Filing Flows › United Rentals (URI) › Q1 2026
United Rentals (URI) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 22, 2026
United Rentals (URI) reported revenue of $4.0B for the first quarter 2026 (Q1 2026), +7% from a year earlier and -5% from the quarter before. Operating margin was 21.8%, net earnings $531M (13.3% of revenue).
United Rentals, Q1 2026: revenue $4.0B (+7% year over year), operating margin 21.8%, net earnings $531M, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.0B | -5% | +7% |
| Gross profit | $1.5B | -8% | +8% |
| Operating profit | $869M | -17% | +8% |
| Net earnings | $531M | -19% | +3% |
| Operating cash flow | $1.5B | +21% | +6% |
| Free cash flow | $1.1B | — | -3% |
What changed
Revenue was $4.0B in Q1 2026, up 7% year over year and down 5% from the previous quarter. Owned equipment rentals was the largest line at 67% of revenue. Owned equipment rentals added $0.16B year over year (up 6%), 61% of the total change. Sales of rental equipment declined 7%.
Gross margin was 36.9%, up 0.4 points from a year earlier. Operating profit was $0.87B, a 21.8% margin (up 0.2 points year over year). Of the extra revenue versus a year earlier, 24% reached operating profit, above the 22% margin then. Operating expenses grew 9% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+38%). Net earnings were $0.53B, up 3% year over year. The effective tax rate was 24.3%.
Operating cash flow was $1.5B (up 6% year over year), 285% 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 $0.83B. After payments for purchases of rental equipment, net ($0.39B) and payments for purchases of non-rental equipment and intangible assets ($0.07B), free cash flow as the company reports it was $1.1B.
Questions
What was United Rentals' revenue in the first quarter 2026?
United Rentals (URI) reported revenue of $4.0B for the first quarter 2026 (Q1 2026), +7% from a year earlier and -5% from the quarter before.
Was United Rentals profitable in the first quarter 2026?
Operating profit was $869M (21.8% of revenue) and net earnings $531M.
Source: United Rentals 10-Q on SEC EDGAR.