Filing Flows › WillScot Holdings (WSC) › Q2 2026 › vs Q2 2025
WillScot Holdings (WSC) Q2 2026 vs Q2 2025 (year over year)
WillScot Holdings's revenue rose $23.1M (+4%) from $589M in Q2 2025 to $612M in Q2 2026. The biggest changes: Leasing and Services +$24.6M (+4%); VAPS service +$3.1M (+33%); Other leasing-related revenue +$2.6M (+22%). Gross margin 50.0% against 50.3% (-0.2 pts).
WillScot Holdings, Q2 2026: revenue $612M (+4% year over year), operating margin 19.2%, net earnings $47.0M, operating cash flow $162M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 50.0% | 50.3% | -0.2 pts |
| Operating margin | 19.2% | 21.5% | -2.3 pts |
| Net margin | 7.7% | 8.1% | -0.5 pts |
| Free cash flow margin | 25.7% | 33.8% | -8.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Modular space leasing revenue | $257M | $251M | $5.5M | +2% |
| Delivery and installation | $136M | $108M | $27.4M | +25% |
| VAPS and third party leasing revenues | $103M | $100M | $3.4M | +3% |
| Portable storage leasing revenue | $74.9M | $79.6M | −$4.6M | -6% |
| New units | $14.6M | $21.6M | −$7.0M | -33% |
| Leasing and Services | $586M | $561M | $24.6M | +4% |
| Other leasing-related revenue | $14.5M | $11.9M | $2.6M | +22% |
| VAPS service | $12.6M | $9.5M | $3.1M | +33% |
| Revenue | $612M | $589M | $23.1M | +4% |
| Gross profit | $306M | $296M | $10.2M | +3% |
| Cost of revenue | $306M | $293M | $12.9M | +4% |
| Operating profit | $117M | $127M | −$9.4M | -7% |
| Operating expenses | $189M | $169M | $19.6M | +12% |
| Pre-tax earnings | $64.0M | $67.9M | −$3.9M | -6% |
| Other expense, net | $53.5M | $59.0M | −$5.5M | -9% |
| SG&A | $160M | $145M | $15.2M | +11% |
| Other operating costs | $28.5M | $24.2M | $4.4M | +18% |
| Net earnings | $47.0M | $47.9M | −$966K | -2% |
| Income tax | $17.0M | $20.0M | −$2.9M | -15% |
| Depreciation & amortization | $23.0M | $24.2M | −$1.2M | -5% |
| Share-based compensation | $7.9M | $8.4M | −$478K | -6% |
| Working capital & other | $84.4M | $125M | −$40.4M | -32% |
| Operating cash flow | $162M | $205M | −$43.0M | -21% |
| Free cash flow (OCF − capex) | $158M | $199M | −$41.5M | -21% |
| Capital expenditures | $4.7M | $6.3M | −$1.5M | -25% |
Questions
How much did WillScot Holdings's revenue grow year over year in Q2 2026?
WillScot Holdings's revenue rose $23.1M (+4%) from $589M in Q2 2025 to $612M in Q2 2026.
What drove WillScot Holdings's revenue change in Q2 2026?
Leasing and Services +$24.6M (+4%); VAPS service +$3.1M (+33%); Other leasing-related revenue +$2.6M (+22%).