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Jun 30
WillScot Mobile Mini Q2 2025 Earnings Report
WillScot Mobile Mini reported its second quarter 2025 results, including key performance highlights, market updates, and narrowed its original 2025 full year outlook.
Key Takeaways
WillScot reported second quarter 2025 revenue of $589 million, net income of $48 million, and diluted EPS of $0.26. The company delivered Adjusted EBITDA of $249 million at a 42.3% margin and generated Net cash provided by operating activities of $205 million. Leasing revenues were slightly down year-over-year but improved sequentially, driven by increased average monthly rates.
Revenue for Q2 2025 was $589 million, with a gross profit margin of 50.3%.
Net income reached $48 million, and diluted earnings per share were $0.26.
Adjusted EBITDA stood at $249 million, achieving a 42.3% margin.
Net cash provided by operating activities was $205 million, and Adjusted Free Cash Flow was $130 million.
WillScot Mobile Mini
WillScot Mobile Mini
WillScot Mobile Mini Revenue by Segment
Revenue by Segment
Leasing Revenue
CapyFin.comDelivery and Installation Revenue
CapyFin.comNew Units Sales Revenue
CapyFin.comRental Units Sales Revenue
CapyFin.com Forward Guidance
WillScot narrowed its full-year 2025 outlook for Revenue and Adjusted EBITDA, reflecting macroeconomic views for the second half of the year. However, the company increased its Adjusted Free Cash Flow outlook due to strong year-to-date performance and new federal tax legislation.
Positive Outlook
- Expect to generate Adjusted Free Cash Flow of $500 million to $550 million in FY 2025.
- Strong year-to-date Adjusted Free Cash Flow.
- Benefiting from new federal tax legislation signed into law on July 4, 2025.
- Improvements in working capital are expected.
- Cash generating strength provides options for redeployment of capital towards accretive Net CAPEX investments and acquisitions.
Challenges Ahead
- Narrowed original FY 2025 Revenue outlook range to $2,300 million to $2,350 million.
- Narrowed Adjusted EBITDA outlook range to $1,000 million to $1,020 million.
- End market outlook overall remains mixed in the near term.
- Non-residential construction starts activity remains a gating factor to near term volume growth.
- Second quarter lease revenues were 3.4% below the prior year quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income