WillScot Holdings Corporation reported its financial results for the first quarter of 2026, revealing total revenues of $548.6 million, a decrease of 2.0% from $559.6 million in the same period last year. The decline was primarily attributed to a $13.4 million drop in new unit sales and a $8.9 million decrease in leasing revenue, which was impacted by a reduction in units on rent. Additionally, the company experienced a $3.4 million increase in accounts receivable write-offs. However, delivery and installation revenue rose by 12.3%, contributing $99.5 million, driven by an uptick in large complex projects.
Net income for the quarter was $28.1 million, down 34.7% from $43.1 million in the prior year, reflecting the impact of restructuring costs associated with the company's Network Optimization Plan, which amounted to $11.6 million. Adjusted EBITDA also decreased by 7.8% to $211.0 million, compared to $228.8 million in the previous year. The company reported a gross profit of $285.7 million, a decline of 4.9% from $300.4 million, primarily due to increased costs in leasing and services, which rose by 10.8% year-over-year.
In terms of operational metrics, WillScot's average units on rent decreased by 7.3% to 186,008, with modular space units on rent down 3.2% and portable storage units down 10.8%. Despite these reductions, the average monthly rental rates for modular space increased by 2.6% to $1,240, while portable storage rates rose by 6.4% to $284. The company continues to focus on its Network Optimization Plan, which aims to exit approximately 665 acres of real estate and dispose of around 53,000 rental fleet units, with expectations to complete these actions by 2029.
Looking ahead, WillScot maintains a positive outlook, supported by a strong liquidity position with $1.5 billion available under its asset-based lending facility. The company plans to utilize its Adjusted Free Cash Flow, which was $115.6 million for the quarter, to reduce debt, pay dividends, and repurchase shares. The Board of Directors declared a quarterly dividend of $0.07 per share, totaling $12.7 million for the quarter, and authorized a share repurchase program with $717.1 million remaining for future buybacks. The company remains committed to its strategic initiatives while navigating the current economic landscape.
About WillScot Holdings Corp
WillScot Holdings Corporation provides modular space and portable storage solutions for diverse markets, including construction, industrial, energy, government, and education. Its core offerings include leased modular offices, storage containers, and related value-added products, supported by extensive logistics, technology, and service capabilities. The company emphasizes flexible, cost-effective, and quick-to-deploy solutions, leveraging a broad North American network to serve a wide customer base with recurring revenue streams.
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