United Rentals, Inc. · NYSE:URI
United Rentals — Q2 2026 Earnings Presentation
56 slides from United Rentals's earnings presentation, Jul 23, 2026
Slide 1: Second Quarter 2026 Investor Presentation
Second Quarter 2026 Investor Presentation © 2023 United Rentals, Inc. All rights reserved. I 1
Slide 2: Introductory information
Introductory information Unless otherwise specified, the information in this presentation, including forward-looking statements, is as of our most recent earnings call held on July 23, 2026. We make no commitment to update any such information contained in this presentation. Certain statements in th
Slide 3: Contents
Contents 1. Company Overview 2. End-Market Overview 3. Summary of Key Financial Data 4. Sustainability, Culture and Governance 5. Appendix I 3
Slide 4: Company Overview
1 Company Overview I 4
Slide 5: Company Overview: market leader with sustainable competitive advantages
Company Overview 1 Market leader with size, scale, and strategy to sustain meaningful competitive advantages 2 Relentless focus on the customer, fueling deep and lasting relationships 3 Proven ability to win through excellence in people, process, and technology Resilient business model underpinned b
Slide 6: United Rentals at a Glance (NYSE: URI)
United Rentals at a Glance (NYSE: URI) #1 Market Share(1) 1997 ~28,100 Founded Employees(3) Other Stamford, CT 1,774 70% Headquarters Global Branch Locations(3) 15% ~$24B 1,665 Fleet Size(3), (4) North American Locations(3) $16.1B 2025 total revenue (+4.9% YoY) (2) $7.3B 2025 adjusted EBITDA (+2.3%
Slide 7: Our purpose, vision, and values
Our purpose, vision, and values Purpose Vision To be the best partner for worksite Build a better future together safety, productivity, and sustainability Values Safety First Visible Customer- Absolute Community- Continuous Sustainability Passion for Leadership Driven Integrity Minded Innovation Peo
Slide 8: Continuing our strategic journey
Continuing our strategic journey 1997-2008 2009-2013 2014-2022 2023 & BEYOND Become a Transform Grow Leverage and Extend Market Leader the Core the Core Competitive Advantages Executed ~250 Improved returns Continued build-up of acquisitions to strengthen through financial and GenRent platform North
Slide 9: How we win | Our competitive advantages
How we win | Our competitive advantages Creating Layers of Value Around the Customer Relationship Enabled by… Breadth of Technology Solutions to Meet to Drive Seamless Customer Needs Experiences Data & Insights Deep Expertise to Foster Worksite Backed by People- Performance Focused Culture Tailored
Slide 10: Customers know we have the resources they need
Customers know we have the resources they need Industry-leading Fleet(1) Enabling Profitable Growth at Scale ~$24B; ~1M units Solutions • Holistic product set, serving the most diverse customer base in the industry Aerial Forklifts • Comprehensive array of Specialty solutions Dirt meeting the needs
Slide 11: Geographic breadth and flexibility to provide a one-stop shop
Geographic breadth and flexibility to provide a one-stop shop for customers Optimizing Location Strategy Industry’s Most Expansive Branch Network • Improving our operating footprint to enable faster response time • Enhancing operating processes to allow greater face-time with customers • Expanding S
Slide 12: Our customers and the benefits of renting vs. owning
Our customers and the benefits of renting vs. owning Customer Mix* Why Customers Rent Instead of Buy Residential construction • Conserve capital / focus on core business Industrial • The right equipment for any job/availability & Other 4% • Reliability/reduce downtime • Power / Utilities • Manufactu
Slide 13: Diverse end-market exposure
Diverse end-market exposure Infrastructure Non - Residential Residential Downstream O&G Upstream O&G 2025 Rental Midstream O&G Revenue by Chemicals Vertical Industrial Manufacturing Other Industrial Metals & Mining Power All Other Broad customer base helps reduce full-cycle volatility I 13
Slide 14: Growing specialty solutions to meet customer demand
Growing specialty solutions to meet customer demand while expanding profitability Fluid Solutions Site Services • Full range of equipment to contain, transfer, and • Plastic bathroom facilities, luxury restroom trailers, treat fluids sinks, and showers • Used by municipalities, industrial plants, an
Slide 15: Specialty provides strong growth opportunities
Specialty provides strong growth opportunities Specialty Revenue(1) ($M) $5,873 2015-2025 CAGR: $5,127 20.2% $4,122 $3,445 $2,692 $2,165 $2,089 $1,720 $1,254 $931 $1,021 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (2) (3) 16.0% 17.7% 18.9% 21.4% 23.2% 24.5% 27.7% 29.6% 28.8% 33.4% 36.5% S
Slide 16: Customer facing digital tools and results 2025
