Sunbelt Rentals Holdings, Inc. Revenue Disclosure
| Year Ended April 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (In millions) | Topic 842 | Topic 606 | Total | Topic 842 | Topic 606 | Total | Topic 842 | Topic 606 | Total | ||||||||||||||||||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equipment rentals | $ | 8,302 | $ | — | $ | 8,302 | $ | 8,049 | $ | — | $ | 8,049 | $ | 7,727 | $ | — | $ | 7,727 | |||||||||||||||||||||||||||||||||||
| Other rental revenue: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Delivery and pick-up | — | 875 | 875 | — | 862 | 862 | — | 802 | 802 | ||||||||||||||||||||||||||||||||||||||||||||
| Other | 343 | 800 | 1,143 | 338 | 731 | 1,069 | 334 | 767 | 1,101 | ||||||||||||||||||||||||||||||||||||||||||||
| Total equipment rentals | 8,645 | 1,675 | 10,320 | 8,387 | 1,593 | 9,980 | 8,061 | 1,569 | 9,630 | ||||||||||||||||||||||||||||||||||||||||||||
| Sales of rental equipment | — | 451 | 451 | — | 467 | 467 | — | 859 | 859 | ||||||||||||||||||||||||||||||||||||||||||||
Sales of new equipment, merchandise and consumables | — | 383 | 383 | — | 344 | 344 | — | 370 | 370 | ||||||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 8,645 | $ | 2,509 | $ | 11,154 | $ | 8,387 | $ | 2,404 | $ | 10,791 | $ | 8,061 | $ | 2,798 | $ | 10,859 | |||||||||||||||||||||||||||||||||||
| Year Ended April 30, | |||||||||||||||||
| (In millions) | 2026 | 2025 | 2024 | ||||||||||||||
| Beginning balance | $ | 102 | $ | 141 | $ | 107 | |||||||||||
Amounts written off or recovered | (61) | (67) | (50) | ||||||||||||||
Increase in allowance recognized | 64 | 28 | 84 | ||||||||||||||
| Ending balance | $ | 105 | $ | 102 | $ | 141 | |||||||||||
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About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.