billion. Net income of $753 million, at a margin3 of 17.1%. GAAP diluted earnings per share (“EPS”) of $12.03, and adjusted EPS4 of $12.76. Adjusted EBITDA4 of $2.056 billion, at a margin3 of 46.6%. Year-over-year, fleet productivity5 increased 3.4%. Year-to-date net cash provided by operating activities of $3.305 billion; free cash flow4 of $1.149 billion, including gross payments for purchases of rental equipment of $2.720 billion. Year-to-date gross rental capital expenditures of $2.931 billion. Returned $998 million to shareholders year-to-date, comprised of $750 million via share repurchases and $248 million via dividends paid. Net leverage ratio6 of 1.8x, with total liquidity6 of $2.999 billion, at June 30, 2026. CEO Comment

Matthew Flannery, chief executive officer of United Rentals, said, “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. Our growth accelerated in the quarter, customers remain optimistic, particularly around large projects, and we continue to demonstrate strong cost discipline. Our one-stop-shop value proposition, coupled with our technology, service levels, and unwavering focus on safety and customer productivity, continues to differentiate us in the industry.”

Flannery continued, “Looking ahead, I am very pleased that we are again raising our guidance for the year, supported by the tailwinds we see across large projects, customer backlogs, and the momentum witnessed year-to-date. We believe the healthy growth we’ve seen will continue and that we will deliver what our shareholders expect of us: profitable growth, strong free cash flow and compelling returns.”

_______________ 1.

The second quarter 2026 results include a gain of $49 million associated with the sale of part of the company's scaffolding business. The impact of the gain was a $37 million after-tax benefit, or $0.58 per diluted share, to net income and a $49 million benefit to adjusted EBITDA.

2.

Rental revenue includes owned equipment rental revenue, re-rent revenue and ancillary revenue.

3.

Net income margin and adjusted EBITDA margin represent net income or adjusted EBITDA divided by total revenue.

4.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), adjusted EPS (earnings per share) and free cash flow are non-GAAP financial measures as defined in the tables below. See the tables below for reconciliations to the most comparable GAAP measures.

5.

Fleet productivity reflects the combined impact of changes in rental rates, time utilization and mix on owned equipment rental revenue.

6.

The net leverage ratio reflects net debt (total debt less cash and cash equivalents) divided by adjusted EBITDA for the trailing 12 months. Total liquidity reflects cash and cash equivalents plus availability under the asset-based revolving credit facility (“ABL facility”) and the accounts receivable securitization facility.

2026 Outlook

The company has raised its 2026 outlook, as reflected below.

Current Outlook

Prior Outlook

Total revenue

$17.5 billion to $17.8 billion

$16.9 billion to $17.4 billion

Adjusted EBITDA7

$7.975 billion to $8.125 billion

$7.625 billion to $7.875 billion

Net rental capital expenditures after gross purchases

$3.4 billion to $3.8 billion, after gross purchases of $4.85 billion to $5.25 billion

$2.95 billion to $3.35 billion, after gross purchases of $4.4 billion to $4.8 billion

Net cash provided by operating activities

$5.85 billion to $6.65 billion

$5.4 billion to $6.2 billion

Free cash flow excluding restructuring related payments8

$2.15 billion to $2.45 billion

$2.15 billion to $2.45 billion

Summary of Second Quarter 2026 Financial Results

Rental revenue increased 12.7% year-over-year to a quarterly record of $3.849 billion. Average original equipment at cost (“OEC”) increased 7.1% year-over-year, while fleet productivity increased 3.4%. Used equipment sales in the quarter increased 4.1% year-over-year. Used equipment sales generated $330 million of proceeds at a GAAP gross margin of 46.7% and an adjusted gross margin9 of 47.3%, compared to a GAAP gross margin of 46.1% and an adjusted gross margin of 48.3% for the same period last year. The company realized a 52.9% OEC recovery rate on the fleet sold in the second quarter of 2026. Net income for the quarter increased 21.1% year-over-year to a second quarter record of $753 million, while net income margin increased 130 basis points to 17.1%, including the impact of the $37 million net after-tax gain on sale of business discussed in footnote 1 above. Excluding the gain on sale of business, net income margin for the second quarter of 2026 increased 40 basis points year-over-year, primarily due to increased rental gross margin (see below for a discussion of rental gross margin by segment). Adjusted EBITDA for the quarter increased 13.6% year-over-year to a quarterly record of $2.056 billion, while adjusted EBITDA margin increased 70 basis points to 46.6%, including the $49 million impact of the gain on sale of business discussed above. Excluding the gain on sale of business, adjusted EBITDA margin for the second quarter of 2026 decreased 40 basis points year-over-year. This margin decline primarily reflects decreased rental gross margin in the specialty rentals segment, attributable to changes in revenue mix driven by growth in lower-margin ancillary and re-rent revenues, partially offset by a reduction in labor and benefits expenses as a percentage of revenue, as discussed below. General rentals segment rental revenue increased 6.6% year-over-year to a quarterly record of $2.418 billion, while rental gross margin increased by 70 basis points year-over-year to 35.8%, primarily due to a reduction in depreciation as a percentage of revenue. Specialty rentals segment rental revenue increased 24.8% year-over-year to a quarterly record of $1.431 billion. Rental gross margin decreased by 140 basis points year-over-year to 44.4%, primarily due to changes in revenue mix driven by growth in lower-margin ancillary and re-rent revenues, partially offset by a reduction in labor and benefits expenses as a percentage of revenue. _______________ 7.

Information reconciling forward-looking adjusted EBITDA to the comparable GAAP financial measures is unavailable to the company without unreasonable effort, as discussed below.

8.

Free cash flow excludes restructuring related payments, which cannot be reasonably predicted for the 2026 outlook. Restructuring related payments were $20 million for the six months ended June 30, 2026.

9.

Used equipment sales adjusted gross margin is a non-GAAP financial measure that excludes the impact ($2 million and $7 million for the three months ended June 30, 2026 and 2025, respectively) of the fair value mark-up of fleet acquired in certain major acquisitions that was subsequently sold. This adjustment is explained further in the tables below, and represents the only difference between the GAAP gross margin and the adjusted gross margin.

Cash flow from operating activities increased 20.1% year-over-year to $3.305 billion for the first six months of 2026, and free cash flow, including restructuring related payments, decreased 4.1%, from $1.198 billion to $1.149 billion. Cash flow from operating activities and free cash flow in 2025 both included a $52 million merger termination benefit associated with the terminated H&E acquisition.10 Capital management. The company’s net leverage ratio was 1.8x at June 30, 2026, as compared to 1.9x at December 31, 2025. During the six months ended June 30, 2026, the company completed its prior $2.0 billion share repurchase11 program, and commenced its new $5.0 billion share repurchase program. During the six months ended June 30, 2026, the company repurchased $750 million of common stock under these programs, and paid dividends totaling $248 million. The company expects to complete $1.5 billion of share repurchases in 2026. Additionally, the company’s Board of Directors has declared a quarterly dividend of $1.97 per share, payable on August 26, 2026 to stockholders of record on August 12, 2026. Total liquidity was $2.999 billion as of June 30, 2026, including $112 million of cash and cash equivalents. Return on invested capital (ROIC)12 was 11.8% for the 12 months ended June 30, 2026. Conference Call

United Rentals will hold a conference call tomorrow, Thursday, July 23, 2026, at 8:30 a.m. Eastern Time. The conference call number is 800-579-2568 (international: 785-424-1222). The replay number for the call is 402-220-7209. The passcode for both the conference call and the replay is 48921. The conference call will also be available live by audio webcast at unitedrentals.com, where it will be archived until the next earnings call.

_______________ 10.

The six months ended June 30, 2025 include the impact of the merger termination benefit associated with the termination of the H&E Equipment Services, Inc. d/b/a H&E Rentals (“H&E”) merger agreement. For further information on this merger termination benefit, see the company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 filed with the SEC.

11.

A 1% excise tax is imposed on “net repurchases” (certain purchases minus certain issuances) of common stock. All references to share repurchases above do not include the excise tax, which totaled $6 million year-to-date through June 30, 2026.

12.

The company’s ROIC metric uses after-tax operating income for the trailing 12 months divided by average stockholders’ equity, debt and deferred taxes, net of average cash. To mitigate the volatility related to fluctuations in the company’s tax rate from period to period, the U.S. federal corporate statutory tax rate of 21% was used to calculate after-tax operating income.

Non-GAAP Financial Measures

Free cash flow, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, adjusted earnings per share (adjusted EPS) and used equipment sales adjusted gross margin are non-GAAP financial measures as defined under the rules of the SEC. Free cash flow represents net cash provided by operating activities less payments for purchases of, and plus proceeds from, equipment and intangible assets. The equipment and intangible asset items are included in cash flows from investing activities. EBITDA represents the sum of net income, provision for income taxes, interest expense, net, depreciation of rental equipment and non-rental depreciation and amortization. Adjusted EBITDA represents EBITDA plus the sum of the restructuring charges, stock compensation expense, net, and the impact of the fair value mark-up of acquired fleet. Adjusted EPS represents EPS plus the sum of the restructuring charges, the impact on depreciation related to acquired fleet and property and equipment, the impact of the fair value mark-up of acquired fleet, merger related intangible asset amortization and asset impairment charge. Used equipment sales adjusted gross margin excludes the impact of the fair value mark-up of fleet acquired in certain major acquisitions that was subsequently sold (this adjustment is explained further in the adjusted EPS and EBITDA/adjusted EBITDA tables below). The company believes that: (i) free cash flow provides useful additional information concerning cash flow available to meet future debt service obligations and working capital requirements; (ii) EBITDA and adjusted EBITDA provide useful information about operating performance and period-over-period growth, and help investors gain an understanding of the factors and trends affecting our ongoing cash earnings, from which capital investments are made and debt is serviced; (iii) adjusted EPS provides useful information concerning future profitability; and (iv) used equipment sales adjusted gross margin provides information that is useful for evaluating the profitability of used equipment sales without regard to potential distortions. However, none of these measures should be considered as alternatives to net income, cash flows from operating activities, earnings per share or GAAP gross margin from used equipment sales under GAAP as indicators of operating performance or liquidity. See the tables below for further discussion of these non-GAAP financial measures.

Information reconciling forward-looking adjusted EBITDA to GAAP financial measures is unavailable to the company without unreasonable effort. The company is not able to provide reconciliations of adjusted EBITDA to GAAP financial measures because certain items required for such reconciliations are outside of the company’s control and/or cannot be reasonably predicted, such as the provision for income taxes. Preparation of such reconciliations would require a forward-looking balance sheet, statement of income and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to the company without unreasonable effort (as specified in the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K). The company provides a range for its adjusted EBITDA forecast that it believes will be achieved, however it cannot accurately predict all the components of the adjusted EBITDA calculation. The company provides an adjusted EBITDA forecast because it believes that adjusted EBITDA, when viewed with the company’s results under GAAP, provides useful information for the reasons noted above. However, adjusted EBITDA is not a measure of financial performance or liquidity under GAAP and, accordingly, should not be considered as an alternative to net income or cash flow from operating activities as an indicator of operating performance or liquidity.

