Income Taxes (Tables)

12 Months Ended

Apr. 30, 2026

Schedule of Components of Income Before Provision (Benefit)

The components of income before provision (benefit) for income taxes for the period ended April 30, 2026, is as follows:


	Year Ended April 30,
(In millions)	2026

United States	$	1,769
Foreign	32
Total pre-tax income	$	1,801

The components of income before provision (benefit) for income taxes for the periods ended April 30, 2025, and April 30, 2024, were as follows:


	Year Ended April 30,
(In millions)		2025		2024
United Kingdom		$	(5)	$	(31)
Foreign
United States		2,018		2,106
Other		57		19
Total pre-tax income		$	2,070	$	2,094

The components of the provision (benefit) for income taxes for the period ended April 30, 2026, is as follows:


	Year Ended April 30,
(In millions)	2026
Current
U.S. - Federal	$	279
U.S. - State and local	75
Foreign	29
Total current	$	383

Deferred
U.S. - Federal	$	84
U.S. - State and local	15
Foreign	(6)
Total deferred	93
Total provision (benefit) for income taxes	$	476

The components of the provision (benefit) for income taxes for the periods ended April 30, 2025, and April 30, 2024, were as follows:


	Year Ended April 30,
(In millions)	2025		2024
Current
United Kingdom	$	(6)	$	2
Foreign
U.S. - Federal	410		195
U.S. - State and local	69		80
Other	2		9
Total current	$	475	$	286

Deferred
United Kingdom	$	12	$	(7)
Foreign
U.S. - Federal	1		232
U.S. - State and local	16		14
Other	13		(3)
Total deferred	42		236
Total provision (benefit) for income taxes	$	517	$	522

Schedule of Effective Income Tax Rate Reconciliation

Therefore, the Company utilized the U.S. statutory rate within the following reconciliation of the provision (benefit) for income taxes.


	Year Ended April 30,
(In millions)	2026
Computed tax at statutory rate	$	378	21	%

State and local income taxes, net of federal benefit	75		4	%
Foreign tax effects	16		1	%
Tax credits	(1)		—	%
Nondeductible or nontaxable items	10		—	%
Changes in unrecognized tax benefits	(2)		—	%
Effective tax rate	$	476	26	%

State and local taxes in Florida, California, New York, Virginia, Illinois, Georgia, and Tennessee make up the majority (greater than 50%) of the tax effect in the state and local tax category.

For the periods ended April 30, 2025, and April 30, 2024, the Company was a tax resident in the U.K. Therefore, the Company utilized the U.K. statutory rate within the following reconciliation of the provision (benefit) income taxes:


	Year Ended April 30,
(In millions)	2025				2024
Computed tax at statutory rate	$	517	25	%	$	523	25	%
Foreign tax effects
United States
Statutory tax rate difference	(81)		(4)	%	(84)		(4)	%
State and local tax	70		3	%	77		4	%
Other	4		—	%	1		—	%
Other foreign jurisdictions	1		—	%	2		—	%
Nondeductible or nontaxable items	6		1	%	3		—	%
Effective tax rate	$	517	25	%	$	522	25	%

Schedule of Income Tax Paid (Refunded)

Income tax paid (refunded) for the period ended April 30, 2026, is as follows:


	Year Ended April 30,
(In millions)	2026
U.S. - Federal	$	233
U.S. - State and local (1)	73
Foreign
Canada	30
Other	(4)
Total income taxes paid	$	332

(1)Income taxes paid to state jurisdictions are individually immaterial.

Income tax paid (refunded) in periods ended April 30, 2025, and April 30, 2024, were as follows:


	Year Ended April 30,
(In millions)	2025		2024
United Kingdom	$	(41)	$	1
Foreign
U.S. - Federal	397		149
U.S.- State and local	63		89
Other	6		7
Total income taxes paid	$	425	$	246

Schedule of Deferred Tax Assets and Liabilities

The components of deferred income tax assets (liabilities) are as follows:


	April 30,
(In millions)	2026		2025
Deferred tax assets:
Lease liabilities	$	738	$	696
Accruals and reserves	196		172
Net operating loss and credit carryforwards	29		28
Capital loss carryforwards	15		15
Interest carryforwards	—		1
Other deferred tax assets	5		—
Gross deferred tax assets	983		912
Valuation allowances	(24)		(18)
Total net deferred tax assets	959		894
Deferred tax liabilities:
Property and equipment	(2,502)		(2,400)
Right of use assets	(680)		(644)
Intangibles	(152)		(131)
Other deferred tax liabilities	(19)		(7)
Gross deferred tax liabilities	(3,353)		(3,182)
Net deferred tax liabilities	$	(2,394)	$	(2,288)

Schedule of Valuation Allowance

The following table presents the changes in the carrying amount of the valuation allowance for each of the three years in the period ended April 30, 2026:


	Year Ended April 30,
(In millions)	2026		2025		2024
Balance at beginning of year	$	18	$	13	$	27
Increase (decrease) in valuation allowance	$	6	$	4	$	(14)
Foreign exchange	—		1		—
Balance at end of year	$	24	$	18	$	13

Schedule of Reconciliation of Unrecognized Tax Benefits

The following table provides a reconciliation of the total amounts of unrecognized tax benefits, which may impact effective tax rate if recognized:


	Year Ended April 30,
(In millions)	2026		2025		2024
Balance at beginning of year	$	5	$	5	$	5
Gross increases related to prior period positions	—		—		—
Gross decreases related to prior period positions	—		—		—
Gross decreases related to expiration of statute of limitations	(2)		—		—
Foreign exchange	—		—		—
Balance at end of year	$	3	$	5	$	5