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United Rentals (URI) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 21, 2026 · United Rentals (URI) Q3 2026 earnings results →

Q3 2026 Revenue up 16% year over year to $4.9B · 19¢ of every $1 of revenue kept as net profit · operating margin 28.8%

United Rentals made $4.9B in Q3 2026 (+16% Y/Y): Equipment rentals $4.3B, Sales of rental equipment $348M, Service and other revenues $98.0M. Operating margin 28.8%, net earnings $920M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 21, 2026.

Revenue$4.9B

Year over year+16%

Operating margin28.8%

Net earnings$920M

Operating cash flow$1.6B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $4.9B in Q3 2026, up 16% year over year. Owned equipment rentals was the largest line at 68% of revenue. Owned equipment rentals added $0.38B year over year (up 13%), 57% of the total change. Sales of new equipment declined 12%.

Gross margin was 41.8%, up 2.4 points from Q3 2025. Operating profit was $1.4B, a 28.8% margin (up 2.5 points year over year). Of the extra revenue versus Q3 2025, 44% reached operating profit, above the 26% margin then. Operating expenses grew 16% against revenue growth of 16%. The fastest-growing cost line was SG&A (+16%). Net earnings were $0.92B, up 31% year over year. The effective tax rate was 25.3%.

Operating cash flow was $1.6B (up 38% year over year), 177% of net earnings. Non-cash charges added back $0.11B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $0.56B. Capital expenditures of $1.9B exceeded it, leaving free cash flow of −$0.30B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Oct 21, 2026	$4.9B	+16%	28.8%	$920M	$1.6B
Q2 2026	10-Q	Jul 22, 2026	$4.4B	+12%	25.8%	$753M	$1.8B
Q1 2026	10-Q	Apr 22, 2026	$4.0B	+7%	21.8%	$531M	$1.5B
Q4 2025	10-K	Jan 28, 2026	$4.2B	+3%	25.0%	$653M	$1.3B
Q3 2025	10-Q	Oct 22, 2025	$4.2B	+6%	26.3%	$701M	$1.2B
Q2 2025	10-Q	Jul 23, 2025	$3.9B	+4%	25.4%	$622M	$1.3B
Q4 2024	10-K	Jan 29, 2025	$4.1B	+10%	26.5%	$689M	$1.0B

Charts

Latest (Q3 2026): Y/Y +16%, Q/Q +11%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $920M, Operating cash flow —.

-11.4% since FY2020: buybacks shrank the count.

Cash $459M, short-term investments —, long-term debt $14.3B at 2025-12-31.

Services-Equipment Rental & Leasing, NEC; dot size is quarterly revenue; dashed lines are the industry's medians.