About United Rentals

United Rentals, Inc. is the largest equipment rental company in the world. The company has an integrated network of 1,665 rental locations in North America, 44 in Europe, 47 in Australia and 18 in New Zealand. In North America, the company operates in 49 states and every Canadian province. The company’s approximately 28,100 employees serve construction and industrial customers, utilities, municipalities, homeowners and others. The company offers a fleet of equipment for rent with a total original cost of $23.75 billion. United Rentals is a member of the Standard & Poor’s 500 Index, the Barron’s 400 Index and the Russell 3000 Index® and is headquartered in Stamford, Conn. Additional information about United Rentals is available at unitedrentals.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These statements can generally be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,” “seek,” “on-track,” “plan,” “project,” “forecast,” “intend” or “anticipate,” or the negative thereof or comparable terminology, or by discussions of vision, strategy or outlook. You are cautioned that our business and operations are subject to a variety of risks and uncertainties, many of which are beyond our control, and, consequently, our actual results may differ materially from those projected. Factors that could cause actual results to differ materially from those projected include, but are not limited to, the following: (1) the impact of global economic conditions (including inflation, interest rates, supply chain constraints, tariffs, trade wars and sanctions), geopolitical risks (including risks related to international conflicts) and public health crises and epidemics on us, our customers and our suppliers, in the United States and the rest of the world; (2) declines in construction or industrial activity, which can adversely impact our revenues and, because many of our costs are fixed, our profitability; (3) rates we charge and customer demand being less than anticipated; (4) changes in customer, fleet, geographic and segment mix; (5) excess fleet in the equipment rental industry; (6) inability to benefit from government spending, including spending associated with infrastructure projects, or a reduction or disruption in government spending, including as a result of a government shutdown; (7) trends in oil and natural gas, including significant fluctuations in the prices of oil or natural gas, which can adversely affect the demand for our services and products; (8) competition from existing and new competitors; (9) the cyclical nature of the industry in which we operate and the industries of our customers, such as those in the construction industry; (10) costs we incur being more than anticipated, including as a result of inflation or tariffs, and the inability to realize expected savings in the amounts or time frames planned; (11) our significant indebtedness requires a significant amount of cash for debt service, and can constrain our flexibility in responding to unanticipated or adverse business conditions; (12) inability to refinance our indebtedness on terms that are favorable to us, including as a result of volatility and uncertainty in capital or credit markets or increases in interest rates, or at all; (13) incurrence of additional debt, which could exacerbate the risks associated with our current level of indebtedness; (14) noncompliance with financial or other covenants in our debt agreements, which could result in our lenders terminating the agreements and requiring us to repay outstanding borrowings; (15) restrictive covenants and the amount of borrowings permitted under our debt instruments, which can limit our financial and operational flexibility; (16) inability to access the capital that our businesses or growth plans may require, including as a result of uncertainty in capital or credit markets; (17) the possibility that companies that we have acquired or may acquire could have undiscovered liabilities, or that companies or assets that we have acquired or may acquire could involve other unexpected costs, may strain our management capabilities, or may be difficult to integrate, and that we may not realize the expected benefits from an acquisition over the timeframe we expect, or at all; (18) incurrence of impairment charges; (19) fluctuations in the price of our common stock and inability to complete share repurchases or pay dividends in the time frames and/or on the terms anticipated; (20) our charter provisions as well as provisions of certain debt agreements and our significant indebtedness may have the effect of making more difficult or otherwise discouraging, delaying or deterring a takeover or other change of control of us; (21) inability to manage credit risk adequately or to collect on contracts with a large number of customers; (22) turnover in our management team and inability to attract and retain key personnel; (23) inability to obtain equipment and other supplies for our business from our key suppliers on acceptable terms or at all, as a result of insolvency, financial difficulties or other factors, including tariffs, affecting our suppliers; (24) increases in our maintenance and replacement costs, including as a result of tariffs, and/or decreases in the residual value of our equipment; (25) inability to sell our new or used fleet in the amounts, or at the prices, we expect; (26) risks related to security breaches, cybersecurity attacks, failure to protect personal information, compliance with privacy, data protection and cyber incident reporting laws and regulations, and other significant disruptions to our information technology systems; (27) risks related to our ability to respond adequately to changes in technology and customer demands; (28) risks related to the use of artificial intelligence, and challenges with properly managing such use; (29) risks related to severe weather events and other natural occurrences, and climate change regulation; (30) risks related to our aspirational sustainability and safety goals, including our greenhouse gas intensity reduction goal; (31) risks related to evolving requirements, expectations and perspectives from regulators and stakeholders on environmental, social and sustainability-related topics, and our ability to meet these requirements and expectations; (32) the fact that our holding company structure requires us to depend in part on distributions from subsidiaries and such distributions could be limited by contractual or legal restrictions; (33) shortfalls in our insurance coverage or inability to obtain coverage on reasonable terms or at all; (34) increases in our loss reserves to address business operations or other claims and any claims that exceed our established levels of reserves; (35) the outcome or other potential consequences of litigation, regulatory and investigatory matters; (36) incurrence of expenses (including indemnification obligations) and other costs in connection with litigation, regulatory and investigatory matters; (37) risks related to, and the costs of complying with, environmental and safety laws and regulations; (38) risks related to, and the costs of complying with, foreign laws and regulations, as well as other risks associated with non-U.S. operations, including currency exchange risk and tariffs; (39) labor shortages and/or disputes, work stoppages or other labor difficulties, which may impact our productivity and increase our costs, and changes in law that could affect our labor relations or operations generally; (40) the effect of changes in tax law; and (41) other factors described in our Annual Report on Form 10-K and in our other filings with the SEC.

For a more complete description of these and other possible risks and uncertainties, please refer to our Annual Report on Form 10-K for the year ended December 31, 2025, as well as to our subsequent filings with the SEC. The forward-looking statements contained herein speak only as of the date hereof, and we make no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances or changes in expectations, except as required by law.

UNITED RENTALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In millions, except per share amounts)

  Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Revenues:

Equipment rentals

$

3,849

$

3,415

$

7,268

$

6,560

Sales of rental equipment

330

317

680

694

Sales of new equipment

86

75

170

145

Contractor supplies sales

44

41

84

77

Service and other revenues

101

95

193

186

Total revenues

4,410

3,943

8,395

7,662

Cost of revenues:

Cost of equipment rentals, excluding depreciation

1,644

1,443

3,136

2,821

Depreciation of rental equipment

704

651

1,385

1,288

Cost of rental equipment sales

176

171

366

381

Cost of new equipment sales

68

61

138

117

Cost of contractor supplies sales

30

28

58

54

Cost of service and other revenues

56

56

111

112

Total cost of revenues

2,678

2,410

5,194

4,773

Gross profit

1,732

1,533

3,201

2,889

Selling, general and administrative expenses (1)

472

422

913

859

Restructuring charge

6

—

51

1

Non-rental depreciation and amortization

116

108

230

222

Operating income

1,138

1,003

2,007

1,807

Interest expense, net (1)

178

171

354

355

Other income, net (1)

(47

)

(7

)

(55

)

(75

)

Income before provision for income taxes

1,007

839

1,708

1,527

Provision for income taxes

254

217

424

387

Net income (1)

$

753

$

622

$

1,284

$

1,140

Diluted earnings per share (1)

$

12.03

$

9.59

$

20.44

$

17.48

Dividends declared per share

$

1.97

$

1.79

$

3.94

$

3.58

UNITED RENTALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions)

  June 30, 2026

December 31,
2025

ASSETS

Cash and cash equivalents

$

112

$

459

Accounts receivable, net

2,797

2,510

Inventory

294

240

Prepaid expenses and other assets

390

399

Total current assets

3,593

3,608

Rental equipment, net

17,350

16,069

Property and equipment, net

1,134

1,134

Goodwill

7,201

7,119

Other intangible assets, net

561

477

Operating lease right-of-use assets

1,412

1,395

Other long-term assets

63

64

Total assets

$

31,314

$

29,866

LIABILITIES AND STOCKHOLDERS’ EQUITY

Short-term debt and current maturities of long-term debt

$

1,541

$

1,577

Accounts payable

1,610

776

Accrued expenses and other liabilities

1,552

1,466

Total current liabilities

4,703

3,819

Long-term debt

12,689

12,652

Deferred taxes

3,333

3,115

Operating lease liabilities

1,155

1,124

Other long-term liabilities

210

188

Total liabilities

22,090

20,898

Common stock

1

1

Additional paid-in capital

2,803

2,769

Retained earnings

16,879

15,843

Treasury stock

(10,152

)

(9,396

)

Accumulated other comprehensive loss

(307

)

(249

)

Total stockholders’ equity

9,224

8,968

Total liabilities and stockholders’ equity

$

31,314

$

29,866

UNITED RENTALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In millions)

  Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Cash Flows From Operating Activities:

Net income

$

753

$

622

$

1,284

$

1,140

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

820

759

1,615

1,510

Amortization of deferred financing costs and original issue discounts

4

4

8

8

Gain on sales of rental equipment

(154

)

(146

)

(314

)

(313

)

Gain on sales of non-rental equipment

(3

)

(6

)

(7

)

(10

)

Gain on sale of business (1)

(49

)

—

(49

)

—

Insurance proceeds from damaged equipment

(13

)

(12

)

(23

)

(23

)

Stock compensation expense, net

43

34

79

70

Restructuring charge

6

—

51

1

Debt related activity (2)

—

—

—

13

Increase (decrease) in deferred taxes

137

(22

)

220

(38

)

Changes in operating assets and liabilities, net of amounts acquired:

(Increase) decrease in accounts receivable

(243

)

(57

)

(272

)

5

Increase in inventory

(40

)

(14

)

(54

)

(41

)

(Increase) decrease in prepaid expenses and other assets

(45

)

(181

)

30

(114

)

Increase in accounts payable

425

296

623

529

Increase in accrued expenses and other liabilities

150

51

114

16

Net cash provided by operating activities

1,791

1,328

3,305

2,753

Cash Flows From Investing Activities:

Payments for purchases of rental equipment

(1,953

)

(1,460

)

(2,720

)

(2,121

)

Payments for purchases of non-rental equipment and intangible assets

(99

)

(98

)

(165

)

(182

)

Proceeds from sales of rental equipment

330

317

680

694

Proceeds from sales of non-rental equipment

13

17

26

31

Proceeds from sale of business (1)

82

—

82

—

Insurance proceeds from damaged equipment

13

12

23

23

Purchases of other companies, net of cash acquired

(4

)

1

(400

)

(16

)

Purchases of investments

—

—

—

(1

)

Proceeds from sales of investments

—

—

3

—

Net cash used in investing activities

(1,618

)

(1,211

)

(2,471

)

(1,572

)

Cash Flows From Financing Activities:

Proceeds from debt

2,448

2,731

4,503

4,829

Payments of debt

(2,145

)

(2,316

)

(4,594

)

(4,952

)

Payment of contingent consideration

—

—

(18

)

(23

)

Payments of financing and other debt related costs (2)

(1

)

(1

)

(1

)

(14

)

Common stock repurchased, including tax withholdings for share-based compensation (3)

(395

)

(431

)

(816

)

(720

)

Dividends paid

(123

)

(117

)

(248

)

(235

)

Net cash used in financing activities

(216

)

(134

)

(1,174

)

(1,115

)

Effect of foreign exchange rates

(1

)

23

(7

)

25

Net (decrease) increase in cash and cash equivalents

(44

)

6

(347

)

91

Cash and cash equivalents at beginning of period

156

542

459

457

Cash and cash equivalents at end of period

$

112

$

548

$

112

$

548

Supplemental disclosure of cash flow information:

Cash paid for income taxes, net

$

141

$

498

$

158

$

540

Cash paid for interest

146

117

342

339

UNITED RENTALS, INC.
RENTAL REVENUE

Fleet productivity is a comprehensive metric that provides greater insight into the decisions made by our managers in support of growth and returns. Specifically, we seek to optimize the interplay of rental rates, time utilization and mix in driving rental revenue. Fleet productivity aggregates, in one metric, the impact of changes in rates, utilization and mix on owned equipment rental revenue.

We believe that this metric is useful in assessing the effectiveness of our decisions on rates, time utilization and mix, particularly as they support the creation of shareholder value. The table below shows the components of the year-over-year change in rental revenue using the fleet productivity methodology:

Year-over-
year
change in
average
OEC

Assumed
year-over-
year inflation
impact (1)

Fleet
productivity
(2)

Contribution
from ancillary
and re-rent
revenue (3)

Total
change in
rental
revenue

Three Months Ended June 30, 2026

7.1%

(1.5)%

3.4%

3.7%

12.7%

Six Months Ended June 30, 2026

6.4%

(1.5)%

2.9%

3.0%

10.8%

Please refer to our Second Quarter 2026 Investor Presentation for additional detail on fleet productivity.

(1)

Reflects the estimated impact of inflation on the revenue productivity of fleet based on OEC, which is recorded at cost.

