MCGRATH RENTCORP (MGRC) Company Report

McGrath RentCorp reported Q4 2025 total revenues of $257 million, a 5% increase, and Adjusted EBITDA of $105 million, a 14% increase, driven by strong performance in Mobile Modular and TRS-RenTelco.
For the full year 2026, the company expects total revenue between $945 million and $995 million and Adjusted EBITDA between $360 million and $378 million.
Philip Hawkins will succeed Joe Hanna as CEO, with a focus on continuing the current strategy and disciplined execution.
The 2026 outlook anticipates Adjusted EBITDA growth for Mobile Modular and TRS-RenTelco, while Portable Storage is expected to be comparable to 2025. Gross rental equipment capital expenditures are projected to be between $180 million and $200 million for 2026, primarily for geographic expansion and TRS growth.

2 days ago

Transcript

McGrath RentCorp Reports Strong Q4 2025 Results and Provides 2026 Outlook

MGRC

Earnings

Guidance Update

Management Change

McGrath RentCorp reported strong Q4 2025 results, with total revenues increasing 5% to $257 million and Adjusted EBITDA rising 14% to $105 million.
For the full year 2026, the company expects total revenue between $945 million and $995 million and Adjusted EBITDA between $360 million and $378 million.
In Q4 2025, Mobile Modular's Adjusted EBITDA grew 13% to $68.7 million, driven by increased rental and rental-related services revenues, while TRS-RenTelco's Adjusted EBITDA increased 21% to $23.1 million due to improved demand and higher utilization.
The company is undergoing a CEO transition, with Phil Hawkins set to take over from Joe Hanna, and anticipates strategic continuity.
Key strategic drivers for 2026 include geographic expansion and continued growth in Mobile Modular Plus and Site Related Services, with planned gross rental equipment capital expenditures between $180 million and $200 million.

2 days ago

Transcript

McGrath RentCorp Reports Q4 and Full Year 2025 Results and Announces CEO Succession

MGRC

Earnings

CEO Change

Guidance Update

McGrath RentCorp reported Q4 2025 total revenues of $257 million, a 5% increase, and Adjusted EBITDA of $105 million, a 14% increase.
For the full year 2025, total revenue reached $944 million and Adjusted EBITDA was $362 million, resulting in an Adjusted EBITDA Margin of 38%.
The company announced that Philip B. Hawkins will become President and Chief Executive Officer, effective April 3, 2026, succeeding Joe Hanna who will retire but remain on the Board.
McGrath RentCorp provided a 2026 financial outlook, projecting total revenues between $945 million and $995 million and Adjusted EBITDA between $360 million and $378 million.

2 days ago

Presentation

McGrath RentCorp Reports Q4 2025 Results, Announces CEO Succession, and Provides 2026 Outlook

MGRC

Earnings

CEO Change

Guidance Update

McGrath RentCorp reported Q4 2025 total revenues of $257 million, a 5% increase, and Adjusted EBITDA of $105 million, a 14% increase from the prior year.
CEO Joe Hanna will retire effective April 3rd, 2026, and will be succeeded by Philip Hawkins, the current Chief Operating Officer.
For the full year 2026, the company provided a financial outlook, projecting total revenue between $945 million and $995 million and Adjusted EBITDA between $360 million and $378 million.
The board announced a quarterly cash dividend for Q1 2026, marking the 35th consecutive annual dividend increase. Gross rental equipment capital expenditures for 2026 are projected to be between $180 million and $200 million, with spending likely to be front-loaded.

2 days ago

Transcript

McGrath Announces Fourth Quarter and Full Year 2025 Results, Increases Dividend

MGRC

Earnings

Dividends

Guidance Update

McGrath RentCorp reported total revenues of $256.8 million for Q4 2025, a 5% increase year-over-year, with net income of $49.8 million or $2.02 per diluted share.
For the full year 2025, total revenues grew 4% to $944.2 million, and diluted earnings per share were $6.35.
The company announced a quarterly cash dividend of $0.495 per share for Q1 2026, an increase of 2% over the prior year period, marking its 35th consecutive year of annual dividend increases.
McGrath provided a full-year 2026 outlook, projecting total revenue between $945 million and $995 million and Adjusted EBITDA between $360 million and $378 million.

2 days ago

Press Release

McGrath RentCorp Announces Q4 and Full Year 2025 Results, Provides 2026 Outlook

MGRC

Earnings

Guidance Update

Dividends

McGrath RentCorp reported total revenues of $256.8 million for the fourth quarter of 2025, an increase of 5% compared to Q4 2024, and $944.2 million for the full year 2025, up 4% from 2024.
For Q4 2025, net income was $49.8 million, or $2.02 per diluted share, with Adjusted EBITDA increasing 14% to $104.9 million.
The company's board declared a cash dividend of $0.495 per share for the quarter ending March 31, 2026, a 2% increase over the prior year period, marking 35 consecutive years of annual dividend increases.
For the full year 2026, McGrath RentCorp expects total revenue between $945 million and $995 million and Adjusted EBITDA between $360 million and $378 million.

