WillScot Reports Third Quarter 2025 Results and Updates 2025 Full Year Outlook
WillScot (Nasdaq: WSC) reported Q3 2025 results and updated 2025 outlook. Q3 revenue was $566.8M with Adjusted EBITDA $243.3M (42.9% margin) and net income of $43.3M. Leasing revenue was $434.2M, down 4.7% year‑over‑year, and accounts receivable write‑offs reduced revenue by $24.5M in Q3. Operating cash flow was $191.2M (33.7% margin) and Adjusted Free Cash Flow was $122.2M. The company paid down $84M of debt, repurchased shares, amended its ABL to Oct 16, 2030, and set full‑year 2025 guidance of $2.26B revenue, $970M Adjusted EBITDA, and $275M Net CAPEX.
WillScot (Nasdaq: WSC) ha riportato i risultati del terzo trimestre 2025 e aggiornato le previsioni per il 2025. Il fatturato del Q3 è stato $566,8M con un EBITDA rettificato di $243,3M (margine 42,9%) e un utile netto di $43,3M. Il fatturato da leasing è stato $434,2M, in diminuzione del 4,7% anno su anno, e le svalutazioni sui crediti hanno ridotto i ricavi di $24,5M nel Q3. Il flusso di cassa operativo è stato $191,2M (margine 33,7%) e l’Adjusted Free Cash Flow è stato $122,2M. L’azienda ha ridotto $84M di debito, ha riacquistato azioni, ha modificato l’ABL al 16 ott 2030 e ha fissato una guidance per l’intero 2025 di revenue $2,26B, Adjusted EBITDA $970M e Net CAPEX $275M.
WillScot (Nasdaq: WSC) informó resultados del tercer trimestre de 2025 y actualizó las perspectivas para 2025. Los ingresos del tercer trimestre fueron $566.8M con un EBITDA ajustado de $243.3M (margen del 42.9%) y una ganancia neta de $43.3M. Los ingresos por arrendamiento fueron $434.2M, un descenso del 4.7% interanual, y las provisiones por cuentas por cobrar redujeron los ingresos en $24.5M en el Q3. El flujo de caja operativo fue de $191.2M (margen del 33.7%) y el Flujo de Caja Libre Ajustado fue de $122.2M. La empresa redujo $84M de deuda, recompró acciones, enmendó su ABL hasta el 16 de oct de 2030 y estableció una guía para todo el 2025 de ingresos $2.26B, EBITDA ajustado $970M y CAPEX neto $275M.
WillScot (나스닥: WSC)은 2025년 3분기 실적을 발표하고 2025년 전망치를 업데이트했습니다. 3분기 매출은 $566.8M이며 조정 EBITDA $243.3M (마진 42.9%), 순이익은 $43.3M입니다. 리스 매출은 $434.2M으로 전년동기 대비 4.7% 감소했고, 매출채권 대손충당으로 3분기에 $24.5M의 매출 감소가 발생했습니다. 영업현금흐름은 $191.2M (마진 33.7%)이고 조정된 자유현금흐름은 $122.2M입니다. 회사는 $84M의 부채를 상환했고 주식 재매입을 실시했으며, ABL을 2030년 10월 16일로 수정했고 2025년 연간 가이던스를 매출 $2.26B, 조정 EBITDA $970M 및 순 CAPEX $275M으로 제시했습니다.
WillScot (NYSE: WSC) a publié les résultats du T3 2025 et mis à jour ses perspectives pour 2025. Le chiffre d’affaires du T3 s’est élevé à $566,8M avec un EBITDA ajusté de $243,3M (marge de 42,9 %) et un bénéfice net de $43,3M. Les revenus de location se sont élevés à $434,2M, en baisse de 4,7 % sur un an, et les pertes sur créances ont réduit les revenus de $24,5M au T3. Le flux de trésorerie opérationnel était de $191,2M (marge de 33,7 %) et le flux de trésorerie disponible ajusté était de $122,2M. L’entreprise a remboursé $84M de dette, racheté des actions, modifié son ABL au 16 octobre 2030 et fixé les prévisions pour l’ensemble de 2025 à revenu $2,26B, EBITDA ajusté $970M et CAPEX net $275M.
WillScot (Nasdaq: WSC) hat die Ergebnisse des dritten Quartals 2025 gemeldet und die Aussichten für 2025 aktualisiert. Der Umsatz im Q3 betrug $566,8M mit angepasstem EBITDA von $243,3M (Marge 42,9 %) und einem Nettogewinn von $43,3M. Die Leasingeinnahmen betrugen $434,2M, ein Rückgang von 4,7 % gegenüber dem Vorjahresquartal, und Ausbuchungen von Forderungen reduzierten den Umsatz im Q3 um $24,5M. Der operative Cashflow lag bei $191,2M (Marge 33,7 %) und der bereinigte Free Cash Flow betrug $122,2M. Das Unternehmen tilgte $84M an Schulden, hat Aktien zurückgekauft, seinen ABL auf den 16. Oktober 2030 angepasst und eine Jahresprognose für 2025 von Umsatz $2,26B, angepasstes EBITDA $970M und Netto-CAPEX $275M gesetzt.
ويلسكوت (ناسداك: WSC) أبلغت عن نتائج الربع الثالث لعام 2025 وحدثت التوقعات لعام 2025. بلغ الإيراد في الربع الثالث $566.8M مع EBITDA المعدلة $243.3M (هامش 42.9%) وصافي الدخل $43.3M. كان إيراد التأجير $434.2M، بانخفاض 4.7% على أساس سنوي، وتقليل مخصصات الذمم المدينة الإيرادات بمقدار $24.5M في الربع الثالث. كان التدفق النقدي من العمليات $191.2M (الهامش 33.7%) وكانت النقدية الحرة المعدلة من التدفق النقدي $122.2M. قامت الشركة بسداد $84M من الدين، وأعادت شراء الأسهم، وعدلت ABL حتى 16 أكتوبر 2030، وحددت توجيهات السنة الكاملة 2025 بـ إيرادات $2.26B، EBITDA المعدلة $970M و النفقات الرأسمالية الصافية CAPEX $275M.
