v3.26.1
Stock-Based Compensation (Tables)
12 Months Ended
Apr. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Liability and Equity Classified Long-term Incentives Awards
A summary of the transactions within the Company's liability-classified long-term incentive awards is as follows:
Shares
Outstanding as of April 30, 2025
1,646,417
Granted (1)
753,877
Exercised
(413,737)
Expired/lapsed
(321,171)
Impact of modification
(168,276)
Reclassification from liability-classified awards (2)
(1,497,110)
Outstanding and exercisable as of April 30, 2026
— 
(1)All awards granted under the Ashtead Plan.
(2)32,287 awards reclassified to equity in January 2026 relating to participants that chose to defer in accordance with their 409A plan. These awards are reclassified to equity six months after the performance and service conditions were met if they have not been exercised. The remaining 1,464,823 awards were reclassified upon modification of the scheme on March 2, 2026.
A summary of the transactions within the Company's equity-classified long-term incentive awards is as follows:
SharesWeighted-Average
Fair Value
Outstanding as of April 30, 2025543,686$60.97 
(1)
Granted (2)
857,53369.86 
Exercised(51,971)33.96 
Expired/lapsed(150,006)51.72 
Impact of modification(55,903)60.73 
Reclassification from liability-classified awards (3)
1,497,11073.35 
Outstanding and exercisable as of April 30, 20262,640,449$71.94 
(1)We have revised the weighted-average fair value of awards outstanding as of April 30, 2025 from $44.41 to $60.97 to correct the amount previously disclosed in our Registration Statement on Form 10. This revision does not affect the Company's consolidated balance sheets, statement of income, or statement of cash flows, and is limited to the disclosures above.
(2)199,852 awards granted under the Ashtead Plan and 657,681 awards granted under the 2026 Plan.
(3)32,287 awards reclassified from liability-classified awards in January 2026 relating to participants that chose to defer to accordance with their 409A plan. These awards are reclassified to equity six months after the performance and service conditions were met if they have not been exercised. The remaining 1,464,823 awards were reclassified upon modification of the scheme on March 2, 2026.
Schedule of Expenses and Associated Income Tax Benefits
The expenses and associated income tax benefits recognized are as follows:
Year Ended April 30,
(In millions)202620252024
Liability-classified awards
Compensation expense (credit)$41 $(14)$87 
Impact of modification15 — — 
Income tax (benefit) expense(13)(23)
Total$43 $(12)$64 
Equity-classified awards
Compensation expense (credit)$24 $$
Income tax benefit(6)— — 
Total$18 $5 $5 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The following assumptions were used in the Monte Carlo simulation model for the long-term incentive awards:
Year Ended April 30,
202620252024
Expected volatility
32.20%
32.80% - 32.82%
32.43% - 32.44%
Risk-free interest rate
3.83% - 3.84%
3.79% - 3.82%
4.40% - 4.83%
Expected term
3.00
1.00 - 2.00
1.00 - 2.00
Dividend yield0.00%0.00%0.00%