United Rentals Revenue Climbs 8.7% to $3.99B in Q1 2026

United Rentals, Inc. (NYSE: URI), a North American equipment rental company, reported total revenue of $3.99 billion for the three months ending March 31, 2026, up 7.2% from $3.72 billion in the same quarter of 2025. Net income for the period climbed to $531 million, compared to $518 million a year earlier. Read more earnings reports.

Operating income reached $869 million for the quarter, up from $804 million in the first quarter of 2025. Gross profit expanded to $1.25 billion from $1.13 billion, reflecting stronger rental activity and improved margins on equipment sales.

Revenue Breakdown

Equipment rental revenue totaled $2.69 billion in the quarter, up from $2.52 billion in the prior-year period. Sales of rental equipment generated $350 million, down from $377 million a year earlier. Sales of new equipment contributed $84 million, up from $70 million, while contractor supplies revenue reached $92 million, up marginally from $91 million.

Service and other revenues climbed to $382 million from $308 million in the first quarter of 2025.

Profitability Metrics

The company posted diluted earnings per share of $8.43, up from $7.91 in the first quarter of 2025. Income tax expense held steady at $170 million in both periods.

Selling, general and administrative expenses increased to $441 million from $437 million. Depreciation and amortization remained flat at $114 million.

Cash Flow and Capital Allocation

United Rentals generated $1.51 billion in cash from operations during the quarter, compared to $1.43 billion a year earlier. Cash used in investing activities totaled $853 million, up sharply from $361 million in the first quarter of 2025.

Cash used in financing activities amounted to $958 million, compared to $981 million in the prior-year quarter. The company paid dividends of $124 million, up from $117 million a year earlier.

Balance Sheet Position

Total assets stood at $29.89 billion as of March 31, 2026, up slightly from $29.87 billion at year-end 2025. Cash and cash equivalents fell to $156 million from $459 million at December 31, 2025.

Accounts receivable increased to $2.56 billion from $2.51 billion at year-end. Total liabilities edged up to $20.92 billion from $20.90 billion.

Stockholders' equity remained at $8.97 billion. Shares outstanding declined to 62.7 million from 63.1 million at year-end 2025.