Exceeded Q1 2026 Outlook for Revenue and Adjusted EBITDA

Raises 2026 Full Year Outlook for Revenue, Adjusted EBITDA
and Net CAPEX on Continued Improving Commercial Demand

SCOTTSDALE, Ariz., May 07, 2026 (GLOBE NEWSWIRE) -- WillScot Holdings Corporation (“WillScot” or the “Company”) (Nasdaq: WSC), a leader in innovative temporary space solutions, today announced first quarter 2026 results, including key performance highlights and market updates, and raised its 2026 full year outlook.

Q1 20261

• Generated revenue of $549 million, gross profit margin percentage of 52.1%, and net income of $28 million.
• Reported Adjusted Net Income of $39 million and Adjusted EBITDA of $211 million at a 38.5% margin.
• Reported diluted and Adjusted Diluted Earnings Per Share of $0.15 and $0.21, respectively.
• Leasing and services revenue of $525 million increased year-over-year, with a 2.0% decline in leasing revenue more than offset by a 12.3% increase in delivery and installation revenue driven by project activations during the quarter.
• Generated Net cash provided by operating activities of $191 million and Adjusted Free Cash Flow of $116 million at a 21.1% margin.
• Paid down $76 million of outstanding debt and returned $20 million to shareholders through our quarterly cash dividend and share repurchases.
• Increased previously issued full year 2026 outlook for revenue, Adjusted EBITDA, and Net CAPEX given continued improving commercial demand.
   

Tim Boswell, President and Chief Executive Officer of WillScot, commented, "Our first quarter 2026 results were encouraging, with clear progress across our commercial and operational priorities for the year. We are seeing a steady increase in demand from larger project opportunities, most notably in the data center, power generation and utility, diversified manufacturing, and events sectors, that align well with both our value proposition and our strategic focus on enterprise accounts, new verticals, and our expanded offerings. Order and activation trends continued to strengthen through April, which combined with the growing volume of larger projects, is giving us better visibility into the second half of the year and is consistent with our longer-term strategy to drive higher quality revenue mix. Operationally, our teams are mobilizing to support increased activity levels by executing our previously announced Network Optimization Plan, rolling out our route optimization and dispatch platform in the field, continuing to optimize centralized shared services, and activating fleet to increase availability and minimize lead times across the network. Each of these initiatives supports our ability to capture immediate market opportunities while improving long-term profitability and the customer experience."

Boswell continued, "The strengthening commercial activity supports our increased 2026 outlook for Revenue, Adjusted EBITDA and capital expenditures, and we think there is a credible path to inflect leasing revenues to year-over-year growth in the second half of 2026. We remain focused on advancing initiatives that are within our control to strengthen our competitive positioning, serve our customers, and drive long-term shareholder value creation. I am incredibly grateful to our team for their focus on clean and consistent execution."

Matt Jacobsen, Chief Financial Officer of WillScot, commented, "First quarter 2026 revenues of $549 million and Adjusted EBITDA of $211 million exceeded our outlook entering the year. Large project demand drove outperformance in unit activations, which drove a year-over-year increase in variable costs, but also 12% year-over-year growth in delivery and installation revenues in the quarter. While these items naturally weigh on Adjusted EBITDA margins in the short-term, we expect that these activity levels will support units-on-rent and an increased lease revenue run-rate heading into the second half of the year."

Jacobsen concluded, "Based on first quarter results and our current order book levels, we are raising our 2026 outlook to $2.250 billion in revenue and $915 million in Adjusted EBITDA. We continue to see improving commercial demand stemming mainly from larger project activity in our modular space portfolio. In contrast, we have not seen improved demand across local markets, so while stabilizing, we remain cautious about the outlook. That said, we are raising our Net CAPEX outlook to $325 million for 2026 to support strong demand in select product lines tied to large scale projects. This increase speaks favorably to our competitive positioning and is expected to offset continued softness in other transactional product categories, supporting the second half 2026 leasing revenue inflection now implied in our current outlook."