- Adjusted EBITDA of $243.3M (42.9% margin)
- Net cash from operations $191.2M (33.7% margin)
- Adjusted Free Cash Flow of $122.2M
- Paid down $84M of outstanding debt
- ABL amendment extends maturity to Oct 16, 2030 with ~$5M annual interest savings estimate
- Total revenue declined to $566.8M from $601.4M (Q3 2024)
- Leasing revenue down 4.7% year‑over‑year to $434.2M
- Write‑offs reduced revenue by $24.5M in Q3 and $50.2M year‑to‑date
- Net debt remains high at $3.603B with Net Debt/Adjusted EBITDA of 3.6x
Insights
Q3 showed strong cash conversion and margin resilience despite revenue softness and elevated receivable write-offs; outlook is conservative.
Revenue for the quarter was
Key performance drivers and risks are clear in the figures. Leasing revenue declined year-over-year to
Concrete items to watch near term include the company’s stated Q4 2025 revenue and Adjusted EBITDA baseline of
SCOTTSDALE, Ariz., Nov. 06, 2025 (GLOBE NEWSWIRE) -- WillScot Holdings Corporation (“WillScot” or the “Company”) (Nasdaq: WSC), a leader in innovative temporary space solutions, today announced third quarter 2025 results, including key performance highlights and market updates, and an update to its 2025 full year outlook.
Q3 20251, 2
- Generated revenue of
$567 million , gross profit margin percentage of49.7% , net income of$43 million , Adjusted Net Income of$55 million , and Adjusted EBITDA of$243 million at a42.9% margin. - Reported diluted and Adjusted Diluted Earnings Per Share of
$0.24 and$0.30 , respectively. - Leasing revenues of
$434 million declined4.7% year-over-year. Excluding longer-dated receivables write-offs, leasing revenues were flat sequentially and down1.3% year-over-year. - Generated Net cash provided by operating activities of
$191 million at a33.7% margin and Adjusted Free Cash Flow of$122 million at a21.6% margin. - Paid down
$84 million of outstanding debt, returned$21 million to shareholders through share repurchases and our quarterly cash dividend, and deployed approximately$8 million towards a tuck-in acquisition. - Amended our revolving credit facility in October, extending the maturity to October 16, 2030. We estimate the amendment will result in an approximate
$5 million reduction in annual cash interest expense at current debt levels. - Updated FY 2025 outlook for Revenue, Adjusted EBITDA, and Net CAPEX.
Brad Soultz, Chief Executive Officer of WillScot, commented, “Our third quarter 2025 financial results were mixed. We delivered strong cash flow, and the team remains focused on executing the growth and operational excellence initiatives we outlined in March at our 2025 Investor Day. Our customer service team made significant progress improving our collections processes where we are realizing meaningful improvements in customer satisfaction and steady improvements in days sales outstanding, as well as a temporary increase in accounts receivable write-offs. Leasing revenues excluding write-offs were stable sequentially, with favorable rate and mix offsetting year-over-year volume headwinds. With that impact of increased write-offs largely confined to 2025, we are focused on the areas in our portfolio where we believe strong demand and our differentiated products and services will drive growth into 2026, particularly in Enterprise Accounts and more differentiated service offerings. With ongoing uncertainty around the market trajectory, we remain agile in terms of controlling what we can control, specifically adjusting our cost structure and implementing our operating improvement initiatives to maintain our free cash flow and return profile. I want to thank our entire team for its steadfast dedication and hard-work which are the cornerstones to providing value to our customers and shareholders.”
Matt Jacobsen, Chief Financial Officer of WillScot, commented, “Third quarter 2025 revenue of
Jacobsen continued, “Based on our end market demand expectations for the remainder of 2025, including seasonal retail demand, we have adjusted our expectations for the fourth quarter to approximately
Strategic Priorities
Tim Boswell, President and Chief Operating Officer of WillScot, concluded, “As we head into 2026, the priorities facing our team are clear. First, we are focused on driving an organic revenue inflection in the business. We are seeing signs of stability in rental revenues and our field sales organization, with strong growth potential in Enterprise Accounts, and favorable mix shifts towards our more differentiated offerings. We intend to build upon these strengths while stabilizing our more transactional product lines. Second, we are driving our operating excellence initiatives with clear progress both in our cash generation, as well as our customer satisfaction and net promoter scores. Third, we are actively developing talent at all levels in the organization, both in the field and in our support functions with clear performance management and accountability. Lastly, we believe we have multiple balance sheet and asset optimization opportunities across working capital, our fleet, and our real estate footprint that all support ROIC expansion. Together, we believe that these pillars support a return to growth, unlocking the significant operating leverage embedded in our platform, and driving sustainable returns on capital, consistent with both our long-term financial targets and our value creation roadmap for shareholders.”