  (2)

Reflects the combined impact of changes in rental rates, time utilization and mix on owned equipment rental revenue. Changes in customers, fleet, geographies and segments all contribute to changes in mix.

  (3)

Reflects the combined impact of changes in other types of equipment rental revenue: ancillary and re-rent (excludes owned equipment rental revenue).

UNITED RENTALS, INC.
SEGMENT PERFORMANCE
($ in millions)

  Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

Change

2026

2025

Change

General Rentals

Reportable segment equipment rentals revenue

$

2,418

$

2,268

6.6

%

$

4,647

$

4,367

6.4

%

Reportable segment equipment rentals gross profit

865

796

8.7

%

1,618

1,475

9.7

%

Reportable segment equipment rentals gross margin

35.8

%

35.1

%

70 bps

34.8

%

33.8

%

100 bps

Specialty

Reportable segment equipment rentals revenue

$

1,431

$

1,147

24.8

%

$

2,621

$

2,193

19.5

%

Reportable segment equipment rentals gross profit

636

525

21.1

%

1,129

976

15.7

%

Reportable segment equipment rentals gross margin

44.4

%

45.8

%

(140) bps

43.1

%

44.5

%

(140) bps

Total United Rentals

Total equipment rentals revenue

$

3,849

$

3,415

12.7

%

$

7,268

$

6,560

10.8

%

Total equipment rentals gross profit

1,501

1,321

13.6

%

2,747

2,451

12.1

%

Total equipment rentals gross margin

39.0

%

38.7

%

30 bps

37.8

%

37.4

%

40 bps

UNITED RENTALS, INC.
DILUTED EARNINGS PER SHARE CALCULATION
(In millions, except per share data)

  Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Numerator:

Net income available to common stockholders (1)

$

753

$

622

$

1,284

$

1,140

Denominator:

Denominator for basic earnings per share—weighted-average common shares

62.6

64.9

62.7

65.1

Effect of dilutive securities:

Employee stock options

—

—

—

—

Restricted stock units

—

—

0.1

0.1

Denominator for diluted earnings per share—adjusted weighted-average common shares

62.6

64.9

62.8

65.2

Diluted earnings per share (1)

$

12.03

$

9.59

$

20.44

$

17.48

UNITED RENTALS, INC.
ADJUSTED EARNINGS PER SHARE GAAP RECONCILIATION

We define “earnings per share – adjusted” as the sum of earnings per share – GAAP, as-reported plus the impact of the following special items: merger related intangible asset amortization, impact on depreciation related to acquired fleet and property and equipment, impact of the fair value mark-up of acquired fleet, restructuring charge and asset impairment charge. See below for further detail on the special items. Management believes that earnings per share - adjusted provides useful information concerning future profitability. However, earnings per share - adjusted is not a measure of financial performance under GAAP. Accordingly, earnings per share - adjusted should not be considered an alternative to GAAP earnings per share. The table below provides a reconciliation between earnings per share – GAAP, as-reported, and earnings per share – adjusted.

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Earnings per share - GAAP, as-reported (1)

$12.03

$9.59

$20.44

$17.48

After-tax (2) impact of:

Merger related intangible asset amortization (3)

0.39

0.47

0.82

1.00

Impact on depreciation related to acquired fleet and property and equipment (4)

0.22

0.29

0.48

0.58

Impact of the fair value mark-up of acquired fleet (5)

0.03

0.08

0.10

0.21

Restructuring charge (6)

0.07

0.01

0.61

0.02

Asset impairment charge (7)

0.02

0.03

0.02

0.03

Earnings per share - adjusted (1)

$12.76

$10.47

$22.47

$19.32

Tax rate applied to above adjustments (2)

25.1%

25.2%

25.1%

25.2%

(1)

For the three and six months ended June 30, 2026, the impact of the gain on sale of business that is discussed above was a net benefit of $0.58 per diluted share. For the six months ended June 30, 2025, the impact of the merger termination benefit associated with the terminated H&E acquisition was a net benefit of $0.45 per diluted share.

(2)

The tax rates applied to the adjustments reflect the statutory rates in the applicable entities.

(3)

Reflects the amortization of the intangible assets acquired in the major acquisitions completed since 2012 that significantly impact our operations (the "major acquisitions," each of which had annual revenues of over $200 million prior to acquisition).

(4)

Reflects the impact of extending the useful lives of equipment acquired in certain major acquisitions, net of the impact of additional depreciation associated with the fair value mark-up of such equipment.

(5)

Reflects additional costs recorded in cost of rental equipment sales associated with the fair value mark-up of rental equipment acquired in certain major acquisitions and subsequently sold.

(6)

Primarily reflects severance and branch closure charges associated with our restructuring programs. We only include such costs that are part of a restructuring program as restructuring charges. The designated restructuring programs generally involve the closure of a large number of branches over a short period of time, often in periods following a major acquisition, and result in significant costs that we would not normally incur absent a major acquisition or other triggering event that results in the initiation of a restructuring program. Since the first such restructuring program was initiated in 2008, we have completed seven restructuring programs and have incurred total restructuring charges of $435 million. In the fourth quarter of 2025, we initiated a restructuring program associated with the consolidation of certain common functions and certain other cost reduction measures, and the charges above were primarily recognized under this program.

(7)

Reflects write-offs of leasehold improvements and other fixed assets.

UNITED RENTALS, INC.
EBITDA AND ADJUSTED EBITDA GAAP RECONCILIATIONS
($ in millions, except footnotes)

EBITDA represents the sum of net income, provision for income taxes, interest expense, net, depreciation of rental equipment, and non-rental depreciation and amortization. Adjusted EBITDA represents EBITDA plus the sum of the restructuring charges, stock compensation expense, net, and the impact of the fair value mark-up of acquired fleet. See below for further detail on each adjusting item. These items are excluded from adjusted EBITDA internally when evaluating our operating performance and for strategic planning and forecasting purposes, and allow investors to make a more meaningful comparison between our core business operating results over different periods of time, as well as with those of other similar companies. The net income and adjusted EBITDA margins represent net income or adjusted EBITDA divided by total revenue. Management believes that EBITDA and adjusted EBITDA, when viewed with the company’s results under GAAP and the accompanying reconciliation, provide useful information about operating performance and period-over-period growth, and provide additional information that is useful for evaluating the operating performance of our core business without regard to potential distortions. Additionally, management believes that EBITDA and adjusted EBITDA help investors gain an understanding of the factors and trends affecting our ongoing cash earnings, from which capital investments are made and debt is serviced.

The table below provides a reconciliation between net income and EBITDA and adjusted EBITDA.

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net income (1)

$

753

$

622

$

1,284

$

1,140

Provision for income taxes

254

217

424

387

Interest expense, net

178

171

354

355

Depreciation of rental equipment

704

651

1,385

1,288

Non-rental depreciation and amortization

116

108

230

222

EBITDA

$

2,005

$

1,769

$

3,677

$

3,392

Restructuring charge (2)

6

—

51

1

Stock compensation expense, net (3)

43

34

79

70

Impact of the fair value mark-up of acquired fleet (4)

2

7

8

18

Adjusted EBITDA (1)

$

2,056

$

1,810

$

3,815

$

3,481

Net income margin

17.1

%

15.8

%

15.3

%

14.9

%

Adjusted EBITDA margin

46.6

%

45.9

%

45.4

%

45.4

%

(1)

For the three and six months ended June 30, 2026, the impact of the gain on sale of business that is discussed above was a net after-tax benefit of $37 million for net income and a $49 million benefit for adjusted EBITDA. For the six months ended June 30, 2025, the impact of the merger termination benefit associated with the terminated H&E acquisition was a net after-tax benefit of $29 million for net income and a net $52 million benefit for adjusted EBITDA.

(2)

Primarily reflects severance and branch closure charges associated with our restructuring programs. We only include such costs that are part of a restructuring program as restructuring charges. The designated restructuring programs generally involve the closure of a large number of branches over a short period of time, often in periods following a major acquisition, and result in significant costs that we would not normally incur absent a major acquisition or other triggering event that results in the initiation of a restructuring program. Since the first such restructuring program was initiated in 2008, we have completed seven restructuring programs and have incurred total restructuring charges of $435 million. In the fourth quarter of 2025, we initiated a restructuring program associated with the consolidation of certain common functions and certain other cost reduction measures, and the charges above were primarily recognized under this program.

(3)

Represents non-cash, share-based payments associated with the granting of equity instruments.

(4)

Reflects additional costs recorded in cost of rental equipment sales associated with the fair value mark-up of rental equipment acquired in certain major acquisitions and subsequently sold.

UNITED RENTALS, INC.
EBITDA AND ADJUSTED EBITDA GAAP RECONCILIATIONS (continued)
(In millions, except footnotes)

The table below provides a reconciliation between net cash provided by operating activities and EBITDA and adjusted EBITDA.

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net cash provided by operating activities (1)

$

1,791

$

1,328

$

3,305

$

2,753

Adjustments for items included in net cash provided by operating activities but excluded from the calculation of EBITDA:

Amortization of deferred financing costs and original issue discounts

(4

)

(4

)

(8

)

(8

)

Gain on sales of rental equipment

154

146

314

313

Gain on sales of non-rental equipment

3

6

7

10

Gain on sale of business (1)

49

—

49

—

Insurance proceeds from damaged equipment

13

12

23

23

Restructuring charge (2)

(6

)

—

(51

)

(1

)

Stock compensation expense, net (3)

(43

)

(34

)

(79

)

(70

)

Debt related activity (4)

—

—

—

(13

)

Changes in assets and liabilities

(239

)

(300

)

(383

)

(494

)

Cash paid for interest

146

117

342

339

Cash paid for income taxes, net

141

498

158

540

EBITDA

$

2,005

$

1,769

$

3,677

$

3,392

Add back:

Restructuring charge (2)

6

—

51

1

Stock compensation expense, net (3)

43

34

79

70

Impact of the fair value mark-up of acquired fleet (5)

2

7

8

18

Adjusted EBITDA (1)

$

2,056

$

1,810

$

3,815

$

3,481

(1)

For the three and six months ended June 30, 2026, the impact of the gain on sale of business that is discussed above was a $49 million benefit for adjusted EBITDA. For the six months ended June 30, 2025, the impact of the merger termination benefit associated with the terminated H&E acquisition was a net $52 million benefit for both net cash provided by operating activities and adjusted EBITDA.

(2)

Primarily reflects severance and branch closure charges associated with our restructuring programs. We only include such costs that are part of a restructuring program as restructuring charges. The designated restructuring programs generally involve the closure of a large number of branches over a short period of time, often in periods following a major acquisition, and result in significant costs that we would not normally incur absent a major acquisition or other triggering event that results in the initiation of a restructuring program. Since the first such restructuring program was initiated in 2008, we have completed seven restructuring programs and have incurred total restructuring charges of $435 million. In the fourth quarter of 2025, we initiated a restructuring program associated with the consolidation of certain common functions and certain other cost reduction measures, and the charges above were primarily recognized under this program.

(3)

Represents non-cash, share-based payments associated with the granting of equity instruments.

(4)

The amount for the six months ended June 30, 2025 reflects bridge financing fees associated with the terminated H&E acquisition.

(5)

Reflects additional costs recorded in cost of rental equipment sales associated with the fair value mark-up of rental equipment acquired in certain major acquisitions and subsequently sold.

UNITED RENTALS, INC.
FREE CASH FLOW GAAP RECONCILIATION
(In millions, except footnotes)

We define “free cash flow” as net cash provided by operating activities less payments for purchases of, and plus proceeds from, equipment and intangible assets. The equipment and intangible asset items are included in cash flows from investing activities. Management believes that free cash flow provides useful additional information concerning cash flow available to meet future debt service obligations and working capital requirements. However, free cash flow is not a measure of financial performance or liquidity under GAAP. Accordingly, free cash flow should not be considered an alternative to net income or cash flow from operating activities as an indicator of operating performance or liquidity. The table below provides a reconciliation between net cash provided by operating activities and free cash flow.

