United Rentals, Inc.

Q2 performance strong; all-time records - Total revenue +$12% YoY to $4.4B; rental revenue +~13% to $3.8B (record). - OER +9% YoY, helped by fleet productivity +3.4% and avg fleet size +7.1%, partially offset by assumed fleet inflation ~1.5%. - Adjusted EBITDA just over $2B, margin 46.6%; adjusted EPS $12.76, +22% YoY (record). - Used equipment (OEC) sales: $624M, 53% recovery rate, $330M proceeds (adj. margin 47.3%).

Specialty and large-project demand are key upside drivers (and look durable into H2) - Specialty rental revenue +25% YoY (includes 11 cold starts), with growth across all lines. - End-market strength: construction strong (esp. non-residential + infrastructure), power > double digits, metals & minerals healthy; activity seen in hospitals, airports, LNG terminals, plus continuing data center growth. - Unexpectedly strong demand/visibility into H2 led management to raise guidance and emphasize they’re not chasing last-wave revenue—they believe the pipeline persists.

Guidance raised for 2026 (forecasts + what changed) - Total revenue outlook: $17.5B–$17.8B (midpoint ~+10% growth); raised by ~$500M vs prior guidance. - Adjusted EBITDA outlook: $7.975B–$8.125B (raised by ~$300M), targeting flat margins YoY. - Used sales outlook: still ~$1.45B (unchanged). - Gross rental CapEx outlook: raised +$450M to $4.85B–$5.25B due to historically high time utilizations (needed to support demand); implies net CapEx $3.4B–$3.8B. - Free cash flow outlook: reaffirmed $2.15B–$2.45B (strong cash generation despite higher CapEx). - Management again expects execution discipline: raising fleet to meet demand but balancing capital efficiency.