Analyst Consensus ?
ConsensusBuy40 ratings
Bullish2767.5%
Neutral820.0%
Bearish512.5%
United Rentals, Inc. · URI · FY2026 Q1 · Calendar Q2 2026
United Rentals posts record Q1, raises 2026 guidance
United Rentals entered 2026 with momentum carried over from a record 2025. In Q1 FY26 management reported record total revenue, rental revenue, EBITDA and EPS, with adjusted EBITDA margin up 60bps year over year to 44.1%, and it raised full-year guidance for revenue, adjusted EBITDA, capex and free cash flow. The beat was substantial (EPS +8.5% and revenue +2.8% versus consensus), and the market reacted sharply, with the stock up roughly 23% in the session window though it has since drifted lower. The durable-demand case rests on specialty growth (+14% YoY) and a large-project pipeline spanning construction, infrastructure, power and data centers, offset by a projected ~20bp margin decline later in the year and fuel and inflation cost pressures. On balance the evidence supports a resilient demand and earnings-growth backdrop, with margin trajectory the key item to monitor.
Reported After market closeNYSEIndustrials
$63.59B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$9.71
Consensus $8.95
EPS surprise
+8.5%
Reported versus consensus
Reported revenue
$3.98B
Consensus $3.87B
Revenue surprise
+2.8%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+22.9%
Event window
SPY move
-0.4%
Same window
Abnormal move
+23.3%
Stock minus SPY
Volume
3.3×
Versus trailing sessions
Subsequent drift
-5.5%
Up to 20 sessions
URISPY benchmark
Ask FN2 about URI FY2026 Q1
Transcript, numbers and history already loaded
Why did URI rise 22.9% after beating EPS estimates in FY2026 Q1?What changed in URI's guidance and outlook in FY2026 Q1?Give me the bull and bear case for URI after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management raised full-year revenue guidance to $16.9-$17.4 billion and adjusted EBITDA to $7.625-$7.875 billion, also lifting capex and free cash flow outlook, while guiding to a modest ~20bp margin decline later in the year. The quarter delivered record revenue, EBITDA and EPS with a 60bp YoY EBITDA margin expansion and a 2.3% fleet-productivity gain, following the record 2025 close that produced a 45.2% adjusted EBITDA margin.
Guidance delta
Raised. Full-year revenue guidance increased to $16.9-$17.4 billion and adjusted EBITDA to $7.625-$7.875 billion, with gross capex of $4.4-$4.8 billion, net capex of $2.95-$3.35 billion and free cash flow guidance also raised. Management still projects a modest ~20bp margin decline later in the year.
Key takeaways
- Record Q1 total revenue, rental revenue, EBITDA and EPS, with a 44.1% adjusted EBITDA margin up 60bps YoY
- EPS of $9.71 beat consensus of $8.95 (+8.5%); revenue of $3.99B beat $3.87B (+2.8%)
- Full-year revenue, EBITDA, capex and free cash flow guidance all raised
- Specialty segment grew 14% YoY on power, mining and infrastructure demand
- Returned $500M to shareholders in Q1, with a $1.5B share-repurchase plan for 2026
Management priorities
- Focus on fleet productivity and rate capture through the busy season
- Expand specialty cold-starts and additional gen-rent capacity where demand is strong
- Maintain disciplined capital allocation ($4.4-$4.8B gross capex) plus the $1.5B buyback and dividends
- Pursue selective M&A, primarily in specialty equipment (about $400M on four small deals in Q1)
- Execute cost actions across labor, delivery and restructuring to protect margins
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Miss
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Analyst 52W Price Targets
$1,043.59Current
$269Low
$984.22Average
$1,421High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 25, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| RBC Capital | Outperform | Outperform | Maintain | Sep 24, 2026 |
| JP Morgan | Neutral | Overweight | Downgrade | Sep 10, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 11, 2026 |
| Argus Research | Buy | Buy | Maintain | Aug 4, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 24, 2026 |
| UBS | Buy | Buy | Maintain | Jul 24, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 24, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 24, 2026 |
