WillScot Holdings Corp (WSC) Form 8-K — Nov 5, 2026
WillScot reported Q3 2026 revenue of $601 million and Adjusted EBITDA of $234 million, beating its outlook, with leasing and services revenue up 7.5% year-over-year and delivery and installation revenue up 22.7%. Net income was $52 million (diluted EPS $0.28), and modular activations grew 12% year-over-year, driving a fourth straight quarter of activation growth and a positive inflection in units-on-rent. However, Adjusted EBITDA margin of 38.8% and Adjusted Free Cash Flow of $78 million both declined year-over-year due to higher variable and delivery/installation costs.
Key figures
- Eps
- 0.28
- Revenue
- 601338000
- Guidance
- FY2026 revenue raised to ~$2,340M; Adjusted EBITDA maintained at ~$920M; Net CAPEX ~$400M; mid-single digit % Adjusted EBITDA growth expected in 2027; leverage approaching 3.0x exiting 2027
- Net Income
- 51575000
- Total Debt
- 3449285000
- Revenue Yoy
- 6.1% (vs $566.8M in Q3 2025)
- Total Assets
- 5912811000
- Cash Position
- 15106000
- Net debt
- $3,434M
- Adjusted eps
- $0.29 vs $0.30 prior year
- Net capex q3
- $123M
- Adjusted fcf q3
- $78.4M vs $123.6M prior year
- Debt paydown q3
- $57M
- Abl availability
- ~$1.6B
- Adjusted ebitda q3
- $233.6M (38.8% margin, down from 42.9% YoY)
- Quarterly dividend
- $0.07 per share paid September 16, 2026
- Operating cash flow q3
- $197.9M, up 4% YoY
- Modular activations yoy
- +12%
- No debt maturities until
- August 2028
- Net debt to adjusted ebitda
- 3.7x
- Enterprise accounts revenue yoy
- +15%
- Leasing and services revenue yoy
- +7.5%
- Delivery installation revenue yoy
- +22.7%
AI analysis
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