Filing Flows › WillScot Holdings (WSC) › Q1 2026
WillScot Holdings (WSC) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
WillScot Holdings (WSC) reported revenue of $549M for the first quarter 2026 (Q1 2026), -2% from a year earlier and -3% from the quarter before. Operating margin was 17.6%, net earnings $28.1M (5.1% of revenue).
WillScot Holdings, Q1 2026: revenue $549M (-2% year over year), operating margin 17.6%, net earnings $28.1M, operating cash flow $191M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $549M | -3% | -2% |
| Gross profit | $286M | +0.1% | -5% |
| Operating profit | $96.7M | — | -19% |
| Net earnings | $28.1M | — | -35% |
| Operating cash flow | $191M | +20% | -8% |
| Free cash flow | $187M | +25% | -7% |
What changed
Revenue was $548.6M in Q1 2026, down 2% year over year and down 3% from the previous quarter. Modular space leasing revenue was the largest line at 44% of revenue. Portable storage leasing revenue lost $4.5M year over year (down 6%), 41% of the total change.
Gross margin was 52.1%, down 1.6 points from Q1 2025. Operating profit was $96.7M, a 17.6% margin (down 3.7 points year over year). Operating expenses grew 4% against a revenue fall of 2%. The fastest-growing cost line was Other operating costs (+45%). Net earnings were $28.1M, down 35% year over year. The effective tax rate was 34.7%.
Operating cash flow was $191.1M (down 8% year over year), 679% of net earnings. Non-cash charges added back $23.7M of depreciation and amortization and $7.1M of share-based compensation. Working capital and other items added $132.2M. Capital expenditures of $3.6M left free cash flow of $187.4M.
Questions
What was WillScot Holdings' revenue in the first quarter 2026?
WillScot Holdings (WSC) reported revenue of $549M for the first quarter 2026 (Q1 2026), -2% from a year earlier and -3% from the quarter before.
Was WillScot Holdings profitable in the first quarter 2026?
Operating profit was $96.7M (17.6% of revenue) and net earnings $28.1M.
Source: WillScot Holdings 10-Q on SEC EDGAR.