First Quarter 2026 Results1 

 

	Three Months Ended March 31,
(in thousands, except share data)		2026				2025
Revenue	$	548,628			$	559,551
Net income	$	28,123			$	43,055
Adjusted Net Income	$	38,847			$	48,658
Adjusted EBITDA	$	211,014			$	228,785
Gross profit margin		52.1	%			53.7	%
Adjusted EBITDA Margin (%)		38.5	%			40.9	%
Net cash provided by operating activities	$	191,058			$	206,627
Adjusted Free Cash Flow	$	115,556			$	144,795
Diluted earnings per share	$	0.15			$	0.23
Adjusted Diluted Earnings Per Share	$	0.21			$	0.26
Weighted average diluted shares outstanding		181,463,605				185,301,787
Adjusted weighted average diluted shares outstanding		181,463,605				185,301,787
Net cash provided by operating activities margin		34.8	%			36.9	%
Adjusted Free Cash Flow Margin (%)		21.1	%			25.9	%
Return on Invested Capital		13.0	%			13.7	%

 

 

	Three Months Ended March 31,
(in thousands)		2026				2025
Modular space leasing revenue(a)	$	243,761			$	245,864
Portable storage leasing revenue		72,523				77,035
VAPS and third-party leasing revenues(b)		97,135				96,339
Other leasing-related revenue(c)		12,103				15,152
Leasing revenue		425,522				434,390
Delivery and installation revenue		99,522				88,661
Total leasing and services revenue		525,044				523,051
New unit sales revenue		8,994				22,437
Rental unit sales revenue		14,590				14,063
Total revenues	$	548,628			$	559,551

(a) Includes revenue from clearspan structures.
(b) Includes $10.2 million and $9.2 million of service revenue for the three months ended March 31, 2026 and 2025, respectively.
(c) Includes primarily damage billings, delinquent payment charges, and other processing fees associated with leasing arrangements, and is partially offset by write offs of specific uncollectible lease receivables recorded as a reduction to revenue of $13.0 million and $10.6 million, for the three months ended March 31, 2026 and 2025, respectively.

Capitalization and Liquidity Update1
As of and for the three months ended March 31, 2026, except where noted:

• Net cash provided by operating activities was $191 million, resulting in $116 million of Adjusted Free Cash Flow after Net CAPEX investments.
• Invested $89 million of Net CAPEX, supporting both maintenance capex needs and growth in higher value products from strong ongoing large project demand.
• Total debt was $3,514 million and net debt was $3,499 million, representing a $76 million reduction in our total debt balance in the quarter. Our next debt maturity is in August 2028.
• Availability under our asset-based revolving credit facility ("ABL Facility") was approximately $1.5 billion.
• Weighted average pre-tax interest rate, inclusive of $1.25 billion of fixed-to-floating swaps of 1-month SOFR at 3.54%, was approximately 5.7%. Estimated annual cash interest expense based on our current debt structure and benchmark rates is approximately $202 million, or approximately $215 million inclusive of non-cash amortization of deferred financing fees. Our debt structure is approximately 90% / 10% fixed-to-floating after giving effect to the interest rate swaps.
• Net Debt to Adjusted EBITDA was at 3.7x based on our last 12 months Adjusted EBITDA of $953 million.
• Repurchased 352,900 shares of Common Stock for $7 million in the first quarter of 2026, contributing to a 1.2% reduction in our outstanding share count over the 12 months ended March 31, 2026.
• Paid quarterly cash dividend of $0.07 per share on March 18, 2026 to shareholders of record as of March 4, 2026.
   

2026 Full Year Outlook1
The Company raised its full year 2026 outlook provided in February 2026. This outlook uses approximate figures and is subject to risks and uncertainties, including those described in "Forward-Looking Statements" below.