| Barclays | Underweight | Underweight | Maintain | Jul 24, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 23, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 17, 2026 |
| BNP Paribas | Outperform | Neutral | Upgrade | Jun 29, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Jun 25, 2026 |
| Baird | Outperform | Outperform | Maintain | Apr 24, 2026 |
| Bernstein | Outperform | Market Perform | Upgrade | Sep 23, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | May 27, 2025 |
| Oppenheimer | Perform | Perform | Maintain | Apr 29, 2024 |
| Stifel | Buy | Buy | Maintain | Apr 26, 2024 |
| Exane BNP Paribas | Underperform | Outperform | Downgrade | Jan 5, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Jun 2, 2023 |
| OTR Global | Mixed | Positive | Downgrade | Apr 19, 2023 |
| Deutsche Bank | Hold | Hold | Maintain | Apr 12, 2023 |
| Vertical Research | Buy | Buy | Maintain | Jan 20, 2021 |
| CFRA | Buy | Buy | Maintain | Apr 30, 2020 |
| Jefferies | Hold | Buy | Downgrade | Apr 3, 2020 |
| Buckingham Research | Buy | Buy | Maintain | Nov 11, 2019 |
| Buckingham | Buy | Buy | Maintain | Nov 11, 2019 |
| Citi | Buy | Buy | Maintain | Sep 11, 2019 |
| Standpoint Research | Buy | Buy | Maintain | Oct 23, 2018 |
| Argus | Buy | Hold | Upgrade | Oct 22, 2018 |
| Macquarie | Underperform | Underperform | Maintain | Oct 19, 2018 |
| Bank of America | Buy | Buy | Maintain | Sep 13, 2018 |
| Stifel Nicolaus | Buy | Buy | Maintain | Jan 26, 2018 |
| Avondale Partners | Outperform | Market Perform | Upgrade | Jan 26, 2017 |
| Susquehanna | Neutral | Positive | Downgrade | Jan 29, 2016 |
| Longbow Research | Neutral | Buy | Downgrade | Jan 29, 2016 |
| Axiom Capital | Sell | Sell | Maintain | Aug 21, 2015 |
| Wolfe Research | Underperform | Underperform | Maintain | Jul 20, 2015 |
| Northcoast Research | Neutral | Buy | Downgrade | Jun 16, 2014 |
| ISI Group | Buy | Strong Buy | Downgrade | Nov 7, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $1,043.58. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $1,170 | $1,028.77 | +12.1% | Sep 10, 2026 |
| Argus Research | Kristina Ruggeri | $1,250 | $1,142.14 | +19.8% | Aug 4, 2026 |
| Morgan Stanley | Analyst unavailable | $1,335 | $1,137.96 | +27.9% | Jul 24, 2026 |
| KeyBanc | Analyst unavailable | $1,350 | $1,139.71 | +29.4% | Jul 24, 2026 |
| Robert W. Baird | Analyst unavailable | $1,300 | $1,139.71 | +24.6% | Jul 24, 2026 |
| Wells Fargo | Analyst unavailable | $1,355 | $1,139.71 | +29.8% | Jul 24, 2026 |
| Barclays | Analyst unavailable | $950 | $1,139.71 | -9.0% | Jul 24, 2026 |
| UBS | Steven Fisher | $1,350 | $1,156.78 | +29.4% | Jul 23, 2026 |
| Truist Financial | Jamie Cook | $1,421 | $1,111.76 | +36.2% | Jul 2, 2026 |
| UBS | Analyst unavailable | $1,300 | $1,130.8 | +24.6% | Jul 1, 2026 |
| BNP Paribas | Analyst unavailable | $1,320 | $1,121.66 | +26.5% | Jun 29, 2026 |
| KeyBanc | Analyst unavailable | $1,250 | $1,083.72 | +19.8% | Jun 25, 2026 |
| Raymond James | Tim Thein | $1,275 | $1,094.17 | +22.2% | Jun 10, 2026 |
| UBS | Analyst unavailable | $1,145 | $1,010.42 | +9.7% | Jun 3, 2026 |
| Evercore ISI | David Raso | $1,101 | $935.05 | +5.5% | May 11, 2026 |
| Barclays | Analyst unavailable | $715 | $974.41 | -31.5% | Apr 24, 2026 |
| Truist Financial | Analyst unavailable | $1,209 | $967.39 | +15.9% | Apr 24, 2026 |
| Morgan Stanley | Analyst unavailable | $1,030 | $977.07 | -1.3% | Apr 24, 2026 |
| RBC Capital | Analyst unavailable | $1,119 | $986.78 | +7.2% | Apr 24, 2026 |
| KeyBanc | Analyst unavailable | $1,150 | $986.78 | +10.2% | Apr 24, 2026 |
| Robert W. Baird | Analyst unavailable | $1,100 | $986.78 | +5.4% | Apr 24, 2026 |
| Bernstein | Chad Dillard | $903 | $767.36 | -13.5% | Apr 9, 2026 |
| Truist Financial | Analyst unavailable | $972 | $779.29 | -6.9% | Jan 30, 2026 |
| KeyBanc | Analyst unavailable | $950 | $787.04 | -9.0% | Jan 30, 2026 |
| Robert W. Baird | Mircea Dobre | $970 | $787.04 | -7.1% | Jan 30, 2026 |
| Bernstein | Analyst unavailable | $965 | $787.04 | -7.5% | Jan 30, 2026 |
| RBC Capital | Sabahat Khan | $1,041 | $787.04 | -0.2% | Jan 30, 2026 |
| Wells Fargo | Jerry Revich | $1,071 | $956.01 | +2.6% | Jan 23, 2026 |
