The cleanest benchmark was a beat, but coverage is thin. GAAP diluted EPS was $0.06 versus the published consensus of approximately negative $0.05, although that estimate appears to come from only one analyst, so the comparison is less robust than for a heavily covered stock. The quarter also produced $1.449 billion of revenue and $531 million of Adjusted Core EBITDA, versus $1.147 billion and $395 million a year earlier (Financial Highlights).
| Metric | Q2 2026 | Q2 2025 | Change / comparison |
|---|---|---|---|
| Total revenue | $1,449M | $1,147M | +26% (Financial Highlights) |
| Rental Segment revenue | $908M | $651M | +39% (Segment results — Rental) |
| Equipment Sales revenue | $483M | $478M | +1% (Segment results — Equipment Sales) |
| Net income | $19M | $16M | +19% (Financial Highlights) |
| GAAP diluted EPS | $0.06 | $0.06 | Consensus approximately -$0.05 |
| Adjusted EPS | $0.18 | $0.06 | +$0.12 adjustment impact (Adjusted EPS reconciliation) |
| Adjusted Core EBITDA | $531M | $395M | +34% (Adjusted Core EBITDA reconciliation) |
| Net cash used in operating activities | $(142)M | $(127)M | Worse by $15M (Cash Flow statement) |
| Net leverage | 3.0x | 3.4x | Improved, but still elevated (Net leverage reconciliation) |
Rental—not equipment sales—is carrying the quarter. Rental revenue rose 39%, with rental-segment Adjusted EBITDA up 42% to $389 million and margin expanding to 42.8% from 42.2% (Segment results — Rental). Equipment sales were essentially flat, while trailing-twelve-month equipment-sales revenue fell 13%; that mix shift makes the growth profile more dependent on the higher-quality recurring rental operation rather than cyclical asset sales (Equipment Sales results).
The outlook was maintained, not newly upgraded. The company kept its 2026 guidance at $5.254 billion–$5.682 billion of revenue and $1.946 billion–$2.058 billion of Adjusted Core EBITDA (Current Guidance). Those ranges had already been raised on July 9, 2026 from $5.147 billion–$5.575 billion of revenue and $1.883 billion–$1.995 billion of Adjusted Core EBITDA, so the current filing confirms an already-public improvement rather than delivering a fresh guidance surprise.
The main offset is cash conversion. Operating cash flow was negative $142 million for the first six months, while rental-equipment purchases reached $1.017 billion and net rental capex was $856 million on a trailing-twelve-month basis (Cash Flow statement; Capital deployment). The company ended June with $3.263 billion of net debt and 3.0x net leverage, so the strong EBITDA growth is being funded alongside substantial fleet expansion rather than translating into positive operating cash flow yet (Net leverage reconciliation).
Read the original 8-K on SEC EDGAR ↗