United Rentals Q2 Earnings Call Highlights

United Rentals Q2 Earnings Call Highlights Written by MarketBeat July 23, 2026 Share Link copied to clipboard. Image from MarketBeat Media, LLC. Key Points United Rentals delivered record Q2 results , with revenue up 12% year over year to $4.4 billion and adjusted EPS up 22% to $12.76. Adjusted EBITDA also topped $2 billion, reflecting strong operating momentum and cost control. Large projects and specialty rentals were the main growth drivers , as specialty rental revenue jumped 25% and demand stayed strong in construction, infrastructure, power, semiconductors, and data centers. Management said the project pipeline is “stronger and deeper” heading into next year. The company raised its 2026 guidance for revenue, EBITDA, and capital spending because demand is running ahead of expectations. It also maintained its free cash flow outlook and signaled continued shareholder returns and active M&A interest. Interested in United Rentals? Here are five stocks we like better . The 3 Biggest M&A Stock Opportunities for 2025 United Rentals NYSE: URI reported record second-quarter revenue and earnings while raising its 2026 outlook, as management said large projects and specialty rental demand continued to run ahead of expectations. President and CEO Matt Flannery said the company’s growth “accelerated in the quarter,” supported by customers that “remain optimistic, particularly around large projects,” along with continued cost discipline. He said the company’s equipment breadth, technology, service levels and safety focus continue to differentiate United Rentals in the market. Get United Rentals alerts: Sign Up 3 large caps near 52-week lows with large dividends Total revenue rose 12% year over year to $4.4 billion, while rental revenue increased nearly 13% to $3.8 billion. Both were quarterly records, according to Flannery. Adjusted EBITDA was just over $2 billion, representing a margin of 46.6%, and adjusted earnings per share were $12.76, up 22% from a year earlier and also a quarterly record. Large Projects and Specialty Rentals Drive Growth Flannery said United Rentals saw growth in both its General Rentals and specialty businesses. Specialty rental revenue increased 25% year over year, with growth across all lines of business and 11 cold starts during the quarter. 3 Compelling Cyclical Stocks to Buy Now By vertical, Flannery said construction posted strong growth, led by nonresidential and infrastructure activity. On the industrial side, power continued to deliver double-digit growth, while metals and minerals also grew at a healthy pace. He said project activity started in a range of end markets, including hospitals, airports and LNG terminals, while data centers remained a source of growth. During the question-and-answer portion of the call, Flannery said the major project pipeline was “stronger and deeper,” citing activity tied to power, semiconductor projects, infrastructure, airports, stadiums and pharmaceuticals. He also said semiconductor-related work and power projects accelerated in the second quarter. Local markets, by contrast, were described as stable with modest growth. Flannery said local customer activity grew in the low single digits and suggested that lower interest rates, residential construction growth and renewed small-business investment could help spur broader local market improvement. Fleet Productivity, CapEx and Used Equipment Sales Fleet productivity contributed 3.4% to original equipment rental, or OER, growth of 9% in the quarter, Flannery said. CFO Ted Grace said OER increased by $246 million, driven by 7.1% growth in average fleet size and fleet productivity of 3.4%, partially offset by assumed fleet inflation of 1.5%. Ancillary and re-rent revenue grew nearly 28%, adding a combined $188 million, Grace said. He noted that the company has been able to pass through higher fuel and delivery costs, though those revenues brought limited incremental margin dollars. United Rentals sold $624 million of origin...