Revenue has stagnated with only 3.9% growth in 2026Q2, while gross margin volatility (swinging from 55.8% in 2024Q4 to 45.3% in 2025Q3) and operating margin compression from 28.9% to 19.2% over six quarters indicate persistent pricing pressure and muted operating leverage.
WillScot Holdings Corporation (WSC) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Sales/Revenue | 2.33B | 2.28B | 2.4B | 2.36B | 2.14B | 1.67B | 1.27B | 1.06B | 751.41M | 445.94M | 426.61M | 453.33M |
| Revenue Growth % | 0.44% | -4.77% | 1.31% | 10.37% | 28.07% | 31.42% | 19.68% | 41.56% | 68.5% | 4.53% | -5.89% | - |
| Cost of Goods Sold | 1.17B | 1.21B | 1.09B | 1.03B | 1.01B | 828.28M | 664.56M | 650.35M | 462.03M | 280.37M | 267.44M | 290.39M |
| COGS % of Revenue | - | 53.21% | 45.66% | 43.59% | 47.01% | 49.51% | 52.2% | 61.14% | 61.49% | 62.87% | 62.69% | 64.06% |
| Gross Profit | 1.16B | 1.07B | 1.3B | 1.33B | 1.14B | 844.7M | 608.43M | 413.31M | 289.38M | 165.57M | 159.17M | 162.94M |
| Gross Margin % | 49.74% | 46.79% | 54.34% | 56.41% | 53% | 50.49% | 47.8% | 38.86% | 38.51% | 37.13% | 37.31% | 35.94% |
| Gross Profit Growth % | - | -18% | -2.4% | 17.47% | 34.42% | 38.83% | 47.21% | 42.83% | 74.78% | 4.02% | -2.31% | - |
| Operating Expenses | 686.81M | 578.66M | 1.04B | 660.41M | 624M | 544.33M | 446.63M | 295.79M | 263.6M | 173.83M | 688.57K | 162.03M |
| OpEx % of Revenue | - | 25.36% | 43.32% | 27.93% | 29.12% | 32.54% | 35.09% | 27.81% | 35.08% | 38.98% | 0.16% | 35.74% |
| Selling, General & Admin | 610.46M | 581.76M | 630.71M | 596.09M | 567.49M | 480.41M | 338.39M | 271M | 254.87M | 162.35M | 688.57K | 139.35M |
| SG&A % of Revenue | - | 25.5% | 26.33% | 25.21% | 26.49% | 28.72% | 26.58% | 25.48% | 33.92% | 36.41% | 0.16% | 30.74% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | -3.1M | 407.22M | 64.32M | 56.51M | 63.92M | 108.24M | 24.78M | 4.57M | -2.83M | 0 | 22.68M |
| Operating Income | 471.5M | 488.88M | 263.92M | 673.46M | 511.48M | 300.38M | 161.79M | 117.53M | 6.26M | -58.32M | -688.57K | -20.77M |
| Operating Margin % | 20.25% | 21.43% | 11.02% | 28.48% | 23.87% | 17.95% | 12.71% | 11.05% | 0.83% | -13.08% | -0.16% | -4.58% |
| Operating Income Growth % | - | 85.24% | -60.81% | 31.67% | 70.28% | 85.66% | 37.67% | 1777.1% | 110.74% | -8370.05% | 96.69% | - |
| EBITDA | 869.02M | 918.9M | 648.89M | 1.01B | 854.99M | 618.58M | 408.74M | 306.96M | 142.73M | 49.55M | 77.31M | 116.12M |
| EBITDA Margin % | 37.33% | 40.28% | 27.09% | 42.8% | 39.9% | 36.97% | 32.11% | 28.86% | 18.99% | 11.11% | 18.12% | 25.61% |
| EBITDA Growth % | -9.14% | 41.61% | -35.89% | 18.38% | 38.22% | 51.34% | 33.16% | 115.07% | 188.03% | -35.9% | -33.42% | - |
| D&A (Non-Cash Add-back) | 397.52M | 430.02M | 384.97M | 338.65M | 343.51M | 318.2M | 246.95M | 189.44M | 136.47M | 107.88M | 78M | 136.89M |
| EBIT | 133.4M | 167.28M | 263.92M | 673.46M | 511.48M | 267.78M | 122.85M | -852K | 5.89M | -46.09M | 7.04M | -10.99M |
| Net Interest Income | -199.7M | -222.7M | -227.31M | -205.04M | -146.28M | -116.36M | -119.32M | -122.5M | -98.43M | -107.08M | 0 | -82.25M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.23M | 1.25M | 9.78M |
