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Sunbelt Rentals Holdings cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$840M in Q1 FY27 · $3.8B over twelve months

Operating cash flow$840M
Free cash flow+$840M
Cash / net income1.9×
Cash conversion cycle35 days

Analysis

In Q1 FY27, Sunbelt Rentals Holdings generated $840M of operating cash flow. That is $28.0M less than in Q1 FY26 ($868M).

Over the twelve months to Jul 31, 2026, operating cash flow was $3.8B; the largest uses were other investing ($2.1B), buybacks ($1.1B), acquisitions ($853M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.1B), other financing ($7.0M); the cash balance rose by $9.0M.

Operating cash flow was $840M against net income of $438M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$585M, receivables −$244M, accrued liabilities +$93.0M.

Its cash conversion cycle was 35 days (receivables 53 + inventory 9 − payables 27).

Free cash flow

Sunbelt Rentals Holdings: free cash flow by quarterSunbelt Rentals Holdings: free cash flow by quarter$989MQ4 FY25$868MQ1 FY26$950MQ4 FY26$840MQ1 FY27
Operating cash flow less capital spending.
Sunbelt Rentals Holdings: operating cash flow against capital spendingSunbelt Rentals Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$989M$0Q4 FY25$868M$0Q1 FY26$950M$0Q4 FY26$840M$0Q1 FY27
Latest (Q1 FY27): Operating cash flow $840M, Capital spending $0.

Capital allocation, year by year

Sunbelt Rentals Holdings: where the cash came from (up) and went (down), by fiscal yearSunbelt Rentals Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesAcquisitionsBuybacksDividendsFY24: Operating cash flow $3.7BFY24: Net borrowing $1.3BFY24: Acquisitions −$846MFY24: Buybacks −$78.0MFY24: Dividends −$436M$5.0BFY24FY25: Operating cash flow $3.8BFY25: Net borrowing −$541MFY25: Acquisitions −$134MFY25: Buybacks −$342MFY25: Dividends −$544M$3.8BFY25FY26: Operating cash flow $3.8BFY26: Net borrowing $21.0MFY26: Asset sales $16.0MFY26: Acquisitions −$206MFY26: Buybacks −$1.4BFY26: Dividends −$464M$3.8BFY26
Over these 3 years operating cash flow totalled $11.3B; the largest uses were buybacks ($1.8B) and dividends ($1.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$29.0M
Debt$7.6B
Net debt$7.6B
Due within a year$550M

Sunbelt Rentals Holdings funds itself: free cash flow was $3.8B over the last twelve months, and $29.0M of cash and investments stands against $7.6B of debt ($550M due within a year, 0.1× covered by cash).

Sunbelt Rentals Holdings: debt maturities by year (FY26)Sunbelt Rentals Holdings: debt maturities by year (FY26)$550MYear 1$598MYear 2$598MYear 3$2.0BYear 4$3.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $29.0M of cash and investments now.

Where the cash came from and went

Sunbelt Rentals Holdings: sources (+) and uses (−) of cash, Q1 FY27Sunbelt Rentals Holdings: sources (+) and uses (−) of cash, Q1 FY27Net borrowing (+) / repaid (−)$980MOperating cash flow$840MOther investing−$771MAcquisitions−$667MDividends−$307MBuybacks−$56.0MTaxes on employees’ shares−$16.0MCash drawn (+) / kept (−)−$3.0M
Sunbelt Rentals Holdings: sources (+) and uses (−) of cash, TTM to Q1 FY27Sunbelt Rentals Holdings: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$3.8BOther investing−$2.1BBuybacks−$1.1BNet borrowing (+) / repaid (−)$1.1BAcquisitions−$853MDividends−$771MCash drawn (+) / kept (−)−$9.0MOther financing$7.0M

From profit to cash

Sunbelt Rentals Holdings: net income to operating cash flow, Q1 FY27Sunbelt Rentals Holdings: net income to operating cash flow, Q1 FY27Net income$438MDepreciation & amortization$585MStock-based pay$26.0MDeferred taxes$72.0MReceivables−$244MInventory−$1.0MPayables−$90.0MAccrued liabilities$93.0MPrepaid and other assets−$45.0MOperating cash flow$840M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY275392735
Q4 FY265482141

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 FY27$840M−$667M−$56.0M−$307M$980M−$3.0M$840M
Q4 FY26$950M−$58.0M−$366M−$157M−$76.0M$10.0M$950M
Q1 FY26$868M−$20.0M−$330M—−$96.0M−$2.0M$868M
Q4 FY25$989M−$78.0M−$254M−$157M−$405M$5.0M$989M

Sunbelt Rentals Holdings: income statement and cash flow

Sunbelt Rentals Holdings, Q1 FY27: revenue $3.1B (+11% year over year), operating margin 22.2%. The chart follows the revenue to costs, profit and cash.

Sunbelt Rentals Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.