Network Optimization Initiative
In 2024, we consolidated the WillScot and Mobile Mini field sales and operations teams into a single leadership structure. In the beginning of 2025, we began evaluating our real estate footprint on a property-by-property basis to reduce our overall real estate costs opportunistically while maintaining market coverage. To exit certain real estate positions, we disposed of certain rental fleet units, with a primary focus on long idle, non-standard or higher repair cost units, while maintaining adequate idle fleet to meet projected demand. During the three and nine months ended September 30, 2025, rental equipment identified for disposal was depreciated to its salvage value, resulting in incremental depreciation of rental equipment of
Third Quarter 2025 Results1
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| (in thousands, except share data) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | $ | 566,841 | $ | 601,432 | $ | 1,715,475 | $ | 1,793,203 | ||||||||
| Net income (loss) | $ | 43,332 | $ | (70,475 | ) | $ | 134,326 | $ | (61,086 | ) | ||||||
| Adjusted Net Income1 | $ | 54,595 | $ | 72,608 | $ | 163,543 | $ | 216,344 | ||||||||
| Adjusted EBITDA1 | $ | 243,307 | $ | 266,863 | $ | 721,005 | $ | 778,448 | ||||||||
| Gross profit margin | 49.7 | % | 53.5 | % | 51.2 | % | 53.8 | % | ||||||||
| Adjusted EBITDA Margin (%)1 | 42.9 | % | 44.4 | % | 42.0 | % | 43.4 | % | ||||||||
| Net cash provided by operating activities | $ | 191,151 | $ | (1,562 | ) | $ | 603,089 | $ | 382,725 | |||||||
| Adjusted Free Cash Flow1 | $ | 122,212 | $ | 143,144 | $ | 397,334 | $ | 417,107 | ||||||||
| Diluted earnings (loss) per share | $ | 0.24 | $ | (0.37 | ) | $ | 0.73 | $ | (0.32 | ) | ||||||
| Adjusted Diluted Earnings Per Share1 | $ | 0.30 | $ | 0.38 | $ | 0.89 | $ | 1.13 | ||||||||
| Weighted average diluted shares outstanding | 182,772,186 | 188,281,346 | 183,831,571 | 189,362,364 | ||||||||||||
| Adjusted weighted average diluted shares outstanding1 | 182,772,186 | 190,181,020 | 183,831,571 | 191,662,791 | ||||||||||||
| Net cash provided by operating activities margin | 33.7 | % | (0.3 | )% | 35.2 | % | 21.3 | % | ||||||||
| Adjusted Free Cash Flow Margin (%)1 | 21.6 | % | 23.8 | % | 23.2 | % | 23.3 | % | ||||||||
| Return on Invested Capital1 | 14.3 | % | 16.5 | % | 14.4 | % | 16.0 | % | ||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
| (in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Modular space leasing revenue(a) | $ | 250,754 | $ | 254,531 | $ | 747,993 | $ | 760,404 | ||||
| Portable storage leasing revenue | 79,756 | 85,746 | 236,354 | 263,628 | ||||||||
| VAPS and third party leasing revenues(b) | 100,217 | 100,176 | 296,587 | 296,602 | ||||||||
| Other leasing-related revenue(b)(c) | 3,497 | 15,125 | 30,596 | 54,137 | ||||||||
| Leasing revenue | 434,224 | 455,578 | 1,311,530 | 1,374,771 | ||||||||
| Delivery and installation revenue | 98,517 | 114,765 | 295,630 | 323,274 | ||||||||
| Total leasing and services revenue | 532,741 | 570,343 | 1,607,160 | 1,698,045 | ||||||||
| New unit sales revenue | 18,370 | 17,850 | 62,427 | 52,727 | ||||||||
| Rental unit sales revenue | 15,730 | 13,239 | 45,888 | 42,431 | ||||||||
| Total revenues | $ | 566,841 | $ | 601,432 | $ | 1,715,475 | $ | 1,793,203 | ||||
| (a) Includes revenue from clearspan structures. | ||||||||||||
| (b) Includes | ||||||||||||
| (c) Includes primarily damage billings, delinquent payment charges, service revenue, and other processing fees associated with leasing arrangements, and is partially offset by write offs of specific uncollectible lease receivables recorded as a reduction to revenue of | ||||||||||||
Capitalization and Liquidity Update1, 2, 3
As of and for the three months ended September 30, 2025, except where noted:
- Net cash provided by operating activities was
$191 million , resulting in$122 million of Adjusted Free Cash Flow after Net CAPEX investments. - Invested
$69 million of Net CAPEX, including$81 million of capital expenditures for rental equipment, supporting both maintenance capex needs and growth in new product lines. - Total debt was
$3,617 million and net debt, or total debt net of cash and cash equivalents, was$3,603 million , representing an$84.4 million reduction in our total debt balance in the quarter. Our next debt maturity is in 2028 after completion in October of the extension of our asset backed revolving credit facility (“ABL Facility”) to October 2030. - Availability under our ABL Facility, after reducing the aggregate facility size to
$3.0 billion in October to reduce undrawn line fees, was approximately$1.5 billion . - On October 16, 2025, we amended our ABL Facility to reduce borrowing costs and extend the maturity date to October 16, 2030. Weighted average pre-tax interest rate, inclusive of
$1.25 billion of fixed-to-floating swaps of 1 month SOFR at3.55% , was approximately5.7% . Estimated annual cash interest expense based on our current debt structure and benchmark rates is approximately$209 million , or approximately$218 million inclusive of non-cash amortization of deferred financing fees. Our debt structure is approximately89% /11% fixed-to-floating after giving effect to all interest rate swaps and the ABL amendment completed in October. - Net Debt to Adjusted EBITDA was at 3.6x based on our last 12 months Adjusted EBITDA of
$1,006 million . - Repurchased 296,805 shares of Common Stock for
$8 million , contributing to a2.7% reduction in our outstanding share count over the 12 months ending September 30, 2025. - Paid Common Stock quarterly cash dividend of
$0.07 per share on September 17, 2025 to shareholders of record as of September 3, 2025.
Q4 2025 and 2025 Full Year Outlook1, 2
The Company's updated outlook is based on current end market demand expectations for the remainder of 2025, including seasonal retail demand. This outlook uses approximate figures, reflects a more conservative approach than taken by the Company in the past and is subject to risks and uncertainties, including those described in “Forward-Looking Statements” below.
