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Top analysts & firms

All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions

What does “challenging” mean?

Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.

Most active analysts

Analyst	Firm	Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Steve Fisher	UBS	13 questions · 0% challenging
Ken Newman	KeyBanc Capital Markets	13 questions · 0% challenging
Scott Schneeberger	Oppenheimer	12 questions · 0% challenging
Angel Castillo	Morgan Stanley	9 questions · 0% challenging
David Raso	Evercore ISI	9 questions · 11% challenging
Kyle Menges	Citigroup	9 questions · 11% challenging
Jerry Revich	Wells Fargo	9 questions · 0% challenging
Mike Feniger	Bank of America	9 questions · 11% challenging
Tim Thein	Raymond James	8 questions · 25% challenging
Jamie Cook	Truist Securities	7 questions · 43% challenging

Most active firms

Firm	Analysts	Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
KeyBanc Capital Markets	1 analyst	13 questions · 0% challenging
UBS	1 analyst	13 questions · 0% challenging
Oppenheimer	1 analyst	12 questions · 0% challenging
Bank of America	2 analysts	11 questions · 9% challenging
Citigroup	2 analysts	11 questions · 9% challenging
Morgan Stanley	2 analysts	11 questions · 0% challenging
Wells Fargo	1 analyst	9 questions · 0% challenging
Evercore ISI	1 analyst	9 questions · 11% challenging

Quarter in detail

· FY2026 Q1

Macro Signals

↑Enterprise Spending↑CAPEX→Inflation

United Rentals set first quarter records across revenue, EBITDA, and EPS with total revenue growing 7% to nearly $4B and adjusted EPS of $9.71, up 10%, raising FY2026 revenue guidance by $100M and EBITDA by $50M on strong momentum. Specialty grew 14% with 17 cold starts, and broad cost management delivered leverage across labor, delivery, and R&M with general rental margin improving 150 basis points. Free cash flow exceeded $1.05B in Q1, and a diverse project pipeline from power, data centers, and infrastructure drove demand.

Key Themes7

positive📊 company

First Quarter Records Across Revenue, EBITDA, And EPS

Total revenue grew 7% YOY to nearly $4 billion. Rental revenue grew almost 9% to $3.4 billion. Adjusted EPS of $9.71, up 10% YOY. All first quarter records.

Revenue Growth

positive📊 company

Specialty Grows 14% With 17 Cold Starts In Q1

Specialty rental revenue grew 14% YOY with growth across all lines of business. Opened 17 cold starts in Q1. Power vertical continues double-digit growth.

Revenue GrowthProduct Launch

positive📊 company

EBITDA Margin Expands 60bps Ex H&E On Cost Controls

Adjusted EBITDA margin of 44.1%, up 60 basis points YOY excluding the H&E benefit. Recorded $45 million of restructuring charges for facility consolidations and head count reductions.

Margin

positive📊 company

FY2026 Revenue And EBITDA Guidance Raised On Momentum

Total revenue guidance raised $100 million to $16.9-$17.4 billion, implying 7% growth ex used at midpoint. EBITDA raised $50 million. Gross CAPEX raised $100 million to $4.4-$4.8 billion.

Guidance ReliabilityRevenue Growth

positive📊 company

Broad Cost Management Delivers Leverage Across Labor, Delivery, R&M

Rental gross margin up 50 basis points YOY. Delivery improved 10-15 basis points as percent of revenue. Specialty repositioning drag narrowed to about 30 basis points from 150-200 basis points per quarter in 2025.

MarginCost Pressure

positive📊 company

Gen Rent Margin Improves 150bps With Broad-Based Cost Leverage

Gen rent rental gross margin up 150 basis points YOY from roughly equal contribution of labor, delivery, and depreciation leverage. R&M also a positive contributor.

