United Rentals (URI) investor relations material

Executive summary

• Q3 revenue rose 15.7% YoY to $4.893B; net income reached $920M and adjusted EBITDA $2.331B, supported by rental demand, fleet growth and operating efficiencies.

• Q3 set records for revenue, rental revenue, net income and adjusted EBITDA; FY26 revenue and adjusted EBITDA guidance increased.

• Nine-month revenue grew 11.7% to $13.288B; results included a $53M gain from a scaffolding-business sale.

Financial highlights

• Q3 total revenue was $4.893B, up 15.7%; rental revenue reached a record $4.316B, up 17.8% YoY.

• Q3 net income was $920M vs. $701M; diluted EPS was $14.77 vs. $10.91, and adjusted EPS was $15.55 vs. $11.70.

• Adjusted EBITDA rose 19.8% to a record $2.331B; margin increased 160 bps to 47.6%. Nine-month adjusted EBITDA was $6.146B vs. $5.427B.

• Q3 operating income was $1.409B vs. $1.114B; total rental gross margin rose 240 bps to 42.0%.

• YTD operating cash flow was $4.934B; free cash flow was $1.421B including restructuring payments, or $1.448B excluding $27M of payments.

Outlook and guidance

• FY26 revenue guidance rose to $18.0B–$18.2B from $17.5B–$17.8B; adjusted EBITDA guidance rose to $8.3B–$8.4B from $7.975B–$8.125B.

• FY26 free cash flow guidance is $2.15B–$2.45B, excluding restructuring payments; operating cash flow guidance is $6.25B–$6.85B.

• FY26 gross rental CapEx guidance is $5.2B–$5.5B and net rental CapEx is $3.75B–$4.05B.

• Management cited customer confidence, backlogs and large-project momentum in raising guidance; 2027 guidance is planned for January.

• 2028 aspirational targets include ~$20B revenue, ~$7B adjusted EBITDA, ~$10B Specialty adjusted revenue and 15%+ ROIC.