Customer facing digital tools and results 2025 Digital Fleet Management & Real-time Notifications & Marketplace + Insights + Tracking ▪ Generate awareness and interest ▪ View and manage rental and owned fleet ▪ ~50 notifications across rental lifecycle ▪ Acquire new customers ▪ Take self-service dig
Slide 17: Industry leading customer service enabled by technology
Industry leading customer service, equipment management, and operations enabled by technology Sales Operations Logistics Service & Maintenance • Enterprise CRM for dealflow • Suite of mobile applications for • Central dispatch capability for • Suite of advanced telematics alerts to management intake
Slide 18: Elevating worksite performance through customer control with technology
Elevating worksite performance through greater customer control with technology Proactively Addressing Needs… …Drives Positive Business Impacts(1) Online Simplicity and ease of placing an order Rental 12% 18% 20% Growth in online Growth in Online Growth in Online Field orders at ur.com Payments Serv
Slide 19: Telematics improve productivity and customer experience
Telematics improve productivity and customer experience Optimize Increase Equipment Improve Equipment Uptime Utilization Worksite Safety Ensure equipment is ready for Customers gain insights into Locate equipment on use through preventative utilization to manage demand. Limit equipment maintenance,
Slide 20: Worksite Performance Solutions
WORKSITE PERFORMANCE SOLUTIONS TM WORKSITE PERFORMANCE SOLUTIONS SAFETY PRODUCTIVITY SUSTAINABILITY IoT tools that link up worksites, authorize site Transform average worksites into high-performing worksites Leverage our experience, technology and robust fleet entry and equipment access, and speed w
Slide 21: End-market overview
2 End-market overview I 21
Slide 22: U.S. equipment rental industry historical overview
U.S. equipment rental industry historical overview Combined U.S. General Rental and Construction Growth of the U.S. equipment rental market has & Industrial Equipment Rental Market Size ($bn) sharply outpaced underlying total non-res activity 400% Indexed growth: US Equipment Rental Market $60 Peak-
Slide 23: Growth: Strategy supports meaningful outperformance of industry
Growth: Strategy supports meaningful outperformance of industry Growth Drivers 180% ✓ Smart M&A URI-NAM Rental Revenue (9.2% CAGR) ✓ Secular shift towards rental over 160% ownership Indexed Growth: NAM Industry ex-URI (6.0% CAGR) ✓ Increased cross-selling to capture wallet 140% share and maximize cy
Slide 24: Real total U.S. non-res construction spend per capita
Real total U.S. non-res construction spend per capita $4,400 $4,200 $4,000 $3,800 $3,600 $3,400 $3,200 $3,000 $2,800 $2,600 $2,400 1978 2020 1964 1966 1968 1970 1972 1974 1976 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2022 2024 Real Total U.S
Slide 25: Summary of key financial data
Summary of 3 key financial data I 25
Slide 26: Strong track record of powerful financial performance
Strong track record of powerful financial performance Total Revenue ($M) Adjusted EBITDA(1) ($M) Adjusted EPS(1), (3) +13.5% +9.6% +13.3% +9.9% +19.3% +18.0% 2025 5-Year CAGR 2026 Implied Growth 2025 5-Year CAGR 2026 Implied Growth 2025 5-Year CAGR 2025 10-Year CAGR $18,000 $9,000 $45 $16,000 $8,000
Slide 27: Profitability: Focused on efficiency to support margins
Profitability: Focused on efficiency to support margins Key Drivers of Industry-Leading Margins 50% 25% Strong Fixed-Cost Absorption 20% • Cyclical leverage (e.g., SG&A) • M&A cost synergies 45% 15% Increased Operational Efficiency • Process improvements (e.g., LEAN) 10% • Technology investments (e.
Slide 28: Long-term growth and margin opportunities
Long-term growth and margin opportunities Revenue Related Vision Cost and Margin Related • Capitalize on ongoing secular shift To be the best partner for worksite • Further leveraging of LEAN towards rental over ownership safety, productivity, and sustainability • Optimization of operating costs • L
Slide 29: Focused on generating strong returns
Focused on generating strong returns 16% 14% 11.7% 340 bps improvement 12% 10% Key Return Drivers 8.3% 8% Increased Profitability 6% Positive Fleet Productivity 4% Aggressive Fleet Management 2% Smart Capital Allocation 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ROIC Exceeds Cost of Capita
Slide 30: Cash Flow: Strong and resilient free cash flow generation
Cash Flow: Strong and resilient free cash flow generation (1) Cumulative FCF Cumulative FCF 10-Year Average 10-Year Average Last 5-years(2) Last 10-years(3) Cash Conversion(3,4) FCF Margin(3,5) $9.9B $17.4B 135% 17.2% FCF FCF Margin(5) $2,454 $2,500 $2,314 35.0% $2,300 $2,186 $2,065 30.0% $2,000 28.
