United Rentals Q3 2026 Earnings: A Beat, a Higher Forecast and a Brief After-Hours Drop

United Rentals reported third-quarter 2026 results after the close on Wednesday, October 21. Adjusted earnings per share (EPS) were $15.55, against analyst estimates of $13.83 to $14.03 depending on who compiled them, and revenue was $4.89 billion against about $4.70 billion. The equipment rental company raised its 2026 revenue forecast for the second quarter in a row, to $18.0 billion to $18.2 billion.

The last trade before the release in MoveSurge's one-minute data was $1,075.97. In the minute the results came out, the stock traded as high as $1,119.00, 4.00% above that price. Over the next four minutes it fell as low as $980.00, 8.92% below the pre-release price, and by 16:27 ET it was back at $1,106.00, 2.79% above it.

The headline reached the MoveSurge news feed at 16:17:30 ET, when the stock stood at $1,100.00. The reaction table on this page measures from that level: $983.15 one minute later, down 10.62%, and $1,106.00 eleven minutes later, up 0.55%.

Why reports of the after-hours move disagreed

GuruFocus ran a story headlined with a 6.5% after-hours drop. Seeking Alpha reported that the shares rose 2% in extended trading, and Investing.com put the gain at 1.8%. Outlets that checked the price at different moments saw different numbers because of the dip. Volume was thin: 1,349 shares traded in the minute the price closed at $983.15, and 6,236 in the minute it touched $980.00. With so few shares changing hands, a small number of sell orders could push the price far below the level where it settled.

The revenue forecast has gone up twice since April

The new range of $18.0 billion to $18.2 billion starts above the top of July's $17.5 billion to $17.8 billion. July's range had itself replaced $16.9 billion to $17.4 billion from April. Analysts expected full-year revenue of about $17.76 billion before the report. The company now forecasts adjusted EBITDA, which is earnings before interest, taxes, depreciation and amortization, of $8.3 billion to $8.4 billion, up from $7.975 billion to $8.125 billion in July.

The free cash flow forecast did not change. It stays at $2.15 billion to $2.45 billion because United Rentals also raised what it plans to spend on new rental equipment. Net rental capital expenditure, which is fleet purchases minus the proceeds from selling used equipment, is now expected at $3.75 billion to $4.05 billion, up from $3.4 billion to $3.8 billion. The extra profit the company expects is going into a bigger fleet.

Specialty rentals grew about four times as fast as general rentals

Specialty rental revenue rose 34.7% to $1.704 billion, while general rentals rose 8.8% to $2.612 billion. Fleet productivity, the company's measure of how much more revenue its equipment earns, rose 6.5% after a 3.4% gain in the second quarter. Chief executive Matt Flannery said the higher forecast "is supported by our customers' confidence, their backlogs, and the momentum we see across large projects."

Buybacks, the dividend and one-time items

United Rentals completed its $2.0 billion share repurchase program and started a new $5.0 billion one. It has bought back $1.125 billion of stock so far this year and still expects to spend $1.5 billion on repurchases in 2026. The quarterly dividend stays at $1.97 a share. A $15 million restructuring charge, worth $0.18 a share, is one reason diluted EPS of $14.77 came in below adjusted EPS.

How this compares with July

The second-quarter report on July 22 also beat forecasts, with adjusted EPS of $12.76 against an estimate of $11.53, and raised guidance. That time the stock rose 8.61% in the fifteen minutes after the headline reached the MoveSurge news feed, from $1,045.00, and Investing.com reported an after-hours gain of 13.52%. This quarter's beat brought a dip and a recovery instead, with the stock 0.55% above the headline level after eleven minutes.