Margin

positive🏢 sector

Power, Data Centers, And Infrastructure Drive Diverse Project Pipeline

New projects spanning health care, infrastructure, power, industrial manufacturing and data centers. Nonresidential construction strong even excluding data centers. Petrochem still a drag but potential future contributor.

DemandCapex Investment

Q&A Topicsfrequency by quarter

	Demand	Margin	Competitive Dynamics	Capex Investment	Cost Pressure	Pricing	Revenue Growth	M&A
2024Q4	6	2	3	4		2	5	2
2025Q1	7	8	6	1	5	2	6	3
2025Q2	10	2	4	3		3	1	3
2025Q3	8	6	2	4	5	2		1
2025Q4	7	3	4	4	4	2	2	1
2026Q1	10	7	5	3	4	5	1	2

	'24Q4	'25Q1	'25Q2	'25Q3	'25Q4	'26Q1
Demand	6	7	10	8	7	10
Margin	2	8	2	6	3	7
Competitive Dynamics	3	6	4	2	4	5
Capex Investment	4	1	3	4	4	3
Cost Pressure		5		5	4	4
Pricing	2	2	3	2	2	5
Revenue Growth	5	6	1		2	1
M&A	2	3	3	1	1	2

Analyst Q&A13 analysts · 23 questions · 13% challenge

Angel CastilloMorgan Stanley

Could you just give us a little bit more color on kind of the various key end markets, how you're seeing that play out?

View in transcript →

Could you just talk a little bit about, I think, the $700 million -- roughly $700-ish million in acquisitions you've done over the last 2 quarters?

View in transcript →

David RasoEvercore ISI

View Industrials sector trends →View Rental & Leasing Services industry trends →

Key financials

FY2026 Q1 selectedReported GAAP figures from SEC filings

The table scrolls sideways. Swipe it, or select it and use the arrow keys.

Quarter	Revenue	Rev YoY	EPS	EPS YoY	Gross margin	Op margin	Net margin	FCF
FY2024 Q4	$4.09B	+9.8%	$10.48	+4.7%	37.2%	26.5%	16.8%	$365M
FY2025 Q1	$3.72B	+6.7%	$7.91	-1.6%	33.4%	21.6%	13.9%	$680M
FY2025 Q2	$3.94B	+4.5%	$9.59	+0.6%	36.1%	25.4%	15.8%	$-230M
FY2025 Q3	$4.23B	+5.9%	$10.91	+2.0%	36.8%	26.3%	16.6%	$-365M
FY2025 Q4	$4.21B	+2.8%	$10.20	-2.7%	35.2%	25.0%	15.5%	$577M
FY2026 Q1Selected	$3.98B	+7.2%	$8.35	+5.6%	36.9%	21.8%	13.3%	$681M
FY2026 Q2	$4.41B	+11.8%	$11.84	+23.5%	39.3%	25.8%	17.1%	$-261M

As stated by management

Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).

EPS: “adjusted EPS came in at $9.71, up 10% year-over-year and another first quarter record”
Revenue: “total revenue grew by 7% year-over-year to nearly $4 billion”
Guidance: “Total revenue is now expected in the range of $16.9 billion to $17.4 billion, an increase of $100 million versus our initial guidance”
Key metric: “free cash flow for the quarter exceeded $1.05 billion”