Slide 31: Financial strength: Managing the balance sheet
Financial strength: Managing the balance sheet Capital Allocation Strategy Supports Strong Balance Sheet Leverage Ratio(1) 3.95 Leverage Ratio 3.6x 2.95 3.0x 2.9x 2.9x 3.0x 2.8x 2.7x 2.6x 1.95 2.4x 2.2x 2.0x 1.8x 1.9x 1.8x 1.6x 0.95 -0.05 (2) (3) (4) (5) (6) 2012 2013 2014 2015 2016 2017 2018 2019 2
Slide 32: Financial strength: Ensuring flexibility & optionality
Financial strength: Ensuring flexibility & optionality $M Credit Rating: Ba1/BB+ (Positive) (1) $6,000 $6,000 Total Liquidity of $2.999B (2) $5,000 $2,802 Unused ABL $4,000 Facility Fixed vs. Floating Ratio: 72%/28% $3,000 $1,698 $2,250 $85 Used ABL $2,078 $2,000 Facility(3) Unused A/R $1,673 Facili
Slide 33: Prudent capital deployment execution with clear priorities
Prudent capital deployment execution with clear priorities 1 Invest in Organic Growth 2 M&A M&A • Continued investment in GenRent and Specialty to support customers • Supports our “Grow, Deepen and Expand” strategy • Targeting ~40 specialty(1) cold-starts in 2026 • Focus on risk-adjusted returns acr
Slide 34: M&A strategy: Disciplined and opportunistic
M&A strategy: Disciplined and opportunistic Strategic Financial Cultural • Proactively supports growth in • Invest capital at attractive returns • Safety attractive markets over cycle • Talent • Difficult to replicate organically • Revenue growth • Margin opportunities • Ethics and integrity • Acces
Slide 35: Proven ability to create value through GenRent M&A
Proven ability to create value through GenRent M&A… 2012 2017 2017 2018 2022 Strategic Value Positioned URI Strengthened aerial Introduced new Bolstered NA Bolstered NA rental as leader in capabilities; added capabilities in rental position; position; increased North American two-way cross-sell infr
Slide 36: Proven ability to create value through Specialty M&A
Proven ability to create value through Specialty M&A… Cummins, Inc.* Mobile Rental Generator Fleet 2014 2017 2018 2019 2021 2024 Strategic Value Expanded Expanded Power & Expanded offerings Expanded offering in Expanded offering; Expanded offering; offerings in HVAC with a focus in higher return Flu
Slide 37: Fleet productivity: overview
Fleet productivity: overview Fleet Productivity provides greater insight into the interplay and combined impact of key decisions made by managers every day across (a) rental rates, (b) time utilization, and (c) changes in mix on our Owned Equipment Rental Revenue (3) (i.e., the revenue we generate w
Slide 38: Fleet productivity
Fleet productivity Actual YoY Change Assumed YoY Impact YoY Change in Fleet Contribution from Reported YoY Change in + of OEC Inflation on + = Owned Equipment + = Productivity(1) Ancillary and Re-Rent in Rental Revenue Average OEC Rental Revenue Rental Revenue Q1 2023 25.6% (1.5%) 2.0% 26.1% (0.1%)
Slide 39: Q2 2026 Results
Q2 2026 Results Total Revenue $4.410 billion (11.8% Y/Y) Net Income(1) $753 million (17.1% margin) Adjusted EBITDA(1,2) $2.056 billion (46.6% margin) Net/Gross Rental Capital Expenditures $2.251 billion, after gross purchases (Year-to-Date) of $2.931 billion Net Cash Provided by Operating Activities
Slide 40: 2026 Financial Outlook
2026 Financial Outlook Total Revenue $17.5 billion to $17.8 billion Adjusted EBITDA(1) $7.975 billion to $8.125 billion $3.4 billion to $3.8 billion, after gross Net/Gross Rental Capital Expenditures purchases of $4.85 billion to $5.25 billion Net Cash Provided by Operating Activities $5.85 billion
Slide 41: 2028 aspirational targets
2028 aspirational targets (Introduced at May 2023 Investor Day) ~$20B ~$7B ~$10B 15%+ Key Assumptions Total Specialty Adjusted Return on • Continued long-term growth in non- residential construction, including support Revenue Revenue EBITDA Invested from key tailwinds across North America Capital in
Slide 42: Sustainability, Culture and Governance
4 Sustainability, Culture and Governance I 42
Slide 43: Differentiation through a focus on sustainability
Differentiation through a focus on sustainability… Selected Highlights Emissions ✓ Aspirational goal: Reduce greenhouse gas (GHG) emissions intensity (for scope 1 and 2 emissions GHG Emissions Intensity (MT CO2e/$M Revenue) plus scope 3 emissions from third-party haulers) by 35% by 2030 vs. 2018 bas
Slide 44: ... safety and people
