Filing Flows › WillScot Holdings (WSC) › Q1 2025
WillScot Holdings (WSC) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
WillScot Holdings (WSC) reported revenue of $560M for the first quarter 2025 (Q1 2025), -5% from a year earlier and -7% from the quarter before. Operating margin was 21.3%, net earnings $43.1M (7.7% of revenue).
WillScot Holdings, Q1 2025: revenue $560M (-5% year over year), operating margin 21.3%, net earnings $43.1M, operating cash flow $207M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $560M | -7% | -5% |
| Gross profit | $300M | -11% | -5% |
| Operating profit | $119M | -32% | -8% |
| Net earnings | $43.1M | -52% | -23% |
| Operating cash flow | $207M | +15% | -1% |
| Free cash flow | $145M | — | -0.2% |
What changed
Revenue was $559.6M in Q1 2025, down 5% year over year and down 7% from the previous quarter. Modular space leasing revenue was the largest line at 44% of revenue. Portable storage leasing revenue lost $14.4M year over year (down 16%), 52% of the total change.
Gross margin was 53.7%, down 0.3 points from a year earlier. Operating profit was $119.4M, a 21.3% margin (down 0.8 points year over year). Operating expenses fell 3% while revenue fell 5%. The fastest-growing cost line was Other operating costs (+30%). Net earnings were $43.1M, down 23% year over year. The effective tax rate was 29.4%.
Operating cash flow was $206.6M (down 1% year over year), 480% of net earnings. Non-cash charges added back $23.1M of depreciation and amortization and $8.3M of share-based compensation. Working capital and other items added $132.1M. After purchase of rental equipment and refurbishments, net ($57.2M) and purchase of property, plant and equipment ($4.6M), adjusted free cash flow (a) as the company reports it was $144.8M.
Questions
What was WillScot Holdings' revenue in the first quarter 2025?
WillScot Holdings (WSC) reported revenue of $560M for the first quarter 2025 (Q1 2025), -5% from a year earlier and -7% from the quarter before.
Was WillScot Holdings profitable in the first quarter 2025?
Operating profit was $119M (21.3% of revenue) and net earnings $43.1M.
Source: WillScot Holdings 10-Q on SEC EDGAR.