WillScot Holdings Q2 revenue beats expectations

Overview

• WillScot Holdingd Q2 2025 revenue at $589 mln, beating analyst expectations, per LSEG data

• Adjusted EBITDA for Q2 at $249 mln, with a 42.3% margin

• Co narrows FY 2025 revenue and Adjusted EBITDA outlook, reflecting mixed market outlook

Outlook

• WillScot narrows FY 2025 revenue outlook to $2.3 bln - $2.35 bln

• Company narrows FY 2025 adjusted EBITDA outlook to $1 bln - $1.02 bln

• WillScot expects FY 2025 adjusted free cash flow of $500 mln - $550 mln

• Company sees mixed end-market outlook in near term

Result Drivers

• LEASING REVENUES - Sequential improvement in leasing revenues by 2.0% due to higher average monthly rates, despite a year-over-year decline of 3.4%

• CASH FLOW STRENGTH - Strong cash flow generation with $205 mln from operating activities, aiding capital redeployment and shareholder returns

• ACQUISITIONS - $134 mln deployed towards acquisitions, including a climate-controlled temporary storage business

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the corporate financial services peer group is "buy"

• Wall Street's median 12-month price target for WillScot Holdings Corp is $37.50, about 19.7% above its July 30 closing price of $30.10

• The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 16 three months ago

Press Release: