United Rentals, Inc.: Remain Overweight Credit Following 2Q26 Results

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United Rentals, Inc.: Remain Overweight Credit Following 2Q26 Results

J P M O R G A N North America Credit Research

22 July 2026

Overweight

United Rentals, Inc. URI

Remain Overweight Credit Following 2Q26 Results Moody's:S&P: Ba1BB+ Outlook:Outlook: STABLEPOS

Fitch: NR Outlook: NR

The above agency ratings are at the corporate level

North America Corporate Credit -

Aerospace & Defense (HY & IG) and

Industrials (HY) and Services (HY)

Yilma Abebe AC

(1-212) 270-3265

yilma.abebe@jpmorgan.com

Credit view: We are reiterating our Overweight recommendation on the United Austin Maltbia

Rentals (URI) credit following 2Q26 results. URI is the largest company within our (1-212) 834-4684

Services universe with an enterprise value of ~$80 billion (compared to its largest austin.maltbia@jpmchase.com

investment grade competitor Sunbelt at ~$40 billion). We expect larger national rental J.P. Morgan Securities LLC

companies like United Rentals to increase market share, benefiting from the long-

term growth of mega projects. In the company’s capital structure we like the longer

dated URI 6.125s of ’34. We view URI’s credit risk as lower than its investment

grade peer Sunbelt. While United Rentals currently does not target investment grade

ratings, we think owning the URI credit at current valuations offers IG optionality.

Earnings recap: URI reported 2Q26 revenue of $4.41 billion (+12% y/y) compared

to consensus of $4.22 billion and adj. EBITDA of $2.06 billion (+14% y/y) compared

to consensus of $1.91 billion with margins of 46.6% (+72 bp y/y). The company

generated $95 million of FCF in the quarter compared to $116 million in 2Q25.

Earnings Review Leverage Stats

($ millions) 2Q.26 2Q.25 y/y ∆ JPME Consensus ($ millions) 2Q.26 1Q.26

Revenue 4,410 3,943 11.8% 4,235 4,216 LTM Adj.