Analyst Consensus ?
ConsensusBuy40 ratings
Bullish2767.5%
Neutral820.0%
Bearish512.5%
United Rentals, Inc. · URI · FY2026 Q2 · Calendar Q3 2026
United Rentals Q2: Record Revenue, Raised Guidance, and a Possible Investment-Grade Upgrade
United Rentals extended its record-breaking streak in Q2 2026, with revenue, rental revenue, EBITDA, and EPS all reaching new highs. A 12% revenue increase to $4.4 billion and 22% adjusted EPS growth to $12.76 were driven by robust demand from large-project construction, power, infrastructure, and specialty segments. Management raised full-year guidance for the second consecutive quarter, increased CapEx to expand fleet amid record time utilization, and highlighted a potential investment-grade credit upgrade from S&P. The market responded decisively, with the stock posting an abnormal return of over 11% on volume 2.6 times baseline, though a subsequent drift of roughly -4.5% indicates some profit-taking. The combination of accelerating rental revenue growth, disciplined capital allocation, and an improving credit profile underscores a company executing well in a demand-rich environment.
Reported After market closeNYSEIndustrials
$67.92B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $11.61
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $4.22B
Revenue surprise
—
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+10.1%
Event window
SPY move
-1.2%
Same window
Abnormal move
+11.3%
Stock minus SPY
Volume
2.6×
Versus trailing sessions
Subsequent drift
-4.3%
Up to 20 sessions
URISPY benchmark
Ask FN2 about URI FY2026 Q2
Transcript, numbers and history already loaded
What drove URI's +10.1% move after FY2026 Q2 earnings?What changed in URI's guidance and outlook in FY2026 Q2?Give me the bull and bear case for URI after FY2026 Q2 earnings.
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Transcript intelligence
What changed
Compared to Q1, United Rentals accelerated rental revenue growth from 9% to 13% and achieved record time utilization across its fleet. CapEx guidance was increased to fund additional fleet. The company divested its scaffolding business for a $49 million net benefit, whereas Q1 focused on four bolt-on acquisitions totaling approximately $400 million. S&P raised the credit outlook to positive, a new development not flagged in Q1. Free cash flow remained strong at approximately $1.2 billion. Full-year guidance was raised again, building on the Q1 increase to $16.9-$17.4 billion revenue and $7.625-$7.875 billion adjusted EBITDA.
Guidance delta
Full-year 2026 guidance was raised for the second consecutive quarter. In Q1, management raised revenue guidance to $16.9-$17.4 billion and adjusted EBITDA to $7.625-$7.875 billion. Following Q2, guidance was raised again, now forecasting near-10% revenue growth and higher EBITDA. CapEx guidance was also increased to fund additional fleet amid historically high utilization. Specific updated dollar ranges for revenue and EBITDA were not provided in the transcript analysis.
Key takeaways
- Q2 set new records for total revenue, rental revenue, EBITDA and EPS, with revenue up 12% YoY to $4.4 billion and adjusted EPS up 22% to $12.76.
- Full-year 2026 guidance was raised again, indicating near-10% revenue growth and higher EBITDA.
- Demand from large-scale projects across construction, power, LNG terminals, and data centers remains strong and is accelerating.
- Free cash flow stayed strong at roughly $1.2 billion and the balance sheet remains flexible for growth and shareholder returns.
- CapEx guidance was increased to fund additional fleet amid historically high time utilization.
- S&P raised the credit outlook to positive, signaling a possible investment-grade upgrade within 12 months.
Management priorities
- Increase gross CapEx to add fleet and support high utilization.
- Continue share buybacks and dividend payouts.
- Pursue selective specialty acquisitions and product pilots.
- Deploy AI-enabled pricing tools to improve rate capture.
