Sunbelt Rentals Holdings, Inc.SUNB
Sunbelt Rentals Holdings, Inc. Segments Disclosure
Segment Information
The Company operates with the following three reportable and operating segments: North America – General Tool, North America – Specialty and U.K., which are consistent with how the Company's chief operating decision maker (“CODM”) assesses performance and allocates resources. The operating segments are determined primarily based on the nature of the products and services and the management structure of the Company. The Company's CODM has been identified as its chief executive officer.
•North America – General Tool: the North America – General Tool segment includes the rental of general construction and industrial equipment, such as mobile elevating platforms, forklifts, earth moving equipment and general tool and light equipment. The segment operates predominantly across the U.S. and Canada.
•North America – Specialty: the North America – Specialty segment focus on products with comparatively low rental penetration including Power & HVAC, Scaffold, Pump, Film & TV and Climate Control. The Specialty products and services are often a natural add-on to the General Tool products and services. The segment operates across the U.S. and Canada.
•U.K.: the U.K. segment operates predominantly in the U.K. and rents a broad range of construction, industrial, general and specialty equipment.
The Company manages debt, its lease portfolio and taxation centrally, rather than by operating segments. Accordingly, segmental costs are stated excluding the impact of ASC 842 lease accounting in relation to the Company's property leases. Furthermore, segment results are stated before interest and taxation which are reported as central Company items. This is consistent with the way the CODM reviews the business.
Segment performance and resource allocation are evaluated by the CODM using adjusted segment operating profit. The CODM is the primary individual in control of resource allocation. The most significant allocation determinations made by the CODM using the adjusted segment operating profit relates to purchases of rental equipment, and these determinations are generally made as part of the annual budgeting process, with regular financial and operational performance reviews occurring throughout the year that can result in allocation changes (for example, if a specific segment outperforms its plan, that could result in a reallocation of resources between segments or an increase in the total allocated resources).
There are no material sales between the reportable segments. Capital expenditure represents additions to rental equipment, property and equipment, and includes additions through the acquisition of businesses. Segment assets exclude corporate assets, such as cash and cash equivalents, corporate facilities, goodwill, other intangible assets, and tax assets.
The following table sets forth financial information by segment for the years ended April 30, 2026, 2025 and 2024:
| North America | |||||||||||||||||||||||
| (In millions) | General Tool | Specialty | United Kingdom | Total | |||||||||||||||||||
Year ended April 30, 2026 | |||||||||||||||||||||||
| Equipment rentals | $ | 6,013 | $ | 3,505 | $ | 802 | $ | 10,320 | |||||||||||||||
| Sales of rental equipment | 324 | 77 | 50 | 451 | |||||||||||||||||||
| Sales of new equipment, merchandise and consumables | 170 | 133 | 80 | 383 | |||||||||||||||||||
| Total revenues | 6,507 | 3,715 | 932 | 11,154 | |||||||||||||||||||
| Cost of rental equipment sales | (273) | (71) | (38) | (382) | |||||||||||||||||||
Staff costs(1) | (1,325) | (716) | (267) | (2,308) | |||||||||||||||||||
| Depreciation | (1,415) | (545) | (175) | (2,135) | |||||||||||||||||||
Other segment items(2) | (1,562) | (1,207) | (393) | (3,162) | |||||||||||||||||||
| Adjusted segment operating profit | 1,932 | 1,176 | 59 | 3,167 | |||||||||||||||||||
| Reconciliation of Adjusted Segment Operating Profit to income before provision for income taxes: | |||||||||||||||||||||||
Central costs(3) | (866) | ||||||||||||||||||||||
| Interest expense, net | (387) | ||||||||||||||||||||||
| Amortization of acquired intangibles | (113) | ||||||||||||||||||||||
| Income before provision for income taxes | $ | 1,801 | |||||||||||||||||||||
| Capital expenditures | $ | 1,579 | $ | 718 | $ | 158 | $ | 2,455 | |||||||||||||||
| Segment assets | $ | 10,141 | $ | 3,813 | $ | 1,131 | $ | 15,085 | |||||||||||||||
| Corporate | 7,183 | ||||||||||||||||||||||
| Total assets | $ | 22,268 | |||||||||||||||||||||
Year ended April 30, 2025 | |||||||||||||||||||||||
| Equipment rentals | $ | 5,889 | $ | 3,313 | $ | 778 | $ | 9,980 | |||||||||||||||
| Sales of rental equipment | 338 | 79 | 50 | 467 | |||||||||||||||||||
| Sales of new equipment, merchandise and consumables | 170 | 95 | 79 | 344 | |||||||||||||||||||
| Total revenues | 6,397 | 3,487 | 907 | 10,791 | |||||||||||||||||||
| Cost of rental equipment sales | (280) | (73) | (33) | (386) | |||||||||||||||||||
Staff costs(1) | (1,224) | (677) | (258) | (2,159) | |||||||||||||||||||