… safety and people… Selected Highlights TRIR (Safety Measurement) 1.00 Safety ✓ 2025 Total Recordable Incident Rate of 0.75, a 7.4% reduction against strong 2024 0.80 0.79 0.76 0.75 0.81 0.75 performance 0.60 Employee experience and retention ✓ 2025 employee experience survey: strong results with a
Slide 45: ...and corporate governance
…and corporate governance Corporate Governance Highlights Board of Directors Overview Board Independence and Accountability Board Performance • Annual election of all Directors by majority vote • Risk oversight The strength of our Board is highlighted by our directors' skills and expertise, as illus
Slide 46: Appendix
5 Appendix I 46
Slide 47: Adjusted Earnings Per Share GAAP Reconciliation
Adjusted Earnings Per Share GAAP Reconciliation We define “earnings per share – adjusted” as the sum of earnings per share – GAAP, as-reported plus the impact of the following special items: merger related intangible asset amortization, impact on depreciation related to acquired fleet and property a
Slide 48: EBITDA and Adjusted EBITDA GAAP Reconciliations
EBITDA and Adjusted EBITDA GAAP Reconciliations EBITDA represents the sum of net income, provision for income taxes, interest expense, net, depreciation of rental equipment, and non-rental depreciation and amortization. Adjusted EBITDA represents EBITDA plus the sum of the restructuring charges, sto
Slide 49: EBITDA and Adjusted EBITDA GAAP Reconciliations (cont'd)
EBITDA and Adjusted EBITDA GAAP Reconciliations (cont’d) The table below provides a reconciliation between net cash provided by operating activities and EBITDA and adjusted EBITDA. Three Months Ended Six Months Ended $ millions June 30, June 30, 2026 2025 2026 2025 Net cash provided by operating act
Slide 50: Free Cash Flow GAAP Reconciliation
Free Cash Flow GAAP Reconciliation (In millions, except footnotes) We define “free cash flow” as net cash provided by operating activities less payments for purchases of, and plus proceeds from, equipment and intangible assets. The equipment and intangible asset items are included in cash flows from
Slide 51: Historical Adjusted Earnings Per Share GAAP Reconciliation
Historical Adjusted Earnings Per Share GAAP Reconciliation Adjusted EPS (earnings per share) is a non-GAAP measure that reflects diluted earnings per share-GAAP, excluding the impact of the special items described below. Management believes that adjusted EPS provides useful information concerning fu
Slide 52: Historical Adjusted Earnings Per Share GAAP Reconciliation (cont'd)
Historical Adjusted Earnings Per Share GAAP Reconciliation (cont’d) (1) We have made a number of acquisitions in the past and may continue to make acquisitions in the future. Merger related costs only include costs associated with major acquisitions that significantly impacted our operations (the "m
Slide 53: Historical EBITDA and Adjusted EBITDA GAAP Reconciliations
Historical EBITDA and Adjusted EBITDA GAAP Reconciliations ($M) EBITDA represents the sum of net income, provision (benefit) for income taxes, interest expense, net, interest expense, subordinated convertible debentures, net, depreciation of rental equipment, and non-rental depreciation and amortiza
Slide 54: Historical EBITDA and Adjusted EBITDA GAAP Reconciliations (cont'd)
Historical EBITDA and Adjusted EBITDA GAAP Reconciliations ($M) (cont’d) YTD 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Net cash provided by operating activities $721 $1,551 $1,801 $1,987 $1,941 $2,209 $2,853 $3,024 $2,658 $3,689 $4,433 $4,704 $4,546 $5,190 $3,305 Adj
Slide 55: Historical EBITDA and Adjusted EBITDA GAAP Reconciliations (cont'd)
Historical EBITDA and Adjusted EBITDA GAAP Reconciliations ($M) (cont’d) (1) In 2013, we retired all outstanding subordinated convertible debentures. (2) We have made a number of acquisitions in the past and may continue to make acquisitions in the future. Merger related costs only include costs ass
Slide 56: Historical Free Cash Flow GAAP Reconciliation
Historical Free Cash Flow GAAP Reconciliation ($M) We define “free cash flow” as net cash provided by operating activities less payments for purchases of, and plus proceeds from, equipment and intangible assets, and plus excess tax benefits from share-based payment arrangements. The equipment and in