WillScot Holdings Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data WillScot Holdings Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	427	446	751	1,064	1,273	1,673	2,143	2,365	2,396	2,281
Cost of revenue	75.4	85.5
Gross profit	168	166	289	413	608	845	1,135	1,334	1,302	1,164
Selling, general and administrative	139	162	235	271	338	480	567	596	631	582
Selling and marketing	2.9	3.3	4.4	4	7	7.6	8.5	10.5	15.9	16.1
General and administrative	0.69
Operating income	-3.19	-58.3	6.26	118	162	300	511	673	264	181
Interest expense	94.7	119	98.4	123	119	116	146	205
Interest income	10.2	12.2	0	0
Pre-tax income	-87.6	-165	-68.3	-123	3.53	151	365	468	36.6	-55.4
Income tax	-24.5	-0.94	-38.6	-2.19	-56	36.5	88.9	127	8.48	-2.43
Income from continuing operations	-30.9	-150	-53.6			115	276	342	28.1	-53
Net income to minority interests	0	-2.11	-4.53	-0.42	1.21	0
Net income	-30.9	-148	-25.2	-11.1	74	160	340	476	28.1	-53
EBITDA	74.8	23	141	305	406	616	574	746	347	278
EPS, basic	0.14	-20.75	-0.29	-1.11	0.44	0.71	1.57	2.40	0.15	-0.29
EPS, diluted	0.03	-20.75	-0.53	-1.11	0.25	0.69	1.53	2.36	0.15	-0.29
Shares, basic (weighted)	5.34	7.11	87.2	109	169	227	217	199	188	182
Shares, diluted (weighted)	22.5	7.11	89	109	177	233	221	202	190	182
Dividend per share	0.00	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6.16	9.19	8.96	3.05	24.9	6.39	7.39	11	9	14.6
Receivables	71.4	94.8	207	248	331	351	410	451	430	395
Inventory	8.94	10.1	16.2	15.4	23.7	29.8	41	47.4	47.5	45.6
Other current assets	39.9	13.7	21.8	14.6	30	34.9	31.6	57.5	20.3	41.3
Total current assets	138	128	256	293	422	483	521	569	558	525
Property, plant and equipment	84.2	83.7	184		304	312	305	341	363	390
Lease right-of-use assets				147	232	219	219	246	267	311
Goodwill	56.8	28.6	247	235	962	1,014	1,011	1,177	1,201	1,258
Intangible assets	125	126	132	127	496	443	419	420	251	224
Other non-current assets	1.95	4.28	4.28	4.44	16.1	8.14	6.68	4.63	17.1	15.2
Total assets	1,699	1,411	2,752	2,898	5,572	5,774	5,828	6,138	6,035	5,816
Accounts payable	33.1	57.1	90.4	110	107	103	109	86.1	96.6	110
Accrued liabilities	44.9	48.9	84.7	98.4	91.4	107	110	130	122	126
Deferred revenue	28.7	37	71.8	83	135	152	204	225	251	237
Short-term debt	1.89	1.88	1.96	0	16.5	12	13.3	18.8	24.6	31.1
Total current liabilities	173	156	269	320	449	518	562	562	585	611
Long-term debt	656	625	1,675	1,633	2,454	2,672	3,063	3,539	3,684	3,557
Lease liabilities				118	184	170	170	188	201	242
Other non-current liabilities	11.2	19.4	31.6	46.6	37.2	15.7	18.5	34	41	57.5
Total liabilities	1,676	926	2,050	2,342	3,508	3,777	4,262	4,877	5,016	4,960
Total debt	658	627	1,676	1,633	2,470	2,684	3,076	3,557	3,708	3,588
Paid-in capital	1,569	2,122	2,390	2,379	3,852	3,617	2,887	2,089	1,836	1,726
Retained earnings	-1,489	-1,637	-1,683	-1,825	-1,751	-1,591	-1,252	-775	-747	-800
Other comprehensive income	-56.9	-49.5	-68	-62.8	-37.2	-29.1	-70.1	-52.8	-70.6	-69.5
Shareholders' equity	23.1	436	638	491	2,064	1,997	1,565	1,261	1,019	856
Minority interests	0	48.9	64	64.6	0
Total equity	23.1	366	658	555	2,064	1,997	1,565	1,261	1,019	856
Total liabilities and equity	1,699	1,411	2,752	2,898	5,572	5,774	5,828	6,138	6,035	5,816
Shares outstanding					229	224	208	190	184	181

