WillScot Reports Third Quarter 2026 Results

Tim Boswell, President and Chief Executive Officer of WillScot

“Our third quarter results exceeded our expectations for revenue and Adjusted EBITDA. Leasing revenue increased 4% and delivery and installation revenue increased 23% year-over-year. Modular activations increased year-over-year for the fourth consecutive quarter, driving a positive inflection in units-on-rent. And revenue from Enterprise Accounts was up 15% year-over-year in the quarter. Together, we believe these are strong indicators that momentum is building in the business, our differentiated value proposition is resonating in the market, and our revenue mix is shifting in favor of our highest value offerings with our top customers.”

Tim Boswell, President and Chief Executive Officer of WillScot

“Margins and return on invested capital both increased sequentially in the quarter. We continue to see a higher mix of delivery, installation, and activation activity, which are short-term margin headwinds, but consistent with our increased volume growth expectations through the fourth quarter and into 2027. We continue to execute methodically across multiple levers in our field and centralized operations to further improve margins and the customer experience.”

Tim Boswell, President and Chief Executive Officer of WillScot

“We are supporting continued strong order activity with organic growth investments in our most highly utilized fleet categories where we see attractive returns and lease durations. These investments are strengthening our leasing revenue run-rate heading into next year, while continuing to generate strong free cash flow in the quarter. Overall, our improving run-rate, organic growth investments, and margin initiatives support mid-single digit percentage growth in Adjusted EBITDA in 2027. We believe this is a balanced initial outlook given potential risks to the pace of data center build-outs and potential upside if strength in modular activation activity continues or the demand profile broadens. We are excited about these fundamental improvements to our business trajectory and intend to execute against these opportunities on behalf of our shareholders.”

Matt Jacobsen, Chief Financial Officer of WillScot

“Third quarter 2026 revenues of $601 million and Adjusted EBITDA of $234 million exceeded our outlook due to continued strong leasing and services revenue growth. Adjusted EBITDA margins expanded 160 basis points sequentially in the third quarter while absorbing increased variable costs and higher-than-expected delivery and installation revenues to support 12% year-over-year growth in modular unit activations. The acceleration of modular activation growth over the prior quarters resulted in an earlier-than-expected inflection to year-over-year modular units-on-rent growth in the third quarter.”

Matt Jacobsen, Chief Financial Officer of WillScot

“Incorporating year-to-date 2026 results and ongoing activation levels, we are raising our 2026 outlook for revenue to $2.340 billion and maintaining Adjusted EBITDA at $920 million. Relative to our prior guidance, our expectations for modular activations and delivery and installation revenues in the fourth quarter have increased meaningfully. With these increases and the continued growth in our order book, we expect unit work order production levels to remain elevated. This combination is strengthening our leasing revenue run-rate heading into 2027 while reducing the seasonal sequential margin expansion that would be typical in the fourth quarter.”

Matt Jacobsen, Chief Financial Officer of WillScot

“Our improving operating trajectory and disciplined capital allocation provide us with both the opportunity to invest in growth and a clear path to reduce leverage, which remains a priority. As we balance absolute debt reduction with investments in attractive opportunities to drive Adjusted EBITDA growth, we expect leverage to be approaching 3.0x as we exit 2027.”