Sunbelt Rentals Holdings, Inc. is an American-British industrial equipment rental company based in London, England and South Carolina, United States. Domiciled in Delaware, it was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index until it transferred its listing to the US in February 2026.3Wikipedia text CC BY-SA 4.0
$75.59down 0.02 (0.03%)Price as of Oct 15, 2026 at 17:33 UTC
Sunbelt Rentals Holdings, Inc. is an American-British industrial equipment rental company based in London, England and South Carolina, United States. Domiciled in Delaware, it was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index until it transferred its listing to the US in February 2026.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue7$2.5B in 2026−10% since 2024Gross profit7$4.3B in 2026−4% since 2024Operating income7$2.2B in 2026−13% since 2024Net income7$1.3B in 2026−16% since 2024
Revenue1213$701.0M in Q1 FY2026+15% since Q1 FY2025Gross profit1213$1.2B in Q1 FY2026+11% since Q1 FY2025Operating income1213$691.0M in Q1 FY2026+16% since Q1 FY2025Net income1213$438.0M in Q1 FY2026+17% since Q1 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.7
Period ending
2026-04-30
2025-04-30
2024-04-30
Total revenues
$11.2B
$10.8B
$10.9B
Cost of equipment rentals, excluding depreciation
$4.4B
$4.1B
$3.9B
Depreciation of rental equipment
$1.9B
$1.8B
$1.7B
Total cost of revenues
$6.9B
$6.5B
$6.4B
Gross profit
$4.3B
$4.3B
$4.5B
Selling, general and administrative expense
$1.7B
$1.4B
$1.6B
Non-rental depreciation and amortization
$458.0M
$436.0M
$394.0M
Operating income
$2.2B
$2.5B
$2.5B
Interest expense, net
$387.0M
$425.0M
$428.0M
Other (income) expense, net
-$7.0M
$4.0M
-$11.0M
Income before provision for income taxes
$1.8B
$2.1B
$2.1B
Provision for income taxes
$476.0M
$517.0M
$522.0M
Net income
$1.3B
$1.6B
$1.6B
Basic earnings per share (in dollars per share)
$3.15
$3.56
$3.60
Diluted earnings per share (in dollars per share)
$3.15
$3.55
$3.58
No quarter-by-quarter statement was filed.
Total assets7$22.3B in 2026+1% since 2025Total liabilities7$14.9B in 2026+5% since 2025Shareholders’ equity7$7.4B in 2026+23% since 2023Cash7$29.0M in 2026−3% since 2023Long-term debt7$7.0B in 2026−6% since 2025
Total assets1312$23.6B in Q1 FY2026+7% since Q3 FY2025Total liabilities1312$16.2B in Q1 FY2026+14% since Q3 FY2025Shareholders’ equity1312$7.4B in Q1 FY2026−5% since Q3 FY2025Cash1312$32.0M in Q1 FY2026+52% since Q3 FY2025Long-term debt1312$8.0B in Q1 FY2026+7% since Q3 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.7
Period ending
2026-04-30
2025-04-30
2024-04-30
2023-04-30
Cash and cash equivalents
$29.0M
$21.0M
Accounts receivable, net of allowance for credit losses of $105 and $102, respectively
$1.7B
$1.5B
Inventory
$180.0M
$147.0M
Prepaid expenses and other assets
$354.0M
$372.0M
Total current assets
$2.2B
$2.0B
Goodwill
$3.5B
$3.3B
$3.3B
Other intangible assets, net
$338.0M
$433.0M
Operating lease right-of-use assets
$2.7B
$2.5B
Other long-term assets
$271.0M
$267.0M
Total non-current assets
$20.0B
$19.9B
Total assets
$22.3B
$22.0B
Short-term debt and current maturities of long-term debt
$550.0M
$0
Accounts payable
$472.0M
$302.0M
Accrued expenses and other liabilities
$1.2B
$991.0M
Operating lease liabilities
$287.0M
$266.0M
Total current liabilities
$2.5B
$1.6B
Long-term debt
$7.0B
$7.5B
Deferred taxes
$2.4B
$2.3B
Non-current portion of operating lease liabilities
$2.6B
$2.4B
Other long-term liabilities
$379.0M
$390.0M
Total non-current liabilities
$12.4B
$12.6B
Total liabilities
$14.9B
$14.2B
Common stock
$4.0M
$82.0M
Additional paid-in capital
$204.0M
