Sunbelt Rentals

Sunbelt Rentals Holdings, Inc. (Sunbelt) is an equipment rental company based in Fort Mill, South Carolina. It rents general tools and specialty equipment to construction, industrial, energy and event customers through 1,638 stores in the United States, Canada and the United Kingdom at July 31, 2026. It has about 26,000 employees. Until February 2026, its parent was Ashtead Group plc, a company in the United Kingdom.

A scheme of arrangement made Sunbelt the new parent, and its shares began to trade on the New York Stock Exchange on March 2, 2026, with a second listing in London. In the fiscal year that ended April 30, 2026, revenue was $11,154 million and net income was $1,325 million. The original cost of its rental fleet was $20,102 million at July 31, 2026. It has three segments: North America General Tool, North America Specialty and United Kingdom.

Brendan Horgan is Chief Executive Officer. It files 10-K and 10-Q reports with the SEC and reports in US dollars.

The price of Sunbelt depends on whether rental demand stays strong while it spends more on fleet and acquisitions. In Q1 of fiscal 2027, revenue rose 11.2% to $3,115 million, rental revenue rose 12.5%, and adjusted EBITDA rose 8.7% to $1,315 million at a margin of 42.2%. Specialty rental revenue rose 25.3%, with help from the Aries acquisition and the FIFA World Cup, which the company says added about 250 basis points to rental revenue growth. General Tool rose 7.4%.

The company raised its guidance for fiscal 2027 to adjusted EBITDA of $4.92 billion to $5.12 billion, and it raised gross rental capital spending to $2.75 billion to $3.15 billion. Free cash flow was only $70 million in Q1. For the price to hold or rise, three things must be true. Specialty growth must continue when the World Cup help ends.

Rental rates in General Tool must keep rising to offset fuel and fleet costs. Net leverage, which was 1.8 times, must stay in the target range of 1 to 2 times while the company pays dividends and buys back shares. The next tests are the Q2 report in December 2026 and the full-year report in June 2027.

1. Dec 9, 2026 · est.Pending

   Q2 fiscal 2027 results: rental growth and guidanceThe company keeps or raises its guidance for adjusted EBITDA of $4.92 billion to $5.12 billion and rental revenue grows without the World Cup help, and this passes; a cut to guidance fails.
2. Jun 2027 · est.Pending

   Fiscal 2027 results and fiscal 2028 guidanceAdjusted EBITDA reaches the guided range and net leverage stays between 1 and 2 times, and this passes; lower EBITDA or leverage above 2 times fails.

Every passed and failed checkpoint across all picks

• October 27, 2026Sunbelt said in an 8-K that Lynne Fuller-Andrews stepped down as Executive Vice President, General Counsel and Corporate Secretary on October 23, 2026. She stays in a non-executive role until she retires on November 1, 2027. The company started a search for a new General Counsel.
• September 9, 2026Sunbelt reported Q1 fiscal 2027 results. Revenue rose 11.2% to $3,115 million, and net income rose 17.4% to $438 million. Adjusted EPS rose 20.4% to $1.18. It raised its guidance for fiscal 2027 to revenue growth of 6% to 9% and adjusted EBITDA of $4.92 billion to $5.12 billion.
• September 9, 2026Sunbelt declared its first quarterly dividend of $0.30 per share, payable on October 2, 2026. It replaces the semi-annual payments that came from its former UK practice.

Last earnings

September 9, 2026 (8-K on sec.gov)

Next earnings

Expected about December 9, 2026. The company has not confirmed the date.

• 8-KChange of directors or officersFiled October 27, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jul 31, 2026Filed September 9, 2026 · snblt-20260731
• 8-KEarnings releaseFiled September 9, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled September 2, 2026 · Read it on sec.gov
• 8-KNew material agreement and New debt or financial obligationFiled July 15, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled July 13, 2026 · Read it on sec.gov
• 8-KOther company newsFiled July 8, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled June 30, 2026 · Read it on sec.gov
• 10-KAnnual report for the period ended Apr 30, 2026Filed June 23, 2026 · snblt-20260430
• 8-KEarnings release and Other company newsFiled June 23, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 2083785)

• Rental demand follows construction and industrial activity. The company says that mega projects, energy and live events helped Q1, and that the World Cup added about 250 basis points to rental revenue growth. Growth can slow when these end.
• Fleet spending is high. Gross rental capital spending is guided at $2.75 billion to $3.15 billion for fiscal 2027, and free cash flow was only $70 million in Q1. If demand falls, the company holds fleet that earns less.
• Margins face cost pressure. Adjusted EBITDA margin fell to 42.2% from 43.2%. General Tool margin fell to 51.5% from 52.8% because of higher fuel costs.
• Debt is large. Total debt was $8,556 million, of which 86% has a fixed rate, and the average cost is about 5%. Net leverage was 1.8 times. A rise in rates or a drop in EBITDA raises interest costs and leverage.
• The United Kingdom segment is weak. Its rental revenue fell 1.4% in Q1 and its adjusted operating margin was only 8.3%.

At July 31, 2026, Sunbelt had total debt of $8,556 million and cash of $32 million, which is net debt of $8,524 million. Net leverage was 1.8 times adjusted EBITDA of $4,782 million for the last 12 months, in the target range of 1 to 2 times. Read more

Dividend yield

1.3% (last 12 months, at today’s price of $83.32)

Paid per share

$1.05 in the last 12 months (2 payments)

Latest ex-dividend date

September 18, 2026, $0.30 per share

Dividends per share by year

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.