United Rentals’ equipment rental revenue in Q226 totaled $3.849 billion compared to $3.415 billion in the second quarter of 2026, a 12.7-percent jump. United Rentals posted $4.410 billion in second quarter 2026 revenue compared to $3.943 billion in the second quarter of 2025, an 11.8-percent increase.

United Rentals raised its total revenue expectation for the year to a range of $17.5 billion to $17.8 billion compared to its previous outlook, which was in the range between $16.9 billion to $17.4 billion.

Used equipment sales in the quarter increased 4.1 percent year over year. The company realized a 52.9-percent OEC recovery rate on the fleet sold in the second quarter of 2026.

Net income for the quarter increased 21.1 percent year-over-year to a second quarter record of $753 million, while net income margin increased 130 basis points to 17.1 percent. Excluding the gain on sale of business, net income margin for the second quarter of 2026 increased 40 basis points year-over-year, primarily due to increased rental gross margin (see below for a discussion of rental gross margin by segment).

Adjusted EBITDA for the quarter increased 13.6 percent year-over-year to a quarterly record of $2.056 billion, while adjusted EBITDA margin increased 70 basis points to 46.6 percent, including the $49 million impact of the gain on sale of business discussed above. Excluding the gain on sale of business, adjusted EBITDA margin for the second quarter of 2026 decreased 40 basis points year-over-year. This margin decline primarily reflects decreased rental gross margin in the specialty rentals segment, attributable to changes in revenue mix driven by growth in lower-margin ancillary and re-rent revenues, partially offset by a reduction in labor and benefits expenses as a percentage of revenue, as discussed below.

General rentals segment rental revenue increased 6.6 percent year-over-year to a quarterly record of $2.418 billion, while rental gross margin increased by 70 basis points year-over-year to 35.8%, primarily because of a reduction in depreciation as a percentage of revenue. 

Specialty rentals revenue climbs 24.8 percent

Specialty rentals segment rental revenue increased 24.8 percent year-over-year to a quarterly record of $1.431 billion. Rental gross margin decreased by 140 basis points year-over-year to 44.4 percent, primarily because of changes in revenue mix driven by growth in lower-margin ancillary and re-rent revenues, partially offset by a reduction in labor and benefits expenses as a percentage of revenue.

“As evidenced in our record second-quarter results across EPS, adjusted EBITDA and revenue, 2026 is on track to be a great year for United Rentals,” said Matthew Flannery, CEO of United Rentals. “Our growth accelerated in the quarter, customers remain optimistic, particularly around large projects, and we continue to demonstrate strong cost discipline. Our one-stop-shop value proposition, coupled with our technology, service levels, and unwavering focus on safety and customer productivity, continues to differentiate us in the industry.

“Looking ahead, I am very pleased that we are again raising our guidance for the year, supported by the tailwinds we see across large projects, customer backlogs, and the momentum witnessed year-to-date. We believe the healthy growth we’ve seen will continue and that we will deliver what our shareholders expect of us: profitable growth, strong free cash flow and compelling returns.”