聯合租賃第二季收入44.1億美元增11.8% 每股盈利12.03美元 上半年回購8.16億美元股份

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 ___________________________________
FORM 10-Q
___________________________________

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             
Commission File Number 1-14387 
Commission File Number 1-13663
___________________________________ 
United Rentals, Inc.
United Rentals (North America), Inc.
(Exact Names of Registrants as Specified in Their Charters)
 ___________________________________

Delaware06-1522496
Delaware86-0933835
(States of Incorporation)(I.R.S. Employer Identification Nos.)

100 First Stamford Place, Suite 700

Stamford
Connecticut06902
(Address of Principal Executive Offices)(Zip Code)

Registrants’ Telephone Number, Including Area Code: (203) 622-3131
Securities registered pursuant to Section 12(b) of the Act: 

Title of each class Trading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par value, of United Rentals, Inc.
 URINew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    x  Yes    o  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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Large Accelerated Filer ☒Accelerated Filer ☐
Non-Accelerated Filer ☐Smaller Reporting Company ☐
Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ☐Yes    x   No
As of July 20, 2026, there were 62,242,489 shares of United Rentals, Inc. common stock, $0.01 par value, outstanding. There is no market for the common stock of United Rentals (North America), Inc., all outstanding shares of which are owned by United Rentals, Inc.
This combined Form 10-Q is separately filed by (i) United Rentals, Inc. and (ii) United Rentals (North America), Inc. (which is a wholly owned subsidiary of United Rentals, Inc.). United Rentals (North America), Inc. meets the conditions set forth in General Instruction (H)(1)(a) and (b) of Form 10-Q and is therefore filing this report with the reduced disclosure format permitted by such instruction.

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UNITED RENTALS, INC.
UNITED RENTALS (NORTH AMERICA), INC.
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026 
INDEX
 

  Page
PART IFINANCIAL INFORMATION

Item 1Unaudited Condensed Consolidated Financial Statements (unaudited)
6

United Rentals, Inc. Condensed Consolidated Balance Sheets
6

United Rentals, Inc. Condensed Consolidated Statements of Income
7

United Rentals, Inc. Condensed Consolidated Statements of Comprehensive Income
8

United Rentals, Inc. Condensed Consolidated Statements of Stockholders’ Equity
9

United Rentals, Inc. Condensed Consolidated Statements of Cash Flows
11

Notes to Unaudited Condensed Consolidated Financial Statements
13

Item 2Management’s Discussion and Analysis of Financial Condition and Results of Operations
26

Item 3Quantitative and Qualitative Disclosures About Market Risk
41

Item 4Controls and Procedures
42

PART IIOTHER INFORMATION

Item 1Legal Proceedings
43

Item 1ARisk Factors
43

Item 2Unregistered Sales of Equity Securities and Use of Proceeds
43

Item 5Other Information
43

Item 6Exhibits
44

Signatures
45

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,” “seek,” “on-track,” “plan,” “project,” “forecast,” “intend” or “anticipate,” or the negative thereof or comparable terminology, or by discussions of strategy or outlook. You are cautioned that our business and operations are subject to a variety of risks and uncertainties, many of which are beyond our control, and, consequently, our actual results may differ materially from those projected.

