Sunbelt Rentals Holdings, Inc. 10-Q

Financial Statements (unaudited)

Item 1. Financial Statements SUNBELT RENTALS HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) July 31, 2026 (unaudited) April 30, 2026 ASSETS Cash and cash equivalents $ 32 $ 29 Accounts receivable, net of allowance for credit losses of $ 119 and $ 105 , respectively 1,929 1,669 Inventory 192 180 Prepaid expenses and other assets 420 354 Total current assets 2,573 2,232 Rental equipment, net 11,856 11,224 Property and equipment, net 2,094 2,063 Goodwill 3,778 3,476 Other intangible assets, net 383 338 Operating lease right-of-use assets 2,663 2,664 Other long-term assets 266 271 Total non-current assets 21,040 20,036 Total assets $ 23,613 $ 22,268 LIABILITIES AND STOCKHOLDERS’ EQUITY Short-term debt and current maturities of long-term debt $ 550 $ 550 Accounts payable 623 472 Accrued expenses and other liabilities 1,255 1,167 Operating lease liabilities 295 287 Total current liabilities 2,723 2,476 Long-term debt 8,006 7,033 Deferred taxes 2,463 2,394 Non-current portion of operating lease liabilities 2,572 2,577 Other long-term liabilities 402 379 Total non-current liabilities 13,443 12,383 Total liabilities 16,166 14,859 Commitments and contingencies (Note 11) Stockholders’ equity: Common stock – $ 0.01 par value, 414,502,814 and 409,867,481 shares issued and outstanding, respectively, as of July 31, 2026, 413,965,587 and 410,272,086 shares issued and outstanding, respectively, as of April 30, 2026 4 4 Additional paid-in capital 235 204 Retained earnings 7,772 7,646 Treasury stock at cost – 4,635,333 and 3,693,501 shares as of July 31, 2026 and April 30, 2026, respectively ( 334 ) ( 259 ) Common stock held by the ESOT – 0 and 0 shares as of July 31, 2026 and April 30, 2026, respectively — — Accumulated other comprehensive loss ( 230 ) ( 186 ) Total stockholders’ equity 7,447 7,409 Total liabilities and stockholders’ equity $ 23,613 $ 22,268 See accompanying notes to the condensed consolidated financial statements. 3 Table of Contents SUNBELT RENTALS HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In millions, except per share amounts) Three Months Ended July 31, 2026 2025 Revenues: Equipment rentals $ 2,927 $ 2,601 Sales of rental equipment 85 103 Sales of new equipment, merchandise and consumables 103 97 Total revenues 3,115 2,801 Cost of revenues: Cost of equipment rentals, excluding depreciati