Sunbelt Rentals Holdings, Inc. (SUNB)

Sunbelt Rentals reported first-quarter fiscal 2027 revenue of $3,115 million on 9 September 2026, up 11.2 percent 311. Net income for the quarter ended 31 July 2026 rose 17.4 percent to $438 million 3. The company raised its fiscal 2027 outlook for revenue growth to 6 percent to 9 percent, from 4.5 percent to 7.5 percent 3.

Most of the lift came from North America Specialty, the business that rents power, climate, scaffold and other non-standard gear, where rental revenue grew 25.3 percent to $1,070 million 31. The company said the purchase of Reliant Asset Management, which closed on 1 May 2026, added about 300 basis points (three percentage points) to rental revenue growth 3.

It also estimated that the FIFA World Cup added about 250 basis points to total rental revenue growth 3. Chief executive Brendan Horgan credited demand from mega projects, energy and live events, plus steady local construction 3.

The open question is leadership of the legal department 6. Lynne Fuller-Andrews stepped down as general counsel on 23 October 2026 and stays in a non-executive role until she retires on 1 November 2027 6. The company has begun a search for her successor 6.

Sunbelt Rentals long ran inside Ashtead Group plc, a company listed in London, which was the parent of the whole business 1. In April 2021 it launched a growth plan called Sunbelt 3.0 1. Between the fiscal years ended 30 April 2021 and 2024 it added 401 locations in North America, of which 231 were new openings and 170 came from small acquisitions 1.

In April 2024 it launched the current five-year plan, Sunbelt 4.0, built on customers, growth, performance, sustainability and investment 1. The plan aims to add 300 to 400 new stores in North America, and 99 had opened by 30 April 2026 1.

Revenue was $10,859 million in the year ended 30 April 2024, $10,791 million in 2025 and $11,154 million in 2026 1. Rental revenue climbed from $9,630 million in 2024 to $9,980 million in 2025, while sales of used rental equipment fell from $859 million to $467 million, so the total slipped 1.

Fiscal 2025 also carried hurricane response work that added an estimated $90 million to $100 million of rental revenue and did not recur in fiscal 2026 1. Even so, rental revenue rose 3 percent to $10,320 million in fiscal 2026 on more rental volume in both North American segments 1.

Profit moved the other way: net income fell 15 percent to $1,325 million 1. Selling and administrative costs rose 19 percent to $1,651 million, driven mainly by higher stock-based pay 1. The company also booked $134 million of one-time costs for restructuring and relisting 1.

The move to the United States was the turning point 1. On 10 June 2025 Ashtead shareholders voted to make Sunbelt Rentals Holdings the new parent and list its stock on the New York Stock Exchange 1.

The change became binding after trading closed on 27 February 2026, and the stock began trading in New York and London on 2 March 2026 810. The filing says the change did not alter day-to-day operations or strategy 1.

The switch also brought a new auditor, PwC US in place of PwC UK 8. Earlier filings had reported a material weakness, in which controls did not check whether debt was sorted correctly between current and non-current, forcing a restatement of the six months to 31 October 2025 8.

What it rents and where

Sunbelt Rentals lends out equipment for short periods, and rentals brought in 93 percent of fiscal 2026 revenue, with used-equipment sales at 4 percent and new equipment, merchandise and consumables at 3 percent 1. It reports three segments, which made up 58 percent, 33 percent and 9 percent of fiscal 2026 revenue: North America General Tool, North America Specialty and the United Kingdom 1. On 30 April 2026 it ran 1,611 stores, with 814 in General Tool, 614 in Specialty and 183 in the United Kingdom 1.

General Tool

General Tool rents everyday construction and industrial equipment 1. Its fleet cost $12,946 million when bought, as of 30 April 2026, and is 39 percent mobile elevating work platforms (lifts that raise workers), 25 percent forklifts and 17 percent earth moving 1.

In the quarter to 31 July 2026 its rental revenue rose 7.4 percent to $1,648 million, and its adjusted profit margin eased to 30.9 percent from 31.5 percent 3. The company blamed higher fuel costs for part of the margin change 3.

