NYSE$URI
United Rentals Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Announced record first quarter results and reaffirmed its full-year 2023 guidance.
United Rentals reported record first quarter results with total revenue of $3.285 billion, net income of $451 million, and adjusted EPS of $7.95. The company reaffirmed its full-year 2023 guidance, supported by customer optimism and the integration of recent acquisitions.
- Total revenue reached $3.285 billion, including rental revenue of $2.740 billion.
- Fleet productivity increased 2.0% as reported and 5.9% on a pro forma basis.
- Net income was $451 million, with a margin of 13.7%, and GAAP diluted earnings per share of $6.47.
- Adjusted EBITDA was $1.503 billion, with a margin of 45.8%.
Headline financials
Revenue & EPS history
United Rentals · Revenue · Quarterly
$3.29B
Revenue by segment
United Rentals · $2.74B total across 2 segments · Q1 2023
- General Rentals$2.02B+26.7%73.6%
- Specialty Rentals$722M+24.1%26.4%
Forward guidance
The company has reaffirmed its 2023 outlook.
Tailwinds
- Total revenue is expected to be between $13.7 billion to $14.2 billion
- Adjusted EBITDA is projected to be $6.6 billion to $6.85 billion
- Net rental capital expenditures after gross purchases are anticipated to be $2.0 billion to $2.25 billion, after gross purchases of $3.3 billion to $3.55 billion
- Net cash provided by operating activities is estimated to be $4.4 billion to $4.8 billion
- Free cash flow (excluding merger and restructuring related payments) is forecasted to be $2.1 billion to $2.35 billion
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+3.1%
Avg return
Earnings day
+1.6%
Avg return
5 days after
+4.7%
Avg return
30 days after
70%
46 / 66 earnings
Positive
+25.8%
Q1 2026
Best reaction
-19.9%
Q4 2015
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +25.8% | +19.9% | +16.9% | |
| Q4 2025 | -7.9% | -12.2% | -7.0% | |
| Q3 2025 | -7.8% | -11.7% | -19.3% | |
| Q2 2025 | -1.4% | -2.1% | +1.8% | |
| Q1 2025 | +9.9% | +7.0% | +18.8% | |
| Q4 2024 | +2.1% | -0.6% | -15.3% | |
| Q3 2024 | -2.7% | -2.7% | +0.2% | |
| Q2 2024 | +1.4% | +0.1% | +0.1% | |
| Q1 2024 | +4.5% | +7.8% | +1.8% | |
| Q4 2023 | +12.7% | +12.1% | +13.9% | |
| Q3 2023 | -0.6% | +1.1% | +15.0% | |
| Q2 2023 | -2.0% | +3.2% | -0.2% | |
| Q1 2023 | -5.3% | -4.2% | -7.1% | |
| Q4 2022 | +9.6% | +8.9% | +14.4% | |
| Q3 2022 | +1.2% | +7.0% | +21.7% | |
| Q2 2022 | +10.4% | +15.7% | +10.9% | |
| Q1 2022 | +5.4% | +1.6% | -1.6% | |
| Q4 2021 | +3.7% | +3.8% | +2.6% | |
| Q3 2021 | +2.8% | +7.3% | +1.4% | |
| Q2 2021 | -1.3% | -0.1% | +8.7% | |
| Q1 2021 | +0.8% | -0.9% | +2.8% | |
| Q4 2020 | +2.2% | +2.0% | +19.8% | |
| Q3 2020 | -0.9% | +10.2% | +33.2% | |
| Q2 2020 | -0.9% | +0.8% | +15.3% | |
| Q1 2020 | +10.3% | +0.2% | +19.2% | |
| Q4 2019 | -5.9% | -7.3% | -12.0% | |
| Q3 2019 | +6.0% | +7.4% | +27.9% | |
| Q2 2019 | -12.0% | -14.2% | -21.5% | |
| Q1 2019 | +7.9% | +7.5% | +0.2% | |
| Q4 2018 | +4.3% | +5.5% | +15.7% | |
| Q3 2018 | -16.4% | -18.6% | -18.6% | |
| Q2 2018 | +2.9% | -1.9% | -1.1% | |
| Q1 2018 | -5.2% | -7.8% | -4.3% | |
| Q4 2017 | -2.1% | -2.9% | -3.6% | |
| Q3 2017 | +0.7% | -1.3% | +4.7% | |
| Q2 2017 | +4.3% | +0.8% | -4.8% | |
| Q1 2017 | -5.5% | -5.3% | -8.1% | |
| Q4 2016 | +11.8% | +13.3% | +9.3% | |
| Q3 2016 | +3.5% | +0.2% | +19.0% | |
| Q2 2016 | +12.2% | +15.3% | +18.1% | |
| Q1 2016 | +6.1% | — | — | |
| Q4 2015 | -19.9% | — | — | |
| Q3 2015 | +11.6% | — | — | |
| Q2 2015 | -15.0% | — | — | |
| Q1 2015 | -3.1% | — | — | |
| Q4 2014 | +1.8% | — | — | |
| Q3 2014 | +7.8% | — | — | |
| Q2 2014 | +2.2% | — | — | |
| Q1 2014 | +5.6% | — | — | |
| Q4 2013 | +2.2% | — | — | |
| Q3 2013 | +7.9% | — | — | |
| Q2 2013 | +7.9% | — | — | |
| Q1 2013 | +1.1% | — | — | |
| Q4 2012 | +0.5% | — | — | |
| Q3 2012 | +17.3% | — | — | |
| Q2 2012 | -13.4% | — | — | |
| Q1 2012 | +10.4% | — | — | |
| Q1 2011 | +13.5% | — | — | |
| Q4 2009 | +0.6% | — | — | |
| Q4 2011 | +0.6% | — | — | |
| Q3 2010 | +14.7% | — | — | |
| Q3 2011 | +14.7% | — | — | |
| Q4 2010 | +11.3% | — | — | |
| Q2 2010 | +11.3% | — | — | |
| Q2 2011 | +11.3% | — | — | |
| Q1 2010 | +16.6% | — | — |
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