 

$M	2026 Outlook
Revenue	$2,250
Adjusted EBITDA	$915
Net CAPEX	$325

____________________
1 - Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Weighted Average Diluted Shares Outstanding, Adjusted Free Cash Flow, Adjusted Free Cash Flow Margin, Net Debt, Net Debt to Adjusted EBITDA ratio, Net CAPEX and Return on Invested Capital are financial measures that are not required by, or calculated in accordance with, generally accepted accounting principles in the US ("GAAP"). Further information and reconciliations for these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP are included at the end of this press release. Information reconciling forward-looking Adjusted EBITDA and Net CAPEX to the most directly comparable GAAP financial measures is unavailable to the Company without unreasonable effort and, therefore, neither the most directly comparable GAAP financial measures nor reconciliations to the most directly comparable GAAP measures are provided.

Non-GAAP Financial Measures
This press release includes non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Weighted Average Diluted Shares Outstanding, Adjusted Free Cash Flow, Adjusted Free Cash Flow Margin, Return on Invested Capital, Net CAPEX, and Net Debt to Adjusted EBITDA ratio. These non-GAAP financial measures should not be considered in isolation from, or as an alternative to, financial measures calculated in accordance with GAAP. Other companies may calculate these non-GAAP financial measures differently, and, therefore, the Company's non-GAAP financial measures may not be directly comparable to similarly-titled measures of other companies. For reconciliations of the non-GAAP financial measures used in this press release (except as explained below), see “Reconciliation of Non-GAAP Financial Measures" included in this press release.

Information regarding the most directly comparable GAAP financial measures and reconciling forward-looking Adjusted EBITDA and Net CAPEX to those GAAP financial measures is unavailable to the Company without unreasonable effort. We cannot provide the most comparable GAAP financial measures nor reconciliations of forward-looking Adjusted EBITDA and Net CAPEX to the most directly comparable GAAP financial measures because certain items required for such reconciliations are outside of our control and/or cannot be reasonably predicted, such as the provision for income taxes. Preparation of such reconciliations would require a forward-looking balance sheet, statement of income, and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to the Company without unreasonable effort. Although we provide outlooks for Adjusted EBITDA and Net CAPEX that we believe will be achieved, we cannot accurately predict all the components of the Adjusted EBITDA and Net CAPEX calculations. The Company provides Adjusted EBITDA and Net CAPEX guidance because we believe that Adjusted EBITDA and Net CAPEX, when viewed with our results under GAAP, provides useful information for the reasons noted below.

Conference Call Information
WillScot will host a conference call and webcast to discuss its first quarter and full year 2026 results and the 2026 outlook at 5:30 p.m. Eastern Time on Thursday, May 7, 2026. To access the live call by phone, use the following link:

https://register-conf.media-server.com/register/BI593e7eb881ea45eeac2df4c310b8e1af

You will be provided with dial-in details after registering. To avoid delays, we recommend that participants dial into the conference call 15 minutes ahead of the scheduled start time. A live webcast will also be accessible via the "Events & Presentations" section of the Company's investor relations website: www.investors.willscot.com. Choose "Events" and select the information pertaining to the WillScot First Quarter 2026 Conference Call. Additionally, there will be slides accompanying the webcast. Please allow at least 15 minutes prior to the call to register, download and install any necessary software. For those unable to listen to the live broadcast, an audio webcast of the call will be available for 12 months on the Company’s investor relations website.

About WillScot
WillScot (Nasdaq: WSC) is a leading provider of innovative turnkey space solutions in North America, helping customers keep projects moving and operations running. The Company partners with critical industries including construction, manufacturing, healthcare, government, energy and education to deliver the right solutions coupled with a high level of customer service. WillScot’s comprehensive portfolio of products – including modular complexes, dry and cold storage containers, blast-resistant buildings, clearspan industrial structures, fencing, and add-on furnishings and equipment – is customizable and flexible to support any project need. Headquartered in Scottsdale, Ariz., WillScot operates from a network of approximately 250 branch locations in the U.S., Canada, and Mexico.

