v3.26.1
Segment Information
 3 Months Ended
Jul. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Sunbelt operates with the following three reportable and operating segments: North America – General Tool, North America – Specialty and U.K., which are consistent with how Sunbelt’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 focuses 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.
United Kingdom
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 Topic 842 lease accounting in relation to Sunbelt’s property leases. Furthermore, segment results are stated before interest and taxation which are reported as central cost 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 three months ended July 31, 2026 and 2025 and as of July 31, 2026 and April 30, 2026:
North America
(In millions)General ToolSpecialty
United Kingdom
Total
Three Months Ended July 31, 2026
Equipment rentals
$
1,648 
$
1,070 
$
209 
$
2,927 
Sales of rental equipment
54 
20 
11 
85 
Sales of new equipment, merchandise and consumables
41 
42 
20 
103 
Total revenues1,743 1,132 240 3,115 
Cost of rental equipment sales
(46)
(16)
(8)
(70)
Staff costs(1)
(366)
(210)
(69)
(645)
Depreciation
(359)
(146)
(41)
(546)
Other segment items(2)
(433)
(387)
(102)
(922)
Adjusted segment operating profit539 373 20 932 
Reconciliation of Adjusted Segment Operating Profit to income before provision for income taxes:
Central costs(3)
(205)
Interest expense, net
(107)
Amortization of acquired intangibles
(29)
Income before provision for income taxes
$591 
Three Months Ended July 31, 2025
Equipment rentals
$
1,535 
$
854 
$
212 
$
2,601 
Sales of rental equipment
71 
23 
9 
103 
Sales of new equipment, merchandise and consumables
43 
32 
22 
97 
Total revenues1,649 909 243 2,801 
Cost of rental equipment sales
(61)
(23)
(6)
(90)
Staff costs(1)
(329)
(177)
(70)
(576)
Depreciation
(351)
(136)
(45)
(532)
Other segment items(2)
(389)
(273)
(102)
(764)
Adjusted segment operating profit519 300 20 839 
Reconciliation of Adjusted Segment Operating Profit to income before provision for income taxes:
Central costs(3)
(208)
Interest expense, net
(95)
Amortization of acquired intangibles
(28)
Income before provision for income taxes
$508 
Staff costs are comprised of salaries, related benefits and retirement costs.
(2)Other segment items are comprised 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 Sunbelt’s support functions, technology expenditure and the accounting adjustment to reflect ASC 842 lease accounting in relation to Sunbelt’s property leases, as well as other items not allocated to segments, including other expense (income), net. This also includes non-recurring costs related to the operational restructure of the United Kingdom segment and the Redomiciliation.
North America
(In millions)General ToolSpecialtyUnited KingdomTotal
Three Months Ended July 31, 2026
Capital expenditures
$
695 
$
554 
$
61 
$
1,310 
As of July 31, 2026
Segment assets
$
10,551 
$
4,359 
$
1,154 
$
16,064 
Corporate
7,549 
Total assets
$23,613 
Three Months Ended July 31, 2025
Capital expenditures
$
321 
$
159 
$
60 
$
540 
As of April 30, 2026
Segment assets
$
10,141 
$
3,813 
$
1,131 
$
15,085 
Corporate
7,183 
Total assets$22,268