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Get filing alertsSunbelt Rentals reports FY2026 results, closes $650M Reliant acquisition, guides FY2027 growth
Filed June 23, 2026 · Period ending June 23, 2026 · ~1 min read
Key Changes
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high
Closed $650M acquisition of Reliant Asset Management (Aries Building Systems) on May 1, 2026, adding modular space solutions vertical; expected to be EPS-accretive while maintaining 1x-2x net leverage target.
Exhibit 99.1 view on EDGAR → -
high
FY2026 revenue $11.15B (up 3.4%), net income $1.33B ($3.15/share), free cash flow $2.06B; Q4 revenue $2.75B (up 8.9%) with 8.0% rental revenue growth driven by Specialty segment strength.
Exhibit 99.1 view on EDGAR → -
high
FY2027 guidance: 4.5%-7.5% total revenue growth, 5%-8% rental revenue growth, $4.85B-$5.05B adjusted EBITDA; net rental capex $2.05B-$2.45B (up from $2,754 million in FY2026) signals growth investment.
Exhibit 99.1 view on EDGAR → -
medium
Returned $1.88B to shareholders in FY2026 ($1.41B buybacks, $464M dividends); declared final $0.75/share dividend payable July 24, transitioning to quarterly dividend structure in FY2027.
Exhibit 99.1 view on EDGAR → -
low
First annual stockholder meeting scheduled September 1, 2026; stockholder proposal deadline July 3, 2026 (10-day advance notice window).
Item 8.01 verify on EDGAR →
Summary
Sunbelt Rentals reported solid FY2026 results with $11.15 billion in revenue (up 3.4%) and $1.33 billion in net income, generating $2.06 billion in free cash flow. The company's Q4 performance accelerated with 8.9% revenue growth, driven by 15.1% Specialty segment rental revenue growth (led by Power & HVAC, particularly Load Banks) while General Tool grew a more modest 4.4% on flat utilization and rates.
The standout event is the May 1, 2026 closing of the $650 million Reliant Asset Management acquisition, which adds a modular space solutions business (Aries Building Systems) as a new Specialty vertical and is expected to be immediately EPS-accretive.
For retail holders, the FY2027 guidance matters most: management projects 5%-8% rental revenue growth and $4.85-$5.05 billion in adjusted EBITDA, with planned net rental equipment capex of $2.05-$2.45 billion—a significant increase from FY2026's $1.42 billion that signals confidence in demand. The company returned $1.88 billion to shareholders in FY2026 through buybacks and dividends, and is transitioning to a quarterly dividend structure. The Reliant acquisition expands Sunbelt's addressable market while maintaining financial discipline (net leverage within 1x-2x target). Watch whether the elevated capex plan translates into the guided rental revenue growth and whether Specialty segment momentum sustains as the Reliant integration progresses.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Sunbelt Rentals announced Q4 and full-year FY2026 financial results via press release.
Added in current filing · verify on EDGAR →
On June 23, 2026, Sunbelt Rentals Holdings, Inc. (“Sunbelt Rentals” or the “Company”) issued a press release (the “Press Release”) announcing its financial results for the quarter and year ended April 30, 2026.
The company disclosed financial results for the fourth quarter and full fiscal year ended April 30, 2026. The actual financial figures are contained in the attached press release (Exhibit 99.1), which is not included in this 8-K body text.
Event · Item 8.01 — Other Events
Item 8.01 — Other Events filed; see Key Changes for terms.
Show 2 minor / wording changes
Added in current filing · verify on EDGAR →
the Company announced that it expects to hold its first annual meeting of stockholders (the “Annual Meeting”) at 11:30 a.m. (Eastern Time) on Tuesday, September 1, 2026
Sunbelt Rentals disclosed it will hold its first annual stockholder meeting on September 1, 2026 at 11:30 a.m. Eastern Time. This is a routine procedural disclosure for a company establishing its annual meeting calendar.
Added in current filing · verify on EDGAR →
stockholders wishing to nominate a candidate for election as a director or submit a proposal (other than pursuant to Rule 14a-8 under the Exchange Act) at the Annual Meeting must deliver notice to the Corporate Secretary of the Company at the Company’s principal executive offices at 1799 Innovation Point, Fort Mill, South Carolina 29715 no later than the close of business on July 3, 2026
The company set July 3, 2026 as the deadline for stockholders to submit director nominations or proposals for the September annual meeting. This advance notice requirement gives stockholders approximately 10 days to submit proposals in accordance with the company's bylaws.
Event · Exhibit 99.1
Sunbelt Rentals reported Q4 and FY2026 results, announced a $650M acquisition of Reliant Asset Management, and provided FY2027 guidance.