Factors that could cause actual results to differ materially from those projected include, but are not limited to, the following:
•the impact of global economic conditions (including inflation, interest rates, supply chain constraints, tariffs, trade wars and sanctions), geopolitical risks (including risks related to international conflicts) and public health crises and epidemics on us, our customers and our suppliers, in the United States and the rest of the world;
•declines in construction or industrial activity, which can adversely impact our revenues and, because many of our costs are fixed, our profitability;
•rates we charge and customer demand being less than anticipated; 
•changes in customer, fleet, geographic and segment mix;
•excess fleet in the equipment rental industry;
•inability to benefit from government spending, including spending associated with infrastructure projects, or a reduction or disruption in government spending, including as a result of a government shutdown;
•trends in oil and natural gas, including significant fluctuations in the prices of oil or natural gas, which can adversely affect the demand for our services and products;
•competition from existing and new competitors;
•the cyclical nature of the industry in which we operate and the industries of our customers, such as those in the construction industry;
•costs we incur being more than anticipated, including as a result of inflation or tariffs, and the inability to realize expected savings in the amounts or time frames planned;
•our significant indebtedness, which totaled $14.2 billion at June 30, 2026 and requires a significant amount of cash for debt service, can constrain our flexibility in responding to unanticipated or adverse business conditions;
•inability to refinance our indebtedness on terms that are favorable to us, including as a result of volatility and uncertainty in capital or credit markets or increases in interest rates, or at all;
•incurrence of additional debt, which could exacerbate the risks associated with our current level of indebtedness;
•noncompliance with financial or other covenants in our debt agreements, which could result in our lenders terminating the agreements and requiring us to repay outstanding borrowings;
•restrictive covenants and the amount of borrowings permitted under our debt instruments, which can limit our financial and operational flexibility;
•inability to access the capital that our businesses or growth plans may require, including as a result of uncertainty in capital or credit markets;
•the possibility that companies that we have acquired or may acquire could have undiscovered liabilities, or that companies or assets that we have acquired or may acquire could involve other unexpected costs, may strain our management capabilities, or may be difficult to integrate, and that we may not realize the expected benefits from an acquisition over the timeframe we expect, or at all; 
•incurrence of impairment charges; 
•fluctuations in the price of our common stock and inability to complete share repurchases or pay dividends in the time frames and/or on the terms anticipated;
•our charter provisions as well as provisions of certain debt agreements and our significant indebtedness may have the effect of making more difficult or otherwise discouraging, delaying or deterring a takeover or other change of control of us;
•inability to manage credit risk adequately or to collect on contracts with a large number of customers;
•turnover in our management team and inability to attract and retain key personnel;
•inability to obtain equipment and other supplies for our business from our key suppliers on acceptable terms or at all, as a result of insolvency, financial difficulties or other factors, including tariffs, affecting our suppliers;
•increases in our maintenance and replacement costs, including as a result of tariffs, and/or decreases in the residual value of our equipment; 
•inability to sell our new or used fleet in the amounts, or at the prices, we expect;
4

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•risks related to security breaches, cybersecurity attacks, failure to protect personal information, compliance with privacy, data protection and cyber incident reporting laws and regulations, and other significant disruptions to our information technology systems;
•risks related to our ability to respond adequately to changes in technology and customer demands;
•risks related to the use of artificial intelligence (“AI”), and challenges with properly managing such use;
•risks related to severe weather events and other natural occurrences, and climate change regulation;
•risks related to our aspirational sustainability and safety goals, including our greenhouse gas intensity reduction goal;
•risks related to evolving requirements, expectations and perspectives from regulators and stakeholders on environmental, social and sustainability-related topics, and our ability to meet these requirements and expectations;
•the fact that our holding company structure requires us to depend in part on distributions from subsidiaries and such distributions could be limited by contractual or legal restrictions;
•shortfalls in our insurance coverage or inability to obtain coverage on reasonable terms or at all;
•increases in our loss reserves to address business operations or other claims and any claims that exceed our established levels of reserves;
•the outcome or other potential consequences of litigation, regulatory and investigatory matters;
•incurrence of expenses (including indemnification obligations) and other costs in connection with litigation, regulatory and investigatory matters;
•risks related to, and the costs of complying with, environmental and safety laws and regulations;
•risks related to, and the costs of complying with, foreign laws and regulations, as well as other risks associated with non-U.S. operations, including currency exchange risk and tariffs;
•labor shortages and/or disputes, work stoppages or other labor difficulties, which may impact our productivity and increase our costs, and changes in law that could affect our labor relations or operations generally; and
•the effect of changes in tax law.

For a more complete description of these and other possible risks and uncertainties, please refer to our Annual Report on Form 10-K for the year ended December 31, 2025, as well as to our subsequent filings with the SEC. Our forward-looking statements contained herein speak only as of the date hereof, and we make no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances or changes in expectations.

