United Rentals (URI) Q1 FY2026 earnings: revenue $4.0 billion, up 7.2% on the year

United Rentals, Inc. (URI) reported revenue of $4.0 billion for Q1 FY2026, the quarter ended 31 March 2026, up 7.2% on the same quarter a year earlier. Net income was $531 million, up 2.5% on the year, and diluted earnings per share $8.43. The figures are the company's own, from the 10-Q it filed with the SEC on 22 April 2026.

Revenue

$4.0 billion

+7.2% on the year · -5.3% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

21.8%

21.6% a year earlier

Q2 FY2024Q1 FY2026

Net income

$531 million

+2.5% on the year · -18.7% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$8.43

+6.6% on the year · -17.9% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 5 raised, 1 kept.

Revenue and rental revenue rose: Total revenue was $3.985 billion, against $3.719 billion a year earlier. Rental revenue was $3.419 billion, against $3.145 billion.
Rental revenue up 8.7%: Rental revenue rose 8.7%, with average original equipment at cost up 5.7%, fleet productivity up 2.3% and ancillary and re-rent revenue adding 2.2 points.
Prior-year merger benefit affects comparison: The first quarter of 2025 included a $29 million after-tax H&E merger termination benefit, or $0.45 per diluted share. Excluding the benefit, adjusted EBITDA margin rose 60 basis points.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	3,985	4,208	3,719	-5.3%	+7.2%
Cost of revenue	2,516	2,618	2,363	-3.9%	+6.5%
Gross profit	1,469	1,590	1,356	-7.6%	+8.3%
Gross margin	36.9%	37.8%	36.5%
Selling, general and administrative	441	431	437	+2.3%	+0.9%
Operating income	869	1,052	804	-17.4%	+8.1%
Operating margin	21.8%	25.0%	21.6%
Pre-tax income	701	874	688	-19.8%	+1.9%
Income tax	170	221	170	-23.1%	0.0%
Effective tax rate	24.3%	25.3%	24.7%
Net income	531	653	518	-18.7%	+2.5%
Net margin	13.3%	15.5%	13.9%
Diluted EPS	$8.43	$10.27	$7.91	-17.9%	+6.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	1,514	1,256	1,425	+20.5%	+6.2%
Cash from investing	-853	-603	-361
Cash from financing	-958	-712	-981
Depreciation and amortisation	114	107	114	+6.5%	0.0%
Share-based compensation	36.0	32.0	36.0	+12.5%	0.0%
Buybacks	421	631	289	-33.3%	+45.7%
Dividends paid	125	114	118	+9.6%	+5.9%
Dividend per share	$1.97	n/a	$1.79		+10.1%
Diluted shares, weighted	63m	n/a	65m		-3.7%
Shares outstanding at period end	63m	63m	65m	-0.6%	-3.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	8,968	8,968	8,789	0.0%	+2.0%
Debt	13,886	14,302	12,922	-2.9%	+7.5%
Operating lease liabilities	1,133	1,124	1,071	+0.8%	+5.8%
Finance lease liabilities	n/a	223	n/a
Other liabilities	5,901	5,249	5,268	+12.4%	+12.0%
Total liabilities and equity	29,888	29,866	28,050	+0.1%	+6.6%
Goodwill	7,285	7,119	6,860	+2.3%	+6.2%
Intangible assets	547	477	642	+14.7%	-14.8%
Cash and equivalents	156	459	542	-66.0%	-71.2%
Receivables	2,561	2,510	2,298	+2.0%	+11.4%
Inventory	256	240	227	+6.7%	+12.8%
Other assets	19,083	19,061	17,481	+0.1%	+9.2%
Total assets	29,888	29,866	28,050	+0.1%	+6.6%

Questions

What was United Rentals' revenue in Q1 FY2026?

United Rentals (URI) reported revenue of $4.0 billion for Q1 FY2026, the quarter ended 31 March 2026, up 7.2% on the same quarter a year earlier.

How much did United Rentals earn in Q1 FY2026?

Net income for Q1 FY2026 was $531 million, up 2.5% on the year, and diluted earnings per share $8.43.

When did United Rentals report Q1 FY2026 results?

United Rentals filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 22 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,776	2,524	2,771	3,051	3,296	3,285	3,554	3,765	3,728	3,485	3,773	3,992	4,095	3,719	3,943	4,229	4,208	3,985	4,410	4,893
Cost of revenue	1,615	1,532	1,621	1,685	1,808	2,044	2,129	2,180	2,166	2,139	2,255	2,344	2,457	2,363	2,410	2,564	2,618	2,516	2,678	2,847
Gross profit	1,161	992	1,150	1,366	1,488	1,241	1,425	1,585	1,562	1,346	1,518	1,648	1,638	1,356	1,533	1,665	1,590	1,469	1,732	2,046
Gross margin	42%	39%	42%	45%	45%	38%	40%	42%	42%	39%	40%	41%	40%	36%	39%	39%	38%	37%	39%	42%
SG&A	322	323	343	356	378	382	378	374	393	389	404	416	436	437	422	442	431	441	472	511
Operating income	745	572	715	921	1,024	740	925	1,099	1,063	852	1,004	1,122	1,087	804	1,003	1,114	1,052	869	1,138	1,409
Operating margin	27%	23%	26%	30%	31%	23%	26%	29%	29%	24%	27%	28%	27%	22%	25%	26%	25%	22%	26%	29%
Pre-tax income	644	483	608	816	895	594	772	943	902	695	835	949	909	688	839	937	874	701	1,007	1,231
Tax rate	25%	24%	19%	26%	29%	24%	23%	25%	25%	22%	24%	25%	24%	25%	26%	25%	25%	24%	25%	25%
Net income	481	367	493	606	639	451	591	703	679	542	636	708	689	518	622	701	653	531	753	920
Net margin	17%	15%	18%	20%	19%	14%	17%	19%	18%	16%	17%	18%	17%	14%	16%	17%	16%	13%	17%	19%
Diluted EPS	$6.61	$5.05	$6.90	$8.66	$9.15	$6.47	$8.58	$10.29	$10.01	$8.04	$9.54	$10.70	$10.47	$7.91	$9.59	$10.91	$10.27	$8.43	$12.03	$14.77
Operating cash flow	668	886	1,154	1,142	1,251	939	1,289	1,062	1,414	1,029	1,265	1,204	1,048	1,425	1,328	1,181	1,256	1,514	1,791	1,629
Capital expenditure	748	537	940	1,161	1,052	870	1,357	1,118	519	653	1,528	1,372	577	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Free cash flow	-80.0	349	214	-19.0	199	69.0	-68.0	-56.0	895	376	-263	-168	471	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Buybacks	1.0	318	501	239	10.0	303	251	252	264	415	376	377	403	289	431	618	631	421	395	375
Dividends paid	0.0	0.0	0.0	0.0	0.0	103	102	100	101	110	109	107	108	118	117	115	114	125	123	123
Shares outstanding	72m	72m	70m	69m	69m	69m	68m	68m	67m	67m	66m	66m	65m	65m	64m	64m	63m	63m	62m	62m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 22 April 2026: the filing.