$46.0M
Retained earnings
$7.6B
$9.1B
Treasury stock at cost 3,693,501 and 20,111,957 shares as of April 30, 2026 and April 30, 2025, respectively
-$259.0M
-$1.2B
Common stock held by the ESOT 0 and 534,660 shares as of April 30, 2026 and April 30, 2025, respectively
$0
-$35.0M
Accumulated other comprehensive loss
-$186.0M
-$226.0M
Total stockholders equity
$7.4B
$7.8B
$7.1B
$6.0B
Total liabilities and stockholders equity
$22.3B
$22.0B
Accounts receivable, net of allowance
$105.0M
$102.0M
Common stock, par value (in pound and dollars per share)
0.10 GBP
0.10 GBP
Common stock, shares authorized (in shares)
414.0M shares
451.4M shares
Common stock, shares issued (in shares)
414.0M shares
451.4M shares
Common stock, shares outstanding (in shares)
410.3M shares
430.7M shares
Treasury stock at cost (in shares)
3.7M shares
20.1M shares
Common stock held by the ESOT (in shares)
0 shares
534.7K shares
Period ending
2026-04-30
2025-04-30
2024-04-30
2023-04-30
Cash and cash equivalents
$29.0M
$21.0M
Accounts receivable, net of allowance for credit losses of $105 and $102, respectively
$1.7B
$1.5B
Inventory
$180.0M
$147.0M
Prepaid expenses and other assets
$354.0M
$372.0M
Total current assets
$2.2B
$2.0B
Goodwill
$3.5B
$3.3B
$3.3B
Other intangible assets, net
$338.0M
$433.0M
Operating lease right-of-use assets
$2.7B
$2.5B
Other long-term assets
$271.0M
$267.0M
Total non-current assets
$20.0B
$19.9B
Total assets
$22.3B
$22.0B
Short-term debt and current maturities of long-term debt
$550.0M
$0
Accounts payable
$472.0M
$302.0M
Accrued expenses and other liabilities
$1.2B
$991.0M
Operating lease liabilities
$287.0M
$266.0M
Total current liabilities
$2.5B
$1.6B
Long-term debt
$7.0B
$7.5B
Deferred taxes
$2.4B
$2.3B
Non-current portion of operating lease liabilities
$2.6B
$2.4B
Other long-term liabilities
$379.0M
$390.0M
Total non-current liabilities
$12.4B
$12.6B
Total liabilities
$14.9B
$14.2B
Common stock
$4.0M
$82.0M
Additional paid-in capital
$204.0M
$46.0M
Retained earnings
$7.6B
$9.1B
Treasury stock at cost 3,693,501 and 20,111,957 shares as of April 30, 2026 and April 30, 2025, respectively
-$259.0M
-$1.2B
Common stock held by the ESOT 0 and 534,660 shares as of April 30, 2026 and April 30, 2025, respectively
$0
-$35.0M
Accumulated other comprehensive loss
-$186.0M
-$226.0M
Total stockholders equity
$7.4B
$7.8B
$7.1B
$6.0B
Total liabilities and stockholders equity
$22.3B
$22.0B
Accounts receivable, net of allowance
$105.0M
$102.0M
Common stock, par value (in pound and dollars per share)
0.10 GBP
0.10 GBP
Common stock, shares authorized (in shares)
414.0M shares
451.4M shares
Common stock, shares issued (in shares)
414.0M shares
451.4M shares
Common stock, shares outstanding (in shares)
410.3M shares
430.7M shares
Treasury stock at cost (in shares)
3.7M shares
20.1M shares
Common stock held by the ESOT (in shares)
0 shares
534.7K shares
Cash from operations7$3.8B in 2026+3% since 2024Dividends paid7$464.0M in 2026+6% since 2024Share buybacks7$1.4B in 2026+1712% since 2024
Cash from operations12$840.0M in Q1 FY2026−3% since Q1 FY2025Dividends paid12$307.0M in Q1 FY2026Share buybacks12$56.0M in Q1 FY2026−83% since Q1 FY2025
Every line of the cash flow as filed: the last 3 fiscal years, latest first.7
Period ending
2026-04-30
2025-04-30
2024-04-30
Net income
$1.3B
$1.6B
$1.6B
Depreciation and amortization
$2.3B
$2.3B
$2.0B
Deferred tax expense
$93.0M
$42.0M
$236.0M
Non-cash operating lease expense
$310.0M
$288.0M
$262.0M
Stock based compensation expense
$80.0M
-$9.0M
$92.0M
Provision for receivable allowances
$64.0M
$28.0M
$84.0M
Other
$14.0M
$33.0M
$10.0M