5

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PART I. FINANCIAL INFORMATION
 

Item 1.Financial Statements

 UNITED RENTALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
 

June 30, 2026December 31, 2025
(unaudited)
ASSETS
Cash and cash equivalents$112 $459 
Accounts receivable, net2,797 2,510 
Inventory294 240 
Prepaid expenses and other assets390 399 

Total current assets3,593 3,608 
Rental equipment, net17,350 16,069 
Property and equipment, net1,134 1,134 
Goodwill7,201 7,119 
Other intangible assets, net561 477 
Operating lease right-of-use assets1,412 1,395 
Other long-term assets63 64 
Total assets$31,314 $29,866 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Short-term debt and current maturities of long-term debt$1,541 $1,577 
Accounts payable1,610 776 
Accrued expenses and other liabilities1,552 1,466 
Total current liabilities4,703 3,819 
Long-term debt12,689 12,652 

Deferred taxes3,333 3,115 
Operating lease liabilities1,155 1,124 
Other long-term liabilities210 188 
Total liabilities22,090 20,898 

Common stock—$0.01 par value, 500,000,000 shares authorized, 115,441,696 and 62,337,831 shares issued and outstanding, respectively, at June 30, 2026 and 115,354,590 and 63,095,970 shares issued and outstanding, respectively, at December 31, 2025
1 1 
Additional paid-in capital2,803 2,769 
Retained earnings16,879 15,843 
Treasury stock at cost—53,103,865 and 52,258,620 shares at June 30, 2026 and December 31, 2025, respectively
(10,152)(9,396)
Accumulated other comprehensive loss(307)(249)
Total stockholders’ equity9,224 8,968 
Total liabilities and stockholders’ equity$31,314 $29,866 

See accompanying notes.
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UNITED RENTALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In millions, except per share amounts)
 

Three Months EndedSix Months Ended
 June 30,June 30,
 2026202520262025
Revenues:
Equipment rentals$3,849 $3,415 $7,268 $6,560 
Sales of rental equipment330 317 680 694 
Sales of new equipment86 75 170 145 
Contractor supplies sales44 41 84 77 
Service and other revenues101 95 193 186 
Total revenues4,410 3,943 8,395 7,662 
Cost of revenues:
Cost of equipment rentals, excluding depreciation1,644 1,443 3,136 2,821 
Depreciation of rental equipment704 651 1,385 1,288 
Cost of rental equipment sales176 171 366 381 
Cost of new equipment sales68 61 138 117 
Cost of contractor supplies sales30 28 58 54 
Cost of service and other revenues56 56 111 112 
Total cost of revenues2,678 2,410 5,194 4,773 
Gross profit1,732 1,533 3,201 2,889 
Selling, general and administrative expenses472 422 913 859 

Restructuring charge6 — 51 1 
Non-rental depreciation and amortization116 108 230 222 
Operating income1,138 1,003 2,007 1,807 
Interest expense, net178 171 354 355 

Other income, net(47)(7)(55)(75)
Income before provision for income taxes1,007 839 1,708 1,527 
Provision for income taxes254 217 424 387 

Net income$753 $622 $1,284 $1,140 

Basic earnings per share$12.04 $9.59 $20.47 $17.51 

Diluted earnings per share$12.03 $9.59 $20.44 $17.48 

See accompanying notes.
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UNITED RENTALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(In millions)
 

Three Months EndedSix Months Ended
 June 30,June 30,
 2026202520262025
 Net income$753 $622 $1,284 $1,140 
 Other comprehensive (loss) income, net of tax:
 Foreign currency translation adjustments(31)130 (58)151 
 Fixed price diesel swaps(4)— — — 
 Other comprehensive (loss) income (1)(35)130 (58)151 
 Comprehensive income$718 $752 $1,226 $1,291 

(1)There were no material reclassifications from accumulated other comprehensive loss reflected in other comprehensive income (loss) during 2026 or 2025. We have historically considered the undistributed earnings of our foreign subsidiaries to be indefinitely reinvested, and, accordingly, no taxes were provided on such earnings prior to the fourth quarter of 2020. In 2021, we remitted the cumulative amount of identified cash in our foreign operations in excess of near-term working capital needs. In the fourth quarter of 2025, in connection with a restructuring of our international holdings, we identified $324 of distributable historical foreign earnings that we determined should no longer be considered indefinitely reinvested, and such amount was remitted in 2026. The taxes associated with the repatriation were immaterial. We continue to expect that our undistributed historical foreign earnings will be indefinitely reinvested. If we determine that all or a portion of such foreign earnings are no longer indefinitely reinvested, we may be subject to additional foreign withholding taxes and U.S. state income taxes. There were no material taxes associated with other comprehensive income (loss) during 2026 or 2025.