2 days ago

8-K

WillScot Reports Q4 and Full Year 2025 Results and Provides 2026 Outlook

MGRC

Earnings

Guidance Update

New Projects/Investments

WillScot Holdings Corporation (WillScot) exceeded its Q4 2025 outlook, reporting revenue of $566 million and Adjusted EBITDA of $250 million.
For the full year 2025, the company generated $2.3 billion in revenue, $971 million in Adjusted EBITDA, and $489 million in Adjusted Free Cash Flow.
In Q4 2025, WillScot initiated a Network Optimization Plan, leading to a $302 million non-cash restructuring charge for accelerated depreciation on rental equipment.
The company provided a 2026 outlook with approximately $2.175 billion in revenue and $900 million in Adjusted EBITDA, described as conservative.
Operational highlights include modular activations increasing year-over-year in Q4 2025 and the total pending order book rising over 10% entering 2026.

Feb 19, 2026, 9:05 PM

Press Release

McGrath RentCorp discusses strategic direction and CEO transition at Barclays conference

MGRC

CEO Change

M&A

Guidance Update

McGrath RentCorp is undergoing a CEO transition, with Phil Hawkins (current COO) set to succeed Joe Hanna, who will retire but remain on the board. The company expects to maintain its current strategy and disciplined capital allocation.
The company has strategically transitioned to a pure-play modular focus through the acquisition of VESTA for over $400 million and the divestiture of Adler Tank in 2023.
The agreement to be acquired by WillScot was terminated in September 2024, resulting in a net financial benefit of $85 million or $86 million from a break fee, which has enhanced the company's financial flexibility for organic investments and tuck-in M&A.
Despite a challenging non-residential construction market, McGrath RentCorp is experiencing strength in large projects (e.g., data centers, manufacturing) and reported 1% growth in portable storage in Q3 (the first in almost two years) and good growth in modular rental revenue.
The company raised its 2025 guidance in October, citing stability in portable storage, seasonal retail business opportunities, and momentum in its electronics segment.

Feb 17, 2026, 4:00 PM

Transcript

McGrath RentCorp Discusses CEO Transition, Strategic Focus, and Market Dynamics at Barclays Conference

MGRC

CEO Change

M&A

Demand Weakening

McGrath RentCorp is undergoing a CEO transition, with Phil Hawkins (current COO) succeeding Joe Hanna, who will remain on the board.
The company is strategically focused on its "modular solution strategy," encompassing Mobile Modular, portable storage, and Enviroplex, with 75-25 or 80-20 of its focus on modulars over its electronics business, TRS-RenTelco.
Following the termination of an acquisition agreement by WillScot, McGrath RentCorp received a net break fee of $85 million or $86 million, enhancing its financial position and supporting organic investments and tuck-in M&A.
McGrath RentCorp notes a bifurcation in demand, with strength in mega projects offsetting weakness in smaller non-residential commercial construction; however, portable storage saw 1% growth in Q3, and the electronics business experienced a demand turnaround in early 2025.

Feb 17, 2026, 4:00 PM

Transcript

McGrath RentCorp Discusses CEO Transition and Post-Acquisition Strategy

MGRC

CEO Change

M&A

Demand Weakening

McGrath RentCorp is undergoing an executive transition, with Phil Hawkins, current Chief Operating Officer, set to become the new CEO, succeeding Joe Hanna, who will remain on the board. This change, announced just under two weeks prior to the conference, is expected to maintain the company's existing strategy and consistent financial results.
Following the termination of its acquisition agreement with WillScot in September 2024, McGrath RentCorp received a net benefit of $85 million or $86 million from a break fee. These funds have strengthened the balance sheet, supported organic investments, and enabled tuck-in M&A, with the company now focused on its standalone strategy, primarily centered on its modular solutions business (75-80% focus) and its electronics business.
The company is experiencing a bifurcation in demand, with strength in mega projects, data centers, and manufacturing, while smaller non-residential commercial construction projects remain weaker. Portable storage business utilization has declined from over 80 to around 60 currently over the last two and a half years.
Despite these challenges, the modular business reported 6% growth in revenue per unit in Q3 compared to a year earlier, and the electronics business saw a significant turnaround at the start of 2025, gaining momentum into Q4 2025. The company aims for mid-single digit or better rental revenue growth in good times, driven by inflation-related pricing, organic fleet growth, and increased service attachment.