WillScot Holdings Financials
WillScot Holdings (WSC) reported $2.3B in revenue over the twelve months to Jun 30, 2026, down 2.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
WillScot's cash engine stayed strong even as margin compression and heavy leverage made accounting earnings look far weaker.
From FY2023 to FY2025, operating margin fell from28.5% to7.9% even though revenue barely moved, showing that a modest volume slowdown was not absorbed by the cost structure. Yet FY2025 operating cash flow held at$762M against net income of-$53M , so the income statement is currently much weaker than the cash the business actually collected.
The company is cash-light but debt-dependent: cash was only
Free cash flow rebounded to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of WillScot Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
WillScot Holdings has an operating margin of 8.0%, meaning the company retains $8 of operating profit per $100 of revenue. This strong profitability earns a score of 68/100, reflecting efficient cost management and pricing power. This is down from 11.0% the prior year.
WillScot Holdings's revenue declined 4.8% year-over-year, from $2.4B to $2.3B. This contraction results in a growth score of 26/100.
WillScot Holdings has elevated debt relative to equity (D/E of 4.15), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 3/100, reflecting increased financial risk.
WillScot Holdings's current ratio of 0.86 is below the typical benchmark, resulting in a score of 14/100. This tight liquidity could limit financial flexibility if cash inflows slow.
WillScot Holdings converts 32.3% of revenue into free cash flow ($737.7M). This strong cash generation earns a score of 94/100.
WillScot Holdings posts a -6.2% return on equity (ROE), meaning it loses $6 for every $100 of shareholders' equity. This results in a returns score of 54/100. This is down from 2.8% the prior year.
WillScot Holdings scores 0.75, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.9B) relative to total liabilities ($5.0B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
WillScot Holdings passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
WillScot Holdings reported a net loss of $53.0M while generating $762.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
WillScot Holdings generated $2.3B in revenue in fiscal year 2025. This represents a decrease of 4.8% from the prior year.
WillScot Holdings's EBITDA was $277.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 20.0% from the prior year.
WillScot Holdings reported -$53.0M in net income in fiscal year 2025. This represents a decrease of 289.3% from the prior year.
WillScot Holdings earned -$0.29 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 293.3% from the prior year.
Cash & Balance Sheet
WillScot Holdings generated $737.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 35.8% from the prior year.
WillScot Holdings held $14.6M in cash against $3.6B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
WillScot Holdings's gross margin was 51.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 3.3 percentage points from the prior year.
WillScot Holdings's operating margin was 8.0% in fiscal year 2025, reflecting core business profitability. This is down 3.1 percentage points from the prior year.
WillScot Holdings's net profit margin was -2.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.5 percentage points from the prior year.
WillScot Holdings's ROE was -6.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 8.9 percentage points from the prior year.
Capital Allocation
WillScot Holdings spent $99.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 64.1% from the prior year.
WillScot Holdings invested $24.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 32.0% from the prior year.
Not reported for fiscal year 2025.
WSC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $612.2M+11.6% | $548.6M-3.1% | $566.0M-0.2% | $566.8M-3.8% | $589.1M+5.3% | $559.6M-7.1% | $602.5M+0.2% | $601.4M |
| Gross Profit | $306.3M+7.2% | $285.7M+0.1% | $285.5M+1.4% | $281.6M-4.9% | $296.1M-1.4% | $300.4M-10.7% | $336.3M+4.6% | $321.5M |
| SG&A Expenses | $160.3M+4.1% | $154.0M+8.2% | $142.3M+3.3% | $137.7M-5.0% | $145.0M-7.5% | $156.8M+22.2% | $128.3M-16.4% | $153.3M |
| Operating Income | $117.5M+21.6% | $96.7M+152.6% | -$183.7M-254.6% | $118.8M-6.4% | $126.9M+6.3% | $119.4M-31.5% | $174.4M+595.3% | -$35.2M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $55.8M |
| Net Income | $47.0M+67.0% | $28.1M+115.0% | -$187.3M-532.3% | $43.3M-9.6% | $47.9M+11.3% | $43.1M-51.7% | $89.1M+226.4% | -$70.5M |
| EPS (Diluted) | $0.26+73.3% | $0.15+114.7% | -$1.02-525.0% | $0.24-7.7% | $0.26+13.0% | $0.23-51.1% | $0.47+227.0% | -$0.37 |
Not reported in any period shown, so not listed: Cost of Revenue, R&D Expenses, Income Tax.
