Cash conversion is exceptionally strong, with operating cash flow reaching 7.5x net income in 2026Q2 and cumulative OCF of $1.9B over ten quarters versus $41.5M cumulative net income, though capex at 1.4% of revenue in 2026Q2 may not sustain fleet quality.
WillScot Holdings Corporation (WSC) cash flow statement — 11-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Cash from Operations | 710.19M | 761.99M | 561.64M | 761.24M | 744.66M | 539.9M | 304.81M | 172.57M | 37.15M | -1.36M | 431.43K | 119.86M |
| Operating CF Margin % | - | 33.4% | 23.44% | 32.19% | 34.75% | 32.27% | 23.94% | 16.22% | 4.94% | -0.31% | 0.1% | 26.44% |
| Operating CF Growth % | -36.12% | 35.67% | -26.22% | 2.23% | 37.92% | 77.13% | 76.63% | 364.52% | 2827.53% | -415.7% | -99.64% | - |
| Net Income | -60.65M | -52.99M | 28.13M | 476.46M | 339.54M | 160.14M | 75.34M | -121.17M | -53.57M | -149.81M | 562.66K | -71.59M |
| Depreciation & Amortization | 397.52M | 430.02M | 384.97M | 338.65M | 343.51M | 318.2M | 246.95M | 189.44M | 136.47M | 107.88M | 78M | 136.89M |
| Stock-Based Compensation | 22.5M | 38.43M | 35.97M | 34.49M | 29.61M | 26.18M | 9.88M | 6.69M | 3.44M | 2.97M | 0 | 0 |
| Deferred Taxes | 3.81M | -7.01M | -45.32M | 141.64M | 100.85M | 36.56M | -55.16M | -2.62M | -40.19M | 12.96M | -10.36M | -44.4M |
| Other Non-Cash Items | 383.77M | 353.43M | 178.03M | -138.19M | -14.92M | 58.94M | 70.97M | 138.93M | 6.01M | 48.13M | 268.1M | -57.93M |
| Working Capital Changes | -36.76M | 117K | -20.13M | -91.81M | -53.93M | -60.13M | -43.17M | -38.69M | -15.01M | -23.48M | -131.23K | 15.83M |
| Change in Receivables | -83.48M | -19.25M | -34.52M | -76.36M | -94.46M | -105.05M | -26.72M | -63.65M | -36.45M | -20.56M | -4.11M | 8.06M |
| Change in Inventory | -7.52M | 1.86M | -529K | -3.28M | -12.35M | -9.08M | 2.77M | 869K | -1.24M | 682K | 550K | -1.23M |
| Change in Payables | 48.2M | 42.56M | 0 | -14.84M | 9.44M | 27.31M | -16.05M | 4.87M | -14.46M | 39.77M | -57.79K | 3.95M |
| Cash from Investing | -388.08M | -417.47M | -362.35M | -350M | -309.33M | -384.05M | -125.36M | -152.58M | -1.22B | -392.65M | -1.25M | -193.16M |
| Capital Expenditures | -235.7M | -24.33M | -299.29M | -249.21M | -486.8M | -309M | -188.84M | -213.45M | -165.5M | -116.15M | -71.43M | -184.42M |
| CapEx % of Revenue | 10.12% | 1.07% | 12.49% | 10.54% | 22.72% | 18.47% | 14.83% | 20.07% | 22.03% | 26.05% | 16.74% | 40.68% |
| Acquisitions | 18.71M | -144.7M | -121.22M | -561.63M | 104.99M | -147.17M | 17.17M | 0 | -1.08B | -237.15M | 29M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 61.61M | -248.87M | 65.86M | 468.55M | 72.48M | 72.12M | 46.3M | 60.86M | 31.45M | -39.35M | -1.25M | -8.73M |
| Cash from Financing | -321.47M | -340.52M | -200.12M | -418.94M | -429.37M | -167.89M | -158.96M | -26.06M | 1.18B | 396.83M | -31.39M | 76.76M |
| Debt Issued (Net) | -202.6M | -162.52M | 101.8M | 419.38M | 333.27M | 199.1M | -30.02M | -16.55M | 1.07B | -149.82M | -31.39M | 76.76M |
| Equity Issued (Net) | -18.72M | -89.6M | -278.02M | -817.68M | -740.57M | -356.1M | -11.16M | 921K | 147.2M | 571.78M | 0 | 0 |
| Dividends Paid | -50.99M | -51.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -24.65M | -99.86M | -278.27M | -818.18M | -751.79M | -363.59M | -21.78M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -49.16M | -37.29M | -23.9M | -20.63M | -22.07M | -10.88M | -117.78M | -10.43M | -36.58M | -25.12M | 0 | 0 |
| Net Change in Cash | 349K | 5.59M | -1.96M | -6.82M | 5.08M | -12.24M | 21.89M | -5.91M | -227K | 3.02M | -819.8K | 3.02M |
| Free Cash Flow | 474.5M | 737.65M | 262.35M | 512.03M | 257.86M | 230.91M | 115.97M | -40.88M | -128.36M | -117.51M | -71M | -64.56M |
| FCF Margin % | 20.38% | 32.33% | 10.95% | 21.65% | 12.03% | 13.8% | 9.11% | -3.84% | -17.08% | -26.35% | -16.64% | -14.24% |
| FCF Growth % | -14.17% | 181.17% | -48.76% | 98.57% | 11.67% | 99.1% | 383.7% | 68.15% | -9.23% | -65.51% | -9.97% | - |
| FCF per Share | 2.61 | 4.04 | 1.38 | 2.54 | 1.16 | 0.99 | 0.65 | -0.38 | -1.44 | -1.69 | -1.14 | -4.35 |
| FCF Conversion (FCF/Net Income) | -7.82x | -14.38x | 19.97x | 1.60x | 2.19x | 3.37x | 4.11x | -1.43x | -0.76x | 0.01x | 0.77x | -1.67x |
| Interest Paid | 137.34M | 216.58M | 216.15M | 184.86M | 130.46M | 103.8M | 118.52M | 118.73M | 51.99M | 115.76M | 0 | 73.96M |
| Taxes Paid | 8.69M | 16.64M | 45.58M | 32.95M | 25.09M | 9.86M | 4.23M | -1.15M | 2.62M | 1.39M | 0 | 1.55M |
Quick answers to the most common questions about buying WSC stock.
