United Rentals raises 2026 outlook after record quarter as profit climbs 31%

United Rentals turned in a record third quarter and raised its full-year forecast, as the equipment rental giant said large construction projects and customer backlogs kept demand strong.

Net income rose 31.2% to a third-quarter record of $920 million, or $14.77 a diluted share, according to the earnings release the company filed with an 8-K on Wednesday. Adjusted EPS, a non-GAAP measure, was $15.55. Total revenue was $4.893 billion.

Rental revenue jumped 17.8% to a quarterly record of $4.316 billion, driven by a 7.9% increase in the size of the fleet measured by original equipment cost and a 6.5% gain in fleet productivity.

Guidance goes up

United Rentals now expects 2026 total revenue of $18.0 billion to $18.2 billion, up from $17.5 billion to $17.8 billion, and adjusted EBITDA of $8.3 billion to $8.4 billion, up from $7.975 billion to $8.125 billion. It also lifted its planned gross rental equipment purchases to $5.2 billion to $5.5 billion and kept its free cash flow outlook, excluding restructuring payments, at $2.15 billion to $2.45 billion.

"Our raised guidance reflects this, and is supported by our customers' confidence, their backlogs, and the momentum we see across large projects," CEO Matthew Flannery said in the release.

Margins and cash

Adjusted EBITDA rose 19.8% to a record $2.331 billion, and the margin widened 1.6 points to 47.6%. Net income margin rose to 18.8%, which the company attributed mainly to higher rental gross margin.

Year to date, United Rentals generated $1.421 billion of free cash flow and returned $1.496 billion to shareholders, including $1.125 billion of buybacks and $371 million in dividends. Net leverage stood at 1.8 times.

By the numbers

• Total revenue: $4.893 billion
• Rental revenue: $4.316 billion, up 17.8%
• GAAP EPS: $14.77; adjusted EPS: $15.55
• Adjusted EBITDA margin: 47.6%
• 2026 revenue guidance: $18.0 billion to $18.2 billion

Sources

1. United Rentals, Inc., Form 8-K (Items 2.02, 7.01) with Exhibit 99.1 earnings release dated Oct. 21, 2026, accession 0001067701-26-000036

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