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How WillScot Holdings (WSC) makes money
WillScot Holdings (WSC) made $601M of revenue in the third quarter 2026 (Q3 2026), +6% from a year earlier. Leasing and Services brought in $573M (95%); Rental units brought in $14.4M (2%); New units brought in $14.4M (2%). Of every dollar of revenue, 51¢ was left as gross profit, 21¢ was left as operating profit, 9¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Leasing and Services | $573M | 95.2% | — | +7% |
| ↳ Modular space leasing revenue | $256M | 42.6% | — | +2% |
| ↳ Delivery and installation | $121M | 20.1% | — | +23% |
| ↳ VAPS and third party leasing revenues | $104M | 17.4% | — | +4% |
| ↳ Portable storage leasing revenue | $74.2M | 12.3% | — | -7% |
| ↳ Other leasing-related revenue | $16.8M | 2.8% | — | +381% |
| Rental units | $14.4M | 2.4% | — | -8% |
| New units | $14.4M | 2.4% | — | -22% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $601M | 100.0% |
| Cost of revenue | $297M | 49.3% |
| Gross profit | $305M | 50.7% |
| Operating expenses | $179M | 29.7% |
| Operating profit | $126M | 21.0% |
| Income tax | $19.7M | 3.3% |
| Net earnings | $51.6M | 8.6% |
| Operating cash flow | $198M | 32.9% |
| Free cash flow | $193M | 32.0% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $601M | +6% |
| Q2 2026 | $612M | +4% |
| Q1 2026 | $549M | -2% |
| Q4 2025 | $566M | -6% |
| Q3 2025 | $567M | -6% |
| Q2 2025 | $589M | -3% |
| Q1 2025 | $560M | -5% |
From WillScot Holdings' 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does WillScot Holdings make money?
WillScot Holdings (WSC) made $601M of revenue in the third quarter 2026 (Q3 2026), +6% from a year earlier. Leasing and Services brought in $573M (95%); Rental units brought in $14.4M (2%); New units brought in $14.4M (2%). Of every dollar of revenue, 51¢ was left as gross profit, 21¢ was left as operating profit, 9¢ was left as net earnings.
What is WillScot Holdings' biggest business?
Leasing and Services: $573M in the third quarter 2026, 95% of revenue, +7% from a year earlier.
What is WillScot Holdings' profit margin?
Net earnings were $51.6M, 8.6% of revenue, in the third quarter 2026; the operating margin was 21.0%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.