- Maintain focus on margin expansion and ROIC improvement.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$1,162Current
$269Low
$1,038.68Average
$1,450High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 27, 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 |
|---|---|---|---|---|
| Truist Securities | Buy | Buy | Maintain | Oct 23, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Oct 23, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Oct 23, 2026 |
| UBS | Buy | Buy | Maintain | Oct 22, 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 |
| Citigroup | Buy | Buy | Maintain | Jul 24, 2026 |
| Barclays | Underweight | Underweight | Maintain | Jul 24, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 23, 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 $1,162. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | Analyst unavailable | $1,450 | $1,091.58 | +24.8% | Oct 23, 2026 |
| Bernstein | Chad Dillard | $1,258 | $1,081.01 | +8.3% | Oct 23, 2026 |
| Morgan Stanley | Angel Castillo | $1,350 | $1,047.25 | +16.2% | Oct 23, 2026 |
| RBC Capital | Analyst unavailable | $1,392 | $1,111.02 | +19.8% | Oct 23, 2026 |
| Robert W. Baird | Analyst unavailable | $1,310 | $1,111.02 | +12.7% | Oct 23, 2026 |
| UBS | Analyst unavailable | $1,450 | $1,086.98 | +24.8% | Oct 22, 2026 |
| Bernstein | Chad Dillard | $1,215 | $1,053.52 | +4.6% | Oct 14, 2026 |
| Truist Financial | Analyst unavailable | $1,395 | $1,077.36 | +20.1% | Oct 5, 2026 |
| UBS | Analyst unavailable | $1,170 | $1,028.77 | +0.7% | Sep 10, 2026 |
| Argus Research | Kristina Ruggeri | $1,250 | $1,142.14 | +7.6% | Aug 4, 2026 |
| Morgan Stanley | Analyst unavailable | $1,335 | $1,137.96 | +14.9% | Jul 24, 2026 |
| KeyBanc | Analyst unavailable | $1,350 | $1,139.71 | +16.2% | Jul 24, 2026 |
| Robert W. Baird | Analyst unavailable | $1,300 | $1,139.71 | +11.9% | Jul 24, 2026 |
| Wells Fargo | Analyst unavailable | $1,355 | $1,139.71 | +16.6% | Jul 24, 2026 |
| Barclays | Analyst unavailable | $950 | $1,139.71 | -18.2% | Jul 24, 2026 |
| UBS | Steven Fisher | $1,350 | $1,156.78 | +16.2% | Jul 23, 2026 |
| Truist Financial | Jamie Cook | $1,421 | $1,111.76 | +22.3% | Jul 2, 2026 |
| UBS | Analyst unavailable | $1,300 | $1,130.8 | +11.9% | Jul 1, 2026 |
| BNP Paribas | Analyst unavailable | $1,320 | $1,121.66 | +13.6% | Jun 29, 2026 |
| KeyBanc | Analyst unavailable | $1,250 | $1,083.72 | +7.6% | Jun 25, 2026 |
| Raymond James | Tim Thein | $1,275 | $1,094.17 | +9.7% | Jun 10, 2026 |
| UBS | Analyst unavailable | $1,145 | $1,010.42 | -1.5% | Jun 3, 2026 |
| Evercore ISI | David Raso | $1,101 | $935.05 | -5.2% | May 11, 2026 |
| Barclays | Analyst unavailable | $715 | $974.41 | -38.5% | Apr 24, 2026 |
| Truist Financial | Analyst unavailable | $1,209 | $967.39 | +4.0% | Apr 24, 2026 |
| Morgan Stanley | Analyst unavailable | $1,030 | $977.07 | -11.4% | Apr 24, 2026 |
| RBC Capital | Analyst unavailable | $1,119 | $986.78 | -3.7% | Apr 24, 2026 |
| KeyBanc | Analyst unavailable | $1,150 | $986.78 | -1.0% | Apr 24, 2026 |
| Robert W. Baird | Analyst unavailable | $1,100 | $986.78 | -5.3% | Apr 24, 2026 |
| Bernstein | Chad Dillard | $903 | $767.36 | -22.3% | Apr 9, 2026 |
| Truist Financial | Analyst unavailable | $972 | $779.29 | -16.4% | Jan 30, 2026 |
| KeyBanc | Analyst unavailable | $950 | $787.04 | -18.2% | Jan 30, 2026 |
| Robert W. Baird | Mircea Dobre | $970 | $787.04 | -16.5% | Jan 30, 2026 |
| Bernstein | Analyst unavailable | $965 | $787.04 | -17.0% | Jan 30, 2026 |
| RBC Capital | Sabahat Khan | $1,041 | $787.04 | -10.4% | Jan 30, 2026 |
| Wells Fargo | Jerry Revich | $1,071 | $956.01 | -7.8% | Jan 23, 2026 |
| Truist Financial | Analyst unavailable | $1,045 | $812.51 | -10.1% | Dec 18, 2025 |
| KeyBanc | Analyst unavailable | $1,000 | $800.83 | -13.9% | Dec 3, 2025 |
