Filing Flows › WillScot Holdings (WSC) › Q3 2025
WillScot Holdings (WSC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
WillScot Holdings (WSC) reported revenue of $567M for the third quarter 2025 (Q3 2025), -6% from a year earlier and -4% from the quarter before. Operating margin was 21.0%, net earnings $43.3M (7.6% of revenue).
WillScot Holdings, Q3 2025: revenue $567M (-6% year over year), operating margin 21.0%, net earnings $43.3M, operating cash flow $191M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $567M | -4% | -6% |
| Gross profit | $282M | -5% | -12% |
| Operating profit | $119M | -6% | — |
| Net earnings | $43.3M | -10% | — |
| Operating cash flow | $191M | -7% | — |
| Free cash flow | $122M | — | — |
What changed
Revenue was $566.8M in Q3 2025, down 6% year over year and down 4% from the previous quarter. Modular space leasing revenue was the largest line at 44% of revenue. Delivery and installation lost $16.2M year over year (down 14%), 47% of the total change.
Gross margin was 49.7%, down 3.8 points from a year earlier. Operating profit was $118.8M, a 21.0% margin (up 26.8 points year over year). Operating expenses fell 54% while revenue fell 6%. Net earnings were $43.3M. The effective tax rate was 28.2%.
Operating cash flow was $191.2M, 441% of net earnings. Non-cash charges added back $24.4M of depreciation and amortization and $10.0M of share-based compensation. Working capital and other items added $113.4M. After purchase of rental equipment and refurbishments, net ($64.7M) and purchase of property, plant and equipment ($4.2M), adjusted free cash flow (a) as the company reports it was $122.2M.
Questions
What was WillScot Holdings' revenue in the third quarter 2025?
WillScot Holdings (WSC) reported revenue of $567M for the third quarter 2025 (Q3 2025), -6% from a year earlier and -4% from the quarter before.
Was WillScot Holdings profitable in the third quarter 2025?
Operating profit was $119M (21.0% of revenue) and net earnings $43.3M.
Source: WillScot Holdings 10-Q on SEC EDGAR.