United Rentals earnings: guidance and results
MyStockButler's October 2026 analysis: United Rentals' next results are expected on January 27, 2027. Watch fleet productivity.
What has United Rentals guided for 2026?
United Rentals offers a path to $1,241.84 by October 2029, but the return hinges on fleet productivity, Specialty margins and used-equipment recovery. For 2026, management guides to revenue of $18,000–$18,200 million and adjusted EBITDA of $8,300–$8,400 million. The company’s free cash flow guidance is $2,150–$2,450 million. Gross rental capital expenditure—money spent buying equipment for the rental fleet—is guided to $5,200–$5,500 million.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Total revenue | Year to Dec 2026 | 18,000 | 18,200 | Oct 21, 2026 |
| Adjusted EBITDA | Year to Dec 2026 | 8,300 | 8,400 | Oct 21, 2026 |
| Net rental capital expenditures after gross purchases | Year to Dec 2026 | 3,750 | 4,050 | Oct 21, 2026 |
| Free cash flow excluding restructuring related payments | Year to Dec 2026 | 2,150 | 2,450 | Oct 21, 2026 |
| Share repurchases | Year to Dec 2026 | 1,500 | 1,500 | Oct 21, 2026 |
Has United Rentals kept its past promises?
The promises record therefore deserves a mixed verdict: earnings guidance has tended to be cautious, while free cash flow has been less reliable. The next question is whether outside analysts now expect the stronger performance to continue.
| What management forecast | Checked | Above | Within | Below |
|---|---|---|---|---|
| Total revenue | 5 years | 4 | 1 | 0 |
| Adjusted EBITDA | 5 years | 4 | 1 | 0 |
| Free cash flow excluding merger and restructuring related payments | 5 years | 1 | 3 | 1 |
What do United Rentals’ last eight quarters show?
Cash from operations improved, yet capital spending still exceeded it before disposal receipts. The eight-quarter pattern is seasonal: March quarters generated cash after spending, while June and September absorbed heavier investment. The quarter therefore supports a better operating outlook, but the new and specialty fleet must keep earning as it matures.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,893 | 4,410 | 3,985 | 4,208 | 4,229 | 3,943 | 3,719 | 4,095 |
| Operating income | 1,409 | 1,138 | 869 | 1,052 | 1,114 | 1,003 | 804 | 1,087 |
| Net income | 920 | 753 | 531 | 653 | 701 | 622 | 518 | 689 |
| EPS, diluted | 14.77 | 12.03 | 8.43 | 10.27 | 10.91 | 9.59 | 7.91 | 10.47 |
| Cash from operations | 1,629 | 1,791 | 1,514 | 1,256 | 1,181 | 1,328 | 1,425 | 1,048 |
| = Free cash flow | -105 | -261 | 681 | 577 | -365 | -230 | 680 | 365 |
What this means. The company can report a profit while having negative free cash flow because it spent more cash on equipment than its daily business brought in.
What should you watch in United Rentals’ next release?
The October 22, 2026 results call is the first checkpoint. Management should clarify how much equipment spending is committed, which project categories need it and whether demand extends beyond large projects.