Sector Peersas of Q1 2026 · 1 peer not yet reported

Industrials

Company	Score	Rev YoY	Headline
URI United Rentals	7	+7.2%	First quarter records across revenue, EBITDA, and EPS
ACHR Archer Aviation Inc.	5	n/a	Archer Aviation, a pre-commercial eVTOL developer, remained pre-revenue and deeply loss-making in Q1 (GAAP EPS of -$0.28) while emphasizing execution across its civil, defense and software lines
ADP ADP	7	+7.0%	Strong Q3 with 7% revenue growth and 10% adjusted EPS growth
ALLE Allegion	6	+9.7%	High Single-Digit Revenue Growth Led by Americas Non-Res and M&A
AME Ametek	8	+11.3%	Record orders and backlog growth
AOS A. O. Smith	1	-1.9%	A.O
AVY Avery Dennison	5	+7.0%	Avery Dennison started FY2026 with Q1 adjusted EPS of $2.47, up 7% year-over-year, though organic sales grew only approximately 1% with the GAAP 7.0% overstated by FX and Taylor M&A
AXON Axon Enterprise Inc.	10	+33.8%	AI Era Plan Driving Explosive Adoption
BA The Boeing Company	7	+14.0%	737 production stabilized at 42/month, rate 47 this summer
BE Bloom Energy Corporation	10	+130.4%	Bloom Energy reported first quarter revenue of $751.1 million, its first quarter of greater than 100% year-over-year growth as a public company, with product revenue at an all-time high of $653.3 million and gross margin of 31.5%, up approximately 280 basis points
BLDR Builders FirstSource	1	-10.1%	Builders FirstSource Q1 FY2026 saw revenue decline 10% to $3.3 billion as the Middle East conflict undermined what had been a promising spring selling season, pushing mortgage rates higher and sapping private builder confidence
CARR Carrier Global	4	+2.4%	Data center orders surge over 500% with strong backlog
CAT Caterpillar Inc.	9	+22.2%	Record Backlog and All-Time Record Orders
CHRW C.H. Robinson	4	-0.8%	Secular Earnings Growth Through Spot Rate Inflection
CMI Cummins	7	+2.7%	Power Systems Record EBITDA on Data Center Demand
CSX CSX Corporation	7	+1.7%	Broad-Based Cost Efficiency Driving Margin Expansion
CTAS Cintas	8	+8.9%	Record Revenue With All-Time High Gross Margins Across All Route-Based Businesses
DAL Delta Air Lines	6	+12.9%	Record Q1 Revenue Up Nearly 10% on Broad-Based Demand
DE Deere & Company	9	+16.3%	All business segments delivering higher net sales with equipment ops up 18%
DOV Dover Corporation	7	+10.1%	Dover opened 2026 with double-digit revenue growth (GAAP revenue +10.05% year over year) and adjusted EPS of $2.28, up 11%, driven by secular-growth end markets, acquired company performance and constructive demand across the portfolio
EFX Equifax	8	+14.3%	Exceptional Q1 revenue growth of 14%
EME EMCOR Group, Inc.	10	+19.7%	Data Center & AI Infrastructure Demand Acceleration
EMR Emerson Electric	6	+2.9%	Middle East Conflict Disrupts Sales and Operations
ETN Eaton Corporation	8	+16.8%	Record Orders and Backlog Surge
EXPD Expeditors International	7	+4.4%	Expeditors returned to growth in Q1 2026 with revenue up 4% to $2.8 billion and EPS surging 16% to $1.71, driven by strong margin improvement as the company's diversification strategy delivered double-digit growth across customs, Transcon, distribution, and order management
FAST Fastenal	7	+12.4%	Third consecutive quarter of double-digit growth at 12.4% daily sales
FDX FedEx	9	+8.3%	Record peak season profitability powered 8% revenue growth with EPS up 16% to $5.01 as FedEx delivered its strongest quarter in the recovery
FERG Ferguson plc	Newest quarter — available with Pro	Newest quarter — available with Pro	Newest quarter — available with Pro
