WillScot Mobile Mini (WSC) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $612 million, up 4% year-over-year, with strong commercial and operational execution, and net income of $47 million; Adjusted EBITDA was $228 million (37.2% margin), with margins compressed by growth investments.

• Leasing and services revenue grew 6% year-over-year, driven by a 25% increase in delivery and installation revenue from large projects and events.

• Strategic investments in fleet, staffing, and technology, along with the Network Optimization Plan, are positioning the business for continued momentum into 2027.

• Major end markets include construction, commercial/industrial, energy, and government, with a diversified customer base and over 130,000 modular units and 174,000 storage units in fleet.

• Raised full-year 2026 outlook for revenue, Adjusted EBITDA, and Net CAPEX due to strong commercial momentum and robust order book.

Financial highlights

• Q2 2026 total revenue was $612 million, up 4% year-over-year; net income was $47 million (down 2% year-over-year); Adjusted EBITDA was $228 million (down 8% year-over-year); Adjusted Net Income was $52 million.

• Delivery and installation revenue rose over 25% year-over-year; modular activations up 16%; modular pending orders up 13%.

• Gross profit margin for Q2 2026 was 50.0%; Adjusted EBITDA margin was 37.2%.

• Net cash from operations was $162 million; Adjusted Free Cash Flow was $55 million; Net CAPEX for Q2 2026 was $114 million.

• Return on Invested Capital for Q2 2026 LTM was 14.4%.

Outlook and guidance

• Full-year 2026 revenue outlook raised to $2.3 billion, with Adjusted EBITDA outlook increased to $920 million and Net CAPEX to $375 million.

• Q3 2026 revenue expected at $585 million (up 3% year-over-year), Adjusted EBITDA at $232 million (39.7% margin).

• Net CAPEX outlook for 2026 increased to $375 million to support large project pipeline into 2027.

• Targeting VAPS to comprise 20–25% of total revenue within 3–5 years.

• Expect sequential margin expansion in H2 2026 as upfront costs and revenue mix impacts moderate.