| Truist Financial | Analyst unavailable | $1,045 | $812.51 | +0.1% | Dec 18, 2025 |
| KeyBanc | Analyst unavailable | $1,000 | $800.83 | -4.2% | Dec 3, 2025 |
| Wells Fargo | Jerry Revich | $995 | $843.26 | -4.7% | Nov 13, 2025 |
| UBS | Steven Fisher | $1,025 | $883.15 | -1.8% | Oct 28, 2025 |
| Truist Financial | Analyst unavailable | $1,169 | $921.12 | +12.0% | Oct 24, 2025 |
| RBC Capital | Sabahat Khan | $1,123 | $914.3 | +7.6% | Oct 24, 2025 |
| Barclays | Analyst unavailable | $600 | $980.37 | -42.5% | Oct 20, 2025 |
| Truist Financial | Analyst unavailable | $1,194 | $988.59 | +14.4% | Oct 8, 2025 |
| Robert W. Baird | Analyst unavailable | $1,050 | $954.66 | +0.6% | Oct 1, 2025 |
| KeyBanc | Analyst unavailable | $1,120 | $931.25 | +7.3% | Sep 25, 2025 |
| Bernstein | Chad Dillard | $1,128 | $943.42 | +8.1% | Sep 23, 2025 |
| BNP Paribas | Thomas Burlton | $900 | $946.43 | -13.8% | Sep 16, 2025 |
| KeyBanc | Analyst unavailable | $1,075 | $955.24 | +3.0% | Aug 29, 2025 |
| Argus Research | Kristina Ruggeri | $935 | $908.14 | -10.4% | Aug 12, 2025 |
| Truist Financial | Analyst unavailable | $786 | $633.6 | -24.7% | Apr 25, 2025 |
| Bernstein | Analyst unavailable | $666 | $653.39 | -36.2% | Mar 25, 2025 |
| Truist Financial | Jamie Cook | $965 | $796.02 | -7.5% | Dec 19, 2024 |
| Citigroup | Kyle Menges | $860 | $744.21 | -17.6% | Jul 29, 2024 |
| Truist Financial | Jamie Cook | $793 | $668.43 | -24.0% | Mar 13, 2024 |
| Wells Fargo | Analyst unavailable | $440 | $373.85 | -57.8% | Jan 10, 2023 |
| Morgan Stanley | Analyst unavailable | $404 | $368.44 | -61.3% | Dec 14, 2022 |
| UBS | Analyst unavailable | $420 | $346.9 | -59.8% | Nov 16, 2022 |
| Robert W. Baird | Mircea Dobre | $318 | $298.57 | -69.5% | Oct 27, 2022 |
| KeyBanc | Ken Newman | $425 | $307.8 | -59.3% | Aug 22, 2022 |
| Bernstein | Sam Boughedda | $269 | $320.45 | -74.2% | Aug 18, 2022 |
| Deutsche Bank | Nicole Deblase | $385 | $322.21 | -63.1% | Jan 10, 2022 |
| Morgan Stanley | Courtney Yakavonis | $395 | $356.53 | -62.1% | Dec 9, 2021 |
| Citigroup | Timothy Thein | $445 | $381.67 | -57.4% | Nov 16, 2021 |
| Bank of America Securities | Ross Gilardi | $440 | $353.05 | -57.8% | Oct 5, 2021 |
Track every rating change on URI the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationUnited Rentals, Inc., 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 General Rentals segment offers a broad selection of construction and industrial machinery, including heavy equipment like backhoes, skid-steer loaders, earthmoving machinery, and forklifts, alongside aerial work platforms such as boom and scissor lifts. This division also provides general tools and lighter equipment, ranging from pressure washers to power tools. Its client base is diverse, encompassing construction and industrial enterprises, manufacturers, utility companies, municipalities, government bodies, and individual homeowners. Conversely, the Specialty segment focuses on more specialized construction products.…
Historical context
All URI earningsIndustrials peers this season
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|---|---|---|---|---|
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| CPRT Copart, Inc. | FY2026 Q4 · Calendar Q3 2026 | -8.7% | -2.6% | Copart pairs international growth with ACV investment amid higher costs |
| SUNB Sunbelt Rentals Holdings Inc | FY2027 Q1 · Calendar Q3 2026 | +19.2% | +5.9% | Sunbelt raises FY27 outlook as specialty rental demand accelerates |
| FRO Frontline Plc | FY2026 Q2 · Calendar Q3 2026 | +8.0% | +1.0% | Frontline posts a record quarter as tanker rates remain elevated |
Latest beats and misses
Who reports nextBeat on EPS
- SNXFY2026 Q3 · September 24, 2026+20.9% EPS-9.9% move
- DRIFY2027 Q1 · September 24, 20260.0% EPS-3.0% move
- CTASFY2027 Q1 · September 23, 2026+3.0% EPS-3.4% move
- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
Get the URI recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-25T17:11:06.803596+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-25T17:11:06.800495+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-25. For educational purposes only; not investment advice.