| Depreciation | (1,384) | (539) | (171) | (2,094) | |||||||||||||||||||
Other segment items(2) | (1,416) | (1,060) | (372) | (2,848) | |||||||||||||||||||
| Adjusted segment operating profit | 2,093 | 1,138 | 73 | 3,304 | |||||||||||||||||||
| Reconciliation of Adjusted Segment Operating Profit to income before provision for income taxes: | |||||||||||||||||||||||
Central costs(3) | (695) | ||||||||||||||||||||||
| Interest expense, net | (425) | ||||||||||||||||||||||
| Amortization of acquired intangibles | (114) | ||||||||||||||||||||||
| Income before provision for income taxes | $ | 2,070 | |||||||||||||||||||||
| Capital expenditures | $ | 1,736 | $ | 537 | $ | 187 | $ | 2,460 | |||||||||||||||
| North America | |||||||||||||||||||||||
| (In millions) | General Tool | Specialty | United Kingdom | Total | |||||||||||||||||||
| Segment assets | $ | 10,083 | $ | 3,623 | $ | 1,198 | $ | 14,904 | |||||||||||||||
| Corporate | 7,066 | ||||||||||||||||||||||
| Total assets | $ | 21,970 | |||||||||||||||||||||
Year ended April 30, 2024 | |||||||||||||||||||||||
| Equipment rentals | $ | 5,826 | $ | 3,062 | $ | 742 | $ | 9,630 | |||||||||||||||
| Sales of rental equipment | 721 | 73 | 65 | 859 | |||||||||||||||||||
| Sales of new equipment, merchandise and consumables | 174 | 115 | 81 | 370 | |||||||||||||||||||
| Total revenues | 6,721 | 3,250 | 888 | 10,859 | |||||||||||||||||||
| Cost of rental equipment sales | (530) | (66) | (40) | (636) | |||||||||||||||||||
Staff costs(1) | (1,199) | (696) | (267) | (2,162) | |||||||||||||||||||
| Depreciation | (1,259) | (470) | (164) | (1,893) | |||||||||||||||||||
Other segment items(2) | (1,339) | (1,054) | (364) | (2,757) | |||||||||||||||||||
| Adjusted segment operating profit | 2,394 | 964 | 53 | 3,411 | |||||||||||||||||||
| Reconciliation of Adjusted Segment Operating Profit to income before provision for income taxes: | |||||||||||||||||||||||
Central costs(3) | (768) | ||||||||||||||||||||||
| Interest expense, net | (428) | ||||||||||||||||||||||
| Amortization of acquired intangibles | (121) | ||||||||||||||||||||||
| Income before provision for income taxes | $ | 2,094 | |||||||||||||||||||||
| Capital expenditures | $ | 3,219 | $ | 1,180 | $ | 266 | $ | 4,665 | |||||||||||||||
(1)Staff costs comprise of salaries, related benefits and retirement costs.
(2)Other segment items comprise of spares, vehicle, facility and other miscellaneous costs.
(3)Central costs comprise of corporate costs incurred to run the business as a whole including costs associated with the Company’s support functions, technology expenditure and the accounting adjustment to reflect ASC 842 lease accounting in relation to the Company’s property leases, as well as other items not allocated to segments, including other (income) expense, net. This also includes non-recurring costs related to the operational restructure of the United Kingdom segment and the Redomiciliation.
The Company’s operations are located in the United States, Canada and the United Kingdom. Revenue by geographic region is allocated to individual countries based on the location of stores. The following table presents geographic area information for the years ended April 30, 2026, 2025 and 2024:
| (In millions) | United States | Canada | United Kingdom | Total | |||||||||||||||||||
Year ended April 30, 2026 | |||||||||||||||||||||||
| Equipment rentals | $ | 8,837 | $ | 681 | $ | 802 | $ | 10,320 | |||||||||||||||
| Sales of rental equipment | 371 | 30 | 50 | 451 | |||||||||||||||||||
| Sales of new equipment, merchandise and consumables | 270 | 33 | 80 | 383 | |||||||||||||||||||
| Total revenues | $ | 9,478 | $ | 744 | $ | 932 | $ | 11,154 | |||||||||||||||
| Rental equipment, net | $ | 9,711 | $ | 758 | $ | 755 | $ | 11,224 | |||||||||||||||
Property and equipment, net | $ | 1,724 | $ | 181 | $ | 158 | $ | 2,063 | |||||||||||||||
| Operating lease right-of-use assets | 2,280 | 282 | 102 | 2,664 | |||||||||||||||||||
Year ended April 30, 2025 | |||||||||||||||||||||||
| Equipment rentals | $ | 8,587 | $ | 615 | $ | 778 | $ | 9,980 | |||||||||||||||
| Sales of rental equipment | 384 | 33 | 50 | 467 | |||||||||||||||||||
| Sales of new equipment, merchandise and consumables | 233 | 32 | 79 | 344 | |||||||||||||||||||
| Total revenues | $ | 9,204 | $ | 680 | $ | 907 | $ | 10,791 | |||||||||||||||
| Rental equipment, net | $ | 9,759 | $ | 765 | $ | 816 | $ | 11,340 | |||||||||||||||
| Property and equipment, net | $ | 1,688 | $ | 169 | $ | 181 | $ | 2,038 | |||||||||||||||
| Operating lease right-of-use assets | 2,138 | 278 | 107 | 2,523 | |||||||||||||||||||
Year ended April 30, 2024 | |||||||||||||||||||||||
| Equipment rentals | $ | 8,321 | $ | 567 | $ | 742 | $ | 9,630 | |||||||||||||||
| Sales of rental equipment | 742 | 52 | 65 | 859 | |||||||||||||||||||
| Sales of new equipment, merchandise and consumables | 244 | 45 | 81 | 370 | |||||||||||||||||||
| Total revenues | $ | 9,307 | $ | 664 | $ | 888 | $ | 10,859 | |||||||||||||||
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About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.