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net cash provided by operating activities (1)

$

1,791

$

1,328

$

3,305

$

2,753

Payments for purchases of rental equipment

(1,953

)

(1,460

)

(2,720

)

(2,121

)

Payments for purchases of non-rental equipment and intangible assets

(99

)

(98

)

(165

)

(182

)

Proceeds from sales of rental equipment

330

317

680

694

Proceeds from sales of non-rental equipment

13

17

26

31

Insurance proceeds from damaged equipment

13

12

23

23

Free cash flow (1) (2)

$

95

$

116

$

1,149

$

1,198

The table below provides a reconciliation between 2026 forecasted net cash provided by operating activities and free cash flow.

Net cash provided by operating activities

$5,850-$6,650

Payments for purchases of rental equipment

$(4,750)-$(5,350)

Proceeds from sales of rental equipment

$1,350-$1,550

Payments for purchases of non-rental equipment and intangible assets, net of proceeds from sales and insurance proceeds from damaged equipment

$(300)-$(400)

Free cash flow excluding restructuring related payments

$2,150- $2,450

More News From United Rentals, Inc.

Key Takeaways United Rentals is expected to post higher Q2 revenues, driven by rental demand and specialty growth.URI is likely to benefit from higher fleet productivity and rate management despite inflationary costs.URI's Q2 EPS is projected to rise 11.5%, while revenues are expected to increase 7.3% year over year. United Rentals, Inc. (URI - Free Report) is scheduled to report its second-quarter 2026 results on July 22, after market close.

In the last reported quarter, the company’s adjusted earnings per share (EPS) and total revenues topped the Zacks Consensus Estimate by 7.8% and 2.9%, respectively. Also, year over year, the metrics grew 9.6% and 7.2%, respectively.

URI’s earnings surpassed estimates in one of the trailing four quarters and missed on the other three occasions, with a negative average surprise of 1.5%.

How are Estimates Placed for URI Stock?The Zacks Consensus Estimate for second-quarter EPS has inched down to $11.67 from $11.68 in the past seven days. However, the estimated figure indicates an 11.5% increase from the year-ago quarter’s earnings of $10.47 per share.

The consensus estimate for total revenues is pegged at $4.23 billion, indicating growth of 7.3% from the prior-year quarter’s level.

Factors at Play for United Rentals’ Q2 ResultsRevenues

The top-line performance of United Rentals is expected to have grown year over year from favorable secular trends in non-residential construction, infrastructure modernization, power, manufacturing, mining and data center development. These are likely to have resulted in healthy equipment rental demand, thus boosting the contributions from the General Rentals business segment (which contributed 67.3% to first-quarter 2026 total revenues) and the Specialty business segment (which contributed 32.7% to first-quarter 2026 total revenues).

Specialty rentals, which offer higher margins and remain central to United Rentals’ expansion strategy, are expected to have supported revenue growth both organically and through cold starts that added capacity in new markets. The company has also broadened its presence through strategic acquisitions and the introduction of new products, further strengthening the specialty offerings and market reach.

Moreover, URI’s extensive and diverse fleet allows it to manage its rental fleet through a life-cycle approach that focuses on satisfying customer demand and optimizing utilization levels. This business approach is expected to have enabled the company to serve large customers that require a wide range of equipment. Also, acquisitions and joint ventures are likely to have catalyzed the growth trends in the to-be-reported quarter.

For the second quarter, the Zacks Consensus Estimate for revenues from General Rentals and Specialty business segments is pegged at $2.82 billion and $1.41 billion, reflecting year-over-year growth of 4.7% and 13.2%, respectively. The consensus mark for revenues from equipment rentals is expected to increase to $3.67 billion from $3.42 billion reported a year ago.

Earnings & Margins

United Rentals is expected to report year-over-year bottom-line growth in the second quarter, attributable to higher fleet productivity and disciplined rate management. These factors, along with continued cost control, are likely to have contributed to improved profitability and earnings performance.

 Although inflationary pressures and elevated delivery costs are likely to have partly offset these gains, the ongoing in-house initiatives by URI and elevated top-line leverage are expected to have more than overpowered the headwinds.

The consensus estimates for equipment rentals gross profit under the General Rentals and Specialty business segments are pegged at $846 million and $590 million, indicating year-over-year growth from $796 million and $525 million, respectively.

What the Zacks Model Indicates for URIOur proven model conclusively predicts an earnings beat for United Rentals this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat.

URI’s Earnings ESP: URI has an Earnings ESP of +1.39%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.

Zacks Rank of URI: The company currently has a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Other Stocks Poised to Beat EarningsHere are some other companies in the Zacks Construction sector, which according to our model, have the right combination of elements to post an earnings beat.

Boise Cascade Company (BCC - Free Report) has an Earnings ESP of +6.50% and a Zacks Rank of 1 at present.

Boise Cascade’s earnings beat estimates in two of the last four quarters, missed on one occasion and met on the remaining occasion, the average surprise being 40.8%. The company’s earnings for the second quarter of 2026 are expected to decline 25% year over year.

Dycom Industries, Inc. (DY - Free Report) currently has an Earnings ESP of +0.47% and a Zacks Rank of 1.

Dycom’s earnings beat estimates in each of the last four quarters, the average surprise being 25%. The company’s earnings for the second quarter of fiscal 2027 are expected to increase 39.3% year over year.

CRH plc (CRH - Free Report) has an Earnings ESP of +4.08% and a Zacks Rank of 3.

CRH’s earnings beat estimates in two of the last four quarters, missed on one occasion and met on the remaining occasion, the average surprise being 0.7%. The company’s earnings for the second quarter of 2026 are expected to inch up 1% year over year.

Key Takeaways United Rentals raised 2026 guidance after record rental revenues and continued specialty segment growth.Fluor's pipeline & reimbursable backlog support long-term growth despite execution & geopolitical risks.URI earnings estimates moved up, while FLR estimates edged lower, even as both project year-over-year growth. The multiyear infrastructure investment cycle is benefiting infrastructure firms like United Rentals, Inc. (URI - Free Report) and Fluor Corporation (FLR - Free Report) . Growth in public and private funding is boosting demand for large-scale industrial and infrastructure projects.

United Rentals, a renowned equipment rental company, is benefiting from robust demand for specialty rentals and general equipment, supported by non-residential construction, infrastructure, power, industrial manufacturing and data center projects. Meanwhile, Fluor, a global engineering, procurement and construction (EPC) contractor, is leveraging a growing pipeline of large, complex projects across nuclear, LNG, power, mining, life sciences and advanced manufacturing.

Let’s closely compare the fundamentals of the two infrastructure stocks for a better investment decision.

The Case for United Rentals StockThis Connecticut-based equipment rental company is benefiting from favorable secular trends in non-residential construction, infrastructure modernization, power, manufacturing, mining and data center development, which continue to drive healthy equipment rental demand. During the first quarter of 2026, equipment rental revenues climbed 8.7% year over year to a record $3.42 billion, driven by 2.3% growth in fleet productivity and a 5.7% expansion in average fleet size.

Besides, URI’s Specialty segment remains another major growth engine, supported by expanding product offerings and increasing demand for higher-value rental solutions. The segment now represents 36.5% of total revenues (as of 2025) and has delivered a robust 20.2% revenue CAGR over the past decade, reflecting sustained customer adoption. In the first quarter of 2026, Specialty rental revenues surged 13.8% year over year to a record $1.19 billion, significantly outpacing the General Rentals business. Growth was broad-based across all specialty lines, with the company opening 17 new greenfield (cold start) locations during the quarter to expand market reach.

Encouraged by strong customer feedback, particularly for large projects, United Rentals raised its 2026 guidance, expecting total revenues of $16.9-$17.4 billion (from $16.8-$17.3 billion) and higher EBITDA, reflecting confidence in continued demand for equipment rentals and market share gains. Moreover, the company expects to play a key role in the 2026 FIFA World Cup-related projects, adding another growth catalyst.

Besides market tailwinds, URI’s capital allocation approach is also encouraging for stabilizing its competitive position in the market. Since its founding, the company has completed nearly 250 acquisitions to expand its geographic footprint, specialty offerings and one-stop-shop capabilities. United Rentals generated more than $1 billion in first-quarter 2026 free cash flow and maintained a conservative net leverage ratio of 1.9x, providing ample financial flexibility. The company also returned $500 million to shareholders through dividends and share repurchases during the quarter and plans to repurchase approximately $1.5 billion of stock in 2026, underscoring its balanced approach toward growth investments and shareholder value creation.

The Case for Fluor StockFluor is indeed benefiting from mid and long-term market tailwinds given its exposure to end markets like energy, mining & metals, life sciences, advanced manufacturing, data centers, and government and mission solutions. During the first quarter of 2026, management noted that front-end engineering and study work now represent more than $60 billion of potential future backlog if clients proceed with execution phases, while the broader opportunity pipeline has expanded 50% over the past year.

During the first quarter of 2026, consolidated new awards totaled $2.7 billion, with 98% reimbursable, while backlog rose slightly sequentially to $25.7 billion and remained 82% reimbursable. Management also highlighted that margins on newly booked work were materially above the existing backlog margin profile. Fluor further strengthened shareholder returns through more than $500 million of repurchases during the quarter and expects approximately $1.4 billion of buybacks in 2026 following the completion of NuScale monetization.

Although FLR’s diversified portfolio positions it at a stable juncture during commodity and economic cycles, the ongoing macro uncertainties, execution risks and other near-term volatility are taking a toll on it. During first-quarter 2026, Urban Solutions recorded a $37 million charge tied to cost growth and declining productivity on a mining project in the Americas. Management also cited temporary project slowdowns tied to Middle East geopolitical uncertainty. Several infrastructure projects remain in completion phases through 2026 and early 2027, leaving the company exposed to additional closeout and recovery risks.

Fluor operates in a cyclical environment wherein capital spending decisions remain closely tied to commodity prices, energy markets and macroeconomic conditions. Management acknowledged that some award conversions remain weighted toward the back half of 2026 and that prolonged geopolitical instability could delay client spending decisions, increase inflationary pressures and disrupt supply chains. Also, its reach outside national borders exposes FLR to foreign currency fluctuations and legal uncertainties.

Stock Performance & ValuationAs witnessed from the chart below, in the year-to-date period, United Rentals’ share price performance has been above Fluor’s and the broader Construction sector.

Image Source: Zacks Investment Research

Considering valuation, over the last five years, United Rentals has been trading above Fluor on a forward 12-month price-to-earnings (P/E) ratio basis.

Image Source: Zacks Investment Research

Overall, from these technical indicators, it can be deduced that URI stock offers an increasing growth trend but with a premium valuation, while FLR stock offers a diminishing growth trend with a discounted valuation.

Comparing EPS Estimate Trends: URI vs. FLRThe Zacks Consensus Estimate for URI’s 2026 and 2027 earnings has moved upward in the past seven days to $46.77 and $53.01 per share, respectively. The revised estimates for 2026 and 2027 imply year-over-year growth of 11.2% and 13.3%, respectively.

URI's EPS Trend

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for FLR’s 2026 and 2027 earnings has trickled down in the past 30 days to $2.63 and $3.08 per share, respectively. However, the estimates for 2026 and 2027 imply year-over-year improvements of 20.1% and 16.9%, respectively.

FLR's EPS Trend

Image Source: Zacks Investment Research

Return on Equity (ROE) of URI & FLR StocksUnited Rentals’ trailing 12-month ROE of 30.56% significantly exceeds Fluor’s average, underscoring its efficiency in generating shareholder returns.

Image Source: Zacks Investment Research

Which Stock to Go for Now: URI or FLR?United Rentals continues to benefit from strong secular demand across infrastructure, power, manufacturing, mining and data center projects, while its fast-growing Specialty business raised 2026 guidance and its disciplined acquisition strategy reinforces confidence in sustained earnings growth. Healthy free cash flow, a conservative balance sheet and meaningful share repurchases further strengthen its investment appeal. Its superior return on equity and stronger estimate revision trend reflect better operational momentum.

