United Rentals, Inc. (URI) Earnings Call Transcripts

United Rentals, Inc.'s Latest Earnings Call - Q2 FY2026

In the second quarter of fiscal year 2026, United Rentals, Inc. (URI) reported total revenue of $4.4 billion, a 12% increase year-over-year, and adjusted EPS of $12.76, up 22% YoY, both setting quarterly records. Management raised full-year guidance, now expecting total revenue between $17.5 billion and $17.8 billion, reflecting strong demand for large projects and improved operational efficiency. The company also indicated robust free cash flow generation of nearly $1.2 billion year-to-date, supporting ongoing capital allocation strategies including share buybacks and dividends.

Reported metrics

Guidance from management

Management raised full-year revenue guidance to a range of $17.5 billion to $17.8 billion, with adjusted EBITDA guidance increased by $300 million to a range of $7.975 billion to $8.125 billion. They reaffirmed strong free cash flow expectations between $2.15 billion and $2.45 billion.

What management said

Yes. On the margin side, David, I'd say a couple of things. I mean, certainly, if we look at how we started the first half of the year, we're up about 10 basis points on an underlying basis. So the team is doing a great job of managing that. Certainly, we would expect that kind of performance to continue in the back half. There's always going to be normal quarter-to-quarter variability if you think about just the sec...

Yes, absolutely. It won't surprise anybody to know that it has been difficult to kind of forecast ancillary. We did see kind of another outsized growth in the second quarter. In terms of the third quarter, we'll see what happens there. certainly, fuel is part of that. Our expectation is that fuel prices probably remain constant 2Q versus 3Q. And certainly, that will have some impact on where we fall within the range....

What analysts pressed on

Analysts expressed concerns about potential margin pressures due to rising costs in transportation and labor. Questions were raised regarding the sustainability of fleet productivity and whether the company could maintain margins amid increasing delivery costs and inflationary pressures.

Main topics on the call

• Revenue Growth Acceleration — Total revenue grew by 12% year-over-year to $4.4 billion, driven by rental revenue growth of almost 13% to $3.8 billion, both setting quarterly records. Management stated, "Customers remain optimistic, particularly aroun...
• Raised Guidance — Management raised full-year revenue guidance by $500 million, now expecting a range of $17.5 billion to $17.8 billion. This increase reflects confidence in ongoing demand, with management noting, "The large projects drov...
• Strong Free Cash Flow — Free cash flow remained robust at nearly $1.2 billion year-to-date, supporting capital allocation strategies. Management emphasized, "The combination of our industry-leading profitability, capital efficiency and the flex...
• Capital Expenditure Increase — Management increased gross CapEx guidance by $450 million to a range of $4.85 billion to $5.25 billion, driven by historically high time utilizations and strong demand. They noted, "We are running at historically high ti...

Read the full United Rentals, Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 43 United Rentals, Inc. earnings call transcripts on record, spanning January 30, 2020 to July 23, 2026. Based on this history, United Rentals, Inc. reports quarterly. The most recent call on file is dated July 23, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

URI

Exchange

NYSE

Country

US

Sector

Industrials

Industry

Trading Companies and Distributors

Calls on record

43

First call

January 30, 2020

Most recent

July 23, 2026

Reporting cadence

quarterly