FIX Comfort Systems USA, Inc.	10	+56.5%	Comfort Systems USA opened 2026 with revenue of $2.9 billion, an increase of 56% year over year, including same-store growth of 51% or $943 million, as Electrical segment revenue rose 88% and Mechanical rose 47%
GD General Dynamics	8	+10.3%	Strong Revenue Growth Across All Segments
GE GE Aerospace	7	+24.7%	Exceptional Commercial Services Growth
GNRC Generac	9	+12.4%	Revenue grew 12% to $1.06B with C&I up 28% on data center momentum
GPN Global Payments	7	+23.1%	Q1 Results Exceeded Expectations Post-Worldpay Close
GWW W. W. Grainger	9	+10.1%	Grainger delivered a strong start to 2026, with total company sales up 10.1% reported (12.2% on a daily organic constant currency basis) and diluted EPS of $11.65, up 18.2% versus 2025, meaningfully outpacing the expectations management set in February
HII Huntington Ingalls Industries	6	+13.3%	Strong Shipbuilding Revenue Growth Continues at 18%
HON Honeywell International Inc.	5	-6.9%	Aerospace Spinoff on Track for June 29 Completion
HUBB Hubbell Incorporated	8	+11.1%	Double-digit growth across all key financial metrics
HWM Howmet Aerospace	9	+19.1%	Record Q1 Revenue Up 19% with 32% EBITDA Margin
IEX IDEX Corporation	8	+8.9%	HST Delivers 11% Organic Growth with 17% Order Surge
IR Ingersoll Rand	5	+7.6%	Solid Start to 2026 with EPS Up High Single Digits
ITW Illinois Tool Works	7	+4.6%	CapEx Segment Strength Drives Top-Line Growth
J Jacobs Solutions	8	+26.9%	Adjusted EPS Grows 22% on Highest Revenue Growth Since Separation
JBHT J.B. Hunt	7	+4.6%	Strong revenue, OI, and EPS growth signaling recovery
JCI Johnson Controls	9	+8.2%	Johnson Controls posted Q2 FY2026 with organic revenue growing 6% and adjusted EPS of $1.19, up 45% year-over-year, as data center orders surged driving 30% total order growth and a record $20 billion backlog
LHX L3Harris	8	+11.9%	Revenue surged to $5.7 billion with 15% organic growth and broad-based strength across all segments, while GAAP EPS of $2.72 rose 33% year-over-year
LII Lennox International	6	+5.8%	Return to Revenue Growth Driven by BCS and M&A
LMT Lockheed Martin	4	+0.3%	Munitions Production Ramp Accelerates
LUNR Intuitive Machines, Inc.	3	+198.7%	Intuitive Machines reported record first-quarter revenue of $186.7 million, roughly 3x the prior-year quarter, though the increase was driven almost entirely by the January 2026 Lanteris acquisition rather than organic growth
LUV Southwest Airlines	8	+12.8%	Record Q1 Revenue with 8.1 Point Operating Margin Expansion
MAS Masco	6	+6.5%	Strong Q1 with 20% EPS growth and margin expansion
MMM 3M Company	6	+1.3%	3M delivered a light start to FY2026 with organic sales growth of 1.2%, held back by soft U.S
NDSN Nordson Corporation	9	+8.8%	Record First Quarter Sales With 7% Organic Growth
NOC Northrop Grumman	6	+4.4%	B-21 Production Rate Acceleration
NSC Norfolk Southern Railway	5	+0.2%	Iran conflict drives fuel cost surge
ODFL Old Dominion Freight Line	4	-2.9%	LTL Volume Decline Persists Despite Sequential Improvement
OTIS Otis Worldwide	4	+6.5%	Service margin contracts 160bps on investments, mix, and Middle East costs
PAYX Paychex	6	+19.9%	Organic growth acceleration to 6% in back half
PCAR Paccar	1	-16.2%	Cyclical revenue decline in truck segment
PH Parker Hannifin	8	+10.6%	Record Q3 performance across sales, margins, and EPS
PNR Pentair	6	+2.6%	Q1 record for sales and adjusted operating income
POOL Pool Corporation	6	+6.2%	Pool Corporation opened fiscal 2026 with 6% sales growth and 7% operating income growth, exceeding management's expectations for the seasonally small first quarter
