10-K · February 19, 2026
WillScot describes a strategy of scale, acquisitive tuck‑ins and capital discipline, emphasizing its North American branch network and free cash flow generation. For full-year 2025 the company generated strong operating…
Earnings analysis · 10-Q
WSC earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
WillScot Holdings reported Q1 2026 results with revenue of $548.6 million, slightly better than expected but down 2.0% year-over-year. The company achieved diluted EPS of $0.21, exceeding consensus estimates by 31.25%.…
Read full summary
WillScot Holdings reported Q1 2026 results with revenue of $548.6 million, slightly better than expected but down 2.0% year-over-year. The company achieved diluted EPS of $0.21, exceeding consensus estimates by 31.25%. Although revenues fell, management raised their outlook for the full year, citing strong demand in large projects.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.21
- Segment
- Leasing
- Segment
- Delivery and Installation
- Segment
- Sales
What stood out
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Revenue Exceeds Estimates
Actual revenue was $548.6 million, compared to the estimate of $519.3 million, reflecting a surprise of 5.65%.
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EPS Beat Expectations
Diluted EPS came in at $0.21, surpassing the estimate of $0.16 by 31.25%.
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Positive Guidance Adjustments
WillScot raised its 2026 full-year revenue guidance to approximately $2.25 billion, reflecting robust commercial demand.
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Increased Delivery & Installation Revenue
Delivery and installation revenue increased by 12.3%, amounting to $99.5 million, driven by large complex projects.
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Cash Flow Generation
Adjusted Free Cash Flow for Q1 was $115.6 million, although down from $144.8 million year-over-year.
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Improved Modular Space Rates
Average modular space monthly rental rates rose by 2.6%, now at $1,240, contributing to resilience in service offerings.
What to watch
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Decline in Leasing Revenue
Total leasing revenue decreased by $8.9 million, or 2.0%, primarily due to a drop in units on rent.
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Increased Operational Costs
Cost of leasing and services increased by $17.4 million, or 10.8%, driven by rising subcontractor and material costs.
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Net Income Decline
Net income dropped by 34.7% compared to the previous year, amounting to $28.1 million.
Management's outlook
Increased 2026 full year revenue guidance based on improving commercial demand.
Earlier filings 4
10-Q · October 30, 2024
WillScot reported Q3 revenue of $601.432 million, down $3.402 million (0.6%) year-over-year, with gross margin of 53.5% (down from 56.2%) and an operating loss of $35.218 million (operating margin -5.9%) driven…
10-Q · August 1, 2024
WillScot reported total revenue of $604.59 million for Q2 2024, up $22.50 million or 3.9% versus Q2 2023, with Adjusted EBITDA from continuing operations of $263.58 million (up $2.24 million). Results included a $132.5…
10-Q · November 2, 2023
WillScot Mobile Mini reported a mixed Q3: total revenue rose to $604.8M (up $26.8M or 4.6% YoY) with meaningful gross margin expansion to 56.2% and Adjusted EBITDA from continuing operations of $265.5M. Leasing revenue…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.