| $M | Q4 2025 Outlook | 2025 Outlook | ||
| Revenue | ||||
| Adjusted EBITDA1,2 | ||||
| Net CAPEX1,2 | ||||
| 1 - Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Weighted Average Diluted Shares Outstanding, Adjusted Free Cash Flow, Adjusted Free Cash Flow Margin, Net Debt to Adjusted EBITDA, Net CAPEX and Return on Invested Capital are non-GAAP financial measures. Further information and reconciliations for these non-GAAP measures to the most directly comparable financial measure under generally accepted accounting principles in the US (“GAAP”) are included at the end of this press release. | ||||
| 2 - Information reconciling forward-looking Adjusted EBITDA and Net CAPEX to GAAP financial measures is unavailable to the Company without unreasonable effort and therefore neither the most comparable GAAP measures nor reconciliations to the most comparable GAAP measures are provided. | ||||
| 3 - Net Debt to Adjusted EBITDA is defined as total debt, net of total cash and cash equivalents, divided by Adjusted EBITDA from the last twelve months. | ||||
Non-GAAP Financial Measures
This press release includes non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Weighted Average Diluted Shares Outstanding, Adjusted Free Cash Flow, Adjusted Free Cash Flow Margin, Return on Invested Capital, Net CAPEX, and Net Debt to Adjusted EBITDA ratio. Adjusted EBITDA is defined as net income (loss) plus net interest (income) expense, income tax expense (benefit), depreciation and amortization adjusted to exclude certain non-cash items and the effect of what we consider transactions or events not related to our core business operations, including net currency gains and losses, goodwill and other impairment charges, restructuring costs, costs to integrate acquired companies, costs incurred related to transactions, non-cash charges for stock compensation plans and other discrete expenses. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. Adjusted Net Income is defined as net income (loss) plus certain non-cash items and the effect of what we consider transactions or events not related to our core business operations, including restructuring costs, goodwill and other impairment charges, costs to integrate acquired companies, costs incurred related to transactions, depreciation expense related to the implementation of a network optimization initiative, equity-based executive transition costs and other discrete expenses. Adjusted Diluted Earnings Per Share is defined as Adjusted Net Income divided by Adjusted Diluted Weighted Average Common Shares Outstanding. The calculation of Adjusted Weighted Average Diluted Shares Outstanding includes shares related to stock awards that are dilutive for Adjusted Diluted Earnings Per Share. Adjusted Free Cash Flow is defined as net cash provided by operating activities; less purchases of rental equipment and property, plant and equipment and plus proceeds from sale of rental equipment and property, plant and equipment, which are all included in cash flows from investing activities; excluding one-time, nonrecurring payments for transaction costs from terminated acquisitions. Adjusted Free Cash Flow Margin is defined as Adjusted Free Cash Flow divided by revenue. Return on Invested Capital is defined as adjusted earnings before interest and amortization divided by average invested capital. Adjusted earnings before interest and amortization is defined as Adjusted EBITDA (see definition above) reduced by depreciation and estimated statutory taxes. We include estimated taxes at our current statutory tax rate of approximately
Information regarding the most comparable GAAP financial measures and reconciling forward-looking Adjusted EBITDA and Net CAPEX to those GAAP financial measures is unavailable to the Company without unreasonable effort. We cannot provide the most comparable GAAP financial measures nor reconciliations of forward-looking Adjusted EBITDA and Net CAPEX to GAAP financial measures because certain items required for such reconciliations are outside of our control and/or cannot be reasonably predicted, such as the provision for income taxes. Preparation of such reconciliations would require a forward-looking balance sheet, statement of income, and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to the Company without unreasonable effort. Although we provide outlooks for Adjusted EBITDA and Net CAPEX that we believe will be achieved, we cannot accurately predict all the components of the Adjusted EBITDA and Net CAPEX calculations. The Company provides Adjusted EBITDA and Net CAPEX guidance because we believe that Adjusted EBITDA and Net CAPEX, when viewed with our results under GAAP, provides useful information for the reasons noted above.
Conference Call Information
WillScot will host a conference call and webcast to discuss its third quarter 2025 results and 2025 outlook at 5:30 p.m. Eastern Time on Thursday, November 6, 2025. To access the live call by phone, use the following phone number:
| North America Participant Dial in: | 1-833-630-1956 |
| International Participant Dial in: | 1-412-317-1837 |
You will be provided with dial-in details after registering. To avoid delays, we recommend that participants dial into the conference call 15 minutes ahead of the scheduled start time. A live webcast will also be accessible via the “Events & Presentations” section of the Company's investor relations website: www.investors.willscot.com. Choose “Events” and select the information pertaining to the WillScot Third Quarter 2025 Conference Call. Additionally, there will be slides accompanying the webcast. Please allow at least 15 minutes prior to the call to register, download and install any necessary software. For those unable to listen to the live broadcast, an audio webcast of the call will be available for 12 months on the Company’s investor relations website.
About WillScot
Listed on the Nasdaq stock exchange under the ticker symbol “WSC,” WillScot is the premier provider of highly innovative and turnkey space solutions in North America. The Company’s comprehensive range of products includes modular office complexes, mobile offices, classrooms, temporary restrooms, portable storage containers, protective buildings and climate-controlled units, and clearspan structures, as well as a curated selection of furnishings, appliances, and other supplementary services, ensuring turnkey solutions for its customers. Headquartered in Scottsdale, Arizona, and operating from a network of approximately 260 branch locations and additional drop lots across the United States, Canada, and Mexico, WillScot’s business services are essential for diverse customer segments spanning all sectors of the economy.
Forward-Looking Statements
This news release contains forward-looking statements (including the guidance/outlook contained herein) within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. The words “estimates,” “expects,” “anticipates,” “believes,” “forecasts,” “plans,” “intends,” “may,” “will,” “should,” “shall,” “outlook,” “guidance,” “see,” “have confidence” and variations of these words and similar expressions identify forward-looking statements, which are generally not historical in nature. Certain of these forward-looking statements include statements relating to: our network optimization initiative, mergers and acquisitions pipeline, acceleration of our run rate, acceleration toward and the timing of our achievement of our three to five year milestones, growth and acceleration of cash flow, driving higher returns on invested capital, and Adjusted EBITDA Margin expansion. Forward-looking statements are subject to a number of risks, uncertainties, assumptions and other important factors, many of which are outside our control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Although the Company believes that these forward-looking statements are based on reasonable assumptions, they are predictions and we can give no assurance that any such forward-looking statement will materialize. Important factors that may affect actual results or outcomes include, among others, our ability to acquire and integrate new assets and operations; our ability to judge the demand outlook; our ability to achieve planned synergies related to acquisitions; regulatory approvals; our ability to successfully execute our growth strategy, manage growth and execute our business plan; our estimates of the size of the markets for our products; the rate and degree of market acceptance of our products; the success of other competing modular space and portable storage solutions that exist or may become available; rising costs and inflationary pressures adversely affecting our profitability; potential litigation involving our Company; general economic and market conditions impacting demand for our products and services and our ability to benefit from an inflationary environment; our ability to maintain an effective system of internal controls; and such other risks and uncertainties described in the periodic reports we file with the SEC from time to time (including our Form 10-K for the year ended December 31, 2024), which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Any forward-looking statement speaks only at the date on which it is made, and the Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Additional Information and Where to Find It
Additional information can be found on the company's website at www.willscot.com.
