WillScot Holdings Reports $2.28 Billion Revenue and $53 Million Net Loss for Fiscal Year 2025

WillScot Holdings Corporation reported a total revenue of $2.28 billion for the fiscal year ending December 31, 2025, a decrease of 4.8% compared to $2.40 billion in 2024. The decline was attributed to a reduction in units on rent, two significant projects from the previous year that contributed approximately $26 million, and a notable increase in accounts receivable write-offs, which rose by $63.5 million. The company's leasing revenue specifically fell by 4.9% to $1.75 billion, driven by an 11.3% decrease in average units on rent, reflecting lower demand due to reduced non-residential construction activity amid rising interest rates.

In terms of profitability, WillScot reported a net loss of $53 million for 2025, a significant decline from a net income of $28 million in 2024. This loss included restructuring costs of $361.9 million related to the company's Network Optimization Plan, which involved accelerated depreciation of rental equipment. Adjusted EBITDA also decreased by 8.7% to $971 million, primarily due to lower gross profit from reduced leasing demand and increased write-offs. Despite these challenges, net cash provided by operating activities increased to $762 million, up from $562 million in the previous year, largely due to the absence of significant one-time payments that impacted cash flow in 2024.

Strategically, WillScot has been active in acquisitions and restructuring. In 2025, the company acquired a regional provider of climate-controlled containers for $115.6 million and additional rental fleet assets for $25.8 million. The Network Optimization Plan, initiated in December 2025, aims to exit approximately 665 acres of real estate over four years, which is expected to reduce annual real estate costs by $25 million to $30 million while maintaining adequate market coverage. The company also repurchased $97.5 million of its common stock during the year and declared dividends totaling $51.1 million.

Operationally, WillScot's fleet included over 304,000 units, with approximately 87,000 modular space units and 99,000 portable storage units on rent as of December 31, 2025. The average utilization rates for modular space and portable storage units were 59.9% and 51.5%, respectively, reflecting a decline from the previous year. The company continues to focus on enhancing its value-added products (VAPS) and optimizing lease rates to drive revenue growth. Looking ahead, WillScot anticipates that increased infrastructure spending and ongoing investments in its sales team will support revenue recovery, despite the current economic uncertainties.