WSC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.9B+0.9% | $5.8B-0.1% | $5.8B-4.7% | $6.1B0.0% | $6.1B+2.4% | $6.0B-1.2% | $6.0B0.0% | $6.0B |
| Current Assets | $557.1M+5.1% | $529.9M+0.9% | $525.1M+0.9% | $520.3M-1.9% | $530.3M+2.3% | $518.5M-7.0% | $557.5M-3.6% | $578.3M |
| Cash & Equivalents | $18.2M+16.9% | $15.5M+6.6% | $14.6M-1.2% | $14.8M+14.8% | $12.8M+20.3% | $10.7M+18.6% | $9.0M-18.5% | $11.0M |
| Inventory | $48.9M+5.9% | $46.2M+1.4% | $45.6M+4.9% | $43.5M-6.6% | $46.5M-2.5% | $47.7M+0.6% | $47.5M-9.7% | $52.6M |
| Accounts Receivable | $422.0M+6.2% | $397.4M+0.7% | $394.7M-2.2% | $403.7M-2.5% | $414.1M+3.4% | $400.5M-6.9% | $430.4M-3.5% | $445.9M |
| Goodwill | $1.3B0.0% | $1.3B0.0% | $1.3B0.0% | $1.3B0.0% | $1.3B+4.6% | $1.2B0.0% | $1.2B+2.1% | $1.2B |
| Total Liabilities | $5.0B+0.3% | $4.9B-0.4% | $5.0B-1.7% | $5.0B-0.5% | $5.1B+2.4% | $5.0B-1.3% | $5.0B+0.7% | $5.0B |
| Current Liabilities | $686.6M+2.4% | $670.3M+9.7% | $611.1M-7.4% | $659.8M+0.6% | $655.7M+5.5% | $621.4M+6.2% | $585.0M-8.5% | $639.4M |
| Long-Term Debt | $3.5B-0.6% | $3.5B-2.1% | $3.6B-0.9% | $3.6B-2.3% | $3.7B+2.1% | $3.6B-2.4% | $3.7B+2.1% | $3.6B |
| Total Equity | $910.7M+4.6% | $870.5M+1.7% | $856.3M-19.2% | $1.1B+2.5% | $1.0B+2.3% | $1.0B-0.7% | $1.0B-3.4% | $1.1B |
| Retained Earnings | -$724.9M+6.1% | -$771.8M+3.5% | -$800.0M-30.6% | -$612.6M+6.6% | -$656.0M+6.8% | -$703.9M+5.8% | -$747.0M+10.7% | -$836.2M |
WSC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $162.3M-15.1% | $191.1M+20.2% | $158.9M-16.9% | $191.2M-6.9% | $205.3M-0.6% | $206.6M+15.5% | $178.9M+11554.5% | -$1.6M |
| Capital Expenditures | $4.7M+30.6% | $3.6M-60.4% | $9.2M+116.0% | $4.2M-32.5% | $6.3M+35.6% | $4.6M+100.1% | $2.3M-30.2% | $3.3M |
| Free Cash Flow | $157.5M-16.0% | $187.4M+25.2% | $149.7M-19.9% | $186.9M-6.1% | $199.0M-1.5% | $202.0M+14.4% | $176.6M+3718.9% | -$4.9M |
| Investing Cash Flow | -$113.0M-33.7% | -$84.5M-24.7% | -$67.8M+11.4% | -$76.6M+63.2% | -$208.1M-220.4% | -$65.0M+30.7% | -$93.7M-24.3% | -$75.3M |
| Financing Cash Flow | -$46.3M+55.9% | -$105.0M-14.5% | -$91.7M+18.8% | -$112.9M-2931.7% | $4.0M+102.8% | -$139.9M-61.1% | -$86.9M-205.4% | $82.4M |
| Dividends Paid | $12.7M-0.4% | $12.7M-0.1% | $12.8M+0.1% | $12.7M-0.1% | $12.8M-1.0% | $12.9M | $0 | $0 |
| Share Buybacks | $0-100.0% | $7.3M-58.2% | $17.4M+87.2% | $9.3M-81.9% | $51.2M+132.7% | $22.0M-85.1% | $147.9M+186.3% | $51.7M |
WSC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.0%-2.0pp | 52.1%+1.6pp | 50.4%+0.8pp | 49.7%-0.6pp | 50.3%-3.4pp | 53.7%-2.1pp | 55.8%+2.4pp | 53.4% |
| Operating Margin | 19.2%+1.6pp | 17.6%+50.1pp | -32.5%-53.4pp | 21.0%-0.6pp | 21.5%+0.2pp | 21.3%-7.6pp | 28.9%+34.8pp | -5.9% |
| Net Margin | 7.7%+2.5pp | 5.1%+38.2pp | -33.1%-40.7pp | 7.6%-0.5pp | 8.1%+0.5pp | 7.7%-7.1pp | 14.8%+26.5pp | -11.7% |
| Return on Equity | 5.2%+1.9pp | 3.2%+25.1pp | -21.9%-26.0pp | 4.1%-0.5pp | 4.6%+0.4pp | 4.3%-4.5pp | 8.8%+15.4pp | -6.7% |
| Return on Assets | 0.8%+0.3pp | 0.5%+3.7pp | -3.2%-3.9pp | 0.7%-0.1pp | 0.8%+0.1pp | 0.7%-0.8pp | 1.5%+2.7pp | -1.2% |
| Current Ratio | 0.810.0x | 0.79-0.1x | 0.86+0.1x | 0.790.0x | 0.810.0x | 0.83-0.1x | 0.950.0x | 0.90 |
| Debt-to-Equity | 3.80-0.2x | 4.00-0.2x | 4.15+0.8x | 3.39-0.2x | 3.550.0x | 3.56-0.1x | 3.62+0.2x | 3.42 |
