The raised guidance midpoint implies Q4 2026 revenue of ~$4.7B-$4.9B and adjusted EBITDA of ~$2.15B-$2.25B. Monitor the conference call (Oct 22) for commentary on large-project pipeline sustainability and specialty segment momentum, which drove the 34.7% YoY rental revenue growth.
Price Chart
Executive Summary
United Rentals reported record Q3 2026 results with total revenue of $4.893B (up 15.7% YoY) and GAAP diluted EPS of $14.77 (up 35.4% YoY). Adjusted EPS of $15.55 beat consensus of $13.47 by 15.4%. The company raised its full-year 2026 revenue guidance to $18.0B-$18.2B (from $17.5B-$17.8B) and adjusted EBITDA guidance to $8.3B-$8.4B (from $7.975B-$8.125B). Rental revenue grew 17.8% YoY driven by 6.5% fleet productivity improvement and 7.9% OEC growth. Net leverage improved to 1.8x.
Key Financial Metrics
Key Facts
- Total revenue $4.893B vs $4.229B YoY (+15.7%)
- GAAP diluted EPS $14.77 vs $10.91 YoY (+35.4%)
- Adjusted EPS $15.55 vs consensus $13.47 (+15.4% beat)
- Adjusted EBITDA $2.331B vs $1.946B YoY (+19.8%), margin 47.6% vs 46.0%
- Rental revenue $4.316B, up 17.8% YoY (record quarterly)
- Fleet productivity +6.5% YoY; average OEC +7.9%
- Full-year 2026 revenue guidance raised to $18.0B-$18.2B (prior $17.5B-$17.8B)
- Full-year 2026 adjusted EBITDA guidance raised to $8.3B-$8.4B (prior $7.975B-$8.125B)
- Net leverage ratio 1.8x (down from 1.9x at Dec 2025)
- Year-to-date returned $1.496B to shareholders ($1.125B buybacks + $371M dividends)
- General rentals segment revenue +8.8% YoY; specialty segment +34.7% YoY
- Net income margin expanded 220 bps to 18.8%
Financial Impact
Revenue beat consensus by ~$153M (3.2%); adjusted EPS beat by $2.08 (15.4%); full-year revenue guidance raised by $500M at midpoint; adjusted EBITDA guidance raised by $300M at midpoint
Risk Factors
- Cyclical exposure to construction/industrial activity; potential slowdown in large projects
- Higher interest rates could pressure customer demand and increase debt service costs
- Tariff and inflation impacts on fleet replacement costs and margins
- Restructuring charges ($15M in Q3) related to branch consolidations may signal ongoing cost pressures
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001067701-26-000036 |
| Document: uri-20261021.htm | 0001067701-26-000036 |
| Document: 0001067701-26-000036-index-headers.html | 0001067701-26-000036 |
| Document: 0001067701-26-000036-index.html | 0001067701-26-000036 |
| Document: 0001067701-26-000036.txt | 0001067701-26-000036 |
| 8-K Data (Synthetic) | 0001067701-26-000036 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | S-3ASR | $1,098.88 $1,121.90 | ▲ +2.09% | ▲ +1.38% | $1,121.90 (+2.09%) |
Oct 21, 2026 5d ago | 8-K | $1,111.02 $1,098.88 | ▼ −1.09% | ▼ −0.57% | $1,121.90 (+0.98%) |
Oct 16, 2026 9d ago | Institutional Cluster | $1,024.51 $1,043.57 | ▲ +1.86% | ▲ +1.53% | $1,121.90 (+9.51%) |
Jun 29, 2026 17w ago | Court Ruling | $1,132.89 $1,111.76 | ▼ −1.87% | ▼ −1.73% | $1,121.90 (−0.97%) |
Apr 27, 2026 26w ago | Insider Cluster | $962.72 $952.13 | ▼ −1.10% | ▼ −1.08% | $1,121.90 (+16.53%) |
Apr 24, 2026 26w ago | Insider Cluster | $959.85 $962.72 | ▲ +0.30% | ▲ +0.79% | $1,121.90 (+16.88%) |
Apr 24, 2026 26w ago | Insider Cluster | $959.85 $962.72 | ▲ +0.30% | ▲ +0.79% | $1,121.90 (+16.88%) |
Apr 24, 2026 26w ago | Insider Cluster | $959.85 $962.72 | ▲ +0.30% | ▲ +0.79% | $1,121.90 (+16.88%) |
Apr 22, 2026 26w ago | 8-K | $986.71 $974.02 | ▼ −1.29% | ▼ −2.07% | $1,121.90 (+13.70%) |
Mar 25, 2026 30w ago | DEFA14A | $739.43 $730.89 | ▼ −1.15% | ▲ +0.53% | $1,121.90 (+51.73%) |
US Market Status
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