Filing Flows › WillScot Holdings (WSC) › Q4 2025
WillScot Holdings (WSC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
WillScot Holdings (WSC) reported revenue of $566M for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and -0.2% from the quarter before. Operating margin was -32.5%, net loss $187M (33.1% of revenue).
WillScot Holdings, Q4 2025: revenue $566M (-6% year over year), operating margin -32.5%, net loss $187M, operating cash flow $159M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $566M | -0.2% | -6% |
| Operating profit | −$184M | -255% | — |
| Net earnings | −$187M | -532% | — |
| Operating cash flow | $159M | -17% | -11% |
| Free cash flow | $91.4M | — | -33% |
What changed
Revenue was $566.0M in Q4 2025, down 6% year over year and roughly flat from the previous quarter. Modular space leasing revenue was the largest line at 44% of revenue.
Gross margin was 50.4%, down 5.4 points from a year earlier. Operating costs exceeded revenue by $183.7M, an operating margin of -32.5%. Operating expenses grew 190% against a revenue fall of 6%. The fastest-growing cost line was Other operating costs (+872%). The quarter ended with a net loss of $187.3M, after a profit of $43.3M the previous quarter.
Operating cash flow was $158.9M (down 11% year over year). Non-cash charges added back $24.3M of depreciation and amortization and $11.7M of share-based compensation. Working capital and other items added $310.2M. After purchase of rental equipment and refurbishments, net ($58.3M) and purchase of property, plant and equipment ($9.2M), adjusted free cash flow (a) as the company reports it was $91.4M.
Questions
What was WillScot Holdings' revenue in the fourth quarter 2025?
WillScot Holdings (WSC) reported revenue of $566M for the fourth quarter 2025 (Q4 2025), -6% from a year earlier and -0.2% from the quarter before.
Was WillScot Holdings profitable in the fourth quarter 2025?
Operating loss was $184M (-32.5% of revenue) and net loss $187M.
Source: WillScot Holdings 10-K on SEC EDGAR.