Fluor also possesses an attractive long-term opportunity, supported by a sizable opportunity pipeline, reimbursable backlog and exposure to energy, mining and advanced manufacturing projects. However, execution challenges, geopolitical uncertainty, project timing risks and downward earnings estimate revisions temper its near-term outlook.

Importantly, URI stock’s Zacks Rank #2 (Buy) seems favorable over FLR stock’s Zacks Rank #5 (Strong Sell). Overall, United Rentals stands out as the better investment today, with its diversified rental platform, resilient cash-generation capabilities and stronger earnings visibility outweighing valuation concerns, making it the more compelling choice over Fluor for long-term investors. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

According to recent news, EquipmentShare.com raised its FY26 revenue guidance on July 9 and authorized a $500 million share repurchase program.

Kratos shares rose sharply on Tuesday after the company announced it had received approximately $400 million in new funding from the Department of Defense for hypersonic systems and other national security programs.

Cheniere Energy said it will issue its earnings release for the second quarter on Thursday, Aug. 6, before the market opens.

Citigroup analyst Asiya Merchant, on Monday, maintained Super Micro Computer with a Neutral and raised the price target from $31 to $33.

Morgan Stanley analyst Richard Hill, on Friday, maintained Phillips Edison with an Equal-Weight rating and raised the price target from $38 to $42.

The Mad Money host said he can’t recommend Pool Corporation (NASDAQ:POOL) because housing transactions are at a 40-year low.

Pool announced that it will release its second quarter earnings results before the opening bell on July 23.

Price Action:

Kratos shares gained 7.2% to settle at $50.36 on Tuesday. Equipmentshare shares rose 3.1% to close at $17.34 during the session. Cheniere Energy shares rose 0.7% to settle at $265.03 on Tuesday. Phillips Edison shares gained 0.7% to close at $42.46. Pool shares fell 0.4% to settle at $210.07 on Tuesday. Super Micro Computer shares fell 0.1% to close at $ 27.65 during the session. Photo via Shutterstock

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STAMFORD, Conn.--(BUSINESS WIRE)--United Rentals, Inc. (NYSE: URI) will hold its second quarter 2026 conference call with Matt Flannery, chief executive officer, and Ted Grace, chief financial officer, on Thursday, July 23, 2026 at 8:30 a.m. Eastern Time. The conference call is available live by audio webcast at unitedrentals.com, where it will be archived until the next earnings call. The call is also accessible by dialing 800-579-2568 (international: 785-424-1222). The replay number for the c.

Key Takeaways United Rentals raised 2026 guidance after record first-quarter revenues, adjusted EBITDA and EPS.URI grew rental revenues 8.7% as fleet productivity improved and specialty rental demand remained strong.United Rentals is expanding fleet investment while pursuing cost controls, buybacks and dividends. United Rentals, Inc. (URI - Free Report) appears well-positioned to protect profitability through higher fleet efficiency and disciplined execution despite lingering cost pressures across the equipment rental industry. It kicked off 2026 with record first-quarter revenues, adjusted EBITDA and earnings per share, while raising its full-year guidance, reflecting confidence in demand across large construction, infrastructure, power and industrial projects.

A key driver behind the strong performance was improved fleet productivity, which increased 2.3% year over year and helped owned equipment rental revenues grow 6.5%. Rental revenues climbed 8.7% to a record $3.4 billion, supported by fleet expansion, healthy pricing and robust specialty demand. The specialty business continued to shine with 13.8% rental revenue growth, fueled by strength across all product categories and continued investments in new locations.

Cost inflation, however, remains an overhang. Higher depreciation, delivery expenses and ancillary revenue mix weighed on specialty margins, while tariffs, labor costs and equipment replacement expenses continue to pose risks. To counter these pressures, United Rentals has intensified cost-control efforts through branch consolidation, workforce optimization and tighter management of variable expenses. These initiatives contributed to underlying EBITDA margin expansion despite restructuring charges during the first quarter of 2026.

URI is also investing aggressively where returns appear strongest. It raised its 2026 gross rental CapEx outlook to support fleet growth in high-demand markets while maintaining a healthy 1.9x leverage ratio and generating more than $1 billion in quarterly free cash flow. Combined with ongoing share repurchases and dividend payments, United Rentals' capital allocation strategy reinforces shareholder value.

If fleet productivity continues improving alongside healthy project activity, United Rentals appears well-equipped to offset cost headwinds and sustain profitable growth through 2026.

United Rentals, EMCOR & Argan: Rental Race OnUnited Rentals operates at the center of North America's equipment rental market, benefiting from sustained demand across non-residential construction, infrastructure, manufacturing and power projects. Unlike EMCOR Group, Inc. (EME - Free Report) , which generates revenues by designing, installing and maintaining complex building systems, URI profits from rising equipment utilization and fleet productivity as contractors increasingly prefer to rent rather than own equipment.

Meanwhile, Argan, Inc. (AGX - Free Report) remains more dependent on large EPC contracts, particularly in power generation, making its revenues more project-driven and less diversified than United Rentals'. While EMCOR gains from expanding MEP services and Argan capitalizes on utility-scale energy investments, URI enjoys broader exposure across multiple end markets through its extensive fleet and specialty rental offerings.

URI’s scale, pricing power and recurring rental demand provide greater resilience to construction cycles than those of EMCOR and Argan, strengthening its long-term competitive positioning.

URI Stock’s Price Performance & Valuation TrendShares of this Connecticut-based equipment rental company climbed 35.8% year to date, outperforming the Zacks Building Products - Miscellaneous industry, the broader Zacks Construction sector and the S&P 500 Index.

Image Source: Zacks Investment Research

URI stock is currently trading at a premium compared with the industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 21.9, as the trend lines suggest below.

Image Source: Zacks Investment Research

Earnings Estimate Trend of URIURI’s earnings estimates for 2026 and 2027 have moved downward over the past seven days to $46.76 and $52.75 per share, respectively. However, the revised estimates for 2026 and 2027 imply year-over-year improvement of 11.2% and 12.8%, respectively.

Image Source: Zacks Investment Research

United Rentals currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at United Rentals (URI - Free Report) , which currently has a Momentum Style Score of B. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. United Rentals currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market?Let's discuss some of the components of the Momentum Style Score for URI that show why this equipment rental company shows promise as a solid momentum pick.

A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.

For URI, shares are up 0.24% over the past week while the Zacks Building Products - Miscellaneous industry is up 3.71% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 10.41% compares favorably with the industry's 2.12% performance as well.

Considering longer term price metrics, like performance over the last three months or year, can be advantageous as well. Over the past quarter, shares of United Rentals have risen 45.92%, and are up 43.52% in the last year. In comparison, the S&P 500 has only moved 12.27% and 23.62%, respectively.

Investors should also take note of URI's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now URI is averaging 508,652 shares for the last 20 days..

Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with URI.

Over the past two months, 3 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost URI's consensus estimate, increasing from $46.99 to $47.26 in the past 60 days. Looking at the next fiscal year, 3 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom LineGiven these factors, it shouldn't be surprising that URI is a #2 (Buy) stock and boasts a Momentum Score of B. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep United Rentals on your short list.

Calamos Advisors LLC lifted its holdings in shares of United Rentals, Inc. (NYSE:URI – Free Report) by 27.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,267 shares of the construction company’s stock after purchasing an additional 6,308 shares during the period. Calamos Advisors LLC’s holdings in United Rentals were worth $23,686,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Capital International Investors increased its stake in shares of United Rentals by 22.8% during the 3rd quarter. Capital International Investors now owns 3,402,524 shares of the construction company’s stock worth $3,247,762,000 after purchasing an additional 631,484 shares in the last quarter. Capital World Investors increased its stake in shares of United Rentals by 6.7% during the 3rd quarter. Capital World Investors now owns 2,678,614 shares of the construction company’s stock worth $2,557,158,000 after purchasing an additional 168,685 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of United Rentals by 6.8% during the 3rd quarter. Franklin Resources Inc. now owns 1,315,086 shares of the construction company’s stock worth $1,255,460,000 after purchasing an additional 83,978 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of United Rentals by 5.6% during the 3rd quarter. Alliancebernstein L.P. now owns 1,088,209 shares of the construction company’s stock worth $1,038,870,000 after purchasing an additional 57,977 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of United Rentals by 2.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 948,386 shares of the construction company’s stock worth $905,313,000 after purchasing an additional 26,847 shares in the last quarter. 96.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In A number of research analysts have recently weighed in on URI shares. Royal Bank Of Canada raised their price objective on shares of United Rentals from $1,041.00 to $1,119.00 and gave the stock an “outperform” rating in a research note on Friday. Barclays reissued an “underweight” rating and set a $715.00 price objective on shares of United Rentals in a research note on Friday. Citigroup raised their price objective on shares of United Rentals from $950.00 to $1,130.00 and gave the stock a “buy” rating in a research note on Friday. UBS Group raised shares of United Rentals from a “neutral” rating to a “buy” rating and set a $1,025.00 price objective for the company in a research note on Sunday, January 4th. Finally, Robert W. Baird lifted their target price on shares of United Rentals from $970.00 to $1,100.00 and gave the stock an “outperform” rating in a research note on Friday. Thirteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, United Rentals currently has an average rating of “Moderate Buy” and an average target price of $986.35.

Read Our Latest Research Report on United Rentals

United Rentals News Roundup Here are the key news stories impacting United Rentals this week:

Positive Sentiment: Q1 beat and higher guidance — URI reported robust Q1 results, beating revenue and (adjusted) EPS expectations and raised full‑year 2026 guidance, which triggered the large share rally. United Rentals Announces Strong First Quarter Results and Raises Full-Year 2026 Guidance Positive Sentiment: Demand and margins driving outperformance — Coverage points to stronger large‑project demand, cost controls and fleet productivity as the operational drivers of the beat and improved margin outlook. URI Q1 deep dive: Large project demand and cost controls drive outperformance Positive Sentiment: Analyst upgrades lift sentiment — Major brokers raised price targets and ratings (JPMorgan and Robert W. Baird among them), reflecting confidence in upside after the results. Benzinga The Fly Positive Sentiment: Management confident on call — The earnings call emphasized continued demand strength and execution, reinforcing the raised outlook. United Rentals’ Earnings Call Signals Confident Growth Neutral Sentiment: Market recognition and index spotlight — Coverage notes URI gaining visibility in indexes (Russell 1000) and elevated media attention following the print. How Is United Rentals Gaining Spotlight In The Russell 1000 Index? Neutral Sentiment: Dividend declared — URI declared a quarterly dividend (paid late May), a small income element but not a primary driver of the move. Benzinga movers Negative Sentiment: Sharp run‑up raises near‑term risk — The stock jumped 20%+ on the print, leaving valuation higher and increasing the chance of profit‑taking and short‑term volatility (which appears to be occurring today). Why United Rentals Stock Jumped More Than 20 Today Negative Sentiment: Volume and volatility spike — Trading volume has climbed materially around the print, increasing execution risk for larger positions and the chance of intraday swings. United Rentals stock soars 23 as earnings beat lifts outlook Insider Activity In other United Rentals news, EVP Michael D. Durand sold 2,490 shares of United Rentals stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $791.14, for a total value of $1,969,938.60. Following the completion of the sale, the executive vice president directly owned 7,458 shares of the company’s stock, valued at approximately $5,900,322.12. The trade was a 25.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Andrew B. Limoges sold 548 shares of United Rentals stock in a transaction that occurred on Friday, April 24th. The stock was sold at an average price of $977.86, for a total transaction of $535,867.28. Following the completion of the sale, the vice president directly owned 1,865 shares of the company’s stock, valued at $1,823,708.90. The trade was a 22.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 27,304 shares of company stock valued at $26,116,584 over the last quarter. Insiders own 0.47% of the company’s stock.

United Rentals Stock Down 1.2% URI stock opened at $975.12 on Friday. The stock has a market capitalization of $61.09 billion, a P/E ratio of 24.88, a PEG ratio of 1.59 and a beta of 1.68. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.88 and a current ratio of 0.80. United Rentals, Inc. has a one year low of $611.93 and a one year high of $1,021.47. The company has a 50 day moving average price of $795.43 and a two-hundred day moving average price of $842.66.