PWR Quanta Services	10	+26.3%	Quanta delivered Q1 revenues of $7.9 billion with diluted EPS of $1.45, growing sharply year-over-year, as record backlog reached $48.5 billion
RKLB Rocket Lab USA, Inc.	8	+63.5%	Rocket Lab delivered its strongest first quarter ever, with record revenue of $200.3 million, up 63.5% year-over-year and just above the high end of guidance, led by Space Systems at $136.7 million (up 57.2%)
ROK Rockwell Automation	9	+11.8%	Strong broad-based revenue growth with organic sales up 9%
ROP Roper Technologies	8	+11.3%	Strong Q1 beat with raised full-year DEPS guidance by $0.50
RSG Republic Services	5	+2.6%	Solid Pricing Execution Offsets Volume Softness
RTX RTX Corporation	9	+8.7%	Strong Organic Growth Across All Three Channels
SMR NuScale Power Corporation	2	-95.8%	NuScale's GAAP revenue fell to $0.6 million in the first quarter of 2026 from $13.4 million a year earlier, as the one-time RoPower technology-licensing agreement and Fluor FEED Phase 2 engineering services that drove prior-year revenue were completed in 2025, and the pre-commercial developer again reported a net loss
SNA Snap-on	6	+5.8%	New Q1 record sales with broad-based organic gains
SPCX Space Exploration Technologies Corp.	·	n/a	Has not reported Q1 2026
SWK Stanley Black & Decker	4	+2.7%	Revenue up 3% but organic flat, volume pressure persists
TDG TransDigm Group	10	+18.3%	TransDigm delivered a beat-and-raise second quarter, with GAAP revenue up roughly 18% year over year (organic growth of approximately 11%) as all three channels grew: commercial aftermarket rose about 14%, commercial OEM about 12%, and defense about 11%
TRI Thomson Reuters Corporation	7	+9.8%	Total company organic revenues accelerated to 8% growth from 7% throughout 2025, with legal professionals ex-government surging to 11% driven by the fiduciary-grade AI differentiation strategy
TT Trane Technologies	7	+6.0%	Record Commercial HVAC Bookings and Backlog
TXT Textron	7	+11.8%	Industrial Separation Announced to Create Pure-Play A&D
UAL United Airlines Holdings	6	+10.6%	Record Q1 revenue of $14.6B with TRASM up 6.9% despite fuel crisis
UNP Union Pacific Corporation	6	+3.1%	Record Q1 financial results across key metrics
UPS United Parcel Service	3	-1.6%	Amazon Volume Glidedown Nearing Completion
VLTO Veralto	7	+6.8%	Strong Start to 2026 with 13% EPS Growth
VRSK Verisk	6	+3.9%	OCC Revenue Growth of 4.7% Ahead of Expectations Despite Headwinds
VRT Vertiv Holdings Co	9	+30.1%	Americas Data Center Revenue Surge
WAB Wabtec	8	+13.0%	Multiyear Backlog Surpasses $30 Billion
WM Waste Management	6	+3.5%	Waste Management delivered Q1 with operating EBITDA growing nearly 6% on core price of 6.3% and yield of 3.9%, while free cash flow of $920M nearly doubled from the prior year
XYL Xylem Inc.	5	+2.7%	Revenue flat organically as 80/20 walkaways and China offset EPS growth

Newest-quarter details for 1 peer (score, revenue, headline, themes and macro signals) are available with Pro.

Shared themes this quarter

URACADALAMAOAVAXBABEBLCACACHCMCSCTDADEDOEFEMEMETEXFAFDFEFI

Macro signal alignment

Trade & tariffs

↓ ALLE AME AVY AXON↓ CARR↓ CAT↓ CHRW CMI↓ CTAS DE↓ EFX EMR EXPD FAST↓ FDX GNRC↓ GPN GWW

Pre-Earnings Brief

Top analysts & firms

Most active analysts

Most active firms

Quarter in detail

Q&A Topicsfrequency by quarter

Corporate events

United Rentals URI

Score details · FY2026 Q1

Share price · trailing year

Key financials

As stated by management

Who’s talking about URI

Companies URI discussed