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WillScot Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$193M in Q3 2026 · $687M over twelve months

Operating cash flow$198M
Capital spending−$5.4M
Free cash flow+$193M
Cash / net income3.8×

Analysis

In Q3 2026, WillScot Holdings generated $198M of operating cash flow and spent $5.4M on capital projects, leaving free cash flow of $193M. That is $5.7M more than in Q3 2025 ($187M).

Over the twelve months to Sep 30, 2026, operating cash flow was $710M; the largest uses were other investing ($369M), net borrowing (+) / repaid (−) ($235M), dividends ($51.0M); besides operations, cash came from shares issued ($5.9M), asset & business sales ($5.4M); the cash balance rose by $349K.

Operating cash flow was $198M against net income of $51.6M — 3.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$22.5M, deferred taxes +$17.4M, stock-based pay +$7.5M.

Free cash flow

WillScot Holdings: free cash flow by quarterWillScot Holdings: free cash flow by quarter$177MQ4 2024$202MQ1 2025$199MQ2 2025$187MQ3 2025$150MQ4 2025$187MQ1 2026$158MQ2 2026$193MQ3 2026
Operating cash flow less capital spending.
WillScot Holdings: operating cash flow against capital spendingWillScot Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$179M$2.3MQ4 2024$207M$4.6MQ1 2025$205M$6.3MQ2 2025$191M$4.2MQ3 2025$159M$9.2MQ4 2025$191M$3.6MQ1 2026$162M$4.7MQ2 2026$198M$5.4MQ3 2026
Latest (Q3 2026): Operating cash flow $198M, Capital spending $5.4M.

Capital allocation, year by year

WillScot Holdings: where the cash came from (up) and went (down), by fiscal yearWillScot Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $540MFY2021: Net borrowing $199MFY2021: Shares issued $7.5MFY2021: Asset sales $16.9MFY2021: Capital spending −$30.5MFY2021: Acquisitions −$147MFY2021: Buybacks −$364M$763MFY2021FY2022: Operating cash flow $745MFY2022: Net borrowing $333MFY2022: Shares issued $11.2MFY2022: Asset sales $327MFY2022: Capital spending −$43.7MFY2022: Acquisitions −$221MFY2022: Buybacks −$752M$1.4BFY2022FY2023: Operating cash flow $761MFY2023: Net borrowing $419MFY2023: Shares issued $498KFY2023: Asset sales $417MFY2023: Capital spending −$22.2MFY2023: Acquisitions −$562MFY2023: Buybacks −$818M$1.6BFY2023FY2024: Operating cash flow $562MFY2024: Net borrowing $102MFY2024: Shares issued $253KFY2024: Asset sales $1.9MFY2024: Capital spending −$18.4MFY2024: Acquisitions −$121MFY2024: Buybacks −$278M$666MFY2024FY2025: Operating cash flow $762MFY2025: Net borrowing −$173MFY2025: Shares issued $10.3MFY2025: Asset sales $2.9MFY2025: Capital spending −$24.3MFY2025: Acquisitions −$145MFY2025: Buybacks −$99.9MFY2025: Dividends −$51.1M$775MFY2025
Over these 5 years operating cash flow totalled $3.4B; the largest uses were buybacks ($2.3B) and acquisitions ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$15.1M
Debt$3.4B
Net debt$3.4B
Due within a year$35.2M

WillScot Holdings funds itself: free cash flow was $687M over the last twelve months, and $15.1M of cash and investments stands against $3.4B of debt ($35.2M due within a year, 0.4× covered by cash).

Where the cash came from and went

WillScot Holdings: sources (+) and uses (−) of cash, Q3 2026WillScot Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$198MOther investing−$119MNet borrowing (+) / repaid (−)−$67.6MDividends−$12.8MShares issued$5.6MCapital spending−$5.4MTaxes on employees’ shares−$3.6MCash drawn (+) / kept (−)$3.1MAsset & business sales$1.8MExchange rates$226KBuybacks−$35K
WillScot Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026WillScot Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$710MOther investing−$369MNet borrowing (+) / repaid (−)−$235MDividends−$51.0MBuybacks−$24.6MCapital spending−$22.9MOther financing−$9.2MTaxes on employees’ shares−$7.4MShares issued$5.9MAsset & business sales$5.4MAcquisitions−$1.9MCash drawn (+) / kept (−)−$349K

From profit to cash

WillScot Holdings: net income to operating cash flow, Q3 2026WillScot Holdings: net income to operating cash flow, Q3 2026Net income$51.6MDepreciation & amortization$22.5MStock-based pay$7.5MDeferred taxes$17.4MGains on disposals−$7.1MOther non-cash$2.8MReceivables−$4.1MInventory−$2.1MDeferred revenue$7.1MPrepaid and other assets−$6.4MOperating cash flow$198M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$198M−$5.4M—−$35K−$12.8M−$67.6M$5.6M$3.1M$193M
Q2 2026$162M−$4.7M−$1.5M—−$12.7M−$33.8M$142K−$2.6M$158M
Q1 2026$191M−$3.6M—−$7.2M−$12.7M−$83.1M—−$956K$187M
Q4 2025$159M−$9.2M−$311K−$17.4M−$12.8M−$50.7M$226K$170K$150M
Q3 2025$191M−$4.2M−$7.6M−$9.3M−$12.7M−$90.9M—−$1.9M$187M
Q2 2025$205M−$6.3M−$134M−$51.2M−$12.8M$61.1M$7.8M−$2.2M$199M
Q1 2025$207M−$4.6M−$3.1M−$22.0M−$12.9M−$92.9M$2.2M−$1.7M$202M
Q4 2024$179M−$2.3M−$36.8M−$148M—$61.9M$132K$2.0M$177M

WillScot Holdings: income statement and cash flow

WillScot Holdings, Q3 2026: revenue $601M (+6% year over year), operating margin 21.0%. The chart follows the revenue to costs, profit and cash.

WillScot Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.