What drove the significant increase in revenue for the quarter?

The primary driver of the revenue increase was a robust performance in equipment rentals, which grew by 12.7% year-over-year. This growth was supported by a 7.1% increase in the average original equipment cost (OEC) of the fleet and a 3.4% improvement in fleet productivity. The Specialty segment, in particular, experienced substantial growth in equipment rentals at 24.8%.

How is the company managing its debt and liquidity?

United Rentals maintains a strong liquidity position with $2.999 billion available as of June 30, 2026. The company's debt consists of both variable and fixed-rate instruments. As of the reporting date, the company was in compliance with all loan covenants and has flexibility to make share repurchases and dividend payments. The company expects its current sources of cash to be sufficient to support operations over the next 12 months.

What is the outlook for share repurchases and dividends?

The company has a significant capital return program in place. A new $5.0 billion share repurchase program was authorized in January 2026, and $400 million had been repurchased by June 30, 2026. Management intends to complete $1.5 billion in total share repurchases in 2026. Dividends are also being paid consistently, with a quarterly dividend of $1.97 per share declared in July 2026.

Are there any significant restructuring activities impacting the results?

Yes, the company incurred $51 million in restructuring charges in the first six months of 2026, primarily related to a cost savings restructuring program initiated in the fourth quarter of 2025. These charges are primarily comprised of severance and branch closure costs. The company expects to incur between $55 and $65 million in total costs under this program.

URI 10-Q Quarterly Report Q2 FY2026 — Revenue, Net Income, EPS

01—Abstract

Summary

Summary of the 10-Q filed July 22, 2026. Cited figures are marked; the original filing is the authoritative source.

United Rentals, Inc. (URI) reported a solid quarter with total revenues reaching $4.41 billion^a, an 11.8% increase year-over-year, driven primarily by a 12.7% rise in equipment rentals.

This strong top-line performance translated into a 21.1% increase in net income to $753 million^b for the three months ended June 30, 2026, compared to the prior year period. The company continues to demonstrate robust operational execution, with a focus on optimizing its fleet and customer mix, leading to improved fleet productivity and rental margins, particularly in the general rentals segment. Significant share repurchases and consistent dividend payments highlight the company's commitment to returning capital to shareholders.

The company's balance sheet remains strong, with total assets growing to $31.3 billion^c. While total liabilities also increased, driven by higher accounts payable reflecting increased business activity, the company maintained ample liquidity with $2.999 billion in available liquidity as of June 30, 2026. The ongoing share repurchase program, with $4.6 billion remaining authorization, underscores management's confidence in the business and its ability to generate free cash flow, which was $1.149 billion for the first six months of the year.

02—Key points

Key Highlights

Total revenues increased by 11.8% year-over-year to $4.41 billion for the three months ended June 30, 2026.
Net income grew by 21.1% to $753 million, or $12.03 per diluted share, for the quarter.
Equipment rentals, the core business, saw a 12.7% increase driven by higher fleet utilization and rental rates.
The company repurchased $400 million of its stock under its new $5.0 billion share repurchase program, demonstrating strong capital return initiatives.
Available liquidity remained robust at $2.999 billion as of June 30, 2026, providing financial flexibility.
The Specialty segment showed particularly strong growth in equipment rentals, increasing by 24.8% year-over-year.

03—Questions

Frequently Asked Questions

What drove the significant increase in revenue for the quarter?
The primary driver of the revenue increase was a robust performance in equipment rentals, which grew by 12.7% year-over-year. This growth was supported by a 7.1% increase in the average original equipment cost (OEC) of the fleet and a 3.4% improvement in fleet productivity. The Specialty segment, in particular, experienced substantial growth in equipment rentals at 24.8%.
How is the company managing its debt and liquidity?
United Rentals maintains a strong liquidity position with $2.999 billion available as of June 30, 2026. The company's debt consists of both variable and fixed-rate instruments. As of the reporting date, the company was in compliance with all loan covenants and has flexibility to make share repurchases and dividend payments. The company expects its current sources of cash to be sufficient to support operations over the next 12 months.
What is the outlook for share repurchases and dividends?
The company has a significant capital return program in place. A new $5.0 billion share repurchase program was authorized in January 2026, and $400 million had been repurchased by June 30, 2026. Management intends to complete $1.5 billion in total share repurchases in 2026. Dividends are also being paid consistently, with a quarterly dividend of $1.97 per share declared in July 2026.
Are there any significant restructuring activities impacting the results?
Yes, the company incurred $51 million in restructuring charges in the first six months of 2026, primarily related to a cost savings restructuring program initiated in the fourth quarter of 2025. These charges are primarily comprised of severance and branch closure costs. The company expects to incur between $55 and $65 million in total costs under this program.

04—Continue

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