Risk Sleuth

SUNB · 10-K filed 23 Jun 2026 · year to 30 Apr 2026

Sunbelt Rentals Holdings

30 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Mega projects (data centers)

earns from · more than $1.5 trillion in 2026 through 2028named as a risk

While the nature of the risks associated with mega projects (including risk of delays, cost overruns, environmental concerns, labor disputes, and regulatory challenges) are similar to the rest of our business, the related risks are heightened due to the scale of the projects.Risk factors (Item 1A)

Commercial construction sector

concentrated innamed as a risk

A large portion of our customer base comes from the commercial construction and industrial sectors, which are cyclical in nature.Risk factors (Item 1A)

Suppliers

JLG

depends on · approximately 39% of our rental equipment from our five largest suppliersnamed as a risk

For the fiscal year ended April 30, 2026, we purchased approximately 39% of our rental equipment from our five largest suppliers (JLG, JCB, Bobcat, Avtron and MEC).Risk factors (Item 1A)

Also named by OSK

JCB

depends on · approximately 39% of our rental equipment from our five largest suppliersnamed as a risk

For the fiscal year ended April 30, 2026, we purchased approximately 39% of our rental equipment from our five largest suppliers (JLG, JCB, Bobcat, Avtron and MEC).Risk factors (Item 1A)

Also named by MA

Bobcat

depends on · approximately 39% of our rental equipment from our five largest suppliersnamed as a risk

For the fiscal year ended April 30, 2026, we purchased approximately 39% of our rental equipment from our five largest suppliers (JLG, JCB, Bobcat, Avtron and MEC).Risk factors (Item 1A)

Avtron Power Solutions

depends on · 42% of our North American capital expenditure on rental equipmentnamed as a risk

These suppliers accounted for 42% of our North American capital expenditure on rental equipment in the fiscal year ended April 30, 2026.Business (Item 1)

MEC

depends on · approximately 39% of our rental equipment from our five largest suppliersnamed as a risk

For the fiscal year ended April 30, 2026, we purchased approximately 39% of our rental equipment from our five largest suppliers (JLG, JCB, Bobcat, Avtron and MEC).Risk factors (Item 1A)

Dingli Machinery

depends on · 28% of Sunbelt Rentals U.K.’s capital expenditures on rental equipment

These suppliers accounted for 28% of Sunbelt Rentals U.K.’s capital expenditures on rental equipment in the fiscal year ended April 30, 2026.Business (Item 1)

Greenshields JCB

depends on · 28% of Sunbelt Rentals U.K.’s capital expenditures on rental equipment

The five largest equipment manufacturers from which Sunbelt Rentals U.K. purchases equipment, in terms of original cost of purchases, are Dingli Machinery, Energy Solutions U.K., Greenshields JCB, LCA, and Press Metal.Business (Item 1)

Energy Solutions U.K.

depends on · 28% of Sunbelt Rentals U.K.’s capital expenditures on rental equipment

The five largest equipment manufacturers from which Sunbelt Rentals U.K. purchases equipment, in terms of original cost of purchases, are Dingli Machinery, Energy Solutions U.K., Greenshields JCB, LCA, and Press Metal.Business (Item 1)

LCA

depends on · 28% of Sunbelt Rentals U.K.’s capital expenditures on rental equipment

The five largest equipment manufacturers from which Sunbelt Rentals U.K. purchases equipment, in terms of original cost of purchases, are Dingli Machinery, Energy Solutions U.K., Greenshields JCB, LCA, and Press Metal.Business (Item 1)

Press Metal

depends on · 28% of Sunbelt Rentals U.K.’s capital expenditures on rental equipment

The five largest equipment manufacturers from which Sunbelt Rentals U.K. purchases equipment, in terms of original cost of purchases, are Dingli Machinery, Energy Solutions U.K., Greenshields JCB, LCA, and Press Metal.Business (Item 1)

Other companies

ABL Facility

$1,421 millionnamed as a risk

As of the same date, based on the amount of floating rate debt outstanding, the Company's pre-tax profits would change by approximately $14 million for each percentage point change in interest rates applicable to the floating rate debt and, after tax effects, equity would change by approximately $11 million.Market risk (Item 7A)

Also named by AAP, ASO, CTOS, FND, KGS, URI

Competitors

United Rentals

competes with

In North America, our largest national competitors include United Rentals, Herc Rentals and EquipmentShare.Business (Item 1)

