Sunbelt Rentals Holdings, Inc. (SUNB)

Sunbelt Rentals Holdings, Inc. is an international equipment rental company that conducts its operations under the name "Sunbelt Rentals." It believes it is one of the largest equipment rental companies by rental revenue, the second largest in North America and the largest in the United Kingdom. As of April 30, 2026, it had a network of 1,611 stores. In the fiscal year ended April 30, 2026, it generated revenue of $11,154 million, operating income of $2,181 million and adjusted operating profit of $2,500 million. The company became the parent holding company of Ashtead Group plc through a scheme of arrangement completed on February 27, 2026, and its common stock began trading on the NYSE and the London Stock Exchange on March 2, 2026.

The rental fleet covers construction, industrial and general equipment such as mobile elevating work platforms, skid steers, forklifts, excavators, lighting equipment and small general tools. It is complemented by Specialty lines including power and HVAC, climate control, scaffold services, flooring solutions, pump solutions, trench safety, industrial tool, film and television, temporary structures, ground protection, temporary fencing and temporary walls. The fleet's original cost was $19,231 million at April 30, 2026, and its serialized equipment averaged about 53 months in age. The business is divided into three reportable segments. North America – General Tool (58% of fiscal 2026 revenue) offers general construction and industrial equipment in the United States and Canada, with limited operations in the Bahamas. North America – Specialty (33%) covers product groups with comparatively low rental penetration in predominantly non-construction markets. United Kingdom (9%) provides General Tool and Specialty products, with limited operations in Ireland, Germany and the Netherlands.

Customers range from multinational businesses and local contractors to individual do-it-yourselfers. They include construction and industrial firms, service, repair and facility management businesses, emergency response organizations, event organizers and government entities. In fiscal 2026 the company served about 800,000 customers in the United States, its top ten customers were under 10% of revenue, and no customer exceeded 1%. Sunbelt Rentals North America operated 1,428 stores across all 50 U.S. states and eight Canadian provinces (814 General Tool and 614 Specialty), with rental operations in all of the top 100 North American markets. Sunbelt Rentals U.K. operated 183 stores.

Operationally, the company uses a clustered market approach in North America, grouping General Tool and Specialty locations in each market, and is moving toward a regional operating center model in the U.K. It buys equipment from well-known manufacturers, generally using one or two suppliers per product range and a standardized fleet. Rental equipment capital expenditure was $2,023 million in fiscal 2026. Local management teams operate in a decentralized structure. Its five-year strategic plan, Sunbelt 4.0, launched in April 2024, aims to add 300 to 400 North American greenfield locations, 99 of which had been added by April 30, 2026. It also relies on bolt-on acquisitions and its Sunbelt Edge technology platform.