United Rentals, Inc. stock research
FY2026 Q1
United Rentals (URI) Gross Margin — Quarter Ended Mar 31, 2026
This quarter's revenue, gross profit, and cost of revenue are each lower than the previous quarter, and the gross margin has shifted from a typical range in the prior quarter to an unusually high level. Compared to the same quarter last year, revenue, gross profit, and cost of revenue are slightly higher, while the gross margin has also moved higher.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
This quarter's revenue, gross profit, and cost of revenue are each lower than the previous quarter, and the gross margin has shifted from a typical range in the prior quarter to an unusually high level. Compared to the same quarter last year, revenue, gross profit, and cost of revenue are slightly higher, while the gross margin has also moved higher.
- Gross margin improved sharply from the prior quarter and is higher than the year-ago quarter. The most observable driver is the change in the relationship between cost of revenue and gross profit relative to revenue, as gross profit exceeds revenue in the current period.
- Revenue, gross profit, and cost of revenue are all lower sequentially, yet gross margin rose significantly. Year-over-year, revenue and the related metrics are higher, with gross margin also higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
158.1%
Gross profit
$1.5B
Revenue
$929.0M
Cost of revenue
$2.5B
Quarter-over-quarter change
-19.4 pts
Year-over-year change
+6.3 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2025 | $893.0M | $1.4B | $2.4B | 151.8% |
| Jun 30, 2025 | $872.0M | $1.5B | $2.4B | 175.8% |
| Sep 30, 2025 | $938.0M | $1.7B | $2.6B | 177.5% |
| Mar 31, 2026 | $929.0M | $1.5B | $2.5B | 158.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
-19.4 pts
Year-over-year change
Mar 31, 2025
+6.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross margin improved sharply from the prior quarter and is higher than the year-ago quarter. The most observable driver is the change in the relationship between cost of revenue and gross profit relative to revenue, as gross profit exceeds revenue in the current period.
Revenue, gross profit, and cost of revenue are all lower sequentially, yet gross margin rose significantly. Year-over-year, revenue and the related metrics are higher, with gross margin also higher.
Monitor the consistency of gross margin relative to revenue, given the current period's gross profit exceeds revenue—an unusual relationship that may reflect data reporting or classification.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| United Rentals, Inc. (URI) | 158.1% |