WillScot Holdings Corp

Latest Results (02.04.2026):

WillScot Holdings Corp — Q4 2025: The company reported fourth-quarter 2025 revenue of $566 million and a gross profit margin of 50.4%. GAAP net loss was $187 million, driven largely by a $302 million non‑cash restructuring charge tied to a Board‑approved Network Optimization Plan; on an adjusted basis WillScot posted Adjusted Net Income of $55 million and Adjusted EBITDA of $250 million (44.2% margin). Adjusted diluted EPS was $0.29 versus GAAP diluted loss per share of $(1.03). The company generated $159 million of cash from operations in the quarter and $91 million of Adjusted Free Cash Flow, paid down $41 million of debt, repurchased shares and paid dividends, and outlined a conservative 2026 outlook (FY 2026 revenue ≈ $2.175 billion; Adjusted EBITDA ≈ $900 million; Net CAPEX ≈ $275 million).

Revenue & profitability

Q4 2025 total revenue was $565.97M (down from $602.52M a year earlier); gross profit margin fell to 50.4% from 55.8% in Q4 2024. Adjusted EBITDA for the quarter was $250.03M (44.2% margin).

GAAP vs. adjusted results

GAAP net loss was $(187.32)M in Q4 2025, while Adjusted Net Income was $54.66M. Adjusted diluted EPS was $0.29; GAAP diluted EPS was $(1.03), reflecting the large non‑cash restructuring and related items.

Restructuring / Network Optimization

WillScot recorded a $302M non‑cash restructuring charge in Q4 2025 related to accelerated depreciation for rental equipment identified for abandonment under a Network Optimization Plan approved Dec 18, 2025; company expects this plan to reduce annual real estate cost increases by ~$25–30M over four years.

Leasing and product trends

Leasing revenue in Q4 2025 was $437.49M (down 5.9% YoY, up 0.8% sequentially). Excluding longer‑dated receivable write‑offs, leasing revenue was down ~1.7% YoY and modular space product leasing was essentially flat YoY.

Cash flow, capex and capital allocation

Q4 operating cash flow was $158.9M and Adjusted Free Cash Flow was $91.4M after $67M of net CAPEX in the quarter. For the full year 2025, Adjusted FCF was $488.8M. The company paid down $41M of debt in Q4, redeemed $50M of 2031 notes, repurchased shares ($17M in Q4; $100M year‑to‑date) and paid a $0.07 quarterly dividend.

Balance sheet & leverage

Total debt was $3,588M and net debt (debt less cash) was $3,574M at quarter end, implying Net Debt to Last‑12‑Months Adjusted EBITDA of 3.7x. Availability under the ABL facility was ~ $1.4B; next debt maturity is 2028.

2026 outlook

WillScot provided a conservative FY 2026 outlook: revenue of approximately $2.175B, Adjusted EBITDA ≈ $900M, and Net CAPEX ≈ $275M — the company cites conservatism versus the run rate entering the year and expects a potential organic revenue inflection in H2 2026.