NEW YORK, April 23, 2026, 16:19 EDT
- United Rentals jumped 22.9% at the close, with the stock climbing after the company lifted its 2026 revenue and adjusted EBITDA forecast.
- First-quarter revenue landed at $3.985 billion. Rental revenue climbed 8.7%. Adjusted EPS came in at $9.71.
- Management flagged big projects, data centers, infrastructure, and specialty rentals as areas of focus. Still, delivery costs, fuel, and the revenue mix are sticking points to watch.
Shares of United Rentals Inc. surged 22.9% on Thursday, after the equipment rental giant turned in record first-quarter revenue and raised its full-year guidance—offering investors a clearer view of construction and industrial demand than anticipated. The stock finished the session at $986.77, a gain of $183.98, according to market data.
United Rentals, a key indicator for nonresidential building and big-ticket infrastructure jobs that rely on rented machines, posted first-quarter total revenue of $3.985 billion, with $3.419 billion coming from rental operations. Adjusted earnings per share landed at $9.71, the company said late Wednesday.
United Rentals, based in Stamford, Connecticut, bumped its 2026 revenue outlook to a range of $16.9 billion to $17.4 billion, up from the prior $16.8 billion to $17.3 billion. Adjusted EBITDA guidance also moved higher, now at $7.625 billion to $7.875 billion—an increase of $50 million on both ends.
Matthew Flannery, chief executive, told the earnings call, “the year is playing out better than we expected,” pointing to upbeat field reports and solid demand for big projects as the company heads into its busier stretch. New business last quarter came in from healthcare, infrastructure, power, data centers, and industrial manufacturing, he said. The Motley Fool
United Rentals reported a 2.3% uptick in fleet productivity—its benchmark for rental rates, equipment usage and mix—compared to the same period last year. Rental revenue advanced 8.7%, driven by a 6.2% increase in general rentals and a jump of 13.8% in specialty rentals, according to the company.
The stock’s surge spilled over into the rental and machinery space. Herc Holdings jumped 12.6% on Thursday, with Caterpillar up 3.2%. Still, United Rentals’ gains dwarfed both, fueled squarely by its raised guidance.
Flannery dismissed worries about intensifying competition in general rentals. “There is always somebody that wants what you have,” he said to analysts, insisting the company’s “competitive moat” sets it apart. He pointed to supply and demand trends that, in his view, should keep fleet productivity moving in the right direction. The Motley Fool
The quarter did show some weaker patches. Used equipment sales dropped 7.2%. Specialty rental gross margin slid by 170 basis points, hit by heavier depreciation, higher delivery costs, and an unfavorable revenue mix. “Mix is the wild card,” Flannery told analysts, pointing out that even solid utilization and rate increases won’t help if the business tilts toward the wrong jobs. United Rentals
Fuel and delivery expenses are still a concern. Chief Financial Officer Ted Grace noted that while most fuel price swings get passed on to customers or hedged, moving equipment around is a different story—it’s a cost United Rentals can “mitigate,” but not eliminate, as demand picks up. The Motley Fool
United Rentals handed back $500 million to shareholders for the quarter—$375 million via buybacks, another $125 million through dividends. The board set a quarterly dividend at $1.97 per share, to be paid out May 27 for shareholders on record as of May 13.
United Rentals wrapped up March showing a net leverage ratio of 1.9 times, with liquidity standing at $3.377 billion. The company reports its fleet’s total original cost at $22.59 billion. United runs 1,658 rental locations across North America, plus a presence in Europe, Australia, and New Zealand.