Contact Information
| Investor Inquiries: | Media Inquiries: |
| Charlie Wohlhuter | Juliana Welling |
| investors@willscot.com | juliana.welling@willscot.com |
| WillScot Holdings Corporation Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| (in thousands, except share and per share data) | 2025 | 2024 | 2025 | 2024 | ||||||||||
| Revenues: | ||||||||||||||
| Leasing and services revenue: | ||||||||||||||
| Leasing | $ | 434,224 | $ | 455,578 | $ | 1,311,530 | $ | 1,374,771 | ||||||
| Delivery and installation | 98,517 | 114,765 | 295,630 | 323,274 | ||||||||||
| Sales revenue: | ||||||||||||||
| New units | 18,370 | 17,850 | 62,427 | 52,727 | ||||||||||
| Rental units | 15,730 | 13,239 | 45,888 | 42,431 | ||||||||||
| Total revenues | 566,841 | 601,432 | 1,715,475 | 1,793,203 | ||||||||||
| Costs: | ||||||||||||||
| Costs of leasing and services: | ||||||||||||||
| Leasing | 97,551 | 96,050 | 280,959 | 296,692 | ||||||||||
| Delivery and installation | 82,058 | 91,775 | 244,008 | 250,787 | ||||||||||
| Costs of sales: | ||||||||||||||
| New units | 13,806 | 9,665 | 42,556 | 31,296 | ||||||||||
| Rental units | 8,174 | 6,246 | 23,868 | 22,207 | ||||||||||
| Depreciation of rental equipment | 83,634 | 76,212 | 246,030 | 226,731 | ||||||||||
| Gross profit | 281,618 | 321,484 | 878,054 | 965,490 | ||||||||||
| Other operating expenses: | ||||||||||||||
| Selling, general and administrative | 137,699 | 153,343 | 439,868 | 502,450 | ||||||||||
| Other depreciation and amortization | 24,424 | 23,108 | 71,752 | 59,163 | ||||||||||
| Termination fee | — | 180,000 | — | 180,000 | ||||||||||
| Impairment loss on intangible asset | — | — | — | 132,540 | ||||||||||
| Currency losses (gains), net | 100 | (129 | ) | 244 | (94 | ) | ||||||||
| Other expense, net | 589 | 380 | 1,050 | 1,935 | ||||||||||
| Operating income (loss) | 118,806 | (35,218 | ) | 365,140 | 89,496 | |||||||||
| Interest expense, net | 58,466 | 55,823 | 175,912 | 167,959 | ||||||||||
| Income (loss) before income tax | 60,340 | (91,041 | ) | 189,228 | (78,463 | ) | ||||||||
| Income tax expense (benefit) | 17,008 | (20,566 | ) | 54,902 | (17,377 | ) | ||||||||
| Net income (loss) | $ | 43,332 | $ | (70,475 | ) | $ | 134,326 | $ | (61,086 | ) | ||||
| Earnings (loss) per share: | ||||||||||||||
| Basic | $ | 0.24 | $ | (0.37 | ) | $ | 0.74 | $ | (0.32 | ) | ||||
| Diluted | $ | 0.24 | $ | (0.37 | ) | $ | 0.73 | $ | (0.32 | ) | ||||
| Weighted average shares outstanding: | ||||||||||||||
| Basic | 182,003,961 | 188,281,346 | 182,711,448 | 189,362,364 | ||||||||||
| Diluted | 182,772,186 | 188,281,346 | 183,831,571 | 189,362,364 | ||||||||||
| WillScot Holdings Corporation Condensed Consolidated Balance Sheets | ||||||||
| (in thousands, except share amounts) | September 30, 2025 (unaudited) | December 31, 2024 | ||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 14,757 | $ | 9,001 | ||||
| Trade receivables, net of allowances for credit losses at September 30, 2025 and December 31, 2024 of | 403,679 | 430,381 | ||||||
| Inventories | 43,452 | 47,473 | ||||||
| Prepaid expenses and other current assets | 57,298 | 67,751 | ||||||
| Assets held for sale | 1,159 | 2,904 | ||||||
| Total current assets | 520,345 | 557,510 | ||||||
| Rental equipment, net | 3,412,440 | 3,377,939 | ||||||
| Property, plant and equipment, net | 374,052 | 363,073 | ||||||
| Operating lease assets | 292,557 | 266,761 | ||||||
| Goodwill | 1,257,006 | 1,201,353 | ||||||
| Intangible assets, net | 235,261 | 251,164 | ||||||
| Other non-current assets | 13,008 | 17,111 | ||||||
| Total long-term assets | 5,584,324 | 5,477,401 | ||||||
| Total assets | $ | 6,104,669 | $ | 6,034,911 | ||||
| Liabilities and equity | ||||||||
| Accounts payable | $ | 108,800 | $ | 96,597 | ||||
| Accrued expenses | 171,082 | 121,583 | ||||||
| Accrued employee benefits | 32,865 | 25,062 | ||||||
| Deferred revenue and customer deposits | 248,302 | 250,790 | ||||||
| Operating lease liabilities – current | 71,333 | 66,378 | ||||||
| Current portion of long-term debt | 27,437 | 24,598 | ||||||
| Total current liabilities | 659,819 | 585,008 | ||||||
| Long-term debt | 3,590,015 | 3,683,502 | ||||||
| Deferred tax liabilities | 526,884 | 505,913 | ||||||
| Operating lease liabilities – non-current | 221,409 | 200,875 | ||||||
| Other non-current liabilities | 46,472 | 41,020 | ||||||
| Long-term liabilities | 4,384,780 | 4,431,310 | ||||||
| Total liabilities | 5,044,599 | 5,016,318 | ||||||
| Preferred Stock: and outstanding at September 30, 2025 and December 31, 2024 | — | — | ||||||
| Common Stock: 183,564,899 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 19 | 19 | ||||||
| Additional paid-in-capital | 1,745,472 | 1,836,165 | ||||||
| Accumulated other comprehensive loss | (72,783 | ) | (70,627 | ) | ||||
| Accumulated deficit | (612,638 | ) | (746,964 | ) | ||||
| Total shareholders' equity | 1,060,070 | 1,018,593 | ||||||
| Total liabilities and shareholders' equity | $ | 6,104,669 | $ | 6,034,911 | ||||
| Reconciliation of Non-GAAP Financial Measures |
In addition to using GAAP financial measurements, we use certain non-GAAP financial measures that we believe are important for purposes of comparison to prior periods and development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of our ongoing operations and analyze our business performance and trends.
