WSC earnings analysis
What we found in WSC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Exceeds Estimates
- Actual revenue was $548.6 million, compared to the estimate of $519.3 million, reflecting a surprise of 5.65%.
- EPS Beat Expectations
- Diluted EPS came in at $0.21, surpassing the estimate of $0.16 by 31.25%.
- Positive Guidance Adjustments
- WillScot raised its 2026 full-year revenue guidance to approximately $2.25 billion, reflecting robust commercial demand.
- Increased Delivery & Installation Revenue
- Delivery and installation revenue increased by 12.3%, amounting to $99.5 million, driven by large complex projects.
- Cash Flow Generation
- Adjusted Free Cash Flow for Q1 was $115.6 million, although down from $144.8 million year-over-year.
- Improved Modular Space Rates
- Average modular space monthly rental rates rose by 2.6%, now at $1,240, contributing to resilience in service offerings.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decline in Leasing Revenue
- Total leasing revenue decreased by $8.9 million, or 2.0%, primarily due to a drop in units on rent.
- Increased Operational Costs
- Cost of leasing and services increased by $17.4 million, or 10.8%, driven by rising subcontractor and material costs.
- Net Income Decline
- Net income dropped by 34.7% compared to the previous year, amounting to $28.1 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.21
- Gross margin
- 52.1%
- Operating margin
- 17.6%
- Segment
- Leasing
- Segment
- Delivery and Installation
- Segment
- Sales
What they said about what is next.
Increased 2026 full year revenue guidance based on improving commercial demand.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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