WillScot Holdings (WSC) FY2025 results: revenue $2.3 billion, down 4.8% on the year
WillScot Holdings Corp. (WSC) reported revenue of $2.3 billion for fiscal 2025, the year ended 31 December 2025, down 4.8% on the year before. Net income was -$53 million, and diluted earnings per share $-0.29. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.
Revenue
$2.3 billion
-4.8% on the year
FY2018FY2025
Operating margin
8.0%
11.0% a year earlier
FY2018FY2025
Net income
-$53 million
FY2018FY2025
Diluted EPS
-$0.29
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 3 new.
Q4 revenue and Adjusted EBITDA reported: Q4 revenue was $566 million and Adjusted EBITDA was $250 million. Net loss was $187 million; diluted EPS was $(1.03) and Adjusted diluted EPS was $0.29.
Leasing revenue down 4.9% for the year: Full-year leasing revenue of $1.7 billion fell 4.9%, or 2.3% excluding longer-dated receivables write-offs. Q4 leasing revenue of $437 million was down 5.9% year-over-year and up 0.8% sequentially.
Modular leasing flat, order book growing: Modular space product leasing was essentially flat year-over-year in Q4. The CFO said the growing order book indicates lease revenue stabilization in the largest product class.
Demand split between mega projects and starts: Management described market activity as heavily bifurcated, with significant demand from mega projects in industrial sectors compared with overall non-residential construction activity.
Q4 Adjusted free cash flow $91 million: Q4 operating cash flow was $159 million and Adjusted free cash flow was $91 million at a 16.2% margin. Full-year Adjusted free cash flow was $489 million; Q4 Net CAPEX was $67 million.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
762
562
761
+35.7%
Capital expenditure
24.3
18.4
22.2
+32.0%
Free cash flow
738
543
739
+35.8%
Free cash flow margin
32.3%
22.7%
31.3%
Cash from investing
-417
-362
-350
Cash from financing
-341
-200
-419
Depreciation and amortisation
96.1
82.8
72.9
+16.0%
Share-based compensation
38.4
36.0
34.5
+6.8%
Dividends paid
51.1
0.0
0.0
Diluted shares, weighted
182m
190m
202m
-4.2%
Shares outstanding at period end
181m
184m
190m
-1.3%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
856
1,019
1,261
-15.9%
Debt
3,588
3,708
3,557
-3.2%
Operating lease liabilities
242
201
188
+20.4%
Other liabilities
1,130
1,107
1,132
+2.0%
Total liabilities and equity
5,816
6,035
6,138
-3.6%
Goodwill
1,258
1,201
1,177
+4.7%
Intangible assets
224
251
420
-10.8%
Cash and equivalents
14.6
9.0
11.0
+62.1%
Receivables
395
430
451
-8.3%
Inventory
45.6
47.5
47.4
-4.0%
Other assets
3,880
4,096
4,032
-5.3%
Total assets
5,816
6,035
6,138
-3.6%
10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.