Sunbelt Rentals Holdings Annual Report, Year Ended Apr 30, 2026
Sunbelt Rentals Holdings, Inc. (NYSE/LSE: SUNB), formerly Ashtead Group plc's U.S. parent, reports fiscal year ended April 30, 2026 revenue of $11,154 million, up from $10,791 million, with operating income of $2,181 million (down from $2,499 million) and net income of $1,325 million (down from $1,553 million). Adjusted operating profit was $2,500 million versus $2,615 million the prior year. Equipment rentals revenue rose to $10,320 million, driven by volume growth in both North American segments, while the prior year included hurricane response revenue of $90 million to $100 million that did not recur. Cost of equipment rentals, excluding depreciation, rose to $4,394 million, and SG&A rose to $1,651 million, including $134 million of non-recurring restructuring and relisting costs and stock-based compensation expense of $65 million.
The company completed its redomiciliation and U.S. listing on March 2, 2026, following a U.K. court-sanctioned scheme that became effective February 27, 2026. Free cash flow was $2,055 million versus $1,675 million, and the company repurchased $1,413 million of stock during the year under its buyback program. Total debt was $7,583 million, including $550 million of 1.500% senior notes due August 2026 classified as current. The filing states that a material weakness related to debt classification identified in the Form 10 restatement of the six months ended October 31, 2025 was remediated as of April 30, 2026. Auditor PricewaterhouseCoopers LLP issued an unqualified opinion, with a critical audit matter on the tax-free treatment of the reorganization.
The filing also highlights a 1,611-store network across North America and the United Kingdom, with 2,000 headroom in the ABL facility of $3,302 million available borrowing, and a U.K. reporting unit whose fair value was not substantially in excess of carrying value, creating goodwill impairment sensitivity.