Sunbelt Rentals Holdings, Inc. (SUNB)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Market value

$34.0B

Dividend yield

1.3%

Cash

$32.0M

Debt

$8.6B

Debt to equity

1.15

Shares outstanding

409.9M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the first quarter of fiscal 2027 (ended July 31, 2026) results, filed 9 September 2026.

• Record revenue and rental growth. Total revenue rose 11.2% to a record $3,115 million, and rental revenue rose 12.5% to a record $2,927 million.
• World Cup added rental growth. The company estimated that the FIFA World Cup contributed about 250 basis points to rental revenue growth in the quarter.
• Operating income and margin rose. Operating income rose 15.9% to $691 million, and operating margin was 22.2% against 21.3% in the prior-year period.
• Adjusted operating profit up 13.8%. Adjusted operating profit rose 13.8% to $759 million, with adjusted margin at 24.4%, up 60 basis points from 23.8%.
• General Tool rental growth steady. General Tool rental revenue rose 7.4% to $1,648 million, with dollar utilization at 47%, unchanged from the prior year.
• Specialty rental revenue up 25.3%. Specialty rental revenue rose 25.3% to $1,070 million, and dollar utilization rose to 77% from 74%.
• Reliant added to Specialty growth. The Reliant Asset Management acquisition added about 300 basis points to Specialty rental revenue growth in the quarter.
• UK rental revenue declined slightly. UK rental revenue was $209 million, down 1.4%, while UK dollar utilization rose to 54% from 53%.
• Growth spread across segments. Management said growth was geographically broad across the General Tool segment and the Specialty business lines.
• Adjusted EBITDA margin eased. Adjusted EBITDA margin was 42.2%, down from 43.2%, which management attributed to faster growth in ancillary revenues, partly offset by rate improvement.
• Depreciation share drove margin gain. Adjusted operating margin expanded mainly because depreciation fell as a percent of revenue.
• Fuel costs weighed on General Tool. General Tool adjusted EBITDA margin was lower, mainly due to higher fuel costs, partly offset by rental rate improvement.
• Demand across several end markets. Management cited demand across mega projects, energy, live events, industrial and non-construction MRO end markets.
• Local construction markets stable. Management described another quarter of stability and demand in local non-residential construction markets.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2026

By region, FY2026

Company events

The newest 8-K filings of 11 held.

Every filing

The newest filings with the SEC of 25 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

552 funds held it at 30 Jun 2026: 300 added and 137 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• United Rentals, Inc. (URI): revenue $17.5B, market value $72.9B
• AerCap Holdings N.V. (AER): revenue $8.5B, market value $24.4B
• McGrath Rentcorp (MGRC): revenue $951.0M, market value $2.9B
• Custom Truck One Source, Inc. (CTOS): revenue $2.0B, market value $2.4B
• Prog Holdings, Inc. (PRG): revenue –, market value $1.2B
• Upbound Group, Inc. (UPBD): revenue $4.7B, market value $987.6M

What the company does

Sunbelt Rentals Holdings, Inc. rents equipment to construction, industrial and other customers under the name Sunbelt Rentals. It had 1,611 stores across North America and the United Kingdom as of 30 April 2026. It employed 25,751 full-time and 265 part-time people at that date. Its common stock began trading on the NYSE and the London Stock Exchange on 2 March 2026, after it became the parent company of Ashtead Group plc on 27 February 2026.

How the business is organised

The company reports three segments. North America - Specialty supplied 33% and has 614 stores. The United Kingdom segment supplied 9% and has 183 stores, three of them in Ireland, Germany and the Netherlands. North America covers all 50 United States states and eight Canadian provinces. The principal executive office is in Fort Mill, South Carolina.

What it rents and sells

The General Tool fleet covers general construction and industrial equipment such as mobile elevating work platforms, skid steers, forklifts, excavators, lighting equipment and small general tools.

The Specialty lines include power and HVAC, climate control, scaffold services, flooring solutions, pump solutions, trench safety, industrial tool, film and television, temporary structures, ground protection, temporary fencing and temporary walls.

Equipment rentals made up 93% of total revenue. Sales of used rental equipment made up 4% and sales of new equipment, merchandise and consumables made up 3%. Rental revenue also includes loss damage waiver fees and delivery and collection fees. The average age of the serialized rental equipment was approximately 53 months.

Who it sells to and buys from

Customers range from multinational businesses and local contractors to individual do-it-yourselfers. They also include service, repair and facility management businesses, emergency response organizations, event organizers and government entities. In the United States the company served approximately 800,000 customers. Its top ten customers were under 10% of total revenue, and no single customer was more than 1%.

The company describes construction as less than half of total activity. Other end markets include maintenance, repair and operations, sports and special events, emergency response and restoration, and state and local government.

On the supply side, the company generally carries equipment from one or two suppliers in each product range. In North America the five largest are Avtron Power Solutions, Bobcat, JCB, JLG and MEC, which together accounted for 42% of rental equipment capital expenditure. In the United Kingdom the five largest are Dingli Machinery, Energy Solutions U.K., Greenshields JCB, LCA and Press Metal, which accounted for 28%.

How it runs its stores

In North America the company groups General Tool and Specialty stores into clustered markets, so that one market can offer the full range of equipment. It says it aims to add 300 to 400 greenfield locations in North America under its five-year plan, Sunbelt 4.0 - Runway for Success, launched in April 2024. It had added 99 by 30 April 2026. In the United Kingdom it is migrating to a regional operating center model.

Sunbelt Edge is the company's technology platform in North America. The Market Logistics Operations program was live in 30 of the top 50 North American markets. Most maintenance and service work is done locally by Sunbelt Rentals technicians.

Where it stands among competitors

Management estimates its market share at 11% in North America and 10% in the United Kingdom. It says the three largest North American players hold about 31% of the market in aggregate. The rest is mostly small local independent shops, and in the United States over 40% of the market is held by rental companies with five or fewer locations. North American competitors include United Rentals, Herc Rentals and EquipmentShare. In the United Kingdom they include Speedy Hire, HSS ProService and Vp.

Its people and safety

Of the workforce, 21,826 are in North America and 4,190 in the United Kingdom. About 7% of North American employees belong to the laborers', teamsters' or operating engineers' unions. The company owns 105 properties in North America and 30 in the United Kingdom, and leases the rest.

Its Engage for Life program forms the basis of its health and safety work. It offered dedicated full-time safety trainers for customers in 104 North American markets and maintained 30 training centers in the United Kingdom. Over 97% of its North American vehicle fleet had telematics and approximately 95% had cameras.

*From Sunbelt Rentals's annual report on Form 10-K for the year ended 30 April 2026. [The filing](https://www.sec.gov/Archives/edgar/data/2083785/000162828026044888/snblt-20260430.htm)*

From the company's 10-K.