WillScot Raises 2026 Revenue Outlook After Modular Activation Inflection

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter revenue reached $601 million and Adjusted EBITDA $234 million as the company lifted full-year sales to $2.340 billion.

WillScot Holdings Corporation (WSC), a provider of temporary space solutions, reported third-quarter 2026 revenue of $601 million, up 6.1% from a year earlier, and said the results exceeded its outlook for both revenue and Adjusted EBITDA.

Leasing and services revenue was $573 million, up 7.5% year-over-year. Leasing revenue rose 4.0% to $451.7 million, reversing a 2.0% year-over-year decline in the first quarter and a 1.5% increase in the second. Delivery and installation revenue was $120.9 million, after 25.3% year-over-year growth in the second quarter and 12.3% in the first.

Modular space units-on-rent increased 1.2% year-over-year, accelerated by 12% year-over-year activation growth. The company said modular activations rose year-over-year for the fourth consecutive quarter, producing an earlier-than-expected inflection in units-on-rent. Revenue from Enterprise Accounts was up 15% year-over-year.

Adjusted EBITDA was $234 million at a 38.8% margin, up 160 basis points sequentially from 37.2% in the second quarter. Gross profit margin was 50.7%. Net income was $52 million, or $0.28 a share. Adjusted diluted earnings were $0.29 a share.

Chief Financial Officer Matt Jacobsen said Adjusted EBITDA margins expanded sequentially while absorbing increased variable costs and higher-than-expected delivery and installation revenues to support the 12% year-over-year growth in modular unit activations. President and Chief Executive Officer Tim Boswell said a higher mix of delivery, installation, and activation activity represented short-term margin headwinds consistent with increased volume growth expectations through the fourth quarter and into 2027.

Net cash provided by operating activities was $198 million, up 4% year-over-year. Adjusted Free Cash Flow was $78 million after $123 million of Net CAPEX, which the company said prioritized new rental equipment and refurbishments in highly utilized product lines. WillScot paid down $57 million of outstanding debt. Total debt was $3,449 million and net debt was $3,434 million. Net Debt to Adjusted EBITDA was 3.7x on last-12-months Adjusted EBITDA of $922 million. Availability under the asset-based revolving credit facility was approximately $1.6 billion. The company paid a quarterly cash dividend of $0.07 a share.

WillScot raised its 2026 revenue outlook to $2.340 billion and Net CAPEX to $400 million, and maintained Adjusted EBITDA at $920 million. Jacobsen said expectations for modular activations and delivery and installation revenues in the fourth quarter have increased meaningfully relative to prior guidance, and that unit work order production levels are expected to remain elevated. The combination, he said, is strengthening the leasing revenue run-rate heading into 2027 while reducing the seasonal sequential margin expansion that would be typical in the fourth quarter.

The company provided an early 2027 outlook of mid-single digit percentage growth in Adjusted EBITDA. Boswell said improving run-rate, organic growth investments, and margin initiatives support that outlook, and described it as a balanced initial view given potential risks to the pace of data center build-outs and potential upside if strength in modular activation activity continues or the demand profile broadens. Jacobsen said the company expects leverage to be approaching 3.0x as it exits 2027.