Sunbelt Rentals posted $2,754 million in fiscal 2026 fourth quarter total revenue, compared to $2,529 million in fiscal 2025 fourth quarter total revenue, an 8.9 percent increase. The fiscal fourth quarter and fiscal year ended April 30, 2026. Equipment rental revenue for the quarter was $2,529 million, compared to $2,334 million in the year-ago fiscal fourth quarter, for an 8.0-percent increase.

For the fiscal full year 2026, total revenue for Sunbelt Rentals was $11,154 million, compared to fiscal full year 2025 total revenue of $10,791 million, a 3.4-percent increase. Equipment rental revenue for the full fiscal year 2026 was $10,320 million compared to the fiscal full year 2025 with $9,980 million, also a 3.4-percent increase. 

Total revenue growth in the quarter resulted from higher sales of used and new rental equipment, and rental revenue growth of 8 percent. The strong momentum in rental revenue growth to finish the year was driven by volume growth and higher utilization across most geographies, while rates continued to be stable.

Depreciation of rental equipment increased only 3 percent and less than rental revenue growth of 8 percent. This reflects stronger utilization of the company’s fleet combined with disciplined capital management.

Net income in the quarter declined primarily because of higher non-recurring costs related to restructuring and re-listing activities, and higher stock compensation expense.

“Fiscal 2026 was a strong year for Sunbelt Rentals, driven by our clear customer-led strategy, disciplined execution across the business and the outstanding efforts of our team,” said Brendan Horgan, CEO. “We delivered solid results, continued to grow the business and further strengthened our position across attractive end markets by supporting customers with the equipment, availability, service and solutions they need to execute critical projects. We finished the year with strong momentum with fourth quarter rental revenues in our North America Specialty segment increasing 15 percent, and our North America General Tool growing at 4 percent. With this momentum, we are well positioned to continuing driving profitable growth and deliver long-term value for our stockholders.”

Modular space acquisition

“I’m excited to announce today the acquisition of Reliant Asset Management, a leading modular space solutions provider,” said Horgan. “This is a great example of our bolt-on acquisition strategy as a compelling opportunity to expand our Specialty offering and advance our Sunbelt 4.0 strategic objectives. Through this acquisition, we are demonstrating our capital allocation priorities and a clear intention to use our leadership position in North America to expand and grow across new highly complementary verticals, creating sustainable long-term value for stockholders. Post closing, we expect EPS accretion in year one, with net leverage remaining comfortably within our targeted range.

“Looking ahead to fiscal 2027, we are entering the year with strong top-line momentum. Our guidance reflects confidence in the underlying demand environment, the resilience of our structural growth and through-the-cycle free cash flow platform. We believe Sunbelt is well positioned to deliver a year of strong performance.”

The North America tool rental segment posted $1,582 million in fiscal fourth quarter 2026 total revenue compared to $1,498 million in fiscal fourth quarter 2025 total revenue, a 5.6-percent increase. Equipment rental revenue increased from $1,377 million in fiscal fourth quarter 2025 to $1,438 million in the recently concluded quarter. For the full fiscal year, total revenue in North American tool was $6,507 million compared to $6,397 in the previous year, a 1.7-percent increase. Equipment rental revenue for the full fiscal year 2026 was $6,013 million compared to $5,889 in the previous year.

North American General Tool equipment rental revenue growth in the fourth quarter of 4.4 percent was driven primarily by volume growth, with both dollar utilization and rates approximately flat. Growth was fairly consistent across U.S. geographies led by mega project and strategic account activity, with Canada driving outsized growth through bolt-on acquisitions and mega project activity.

North America’s Specialty segment posted $938 million in fiscal 2026 fourth quarter total revenue compared to $810 million in FQ425, a 15.8 percent jump. Equipment rental in the specialty segment increased from $768 million a year ago to $884 million, a 15.1-percent increase. Its fourth quarter equipment rental growth of 15.1 percent was led by volume and 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 scaffolding.

Total revenue in the North American Specialty Segment increased 6.5 percent for the full year, while equipment rental revenue increased 5.8 percent for the full year in the Specialty segment.

In the United Kingdom, total revenue increased by 5.9 percent in the fiscal fourth quarter and 2.8 percent for the full year. Equipment rental fevenue increasewd 4.8 percent in the fiscal fourth quarter and 3.1 percent for the full fiscal year.