United Rentals raised its 2026 outlook after rental revenue reached a quarterly record of $4.316 billion, up 17.8% from a year earlier.
The equipment rental company now expects 2026 revenue of $18 billion to $18.2 billion, compared with its prior range of $17.5 billion to $17.8 billion. It raised its adjusted EBITDA forecast, a non-GAAP measure, to $8.3 billion to $8.4 billion from $7.975 billion to $8.125 billion. The results appeared in an earnings release included as Exhibit 99.1 to a Form 8-K filed Oct. 21 with the Securities and Exchange Commission.
Total third-quarter revenue was $4.893 billion. Net income rose 31.2% to $920 million, and diluted earnings per share were $14.77. Adjusted earnings per share, also a non-GAAP measure, were $15.55.
Specialty rental revenue increased 34.7% to $1.704 billion, while general rental revenue grew 8.8% to $2.612 billion. Together, the two categories accounted for the reported rental revenue total. United Rentals cited a 7.9% increase in average original equipment at cost, a 6.5% rise in fleet productivity and a 4.9% contribution from ancillary and re-rent revenue as factors in rental growth.
Matthew Flannery, chief executive officer of United Rentals, linked the higher outlook to customer confidence, the project backlog and continued momentum on major projects.
The company said it returned $1.496 billion to shareholders through Sept. 30, including $1.125 billion in share repurchases and $371 million in dividends. It expects to repurchase $1.5 billion in shares during 2026.
United Rentals scheduled a conference call on the results for Oct. 22 at 8:30 a.m. ET.
