Q4 2025 WillScot Holdings Corp Earnings Call Transcript
Key Points
- WillScot Holdings Corp (WSC) reported strong cash generation with $91 million of adjusted free cash flow in Q4 2025.
- The company returned $30 million to shareholders through share repurchases and dividends while reducing $41 million of debt.
- Enterprise account revenue grew by 10% year over year in Q4 2025, excluding one large seasonal customer.
- The modular pending order book increased by 17% year over year, indicating strong demand.
- