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WillScot Mobile Mini (WSC) investor relations material
WillScot Mobile Mini Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenue was $567 million, with Adjusted EBITDA of $243 million (42.9% margin), reflecting volume declines, elevated write-offs, and a focus on operational excellence and talent development.
Leadership transition underway: Tim Boswell to become CEO in January 2026, with a strategic shift toward higher-value, differentiated offerings and accountability for growth.
Leasing revenue, over 75% of total, declined 4.7–5% year-over-year but was stable sequentially when excluding write-offs, indicating underlying stability.
Modular and portable storage units on rent declined 5.8–6% and 13.8–14% year-over-year, respectively, due to macroeconomic headwinds and lower non-residential construction starts.
Emphasis on customer experience, network optimization, and sustainable growth through talent and operational improvements.
Financial highlights
Q3 2025 revenue was $566.8–$567 million, down 5.8–6% year-over-year, mainly due to lower units on rent and higher accounts receivable write-offs.
Adjusted EBITDA for Q3 2025 was $243–$243.3 million (42.9% margin), down 8.8–9% year-over-year but up 60 bps sequentially.
Gross profit margin for Q3 2025 was 49.7%, down from 53.5% in Q3 2024.
Adjusted Free Cash Flow for Q3 2025 was $122 million (21.6–22% margin); year-to-date reached $397 million (23% margin).
Net income for Q3 2025 was $43–$43.3 million, up from a prior year loss due to the absence of a $180 million merger termination fee.
Outlook and guidance
Q4 2025 guidance: revenue of ~$545 million, Adjusted EBITDA of ~$250 million, and Net CAPEX of ~$70 million.
Full-year 2025 guidance: revenue of ~$2.26 billion, Adjusted EBITDA of ~$970 million, Adjusted Free Cash Flow of ~$475 million, and Net CAPEX of ~$275 million.
Guidance reflects softer end-market demand, seasonal retail trends, and a more conservative approach with internal targets above public guidance.
Ongoing network optimization may accelerate non-cash restructuring charges if a multi-year plan is approved.
Amended ABL Facility extends debt maturity to 2030 and reduces borrowing costs, with no major maturities until 2028.
Fleet disposal impact on future capacity
Drivers of new conservative guidance approach
Key levers for reestablishing organic growth
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Next WillScot Mobile Mini earnings date
Q4 202520 Feb, 2026
Next WillScot Mobile Mini earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
WillScot Mobile Mini Holdings Corp. operates through three segments: Mobile, Modular, and Storage. It offers portable mobile office spaces for sales offices, job site offices, administrative offices, workshops, and conference rooms; modular buildings for education, healthcare, hospitality and retail industries; temporary classrooms or modular buildings for schools; temporary location buildings for construction companies; specialized learning cottages; campus buildings/temporary modular schools; general purpose modular buildings; and early childhood education buildings. WillScot Mobile Mini Holdings Corp. was incorporated in 2017 and is headquartered in Phoenix, Arizona.
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