United Rentals (URI) official guidance

| Net rental capital expenditures after gross purchases | $3.75 billion to $4.05 billion, after gross purchases of $5.2 billion to $5.5 billion | $3.4 billion to $3.8 billion, after gross purchases of $4.85 billion to $5.25 billion |

This now implies net CapEx of $3.4 billion-$3.8 billion.

| Net rental capital expenditures after gross purchases | $3.4 billion to $3.8 billion, after gross purchases of $4.85 billion to $5.25 billion | $2.95 billion to $3.35 billion, after gross purchases of $4.4 billion to $4.8 billion |

This now implies net CapEx of $2.95-$3.35 billion.

| Net rental capital expenditures after gross purchases | $2.95 billion to $3.35 billion, after gross purchases of $4.4 billion to $4.8 billion | $2.85 billion to $3.25 billion, after gross purchases of $4.3 billion to $4.7 billion |

Net CapEx is expected in a range of $2.85 billion-$3.25 billion.

| Net rental capital expenditures after gross purchases | $2.85 billion to $3.25 billion, after gross purchases of $4.3 billion to $4.7 billion | $2.776 billion net, $4.189 billion gross |

| Adjusted EBITDA6 | $8.3 billion to $8.4 billion | $7.975 billion to $8.125 billion |

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.

| Adjusted EBITDA7 | $7.975 billion to $8.125 billion | $7.625 billion to $7.875 billion |

In turn, we've also raised our Adjusted EBITDA guidance by $50 million to a range of $7.625-$7.875 billion.

| Adjusted EBITDA7 | $7.625 billion to $7.875 billion | $7.575 billion to $7.825 billion |

Our Adjusted EBITDA range is $7.575 billion-$7.825 billion.

| Adjusted EBITDA7 | $7.575 billion to $7.825 billion | $7.328 billion |

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.

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.

| Free cash flow excluding restructuring related payments8 | $2.15 billion to $2.45 billion | $2.15 billion to $2.45 billion |

Finally, we're guiding to another year of strong free cash flow in the range of $2.15-$2.45 billion, with the increase in CapEx offset by higher cash flow from operations.

| Free cash flow excluding restructuring related payments8 | $2.15 billion to $2.45 billion | $2.15 billion to $2.45 billion |

And finally, we're guiding to another year of strong free cash flow in the range of $2.15 billion-$2.45 billion.

| Free cash flow excluding merger and restructuring related payments8 | $2.15 billion to $2.45 billion | $2.186 billion |

| Net rental capital expenditures after gross purchases | $3.75 billion to $4.05 billion, after gross purchases of $5.2 billion to $5.5 billion | $3.4 billion to $3.8 billion, after gross purchases of $4.85 billion to $5.25 billion |

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.

| Net rental capital expenditures after gross purchases | $3.4 billion to $3.8 billion, after gross purchases of $4.85 billion to $5.25 billion | $2.95 billion to $3.35 billion, after gross purchases of $4.4 billion to $4.8 billion |

On the fleet side, we've increased our gross CapEx guidance by $100 million to a range of $4.4-$4.8 billion, reflecting the stronger demand we see.

| Net rental capital expenditures after gross purchases | $2.95 billion to $3.35 billion, after gross purchases of $4.4 billion to $4.8 billion | $2.85 billion to $3.25 billion, after gross purchases of $4.3 billion to $4.7 billion |

On the fleet side, our gross CapEx guidance is $4.3 billion-$4.7 billion, an increase from 2025 of approximately $300 million at midpoint.

| Net rental capital expenditures after gross purchases | $2.85 billion to $3.25 billion, after gross purchases of $4.3 billion to $4.7 billion | $2.776 billion net, $4.189 billion gross |

Combined with our dividend, this will return roughly $2 billion to our shareholders this year, equating to approximately $32 per share, or a return of capital yield of approximately 3% based on our current share price.

Combined with our dividend, this will return roughly $2 billion to our shareholders this year, equating to approximately $32 per share or a return of capital yield of about 4% based on our current share price.

| Total revenue | $18.0 billion to $18.2 billion | $17.5 billion to $17.8 billion |

Total revenue is now expected in the range of $17.5 billion-$17.8 billion, an increase of $500 million versus our prior guidance.

| Total revenue | $17.5 billion to $17.8 billion | $16.9 billion to $17.4 billion |

Total revenue is now expected in the range of $16.9-$17.4 billion, an increase of $100 million versus our initial guidance.

| Total revenue | $16.9 billion to $17.4 billion | $16.8 billion to $17.3 billion |

Total revenue is expected in the range of $16.8 billion-$17.3 billion, implying full year growth of 5.9% at midpoint.

| Total revenue | $16.8 billion to $17.3 billion | $16.099 billion |

Combined with our dividend, this will return roughly $2 billion to our shareholders this year, equating to approximately $32 per share, or a return of capital yield of approximately 3% based on our current share price.

Combined with our dividend, this will return roughly $2 billion to our shareholders this year, equating to approximately $32 per share or a return of capital yield of about 4% based on our current share price.

So in total, we intend to return roughly $2 billion to shareholders this year, equating to approximately $32 per share or a return of capital yield of about 3.5% based on our current share price.

Under its capital allocation plan for dividends and share repurchases, the company expects to return approximately $2 billion to shareholders in 2026, which represents approximately 87% of its expected free cash flow at the mid-point of guidance.

Combined with our dividend, this will return roughly $2 billion to our shareholders this year, equating to approximately $32 per share, or a return of capital yield of approximately 3% based on our current share price.

Combined with our dividend, this will return roughly $2 billion to our shareholders this year, equating to approximately $32 per share or a return of capital yield of about 4% based on our current share price.

The company expects to complete $1.5 billion of share repurchases in 2026.

On the capital allocation front, we still intend to repurchase $1.5 billion of shares in 2026.

The company expects to complete $1.5 billion of share repurchases in 2026.

Shifting to capital allocation, it remains our plan to repurchase $1.5 billion of shares in 2026.

The company expects to complete $1.5 billion of repurchases in 2026, including $1.15 billion of repurchases under the $5.0 billion program.

Additionally, we intend to repurchase $1.5 billion of common stock in 2026, supported in part through our new $5 billion share repurchase program that is intended to enable buybacks for the next several years.

The company intends to repurchase $1.5 billion of common stock in 2026, including $1.15 billion under the new program.

While used sales are still expected at around $1.45 billion.

While used sales are still expected at around $1.45 billion.

| Net cash provided by operating activities | $5.85 billion to $6.65 billion | $5.4 billion to $6.2 billion |

| Net cash provided by operating activities | $5.4 billion to $6.2 billion | $5.3 billion to $6.1 billion |

| Net cash provided by operating activities | $5.3 billion to $6.1 billion | $5.190 billion |

For the full year, we're expecting $55million-$65million.

At midpoint, this implies full year growth ex used of roughly 7%.

Within this, I'll note that we're guiding used sales to roughly $1.45 billion on OEC sold of around $2.8 billion, implying total revenue growth ex used of 6.2% at midpoint.

The cold start specifically, we don't really look at these as—you know, we tell you about them on a calendar year, but I wouldn't read anything into the 40 versus 60.

embedded in that guidance is that expectation that we'll at least reach that one and a half hurdle.