UNITED RENTALS, INC. Earnings Summary — Q1 2026

• Revenue reached $3.985 billion for Q1 2026, representing a 7.15% year-over-year increase.
• Net income growth slowed to 2.5% YoY, reflecting higher operating expenses and seasonal variations.
• Shares outstanding decreased by 3.68% YoY, signaling continued commitment to returning capital via buybacks.
• Gross profit margins remained stable at approximately 36.8%, despite rising cost of revenue.
• Interest expenses decreased sequentially to $176 million, providing a slight tailwind to pretax income.
• The 'Specialty' rental segment continues to be a strategic focus for higher margin preservation.

Management maintains a 'Double-Down' strategy on specialty rentals (trench, power, fluid solutions) to exploit higher margin profiles and has indicated strong discipline in fleet management through opportune used-equipment sales.

Stable

Revenue growth remains robust at 7%, although the sequential decline in net income from Q4 to Q1 follows historical seasonal patterns typical for the equipment rental industry.

The outlook remains constructive as the company leverages its digital platform 'TotalControl' to increase customer switching costs. Focus remains on navigating a mature phase of the cycle while managing a high absolute debt load through efficient asset utilization and rental rate discipline.