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WillScot Holdings (WSC) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · WillScot Holdings (WSC) Q3 2026 earnings results →
Q3 2026 Revenue up 6% year over year to $601M · 9¢ of every $1 of revenue kept as net profit · operating margin 21.0%
WillScot Holdings made $601M in Q3 2026 (+6% Y/Y): Leasing and Services $573M, Rental units $14.4M, New units $14.4M. Operating margin 21.0%, net earnings $51.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $601.3M in Q3 2026, up 6% year over year and down 2% from the previous quarter. Modular space leasing revenue was the largest line at 43% of revenue. Delivery and installation added $22.3M year over year (up 23%), 65% of the total change. New units declined 22%.
Gross margin was 50.7%, up 1.0 points from Q3 2025. Operating profit was $126.2M, a 21.0% margin (unchanged year over year). Of the extra revenue versus Q3 2025, 22% reached operating profit, above the 21% margin then. Operating expenses grew 10% against revenue growth of 6%. The fastest-growing cost line was SG&A (+12%). Net earnings were $51.6M, up 19% year over year. The effective tax rate was 27.6%.
Operating cash flow was $198.0M (up 4% year over year), 384% of net earnings. Non-cash charges added back $22.5M of depreciation and amortization and $7.5M of share-based compensation. Working capital and other items added $116.4M. Capital expenditures of $5.4M left free cash flow of $192.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $601M | +6% | 21.0% | $51.6M | $198M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $612M | +4% | 19.2% | $47.0M | $162M |
| Q1 2026 | 10-Q | May 7, 2026 | $549M | -2% | 17.6% | $28.1M | $191M |
| Q4 2025 | 10-K | Feb 19, 2026 | $566M | -6% | -32.5% | −$187M | $159M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $567M | -6% | 21.0% | $43.3M | $191M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $589M | -3% | 21.5% | $47.9M | $205M |
| Q1 2025 | 10-Q | May 1, 2025 | $560M | -5% | 21.3% | $43.1M | $207M |
Charts
Interactive views
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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About WillScot Holdings
Unless the context otherwise requires, “we,” “us,” “our” and “Company” refers to WillScot Holdings Corporation ("WillScot") and our subsidiaries. Headquartered in Scottsdale, Arizona, we are a leading business services provider specializing in innovative and flexible turnkey temporary space solutions. Our diverse product offering includes modular office complexes, mobile offices, classrooms, blast-resistant modules, clearspan structures, sanitation solutions, portable storage containers, and climate-controlled containers and trailers.
In its own words, from its 10-K, filed Feb 19, 2026.
WillScot Holdings against its Services-Miscellaneous Equipment Rental & Leasing peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +6% against the peers' median +11%. Operating margin: 21.0% against the peers' median 21.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| WSC WillScot Holdings | Q3 2026 | $601M | +6% | 21.0% |
| HRI Herc Holdings | Q3 2026 | $1.4B | +5% | 8.8% |
| FTAI FTAI Aviation | Q3 2026 | $978M | +47% | 22.4% |
| NPKI NPK International | Q3 2026 | $76.3M | +11% | 12.0% |
Source: WillScot Holdings 10-Q on SEC EDGAR · CIK 1647088 · Services-Miscellaneous Equipment Rental & Leasing
Guidance and outlook
13F: who owns WSC and who is buying
More on WSC
- How WillScot Holdings makes money: revenue by segment
- WillScot Holdings next earnings date and what analysts expect
- WillScot Holdings stock forecast, price target and fair value
- Who owns WillScot Holdings stock: holders, funds and Congress trades
- WillScot Holdings guidance and outlook
- Is WillScot Holdings a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- WillScot Holdings guidance history: guided vs reported
- WillScot Holdings gross margin by quarter
- WillScot Holdings operating margin by quarter
- WillScot Holdings net income by quarter
- WillScot Holdings free cash flow by quarter
- WillScot Holdings capital expenditures by quarter
- WillScot Holdings Leasing and Services revenue by quarter
- WillScot Holdings Rental units revenue by quarter
- WillScot Holdings New units revenue by quarter