| Interest Expense | 199.7M | 222.7M | 227.31M | 205.04M | 146.28M | 116.36M | 119.32M | 122.5M | 98.43M | 119.31M | 0 | 92.03M |
| Other Income/Expense | -537.8M | -544.3M | -227.31M | -205.04M | -146.28M | -148.95M | -158.26M | -240.88M | -98.43M | -107.08M | -86.94M | -82.25M |
| Pretax Income | -66.31M | -55.42M | 36.6M | 468.42M | 365.2M | 151.42M | 3.53M | -123.36M | -92.17M | -165.4M | 562.66K | -103.02M |
| Pretax Margin % | -2.85% | -2.43% | 1.53% | 19.81% | 17.04% | 9.05% | 0.28% | -11.6% | -12.27% | -37.09% | 0.13% | -22.73% |
| Income Tax | -5.66M | -2.43M | 8.47M | 126.58M | 88.86M | 36.53M | -56.04M | -2.19M | -38.6M | -936K | -24.5M | -34.07M |
| Effective Tax Rate % | 8.54% | 4.39% | 23.15% | 27.02% | 24.33% | 24.12% | -1586.19% | 1.78% | 41.88% | 0.57% | -4354.67% | 33.07% |
| Net Income | -60.65M | -52.99M | 28.13M | 476.46M | 339.54M | 160.14M | 74.13M | -120.74M | -49.04M | -147.7M | 562.66K | -71.59M |
| Net Margin % | -2.6% | -2.32% | 1.17% | 20.15% | 15.85% | 9.57% | 5.82% | -11.35% | -6.53% | -33.12% | 0.13% | -15.79% |
| Net Income Growth % | -127.13% | -288.38% | -94.1% | 40.32% | 112.02% | 116.04% | 161.39% | -146.22% | 66.8% | -26350.67% | 100.79% | - |
| Net Income (Continuing) | -60.65M | -52.99M | 28.13M | 341.84M | 276.34M | 114.89M | 59.57M | -121.17M | -53.57M | -164.46M | -63.13M | -68.95M |
| Discontinued Operations | 0 | 0 | 0 | 134.61M | 63.2M | 45.25M | 15.77M | 0 | 0 | 14.65M | 32.2M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 64.59M | 63.98M | 48.93M | 0 | 0 |
| EPS (Diluted) | -0.33 | -0.29 | 0.15 | 2.36 | 1.25 | 0.69 | 0.25 | -0.11 | -0.55 | -2.12 | 0.01 | -4.82 |
| EPS Growth % | -128.1% | -293.33% | -93.64% | 88.8% | 81.16% | 176% | 327.27% | 80% | 74.06% | - | 100.19% | - |
| EPS (Basic) | - | -0.29 | 0.15 | 2.40 | 1.40 | 0.71 | 0.44 | -0.11 | -0.56 | -7.47 | 0.04 | -4.82 |
| Diluted Shares Outstanding | 181.77M | 182.39M | 190.29M | 201.85M | 221.4M | 232.79M | 177.27M | 108.68M | 88.95M | 69.7M | 62.5M | 14.85M |
| Basic Shares Outstanding | 181.32M | 182.39M | 188.1M | 198.55M | 216.81M | 226.52M | 169.23M | 108.68M | 87.21M | 19.76M | 14.85M | 14.85M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying WSC stock.
For fiscal year 2025, WillScot Holdings Corporation (WSC) reported total revenue of $2.28B. This represents a 403.3% increase compared to $453.3M in 2015.
WillScot Holdings Corporation (WSC) reported a net loss of $53.0M for the fiscal year ending 2025.
WillScot Holdings Corporation (WSC) reported an operating income of $488.9M, resulting in an operating profit margin of 21.4%. This margin reflects the operational efficiency of the business before interest and taxes.
WillScot Holdings Corporation (WSC) generated $1.07B in gross profit for the year, representing a gross profit margin of 46.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue stagnation and margin volatility
Metrics are mathematically derived from official filings.
