United Rentals

United Rentals is the largest equipment rental company in the world. It rents construction and industrial equipment, such as aerial work platforms, earthmoving equipment, forklifts and tools, to construction and industrial companies, utilities, municipalities and homeowners. The specialty segment rents trench safety, power and HVAC, fluid solutions, mobile storage and surface protection equipment.

In the first nine months of 2026, the general rentals segment gave 65% of revenue, and the United States gave 91%. The company has 1,686 rental locations in North America, 44 in Europe, 47 in Australia and 18 in New Zealand, and its rental fleet had an original cost of $24.77 billion. In Q3 2026, total revenue was $4,893 million, including rental revenue of $4,316 million.

United Rentals had about 28,600 employees. The head office is in Stamford, Connecticut. Matthew Flannery is Chief Executive Officer.

United Rentals trades above its intrinsic value because investors pay for its strong growth from large construction and industrial projects, its high margins and its share buybacks. In Q3 2026, rental revenue rose 17.8% to $4,316 million, adjusted EPS rose 33% to $15.55, and the company raised its 2026 guidance for the third time, to total revenue of $18.0 billion to $18.2 billion and adjusted EBITDA of $8.3 billion to $8.4 billion. For the shares to keep this price, three things must be true. Large construction and industrial projects must keep demand for rental equipment high in 2027.

Fleet productivity, which rose 6.5% in Q3 2026, must keep the margins high while the company buys more fleet. Net leverage must stay near 1.8 times while the company buys back about $1.5 billion of shares a year. The Q4 2026 report and the 2027 guidance, expected in late January 2027, are the next tests. A slowdown in construction can push the shares down quickly.

1. Oct 21, 2026Passed

   Q3 2026 results: rental growth and guidanceRental revenue growth of 10% or more and a confirmed or higher 2026 guidance pass; a guidance cut fails.Outcome: Rental revenue rose 17.8%, and the company raised its 2026 guidance for the third time.
2. Jan 27, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2026 adjusted EBITDA of $8.3 billion or more and 2027 guidance for revenue growth pass; guidance for lower revenue fails.
3. Apr 21, 2027 · est.Pending

   Q1 2027 results: fleet productivityPositive fleet productivity and rental revenue growth pass; a fall in fleet productivity fails.

Every passed and failed checkpoint across all picks

• October 29, 2026United Rentals (North America) issued $2.5 billion of senior notes: $700 million at 5.550% due 2029, $800 million at 5.750% due 2031 and $1.0 billion at 6.200% due 2036. It used the money to repay its $975 million term loan and to reduce borrowings under its ABL facility.
• October 21, 2026United Rentals reported Q3 2026 results. Total revenue rose 15.7% to $4,893 million, and rental revenue rose 17.8% to $4,316 million. Net income rose 31.2% to $920 million, diluted EPS was $14.77, and adjusted EPS was $15.55. Adjusted EBITDA rose 19.8% to $2,331 million. The company raised its 2026 guidance to total revenue of $18.0 billion to $18.2 billion and adjusted EBITDA of $8.3 billion to $8.4 billion.
• July 22, 2026United Rentals reported Q2 2026 results. Total revenue was $4,410 million, and adjusted EPS was $12.76, including a gain of $0.58 per share from the sale of part of its scaffolding business. It raised its 2026 guidance for the second time.

Last earnings

October 21, 2026 (8-K on sec.gov)

Next earnings

Expected about January 27, 2027. The company has not confirmed the date.

• 8-KNew material agreement and End of a material agreementFiled October 29, 2026 · Read it on sec.gov
• 8-KEarnings release and Investor disclosureFiled October 21, 2026 · uri-20261021
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 21, 2026 · uri-20260930
• 8-KInvestor disclosureFiled September 8, 2026 · uri-20260908
• 8-KEarnings release and Investor disclosureFiled July 22, 2026 · uri-20260722
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 22, 2026 · uri-20260630
• 8-KNew material agreement and New debt or financial obligationFiled June 18, 2026 · Read it on sec.gov
• 8-KShareholder vote resultsFiled May 8, 2026 · uri-20260508
• 8-KEarnings release and Investor disclosureFiled April 22, 2026 · uri-20260422
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 22, 2026 · uri-20260331

Every filing on SEC EDGAR (CIK 1067701)

• Rental demand follows construction and industrial activity. A recession or fewer large projects can lower rental rates and time utilization, and many costs are fixed.
• Total debt was $14,671 million at September 30, 2026. Higher interest rates raise the cost of new debt, and part of the debt has variable rates.
• Too much fleet in the rental industry can lower rental rates and the prices of used equipment, which gave $1,028 million of sales in the first nine months of 2026.
• Tariffs and inflation can raise the cost of new equipment and parts, which the company must buy to keep its fleet young.
• Acquisitions can be difficult to integrate, as the terminated merger with H&E Equipment Services in 2025 shows.

United Rentals funds itself with senior notes, an asset-based revolving credit facility (ABL), an accounts receivable securitization facility and cash flow. At September 30, 2026, total debt was $14,671 million, including $370 million of finance leases, and $1,607 million was due within 12 months. Read more

Dividend yield

0.7% (last 12 months, at today’s price of $1,128.17)

Paid per share

$7.70 in the last 12 months (4 payments)

Current annual rate

$7.88 ($1.97 × 4 a year)

Payout ratio

19% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

August 12, 2026, $1.97 per share

Dividends per share by year

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.