United Rentals (NYSE:URI – Get Free Report) last released its earnings results on Wednesday, April 22nd. The construction company reported $9.71 EPS for the quarter, missing the consensus estimate of $11.47 by ($1.76). The firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.20 billion. United Rentals had a return on equity of 30.56% and a net margin of 15.32%.The firm’s revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the firm posted $8.86 earnings per share. As a group, sell-side analysts expect that United Rentals, Inc. will post 46.64 EPS for the current year.

United Rentals Announces Dividend The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 27th. Shareholders of record on Wednesday, May 13th will be paid a $1.97 dividend. This represents a $7.88 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Wednesday, May 13th. United Rentals’s payout ratio is presently 20.37%.

United Rentals declared that its Board of Directors has authorized a share buyback plan on Wednesday, January 28th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the construction company to buy up to 8.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

United Rentals Company Profile (Free Report)

United Rentals, Inc (NYSE: URI) is a leading equipment rental company headquartered in Stamford, Connecticut. The firm provides rental solutions and related services to construction, industrial, commercial, and municipal customers. Its business model centers on providing access to a broad fleet of equipment on a short-term or long-term basis, enabling customers to avoid the capital expenditure of ownership and to scale equipment use to match project needs.

The company’s product and service offerings span general construction equipment and a range of specialty categories, including aerial work platforms, earthmoving and excavation machines, material handling equipment, pumps, power and HVAC systems, trench and shoring solutions, and tools.

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AEGON ASSET MANAGEMENT UK Plc lowered its position in shares of United Rentals, Inc. (NYSE:URI – Free Report) by 33.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,689 shares of the construction company’s stock after selling 18,168 shares during the quarter. AEGON ASSET MANAGEMENT UK Plc owned approximately 0.06% of United Rentals worth $28,890,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Aventura Private Wealth LLC acquired a new stake in United Rentals in the 4th quarter valued at about $27,000. Salomon & Ludwin LLC grew its position in shares of United Rentals by 650.0% during the 3rd quarter. Salomon & Ludwin LLC now owns 30 shares of the construction company’s stock worth $29,000 after buying an additional 26 shares during the period. Abich Financial Wealth Management LLC acquired a new stake in shares of United Rentals during the 3rd quarter worth approximately $29,000. Cedar Mountain Advisors LLC acquired a new stake in shares of United Rentals during the 3rd quarter worth approximately $32,000. Finally, Board of the Pension Protection Fund acquired a new stake in shares of United Rentals during the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 96.26% of the company’s stock.

United Rentals News Roundup Here are the key news stories impacting United Rentals this week:

Positive Sentiment: Q1 beat and higher guidance — URI reported robust Q1 results, beating revenue and (adjusted) EPS expectations and raised full‑year 2026 guidance, which triggered the large share rally. United Rentals Announces Strong First Quarter Results and Raises Full-Year 2026 Guidance Positive Sentiment: Demand and margins driving outperformance — Coverage points to stronger large‑project demand, cost controls and fleet productivity as the operational drivers of the beat and improved margin outlook. URI Q1 deep dive: Large project demand and cost controls drive outperformance Positive Sentiment: Analyst upgrades lift sentiment — Major brokers raised price targets and ratings (JPMorgan and Robert W. Baird among them), reflecting confidence in upside after the results. Benzinga The Fly Positive Sentiment: Management confident on call — The earnings call emphasized continued demand strength and execution, reinforcing the raised outlook. United Rentals’ Earnings Call Signals Confident Growth Neutral Sentiment: Market recognition and index spotlight — Coverage notes URI gaining visibility in indexes (Russell 1000) and elevated media attention following the print. How Is United Rentals Gaining Spotlight In The Russell 1000 Index? Neutral Sentiment: Dividend declared — URI declared a quarterly dividend (paid late May), a small income element but not a primary driver of the move. Benzinga movers Negative Sentiment: Sharp run‑up raises near‑term risk — The stock jumped 20%+ on the print, leaving valuation higher and increasing the chance of profit‑taking and short‑term volatility (which appears to be occurring today). Why United Rentals Stock Jumped More Than 20 Today Negative Sentiment: Volume and volatility spike — Trading volume has climbed materially around the print, increasing execution risk for larger positions and the chance of intraday swings. United Rentals stock soars 23 as earnings beat lifts outlook United Rentals Stock Performance Shares of URI opened at $975.12 on Friday. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.88 and a current ratio of 0.80. United Rentals, Inc. has a twelve month low of $611.93 and a twelve month high of $1,021.47. The firm’s 50 day moving average price is $795.43 and its two-hundred day moving average price is $841.64. The firm has a market cap of $61.09 billion, a P/E ratio of 24.88, a PEG ratio of 1.59 and a beta of 1.68.

United Rentals (NYSE:URI – Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The construction company reported $9.71 earnings per share for the quarter, missing analysts’ consensus estimates of $11.47 by ($1.76). United Rentals had a net margin of 15.32% and a return on equity of 30.56%. The company had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.20 billion. During the same period in the previous year, the firm posted $8.86 EPS. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, analysts forecast that United Rentals, Inc. will post 46.64 EPS for the current fiscal year.

United Rentals Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 27th. Shareholders of record on Wednesday, May 13th will be paid a $1.97 dividend. The ex-dividend date of this dividend is Wednesday, May 13th. This represents a $7.88 dividend on an annualized basis and a yield of 0.8%. United Rentals’s payout ratio is presently 20.37%.

United Rentals announced that its Board of Directors has approved a share buyback program on Wednesday, January 28th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the construction company to reacquire up to 8.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth Several brokerages have recently commented on URI. UBS Group upgraded shares of United Rentals from a “neutral” rating to a “buy” rating and set a $1,025.00 price target for the company in a research report on Sunday, January 4th. Robert W. Baird lifted their price objective on shares of United Rentals from $970.00 to $1,100.00 and gave the stock an “outperform” rating in a research note on Friday. KeyCorp lifted their price objective on shares of United Rentals from $950.00 to $1,150.00 and gave the stock an “overweight” rating in a research note on Friday. Truist Financial set a $1,209.00 price objective on shares of United Rentals in a research note on Friday. Finally, Sanford C. Bernstein set a $903.00 price objective on shares of United Rentals and gave the stock an “outperform” rating in a research note on Thursday, April 9th. Thirteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $986.35.

Get Our Latest Stock Report on United Rentals

Insider Activity at United Rentals In other United Rentals news, EVP Michael D. Durand sold 2,490 shares of United Rentals stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $791.14, for a total value of $1,969,938.60. Following the transaction, the executive vice president owned 7,458 shares of the company’s stock, valued at approximately $5,900,322.12. The trade was a 25.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Matthew John Flannery sold 22,768 shares of United Rentals stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $984.98, for a total transaction of $22,426,024.64. Following the completion of the transaction, the chief executive officer directly owned 99,980 shares in the company, valued at approximately $98,478,300.40. The trade was a 18.55% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 27,304 shares of company stock worth $26,116,584. Corporate insiders own 0.47% of the company’s stock.

United Rentals Profile (Free Report)

United Rentals, Inc (NYSE: URI) is a leading equipment rental company headquartered in Stamford, Connecticut. The firm provides rental solutions and related services to construction, industrial, commercial, and municipal customers. Its business model centers on providing access to a broad fleet of equipment on a short-term or long-term basis, enabling customers to avoid the capital expenditure of ownership and to scale equipment use to match project needs.

The company’s product and service offerings span general construction equipment and a range of specialty categories, including aerial work platforms, earthmoving and excavation machines, material handling equipment, pumps, power and HVAC systems, trench and shoring solutions, and tools.

Further Reading Five stocks we like better than United Rentals Want to see what other hedge funds are holding URI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for United Rentals, Inc. (NYSE:URI – Free Report).

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Cornerstone Investment Partners LLC lifted its stake in United Rentals, Inc. (NYSE:URI – Free Report) by 12.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 90,222 shares of the construction company’s stock after purchasing an additional 10,174 shares during the period. United Rentals comprises about 2.8% of Cornerstone Investment Partners LLC’s investment portfolio, making the stock its 18th largest position. Cornerstone Investment Partners LLC owned 0.14% of United Rentals worth $73,018,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in URI. Woodline Partners LP grew its holdings in shares of United Rentals by 40.0% in the first quarter. Woodline Partners LP now owns 5,518 shares of the construction company’s stock worth $3,458,000 after purchasing an additional 1,577 shares during the last quarter. Sei Investments Co. grew its holdings in United Rentals by 24.7% during the 2nd quarter. Sei Investments Co. now owns 27,136 shares of the construction company’s stock worth $20,444,000 after acquiring an additional 5,375 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in United Rentals by 43.6% during the 2nd quarter. Treasurer of the State of North Carolina now owns 56,057 shares of the construction company’s stock worth $42,233,000 after acquiring an additional 17,030 shares in the last quarter. HUB Investment Partners LLC grew its holdings in United Rentals by 11.3% during the 2nd quarter. HUB Investment Partners LLC now owns 2,205 shares of the construction company’s stock worth $1,661,000 after acquiring an additional 223 shares in the last quarter. Finally, Diversify Advisory Services LLC grew its holdings in United Rentals by 338.7% during the 2nd quarter. Diversify Advisory Services LLC now owns 1,654 shares of the construction company’s stock worth $1,246,000 after acquiring an additional 1,277 shares in the last quarter. 96.26% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets Several brokerages have issued reports on URI. Citigroup increased their target price on shares of United Rentals from $950.00 to $1,130.00 and gave the stock a “buy” rating in a report on Friday. Robert W. Baird increased their target price on shares of United Rentals from $970.00 to $1,100.00 and gave the stock an “outperform” rating in a report on Friday. Morgan Stanley reiterated an “overweight” rating and set a $1,030.00 target price on shares of United Rentals in a report on Friday. KeyCorp increased their target price on shares of United Rentals from $950.00 to $1,150.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Barclays reiterated an “underweight” rating and set a $715.00 target price on shares of United Rentals in a report on Friday. Thirteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $986.35.

Check Out Our Latest Research Report on URI

United Rentals Stock Performance Shares of United Rentals stock opened at $975.12 on Monday. The firm has a market capitalization of $61.09 billion, a P/E ratio of 24.88, a PEG ratio of 1.56 and a beta of 1.68. The company has a quick ratio of 0.74, a current ratio of 0.80 and a debt-to-equity ratio of 1.37. The company has a 50 day moving average price of $795.43 and a 200 day moving average price of $840.56. United Rentals, Inc. has a 52 week low of $611.93 and a 52 week high of $1,021.47.

United Rentals (NYSE:URI – Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The construction company reported $9.71 EPS for the quarter, missing the consensus estimate of $11.47 by ($1.76). The company had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.20 billion. United Rentals had a net margin of 15.32% and a return on equity of 30.56%. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the previous year, the business earned $8.86 earnings per share. Sell-side analysts expect that United Rentals, Inc. will post 46.68 EPS for the current year.

United Rentals Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 27th. Investors of record on Wednesday, May 13th will be given a $1.97 dividend. This represents a $7.88 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Wednesday, May 13th. United Rentals’s dividend payout ratio (DPR) is presently 20.10%.

