United Rentals (URI) Q3 FY2026 Earnings Call: Guidance and Outlook
Management updated full year 2026 guidance to reflect higher expectations for revenue, EBITDA, and CapEx based on continued business momentum.
About United Rentals. , founded in 1997 and headquartered in Stamford, Connecticut, functions as a prominent equipment rental firm through its various subsidiaries. The company's operations are divided into two main divisions: General Rentals and Specialty.
The demand environment for large projects remains robust, supporting revised guidance.
Fleet productivity
Fleet productivity of 6.5% contributed to OER growth of 12.9% in the third quarter.
Used equipment
Demand for used equipment remains strong, with expectations to sell approximately $2.8 billion of fleet this year at a recovery rate in the low 50s.
Specialty expansion
Specialty total revenue grew 35% year-over-year with 12 cold starts added in the quarter, bringing the year-to-date total to 40.
Cost pressures
Inflation remains real and above trend across labor and parts, but is being successfully offset by efficiency and productivity gains.
Balance sheet
Net leverage ended September at 1.8x, remaining comfortably within the targeted range of 1.5 to 2.5x following an investment grade rating upgrade by S&P.
Dombey's summary of the United Rentals Q3 FY2026 earnings call held Oct 22, 2026, written from the call itself. Every figure on this page was checked against what was said on the call, and quoted lines are management's own words; we do not add estimates or prices. The tone score is our read of management's wording, guidance and answers. Check figures against the company's SEC filings before acting. This is research, not investment advice.
