WillScot Raises Full-Year Revenue Guidance as Leasing Recovers
The company increased its 2026 revenue forecast to $2.3 billion after second-quarter sales reached $612 million.
WillScot Holdings (WSC), the provider of modular space and workforce solutions, reported second-quarter revenue of $612 million. The result marked an increase from $549 million in the first quarter of 2026 and $589 million in the second quarter of 2025.
The quarter was characterized by a recovery in core leasing activity that occurred faster than the company had previously anticipated. Leasing revenue rose to $449.7 million from $442.9 million in the prior-year period. This return to year-over-year growth inflected earlier than the second-half 2026 timeline the company had projected during the first quarter.
Growth was further supported by a spike in logistics activity. Delivery and installation revenue rose 25.3% year-over-year. This growth rate accelerated from the 12.3% increase recorded in the first quarter of 2026.
Despite the top-line growth, profitability margins compressed. Adjusted EBITDA margin fell to 37.2%, down from 38.5% in the first quarter and 42.3% in the second quarter of 2025. The decline was due to elevated variable costs associated with modular unit activations and a higher proportion of delivery and installation revenue in the mix. Gross profit margin similarly declined to 50.0%, compared to 52.1% in the first quarter.
WillScot raised its full-year 2026 revenue guidance to $2.3 billion from the $2.25 billion provided in the first quarter. The company also increased its full-year Adjusted EBITDA guidance to $920 million from $915 million.
Cash flow and investment levels shifted as the company expanded its asset base. Adjusted free cash flow dropped to $55 million from $116 million in the first quarter, as the company invested $114 million in net capital expenditures during the period. Full-year net CAPEX guidance was raised to $375 million from $325 million.
Restructuring costs rose to $5.4 million in the second quarter, compared to $10 thousand in the second quarter of 2025.