Filing Flows › WillScot Holdings (WSC) › Q2 2025
WillScot Holdings (WSC) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
WillScot Holdings (WSC) reported revenue of $589M for the second quarter 2025 (Q2 2025), -3% from a year earlier and +5% from the quarter before. Operating margin was 21.5%, net earnings $47.9M (8.1% of revenue).
WillScot Holdings, Q2 2025: revenue $589M (-3% year over year), operating margin 21.5%, net earnings $47.9M, operating cash flow $205M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $589M | +5% | -3% |
| Gross profit | $296M | -1% | -9% |
| Operating profit | $127M | +6% | — |
| Net earnings | $47.9M | +11% | — |
| Operating cash flow | $205M | -0.6% | +17% |
| Free cash flow | $130M | — | +1% |
What changed
Revenue was $589.1M in Q2 2025, down 3% year over year and up 5% from the previous quarter. Modular space leasing revenue was the largest line at 43% of revenue. Portable storage leasing revenue lost $6.9M year over year (down 8%), 44% of the total change.
Gross margin was 50.3%, down 3.8 points from a year earlier. Operating profit was $126.9M, a 21.5% margin (up 22.4 points year over year). Operating expenses fell 49% while revenue fell 3%. Net earnings were $47.9M. The effective tax rate was 29.4%.
Operating cash flow was $205.3M (up 17% year over year), 428% of net earnings. Non-cash charges added back $24.2M of depreciation and amortization and $8.4M of share-based compensation. Working capital and other items added $124.8M. After purchase of rental equipment and refurbishments, net ($68.7M) and purchase of property, plant and equipment ($6.3M), adjusted free cash flow (a) as the company reports it was $130.3M.
Questions
What was WillScot Holdings' revenue in the second quarter 2025?
WillScot Holdings (WSC) reported revenue of $589M for the second quarter 2025 (Q2 2025), -3% from a year earlier and +5% from the quarter before.
Was WillScot Holdings profitable in the second quarter 2025?
Operating profit was $127M (21.5% of revenue) and net earnings $47.9M.
Source: WillScot Holdings 10-Q on SEC EDGAR.