(Increase) decrease in accounts receivable
-$206.0M
$22.0M
-$184.0M
(Increase) decrease in inventory
-$30.0M
$15.0M
$21.0M
Decrease (increase) in prepaid expenses and other assets
$15.0M
-$74.0M
-$89.0M
Increase (decrease) in accounts payable
$57.0M
$2.0M
-$24.0M
Decrease in operating lease liabilities
-$287.0M
-$268.0M
-$243.0M
Increase in accrued expenses and other liabilities
$111.0M
$59.0M
$120.0M
Net cash provided by operating activities
$3.8B
$3.8B
$3.7B
Payments for acquisition of businesses, net of cash acquired
-$206.0M
-$134.0M
-$846.0M
Proceeds from disposal of business
$16.0M
$0
$0
Payments for purchases of intangibles
-$6.0M
-$15.0M
-$29.0M
Other
-$15.0M
Net cash used in investing activities
-$1.9B
-$2.3B
-$4.4B
Proceeds from debt
$1.5B
$1.3B
$3.6B
Payments of debt
-$1.5B
-$1.8B
-$2.3B
Repayments of principal under finance lease liabilities
-$18.0M
-$18.0M
-$12.0M
Payment of contingent consideration
$0
-$13.0M
-$30.0M
Dividends paid
-$464.0M
-$544.0M
-$436.0M
Common stock repurchased by the ESOT
-$19.0M
-$86.0M
-$30.0M
Common stock sold by the ESOT
$24.0M
$0
$0
Common stock repurchased
-$1.4B
-$342.0M
-$78.0M
Net cash (used in) provided by financing activities
-$1.9B
-$1.5B
$755.0M
Effect of exchange rate changes on cash and cash equivalents
$0
$0
$0
Net increase (decrease) in cash and cash equivalents
Sunbelt Rentals sits at the top of its group. 20 entities, 6 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Sunbelt Rentals Industrial Services LLC Subsidiary · Delaware, United States
Sunbelt Rentals of Canada Inc. Subsidiary · Canada
Sunbelt Rentals of the Bahamas, Inc. Subsidiary · Bahamas
Sunbelt Rentals of the Virgin Islands, LLC Subsidiary · U.S. Virgin Islands
Sunbelt Rentals Scaffold Services, Inc. Subsidiary · North Carolina, United States
Waco Modular Manufacturing, LLC Subsidiary · Delaware, United States
William F. White International Inc. Subsidiary · Canada
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Sunbelt Rentals reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
The company was founded in 1947, in the village of Ashtead, Surrey, as Ashtead Plant and Tool Hire. It was first listed on the London Stock Exchange in 1986 and acquired an American plant hire business, Sunbelt Rentals, in 1990.
In September 2018, the company appointed Paul Walker as non-executive chairman of its board.
In November 2018, it was announced that Geoff Drabble would retire as CEO after twelve years on 1 May 2019, and would be succeeded by Brendan Horgan, the Group Chief Operations Officer and chief executive of the company's North American business.
In June 2022, the company's main operating subsidiary, was announced as an investor in lithium-ion battery developer Britishvolt. After Britishvolt went into administration in January 2023, the company took a £35m hit from its collapse.
In December 2024, the company announced plans to move its primary stock market listing from London to the US. It said the US was a "natural long term listing venue" because most of the group's profit came from North America, and its leadership, most of its 25,000 employees and its operational headquarters were all in the US. Following approval from shareholders, the court approved the creation of a new US holding company, Sunbelt Rentals Inc, in February 2026.
The company operates internationally, servicing customers in Canada, the United States and the United Kingdom. Approximately 85% of its revenue is generated in the United States through the subsidiary Sunbelt Rentals, currently present in over 1,000 locations across the United States and Canada.
