01—Abstract
Summary
Summary of the 10-K filed June 23, 2026. Cited figures are marked; the original filing is the authoritative source.
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 milliona, 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 millionb 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 millionc 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 milliond available borrowing, and a U.K. reporting unit whose fair value was not substantially in excess of carrying value, creating goodwill impairment sensitivity.
02—Key points
Key Highlights
- Revenue rose 3% to $11,154 million, while operating income fell to $2,181 million from $2,499 million and net income fell 15% to $1,325 million.
- Adjusted operating profit declined to $2,500 million from $2,615 million; North America – General Tool adjusted segment operating profit fell $161 million to $1,932 million.
- Free cash flow increased to $2,055 million from $1,675 million, and the company repurchased $1,413 million of common stock during the year.
- Redomiciliation and U.S. listing completed March 2, 2026, with shares trading on the NYSE and a secondary listing on the LSE under the symbol SUNB.
- Total debt of $7,583 million includes $550 million of 1.500% senior notes due August 2026 now classified as current; ABL facility available borrowing was $3,302 million.
- A material weakness related to debt classification was identified and reported as remediated as of April 30, 2026; Section 404 compliance is required for the fiscal year ending April 30, 2027.
- The U.K. reporting unit's fair value was not substantially in excess of its carrying value, so goodwill impairment risk is flagged as sensitive to key assumptions.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2026, Sunbelt Rentals Holdings kept $0.00.
- Revenue$11.15B100.0%
- Cost of revenue−$6.86B61.5%
- Gross profit$4.29B38.5%
- Operating costs−$2.11B18.9%
- Operating income$2.18B19.6%
- Interest, other & tax−$2.18B19.6%
- Net income$1,3250.0%
Where FY2026 revenue went
$11.15B- Cost of revenue: $6.86B, 62% of revenue
- Interest, other & tax: $2.18B, 20% of revenue
- SG&A: $1.65B, 15% of revenue
- Net income: $1,325, 0.0% of revenue
- Other operating costs: $458.0M, 4.1% of revenue
Kept 0.0% as net incomeNet income $1,325 · 0.0%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2026filed June 23, 2026Financial Statements
FY2026 against FY2025
| Line item | FY2026FY2025 | Change |
|---|---|---|
| Revenue | $11.15B$10.79B | +3.4% |
| Cost of Revenue | $6.86B$6.47B | +6.1% |
| Gross Profit | $4.29B$4.32B | −0.7% |
| SG&A Expenses | $1.65B$1.39B | +19.2% |
| Operating Income | $2.18B$2.50B | −12.7% |
| Net Income | $1K$1.55B | −100.0% |
| EPS (Basic) | $3.15$3.56 | −11.5% |
| EPS (Diluted) | $3.15$3.55 | −11.3% |
| Shares Outstanding (Basic) | 420.38M435.87M | −3.6% |
| Shares Outstanding (Diluted) | 421.01M436.95M | −3.6% |
05—Questions
Frequently Asked Questions
Why did net income decline despite higher revenue?
Cost of equipment rentals, excluding depreciation, rose to $4,394 million from $4,069 million, and SG&A rose to $1,651 million from $1,385 million, driven by higher stock-based compensation of $65 million and $134 million of non-recurring restructuring and relisting costs. The prior year also benefited from hurricane response revenue of $90 million to $100 million that did not recur.
How did the company's cash generation and capital allocation change?
Net cash provided by operating activities was $3,784 million, compared with $3,844 million. Payments for rental equipment fell to $1,842 million from $2,251 million, lifting free cash flow to $2,055 million. The company repurchased $1,413 million of common stock and paid $464 million in dividends.
What is the company's debt position and liquidity?
Total debt was $7,583 million at April 30, 2026, with 81% at fixed rates. Cash was $29 million, and the ABL facility had $3,302 million of available borrowing. The company stated it was in compliance with all debt covenants and that existing liquidity is sufficient for the next 12 months.
What changed with the company's listing and structure?
Ashtead Group plc shareholders exchanged their shares for Sunbelt Rentals Holdings, Inc. common stock under a scheme of arrangement effective February 27, 2026. Common stock began trading on the NYSE and LSE on March 2, 2026. The company is now a Delaware corporation, and the U.K. Takeover Code no longer applies to takeover offers for it.
What are the key risks highlighted in the filing?
Key risks include competition, cyclicality of commercial construction, supplier concentration (the five largest suppliers accounted for approximately 39% of rental equipment purchases), exposure to floating-rate ABL debt, goodwill sensitivity in the U.K. segment, and the tax-free treatment of the redomiciliation, which the IRS could challenge.
06—Continue