United Rentals declared that its Board of Directors has approved a stock buyback plan on Wednesday, January 28th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the construction company to repurchase up to 8.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

More United Rentals News Here are the key news stories impacting United Rentals this week:

Positive Sentiment: Q1 beat and higher guidance — URI reported robust Q1 results, beating revenue and (adjusted) EPS expectations and raised full‑year 2026 guidance, which triggered the large share rally. United Rentals Announces Strong First Quarter Results and Raises Full-Year 2026 Guidance Positive Sentiment: Demand and margins driving outperformance — Coverage points to stronger large‑project demand, cost controls and fleet productivity as the operational drivers of the beat and improved margin outlook. URI Q1 deep dive: Large project demand and cost controls drive outperformance Positive Sentiment: Analyst upgrades lift sentiment — Major brokers raised price targets and ratings (JPMorgan and Robert W. Baird among them), reflecting confidence in upside after the results. Benzinga The Fly Positive Sentiment: Management confident on call — The earnings call emphasized continued demand strength and execution, reinforcing the raised outlook. United Rentals’ Earnings Call Signals Confident Growth Neutral Sentiment: Market recognition and index spotlight — Coverage notes URI gaining visibility in indexes (Russell 1000) and elevated media attention following the print. How Is United Rentals Gaining Spotlight In The Russell 1000 Index? Neutral Sentiment: Dividend declared — URI declared a quarterly dividend (paid late May), a small income element but not a primary driver of the move. Benzinga movers Negative Sentiment: Sharp run‑up raises near‑term risk — The stock jumped 20%+ on the print, leaving valuation higher and increasing the chance of profit‑taking and short‑term volatility (which appears to be occurring today). Why United Rentals Stock Jumped More Than 20 Today Negative Sentiment: Volume and volatility spike — Trading volume has climbed materially around the print, increasing execution risk for larger positions and the chance of intraday swings. United Rentals stock soars 23 as earnings beat lifts outlook Insider Activity at United Rentals In related news, VP Andrew B. Limoges sold 548 shares of the stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $977.86, for a total value of $535,867.28. Following the completion of the transaction, the vice president directly owned 1,865 shares of the company’s stock, valued at $1,823,708.90. This trade represents a 22.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Michael D. Durand sold 2,490 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $791.14, for a total transaction of $1,969,938.60. Following the completion of the transaction, the executive vice president directly owned 7,458 shares of the company’s stock, valued at $5,900,322.12. The trade was a 25.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 27,304 shares of company stock valued at $26,116,584. Company insiders own 0.47% of the company’s stock.

United Rentals Company Profile (Free Report)

United Rentals, Inc (NYSE: URI) is a leading equipment rental company headquartered in Stamford, Connecticut. The firm provides rental solutions and related services to construction, industrial, commercial, and municipal customers. Its business model centers on providing access to a broad fleet of equipment on a short-term or long-term basis, enabling customers to avoid the capital expenditure of ownership and to scale equipment use to match project needs.

The company’s product and service offerings span general construction equipment and a range of specialty categories, including aerial work platforms, earthmoving and excavation machines, material handling equipment, pumps, power and HVAC systems, trench and shoring solutions, and tools.

Featured Stories Five stocks we like better than United Rentals

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Comerica Bank cut its stake in United Rentals, Inc. (NYSE:URI – Free Report) by 5.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,252 shares of the construction company’s stock after selling 881 shares during the period. Comerica Bank’s holdings in United Rentals were worth $12,344,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of URI. Capital International Investors boosted its position in shares of United Rentals by 22.8% in the third quarter. Capital International Investors now owns 3,402,524 shares of the construction company’s stock worth $3,247,762,000 after acquiring an additional 631,484 shares during the last quarter. TD Asset Management Inc boosted its position in shares of United Rentals by 66.5% in the third quarter. TD Asset Management Inc now owns 484,450 shares of the construction company’s stock worth $462,485,000 after acquiring an additional 193,416 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its position in shares of United Rentals by 3,459.3% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 196,688 shares of the construction company’s stock worth $159,184,000 after acquiring an additional 191,162 shares during the last quarter. Capital World Investors boosted its position in shares of United Rentals by 6.7% in the third quarter. Capital World Investors now owns 2,678,614 shares of the construction company’s stock worth $2,557,158,000 after acquiring an additional 168,685 shares during the last quarter. Finally, Public Sector Pension Investment Board boosted its position in shares of United Rentals by 3,094.3% in the third quarter. Public Sector Pension Investment Board now owns 155,273 shares of the construction company’s stock worth $148,233,000 after acquiring an additional 150,412 shares during the last quarter. 96.26% of the stock is owned by institutional investors and hedge funds.

Insider Activity at United Rentals In other news, VP Andrew B. Limoges sold 548 shares of United Rentals stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $977.86, for a total transaction of $535,867.28. Following the sale, the vice president owned 1,865 shares in the company, valued at $1,823,708.90. This trade represents a 22.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Matthew John Flannery sold 22,768 shares of United Rentals stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $984.98, for a total transaction of $22,426,024.64. Following the sale, the chief executive officer owned 99,980 shares in the company, valued at $98,478,300.40. This represents a 18.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 30,076 shares of company stock valued at $28,783,569. 0.47% of the stock is currently owned by corporate insiders.

United Rentals Trading Up 0.4% URI opened at $963.67 on Wednesday. The firm has a market capitalization of $60.37 billion, a P/E ratio of 24.58, a P/E/G ratio of 1.53 and a beta of 1.68. The firm’s 50 day moving average is $799.23 and its 200-day moving average is $840.51. United Rentals, Inc. has a 52-week low of $611.93 and a 52-week high of $1,021.47. The company has a quick ratio of 0.74, a current ratio of 0.80 and a debt-to-equity ratio of 1.37.

United Rentals (NYSE:URI – Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The construction company reported $9.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $11.47 by ($1.76). The firm had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.20 billion. United Rentals had a net margin of 15.32% and a return on equity of 30.56%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $8.86 EPS. Analysts expect that United Rentals, Inc. will post 46.87 EPS for the current fiscal year.

United Rentals announced that its board has authorized a share repurchase program on Wednesday, January 28th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the construction company to buy up to 8.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

United Rentals Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 27th. Stockholders of record on Wednesday, May 13th will be paid a dividend of $1.97 per share. The ex-dividend date is Wednesday, May 13th. This represents a $7.88 dividend on an annualized basis and a dividend yield of 0.8%. United Rentals’s dividend payout ratio (DPR) is currently 20.10%.

Analyst Upgrades and Downgrades URI has been the topic of several research reports. Weiss Ratings restated a “hold (c+)” rating on shares of United Rentals in a report on Monday, April 20th. Robert W. Baird raised their price target on shares of United Rentals from $970.00 to $1,100.00 and gave the company an “outperform” rating in a report on Friday, April 24th. Sanford C. Bernstein set a $903.00 price target on shares of United Rentals and gave the company an “outperform” rating in a report on Thursday, April 9th. Citigroup raised their price target on shares of United Rentals from $950.00 to $1,130.00 and gave the company a “buy” rating in a report on Friday. Finally, JPMorgan Chase & Co. raised their price target on shares of United Rentals from $850.00 to $1,050.00 and gave the company an “overweight” rating in a report on Friday, April 24th. Thirteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $986.35.

Read Our Latest Stock Analysis on URI

United Rentals Profile (Free Report)

United Rentals, Inc (NYSE: URI) is a leading equipment rental company headquartered in Stamford, Connecticut. The firm provides rental solutions and related services to construction, industrial, commercial, and municipal customers. Its business model centers on providing access to a broad fleet of equipment on a short-term or long-term basis, enabling customers to avoid the capital expenditure of ownership and to scale equipment use to match project needs.

The company’s product and service offerings span general construction equipment and a range of specialty categories, including aerial work platforms, earthmoving and excavation machines, material handling equipment, pumps, power and HVAC systems, trench and shoring solutions, and tools.

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United Rentals delivers strong cash flow and growth, but investors must weigh a richer valuation.

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Early adoption signals strong demand for faster equipment planning

STAMFORD, Conn.--(BUSINESS WIRE)--United Rentals (NYSE: URI) today announced the expansion of its AI-powered Equipment Agent to be accessible in ChatGPT, giving customers a faster, more intuitive way to identify equipment solutions for complex jobsites and time-sensitive projects. The launch marks the first equipment rental application available in the ChatGPT store, expanding how customers can access United Rentals' expertise within the digital tools they already use every day.

Originally launched earlier this year as a first-of-its-kind AI-powered equipment recommendation solution for the equipment rental industry, the Equipment Agent uses a conversational experience to guide customers through key project requirements and quickly connect them to relevant equipment recommendations for the job.

“Leveraging AI can make expertise easier to access,” said Tony Leopold, Senior Vice President - Chief Technology and Strategy Officer, United Rentals. “By bringing the Equipment Agent into ChatGPT, we’re meeting customers in the platforms they already use to plan work, solve problems and make decisions. It’s part of our broader focus on creating digital experiences built around the speed, complexity and realities of modern jobsites.”

The Equipment Agent incorporates fleet knowledge, application expertise and operational insight from across United Rentals’ business. Early usage data indicates customers are leveraging the tool for specification and rental-related queries.

The expansion reflects United Rentals’ broader innovation strategy focused on reducing friction for customers, improving access to expertise and building digital experiences that help jobsites operate more safely, efficiently and productively.

About United Rentals

United Rentals, Inc. is the largest equipment rental company in the world. The company has an integrated network of 1,658 rental locations in North America, 44 in Europe, 46 in Australia and 19 in New Zealand. In North America, the company operates in 49 states and every Canadian province. The company’s approximately 27,900 employees serve construction and industrial customers, utilities, municipalities, homeowners and others. The company offers a fleet of equipment for rent with a total original cost of $22.59 billion. United Rentals is a member of the Standard & Poor’s 500 Index, the Barron’s 400 Index and the Russell 3000 Index® and is headquartered in Stamford, Conn. Additional information about United Rentals is available at unitedrentals.com.

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A month has gone by since the last earnings report for United Rentals (URI - Free Report) . Shares have lost about 5.5% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is United Rentals due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for United Rentals, Inc. before we dive into how investors and analysts have reacted as of late.

United Rentals Q1 Earnings & Revenues Beat on Strong Rental DemandUnited Rentals reported solid first-quarter 2026 results, with adjusted earnings per share (EPS) and total revenues beating the Zacks Consensus Estimate and growing year over year.

Solid execution across its general rentals and specialty businesses helped drive record first-quarter results, while fleet productivity increased 2.3% from the year-ago period.

United Rentals’ Q1 Earnings & RevenuesURI posted adjusted earnings per share of $9.71 for the first quarter, up 9.6% year over year and beat the Zacks Consensus Estimate of $9.01 by 7.8%.

Total revenue rose 7.2% year over year to $3.99 billion and topped the consensus mark of $3.87 billion by 2.9%.

A closer look at the top line shows that equipment rentals remained the dominant contributor in the quarter. Equipment rentals revenue totaled $3.42 billion (up 8.7% year over year), supported by continued demand across construction and industrial end markets. Average original equipment at cost increased 5.7% year over year.

Non-rental lines were mixed but additive to the overall revenue base. Sales of rental equipment were $350 million (down 7.2% year over year), while sales of new equipment were $84 million, up 20% from the year-ago quarter. Contractor supplies sales contributed $40 million and service and other revenues added $92 million, reflecting URI’s broader “one-stop shop” positioning around jobsite solutions.

United Rentals Sees Divergent Margin Trends by SegmentSegment results highlighted both momentum and mix-related pressure points.

In the General Rentals segment, equipment rentals revenue increased 6.2% year over year to $2.23 billion, and equipment rentals gross margin expanded 150 basis points (bps) to 33.8%.

Specialty continued to outgrow the core, with equipment rentals revenue up 13.8% to $1.19 billion. However, specialty equipment rentals gross margin declined 170 bps to 41.4%, with the company citing higher depreciation expense, increased delivery costs and revenue mix changes tied to growth in lower-margin ancillary revenues.

United Rentals Margin Profile Improves ModestlyAt the consolidated level, profitability expanded slightly year over year. Gross profit was $1.47 billion, implying a gross margin of 36.9% versus 36.5% in the year-ago quarter.

Operating income totaled $869 million, producing an operating margin of 21.8% compared with 21.6% a year earlier. The quarter included a $45 million restructuring charge versus $1 million in the first quarter of 2025, tied to the consolidation of certain functions and other cost reduction measures. Selling, general and administrative expenses were $441 million, essentially flat year over year, suggesting cost discipline amid a higher revenue base.

URI also delivered adjusted EBITDA of $1.76 billion, translating to a 44.1% margin for the quarter, which was up 80 bps year over year.

