WillScot Holdings (WSC) Company Report

WillScot Mobile Mini reported Q4 2025 total revenue of $566 million and Adjusted EBITDA of $250 million, with Adjusted Free Cash Flow of $91 million. For the full year 2025, total revenue was $2.28 billion and Adjusted EBITDA was $971 million, with Adjusted Free Cash Flow of $489 million.
The company provided 2026 guidance including total revenue of approximately $2.175 billion and Adjusted EBITDA of $900 million, with anticipated Adjusted Free Cash Flow of around $415 million. This guidance is intentionally conservative and does not assume an improvement in business trends.
A network optimization plan, approved in December, is expected to generate $25 million to $30 million in annual real estate cost savings and resulted in a $302 million non-cash restructuring charge in Q4 2025.
Commercial momentum is building, with enterprise account revenue up 10% year-over-year in Q4 2025 (excluding one customer) and the modular pending order book up 17% year-over-year. Sales staffing also increased by 13% year-over-year.

Feb 19, 2026, 10:30 PM

Transcript

WillScot Holdings Reports Q4 and Full-Year 2025 Results, Provides 2026 Outlook

WSC

Earnings

Guidance Update

Revenue Acceleration/Inflection

WillScot Holdings reported Q4 2025 revenue of $566 million and Adjusted EBITDA of $250 million, with full-year 2025 revenue reaching $2.28 billion and Adjusted EBITDA of $971 million.
For the full year 2025, the company generated $489 million in adjusted free cash flow, exceeding its guidance of $475 million, and returned $151 million to shareholders through repurchases and dividends.
The company provided an initial 2026 outlook with revenue of approximately $2.175 billion and Adjusted EBITDA of $900 million, noting this is a conservative view.
Strategic initiatives include a network optimization plan, approved in December, expected to yield $25 million to $30 million in annual real estate cost savings over four years, and a 13% year-over-year increase in sales staffing entering 2026.
WillScot Holdings anticipates positive organic revenue growth inflection in the second half of 2026, supported by strong order growth, including a 17% year-over-year increase in the modular pending order book.

Feb 19, 2026, 10:30 PM

Transcript

WillScot Mobile Mini Reports Q4 2025 Results and Provides 2026 Outlook

WSC

Earnings

Guidance Update

Revenue Acceleration/Inflection

WillScot Mobile Mini reported Q4 2025 adjusted EBITDA of $250 million and $91 million in adjusted free cash flow, with total revenue down 2% year-over-year (excluding write-offs).
The company provided initial 2026 guidance of approximately $2.175 billion in revenue and $900 million in adjusted EBITDA, with an expectation for year-over-year leasing revenue growth inflection in the second half of the year.
A network optimization plan was approved in December 2025, projected to yield $25 million to $30 million in annual real estate cost savings over the next four years, and the company is seeing commercial momentum with enterprise account revenue up 10% year-over-year in Q4 2025 and modular pending orders up 17% year-over-year.
WillScot Mobile Mini returned $30 million to shareholders through share repurchases and dividends and reduced debt balances by $41 million in Q4 2025, ending the year with a leverage ratio of 3.6x.

Feb 19, 2026, 10:30 PM

Transcript

WillScot Holdings Reports Q4 2025 Results and Provides 2026 Outlook

WSC

Earnings

Guidance Update

New Projects/Investments

WillScot Holdings reported Q4 2025 revenue of $565,971 thousand and Adjusted EBITDA of $250,034 thousand, contributing to full-year 2025 revenue of $2,281,446 thousand and Adjusted EBITDA of $971,039 thousand. The company projects a 2026 outlook of $2,175 million in revenue and $900 million in Adjusted EBITDA.
As of December 31, 2025, the company's leverage stood at 3.7x (Net Debt to LTM Adjusted EBITDA) with ~$1.4 billion in available liquidity and no debt maturities before August 15, 2028.
A non-cash restructuring charge of $302 million was recognized in Q4 2025 as part of a Network Optimization Plan, which aims to reduce annual real estate cost increases by $25 million to $30 million.
Average monthly rental rates saw year-over-year increases in Q4 2025, with modular space units rising 5% to $1,271 and portable storage units increasing 9% to $306.

Feb 19, 2026, 10:30 PM

Presentation

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

WSC

Earnings

Guidance Update

Share Buyback

WillScot reported Q4 2025 revenue of $566 million and Adjusted EBITDA of $250 million, with a net loss of $187 million and Adjusted Diluted EPS of $0.29. For the full year 2025, revenue was $2.3 billion, Adjusted EBITDA was $971 million, net loss was $53 million, and Adjusted Diluted EPS was $1.20.
The company provided a 2026 outlook with approximately $2.175 billion in revenue and approximately $900 million in Adjusted EBITDA, reflecting a conservative view and a $50 million headwind in the traditional storage business.
WillScot initiated a Network Optimization Plan in Q4 2025, resulting in a $302 million non-cash restructuring charge due to accelerated depreciation, with the goal of reducing annual real estate costs by $25 million to $30 million over four years.
In 2025, the company paid down $146 million of outstanding debt and returned $151 million to shareholders through share repurchases and quarterly cash dividends.
Modular activations increased year-over-year in Q4 2025, and the total pending order book was up more than 10% entering 2026. The company anticipates leasing revenues could inflect year-over-year in the second half of 2026.

