v3.26.1
Segment Information
 12 Months Ended
Apr. 30, 2026
Segment Reporting [Abstract]  
Segment Information 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 ToolSpecialtyUnited KingdomTotal
Year ended April 30, 2026
Equipment rentals$6,013 $3,505 $802 $10,320 
Sales of rental equipment324 77 50 451 
Sales of new equipment, merchandise and consumables170 133 80 383 
Total revenues6,507 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 profit1,932 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 
Corporate7,183 
Total assets$22,268 
 
Year ended April 30, 2025
Equipment rentals$5,889 $3,313 $778 $9,980 
Sales of rental equipment338 79 50 467 
Sales of new equipment, merchandise and consumables170 95 79 344 
Total revenues6,397 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 profit2,093 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 ToolSpecialtyUnited KingdomTotal
Segment assets$10,083 $3,623 $1,198 $14,904 
Corporate7,066 
Total assets$21,970 
 
Year ended April 30, 2024
Equipment rentals$5,826 $3,062 $742 $9,630 
Sales of rental equipment721 73 65 859 
Sales of new equipment, merchandise and consumables174 115 81 370 
Total revenues6,721 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 profit2,394 964 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 StatesCanadaUnited KingdomTotal
Year ended April 30, 2026
Equipment rentals$8,837 $681 $802 $10,320 
Sales of rental equipment371 30 50 451 
Sales of new equipment, merchandise and consumables270 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 assets2,280 282 102 2,664 
 
Year ended April 30, 2025
Equipment rentals$8,587 $615 $778 $9,980 
Sales of rental equipment384 33 50 467 
Sales of new equipment, merchandise and consumables233 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 assets2,138 278 107 2,523 
 
Year ended April 30, 2024
Equipment rentals$8,321 $567 $742 $9,630 
Sales of rental equipment742 52 65 859 
Sales of new equipment, merchandise and consumables244 45 81 370 
Total revenues$9,307 $664 $888 $10,859