10-K · June 23, 2026
Sunbelt Rentals Holdings, Inc.'s 10-K filing details its performance for the fiscal year ending April 30, 2026, highlighting a revenue increase of 3% to $11.154 billion and a decreased net income of $1.325 billion,…
SUNB earnings analysis
10-Q · Filed September 9, 2026 · Our reading of the company's report
The latest report
Sunbelt reported Q1 revenue of $3.115 billion and EPS of $1.07, beating consensus estimates of $2.9839 billion and $1.02, respectively. Rental revenue grew 12.5%, led by 25.3% growth in North America Specialty, and…
Read full summary
Sunbelt reported Q1 revenue of $3.115 billion and EPS of $1.07, beating consensus estimates of $2.9839 billion and $1.02, respectively. Rental revenue grew 12.5%, led by 25.3% growth in North America Specialty, and management raised fiscal 2027 growth and EBITDA outlooks. However, free cash flow was only $70 million and adjusted EBITDA margin declined to 42.2%; the filing states there were no material changes to the risk factors in the 2026 Form 10-K.
Reported figures
- Earnings per share
- $1.07
- Segment
- Rental revenue increased 12.5% year over year.
- Segment
- North America Specialty rental revenue increased 25.3%.
- Segment
- The U.K. business remained a headwind, with restructuring referenced in the prior-period analysis.
What stood out
-
Revenue and EPS beat consensus
Revenue was $3.115 billion, exceeding the $2.9839 billion consensus estimate by approximately $131.1 million, or 4.4%. EPS was $1.07 versus the $1.02 estimate, a $0.05 beat.
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Strong North American rental growth
Rental revenue increased 12.5% year over year, with North America Specialty leading growth at 25.3%.
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Full-year growth outlook raised
Fiscal 2027 total revenue growth guidance was raised to 6%-9% from 4.5%-7.5%, while rental revenue growth guidance increased to 7%-10% from 5%-8%.
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EBITDA outlook raised
Adjusted EBITDA guidance increased to $4.92-$5.12 billion from $4.85-$5.05 billion.
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Share repurchases continued
The company authorized $1.5 billion of repurchases and bought 725,000 shares during the quarter, leaving $1.188 billion available under the program.
What to watch
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Free cash flow declined
Free cash flow was $70 million, indicating materially weaker cash conversion despite the reported revenue and EPS beat.
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EBITDA margin pressure
Adjusted EBITDA margin declined to 42.2%, creating execution risk as the company raises growth expectations and capital spending.
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Floating-rate debt exposure
The company had $8.556 billion of debt, with 14% at floating rates; each 1 percentage-point change in applicable floating rates would change pretax profit by approximately $12 million and equity by approximately $9 million.
Management's outlook
Management raised fiscal 2027 total revenue growth guidance from 4.5%-7.5% to 6%-9% and rental revenue growth guidance from 5%-8% to 7%-10%. Adjusted EBITDA guidance increased from $4.85-$5.05 billion to $4.92-$5.12 billion. Net rental equipment capital expenditure guidance increased from $2.05-$2.45 billion to $2.4-$2.8 billion, while gross rental capital expenditure guidance increased from $2.45-$2.85 billion to $2.75-$3.15 billion.
Earlier filings 1
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