Adjusted EBITDA
We define EBITDA as net income (loss) plus interest (income) expense, income tax expense (benefit), depreciation and amortization. Our adjusted EBITDA (“Adjusted EBITDA”) reflects the following further adjustments to EBITDA to exclude certain non-cash items and the effect of what we consider transactions or events not related to our core business operations:
- Currency (gains) losses, net on monetary assets and liabilities denominated in foreign currencies other than the subsidiaries’ functional currency.
- Goodwill and other impairment charges related to non-cash costs associated with impairment charges to goodwill, other intangibles, rental fleet, and property, plant and equipment.
- Restructuring costs, lease impairment expense, and other related charges associated with restructuring plans designed to streamline operations and reduce costs including employee and lease termination costs.
- Transaction costs including legal and professional fees and other transaction specific related costs.
- Costs to integrate acquired companies, including outside professional fees, non-capitalized costs associated with system integrations, non-lease branch and fleet relocation expenses, employee relocation and training costs, and other costs required to realize cost or revenue synergies.
- Non-cash charges for stock compensation plans.
- Other expense, including consulting expenses related to certain one-time projects, financing costs not classified as interest expense, gains and losses on disposals of property, plant, and equipment, costs to implement a network optimization initiative, non-equity executive transition costs, and unrealized gains and losses on investments.
We evaluate business performance utilizing Adjusted EBITDA as shown in the reconciliation of the Company's consolidated net income to Adjusted EBITDA below. The Company believes that Adjusted EBITDA and Adjusted EBITDA Margin are useful to investors because they (i) allow investors to compare performance over various reporting periods on a consistent basis by removing from operating results the impact of items that do not reflect core operating performance; (ii) are used by our board of directors and management to assess our performance; (iii) may, subject to the limitations described below, enable investors to compare the performance of the Company to its competitors; (iv) provide additional tools for investors to use in evaluating ongoing operating results and trends; and (v) align with definitions in our credit agreement.
Adjusted EBITDA has limitations as an analytical tool, and you should not consider the measure in isolation or as a substitute for net income (loss), cash flow from operations or other methods of analyzing the Company’s results as reported under GAAP. Some of these limitations are:
- Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
- Adjusted EBITDA does not reflect our interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;
- Adjusted EBITDA does not reflect our tax expense or the cash requirements to pay our taxes;
- Adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments;
- Adjusted EBITDA does not reflect the impact on earnings or changes resulting from matters that we consider not to be indicative of our future operations;
- Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and Adjusted EBITDA does not reflect any cash requirements for such replacements; and
- Other companies in our industry may calculate Adjusted EBITDA differently, limiting its usefulness as a comparative measure.
Because of these limitations, Adjusted EBITDA should not be considered as discretionary cash available to reinvest in the growth of our business or as a measure of cash that will be available to meet our obligations.
The following table provides reconciliations of net income (loss) to Adjusted EBITDA:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| (in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Net income (loss) | $ | 43,332 | $ | (70,475 | ) | $ | 134,326 | $ | (61,086 | ) | |||||
| Income tax expense (benefit) | 17,008 | (20,566 | ) | 54,902 | (17,377 | ) | |||||||||
| Interest expense, net | 58,466 | 55,823 | 175,912 | 167,959 | |||||||||||
| Depreciation and amortization | 108,058 | 99,320 | 317,782 | 285,894 | |||||||||||
| Currency losses (gains), net | 100 | (129 | ) | 244 | (94 | ) | |||||||||
| Restructuring costs, lease impairment expense and other related charges | (21 | ) | 2,478 | 886 | 9,407 | ||||||||||
| Termination fee | — | 180,000 | — | 180,000 | |||||||||||
| Impairment loss on intangible asset | — | — | — | 132,540 | |||||||||||
| Integration and transaction costs | 1,149 | 1,692 | 2,921 | 7,675 | |||||||||||
| Stock compensation expense | 9,964 | 9,534 | 26,678 | 28,247 | |||||||||||
| Other(a) | 5,251 | 9,186 | 7,354 | 45,283 | |||||||||||
| Adjusted EBITDA | $ | 243,307 | $ | 266,863 | $ | 721,005 | $ | 778,448 | |||||||
| (a) For the three and nine months ended September 30, 2024, respectively, other included | |||||||||||||||
For the three and nine months ended September 30, 2025, other included
Adjusted EBITDA Margin
We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. Management believes that the presentation of Adjusted EBITDA Margin provides useful information to investors regarding the performance of our business. The following table provides comparisons of Adjusted EBITDA Margin to Gross Profit Margin:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| (in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Adjusted EBITDA (A) | $ | 243,307 | $ | 266,863 | $ | 721,005 | $ | 778,448 | ||||||||
| Revenue (B) | $ | 566,841 | $ | 601,432 | $ | 1,715,475 | $ | 1,793,203 | ||||||||
| Adjusted EBITDA Margin (A/B) | 42.9 | % | 44.4 | % | 42.0 | % | 43.4 | % | ||||||||
| Gross profit (C) | $ | 281,618 | $ | 321,484 | $ | 878,054 | $ | 965,490 | ||||||||
| Gross Profit Margin (C/B) | 49.7 | % | 53.5 | % | 51.2 | % | 53.8 | % | ||||||||
Net Debt to Adjusted EBITDA Ratio
Net Debt to Adjusted EBITDA ratio is defined as Net Debt divided by Adjusted EBITDA from the last twelve months. We define Net Debt as total debt net of total cash and cash equivalents. Management believes that the presentation of Net Debt to Adjusted EBITDA ratio provides useful information to investors regarding the performance of our business. The following table provides a reconciliation of Net Debt to Adjusted EBITDA ratio:
| (in thousands) | September 30, 2025 | ||
| Long-term debt | $ | 3,590,015 | |
| Current portion of long-term debt | 27,437 | ||
| Total debt | 3,617,452 | ||
| Cash and cash equivalents | 14,757 | ||
| Net debt (A) | $ | 3,602,695 | |
| Adjusted EBITDA from the three months ended December 31, 2024 | $ | 284,712 | |
| Adjusted EBITDA from the three months ended March 31, 2025 | 228,785 | ||
| Adjusted EBITDA from the three months ended June 30, 2025 | 248,913 | ||
| Adjusted EBITDA from the three months ended September 30, 2025 | 243,307 | ||
| Adjusted EBITDA from the last twelve months (B) | $ | 1,005,717 | |
| Net Debt to Adjusted EBITDA ratio (A/B) | 3.6 | ||
Adjusted Net Income and Adjusted Diluted Earnings Per Share
We define Adjusted Net Income as net income (loss), plus certain non-cash items and the effect of what we consider transactions not related to our core business operations including:
- Restructuring costs, lease impairment expense, and other related charges associated with restructuring plans designed to streamline operations and reduce costs including employee and lease termination costs.
