WillScot Holdings Corp

Latest Results (13.05.2026):

WillScot Holdings Corp — Fourth Quarter 2025 (and Full Year 2025) results: In Q4 2025 WillScot reported revenue of $566 million, a GAAP net loss of $187 million and Adjusted EBITDA of $250 million (44.2% margin). For the full year 2025 the company reported $2.3 billion in revenue, a net loss of $53 million and Adjusted EBITDA of $971 million. Management also announced a Board‑approved Network Optimization Plan that drove a $302 million non‑cash restructuring charge in Q4 and provided a conservative 2026 outlook (FY 2026 revenue ≈ $2.175 billion; Adjusted EBITDA ≈ $900 million; Net CAPEX ≈ $275 million).

Q4 2025 key metrics

Revenue $565.97M; gross profit margin 50.4%; GAAP net loss $(187.3)M; Adjusted Net Income $54.7M; Adjusted EBITDA $250.0M (44.2% margin); diluted EPS $(1.03), Adjusted diluted EPS $0.29.

Full‑year 2025 snapshot

Revenue $2.281B; gross profit margin 51.0%; GAAP net loss $(53.0)M; Adjusted Net Income $219.0M; Adjusted EBITDA $971.0M (42.6%); Adjusted diluted EPS $1.20; Net cash from operations $762.0M; Adjusted Free Cash Flow $488.8M.

Cash flow and capital allocation

Q4 operating cash flow $159M (28.1% margin) and Adjusted Free Cash Flow $91.4M (16.2% margin). Full year net cash from operations $762M and Adjusted FCF $488.8M. Q4 Net CAPEX was $67.4M; FY 2025 Net CAPEX $273.2M. Returned $151M to shareholders in 2025 (repurchases + dividends); Q4 returned ~$30M and paid $0.07 quarterly dividend.

Balance sheet and leverage

Total debt $3.588B, cash $14.6M, net debt $3.574B; Net Debt / Adjusted EBITDA = 3.7x (last 12 months). Redeemed $50M of 2031 notes and ABL availability ≈ $1.4B. Weighted average pre‑tax interest rate ~5.7%; estimated annual cash interest ≈ $206M (~$215M including amortization).

Network Optimization and one‑time charge

Board approved a Network Optimization Plan (Dec 18, 2025) to reduce future real estate costs by ~$25–$30M annually; resulted in a $302M non‑cash restructuring charge in Q4 for accelerated depreciation on rental equipment identified for abandonment.

Operations and product trends

Leasing revenue $437.5M in Q4, down 5.9% YoY (down 1.7% YoY excluding longer‑dated receivable write‑offs). Modular space leasing essentially flat YoY; portable storage and other categories showed declines. Modular activations increased YoY in Q4 and total pending order book rose, with >10% of backlog entering 2026 and further strength since year end.

2026 outlook

WillScot provided a conservative FY2026 outlook: Revenue ≈ $2.175B, Adjusted EBITDA ≈ $900M, Net CAPEX ≈ $275M. Management said their internal plans/targets are comfortably above this outlook but withheld a cautious market view and a $50M headwind in traditional storage noted earlier.

Shareholder actions

Repurchased ~3.92M shares in 2025 for $100M (including $17M in the quarter) and reduced diluted share count modestly; continued dividend of $0.07 per share in Q4. Management emphasized focus on organic revenue inflection and unlocking operating efficiencies to drive long‑term shareholder value.