Forward-Looking Statements
This press release contains forward-looking statements (including the guidance/outlook contained herein) within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. The words "estimates," "expects," "anticipates," "believes," "forecasts," "plans," "intends," "may," "will," "should," "shall," "outlook," "guidance," "see," "have confidence" and variations of these words and similar expressions identify forward-looking statements, which are generally not historical in nature. Certain of these forward-looking statements include statements relating to demand for units tied to large scale projects reducing continued softness from transactional product categories, an improved lease revenue run-rate, and an inflection in year-over-year leasing revenue growth. Forward-looking statements are subject to a number of risks, uncertainties, assumptions and other important factors, many of which are outside our control, which could cause actual results or outcomes to differ materially from those discussed in or implied by the forward-looking statements. Although the Company believes that these forward-looking statements are based on reasonable assumptions, they are predictions and we can give no assurance that any such forward-looking statement will materialize. Important factors that may affect actual results or outcomes include, among others, economic conditions and changes therein, including financial market conditions and levels of end market demand, as a result of macroeconomic and geopolitical conditions, including international armed conflicts; our ability to effectively compete in the modular space and portable storage industries; our ability to effectively manage our credit risk, collect on our accounts receivable, or recover our rental equipment from customers; our ability to implement our Network Optimization Plan; laws and regulations governing antitrust, climate related disclosures, cybersecurity and information technology, privacy, government contracts, anti-corruption, and the environment; the actions of activist shareholders; our ability to successfully acquire and integrate new operations; risks associated with cybersecurity threats and failure of our management information systems; trade policies and changes in trade policies, including the imposition of or increases in tariffs, their enforcement, trade restrictions, and broader economic measures and their consequences; fluctuations in interest rates and commodity prices; risks associated with labor relations, labor costs and labor disruptions; changes in the competitive environment of our customers as a result of the economic climate in which they operate and/or economic or financial disruptions to their industry; our ability to adequately protect our intellectual property and other proprietary rights that are material to our business; natural disasters and other business disruptions such as pandemics; our ability to establish and maintain the appropriate physical presence in our markets; property, casualty or other losses not covered by our insurance; our ability to close our unit sales transactions; our ability to achieve our sustainability goals; operational, economic, political, and regulatory risks; effective management of our rental equipment; the effect of changes in state building codes on our ability to remarket our buildings; significant increases in the costs and restrictions on the availability of raw materials and labor; fluctuations in fuel costs or a reduction in fuel supplies; our reliance on third-party manufacturers and suppliers; impairment of our goodwill, intangible assets and indefinite-life intangible assets; our ability to use our net operating loss carryforwards and other tax attributes; our ability to recognize deferred tax assets, such as those related to tax loss carryforwards, and utilize future tax savings; unanticipated changes in tax obligations, adoption of new tax legislation, or exposure to additional income tax liabilities; our ability to access the capital and credit markets or the ability of key counterparties to perform their obligations to us; our ability to service our debt and operate our business; our ability to incur significant additional amounts of debt and avoid risks associated with substantial indebtedness; covenants that limit our operating and financial flexibility; and such other risks and uncertainties described in the periodic reports we file with the US Securities and Exchange Commission ("SEC") from time to time (including our Annual Report on Form 10-K for the year ended December 31, 2025), which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Any forward-looking statement speaks only at the date on which it is made, and the Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Additional Information and Where to Find It
Additional information can be found on the Company's website at www.willscot.com.

To view full press release, please visit:

https://www.globenewswire.com/news-release/2026/05/07/3290651/0/en/willscot-reports-first-quarter-2026-results-and-raises-2026-full-year-outlook.html

Contact Information
Investor Inquiries:		Media Inquiries:
Charlie Wohlhuter		Juliana Welling
investors@willscot.com		media@willscot.com