WillScot Mobile Mini (WSC) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was $566M, with adjusted EBITDA of $250M (44.2% margin); full-year 2025 revenue reached $2.28B and adjusted EBITDA $971M (42.6% margin), reflecting a challenging macro environment, elevated write-offs, and a large non-cash restructuring charge.

• Modular leasing revenues remained stable year-over-year, while portable storage was impacted by seasonality and lower volumes; VAPS penetration increased to 17.8% of total revenue.

• Order momentum was driven by enterprise accounts, mega-projects (notably data centers), and improved local sales execution, with modular activations up 3% and the order book up over 10% entering 2026.

• Leadership transition completed with a new CEO, emphasizing disciplined execution, operational excellence, and strategic alignment for growth and shareholder value.

• Conservative 2026 outlook provided, reflecting market headwinds, a focus on organic growth, and operational efficiency.

Financial highlights

• Q4 2025 revenue: $566M; adjusted EBITDA: $250M (44.2% margin); full-year 2025 revenue: $2.28B; adjusted EBITDA: $971M (42.6% margin).

• Adjusted Free Cash Flow for 2025: $489M (21.4% margin); Q4: $91M (16.1% margin); net cash from operating activities for 2025: $762M (33.4% margin).

• Net CAPEX for 2025 was $273M, reflecting investment in higher-value product categories.

• Returned $151M to shareholders in 2025 via repurchases and dividends; reduced debt by $146M.

• Net debt at year-end was $3.57B, with a net debt to adjusted EBITDA ratio of 3.7x and $1.4B in available liquidity.

Outlook and guidance

• 2026 revenue guidance: ~$2.175B–$2.18B; adjusted EBITDA: $900M, reflecting a $50M headwind in traditional storage.

• Q1 2026 guidance: $515M revenue, $200M adjusted EBITDA.

• Net CAPEX for 2026 projected at $275M, front-loaded to support demand and higher-value products.

• Adjusted Free Cash Flow for 2026 projected at ~$415M, excluding $35M in network optimization costs.

• Guidance is conservative and does not assume improvement in business trends; potential for upside if commercial momentum sustains.