See accompanying notes.

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UNITED RENTALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
(In millions) 

Three Months Ended June 30, 2026
 Common Stock Treasury Stock
 Number of
Shares (1) (2)AmountAdditional Paid-in
CapitalRetained EarningsNumber of
SharesAmountAccumulated Other Comprehensive Loss (3)
Balance at March 31, 202663 $1 $2,762 $16,250 53 $(9,773)$(272)
Net income753 
Dividends declared (4)(124)
Foreign currency translation adjustments(31)
Fixed price diesel swaps(4)

Stock compensation expense, net— 43 

Tax withholding for share-based compensation— (2)
Repurchase of common stock— — (379)

Balance at June 30, 202662 $1 $2,803 $16,879 53 $(10,152)$(307)

Three Months Ended June 30, 2025
 Common Stock Treasury Stock
 Number of
Shares (1) (2)AmountAdditional Paid-in
CapitalRetained EarningsNumber of
SharesAmountAccumulated Other Comprehensive Loss (3)
Balance at March 31, 202565 $1 $2,688 $14,214 50 $(7,730)$(384)
Net income622 
Dividends declared (4)(118)
Foreign currency translation adjustments130 

Stock compensation expense, net— 34 

Tax withholding for share-based compensation— (1)
Repurchase of common stock(1)1 (421)

Balance at June 30, 202564 $1 $2,721 $14,718 51 $(8,151)$(254)

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Six Months Ended June 30, 2026
 Common Stock Treasury Stock
 Number of
Shares (1) (2)AmountAdditional Paid-in
CapitalRetained EarningsNumber of
SharesAmountAccumulated Other Comprehensive Loss (3)
Balance at December 31, 202563 $1 $2,769 $15,843 52 $(9,396)$(249)
Net income1,284 
Dividends declared (4)(248)
Foreign currency translation adjustments (58)

Stock compensation expense, net (5)— 82 

Tax withholding for share-based compensation— (48)
Repurchase of common stock(1)1 (756)

Balance at June 30, 202662 $1 $2,803 $16,879 53 $(10,152)$(307)

Six Months Ended June 30, 2025
 Common Stock Treasury Stock
 Number of
Shares (1) (2)AmountAdditional Paid-in
CapitalRetained EarningsNumber of
SharesAmountAccumulated Other Comprehensive Loss (3)
Balance at December 31, 202465 $1 $2,691 $13,813 50 $(7,478)$(405)
Net income1,140 
Dividends declared (4)(235)
Foreign currency translation adjustments151 

Stock compensation expense, net— 70 

Tax withholding for share-based compensation— (40)
Repurchase of common stock(1)1 (673)

Balance at June 30, 202564 $1 $2,721 $14,718 51 $(8,151)$(254)
 
(1)Common stock outstanding decreased by approximately two million net shares during the year ended December 31, 2025.
(2)Amounts may not foot due to rounding.
(3)The Accumulated Other Comprehensive Loss balance primarily reflects foreign currency translation adjustments.
(4)We declared dividends of $1.97 and $1.79 per share during the three months ended June 30, 2026 and 2025, respectively, and $3.94 and $3.58 per share during the six months ended June 30, 2026 and 2025, respectively. 
(5)Includes net stock compensation expense as reported as a separate component in our condensed consolidated statements of cash flows, and net stock compensation expense included in “Restructuring charge” as reported in our condensed consolidated statements of cash flows.
See accompanying notes.
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UNITED RENTALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In millions)

