联合租赁二季度业绩创新高并上调2026年收入和EBITDA指引

STAMFORD, Conn.--(BUSINESS WIRE)--
United Rentals, Inc. (NYSE: URI) today announced record financial results for the second quarter of 2026, and raised its 2026 full-year guidance.
Second Quarter 2026 Highlights 1
Total revenue of $4.410 billion, including rental revenue 2 of $3.849 billion.
Net income of $753 million, at a margin 3 of 17.1%. GAAP diluted earnings per share (“EPS”) of $12.03, and adjusted EPS 4 of $12.76.
Adjusted EBITDA 4 of $2.056 billion, at a margin 3 of 46.6%.
Year-over-year, fleet productivity 5 increased 3.4%.
Year-to-date net cash provided by operating activities of $3.305 billion; free cash flow 4 of $1.149 billion, including gross payments for purchases of rental equipment of $2.720 billion.
Year-to-date gross rental capital expenditures of $2.931 billion.
Returned $998 million to shareholders year-to-date, comprised of $750 million via share repurchases and $248 million via dividends paid.
Net leverage ratio 6 of 1.8x, with total liquidity 6 of $2.999 billion, at June 30, 2026.
CEO Comment
Matthew Flannery, chief executive officer of United Rentals, said, “As evidenced in our record second-quarter results across EPS, adjusted EBITDA and revenue, 2026 is on track to be a great year for United Rentals. Our growth accelerated in the quarter, customers remain optimistic, particularly around large projects, and we continue to demonstrate strong cost discipline. Our one-stop-shop value proposition, coupled with our technology, service levels, and unwavering focus on safety and customer productivity, continues to differentiate us in the industry.”
Flannery continued, “Looking ahead, I am very pleased that we are again raising our guidance for the year, supported by the tailwinds we see across large projects, customer backlogs, and the momentum witnessed year-to-date. We believe the healthy growth we’ve seen will continue and that we will deliver what our shareholders expect of us: profitable growth, strong free cash flow and compelling returns.”
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1.
The second quarter 2026 results include a gain of $49 million associated with the sale of part of the company's scaffolding business. The impact of the gain was a $37 million after-tax benefit, or $0.58 per diluted share, to net income and a $49 million benefit to adjusted EBITDA.

2.
Rental revenue includes owned equipment rental revenue, re-rent revenue and ancillary revenue.

3.
Net income margin and adjusted EBITDA margin represent net income or adjusted EBITDA divided by total revenue.

4.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), adjusted EPS (earnings per share) and free cash flow are non-GAAP financial measures as defined in the tables below. See the tables below for reconciliations to the most comparable GAAP measures.

5.
Fleet productivity reflects the combined impact of changes in rental rates, time utilization and mix on owned equipment rental revenue.

6.
The net leverage ratio reflects net debt (total debt less cash and cash equivalents) divided by adjusted EBITDA for the trailing 12 months. Total liquidity reflects cash and cash equivalents plus availability under the asset-based revolving credit facility (“ABL facility”) and the accounts receivable securitization facility.

2026 Outlook
The company has raised its 2026 outlook, as reflected below.

Current Outlook

Prior Outlook

Total revenue
$17.5 billion to $17.8 billion

$16.9 billion to $17.4 billion

Adjusted EBITDA 7
$7.975 billion to $8.125 billion

$7.625 billion to $7.875 billion

Net rental capital expenditures after gross purchases
$3.4 billion to $3.8 billion, after gross purchases of $4.85 billion to $5.25 billion

$2.95 billion to $3.35 billion, after gross purchases of $4.4 billion to $4.8 billion

Net cash provided by operating activities
$5.85 billion to $6.65 billion

$5.4 billion to $6.2 billion

Free cash flow excluding restructuring related payments 8
$2.15 billion to $2.45 billion

$2.15 billion to $2.45 billion

Summary of Second Quarter 2026 Financial Results
Rental revenue increased 12.7% year-over-year to a quarterly record of $3.849 billion. Average original equipment at cost (“OEC”) increased 7.1% year-over-year, while fleet productivity increased 3.4%.
Used equipment sales in the quarter increased 4.1% year-over-year. Used equipment sales generated $330 million of proceeds at a GAAP gross margin of 46.7% and an adjusted gross margin 9 of 47.3%, compared to a GAAP gross margin of 46.1% and an adjusted gross margin of 48.3% for the same period last year. The company realized a 52.9% OEC recovery rate on the fleet sold in the second quarter of 2026.
Net income for the quarter increased 21.1% year-over-year to a second quarter record of $753 million, while net income margin increased 130 basis points to 17.1%, including the impact of the $37 million net after-tax gain on sale of business discussed in footnote 1 above. Excluding the gain on sale of business, net income margin for the second quarter of 2026 increased 40 basis points year-over-year, primarily due to increased rental gross margin (see below for a discussion of rental gross margin by segment).
Adjusted EBITDA for the quarter increased 13.6% year-over-year to a quarterly record of $2.056 billion, while adjusted EBITDA margin increased 70 basis points to 46.6%, including the $49 million impact of the gain on sale of business discussed above. Excluding the gain on sale of business, adjusted EBITDA margin for the second quarter of 2026 decreased 40 basis points year-over-year. This margin decline primarily reflects decreased rental gross margin in the specialty rentals segment, attributable to changes in revenue mix driven by growth in lower-margin ancillary and re-rent revenues, partially offset by a reduction in labor and benefits expenses as a percentage of revenue, as discussed below.
General rentals segment rental revenue increased 6.6% year-over-year to a quarterly record of $2.418 billion, while rental gross margin increased by 70 basis points year-over-year to 35.8%, primarily due to a reduction in depreciation as a percentage of revenue.
Specialty rentals segment rental revenue increased 24.8% year-over-year to a quarterly record of $1.431 billion. Rental gross margin decreased by 140 basis points year-over-year to 44.4%, primarily due to changes in revenue mix driven by growth in lower-margin ancillary and re-rent revenues, partially offset by a reduction in labor and benefits expenses as a percentage of revenue.
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7.
Information reconciling forward-looking adjusted EBITDA to the comparable GAAP financial measures is unavailable to the company without unreasonable effort, as discussed below.

8.
Free cash flow excludes restructuring related payments, which cannot be reasonably predicted for the 2026 outlook. Restructuring related payments were $20 million for the six months ended June 30, 2026.

9.
Used equipment sales adjusted gross margin is a non-GAAP financial measure that excludes the impact ($2 million and $7 million for the three months ended June 30, 2026 and 2025, respectively) of the fair value mark-up of fleet acquired in certain major acquisitions that was subsequently sold. This adjustment is explained further in the tables below, and represents the only difference between the GAAP gross margin and the adjusted gross margin.

Cash flow from operating activities increased 20.1% year-over-year to $3.305 billion for the first six months of 2026, and free cash flow, including restructuring related payments, decreased 4.1%, from $1.198 billion to $1.149 billion. Cash flow from operating activities and free cash flow in 2025 both included a $52 million merger termination benefit associated with the terminated H&E acquisition. 10
Capital management. The company’s net leverage ratio was 1.8x at June 30, 2026, as compared to 1.9x at December 31, 2025. During the six months ended June 30, 2026, the company completed its prior $2.0 billion share repurcha