Added in current filing · view on EDGAR →
Total revenue of $2,754 million with rental revenue growth of 8.0% ... Net income of $226 million and earnings per share of $0.55 ... Adjusted EBITDA of $1,067 million and adjusted EBITDA margin of 38.7% ... Adjusted earnings per share of $0.74 ... Record total revenue of $11,154 million with rental revenue growth of 3.4% ... Net income of $1,325 million and earnings per share of $3.15 ... Adjusted EBITDA of $4,677 million and adjusted EBITDA margin of 41.9% ... Adjusted earnings per share of $3.72 ... Cash flow from operations of $3,784 million and free cash flow of $2,055 million
Sunbelt Rentals reported Q4 FY2026 revenue of $2.75 billion (up 8.9%) and full-year revenue of $11.15 billion (up 3.4%). Q4 net income was $226 million ($0.55 per share) and full-year net income was $1.33 billion ($3.15 per share). The company generated $3.78 billion in operating cash flow and $2.06 billion in free cash flow for the full year. Adjusted EBITDA margins declined year-over-year due to higher specialty mix, internal repair costs, and lapping a $28 million receivables provision reversal from Q4 FY2025.
Added in current filing · view on EDGAR →
Sunbelt announced today that on May 1, 2026, the company closed on the purchase of Reliant Asset Management, a market leader in modular space solutions, for a total purchase price of $650 million, which is expected to be accretive to both growth and earnings per share ... Reliant Asset Management is a leading provider of modular space solutions and adds a significant new Specialty vertical to the Sunbelt Rentals business, expanding our total addressable market. The company goes to market under the trade name: Aries Building Systems, which rents and sells modular structures, mobile offices, classrooms and storage products to commercial, industrial and education markets.
On May 1, 2026, Sunbelt closed the acquisition of Reliant Asset Management (trading as Aries Building Systems) for $650 million. Reliant is a leading modular space solutions provider offering modular structures, mobile offices, classrooms, and storage products. The acquisition expands Sunbelt's Specialty segment into a new vertical and is expected to be EPS-accretive in year one while maintaining net leverage within the company's 1x to 2x target range.
Added in current filing · view on EDGAR → · paraphrased
Total Revenue 4.5% to 7.5% growth... Rental Revenue 5% to 8% growth... Adjusted EBITDA $4.85 billion to $5.05 billion... Net Rental Equipment Capital Expenditures $2.05 billion to $2.45 billion... Gross Rental Capital Expenditures $2.45 billion to $2.85 billion
Sunbelt provided FY2027 guidance projecting total revenue growth of 4.5% to 7.5% (to approximately $11.7 billion to $12.0 billion) and rental revenue growth of 5% to 8%. Adjusted EBITDA is expected to be $4.85 billion to $5.05 billion (up from $2,754 million in FY2026). The company plans net rental equipment capex of $2.05 billion to $2.45 billion, significantly higher than FY2026's $1.42 billion, reflecting confidence in demand and growth opportunities.
Added in current filing · view on EDGAR →
Total returns to shareholders of $1,877 million including $1,413 million of share buybacks and $464 million through dividends ... In fiscal 2026, the company repurchased $1,413 million of common stock under these two programs, and paid $464 million in dividends ... Today, Sunbelt Rentals is also announcing that its Board of Directors has declared a dividend payment of $0.75 per share, the final payment under its previous scheme as the company plans to transition to a quarterly dividend. The final dividend payment will be paid on Friday, July 24, 2026 to shareholders of record on Friday, July 10, 2026.
In FY2026, Sunbelt returned $1.88 billion to shareholders through $1.41 billion in share repurchases and $464 million in dividends. The Board declared a final dividend of $0.75 per share (payable July 24, 2026 to shareholders of record July 10, 2026), bringing the full-year dividend to $1.125, a 4% increase over the prior year. The company is transitioning to a quarterly dividend structure beginning in FY2027.
Added in current filing · view on EDGAR →
North America segment rental revenue growth: General Tool +4.4%, Specialty +15.1% ... North America General Tool equipment rental revenue growth in the quarter of 4.4% was driven primarily by volume growth, with both dollar utilization and rates approximately flat ... North America Specialty equipment rental revenue growth in the quarter of 15.1% was led by volume, supported by strong utilization increases year over year. The growth continued to be led by Power & HVAC, in particular Load Banks, and was also fueled by Flooring, Temporary Fencing, Structures and Walls, Trench Safety and Scaffold.
In Q4 FY2026, North America General Tool rental revenue grew 4.4% driven by volume with flat utilization and rates, while North America Specialty surged 15.1% led by Power & HVAC (especially Load Banks), Flooring, Temporary Fencing, Structures and Walls, Trench Safety, and Scaffold. The UK segment grew 4.8% on a currency-translated basis but declined in local currency due to ongoing market challenges. Dollar utilization improved to 55% from 54% year-over-year.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 25, 2026 · How we verify