| FCF Margin | 25.7%-8.4pp | 34.2%+7.7pp | 26.5%-6.5pp | 33.0%-0.8pp | 33.8%-2.3pp | 36.1%+6.8pp | 29.3%+30.1pp | -0.8% |
Note: The current ratio is below 1.0 (0.86), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where WillScot Holdings Ranks
Frequently Asked Questions
What is WillScot Holdings's annual revenue?
WillScot Holdings (WSC) reported $2.3B in total revenue for fiscal year 2025. This represents a -4.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is WillScot Holdings's revenue growing?
WillScot Holdings (WSC) revenue declined by 4.8% year-over-year, from $2.4B to $2.3B in fiscal year 2025.
Is WillScot Holdings profitable?
No, WillScot Holdings (WSC) reported a net income of -$53.0M in fiscal year 2025, with a net profit margin of -2.3%.
What is WillScot Holdings's EBITDA?
WillScot Holdings (WSC) had EBITDA of $277.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does WillScot Holdings have?
As of fiscal year 2025, WillScot Holdings (WSC) had $14.6M in cash and equivalents against $3.6B in long-term debt.
What is WillScot Holdings's gross margin?
WillScot Holdings (WSC) had a gross margin of 51.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is WillScot Holdings's operating margin?
WillScot Holdings (WSC) had an operating margin of 8.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is WillScot Holdings's net profit margin?
WillScot Holdings (WSC) had a net profit margin of -2.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is WillScot Holdings's return on equity (ROE)?
WillScot Holdings (WSC) has a return on equity of -6.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is WillScot Holdings's free cash flow?
WillScot Holdings (WSC) generated $737.7M in free cash flow during fiscal year 2025. This represents a 35.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is WillScot Holdings's operating cash flow?
WillScot Holdings (WSC) generated $762.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are WillScot Holdings's total assets?
WillScot Holdings (WSC) had $5.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are WillScot Holdings's capital expenditures?
WillScot Holdings (WSC) invested $24.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is WillScot Holdings's current ratio?
WillScot Holdings (WSC) had a current ratio of 0.86 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is WillScot Holdings's debt-to-equity ratio?
WillScot Holdings (WSC) had a debt-to-equity ratio of 4.15 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is WillScot Holdings's return on assets (ROA)?
WillScot Holdings (WSC) had a return on assets of -0.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is WillScot Holdings's Altman Z-Score?
WillScot Holdings (WSC) has an Altman Z-Score of 0.75, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is WillScot Holdings's Piotroski F-Score?
WillScot Holdings (WSC) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are WillScot Holdings's earnings high quality?
WillScot Holdings (WSC) reported a net loss of $53.0M while generating $762.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is WillScot Holdings?
WillScot Holdings (WSC) scores 43 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.