WillScot Holdings Corporation

What they do

Headquartered in Scottsdale, Arizona, WillScot leases turnkey modular space units — from single-wide mobile offices to stackable FLEX panelized offices and clearspan structures — and portable storage containers, supplemented by Value-Added Products (VAPS) such as furniture, appliances, power and solar, and security packages. As of June 30, 2026, the fleet included over 130,000 modular space units and over 174,000 portable storage units, served through approximately 240 branch locations and drop lots to more than 85,000 customers. Leasing is complemented by new and used unit sales, plus delivery, installation, and site services, with rental contracts generally billed on a 28-day or monthly cycle and typical portfolio duration of about 41 months.

Revenue drivers

• Modular Space Solutions leasing — Core leasing of modular offices, classrooms, blast-resistant modules, and clearspan structures; management cited a 1.5% year-over-year increase in leasing revenue in Q2 2026.
• Portable Storage Solutions — Leasing of portable storage and climate-controlled containers and trailers; the Q2 2026 fleet included over 174,000 portable storage units, and these units are excluded from the 41-month average lease duration calculation.
• Delivery and installation services — Fees for delivery, sitework, installation, disassembly, and removal; Q2 2026 delivery and installation revenue rose 25.3% year-over-year on large complex installation and a significant event project.
• Value-Added Products (VAPS) — Attach-rate products such as workstations, furniture, appliances, media packages, power and solar, telematics, and perimeter solutions that improve unit economics per lease.

Recent performance

Q2 2026 revenue was $612 million with gross profit margin of 50.0%, net income of $47 million, Adjusted EBITDA of $228 million (37.2% margin), and diluted EPS of $0.26. Leasing and services revenue of $586 million rose 6.2% year-over-year, with leasing revenue up 1.5% and delivery and installation revenue up 25.3%; management said leasing revenue inflected to year-over-year growth earlier than expected. Operating cash flow was $162 million and Adjusted Free Cash Flow was $55 million, while net CAPEX was $114 million. Full-year 2025 revenue was $2.28 billion and net income was a loss of $53 million.

Strategy

The company is executing a multi-year Network Optimization Plan, finalized in December 2025, to exit approximately 665 acres of real estate across 108 branch and drop lot locations over four years — about 25% of leased acreage — while retaining adequate idle fleet. It is investing in fleet readiness, including work orders and refurbishments, and in new rental equipment in highest-demand categories, with 2026 net CAPEX guidance raised to $375 million. Commercial priorities include Enterprise Accounts and verticals strategies, plus rollout of a route optimization and dispatch platform and expansion of field and project management services. Management raised its 2026 outlook for revenue, Adjusted EBITDA, and net CAPEX on commercial momentum.

Risks

• Non-residential construction demand — Demand is sensitive to non-residential construction square foot starts, which the 10-K says have declined from peak levels near the end of 2022 and drove lower new contract activations and units on rent over the past three years.
• End-market concentration — The commercial and industrial sector and the construction and infrastructure market together accounted for approximately 86% of revenues for the six months ended June 30, 2026.
• Network Optimization Plan execution — The plan requires exiting about 108 branch and drop lot locations and disposing of certain rental equipment, and the 10-K lists the ability to implement the plan as a risk factor.
• Customer credit and receivables — A 10-K risk factor notes potential inability to manage credit risk, collect accounts receivable, or recover rental equipment from customers, which could intensify if economic conditions worsen.

Outlook

Management raised its 2026 full-year outlook to $2.3 billion in revenue and $920 million in Adjusted EBITDA, with net CAPEX of $375 million, citing first-half results and current commercial demand. The company reported year-over-year modular unit activation growth for the third consecutive quarter and said its order book is growing year-over-year heading into the second half. Management expects sustained leasing revenue growth in the second half while acknowledging a still-muted non-residential construction environment and an uncertain economic backdrop.