WILLSCOT REPORTS THIRD QUARTER 2026 RESULTS
WillScot Holdings Corp (WSC) filed an SEC Form 8-K — Results of Operations and Financial Condition. WILLSCOT REPORTS THIRD QUARTER 2026 RESULTS Exceeded Q3 2026 Outlook for Revenue and Adjusted EBITDA Provides Early 2027 Outlook for Adjusted EBITDA Growth and Deleveraging Expectations SCOTTSDALE, November 5, 2026 - WillScot Holdings Corporation (“WillScot” or the “Company”) (Na
How this was made
The 30-second read
Why it matters
The earnings beat and raised revenue outlook provide a fresh catalyst for the stock, likely prompting buying interest.
Market read
The new guidance could drive short‑term price appreciation for WSC and influence sector sentiment.
What to watch
Potential headwinds from data‑center build‑out cycles and higher variable costs could temper future growth.
WillScot reported third quarter 2026 revenue of $601 million and Adjusted EBITDA of $234 million, exceeded its Q3 outlook for revenue and Adjusted EBITDA, raised full-year revenue and Net CAPEX outlook, and maintained its Adjusted EBITDA outlook.
Revenue, leasing and services activity, modular activations, units-on-rent, operating cash flow and gross margin improved year-over-year. However, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share and Adjusted Free Cash Flow were below prior-year levels, while elevated delivery, installation and activation activity increased variable costs and limited seasonal margin expansion.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30, 2026GAAP | $601.3M | – | – |
| Gross profit, three months ended September 30, 2026GAAP | $304.8M | – | – |
| Gross profit margin, three months ended September 30, 2026GAAP | 50.7 % | – | – |
| Operating income, three months ended September 30, 2026GAAP | $126.2M | – | – |
| Net income, three months ended September 30, 2026GAAP | $51.58M | – | – |
| Diluted earnings per share, three months ended September 30, 2026GAAP | $0.28 | – | – |
| Adjusted Net Income, three months ended September 30, 2026non-GAAP | $53.16M | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $233.6M | – | – |
| Adjusted EBITDA Margin, three months ended September 30, 2026non-GAAP | 38.8 % | up 160 basis points sequentially from the second quarter 2026 | – |
| Adjusted Diluted Earnings Per Share, three months ended September 30, 2026non-GAAP | $0.29 | – | – |
| Net cash provided by operating activities, three months ended September 30, 2026GAAP | $198.0M | – | increased 4% year-over-year |
| Adjusted Free Cash Flow, three months ended September 30, 2026non-GAAP | $78.42M | – | – |
| Adjusted Free Cash Flow Margin, three months ended September 30, 2026non-GAAP | 13.0 % | – | – |
| Net CAPEX, three months ended September 30, 2026non-GAAP | −$123.1M | – | – |
| Return on Invested Capital, three months ended September 30, 2026non-GAAP | 14.6 % | – | – |
| Revenue, nine months ended September 30, 2026GAAP | $1.76B | – | – |
| Gross profit margin, nine months ended September 30, 2026GAAP | 50.9 % | – | – |
| Operating income, nine months ended September 30, 2026GAAP | $340.4M | – | – |
| Net income, nine months ended September 30, 2026GAAP | $126.7M | – | – |
| Diluted earnings per share, nine months ended September 30, 2026GAAP | $0.70 | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $672.4M | – | – |
| Adjusted Diluted Earnings Per Share, nine months ended September 30, 2026non-GAAP | $0.79 | – | – |
| Net cash provided by operating activities, nine months ended September 30, 2026GAAP | $551.3M | – | – |
| Adjusted Free Cash Flow, nine months ended September 30, 2026non-GAAP | $249.1M | – | – |
| Net CAPEX, nine months ended September 30, 2026non-GAAP | −$326.2M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Modular space leasing revenue, three months ended September 30, 2026Includes revenue from clearspan structures. | $256.3M | – | – |
| Portable storage leasing revenue, three months ended September 30, 2026 | $74.18M | – | – |
| VAPS and third-party leasing revenues, three months ended September 30, 2026Includes $12.3 million of service revenue for the three months ended September 30, 2026. | $104.4M | – | – |
| Other leasing-related revenue, three months ended September 30, 2026Includes primarily damage billings, delinquent payment charges, and other processing fees associated with leasing arrangements, partially offset by write-offs of specific uncollectible lease receivables recorded as a reduction to revenue of $7.0 million. | $16.83M | – | – |
| Leasing revenue, three months ended September 30, 2026Management cited strong leasing and services revenue growth. | $451.7M | – | 4.0% increase in leasing revenue |
| Delivery and installation revenue, three months ended September 30, 2026Higher-than-expected delivery and installation revenues supported 12% year-over-year growth in modular unit activations. | $120.9M | – | 22.7% increase in delivery and installation revenue |