Specialty

Specialty rents narrower kinds of equipment where renting is still less common, such as power and HVAC, scaffold, pumps and gear for film and television 1. Its fleet cost $4,828 million as of 30 April 2026, and Power and HVAC is the largest piece at 43 percent 1.

In the quarter its dollar utilization, the past twelve months' rental revenue divided by the fleet's original cost, rose to 77 percent from 74 percent 31. Reliant Asset Management, sold under the Aries Building Systems name, adds modular space such as mobile offices and classrooms through 17 rental locations, as International Rental News reported on 24 June 2026 9.

United Kingdom

The UK business had 183 stores and a fleet that cost $1,457 million as of 30 April 2026 1. Its quarterly rental revenue was $209 million, down 1.4 percent, and its adjusted profit margin was 8.3 percent 3.

People, rivals and problems

As of 30 April 2026 the company had 25,751 full-time and 265 part-time employees 1. In North America its largest national rivals are United Rentals, Herc Rentals and EquipmentShare, and in the United Kingdom they are Speedy Hire, HSS ProService and Vp 1. It served about 800,000 customers in the United States in fiscal 2026, and its top ten customers made up less than 10 percent of revenue 1.

Brendan Horgan has been chief executive since May 2019, and Alex Pease has been chief financial officer since March 2025 1. Management says its legal proceedings are of the ordinary kind and not expected to have a material adverse effect 1.

Money and debt

At 31 July 2026 long-term debt was $8,006 million, net debt was $8,524 million and net leverage was 1.8 times, inside the company's stated range of 1 to 2 times 3. On 14 July 2026 it completed a sale of $450 million of 4.950 percent notes due 2030 and $750 million of 5.650 percent notes due 2036 7.

The umbrella, in words

The company operates under one main brand, Sunbelt Rentals, and added the Aries brand with the Reliant Asset Management purchase that closed on 1 May 2026 13. International Rental News put the price at $650 million 9.

Exhibit 21.1 to the annual report names the subsidiaries that matter, among them Sunbelt Rentals, Inc. in North Carolina, Sunbelt Rentals Limited in the United Kingdom, Sunbelt Rentals of Canada Inc. and Ashtead Group Limited 4. It also lists Reliant Asset Management, LLC, Aries Building Systems, LLC and Waco Modular Manufacturing, LLC, and says smaller subsidiaries are left out 4.

As of 30 April 2026 it owned 105 properties in North America and 30 in the United Kingdom and leased the rest, with its headquarters in Fort Mill, South Carolina, company owned 1.

The proxy statement lists three owners of more than 5 percent as of 6 July 2026: Dodge & Cox with 12.95 percent, Vanguard Capital Management with 7.68 percent and BlackRock with 5.43 percent 5. Its 14 current directors and executive officers as a group owned 652,219 shares, less than 1 percent, and Paul Walker is the independent chair of the board 5.

For fiscal 2027 the company expects revenue growth of 6 percent to 9 percent and rental revenue growth of 7 percent to 10 percent, as it said on 9 September 2026 3. It expects adjusted EBITDA, a measure of operating earnings before depreciation, of $4.92 billion to $5.12 billion 3. It also expects gross spending on rental equipment of $2.75 billion to $3.15 billion, or $2.4 billion to $2.8 billion after sales of used equipment 3.

The Sunbelt 4.0 plan, launched in April 2024, still aims for 300 to 400 new North American stores, with 99 opened by 30 April 2026 1. The company targets a 50 percent cut in the greenhouse gas intensity of its own operations by 2034 from a 2024 base, and net zero by 2050 1.

The board declared a quarterly dividend of $0.30 a share, payable on 2 October 2026 to holders of record on 18 September 2026 3. It is the first dividend paid quarterly instead of twice a year, and later declarations depend on the board 3. A share repurchase program of up to $1.5 billion began on 2 March 2026, and $315 million had been bought back as of 31 July 2026 2.

The legal department is in transition, since the company is searching for a general counsel and Lynne Fuller-Andrews is due to retire on 1 November 2027 6.