Highlights

  • Total revenues for the three months ended June 30, 2026 were $612.2 million, up $23.1 million, or 3.9%.
  • Adjusted EBITDA, a non-GAAP measure, decreased $21.0 million, or 8.4%, to $227.9 million, while net income was $47.0 million.
  • Total debt was $3,495,300 thousand at June 30, 2026, including $1,390,520 thousand under the ABL Facility.
  • Management said on August 13, 2026 that it expects 2026 revenue of approximately $2.3 billion and Adjusted EBITDA of approximately $920 million.

WillScot Holdings Corporation (NASDAQ: WSC) shares were trading at USD 17.54 on October 27, 2026, up 6.50%, with a relative volume at time of 3.02. The company filed its Form 10-Q for the quarter ended June 30, 2026 on August 6, 2026, and discussed second quarter results and raised 2026 expectations on an August 13, 2026 call.

WillScot is a Delaware corporation with principal executive offices at 6400 East McDowell Road in Scottsdale, Arizona. It provides modular space and portable storage solutions, with value-added products and services such as delivery and installation. Its fleet includes over 130,000 modular space units and over 174,000 portable storage units. It serves customers in the United States, Canada and Mexico through approximately 240 branch locations and over 85,000 customers as of June 30, 2026. Its fiscal year ends December 31, and the 10-Q does not state a headcount.

Second Quarter Results

Total revenues were $612.2 million for the three months ended June 30, 2026, compared with $589.1 million. Delivery and installation revenue was up $27.4 million, or 25.3%, on sitework for large complex projects. Leasing revenue was $449.7 million, up $6.8 million, or 1.5%. New unit sales decreased $7.0 million, or 32.5%, and rental unit sales decreased $4.1 million, or 25.2%.

Gross profit was $306.3 million, with a gross profit percentage of 50.0% against 50.3%. Selling, general and administrative expense was $160.3 million, up $15.2 million, including a $16.4 million increase in the provision for credit losses. Net income was $47.0 million, down $1.0 million, or 2.0%, and included $6.2 million of charges tied to the Network Optimization Plan. Adjusted EBITDA was $227.9 million, down from $248.9 million.

Average units on rent were 190,105, compared with 197,799. The company said lower demand reflected reduced non-residential construction project starts amid higher interest rates and economic uncertainty, partly offset by demand for large complex projects such as data centers. Portable storage leasing revenue decreased 5.8%. For the six months, Adjusted EBITDA was $438.9 million, down 8.1%.

Network Optimization Plan

In December 2025 the company finalized a multi-year Network Optimization Plan approved by its board. It covers exiting approximately 665 acres of real estate over four years, representing 108 branch and drop lot locations. The company identified rental fleet units with a net book value of $312.1 million to be abandoned, about 53,000 units. As of June 30, 2026 it had disposed of approximately 23,000 portable storage units and 11,000 modular space units. For the six months it recorded restructuring and related costs of $17.8 million. It expects total future costs of approximately $43 million.

Cash Flow, Debt and Capital Returns

Net cash provided by operating activities was $162.3 million in the quarter, down $43.0 million, and Adjusted Free Cash Flow, a non-GAAP measure, was $55.1 million, compared with $130.3 million. Net CAPEX was $113.7 million.

Total debt was $3,495,300 thousand, including 2028, 2029, 2030 and 2031 secured notes and finance leases. The company had $1.5 billion of available borrowing capacity under its ABL Facility, and it paid down $25.6 million of ABL borrowings in the quarter. The board declared quarterly dividends of $0.07 per share in February and May 2026, and the company paid $25.4 million in dividends in the six months. It repurchased 352,900 shares for $7.3 million, and $717.1 million of repurchase authorization remained available.

Outlook

On the August 13, 2026 call, management said it expects 2026 revenue of approximately $2.3 billion, a $50 million increase from its prior outlook, and Adjusted EBITDA of approximately $920 million. For the third quarter it expects total revenues of approximately $585 million and Adjusted EBITDA of approximately $232 million. It expects 2026 Net CAPEX of approximately $375 million. Management said it remains mindful of continued economic uncertainty and of weaker demand among its more transactional product lines.