The company's non-executive directors are Paul Walker, Angus Cockburn, Jill Easterbrook, Tanya Fratto, Reneta Ribeiro, Lucinda Riches and Lindsley Ruth.
British operations
Sunbelt Rentals, formerly known as A-Plant, is present in over 185 locations throughout the United Kingdom, and has the following divisions:
Jun 23, 2026Reported quarterly or annual results37
Mar 12, 2026Reported quarterly or annual results38
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
130 filings to the SEC since October 2021: 1 annual reports, 2 quarterly reports, 9 major events, 100 insider forms, 5 large holders, 13 other. The latest 20:
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Jun 23, 2026 (Section 12(b) of the Exchange Act).14
Risk factors and legal proceedings
The risks Sunbelt Rentals names in Item 1A of its 10-K filed Jun 23, 2026: 50 risks under these headings, as written.14
Risks Related to Our Business
Our industry is highly competitive, and competitive pressures could lead to a decrease in our market share or the prices we can charge.
Our revenue and operating results have historically varied from period to period, and any unexpected periods of weakness could result in an overall decline in our available cash flows.
Our industry is cyclical in nature. An economic slowdown or decrease in general economic activity could cause weakness in our end markets and have adverse effects on our revenue and operating results.
Our business, operating results, and cash flows may be adversely impacted by a rising rate of inflation.
Challenging economic conditions and the occurrence of unforeseen or catastrophic events have in the past adversely impacted, and may in the future adversely impact, us, our customers or our suppliers and, in turn, adversely affect our business, results of operations and financial condition.
Changes in U.S. foreign trade policies, including the imposition of additional tariffs and other trade barriers, and efforts to withdraw from or materially modify international trade agreements, may materially and adversely affect our business, operations and financial condition.
If we are unable to collect for services provided to our customers, our operating results would be adversely affected.
We are dependent on our relationships with key suppliers to obtain equipment and other supplies for our business on acceptable terms.
Our rental operations subject us to risks including increased maintenance costs, as our rental equipment ages, and the costs of any required replacement equipment.
Our rental fleet is subject to residual value risk upon disposition, and may not sell at the prices or in the quantities we expect.
Operational and reputational risks associated with equipment failures and high-profile and mega projects could adversely affect our business.
The other 39 risks
We have been and may in the future be involved in legal proceedings in the ordinary course of our business, and while we cannot predict the outcomes of those proceedings and other contingencies with certainty, some of these outcomes may adversely impact our business, financial condition, results of operations and cash flows.
The nature of our business exposes us to various liability claims which may exceed the level of our insurance.
We may not be able to successfully implement our growth strategy on a timely basis or at all.
Acquisitions that we have made in the past or may make in the future involve certain risks.
We could be adversely affected by environmental and safety requirements, which could force us to incur significant capital and other operational costs and subject us to reputational damage, fines or other penalties for non-compliance.
We are subject to the laws and regulations of numerous national, state, provincial, regional and local jurisdictions, including various requirements relating to our status as a government contractor. Changes in applicable laws, regulations or requirements, or our material failure to comply with any of them, could increase our costs and have other negative impacts on our business.
Failure to comply with anti-corruption laws and regulations, anti-money laundering laws and regulations, and/or economic sanctions could result in us becoming subject to fines or penalties.
Our collective bargaining agreements and our relationship with our union-represented employees could disrupt our ability to serve our customers and lead to higher labor costs.
Currency and interest rate fluctuations may have a material impact on our business, financial condition and results of operations.
If we determine that our goodwill has become impaired, we may incur impairment charges, which would negatively impact our operating results.
Turnover of members of our management and staff and any inability to attract and retain key personnel may affect our ability to efficiently manage our business and execute our strategy.
Our business could be negatively affected if we are unable to obtain debt or equity capital as required, resulting in a decrease in our revenue and cash flows.
Changes in accounting standards or subjective assumptions, estimates and judgments by management related to complex accounting matters could significantly affect our presentation and measurement of our financial results or financial condition.
Our substantial debt could adversely affect our financial health.
The restrictive covenants associated with our debt may limit our ability to operate our business and could prohibit us from pursuing opportunities which would be beneficial to our stockholders.
