Earnings summaries and quarterly performance for WillScot Holdings.
Executive leadership at WillScot Holdings.
Bradley Soultz
Detailed
Chief Executive Officer
CEO
Worthing Jackman
Detailed
Executive Chair of the Board
Felicia Gorcyca
Executive Vice President – Chief Human Resources Officer
Hezron Lopez
Executive Vice President – Chief Legal & Compliance Officer & ESG
Matthew Jacobsen
Chief Financial Officer
Timothy Boswell
President and Chief Operating Officer
Board of directors at WillScot Holdings.
Research analysts who have asked questions during WillScot Holdings earnings calls.
Andrew J. Wittmann
Robert W. Baird & Co.
4 questions for WSC
Also covers: ABM, ACM, APG +17 more
Angel Castillo Malpica
Morgan Stanley
4 questions for WSC
Also covers: AGCO, ALSN, CAT +15 more
Scott Schneeberger
Oppenheimer & Co. Inc.
4 questions for WSC
Also covers: CSV, CTAS, CTOS +11 more
Steven Ramsey
Thompson Research Group
4 questions for WSC
Also covers: ALTG, AMWD, BLDR +14 more
Faiza Alwy
Deutsche Bank
3 questions for WSC
Also covers: ABM, ADV, ARMK +16 more
Philip Ng
Jefferies
3 questions for WSC
Also covers: AWI, AZEK, BALL +26 more
Ronan Kennedy
Barclays
3 questions for WSC
Also covers: ADT, CTAS, ECL +8 more
Timothy Mulrooney
William Blair & Company
3 questions for WSC
Also covers: ABM, APG, BBCP +13 more
Brent Thielman
D.A. Davidson
2 questions for WSC
Also covers: AAON, ACA, APOG +27 more
Sherif El-Sabbahy
Bank of America
2 questions for WSC
Also covers: ALSN, BLBD, CTRI +6 more
Benjamin Luke McFadden
William Blair
1 question for WSC
Also covers: BBCP, VSTS
Jean Veliz
D.A. Davidson Companies
1 question for WSC
Also covers: BBCP, TGLS, VMC +1 more
John Ronan Kennedy
Barclays PLC
1 question for WSC
Also covers: VSTS
Maggie Grady Miller
Jefferies
1 question for WSC
Also covers: IBP, MAS
Recent press releases and 8-K filings for WSC.
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
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
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
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
WillScot Reports Third Quarter 2025 Results and Updates Full Year Outlook
WSC
Earnings
Guidance Update
Demand Weakening
- WillScot reported third quarter 2025 revenue of $567 million, Adjusted EBITDA of $243 million at a 42.9% margin, and Adjusted Diluted Earnings Per Share of $0.30.
- Leasing revenues for Q3 2025 were $434 million, reflecting a 4.7% decline year-over-year, with approximately $25 million of $32 million total accounts receivable write-offs recorded as a reduction to leasing revenue.
- The company generated Net cash provided by operating activities of $191 million and Adjusted Free Cash Flow of $122 million, while paying down $84 million of outstanding debt and amending its revolving credit facility to extend maturity to October 16, 2030.
- WillScot updated its FY 2025 outlook, projecting Revenue of $2,260 million, Adjusted EBITDA of $970 million, and Net CAPEX of $275 million.
- The Network Optimization Initiative resulted in $7.3 million in incremental depreciation for Q3 2025 and could lead to $250 million to $350 million of incremental depreciation expense on identified rental equipment if a multi-year plan is finalized by the end of 2025.
Nov 6, 2025, 9:11 PM
WillScot Holdings Corporation Amends ABL Credit Agreement
WSC
Debt Issuance
- WillScot Holdings Corporation filed an 8-K on October 17, 2025, reporting that on October 16, 2025, it entered into a Seventh Amendment to its ABL Credit Agreement.
- This amendment establishes new tranches of US Facility Commitments and Multicurrency Facility Commitments (New Revolver Commitments) and associated loans, which will replace existing commitments and loans under the previous agreement.