| Wells Fargo | Jerry Revich | $995 | $843.26 | -14.4% | Nov 13, 2025 |
| UBS | Steven Fisher | $1,025 | $883.15 | -11.8% | Oct 28, 2025 |
| Truist Financial | Analyst unavailable | $1,169 | $921.12 | +0.6% | Oct 24, 2025 |
| RBC Capital | Sabahat Khan | $1,123 | $914.3 | -3.4% | Oct 24, 2025 |
| Barclays | Analyst unavailable | $600 | $980.37 | -48.4% | Oct 20, 2025 |
| Truist Financial | Analyst unavailable | $1,194 | $988.59 | +2.8% | Oct 8, 2025 |
| Robert W. Baird | Analyst unavailable | $1,050 | $954.66 | -9.6% | Oct 1, 2025 |
| KeyBanc | Analyst unavailable | $1,120 | $931.25 | -3.6% | Sep 25, 2025 |
| Bernstein | Chad Dillard | $1,128 | $943.42 | -2.9% | Sep 23, 2025 |
| BNP Paribas | Thomas Burlton | $900 | $946.43 | -22.5% | Sep 16, 2025 |
| KeyBanc | Analyst unavailable | $1,075 | $955.24 | -7.5% | Aug 29, 2025 |
| Argus Research | Kristina Ruggeri | $935 | $908.14 | -19.5% | Aug 12, 2025 |
| Truist Financial | Analyst unavailable | $786 | $633.6 | -32.4% | Apr 25, 2025 |
| Bernstein | Analyst unavailable | $666 | $653.39 | -42.7% | Mar 25, 2025 |
| Truist Financial | Jamie Cook | $965 | $796.02 | -17.0% | Dec 19, 2024 |
| Citigroup | Kyle Menges | $860 | $744.21 | -26.0% | Jul 29, 2024 |
| Truist Financial | Jamie Cook | $793 | $668.43 | -31.8% | Mar 13, 2024 |
| Wells Fargo | Analyst unavailable | $440 | $373.85 | -62.1% | Jan 10, 2023 |
| Morgan Stanley | Analyst unavailable | $404 | $368.44 | -65.2% | Dec 14, 2022 |
| UBS | Analyst unavailable | $420 | $346.9 | -63.9% | Nov 16, 2022 |
| Robert W. Baird | Mircea Dobre | $318 | $298.57 | -72.6% | Oct 27, 2022 |
| KeyBanc | Ken Newman | $425 | $307.8 | -63.4% | Aug 22, 2022 |
| Bernstein | Sam Boughedda | $269 | $320.45 | -76.9% | Aug 18, 2022 |
| Deutsche Bank | Nicole Deblase | $385 | $322.21 | -66.9% | Jan 10, 2022 |
| Morgan Stanley | Courtney Yakavonis | $395 | $356.53 | -66.0% | Dec 9, 2021 |
| Citigroup | Timothy Thein | $445 | $381.67 | -61.7% | Nov 16, 2021 |
| Bank of America Securities | Ross Gilardi | $440 | $353.05 | -62.1% | 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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| PCAR PACCAR Inc | FY2026 Q3 · Calendar Q4 2026 | — | -2.0% | PACCAR Q3: Parts Record, Supply Constraints Temper Outlook |
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| LECO Lincoln Electric Holdings, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +9.0% | Lincoln Electric raises outlook as automation demand and backlog strengthen |
| BA The Boeing Company | FY2026 Q3 · Calendar Q4 2026 | — | -9.5% | Boeing highlights 737 certification, defense wins and backlog |
Latest beats and misses
Who reports nextBeat on EPS
- CLSFY2026 Q3 · October 26, 2026+12.6% EPS+12.1% move
- CINFFY2026 Q3 · October 26, 2026+39.5% EPS+2.3% move
- VZFY2026 Q3 · October 26, 2026+3.1% EPS-3.5% move
- CXFY2026 Q3 · October 26, 2026+12.0% EPS-0.1% move
- CDNSFY2026 Q3 · October 26, 2026+2.9% EPS+1.8% move
- BAHFY2027 Q2 · October 23, 2026+18.9% EPS-0.3% move
Missed on EPS
- PSA-POFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-PKFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-PGFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSAFY2026 Q3 · October 26, 2026-32.1% EPS+1.8% move
- SUIFY2026 Q3 · October 26, 2026-20.0% EPS-4.1% move
- PSA-PIFY2026 Q3 · October 26, 2026-32.1% EPS— move
Get the URI recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-07-23T19:03:19.168103+00:00
- FN2 earnings calendar · 2026-07-14T01:23:12.683215+00:00
- Polygon adjusted daily market bars · 2026-07-29T14:03:33.269000+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T14:03:33.265834+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 2026-07-29. For educational purposes only; not investment advice.