Feb 19, 2026, 9:06 PM

8-K

WillScot Holdings Corporation Approves Network Optimization Plan

WSC

New Projects/Investments

Guidance Update

WillScot Holdings Corporation's Board of Directors approved a multi-year Network Optimization Plan on December 18, 2025.
The plan involves exiting approximately 725 acres of leased real estate (115 branch and drop lot locations) over the next four years and abandoning 51,000 rental fleet units with a net book value of up to $315 million.
Significant costs include approximately $303 million in non-cash accelerated depreciation recorded in Q4 2025 and estimated $40 million to $50 million in future cash unit disposal costs through 2029.
The company anticipates net cash costs of approximately $20 million in 2026 and expects the plan to reduce annual real estate cost increases by $25 million to $30 million and be accretive to profitability in 2027 and beyond.

Dec 22, 2025, 11:19 AM

8-K

WillScot Updates 2025 Guidance and Announces Network Optimization Plan

WSC

Guidance Update

New Projects/Investments

Demand Weakening

WillScot provided updated full-year 2025 guidance, projecting revenue of approximately $2.26 billion, adjusted EBITDA of roughly $970 million, and adjusted free cash flow of approximately $475 million, including $275 million of net capex. For Q4 2025, the company expects revenue of approximately $545 million and adjusted EBITDA of approximately $250 million.
The company launched a multi-year network optimization plan to enhance efficiency, potentially disposing of $250 million-$350 million in rental fleet units (approximately 10% of total fleet at midpoint). This initiative aims to reduce leased acreage by over 20% and avoid $20 million-$30 million in annual real estate costs, with a possible acceleration of $250 million-$350 million in depreciation expense into 2025.
WillScot amended and extended its ABL Credit Facility on October 16, 2025, which is expected to reduce annual cash borrowing costs by approximately $5 million and extends maturity to October 16, 2030, eliminating debt maturities until 2028.
Demand trends are mixed, with traditional storage showing continued weakness (order book down ~6% year-over-year), modular remaining stable (order book down ~1% year-over-year, activations up low single digits), and climate-controlled storage experiencing strong growth (orders and activations up ~60% year-over-year).

Nov 6, 2025, 10:30 PM

Transcript

WillScot Mobile Mini Reports Q3 2025 Results and Updates Full-Year Guidance

WSC

Earnings

Guidance Update

Management Change

**WSC reported Q3 2025 revenue of $567 million, down $34 million year-over-year, and adjusted EBITDA of $243 million, with a 42.9% margin. Leasing revenues were stable sequentially from Q2 to Q3, with favorable rate and mix offsetting volume headwinds, though the traditional storage business remains weak. **
**The company updated its full-year 2025 guidance to approximately $2.26 billion in revenue, roughly $970 million in adjusted EBITDA, and about $475 million in adjusted free cash flow, adopting a more conservative approach to guidance. **
**WSC is implementing a multi-year network optimization plan, which may include disposing of $250 million-$350 million in rental fleet units and reducing leased acreage by over 20%, aiming to avoid $20 million-$30 million in annual real estate costs over the next three to five years. **
**Worthing Jackman became Executive Chairman in early September, and Tim will succeed Brad as CEO effective January 1, 2026, with a focus on returning to growth and driving adjusted EBITDA margins above 45%. **

Nov 6, 2025, 10:30 PM

Transcript

WSC Announces Q3 2025 Financial Results and Revised 2025 Outlook

WSC

Earnings

Guidance Update

Demand Weakening

WSC reported Q3 2025 total revenues of $567 million, a 6% year-over-year decrease, and Adjusted EBITDA of $243.3 million, a 9% year-over-year decrease.
The Adjusted EBITDA Margin for Q3 2025 was 42.9%, declining approximately 150 basis points year-over-year, though it improved 60 basis points sequentially.
VAPS (Value Added Products and Services) revenue penetration increased to 17.7% of total revenue in Q3 2025, up 100 basis points year-over-year.
The company revised its 2025 financial outlook, now expecting full-year revenue of $2,260 million, Adjusted EBITDA of $970 million, and Adjusted Free Cash Flow of $475 million.

Nov 6, 2025, 10:30 PM

Presentation

WillScot Reports Q3 2025 Results and Updates Full-Year Guidance

WSC

Earnings

Guidance Update

Management Change

WillScot reported Q3 2025 revenue of $567 million and adjusted EBITDA of $243 million, with a 42.9% margin. Leasing revenues were $434 million, a 5% year-over-year decline, but only a 1.3% decline excluding accounts receivable write-offs.
The company updated its full-year 2025 guidance, expecting revenue of approximately $2.26 billion, adjusted EBITDA of roughly $970 million, and adjusted free cash flow of approximately $475 million. This guidance reflects a more conservative approach to minimize negative surprises.
WillScot is implementing a multi-year network optimization plan to enhance operational efficiency, which includes evaluating its real estate footprint and identifying $250 million-$350 million in rental fleet units for disposal. This initiative aims to reduce leased acreage by over 20% and avoid $20 million-$30 million in annual real estate and facility cost increases over the next three to five years.
Worthing Jackman was named Executive Chairman in early September, and Tim Boswell will succeed Brad as CEO effective January 1st. The company aims to return to growth by shifting revenue to more differentiated, higher-value offerings and expects adjusted EBITDA margins to exceed 45%.

Nov 6, 2025, 10:30 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for WillScot Holdings.

Q4 2025

Feb 19, 2026

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Q3 2025

Nov 6, 2025

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Q2 2025

Jul 31, 2025

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WillScot Holdings (WSC)

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Executives

Bradley Soultz

Worthing Jackman

Felicia Gorcyca

Hezron Lopez

Matthew Jacobsen

Timothy Boswell

Board Members

Dominick Zarcone

Erika Davis

Gerard Holthaus

Jeff Sagansky

Mark Bartlett

Michael Upchurch

Natalia Johnson

Rebecca Owen

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