| Total leasing and services revenue, three months ended September 30, 2026Leasing revenue and delivery and installation revenue increased year-over-year. | $572.6M | – | up 7.5% year-over-year |
| New unit sales revenue, three months ended September 30, 2026 | $14.38M | – | – |
| Rental unit sales revenue, three months ended September 30, 2026 | $14.39M | – | – |
| Modular space leasing revenue, nine months ended September 30, 2026Includes revenue from clearspan structures. | $756.9M | – | – |
| Portable storage leasing revenue, nine months ended September 30, 2026 | $221.7M | – | – |
| VAPS and third-party leasing revenues, nine months ended September 30, 2026Includes $35.1 million of service revenue for the nine months ended September 30, 2026. | $304.9M | – | – |
| Other leasing-related revenue, nine months ended September 30, 2026Includes primarily damage billings, delinquent payment charges, and other processing fees associated with leasing arrangements, partially offset by write-offs of specific uncollectible lease receivables recorded as a reduction to revenue of $30.3 million. | $43.46M | – | – |
| Leasing revenue, nine months ended September 30, 2026 | $1.33B | – | – |
| Delivery and installation revenue, nine months ended September 30, 2026 | $356.2M | – | – |
| Total leasing and services revenue, nine months ended September 30, 2026 | $1.68B | – | – |
| New unit sales revenue, nine months ended September 30, 2026 | $37.96M | – | – |
| Rental unit sales revenue, nine months ended September 30, 2026 | $41.02M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full year 2026 outlook
- Revenue$2,340
- NoteAdjusted EBITDA: $920
- NoteNet CAPEX: $400
- Note2027 Adjusted EBITDA: mid-single digit percentage growth
- NoteLeverage: approaching 3.0x as we exit 2027
Capital returns
- Paid quarterly cash dividend of $0.07 per share on September 16, 2026 to shareholders of record as of September 2, 2026.
- Paid down $57 million of outstanding debt.
What drove it
- Leasing revenue increased 4.0% year-over-year and delivery and installation revenue increased 22.7% year-over-year.
- Modular space units-on-rent increased 1.2% year-over-year, accelerated by 12% year-over-year activation growth in the quarter.
- Revenue from Enterprise Accounts was up 15% year-over-year in the quarter.
- Management stated that order activity remained strong and that investments were directed toward highly utilized fleet categories, major project activity and Enterprise Accounts.
- The Company raised fourth-quarter expectations for modular activations and delivery and installation revenues and expects unit work order production levels to remain elevated.
Concerns
- Adjusted EBITDA was $233,551 (in thousands), compared with $243,307 (in thousands) in the prior-year quarter, and Adjusted EBITDA Margin was 38.8 % compared with 42.9 %.
- Adjusted Free Cash Flow was $78,425 (in thousands), compared with $123,594 (in thousands), while Net CAPEX was $(123,107) (in thousands), compared with $(69,022) (in thousands).
- Management expects sustained variable costs to support demand in the fourth quarter 2026 and into 2027, reducing the seasonal sequential margin expansion that would typically occur in the fourth quarter.
- Management identified potential risks to the pace of data center build-outs.
- Net Debt to Adjusted EBITDA Ratio was 3.7, and management said reducing leverage remains a priority.
What to watch
- Whether elevated modular activations and delivery and installation activity continue through the fourth quarter and broaden the demand profile.
- The degree to which investments in highly utilized fleet categories strengthen leasing revenue run-rate heading into 2027.
- Whether variable costs tied to delivery, installation and activation activity continue to constrain fourth-quarter margin expansion.
- Execution toward full-year 2026 revenue outlook of $2,340, Adjusted EBITDA outlook of $920 and Net CAPEX outlook of $400.
- Progress toward management's expectation that leverage will be approaching 3.0x as the Company exits 2027.
Balance sheet and cash flow
- Cash and cash equivalents were $15,106 (in thousands) as of September 30, 2026.
- Total debt was $3,449,285 (in thousands) as of September 30, 2026.
- Net Debt was $3,434,179 (in thousands) as of September 30, 2026.
- Net Debt to Adjusted EBITDA Ratio was 3.7 as of September 30, 2026.
- Availability under the ABL Facility was approximately $1.6 billion.
- The Company has no debt maturities until August 2028.
- Weighted average pre-tax interest rate was approximately 5.6%.
- Estimated annual cash interest expense was approximately $196 million, or approximately $210 million inclusive of non-cash amortization of deferred financing fees.
- Total assets were $5,912,811 (in thousands) as of September 30, 2026.