Six Months Ended
 June 30,
 20262025
Cash Flows From Operating Activities:
Net income$1,284 $1,140 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization1,615 1,510 
Amortization of deferred financing costs and original issue discounts8 8 
Gain on sales of rental equipment(314)(313)
Gain on sales of non-rental equipment(7)(10)
Gain on sale of business (1)(49)— 
Insurance proceeds from damaged equipment(23)(23)
Stock compensation expense, net79 70 

Restructuring charge51 1 
Debt related activity (2)— 13 

Increase (decrease) in deferred taxes220 (38)
Changes in operating assets and liabilities, net of amounts acquired:
(Increase) decrease in accounts receivable(272)5 
Increase in inventory(54)(41)
Decrease (increase) in prepaid expenses and other assets30 (114)
Increase in accounts payable623 529 
Increase in accrued expenses and other liabilities114 16 
Net cash provided by operating activities3,305 2,753 
Cash Flows From Investing Activities:
Payments for purchases of rental equipment(2,720)(2,121)
Payments for purchases of non-rental equipment and intangible assets(165)(182)
Proceeds from sales of rental equipment680 694 
Proceeds from sales of non-rental equipment26 31 
Insurance proceeds from damaged equipment23 23 
Purchases of other companies, net of cash acquired(400)(16)
Proceeds from sale of business (1)82 — 
Purchases of investments— (1)
Proceeds from sales of investments3 — 
Net cash used in investing activities(2,471)(1,572)
Cash Flows From Financing Activities:
Proceeds from debt4,503 4,829 
Payments of debt(4,594)(4,952)
Payment of contingent consideration(18)(23)

Common stock repurchased, including tax withholdings for share-based compensation(816)(720)
Payments of financing and other debt related costs (2)(1)(14)

Dividends paid(248)(235)
Net cash used in financing activities(1,174)(1,115)
Effect of foreign exchange rates(7)25 
Net (decrease) increase in cash and cash equivalents(347)91 
Cash and cash equivalents at beginning of period459 457 
Cash and cash equivalents at end of period$112 $548 
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net$158 $540 
Cash paid for interest342 339 

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(1)See note 3 to the condensed consolidated financial statements for a discussion of the gain recognized upon sale of part of our scaffolding business.
(2)The amounts for the six months ended June 30, 2025 primarily reflect bridge financing fees associated with the terminated acquisition of H&E Equipment Services, Inc. d/b/a H&E Rentals (“H&E”) discussed below.
See accompanying notes.
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UNITED RENTALS, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per share data, unless otherwise indicated)

1. Organization, Description of Business and Basis of Presentation
United Rentals, Inc. (“Holdings,” “URI” or the “Company”) is principally a holding company and conducts its operations primarily through its wholly owned subsidiary, United Rentals (North America), Inc. (“URNA”), and subsidiaries of URNA. Holdings’ primary asset is its sole ownership of all issued and outstanding shares of common stock of URNA. URNA’s various credit agreements and debt instruments place restrictions on its ability to transfer funds to its shareholder.
We rent equipment to a diverse customer base that includes construction and industrial companies, manufacturers, utilities, municipalities, homeowners and government entities. We primarily operate in the United States and Canada, and have a smaller presence in Europe, Australia and New Zealand. In addition to renting equipment, we sell new and used rental equipment, as well as related contractor supplies, parts and service.
We have prepared the accompanying unaudited condensed consolidated financial statements in accordance with the accounting policies described in our annual report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”) and the interim reporting requirements of Form 10-Q. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the 2025 Form 10-K. 
In our opinion, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of financial condition, operating results and cash flows for the interim periods presented have been made. Interim results of operations are not necessarily indicative of the results of the full year. 
New Accounting Pronouncements 
Disaggregation of Income Statement Expenses. In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, which requires more detailed disclosures about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, may be applied prospectively or retrospectively, and allows for early adoption. This standard is not expected to have an impact on any amounts recognized in our financial statements, but will result in more detailed disclosures addressing the categorization of expenses.
Accounting Guidance Adopted in 2026
Measurement of Credit Losses for Accounts Receivable and Contract Assets. In July 2025, the FASB issued ASU 2025-05, which provides optional guidan