v3.26.1
Leases
 12 Months Ended
Apr. 30, 2026
Leases [Abstract]  
Leases Leases
The Company leases a significant portion of the store locations, and also leases other premises used for purposes such as district and regional offices and support office centers. The finance lease obligations consist of vehicles and building leases.
The tables below present financial information associated with the lease balances and related expenses for the years ended April 30, 2026 and 2025.
April 30,
(In millions)Classification20262025
Assets
Operating lease assets
Operating lease right-of-use assets
$
2,664 
$
2,523 
Finance lease assets
Property and equipment, net:
Non-rental vehicles
46 
52 
Property
150 
142 
Less: accumulated amortization
(49)
(40)
Total lease assets$2,811 $2,677 
Liabilities
Current
Operating
Operating lease liabilities
$
287 
$
266 
Finance
Accrued expenses and other liabilities
24 
7 
Long-term
Operating
Non-current portion of operating lease liabilities
2,577 
2,434 
Finance
Other long-term liabilities
147 
169 
Total lease liabilities$3,035 $2,876 
Year Ended April 30,
(In millions)Classification202620252024
Operating lease cost (1)
Cost of equipment rentals, excluding depreciation
$
326 
$
300 
$
277 
Selling, general and administrative expenses
12 
14 
12 
Finance lease cost
Amortization of ROU assets
Non-rental depreciation and amortization
13 
14 
12 
Interest on lease liabilities
Interest expense, net
7 
9 
7 
Sublease income
Cost of equipment rentals, excluding depreciation
(18)
(12)
(12)
Net lease cost$340 $325 $296 
(1)Includes variable lease costs of $28 million, $25 million and $25 million for the years ended April 30, 2026, 2025 and 2024, respectively, and short term lease costs of $2 million, $1 million and $2 million for the years ended April 30, 2026, 2025 and 2024, respectively.
April 30,
Lease term and discount rate20262025
Weighted-average remaining lease term (years)
Operating leases
15
15
Finance leases
21
21
Weighted-average discount rate
Operating leases
5.29 
%
5.21 
%
Finance leases
4.48 
%
4.12 
%
Year Ended April 30,
(In millions)202620252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$287 $268 $243 
Operating cash flows from finance leases
7 9 7 
Financing cash flows from finance leases
18 18 12 
Lease assets obtained in exchange for new operating lease liabilities
268 227 385 
Lease assets obtained in exchange for new finance lease liabilities
10 17 22 
Maturity of lease liabilities as of April 30, 2026
(in millions)
Operating
leases		Finance
leases
2027
$298 $20 
2028
294 19 
2029
290 15 
2030
287 10 
2031
277 9 
Thereafter
2,867 191 
Total4,313 264 
Less amount representing interest(1,449)(93)
Present value of lease liabilities2,864 171 
Leases Leases
The Company leases a significant portion of the store locations, and also leases other premises used for purposes such as district and regional offices and support office centers. The finance lease obligations consist of vehicles and building leases.
The tables below present financial information associated with the lease balances and related expenses for the years ended April 30, 2026 and 2025.
April 30,
(In millions)Classification20262025
Assets
Operating lease assets
Operating lease right-of-use assets
$
2,664 
$
2,523 
Finance lease assets
Property and equipment, net:
Non-rental vehicles
46 
52 
Property
150 
142 
Less: accumulated amortization
(49)
(40)
Total lease assets$2,811 $2,677 
Liabilities
Current
Operating
Operating lease liabilities
$
287 
$
266 
Finance
Accrued expenses and other liabilities
24 
7 
Long-term
Operating
Non-current portion of operating lease liabilities
2,577 
2,434 
Finance
Other long-term liabilities
147 
169 
Total lease liabilities$3,035 $2,876 
Year Ended April 30,
(In millions)Classification202620252024
Operating lease cost (1)
Cost of equipment rentals, excluding depreciation
$
326 
$
300 
$
277 
Selling, general and administrative expenses
12 
14 
12 
Finance lease cost
Amortization of ROU assets
Non-rental depreciation and amortization
13 
14 
12 
Interest on lease liabilities
Interest expense, net
7 
9 
7 
Sublease income
Cost of equipment rentals, excluding depreciation
(18)
(12)
(12)
Net lease cost$340 $325 $296 
(1)Includes variable lease costs of $28 million, $25 million and $25 million for the years ended April 30, 2026, 2025 and 2024, respectively, and short term lease costs of $2 million, $1 million and $2 million for the years ended April 30, 2026, 2025 and 2024, respectively.
April 30,
Lease term and discount rate20262025
Weighted-average remaining lease term (years)
Operating leases
15
15
Finance leases
21
21
Weighted-average discount rate
Operating leases
5.29 
%
5.21 
%
Finance leases
4.48 
%
4.12 
%
Year Ended April 30,
(In millions)202620252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$287 $268 $243 
Operating cash flows from finance leases
7 9 7 
Financing cash flows from finance leases
18 18 12 
Lease assets obtained in exchange for new operating lease liabilities
268 227 385 
Lease assets obtained in exchange for new finance lease liabilities
10 17 22 
Maturity of lease liabilities as of April 30, 2026
(in millions)
Operating
leases		Finance
leases
2027
$298 $20 
2028
294 19 
2029
290 15 
2030
287 10 
2031
277 9 
Thereafter
2,867 191 
Total4,313 264 
Less amount representing interest(1,449)(93)
Present value of lease liabilities2,864 171