We may fail to respond adequately to changes in technology and customer demands.
Disruptions in our or our third-party vendors’ information technology systems could adversely affect our operating results by limiting our ability to effectively monitor and control our operations, adjust to changing market conditions, implement strategic initiatives or support our online ordering system.
Failure to comply with data privacy and protection laws and regulations could subject us to legal liability and adversely affect our reputation and our financial performance.
Climate change and legal or regulatory responses thereto may have a long-term negative impact on our business and results of operations.
Regulators’ and stakeholders’ requirements and expectations on social and sustainability-related topics continue to evolve, and our ability to meet these requirements and expectations may have a material adverse impact on our results of operations.
The impacts of a global pandemic and similar health concerns could have a significant impact on worldwide economic conditions and a material adverse effect on our operations and financial results.
We have not yet completed our evaluation of our internal control over financial reporting in compliance with Section 404 of the Sarbanes-Oxley Act. If we fail to maintain an effective system of internal controls, or if we identify additional material weaknesses in the future, we may not be able to accurately report our financial results or prevent fraud and, as a result, stockholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our Common Stock and may cause other increases in operating costs.
Risks Related to the Redomiciliation and U.S. Listing
We may not realize all of the benefits of the Redomiciliation and U.S. Listing, or such benefits may take longer than anticipated or may be lower than estimated.
Our stockholders’ rights under Delaware law differ from their previous rights under English law. Moreover, the U.K. Takeover Code, which applied to Ashtead, will not apply to any takeover offer for Sunbelt Rentals.
Provisions in our governing documents and under Delaware law could discourage another company from acquiring Sunbelt Rentals and may prevent attempts by Sunbelt Rentals stockholders to replace or remove its current management.
Our Certificate of Incorporation provides that the Delaware Court of Chancery will be the exclusive forum for substantially all disputes between Sunbelt Rentals and its stockholders, which could limit stockholders’ ability to obtain a favorable judicial forum for disputes with Sunbelt Rentals or its directors, officers, employees, agents or stockholders.
If the Redomiciliation fails to qualify as a “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code or tax-free exchange within the meaning of Section 351 of the Internal Revenue Code, U.S. Holders (as defined in “Material U.S. Federal Income Tax Considerations—U.S. Holders”) may recognize taxable gain as a result of the Redomiciliation.
Following the Redomiciliation, Non-U.S. Holders (as defined in “Material U.S. Federal Income Tax Considerations—Non-U.S. Holders”) may be subject to U.S. federal income tax.
The effective tax rate of Sunbelt Rentals may increase in the future.
If the Redomiciliation fails to qualify for “reorganization of share capital” treatment pursuant to Section 136 of the Taxation of Chargeable Gains Act 1992, U.K. Holders (as defined in “Material U.K. Tax Considerations”) may recognize taxable gain as a result of the Redomiciliation.
Non-U.S. Holders and non-U.K. Holders may recognize taxable gain as a result of the Redomiciliation.
Risks Related to the Ownership of our Common Stock
An active and liquid market for our Common Stock may not be sustained.
The obligations associated with being a public company in the United States requires significant resources and management attention and may increase our legal and financial compliance costs, particularly as changing laws, regulations and standards are creating uncertainty for U.S. public companies.
Following the consummation of the U.S. Listing, the price of our Common Stock may be subject to market price volatility and may decline disproportionately in response to developments that are unrelated to our operating performance.
Our Common Stock is listed to trade on more than one stock exchange, and this may adversely affect liquidity in each market for our Common Stock and result in price variations between the two exchanges.
Any shareholder whose principal currency is not the U.S. dollar will be subject to exchange rate fluctuations.
If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our share price and trading volume could decline.
We may not pay dividends or undertake share repurchases in the future. Our ability to pay dividends, undertake share repurchases or make other returns of capital in the future depends, among other things, on our financial performance.
We are a holding company and depend on our subsidiaries for cash, including in order to pay dividends or undertake share repurchases.
Legal proceedings
Refer to “Legal Proceedings” under Item 1 “Business” of this report for a discussion of the legal proceedings, other than ordinary routine litigation incidental to the business, to which we or any of our subsidiaries are a party or of which any of our or their property is the subject.
