Aug 6, 2026, 4:18 PM ETIndustrials

WillScot — Second Quarter 2026 Earnings Summary

WSCWILLSCOT HOLDINGS CORP

Financial Performance

Generated revenue of $612.2 million for the quarter ended June 30, 2026, compared to $589.1 million in the prior year period.
Reported net income of $47.0 million for the quarter, down from $47.9 million in the prior year period.
Reported Adjusted Net Income of $51.7 million for the quarter, compared to $60.4 million in the prior year period.
Reported Adjusted EBITDA of $227.9 million for the quarter, representing a 37.2% margin, down from $248.9 million (42.3% margin) in the prior year period.
Reported diluted earnings per share (EPS) of $0.26 for the quarter, compared to $0.26 in the prior year period.
Reported Adjusted Diluted EPS of $0.28 for the quarter, compared to $0.33 in the prior year period.
Generated net cash provided by operating activities of $162.3 million for the quarter, down from $205.3 million in the prior year period.
Reported Adjusted Free Cash Flow of $55.1 million for the quarter, compared to $130.3 million in the prior year period.
Gross profit margin was 50.0% for the quarter, down from 50.3% in the prior year period.
Return on Invested Capital (ROIC) was 14.4% for the quarter, down from 15.2% in the prior year period.
For the six months ended June 30, 2026, revenue was $1.16 billion compared to $1.15 billion in the prior year period.
For the six months ended June 30, 2026, Adjusted EBITDA was $438.9 million compared to $477.7 million in the prior year period.

Raised 2026 full-year revenue outlook to $2.3 billion.
Raised 2026 full-year Adjusted EBITDA outlook to $920 million.
Raised 2026 full-year Net CAPEX outlook to $375 million.
Anticipates year-over-year leasing revenue trends to continue improving in the second half of 2026.
Expects variable activation costs to begin tapering sequentially, driving significant sequential margin expansion through the remainder of 2026.
Plans to activate large projects in the second half of 2026 and into early 2027.
Management intends to take a measured approach to outlook despite encouraging trends.

Leasing and services revenue was $585.5 million for the quarter, up 6.2% year-over-year.
Leasing revenue increased 1.5% year-over-year to $449.7 million for the quarter.
Delivery and installation revenue increased 25.3% year-over-year to $135.8 million for the quarter, driven by large complex installation activity and a significant event project.
Modular space leasing revenue was $256.8 million for the quarter.
Portable storage leasing revenue was $74.9 million for the quarter.
VAPS and third-party leasing revenues were $103.4 million for the quarter.
New unit sales revenue was $14.6 million for the quarter.
Rental unit sales revenue was $12.0 million for the quarter.
Large project and event activity drove year-over-year modular unit activation growth for the third consecutive quarter.
Advancing fleet readiness plans with increased work order and refurbishment activity.
Investing in new fleet categories with the highest demand and most differentiation.
Rolling out route optimization and dispatch platform.
Expanding field and project management services.

Overall non-residential construction activity remains muted.
Large project demand remains solid.
Differentiated product lines and service capabilities are driving strong win rates.
The company is capturing and creating new commercial opportunities.
Expanded product offering and operational capabilities are viewed as a winning combination in the current market environment.
Order book shows strong year-over-year growth heading into the second half of the year.

Margin performance reflected elevated variable costs supporting modular space unit activation growth and revenue mix impact from higher delivery and installation revenue.
Management noted margin pressures are normal in periods of elevated activity.
The economic environment remains uncertain.
Forward-looking statements are subject to risks including economic conditions, financial market conditions, end market demand, geopolitical conditions, and armed conflicts.
Risks include competition, credit risk, ability to collect receivables, and recover rental equipment.
Risks include implementation of the Network Optimization Plan, laws and regulations, cybersecurity threats, trade policies, interest rate fluctuations, labor relations, and supply chain disruptions.

Tim Boswell, President and CEO, stated results reflect continued progress across key commercial and operational priorities.
Boswell expressed confidence that expanded product offerings and operational capabilities are a winning combination.
Boswell noted the team is executing operationally on behalf of customers with a focus on long-term shareholder value creation.
Matt Jacobsen, CFO, noted leasing revenue inflected to year-over-year growth earlier than expected.
Jacobsen stated that unit activation trends, pending order book, and fleet investments reinforce confidence in sustained leasing revenue growth.
Jacobsen confirmed the company is raising outlook based on first-half results and current commercial demand.
Management tone was confident regarding momentum and execution despite a muted overall construction environment.

Invested $114 million in Net CAPEX during the quarter for new rental equipment and refurbishments.
Total debt was $3,495 million as of June 30, 2026, with net debt of $3,477 million.
Total debt balance reduced by $27 million in the quarter.
No debt maturities until August 2028.
Availability under the asset-based revolving credit facility (ABL Facility) was approximately $1.5 billion.
Weighted average pre-tax interest rate was approximately 5.7%, inclusive of $1.25 billion of fixed-to-floating swaps.
Net Debt to Adjusted EBITDA ratio was 3.7x based on the last 12 months Adjusted EBITDA of $932 million.
Paid a quarterly cash dividend of $0.07 per share on June 17, 2026.
Conference call and webcast scheduled for August 6, 2026, at 5:30 p.m. Eastern Time.