10-Q · July 22, 2026
United Rentals delivered a strong Q2, with revenue up 11.8% to $4.410 billion and diluted EPS up 25.4% to $12.03, above the $11.57 consensus estimate. Growth was led by specialty, while total gross margin expanded 40…
Earnings analysis · 10-Q
URI earnings analysis
Filed October 21, 2026 · Our reading of the company's report
The latest report
The provided 10-Q excerpt does not contain the current-quarter income statement, segment results, balance-sheet balances, cash flow statement, or MD&A, so quarter-over-quarter and year-over-year operating trends cannot…
Read full summary
The provided 10-Q excerpt does not contain the current-quarter income statement, segment results, balance-sheet balances, cash flow statement, or MD&A, so quarter-over-quarter and year-over-year operating trends cannot be assessed from the filing text supplied. The filing reports $13.288 billion of nine-month revenue and $2.939 billion of pretax income, alongside $4.5 billion of variable-rate and $10.2 billion of fixed-rate debt. Controls were effective after a new general ledger implementation, but interest-rate sensitivity and the system transition are notable risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Foreign operations remain modest
Foreign subsidiaries generated $1.150 billion, or 9% of total revenue, during the nine months ended September 30, 2026. Foreign subsidiaries also contributed $145 million, or 5%, of pretax income of $2.939 billion.
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Nine-month revenue and profit disclosed
Management reported $13.288 billion of total revenue and $2.939 billion of pretax income for the nine months ended September 30, 2026.
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Large fixed-rate debt base
The company had $10.2 billion of fixed-rate indebtedness as of September 30, 2026, providing a substantial fixed-rate component to its capital structure.
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Continued share repurchases
The company repurchased 350,828 shares under publicly announced programs during the third quarter at an average price of $1,068.76 per share; $4.225 billion remained available under the repurchase program at September 30, 2026.
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Controls remained effective
Management stated that disclosure controls and procedures were effective as of September 30, 2026, despite implementation of a new accounting and general ledger system during the quarter.
What to watch
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Variable-rate interest exposure
Variable-rate indebtedness totaled $4.5 billion as of September 30, 2026. Management estimates that a one-percentage-point increase in applicable interest rates would reduce annual after-tax earnings by approximately $34 million.
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Fixed-debt fair-value sensitivity
The company had $10.2 billion of fixed-rate indebtedness as of September 30, 2026; a one-percentage-point decrease in market interest rates would increase the fair value of that debt by approximately 3%.
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New general ledger system transition
The company implemented a new accounting and general ledger system during the quarter and modified or added controls related to the implementation. Although controls were deemed effective, the system transition introduces execution and reporting-control risk.
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Repurchase cash use and excise tax
The company plans to complete $1.5 billion of total share repurchases in 2026, while the 1% excise tax on net repurchases totaled $10 million year-to-date through September 30, 2026.
Management's outlook
The provided 10-Q excerpt does not include MD&A, an outlook section, or quantitative revenue/EPS guidance. Prior outlook was disclosed in the July 22, 2026 8-K, not this filing excerpt.
Earlier filings 4
10-Q · April 22, 2026
United Rentals reported Q1 2026 revenue of $3,985 million, up 7.2% year-over-year, driven by equipment rentals which rose 8.7% to $3,419 million. Diluted EPS rose to $8.43 from $7.91 in Q1 2025 and adjusted EBITDA…
10-K · January 28, 2026
United Rentals reports moderate top-line growth in 2025 with total revenues of $16.099 billion (up 4.9% YoY) driven by equipment rentals ($13.806 billion, +6.0%). Management emphasizes profitability, fleet productivity…
10-Q · July 23, 2025
United Rentals reported Q2 revenue of $3,943 million, up 4.5% year-over-year, with equipment rentals rising $200 million (6.2%). Adjusted EBITDA increased to $1,810 million but margins compressed (adjusted EBITDA margin…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.