WillScot Holdings Corporation (WSC) generated $762.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
WillScot Holdings Corporation (WSC) generated $737.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
WillScot Holdings Corporation (WSC) spent $24.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, WillScot Holdings Corporation (WSC) returned $51.1M to shareholders via cash dividends and spent $99.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Revenue stagnation and margin volatility
Metrics are mathematically derived from official filings.
Cash Conversion Outpaces Reported Earnings
WSC's operating cash flow consistently exceeds net income, with OCF/NI reaching 7.5x in 2026Q2, according to recent financial statements, indicating strong cash generation despite earnings volatility.
The gap between net income and operating cash flow is substantial, driven by large non-cash D&A charges and working capital swings. In 2025Q4, a net loss of $187.3M still produced $158.9M in operating cash flow, underscoring the cash-generative nature of the rental model. This suggests that reported earnings understate the company's cash-producing ability, but investors should monitor the sustainability of working capital contributions.
Free Cash Flow Volatility Masks Underlying Strength
FCF swung from $345.0M in 2026Q2 to $70.9M in 2025Q4, as per quarterly filings, reflecting uneven capex timing and working capital swings, yet cumulative FCF remains robust.
FCF margins have ranged from 56.4% in 2026Q2 to 12.5% in 2025Q4, with the most recent quarter benefiting from unusually low capex. Over the past year, FCF has been consistently positive, averaging around $150M per quarter, which supports the company's ability to fund distributions and debt reduction. However, the volatility suggests that quarterly FCF is not a reliable indicator of long-term cash generation.
Capital Expenditures Reflect Fleet Investment Cycle
Capex as a percentage of revenue has ranged from 0.7% to 15.6% over the past ten quarters, based on reported figures, indicating a lumpy investment pattern typical of rental fleet expansion.
The low capex in 2026Q2 (1.4% of revenue) contrasts sharply with the 12-15% levels seen in earlier quarters, suggesting that the company may be in a period of reduced fleet investment. This could indicate a shift toward maintenance-only capex, which would boost near-term FCF but may limit future growth. Investors should assess whether this is a deliberate strategy or a response to softening demand.
Working Capital Swings Drive Cash Flow Variability
Working capital changes have ranged from a $51.6M source in 2025Q1 to a $64.8M use in 2025Q4, as reported in financial statements, contributing to quarterly cash flow volatility.
The positive working capital contributions in several quarters, such as $40.1M in 2026Q1, suggest efficient management of receivables and payables, but the negative swings in 2025Q4 and 2024Q4 indicate timing effects. These fluctuations are not unusual for a rental company with large fleet assets, but they complicate the interpretation of quarterly cash flow trends.
Capital Deployment Shifts Toward Debt Reduction
WSC allocated $140.1M to buybacks in 2024Q4 but only $7.2M in 2026Q2, while acquisitions turned negative in 2025Q2, according to recent filings, suggesting a pivot to deleveraging.
The sharp reduction in share repurchases and the net cash inflow from acquisitions in 2025Q2 ($133.8M) indicate a strategic shift away from aggressive capital returns. Dividends have been initiated and maintained at around $12-13M per quarter, but the overall deployment pattern suggests a focus on strengthening the balance sheet. This aligns with the prior income statement analysis that flagged margin pressure and revenue stagnation, which may be prompting a more conservative capital allocation.
Cumulative Cash Generation Exceeds Net Income
Over the past ten quarters, cumulative operating cash flow of $1.9B far exceeds cumulative net income of $41.5M, as per financial statements, highlighting the gap between accrual earnings and cash reality.
The massive divergence is primarily due to non-cash D&A charges and working capital benefits, which are typical for asset-heavy rental businesses. This suggests that WSC's earnings quality is high from a cash perspective, but the low cumulative net income reflects significant one-time charges and impairments. Investors should recognize that the company's intrinsic cash-generating ability is stronger than reported earnings suggest, but the sustainability of these cash flows depends on fleet utilization and pricing.
What Could Invalidate the Base Case
The cash flow statement obscures potential risks from low capex and working capital timing, as reported figures show capex at 1.4% of revenue in 2026Q2, which may not sustain fleet quality.
The unusually low capex in recent quarters could indicate underinvestment in the fleet, which may not be immediately visible in cash flow but could impair future revenue generation. Additionally, the positive working capital contributions may reverse, as seen in 2025Q4, potentially reducing operating cash flow. Investors should monitor whether the company is sacrificing long-term growth for short-term cash generation, especially given the prior income statement analysis highlighting margin compression and revenue stagnation.