Herc Rentals

competes with

In North America, our largest national competitors include United Rentals, Herc Rentals and EquipmentShare.Business (Item 1)

EquipmentShare

competes with

In North America, our largest national competitors include United Rentals, Herc Rentals and EquipmentShare.Business (Item 1)

Speedy Hire

competes with

Our largest competitors in the U.K. market are Speedy Hire, HSS ProService and Vp.Business (Item 1)

HSS ProService

competes with

Our largest competitors in the U.K. market are Speedy Hire, HSS ProService and Vp.Business (Item 1)

Vp

competes with

Our largest competitors in the U.K. market are Speedy Hire, HSS ProService and Vp.Business (Item 1)

Places

United States

earns from · approximately 800,000 customers in the United States

For example, in the fiscal year ended April 30, 2026, we served approximately 800,000 customers in the United States, with our top ten customers accounting for less than 10% of our total revenue and no single customer accounting for more than 1% of our total revenues.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

United Kingdom

earns from · 9% of our revenue

In the fiscal year ended April 30, 2026, 58% of our revenue was attributable to the North America – General Tool segment, 33% of our revenue was attributable to the North America – Specialty segment and 9% of our revenue was attributable to the United Kingdom segment.Business (Item 1)

Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more

Canada

operates in

Canada also remains a growing market for us, with the overall rental market estimated to be less than a tenth of the size of the U.S. market.Business (Item 1)

Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more

Hazards

Hurricanes

earns from

These non-construction end markets include, among others: (i) maintenance, repair and operations, which is a stable end market characterized by recurring necessary work, regardless of what may be happening in the wider economy; (ii) sports, entertainment and special events, which is a large and stable end market with, we believe, long-term growth prospects; (iii) emergency response and restoration, which is a key market for us where we have been designated as an essential service in North America and the United Kingdom in times of need, supporting government and the private sector with response to both day-to-day emergencies, as well as major events, including hurricanes, tornadoes and other disasters, natural disasters generating spikes in demand, and day to day emergencies generating steady demand; and (iv) state and local government, which is our most stable end market, with expenditures typically determined in advance and sheltered from macroeconomic shifts.Business (Item 1)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Commodities and inputs

Canadian dollar

exposed to its price · 15% of our revenuenamed as a risk

Based on the currency mix of our profits and debt levels, interest and exchange rates as of April 30, 2026, a 1% change in the Canadian dollar and British pound to U.S. dollar exchange rates would impact pre-tax profits on an annualized basis by $0.5 million and equity by $20.4 million.Market risk (Item 7A)

Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more

British pound

exposed to its price · 15% of our revenuenamed as a risk

Although our reporting currency is the U.S. dollar, we derived 15% of our revenue for the fiscal year ended April 30, 2026 from companies that have non-U.S. dollar currencies, primarily British pounds and Canadian dollars from our U.K. and Canadian businesses, respectively.Risk factors (Item 1A)

Also named by ABBV, ADBE, AJG, AME, AMP, APA, BF/B, BRO and 39 more

Steel

exposed to its pricenamed as a risk

commodity price pressures and the resultant increase in the cost of fuel and steel to our equipment suppliers, which can result in increased equipment costs for us that we may not be able to pass through to our customers as price increases;Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Fuel

exposed to its pricenamed as a risk

fluctuations in exchange rates or fuel costs;Risk factors (Item 1A)

Also named by ASO, CARR, COR, CPNG, CPRT, DDS, DKS, DY and 16 more

Laws and programs

U.S. tariffs

subject tonamed as a risk

For example, in early 2025, the U.S. government began broadly increasing tariff rates by applying a variety of baseline, reciprocal, sectoral and country-specific tariffs on imports.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

London Ultra-low Emission Zone

subject to

We continuously monitor current and emerging regulations to ensure that our policies and practices remain appropriate, including that our rental and vehicle fleet is compliant with engine emission standards, such as the Californian Air Emissions Standards or the London Ultra-low Emission Zone requirements.Business (Item 1)

Also named by UBER

California Air Emissions Standards

subject to

We continuously monitor current and emerging regulations to ensure that our policies and practices remain appropriate, including that our rental and vehicle fleet is compliant with engine emission standards, such as the Californian Air Emissions Standards or the London Ultra-low Emission Zone requirements.Business (Item 1)