Revenue Stagnation Amid Macro Headwinds
WSC's revenue has been flat to slightly declining over the past two years, with 2026Q2 showing only 3.9% growth, according to recent financial statements, suggesting a mature market with limited pricing power.
Revenue has hovered around $550-$600 million per quarter for the past ten quarters, with year-over-year growth oscillating between -6.1% and +3.9%. The most recent quarter's 3.9% growth is a modest rebound from the prior quarter's -2.0%, but the overall trend is one of stagnation. This suggests that WSC is not gaining meaningful market share and may be facing demand saturation in its core rental markets.
Gross Margin Volatility Signals Pricing Pressure
Gross margin has swung from 55.8% in 2024Q4 to 45.3% in 2025Q3, as reported in quarterly filings, indicating significant volatility that may reflect changing mix and competitive pricing dynamics.
The gross margin range of 45.3% to 55.8% over the past ten quarters is wide for a rental company, suggesting that WSC's pricing power is inconsistent. The recent recovery to 50.0% in 2026Q2 from 46.2% in 2025Q4 is encouraging, but the volatility implies that the company may be discounting to maintain utilization or facing higher maintenance costs. Compared to peers like United Rentals (35.4%) and McGrath (46.1%), WSC's margins are higher, but the instability warrants monitoring.
Operating Leverage Muted by Cost Structure
Operating income has not scaled with revenue, as SG&A expenses have remained relatively fixed, leading to operating margins that have compressed from 28.9% in 2024Q4 to 19.2% in 2026Q2, based on reported figures.
While revenue has been flat, SG&A has ranged from $137.7 million to $180.8 million, with no clear downward trend. This suggests that WSC's cost structure is not flexing with revenue, limiting operating leverage. The operating margin decline from 28.9% to 19.2% over the past six quarters indicates that the company is not benefiting from scale, and investors should watch for cost discipline initiatives.
Earnings Distorted by One-Time Charges
Net income swung from a $187.3 million loss in 2025Q4 to a $47.0 million profit in 2026Q2, as per financial statements, highlighting the impact of non-recurring items on reported earnings quality.
The $187.3 million net loss in 2025Q4 is a clear outlier, likely driven by impairment or restructuring charges, while other quarters show more normalized earnings. Excluding that quarter, net income has been relatively stable, but the volatility underscores the need to adjust for one-time items. Stock-based compensation has also varied, from zero in 2025Q4 to $15.0 million in 2026Q2, which can distort EPS comparisons.
COGS and SG&A Pressures on Profitability
COGS as a percentage of revenue has risen from 44.2% in 2024Q4 to 50.0% in 2026Q2, according to recent filings, while SG&A has remained elevated, squeezing operating margins.
The increase in COGS relative to revenue suggests higher direct costs, possibly from maintenance, fuel, or depreciation on rental equipment. SG&A has not declined proportionally, indicating that overhead is sticky. This combination has compressed operating margins from 28.9% to 19.2% over the past six quarters, and unless cost controls are implemented, profitability may remain under pressure.
2024Q4 Peak Marks Turning Point
The 2024Q4 quarter represented a peak in operating margin at 28.9% and net margin at 14.8%, as reported, after which margins deteriorated sharply, signaling a potential inflection in the business cycle.
Following 2024Q4, operating margins fell to -5.9% in 2024Q3 and -0.9% in 2024Q2, but those were likely impacted by one-time items. The more telling trend is the steady decline from 28.9% in 2024Q4 to 19.2% in 2026Q2, which suggests that the company's pricing power and cost structure have structurally changed. This inflection may indicate a maturing market or increased competition, and investors should assess whether this is cyclical or secular.
What Could Invalidate the Base Case
The most significant risk is that WSC's revenue stagnation and margin compression are not temporary but reflect a permanent loss of pricing power, as evidenced by the persistent decline in operating margins from 28.9% to 19.2% over six quarters.
Short-sellers might argue that the company's high gross margins are unsustainable as competition intensifies and rental rates soften. The volatility in gross margin, from 55.8% to 45.3%, suggests that WSC may be sacrificing pricing to maintain utilization, which could erode profitability further. Additionally, the elevated SG&A relative to revenue indicates a lack of cost discipline, and if revenue continues to stagnate, operating leverage could turn negative, leading to margin compression beyond current levels.