What is the revenue and EPS growth rate for United Rentals year over year?

What were the key takeaways from United Rentals’s earnings call?

What factors drove the changes in United Rentals's revenue and profit?

What is United Rentals's gross profit margin?

What were the key takeaways from United Rentals's earnings call?

What is United Rentals's latest dividend and current dividend yield?

What guidance did United Rentals's management provide for the next earnings period?

What does United Rentals do and what are its main business segments?

- **Revenue Growth**: Q3 total revenue up 5.9% YoY to $4.2 billion, driven by large projects and Specialty business (+11% YoY).
- **Margin Challenges**: 80bps margin drag from delivery costs and ancillary pass-throughs, despite record EBITDA of $1.9 billion.
- **CapEx Expansion**: 2025 CapEx increased to $4.0–$4.2 billion to support 5% YoY revenue growth, with 2026 outlook for healthy growth.
- **Free Cash Flow**: Year-to-date free cash flow $1.2 billion, with $2.1–$2.3 billion guidance, enabling $2.4 billion shareholder returns.

**【CEO Summary Section】**
- **Record Q3 Performance**: Total revenue reached $4.2 billion (5.9% YoY growth), with rental revenue at $3.7 billion (5.8% YoY). Adjusted EBITDA hit $1.9 billion (46% margin), and adjusted EPS was $11.70.
- **Growth Drivers**: Both General Rental (+5.8%) and Specialty (+11%) businesses expanded, driven by large projects and cold starts (47 year-to-date). Used equipment sales reached $619 million (54% recovery rate).
- **2025 Guidance Update**: Total revenue guidance raised to $16.0–$16.2 billion (5% YoY growth midpoint), with CapEx increased to $4.0–$4.2 billion.
- **2026 Outlook**: CEO expects another year of healthy growth, citing tailwinds from infrastructure, power, and onshoring trends.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Rental revenue growth (+5.8%) outpaced fleet productivity (+2%), offset by fleet inflation (+1.5%). Ancillary revenue grew over 10%, contributing $69 million.
- **Margin Dynamics**: Adjusted EBITDA margin of 46.0% reflected 150bps compression due to delivery costs (+20% YoY) and ancillary pass-throughs. Free cash flow year-to-date: $1.2 billion (guidance $2.1–$2.3 billion).
- **Balance Sheet**: Net leverage at 1.86x, with $2.45 billion liquidity. Share buybacks and dividends returned $2.4 billion year-to-date.

**【Q&A Key Highlights】**
- **CapEx Allocation**: $1.5 billion Q3 CapEx accelerated to meet large project demand; 2025 CapEx raised by $300 million to $4.0–$4.2 billion.
- **Ancillary Margins**: Delivery costs (thin margin) and installation services drove 80bps margin drag, but ancillary growth supports customer retention.
- **2026 Strategy**: Focus on fleet productivity, cold starts (50+ planned), and M&A pipeline to fill specialty gaps. Free cash flow expected to remain robust despite higher CapEx.
- **Risk Management**: Inflation and fleet repositioning costs managed through third-party haulage, with no pull-forward of 2026 CapEx.

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