United Rentals has filed its 10-Q with the SEC, and the figures are now available in our data. Revenue over the twelve months to Q3 2026 was $17.50 billion, which rose 9.4% on the year before. That growth rate was up 2.6 percentage points on the rate a quarter earlier.

Profitability

The trailing gross margin was 39.1%. The trailing operating margin was 25.5%, up 0.5 percentage points from a year earlier.

The trailing net margin was 16.3%. Net income over the twelve months was $2.86 billion, which rose 12.9% on the year before.

Cash flow

Operating cash flow over the twelve months was $6.19 billion, up 24.2% on the year before. Capital spending, estimated from depreciation because the company no longer reports it in a standard form, was about $448.0 million.

Free cash flow, operating cash flow less that estimate, was about $5.74 billion.

Share count

The average diluted share count fell 3.4% over the year.

Against its own history

Today’s free-cash-flow margin of 32.8% is higher than 92% of the company’s own past quarterly readings, which have ranged from −7.8% to 44.1%. Today’s operating margin of 25.5% is higher than 78% of the company’s own past quarterly readings, which have ranged from 8.8% to 27.8%.

Today’s twelve-month revenue growth rate of 9.4% is higher than 39% of the company’s own past quarterly readings, which have ranged from −9.6% to 66.2%.

Guidance

The company raised its 2026 full-year outlook guidance for Total revenue: $18.0 billion to $18.2 billion. The company raised its 2026 full-year outlook guidance for Adjusted EBITDA: $8.3 billion to $8.4 billion.

The company raised its 2026 full-year outlook guidance for Net rental capital expenditures after gross purchases: $3.75 billion to $4.05 billion. The company raised its 2026 full-year outlook guidance for Net cash provided by operating activities: $6.25 billion to $6.85 billion.

What it means for value

In our model, growth 5 percentage points lower would lower the value by 27.4%, and 5 percentage points higher would raise it by 35.6%. A free-cash-flow margin 1 percentage point lower would lower it by 3.4%.

What to watch

The next filing will show how revenue growth and operating margins evolve relative to the recent quarterly trends. It will also reveal whether the trajectory of free cash flow continues to align with the current historical positioning.