URI · United Rentals Q2 FY2026 earnings call record财报电话会记录

“As we replace this fleet and grow to meet customer demand, we spent nearly $2.1 billion on gross rental CapEx in the quarter.”

“The demand environment continues to outpace our original expectations, and we're well-positioned to support our customers' needs while continuing to focus on capital efficiency.”

“After funding our year-to-date growth, free cash flow remains strong at nearly $1.2 billion.”

“Let's discuss our raised 2026 guidance, which reflects total revenue growth of almost 10% at the midpoint.”

“SG&A increased $39 million year-on-year, which was flat as a % of revenue, while gross profits from other lines of businesses increased $2 million.”

“Shifting to CapEx, we've responded to robust customer demand by investing over $2.9 billion in gross rental CapEx year to date, which is an increase of more than $650 million year-over-year.”

“Turning to capital allocation, we have returned $998 million to shareholders year to date, including $750 million through repurchases and $248 million via dividend.”

“In turn, we've also raised our adjusted EBITDA guidance by $300 million to a range of $7.975 billion-$8.125 billion, reflecting our continued expectation to bring the revenue growth to the bottom line by maintaining flat margins year-over-year.”

“On the fleet side, we've increased our gross CapEx guidance by $450 million to a range of $4.85 billion-$5.25 billion in response to the stronger demand we see.”

“Finally, we are reaffirming another year of strong free cash flow in the range of $2.15 billion-$2.45 billion, with the increase in rental CapEx offset by higher cash flow from operations.”

“You can correct me if I'm wrong on that, but now that you're ramping up CapEx again, I guess I'm curious to what extent does that help the relative impact of repositioning on margins?”

“Admittedly, that can have a short-term dilutive impact on ROIC given acquisition accounting, and that's why we frame the deals really as cash-on-cash returns so people can see that discipline across our capital allocation strategies.”