- Key financial institutions participating as lenders in the amended agreement include Bank of America, N.A. (as Agent), CIBC Bank USA, Citizens Bank, N.A., Deutsche Bank AG New York Branch, and JPMorgan Chase Bank, N.A..
- The amended agreement includes limitations on certain Indebtedness, not to exceed the greater of $150,000,000 or 2.5% of Consolidated Total Assets at any one time outstanding for specific facilities.
- Additionally, other asset dispositions are limited to a fair market value not exceeding the greater of $180,000,000 or 3.0% of Consolidated Total Assets in the aggregate since the Seventh Amendment Effective Date.
Oct 17, 2025, 12:47 PM
WillScot Holdings Corporation Announces CEO Transition and Executive Appointments
WSC
CEO Change
Management Change
Executive Compensation
- Timothy D. Boswell will succeed Bradley L. Soultz as Chief Executive Officer of WillScot Holdings Corporation, effective January 1, 2026.
- Worthing Jackman will become Executive Chair of the Board and an employee, effective September 4, 2025.
- As CEO, Mr. Boswell's compensation will include an initial annual base salary of $850,000, eligibility for an annual cash performance bonus with a target of 125% of base salary, and eligibility for annual equity awards with a target value of $2,700,000. He will also receive a promotion award of 200,000 stock options.
- Mr. Jackman's compensation as Executive Chair includes an annualized base salary of $300,000 and one-time equity awards consisting of $1,600,000 in Performance Share Units, 120,000 Stock Options, and $1,200,000 in Restricted Stock Units.
- Mr. Soultz's employment as CEO will terminate on December 31, 2025, and his separation agreement includes continued base salary for 24 months and a lump sum cash payment equal to two times his 2025 Target Annual Bonus. He will remain a non-employee member of the Board.
Sep 3, 2025, 8:34 PM
WillScot Reports Q1 2025 Earnings and Outlook Update
WSC
Earnings
Guidance Update
Share Buyback
Dividends
- Q1 results: Revenue declined 5% Y/Y to $560M with Adjusted EBITDA of $229M (40.9% margin), net income of $43M and diluted EPS of $0.23 .
- Reaffirmed full-year 2025 outlook with revenue guidance of $2.275B–$2.475B, Adjusted EBITDA of $1.0–$1.09B, and net CAPEX of $225–$305M .
- Delivered robust cash flow performance with $145M Adjusted Free Cash Flow at a 26% margin and maintained over $1.6B in available liquidity .
- Order book increased 7% YoY, supporting improved new lease activations in Q2, with recurring leasing revenues accounting for over 75% of total revenue .
- Returned $45M to shareholders through share repurchases and dividends .
- Adjusted EBITDA fell 8% Y/Y, driven by lower leasing volumes .
May 1, 2025, 9:31 PM
WillScot Holdings Corp Files 8-K on Financing and Debt Updates
WSC
Debt Issuance
- SEC filing update: WillScot Holdings Corp filed an 8-K on March 26, 2025 reporting material events and financial updates, including corporate financing disclosures.
- Debt and redemption details: The report outlines key aspects of its senior secured notes, highlighting optional redemption rights, collateral provisions, and pricing schedules effective for future redemptions, with specific reference to its 6.625% Senior Secured Notes.
Mar 26, 2025, 12:00 AM
WillScot Announces $500.0 Million Senior Secured Notes Offering
WSC
Debt Issuance
- WillScot Holdings Corp announced the pricing and planned issuance of $500.0 million senior secured notes due 2030, offered through its subsidiary Williams Scotsman, Inc.
- The net proceeds of approximately $493.5 million, along with an additional $33.0 million in borrowings, will be used to fund the redemption of its outstanding 6.125% senior secured notes due 2025
- The notes will be offered exclusively to qualified institutional buyers and non-U.S. persons under Rule 144A and Regulation S
Mar 13, 2025, 12:00 AM
Quarterly earnings call transcripts for WillScot Holdings.
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