One of the world's largest equipment rental companies, United Rentals rents out construction, aerial, and industrial machinery along with specialty gear like trench safety systems, power and HVAC units, and mobile storage. Contractors, builders, and industrial firms across North America turn to it for everything from scaffolds to generators. The company grew by buying up rivals like Ahern Rentals and Yak, building a fleet of more than a million machines.
Q2 2026 revenue rose 7.2% to $3.985B with EPS up 6.6% to $8.43 as margins held near prior year
dipped 5.3% from the prior quarter but rose 7.2% from a year ago. Revenue was $3.985B, was 36.9% (up 0.4 points ), and rose 6.6% to $8.43 as equipment rental growth offset specialty . The business grew year over year while cash fell sharply and debt held above $12B.
Key takeaways
rose 7.2% to $3.985B but fell 5.3% from Q1 2026, with equipment rentals up 8.7% to $3.419B from a 5.7% increase in and a 2.3% rise in .
rose 6.6% to $8.43 and rose 2.5% to $531M, while increased 0.4 points to 36.9% and rose 0.2 points to 21.8%.
Cash and equivalents fell 71.2% to $156M and dropped 66.0% sequentially, while of $12.3B was up 6.6% from a year earlier.
Section summaries
Management's Discussion and Analysis
Q2 FY2026 revenue rose 11.8% to $4.41B, driven by 12.7% equipment rental growth from higher fleet size and productivity; net income up 21.1% to $753M.
⌄
Total increased 11.8% to $4.41B for Q2 2026, with equipment rentals up 12.7% due to a 7.1% increase in average OEC and a 3.4% rise in .
rose 6.2% to $1.514B and increased 20.5% from Q1, though was not reported this quarter.
The company repurchased $400M under a new $5B program in Q2 and plans $1.5B in total 2026 buybacks; stood at $2.999B as of June 30, 2026.
of $4.1B exposes earnings to a $30M after-tax reduction per one-point rate increase, per the Q2 market risk disclosure.
What changed
Q2 2026 was not reported, continuing the pattern from Q3 and Q4 2025; the prior flagged watch item for Q2 free cash flow after the $1.054B Q1 result remains unsettled by this filing.
Specialty flagged in Q1 2026 (41.4%) and FY2025 (43.6%) was not broken out in the Q2 table figures provided, but the MD&A narrative from Q1 noted mix shift and as continuing drivers.
The new $5.0B program authorized in Q1 2026 proceeded with $400M bought back in Q2, against the flagged watch item on program pace and the next above $1.79 per share.
Cash fell to $156M at Q2 2026 from $542M a year earlier, a 71.2% decline, versus the FY2025 year-end level of $459M and the Q1 2026 level of $542M.
rose to $4.1B at Q2 2026 from $3.7B at Q1 2026, reversing the prior-year decline and raising rate exposure to $30M per point from $28M.
The Q4 2025 restructuring program ($30M–$60M expected costs) flagged in the FY2025 10-K was not updated in this Q2 filing's provided sections.
What to watch
Q3 2026 , which was not reported for Q2, after the $1.054B Q1 figure and as net rental settle.
Pace of the $5.0B program and the next quarterly declaration above $1.79 per share.
Specialty equipment rentals as Yak-acquired fleet and ancillary mix normalize against the Q1 2026 level of 41.4%.
Cash and equivalents trajectory after the 71.2% drop to $156M and its effect on above the $2.999B reported.
General rentals equipment rental grew 6.6% and expanded 70 to 35.8%, while specialty segment revenue surged 24.8% but gross margin contracted 140 bps to 44.4% due to mix shift toward lower-margin ancillary and re-rent revenue.
rose 21.1% to $753M, including a $37M after-tax gain from the sale of part of the scaffolding business; excluding this, net income margin increased 40 .
increased 13.6% to $2.056B, with margin up 70 to 46.6%; excluding the scaffolding gain, adjusted EBITDA margin decreased 40 bps, reflecting lower specialty .
Liquidity stood at $2.999B as of June 30, 2026; the company repurchased $400M under a new $5B program and plans $1.5B in total share repurchases for 2026.
was $1.149B for H1 2026, roughly flat as higher net rental was offset by increased .
Quantitative and Qualitative Disclosures About Market Risk
Market risk arises from $4.1B variable-rate debt and foreign-currency exposure, with limited FX sensitivity.
⌄
Variable-rate debt of $4.1 billion as of June 30, 2026, under , securitization, and term loan facilities, exposes earnings to interest rate changes.
A one-percentage-point increase in rates on variable-rate debt would decrease annual after-tax earnings by approximately $30 million.
Fixed-rate debt of $10.2 billion has sensitivity: a one-percentage-point rate decrease would increase fair value by about 3%.
Foreign subsidiaries generated 9% of total ($749M) and 5% of pretax income ($78M) in the first half of fiscal 2026, mainly from Canada, Europe, Australia, and New Zealand.
A 10% change in exchange rates is not expected to materially impact earnings, and the company does not use forward contracts for speculation.
The information set forth under note 7 to our unaudited condensed consolidated financial statements of this quarterly report on Form 10-Q is incorporated by reference in answer to this item.
⌄
The information set forth under note 7 to our unaudited condensed consolidated financial statements of this quarterly report on Form 10-Q is incorporated by reference in answer to this item.
Our results of operations and financial condition are subject to numerous risks and uncertainties described in our 2025 Form 10-K, which risk factors are incorporated herein by reference. You should carefully consider the risk factors in our 2025 Form 10-K in conjunction with th…
⌄
Our results of operations and financial condition are subject to numerous risks and uncertainties described in our 2025 Form 10-K, which risk factors are incorporated herein by reference. You should carefully consider the risk factors in our 2025 Form 10-K in conjunction with the other information contained in this report. Should any of these risks materialize, our business, financial condition and future prospects could be negatively impacted.