- Goodwill and other impairment charges related to non-cash costs associated with impairment charges to goodwill, other intangibles, rental fleet and property, plant and equipment.
- Costs to integrate acquired companies, including outside professional fees, non-capitalized costs associated with system integrations, non-lease branch and fleet relocation expenses, employee relocation and training costs, and other costs required to realize cost or revenue synergies.
- Transaction costs including legal and professional fees and other transaction specific related costs.
- Depreciation expense related to the implementation of a network optimization initiative.
- Equity-based executive transition costs.
- Other expense, including consulting expenses related to certain one-time projects, financing costs not classified as interest expense, gains and losses on disposals of property, plant, and equipment, costs to implement a network optimization initiative, non-equity executive transition costs, and unrealized gains and losses on investments.
We define Adjusted Diluted Earnings Per Share as Adjusted Net Income divided by Adjusted Diluted Weighted Average Common Shares Outstanding. Management believes that the presentation of Adjusted Net Income and Adjusted Diluted Earnings Per Share provide useful information to investors regarding the performance of our business.
The following table provides reconciliations of net income to Adjusted Net Income and comparisons of diluted earnings per share to Adjusted Diluted Earnings Per Share:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| (in thousands, except share and per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Net income (loss) | $ | 43,332 | $ | (70,475 | ) | $ | 134,326 | $ | (61,086 | ) | |||||
| Restructuring costs, lease impairment expense and other related charges, net | (21 | ) | 2,478 | 886 | 9,407 | ||||||||||
| Termination fee | — | 180,000 | — | 180,000 | |||||||||||
| Impairment loss on intangible asset | — | — | — | 132,540 | |||||||||||
| Integration and transaction costs | 1,149 | 1,692 | 2,921 | 7,675 | |||||||||||
| Depreciation expense related to network optimization | 7,326 | — | 26,629 | — | |||||||||||
| Equity-based executive transition costs | 1,515 | — | 1,515 | — | |||||||||||
| Other1 | 5,251 | 9,186 | 7,354 | 45,283 | |||||||||||
| Estimated tax impact2 | (3,957 | ) | (50,273 | ) | (10,088 | ) | (97,475 | ) | |||||||
| Adjusted Net Income | $ | 54,595 | $ | 72,608 | $ | 163,543 | $ | 216,344 | |||||||
| Diluted earnings (loss) per share | $ | 0.24 | $ | (0.37 | ) | $ | 0.73 | $ | (0.32 | ) | |||||
| Restructuring costs, lease impairment expense and other related charges, net | — | 0.01 | 0.05 | ||||||||||||
| Termination fee | — | 0.95 | — | 0.94 | |||||||||||
| Impairment loss on intangible asset | — | — | — | 0.69 | |||||||||||
| Integration and transaction costs | 0.01 | 0.01 | 0.02 | 0.04 | |||||||||||
| Depreciation expense related to network optimization | 0.04 | — | 0.14 | — | |||||||||||
| Equity-based executive transition costs | 0.01 | — | 0.01 | — | |||||||||||
| Other1 | 0.03 | 0.05 | 0.04 | 0.24 | |||||||||||
| Estimated tax impact2 | (0.03 | ) | (0.27 | ) | (0.05 | ) | (0.51 | ) | |||||||
| Adjusted Diluted Earnings Per Share | $ | 0.30 | $ | 0.38 | $ | 0.89 | $ | 1.13 | |||||||
| Weighted average diluted shares outstanding | 182,772,186 | 188,281,346 | 183,831,571 | 189,362,364 | |||||||||||
| Adjusted dilutive effect of outstanding securities | |||||||||||||||
| RSAs | — | 7,373 | — | 15,034 | |||||||||||
| Time-based RSUs | — | 101,108 | — | 157,377 | |||||||||||
| Performance-based RSUs | — | 901,455 | — | 1,203,321 | |||||||||||
| Stock options | — | 889,738 | — | 924,695 | |||||||||||
| Adjusted Weighted Average Diluted Shares Outstanding3 | 182,772,186 | 190,181,020 | 183,831,571 | 191,662,791 | |||||||||||
Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin
We define Adjusted Free Cash Flow as net cash provided by operating activities; less purchases of rental equipment and property, plant and equipment and plus proceeds from sale of rental equipment and property, plant and equipment, which are all included in cash flows from investing activities; excluding one-time, nonrecurring payments for the transaction costs from terminated acquisitions. Adjusted Free Cash Flow Margin is defined as Adjusted Free Cash Flow divided by Revenue. The Company believes that Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin are useful to investors because they provide additional information concerning cash flow available to fund our capital allocation alternatives and allow investors to compare cash generation performance over various reporting periods and against peers. The following table provides reconciliations of Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| (in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net cash provided by operating activities | $ | 191,151 | $ | (1,562 | ) | $ | 603,089 | $ | 382,725 | |||||||
| Purchase of rental equipment and refurbishments | (81,018 | ) | (69,398 | ) | (238,839 | ) | (206,989 | ) | ||||||||
| Proceeds from sale of rental equipment | 15,713 | 13,238 | 46,045 | 43,906 | ||||||||||||
