URI / Q3 2026

United Rentals, Inc.

Reported: October 21, 2026

Published forecast

2026-10-20T01:28:16.478847+00:00

Opus 5.5 High in Shortcut

Shortcut

13.93

Shortcut normalized EPS

-0.7% vs Street

Off by $1.62 per share

Street

14.03

Street normalized EPS

Frozen October 18 snapshot

Off by $1.52 per share

Real

15.55

Issuer adjusted diluted EPS

Street win

Reported result · October 21 ↗ · Issuer adjusted diluted EPS was $15.55; GAAP diluted EPS was $14.77. The issuer reconciliation adds acquisition amortization, depreciation/fleet adjustments and restructuring costs.

USD per diluted common share. Percentages use unrounded forecasts.

Model download

Explore the assumptions and calculations behind the forecast.

Open in Shortcut ↗Download XLSX ↓

Shortcut’s reasoning.

The segment forecast uses fleet allocation inferred from depreciation shares, because the issuer does not disclose segment OEC. A conditional fixed-margin, prior-mix sensitivity lowers EPS by about $0.2474. Share timing and a $1 million impairment add-back also carry disclosed uncertainty; these assumptions were preserved through review.

Forecast revenue is $4,699.092500570347 million. GAAP net income of $821.5745164523728 million plus $43.442 million of after-tax normalizing adjustments gives adjusted net income of $865.0165164523728 million. Dividing by 62.113917571428566 million diluted shares gives adjusted EPS of $13.926291405748765; GAAP EPS is $13.226899036075038.

The Shortcut repair restored three blank cash-flow and segment-asset formulas, refreshed stale caches and corrected a $100 million capex-payables classification outside the scored EPS calculation. Assets and liabilities both fell by $100 million. Every value, formula and cache in the rebuilt 156-cell EPS dependency chain stayed unchanged.

The $180 million interest expense, July 20 share-count anchor and unmatched impairment expense allocation remain judgments. The 52% beat probability is a separate heuristic and does not multiply EPS. Source-capture, unscored consensus-basis and retained header/readability limitations are disclosed below.

On the record.

Reporting basis: normalized adjusted diluted EPS
Forecast completed: 2026-10-19T22:08:05.671069+00:00
Published: 2026-10-20T01:28:16.478847+00:00

Model assumptions and review notes

MEDIUM: Segment rentals depend on OEC allocated using depreciation shares, not disclosed segment fleet data. A conditional fixed-margin/prior-mix example lowers EPS about $0.2474; this is a sensitivity, not a proven error or universal bound.
MEDIUM: Interest expense remains a fixed $180m judgment. Applying the prior-quarter implied rate to forecast average debt gives about $183.71m and a conditional $0.0448 lower EPS; rate and mix may differ.
MEDIUM: The $1m forecast impairment add-back contributes $0.01206 to EPS, but embedding of a matching expense in cost ratios is unproved. Without it EPS would be $13.91423. Forecast inputs are preserved.
MEDIUM: The July20 share count is used as an opening anchor with whole-quarter buyback weighting. An even-pace early-July example gives EPS $13.90891; actual timing is unproved. The $750m program repurchase amount and $816m cash-flow repurchases including withholding differ in scope; the full $66m difference is not independently attributed.
MEDIUM: Unscored CapIQ NI and EBITDA definitions/contributors are not reconciled to issuer adjusted measures. Only normalized diluted EPS is scored.
MEDIUM: Date-only retrievals straddle the common cutoff and immutable publisher content is not proven. MarketBeat page metadata indicates October20; its reference is excluded from numerical forecast dependencies, but qualitative influence cannot be disproved.
LOW: BS intangible amortization $40m versus the $32m merger add-back leaves an unreconciled allocation scope. Historical minor bridge items have unlocated expense line placement.
LOW: Mechanical cash borrowing and forecast reconciliation identities are not independent financial validation. Insurance gain cash-flow placement and operating/capex-payable allocations remain simplified. The $100m mechanical capital-payable reclassification changes assets and liabilities, not the scored EPS closure.
LOW: Some long labels remain clipped; context bands above non-period columns and numeric date headers have minor presentation limitations. No freeze panes. No native Excel behavior claim.
LOW: Large-cap probability prior and overlays are heuristic. Large capitalization independently qualifies; index-membership and playbook citation limitations remain. Probability0.52 is not used to scale EPS.
LOW: Some wrapped headers use fixed15pt rows and remain clipped on Cover, Guidance and Inputs; source and public effective row heights match. Some comparative OCF growth entries remain n/a although computable.
LOW: The secondary guidance track-record count combines one earnings/revenue beat with three capex-above-midpoint entries; it is not four earnings beats and does not enter the separate six-quarter EPS calibration.
The exact supplied playbook is v2 experimental (SHA1f08987...), distinct from the frozen v3 SKILL. Raw public bytes differ through serialization: all5899values/caches2441expandedformulas match, with one formula-prefix difference; numeric/date content is preserved.

Research sources