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Rental & leasing services · Industrials · Fiscal year ends Dec 31
WillScot reported revenue of $2.3B in the fiscal year ended Dec 2025, down 4.8% from the year before. Operating income was $181M, an operating margin of 8.0%, and net income was −$53M. Operating cash flow of $762M less capital expenditure of $24M left free cash flow of $738M. Net debt was $3.5B.
Ranks among the 13 rental & leasing services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,673 | 2,143 | 2,365 | 2,396 | 2,281 |
| Gross profit | 845 | 1,135 | 1,334 | 1,302 | 1,164 |
| Selling, general & admin | 480 | 567 | 596 | 631 | 582 |
| Operating income | 300 | 511 | 673 | 264 | 181 |
| Interest expense | 116 | 146 | 205 | – | – |
| Pre-tax income | 151 | 365 | 468 | 36.6 | −55.4 |
| Income tax | 36.5 | 88.9 | 127 | 8.5 | −2.4 |
| Net income | 160 | 340 | 476 | 28.1 | −53.0 |
| Diluted EPS | 0.69 | 1.53 | 2.36 | 0.15 | −0.29 |
| Diluted shares | 233 | 221 | 202 | 190 | 182 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 6.4 | 7.4 | 11.0 | 9.0 | 14.6 |
| Receivables | 351 | 410 | 451 | 430 | 395 |
| Inventory | 29.8 | 41.0 | 47.4 | 47.5 | 45.6 |
| Current assets | 483 | 521 | 569 | 558 | 525 |
| Net PP&E | 312 | 305 | 341 | 363 | 390 |
| Goodwill | 1,014 | 1,011 | 1,177 | 1,201 | 1,258 |
| Total assets | 5,774 | 5,828 | 6,138 | 6,035 | 5,816 |
| Payables | 103 | 109 | 86.1 | 96.6 | 110 |
| Deferred revenue | 152 | 204 | 225 | 251 | 237 |
| Current liabilities | 518 | 562 | 562 | 585 | 611 |
| Long-term debt | 2,672 | 3,063 | 3,539 | 3,684 | 3,557 |
| Total liabilities | 3,777 | 4,262 | 4,877 | 5,016 | 4,960 |
| Shareholders' equity | 1,997 | 1,565 | 1,261 | 1,019 | 856 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 540 | 745 | 761 | 562 | 762 |
| Capital expenditure | 30.5 | 43.7 | 22.2 | 18.4 | 24.3 |
| Free cash flow | 509 | 701 | 739 | 543 | 738 |
| Depreciation & amortisation | 61.8 | 62.4 | 72.9 | 82.8 | 96.1 |
| Stock-based compensation | 26.2 | 29.6 | 34.5 | 36.0 | 38.4 |
| Acquisitions | 147 | 221 | 562 | 121 | 145 |
| Dividends paid | – | – | 0.0 | 0.0 | 51.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 28.1% | 10.4% | 1.3% | −4.8% |
| Operating income growth (YoY) | – | 70.3% | 31.7% | −60.8% | −31.2% |
| EPS growth (YoY) | – | 121.7% | 54.2% | −93.6% | −293.3% |
| Gross margin | 50.5% | 53.0% | 56.4% | 54.3% | 51.0% |
| Operating margin | 18.0% | 23.9% | 28.5% | 11.0% | 8.0% |
| Net margin | 9.6% | 15.8% | 20.1% | 1.2% | −2.3% |
| Return on equityBlank when equity is negative | 8.0% | 21.7% | 37.8% | 2.8% | −6.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.7% | 9.7% | 12.1% | 4.8% | 3.5% |
| Free cash flow margin | 30.4% | 32.7% | 31.3% | 22.7% | 32.3% |
| Cash conversion (CFO ÷ net income) | 3.37x | 2.19x | 1.60x | 20.0x | −14.4x |
| Receivable days | 77 | 70 | 70 | 66 | 63 |
| Inventory days | 13 | 15 | 17 | 16 | 15 |
| Payable days | 45 | 40 | 30 | 32 | 36 |
| Interest cover | 2.58x | 3.50x | 3.28x | – | – |
| Debt ÷ equity | 1.34x | 1.96x | 2.81x | 3.62x | 4.15x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,665 | 3,056 | 3,528 | 3,675 | 3,542 |
| Current ratio | 0.93x | 0.93x | 1.01x | 0.95x | 0.86x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.