United Rentals Balance Sheet Supported ReturnsURI’s balance sheet and liquidity profile remained a core support for shareholder returns and fleet investment. As of March 31, 2026, total liquidity was $3.38 billion, including $156 million of cash and cash equivalents, while the net leverage ratio was 1.9.

Net cash provided by operating activities totaled $1.51 billion (up from $1.43 billion from the year-ago period), and free cash flow was $1.05 billion (down from $1.08 billion a year ago). URI continued investing in the fleet, including gross payments for purchases of rental equipment of $767 million and gross rental capital expenditures of $874 million.

Capital returns were meaningful alongside that reinvestment. The company returned $500 million to shareholders during the quarter, consisting of $375 million in share repurchases and $125 million in dividends paid. URI also declared a quarterly dividend of $1.97 per share, payable May 27, 2026, to stockholders of record on May 13.

URI Guidance Rose Across Key 2026 TargetsManagement raised full-year fiscal 2026 targets, lifting expectations across several major line items versus the prior outlook. For total revenue, URI now expects $16.9-$17.4 billion, up from the prior range of $16.8-$17.3 billion.

The company also increased its adjusted EBITDA outlook to $7.625-$7.875 billion from $7.575-$7.825 billion expected earlier. On the investment front, URI lifted its net rental capital expenditures after gross purchases target to $2.95-$3.35 billion, after gross purchases of $4.4-$4.8 billion. The prior view called for net rental capital expenditures of $2.85-$3.25 billion, after gross purchases of $4.3-$4.7 billion.

Cash generation expectations moved higher as well. URI now forecasts net cash provided by operating activities of $5.4-$6.2 billion, up from $5.3-$6.1 billion. The company maintained its free cash flow outlook excluding restructuring-related payments at $2.15-$2.45 billion, unchanged from the prior outlook.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates revision.

VGM ScoresCurrently, United Rentals has a nice Growth Score of B, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a score of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, United Rentals has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

The stock-split conversation is heating up again. KLA announced a 10-for-1 forward split in May 2026, and Booking Holdings completed a 25-for-1 split announced in February 2026. With two marquee names in the four-digit club resetting their share prices in the same year, investors are combing through the rest of the high-priced list looking for the next candidate.

Among the names mentioned most often are ASML Holding (NASDAQ: ASML | ASML Price Prediction), GE Vernova (NYSE: GEV), SanDisk (NASDAQ: SNDK), and United Rentals (NYSE: URI). None has announced a split, hinted at one in filings, or telegraphed board action. The ranking below reflects structural likelihood based on nominal price, recent run-up, retail appeal, and sector precedent, counting down from least likely to most likely.

4. ASML ASML carries the heftiest market cap at roughly $629.3 billion, with American depository receipts (ADRs) recently at $1,632.90 after a 122.9% one-year gain. Q1 2026 earnings showed quarterly revenue growth of 13.2% year over year and a trailing P/E of 54x. The company announced a new €12 billion buyback program running through December 2028 and lifted its FY25 dividend.

The bull case: four-digit ADR price and surging AI-driven lithography demand. The bear case is stronger. ASML is a Dutch-domiciled foreign issuer whose ADRs rarely split. Its shareholder base skews heavily institutional, and management has shown no interest in resetting the price. With analysts targeting $1,663.96 and a deep European holder base accustomed to high nominal prices, a split would be out of character. ASML lands at #4.

3. United Rentals United Rentals trades at $938.62, the lowest nominal price in this group, with a market cap of about $58.8 billion. Q1 2026 produced adjusted EPS of $9.71 versus $8.94 expected on $3.985 billion in revenue, up 7.15% year over year. Management raised 2026 guidance to $16.9 billion to $17.4 billion in revenue. Capital return is robust: a fresh $5 billion buyback authorization and a quarterly dividend lifted 10% to $1.97.

Insider activity tells the story. Nine directors acquired 203 shares each at $937.00 on May 8, 2026, while CEO Matthew Flannery disposed of 22,768 shares at $984.976 on April 24, 2026. United Rentals has never executed a stock split. Its run-up has been buyback-driven and its shareholder base is 96.7% institutional. Without a retail catalyst, the cultural disposition leans against a split.

2. GE Vernova Spun off from General Electric in April 2024, GE Vernova trades at $1,038.74 with a market cap near $279.1 billion. Q1 2026 delivered $9.30 billion in revenue, up 15.79% year over year, orders of $18.3 billion (up 71% organically), and an Electrification book-to-bill near 2.5x. Management raised 2026 guidance to $44.5 billion to $45.5 billion in revenue, doubled the dividend to $0.50 per quarter, and expanded its buyback authorization to $10 billion.

CEO Scott Strazik told investors, “our backlog growing by more than $13 billion quarter-over-quarter,” fueled by data center and AI infrastructure demand. The bull case: a young, retail-loved AI infrastructure name approaching four-digit territory with a one-year gain of 126.4%. The bear case: institutional ownership of 79.2% and a leadership team prioritizing buybacks and dividend growth over cosmetic actions. The combination of price level, AI narrative, and fresh corporate identity puts GE Vernova at #2.

1. SanDisk SanDisk is the clearest structural split candidate. The pure-play NAND name trades at $1,478.69, the highest nominal price in the group, with a market cap of roughly $219.0 billion. The chart tells a staggering story: up 522.9% year to date and 3,807.7% over the past year.

Fundamentals justify the move. Q3 FY2026 delivered non-GAAP EPS of $23.41 versus $14.66 consensus on $5.95 billion in revenue, up 251.03% year over year, with gross margin of 78.4%. The Datacenter segment grew 645% year over year to $1.47 billion. Guidance for Q4 calls for revenue of $7.75 billion to $8.25 billion and non-GAAP EPS of $30.00 to $33.00. CEO David Goeckeler said, “This quarter marks a fundamental inflection point for Sandisk where our technology leadership is enabling a deliberate shift in our mix toward the highest-value end markets, led by Datacenter.”

This is the bull case: highest nominal price of the four, U.S.-listed, recent spin-off from Western Digital, zero long-term debt after $650 million in debt repayment, and a newly authorized share repurchase program. On the other hand, SanDisk is a young public company still establishing its capital-return identity, and management has not signaled split intent. On every structural factor that matters, though, SanDisk leads the pack.

The hunt for the next massive share price reset is on—but internal resistance could keep some four-digit giants from ever pulling the trigger. Key Takeaway for Investors None of these four has announced or signaled a stock split. Splits are cosmetic: market cap, fundamentals, and intrinsic value remain unchanged. What they can shift is retail demand, options accessibility, and short-term sentiment. If the four-digit club continues to thin behind KLA and Booking, SanDisk’s combination of nominal price, momentum, and U.S.-listed structure makes it the most natural next candidate, with GE Vernova a credible second. ASML and United Rentals look unlikely to follow that path, though both continue returning capital aggressively through buybacks and dividends. Earnings power and cash flow drive long-term value far more than split mechanics.

In an environment filled with artificial intelligence (AI) enthusiasm and palpable fear of missing out (FOMO), it pays to remember that some of the most basic business models can reward investors, too.

Look at United Rentals (URI +0.63%). Over the past decade, this industrial stock returned 1,360%, beating the S&P 500 by a margin of better than 5-to-1. During that period, United Rentals trounced the broader industrial sector by more than 6x -- all while operating in a decidedly prosaic industry.

United Rentals is an equipment leasing juggernaut. Image source: Getty Images.

Need a forklift for a warehouse or a boom lift for a jobsite? Call United Rentals. The company also leases higher-end equipment manufactured by Caterpillar and Deere. It's a business model that makes a lot of sense. The gear produced by Caterpillar, Deere, and others is pricey, and there are times when farmers, factories, and supervisors need equipment for only a few days or weeks, making it uneconomical to buy bulldozers and forklifts outright.

A growth stock in disguise Perhaps the following numbers aren't what investors are accustomed to in high-flying semiconductor stocks, but 10-year compound annual growth rates (CAGRs) of 10% on the top line and 20% for earnings per share (EPS) have a growth-stock feel. Those percentages belong to United Rentals.

Speaking of growth-stock vibes, United Rentals has AI inroads. All that data center construction and the money utilities are spending to meet soaring power demand require the very equipment that United Rentals leases. Those are among the reasons revenue for the company's utilities segment more than doubled over the past decade.

United Rentals has the scale needed to meet the demands of data center and utilities customers. Over its nearly three decades in business, United Rentals executed hundreds of acquisitions, elevating its share of the North American equipment rental market to 16%. Market share leadership is data for investors. Customers want accessibility. With 1,360 locations in the U.S. and Canada, United Rentals answers that call.

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All of that sounds good, and it is, but United Rentals isn't a risk-free bet. There are some concerns that the stock is stretched on valuation and that the company is potentially vulnerable to losing some hyper-local business to technologically nimble rivals. Valid concerns to be sure, but it's worth noting that in the first quarter, United Rentals posted an 18% gain in ancillary and recent revenue. That's industry-speak for fostering a devoted customer base.

United Rentals' balance sheet is in decent shape Let's not sugarcoat it: United Rentals operates in a cost-intensive arena, so there's going to be some debt on the balance sheet. To its credit, the company is targeting a net debt/earnings before interest, taxes, depreciation, and amortization (EBITDA) ratio of 1.5 to 2.5, down from a prior range of 2 to 3.

Additionally, large-scale consolidation opportunities are limited, indicating that if United Rentals goes hunting for deals, they'll be on the smaller side.

Shareholder rewards are also part of the United Rentals story. In January, the company announced a new $5 billion share repurchase program, with plans to buy back $1.5 billion in stock this year. That was accompanied by a 10% dividend hike. Those are signs that United Rentals is the type of stock that can help investors endure topsy-turvy markets.

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Wedge™ remote monitoring solution provides real-time insights to support safer, more productive jobsites

STAMFORD, Conn.--(BUSINESS WIRE)--United Rentals, Inc. today announced that Wedge®, its remote monitoring solution and a key component of the company's Worksite Performance Solutions™ portfolio, has been named a 2026 Industrial IoT Product of the Year by TMC.

The award recognizes technology solutions that deliver measurable value through connected operations and real-time data. For United Rentals, the recognition reflects the company's broader commitment to helping customers build safer, more productive and more connected jobsites.

Wedge enables customers to remotely monitor and control equipment, environmental conditions and critical jobsite parameters in real time. By delivering actionable insights from locations that may otherwise be difficult or costly to monitor, Wedge helps customers identify potential issues earlier, reduce risk and make more informed operational decisions.

As part of United Rentals' Worksite Performance Solutions portfolio, Wedge helps connect data across jobsites, equipment and operations, giving customers greater visibility into the factors that impact safety, productivity and uptime.

"We're honored that Wedge has been recognized with this award because it reflects the value connected technology can deliver to our customers every day," said Kristen Bauer, Advanced Solutions, United Rentals. "Wedge is more than a monitoring solution. It's part of our broader vision for a connected worksite where real-time data helps customers make faster decisions, reduce risk and keep projects moving forward."

From large construction projects and industrial facilities to critical infrastructure and temporary power applications, customers use Wedge to gain visibility into changing conditions and respond proactively before small issues become larger operational challenges.

The recognition reinforces United Rentals' continued investment in digital innovation and connected solutions that help customers improve jobsite performance. Through Worksite Performance Solutions, the company is bringing together equipment, technology and expertise to help customers work safer, operate more efficiently and maximize uptime.

The Industrial IoT Product of the Year Award honors the most innovative products and solutions driving digital transformation across industrial markets.

About United Rentals

United Rentals, Inc. is the largest equipment rental company in the world. The company has an integrated network of 1,658 rental locations in North America, 44 in Europe, 46 in Australia and 19 in New Zealand. In North America, the company operates in 49 states and every Canadian province. The company’s approximately 27,900 employees serve construction and industrial customers, utilities, municipalities, homeowners and others. The company offers a fleet of equipment for rent with a total original cost of $22.59 billion. United Rentals is a member of the Standard & Poor’s 500 Index, the Barron’s 400 Index and the Russell 3000 Index® and is headquartered in Stamford, Conn. Additional information about United Rentals is available at unitedrentals.com.

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