- Long-term debt was $3,414,111 (in thousands) and current portion of long-term debt was $35,174 (in thousands) as of September 30, 2026.
Analysis
WillScot reported third-quarter revenue of $601,338 (in thousands), versus $566,841 (in thousands) a year earlier. Total leasing and services revenue was $572,567 (in thousands), with management citing a 4.0% increase in leasing revenue and a 22.7% increase in delivery and installation revenue. Activity indicators improved: modular space units-on-rent increased 1.2% year-over-year, modular activations grew 12% year-over-year, and Enterprise Account revenue increased 15% year-over-year.
The revenue mix favored delivery, installation and activation work. Management described these activities as short-term margin headwinds because of the associated variable costs, even as they support volume growth and the leasing revenue run-rate. Gross profit margin nevertheless improved to 50.7 % from 49.7 %. Adjusted EBITDA Margin was 38.8 %, compared with 42.9 % in the prior-year quarter, but management reported it was up 160 basis points sequentially from the second quarter 2026.
GAAP operating income was $126,246 (in thousands), compared with $118,806 (in thousands), while net income was $51,575 (in thousands), compared with $43,332 (in thousands). Adjusted EBITDA was $233,551 (in thousands), below $243,307 (in thousands) in the prior-year period. Adjusted Net Income was $53,161 (in thousands) compared with $54,595 (in thousands), and Adjusted Diluted Earnings Per Share was $0.29 compared with $0.30. The nine-month results also show lower profitability and cash conversion versus the prior-year period despite higher revenue.
Cash generation remained positive but reflected the Company's growth investment. Net cash provided by operating activities was $197,974 (in thousands), up 4% year-over-year, while Adjusted Free Cash Flow was $78,425 (in thousands) after Net CAPEX of $(123,107) (in thousands). The Company paid down $57 million of outstanding debt. At September 30, total debt was $3,449,285 (in thousands), Net Debt was $3,434,179 (in thousands), and Net Debt to Adjusted EBITDA Ratio was 3.7.
The Company raised its full-year 2026 revenue outlook to $2,340 and Net CAPEX outlook to $400, while maintaining Adjusted EBITDA outlook at $920. Management said higher expected fourth-quarter modular activations and delivery and installation revenue, together with order-book growth, should keep production elevated and strengthen the leasing revenue run-rate entering 2027. Its early 2027 outlook calls for mid-single digit percentage Adjusted EBITDA growth and leverage approaching 3.0x as it exits 2027, while noting risk around the pace of data center build-outs.
Management, verbatim
Our third quarter results exceeded our expectations for revenue and Adjusted EBITDA. Leasing revenue increased 4% and delivery and installation revenue increased 23% year-over-year. Modular activations increased year-over-year for the fourth consecutive quarter, driving a positive inflection in units-on-rent.
Tim Boswell, President and Chief Executive Officer of WillScot
Overall, our improving run-rate, organic growth investments, and margin initiatives support mid-single digit percentage growth in Adjusted EBITDA in 2027.
Tim Boswell, President and Chief Executive Officer of WillScot
Incorporating year-to-date 2026 results and ongoing activation levels, we are raising our 2026 outlook for revenue to $2.340 billion and maintaining Adjusted EBITDA at $920 million.
Matt Jacobsen, Chief Financial Officer of WillScot
Not in the filing
stated, not guessed- Previous-release outlook figures were not provided, so a metric-by-metric comparison of actual results with prior guidance cannot be made.
- Share repurchase activity was not reported.
- Full-year 2026 gross margin guidance was not reported.
- Full-year 2026 operating expense guidance was not reported.
- Full-year 2026 tax rate guidance was not reported.
- GAAP effective tax rate for the third quarter 2026 was not reported.
- Prior-quarter figures were not reported for most operating metrics.
- A discrete GAAP free cash flow measure was not reported; the filing reported non-GAAP Adjusted Free Cash Flow.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
WillScot Holdings Corp (Nasdaq: WSC) filed a Form 8‑K announcing its Q3 2026 results and updating guidance.
Ticker impact
WillScot reported Q3 2026 revenue of $601M, beating outlook and raised its full‑year 2026 revenue guidance.
likely upward pressure as investors price in the raised guidance
The company exceeded expectations, increased its revenue outlook and highlighted strong cash flow, which typically supports a price rally.
Market effects
Temporary‑space leasing sector may see renewed investor interest from WillScot's strong performance.
North American industrial real‑estate market could benefit from perceived demand growth.
Limited to investors focused on industrial leasing and modular space providers.
Counterpoint
If the raised outlook is already priced in, the stock may face a short‑term pull‑back.
Key entities
- companyWillScot Holdings Corp
Provider of temporary space solutions, listed on Nasdaq.
