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Dec 31, 2025
WillScot Mobile Mini Q4 2025 Earnings Report
WillScot Holdings Corporation reported its fourth quarter and full year 2025 results, exceeding Q4 2025 outlook for revenue and Adjusted EBITDA, with strong Adjusted Free Cash Flow.
Key Takeaways
WillScot Holdings Corporation announced strong Q4 and full year 2025 results, surpassing revenue and Adjusted EBITDA expectations. The company saw increased modular activations and a significant rise in its total pending order book, indicating continued strength into 2026, despite a conservative outlook for the upcoming year.
Q4 2025 revenue reached $566 million, with a gross profit margin of 50.4%, exceeding outlook.
Adjusted EBITDA for Q4 2025 was $250 million, at a 44.2% margin, also surpassing expectations.
Net cash provided by operating activities was $159 million, and Adjusted Free Cash Flow was $91 million in Q4 2025.
The company initiated a Network Optimization Plan, recording a $302 million non-cash restructuring charge to reduce future real estate costs.
Revenue by Segment
Forward Guidance
For FY 2026, WillScot Holdings Corporation anticipates approximately $2.175 billion in revenue and $900 million in Adjusted EBITDA, reflecting a conservative outlook due to current run rates and headwinds in the traditional storage business. Net CAPEX is projected at $275 million to support investments in high-value product categories and large project demand, with potential organic revenue growth inflection in the second half of 2026.
Positive Outlook
- Continued investments in higher value product categories to support strong activity in large project demand.
- Potential inflection in organic revenue growth in the second half of 2026.
- Modular activations increased year-over-year in Q4 2025.
- Total pending order book up more than 10% entering 2026, with further strength since.
- Enterprise Accounts portfolio expected to deliver high single-digit revenue growth in 2026.
Challenges Ahead
- Conservative view relative to revenue and Adjusted EBITDA run rates entering the year.
- Anticipated $50 million headwind in the traditional storage business.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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