Revenue growth has entered a multi-quarter period of negative performance, contracting 2.0% in 2026Q1 while gross margins compressed to 52.1% from a 2023Q4 peak of 56.0%.
| Sales/Revenue | 2.27B | 2.28B | 2.4B | 2.36B | 2.14B | 1.67B | 1.27B | 1.06B | 751.41M | 445.94M | 426.61M | 453.33M |
| Revenue Growth % | -4.12% | -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 | 1.1B | 1.07B | 1.3B | 1.33B | 1.14B | 844.7M | 608.43M | 413.31M | 289.38M | 165.57M | 159.17M | 162.94M |
| Gross Margin % | 48.42% | 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 | 626.34M | 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 | 578.44M | 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 | 2M | -3.1M | 407.22M | 64.32M | 56.51M | 63.92M | 108.24M | 24.78M | 4.57M | -2.83M | 0 | 22.68M |
| Operating Income | 473.46M | 488.88M | 263.92M | 673.46M | 511.48M | 300.38M | 161.79M | 117.53M | 6.26M | -58.32M | -688.57K | -20.77M |
| Operating Margin % | 20.85% | 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 | 815.19M | 918.9M | 648.89M | 1.01B | 854.99M | 618.58M | 408.74M | 306.96M | 141.3M | 22.97M | 77.31M | 116.12M |
| EBITDA Margin % | 35.9% | 40.28% | 27.09% | 42.8% | 39.9% | 36.97% | 32.11% | 28.86% | 18.8% | 5.15% | 18.12% | 25.61% |
| EBITDA Growth % | 26.85% | 41.61% | -35.89% | 18.38% | 38.22% | 51.34% | 33.16% | 117.24% | 515.15% | -70.29% | -33.42% | - |
| D&A (Non-Cash Add-back) | 341.73M | 430.02M | 384.97M | 338.65M | 343.51M | 318.2M | 246.95M | 189.44M | 135.04M | 81.29M | 78M | 136.89M |
| EBIT | 148.71M | 167.28M | 263.92M | 673.46M | 511.48M | 267.78M | 122.85M | -852K | 5.89M | -46.09M | 7.04M | -10.99M |
| Net Interest Income | -212.92M | -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 | 212.92M | 222.7M | 227.31M | 205.04M | 146.28M | 116.36M | 119.32M | 122.5M | 98.43M | 119.31M | 0 | 92.03M |
| Other Income/Expense | -546.79M | -544.3M | -227.31M | -205.04M | -146.28M | -148.95M | -158.26M | -240.88M | -98.43M | -107.08M | -86.94M | -82.25M |
| Pretax Income | -73.33M | -55.42M | 36.6M | 468.42M | 365.2M | 151.42M | 3.53M | -123.36M | -92.17M | -165.4M | 562.66K | -103.02M |
| Pretax Margin % | -3.23% | -2.43% | 1.53% | 19.81% | 17.04% | 9.05% | 0.28% | -11.6% | -12.27% | -37.09% | 0.13% | -22.73% |
| Income Tax | -5.41M | -2.43M | 8.47M | 126.58M | 88.86M | 36.53M | -56.04M | -2.19M | -38.6M | -936K | -24.5M | -34.07M |
| Effective Tax Rate % | 7.37% | 4.39% | 23.15% | 27.02% | 24.33% | 24.12% | -1586.19% | 1.78% | 41.88% | 0.57% | -4354.67% | 33.07% |
| Net Income | -67.92M | -52.99M | 28.13M | 476.46M | 339.54M | 160.14M | 74.13M | -120.74M | -49.04M | -147.7M | 562.66K | -71.59M |
| Net Margin % | -2.99% | -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 % | -554.51% | -288.38% | -94.1% | 40.32% | 112.02% | 116.04% | 161.39% | -146.22% | 66.8% | -26350.67% | 100.79% | - |
| Net Income (Continuing) | -67.92M | -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) | -0.37 | -0.29 | 0.15 | 2.36 | 1.37 | 0.69 | 0.25 | -0.11 | -0.55 | -2.12 | 0.01 | -4.82 |
| EPS Growth % | -522.22% | -293.33% | -93.64% | 72.26% | 98.55% | 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 | 181.46M | 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 | 180.99M | 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 | - | - | - | - | - | - | - | - | - | - | - | - |
High leverage and revenue contraction
According to the company's recent quarterly filings, WillScot Holdings has experienced a consistent decline in top-line performance, with revenue growth contracting by 2.0% in 2026Q1, marking a multi-quarter trend of negative year-over-year growth that suggests weakening demand across its core modular and storage rental segments.
The sustained negative revenue growth indicates that the company is struggling to offset the roll-off of legacy contracts with new business at higher rates. Investors should monitor whether this contraction reflects a broader cyclical downturn in commercial construction or a loss of market share in key metropolitan hubs.
As reported in financial statements, WillScot's gross margin has exhibited significant volatility, dropping from a peak of 56.0% in 2023Q4 to 52.1% in 2026Q1, which highlights the sensitivity of the company's rental fleet profitability to fluctuating delivery, installation, and maintenance costs across its North American operations.
The compression in gross margins suggests that the high-margin value-added services are not currently providing enough of a buffer against rising operational costs. This trend warrants further investigation into whether the company is facing increased pricing pressure or if the mix of lower-margin delivery activities is disproportionately impacting the bottom line.
Based on the provided income statement data, WillScot's operating income has failed to scale efficiently, with operating margins fluctuating wildly from 28.9% in 2024Q4 to 19.7% in 2026Q1, indicating that the company's fixed-cost structure remains a significant drag on profitability during periods of top-line revenue decline.
The inability to maintain consistent operating margins suggests that the company's overhead and branch network costs are not sufficiently flexible to adjust to lower utilization levels. This lack of operating leverage may indicate that the business model is highly sensitive to volume, making it vulnerable to further economic softening.
As evidenced by the reported figures, WillScot's net income has been highly inconsistent, swinging from a $187.3 million loss in 2025Q4 to a $28.1 million profit in 2026Q1, which suggests that non-operating items and interest expenses are significantly distorting the company's true underlying earnings power.
The wide variance between operating income and net income appears to be driven by the company's high debt load and potential one-time charges related to failed M&A activity. Investors should be cautious of relying on GAAP EPS as a proxy for operational health, as these non-operating factors currently obscure the core business performance.
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.