URI · United Rentals, Inc.

United Rentals delivered record first-quarter 2026 performance, driven by 8.7% rental revenue growth to $3.419 billion, fueled by 5.7% higher average original equipment at cost and 2.3% fleet productivity gains. General rentals revenue rose 6.2% to $2.229 billion with gross margin expansion to 33.8% from lower depreciation, labor, and delivery costs as a percentage of revenue. Specialty rentals surged 13.8% to $1.190 billion, though margins dipped to 41.4% due to higher depreciation, delivery costs, and lower-margin ancillary revenue mix. Adjusted EBITDA hit $1.759 billion at 44.1% margin, up 60 basis points excluding prior-year H&E merger termination benefits, aided by SG&A leverage. Net income margin held at 13.3%, up 20 basis points adjusted, despite $45 million restructuring charges from branch consolidations. CEO Matthew Flannery highlighted strong execution, customer efficiency focus, and momentum into busy season supporting raised full-year guidance. Capital allocation remained robust with $500 million returned via repurchases and dividends, low 1.9x net leverage, and $3.377 billion liquidity, positioning for sustained growth and shareholder returns.