| Purchase of property, plant and equipment | (4,244 | ) | (3,318 | ) | (15,164 | ) | (16,119 | ) | ||||||||
| Proceeds from the sale of property, plant and equipment | 610 | 918 | 2,203 | 1,133 | ||||||||||||
| Cash paid for termination fee | — | 180,000 | — | 180,000 | ||||||||||||
| Cash paid for transaction costs from terminated acquisitions | — | 23,266 | — | 32,451 | ||||||||||||
| Adjusted Free Cash Flow (A) | $ | 122,212 | $ | 143,144 | $ | 397,334 | $ | 417,107 | ||||||||
| Revenue (B) | $ | 566,841 | $ | 601,432 | $ | 1,715,475 | $ | 1,793,203 | ||||||||
| Adjusted Free Cash Flow Margin (A/B) | 21.6 | % | 23.8 | % | 23.2 | % | 23.3 | % | ||||||||
| Net cash provided by operating activities (C) | $ | 191,151 | $ | (1,562 | ) | $ | 603,089 | $ | 382,725 | |||||||
| Net cash provided by operating activities margin (C/B) | 33.7 | % | (0.3 | )% | 35.2 | % | 21.3 | % | ||||||||
Net CAPEX
We define Net CAPEX as purchases of rental equipment and refurbishments and purchases of property, plant and equipment, less proceeds from the sale of rental equipment and proceeds from the sale of property, plant and equipment, which are all included in cash flows from investing activities. Management believes that the presentation of Net CAPEX provides useful information regarding the net capital invested in our rental fleet and property, plant and equipment each year to assist in analyzing the performance of our business.
The following table provides reconciliations of Net CAPEX:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| (in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Purchases of rental equipment and refurbishments | $ | (81,018 | ) | $ | (69,398 | ) | $ | (238,839 | ) | $ | (206,989 | ) | ||||
| Proceeds from sale of rental equipment | 15,713 | 13,238 | 46,045 | 43,906 | ||||||||||||
| Net CAPEX for Rental Equipment | (65,305 | ) | (56,160 | ) | (192,794 | ) | (163,083 | ) | ||||||||
| Purchases of property, plant and equipment | (4,244 | ) | (3,318 | ) | (15,164 | ) | (16,119 | ) | ||||||||
| Proceeds from sale of property, plant and equipment | 610 | 918 | 2,203 | 1,133 | ||||||||||||
| Net CAPEX | $ | (68,939 | ) | $ | (58,560 | ) | $ | (205,755 | ) | $ | (178,069 | ) | ||||
Return on Invested Capital
Return on Invested Capital is defined as Adjusted earnings before interest and amortization divided by Average Invested Capital. Management believes that the presentation of Return on Invested Capital provides useful information regarding the long-term health and profitability of the business relative to the Company's cost of capital. We define Adjusted earnings before interest and amortization as Adjusted EBITDA (see reconciliation above) reduced by depreciation and estimated taxes. We include estimated taxes at our current statutory tax rate.
The Average Invested Capital is calculated as an average of Net Assets, a four quarter average for annual metrics and two quarter average for quarterly metrics. Net assets is defined for purposes of the calculation below as total assets less goodwill, intangible assets, net, and all non-interest bearing liabilities.
The following table provides reconciliations of Return on Invested Capital.
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| (in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Total Assets | $ | 6,104,669 | $ | 6,037,219 | $ | 6,104,669 | $ | 6,037,219 | ||||||||
| Goodwill | (1,257,006 | ) | (1,176,889 | ) | (1,257,006 | ) | (1,176,889 | ) | ||||||||
| Intangible Assets, net | (235,261 | ) | (260,539 | ) | (235,261 | ) | (260,539 | ) | ||||||||
| Total Liabilities | (5,044,599 | ) | (4,983,140 | ) | (5,044,599 | ) | (4,983,140 | ) | ||||||||
| Long Term Debt | 3,590,015 | 3,607,957 | 3,590,015 | 3,607,957 | ||||||||||||
| Net Assets, as defined above | $ | 3,157,818 | $ | 3,224,608 | $ | 3,157,818 | $ | 3,224,608 | ||||||||
| Average Invested Capital (A) | $ | 3,180,606 | $ | 3,218,527 | $ | 3,194,360 | $ | 3,209,496 | ||||||||
| Adjusted EBITDA | $ | 243,307 | $ | 266,863 | $ | 721,005 | $ | 778,448 | ||||||||
| Depreciation | (96,525 | ) | (87,415 | ) | (283,181 | ) | (259,264 | ) | ||||||||
| Depreciation expense related to network optimization | 7,326 | — | 26,629 | — | ||||||||||||
| Adjusted EBITA (B) | $ | 154,108 | $ | 179,448 | $ | 464,453 | $ | 519,184 | ||||||||
| Statutory Tax Rate (C) | 26 | % | 26 | % | 26 | % | 26 | % | ||||||||
| Estimated Tax (B*C) | $ | 40,068 | $ | 46,656 | $ | 119,210 | $ | 134,988 | ||||||||
| Adjusted earnings before interest and amortization (D) | $ | 114,040 | $ | 132,792 | $ | 345,243 | $ | 384,196 | ||||||||
| ROIC (D/A), annualized | 14.3 | % | 16.5 | % | 14.4 | % | 16.0 | % | ||||||||
FAQ
What were WillScot's reported Q3 2025 revenue and Adjusted EBITDA (WSC)?
How did accounts receivable write‑offs affect WillScot's Q3 2025 leasing revenue (WSC)?
What cash flow and free cash flow did WillScot report for Q3 2025 (WSC)?
What is WillScot's updated full‑year 2025 guidance for revenue and Adjusted EBITDA (WSC)?
How did WillScot change its debt and credit facility in Q3/Q4 2025 (WSC)?
What near‑term risks from Q3 2025 should WSC investors monitor?