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-30.9	-150	-29.7	-121	75.3	160	340	476	28.1	-53
Depreciation and amortization	78	81.3	135	187	244	316	62.4	72.9	82.8	96.1
Stock-based compensation	0	2.97	3.44	6.69	9.88	26.2	29.6	34.5	36	38.4
Deferred income tax	-10.4	13	-40.2	-2.62	-55.2	36.6	101	142	-45.3	-7.01
Change in receivables	-4.58	-20.6	-36.5	-63.6	-26.7	-105	-94.5	-76.4	-34.5	-19.3
Change in inventory	0.55	0.68	-1.24	0.87	2.78	-9.08	-12.3	-3.28	-0.53	1.86
Change in payables	-0.06
Cash from operations	58.7	-1.36	37.1	173	305	540	745	761	562	762
Capital expenditures	-2.36	-4.45	-4.62	-8.34	-16.5	-30.5	-43.7	-22.2	-18.4	-24.3
Acquisitions	0	-237	-1,083	0	17.2	-147	-221	-562	-121	-145
Purchases of investments							0	0	-7.7	-0.81
Sales and maturities of investments								0	0	1.24
Cash from investing	-30.2	-393	-1,217	-153	-125	-384	-309	-350	-362	-417
Debt issued			1,213	552	2,787	729	964	1,911	1,317	1,186
Debt repaid			-143	-569	-2,808	-512	-589	-1,475	-1,196	-1,332
Stock issued	0	572	147	0.92	10.6	7.48	11.2	0.5	0.25	10.3
Share buybacks					-21.8	-364	-752	-818	-278	-99.9
Dividends paid								0	0	-51.1
Cash from financing	-31.4	397	1,180	-26.1	-159	-168	-429	-419	-200	-341
Exchange rate effect	-0.24	0.2	-0.21	0.17	1.4	-0.21	-0.88	0.88	-1.13	1.6
Net change in cash	-3.14	3.02	-0.23	-5.91	21.9	-12.2	5.08	-6.82	-1.96	5.59
Free cash flow	56.4	-5.81	32.5	164	288	509	701	739	543	738
Interest paid	81.9	116	52	119	119	104	130	185	216	217
Income taxes paid	-1.41	-1.39	2.62	-1.15	4.23	9.86	25.1	32.9	45.6	16.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $18.17 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	50.5%	Gross profit / revenue.
Operating margin	6.5%	Operating income / revenue.
EBITDA margin	10.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-3.4%	Pre-tax income / revenue.
Net margin	-3.0%	Net income / revenue.
FCF margin	29.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	30.7%	Cash from operations / revenue.
Return on equity (ROE)	-7.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.2%	Net income / average total assets.
Return on invested capital (ROIC)	2.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	25.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	4.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-10.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-31.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-29.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	2.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-20.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-21.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-7.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-288.4%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-293.3%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	35.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	20.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	35.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	1.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	20.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-15.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-18.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-16.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-6.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.81x	Current assets / current liabilities.
Quick ratio	0.64x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.03x	(Cash + short-term investments) / current liabilities.
Debt / equity	3.84x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	59.6%	Total debt / total assets.
Liabilities / assets	84.5%	Total liabilities / total assets.
Net debt	$3.48B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	14.2x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$129.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	24.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$549.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.39x	Revenue / average total assets.
Receivables turnover	5.43x	Revenue / average receivables.
Days sales outstanding	67 days	365 x average receivables / revenue.
Capex / operating cash flow	3.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.38	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.62	Revenue / diluted weighted shares.
FCF per share	$3.75	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.87	Cash from operations / diluted weighted shares.
Book value per share	$5.03	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$3.03	Tangible book value / shares outstanding.
Cash per share	$0.10	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	7.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	5.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.29B	Share price x shares outstanding.
Enterprise value	$6.77B	Market cap + total debt - cash - short-term investments.
P/S	1.44x	Market cap / revenue.
P/B	3.62x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	4.83x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.68x	Market cap / cash from operations, when positive.
EV/Sales	2.95x	Enterprise value / revenue.
EV/EBIT	45.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	27.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.93x	Enterprise value / free cash flow, when both are positive.
FCF yield	20.7%	Free cash flow / market cap.
Earnings yield	-2.1%	Net income / market cap (the inverse of P/E).
Dividend yield	1.5%	Dividends paid over the period / market cap.
Shareholder yield	2.6%	(Dividends paid + share buybacks) / market cap.

What was WillScot Holdings Corp's revenue in fiscal 2025?

WillScot Holdings Corp reported revenue of $2.28B for fiscal 2025, 4.8% lower than the year before.

Was WillScot Holdings Corp profitable in fiscal 2025?

No. It reported a net loss of $53.0M.

How much free cash flow did WillScot Holdings Corp generate in fiscal 2025?

Cash from operations of $762.0M minus capital expenditures of $24.3M left free cash flow of $737.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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