United Rentals Raises 2026 Revenue Forecast to $18.0–18.2 Billion
Key Facts
United Rentals raised its 2026 revenue forecast to a range of $18.0 billion to $18.2 billion, according to its third-quarter earnings release issued in October. The company had forecast annual revenue of $17.5 billion to $17.8 billion in its second-quarter earnings release in July. Chief Executive Matthew Flannery attributed the guidance increase to factors including momentum from "large projects," linking the improved annual outlook to customers' business activity. The revision followed total revenue of $4.893 billion in the third quarter of 2026, according to the company's original release. Net income for the same period was $920 million, alongside record rental revenue in the company's general and specialty segments.
On quarterly profitability, adjusted earnings before interest, taxes, depreciation and amortization totaled $2.331 billion in the third quarter, according to United Rentals' release. Adjusted earnings per share for the same period were $15.55, according to Investing following the results announcement. The website compared that figure with analysts' consensus forecast of $13.94 per share, putting actual earnings above their estimates. In the market reaction to the disclosure, the report said the company's shares rose 1.8% following the earnings announcement and the increase in its annual forecasts. For the full year, the company raised its expected adjusted earnings before interest, taxes, depreciation and amortization range to $8.3 billion to $8.4 billion.
In its operating results, total rental revenue reached $4.316 billion in the third quarter of 2026, according to the company. The general rentals segment generated record quarterly rental revenue of $2.612 billion, the larger contribution of the two segments. The specialty rentals segment also posted record quarterly rental revenue, reaching $1.704 billion in the same period. Operating performance also included a 6.5% increase in fleet productivity in the third quarter compared with the same period a year earlier, according to the release. The productivity improvement and record revenue in both segments came in the quarter management used as the basis for updating its annual revenue and earnings guidance.
United Rentals had set an annual adjusted earnings before interest, taxes, depreciation and amortization range of $7.975 billion to $8.125 billion in July. The latest update therefore covered both expected revenue and adjusted earnings for 2026 compared with guidance announced alongside the second-quarter results. On investment in rental equipment, the company is now targeting gross purchases of $5.2 billion to $5.5 billion during the year. That compares with expected gross purchases of $4.85 billion to $5.25 billion in the July guidance, according to the second-quarter earnings release. The new purchase range covers the gross value of rental equipment the company intends to buy, while the company sets a separate range for net rental capital expenditure.
The company expects net rental capital expenditure of $3.75 billion to $4.05 billion in 2026, according to its latest earnings release. July guidance put this item at $3.4 billion to $3.8 billion, meaning the net spending range was also raised as part of the annual plan update. The investment guidance thus combines an increase in gross equipment purchases with higher net capital expenditure allocated to rentals, compared with the plan announced alongside the second-quarter results. In a shareholder announcement, United Rentals declared a quarterly cash dividend of $1.97 per share, according to Investing's report citing the company's announcement. The dividend is scheduled to be paid on November 25, 2026.