WillScot Holdings (WSC) FY2024 results: revenue $2.4 billion, up 1.3% on the year

WillScot Holdings Corp. (WSC) reported revenue of $2.4 billion for fiscal 2024, the year ended 31 December 2024, up 1.3% on the year before. Net income was $28 million, down 94.1%, and diluted earnings per share $0.15. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2025.

Revenue

$2.4 billion

+1.3% on the year

FY2017FY2024

Operating margin

11.0%

28.5% a year earlier

FY2017FY2024

Net income

$28 million

-94.1% on the year

FY2017FY2024

Diluted EPS

$0.15

-93.6% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,396	2,365	2,143	+1.3%
Cost of revenue	1,094	1,031	1,707	+6.1%
Gross profit	1,302	1,334	1,135	-2.4%
Gross margin	54.3%	56.4%	53.0%
Selling, general and administrative	631	596	567	+5.8%
Operating income	264	673	511	-60.8%
Operating margin	11.0%	28.5%	23.9%
Interest expense	227	205	146	+10.9%
Pre-tax income	36.6	468	365	-92.2%
Income tax	8.5	127	88.9	-93.3%
Effective tax rate	23.2%	27.0%	24.3%
Net income	28.1	476	340	-94.1%
Net margin	1.2%	20.1%	15.8%
Diluted EPS	$0.15	$2.36	$1.53	-93.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	562	761	745	-26.2%
Capital expenditure	18.4	22.2	43.7	-17.1%
Free cash flow	543	739	701	-26.5%
Free cash flow margin	22.7%	31.3%	32.7%
Cash from investing	-362	-350	-309
Cash from financing	-200	-419	-429
Depreciation and amortisation	82.8	72.9	62.4	+13.6%
Share-based compensation	36.0	34.5	29.6	+4.3%
Dividends paid	0.0	0.0	n/a
Diluted shares, weighted	190m	202m	221m	-5.7%
Shares outstanding at period end	184m	190m	208m	-3.4%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,019	1,261	1,565	-19.2%
Debt	3,708	3,557	3,063	+4.2%
Operating lease liabilities	201	188	170	+6.9%
Other liabilities	1,107	1,132	1,030	-2.1%
Total liabilities and equity	6,035	6,138	5,828	-1.7%
Goodwill	1,201	1,177	1,011	+2.1%
Intangible assets	251	420	419	-40.2%
Cash and equivalents	9.0	11.0	7.4	-17.9%
Receivables	430	451	410	-4.6%
Inventory	47.5	47.4	41.0	+0.1%
Other assets	4,096	4,032	3,939	+1.6%
Total assets	6,035	6,138	5,828	-1.7%

10-K for the year ended 31 December 2024, filed 20 February 2025: the filing.