United Rentals grew revenue in Q3 2026 while its cash fell by more than two thirds

United Rentals, a US company that rents out construction and industrial equipment, reported revenue of USD 4.9bn in Q3 2026, up 15.7% from USD 4.2bn in Q3 2025. Profit grew faster than revenue: net profit rose to USD 920m from USD 701m, and the operating margin widened to 28.8% from 26.3%. Cash went the other way. It stood at USD 153m at the end of the quarter, against USD 512m a year earlier, a drop of USD 359m. All figures are consolidated, in US dollars.

Growth usually costs cash before it brings any in. A rental fleet is paid for up front, customers settle weeks after delivery, and profit is booked when the work is invoiced, not when the money arrives. The accounts do not show how much of the cash decline went into new equipment and how much into other uses. Equity rose by USD 695m to USD 9.7bn, and the equity ratio barely moved at 29.6%. I would watch the cash line in the next quarter. A profit of USD 920m is welcome, but it cannot be spent as such.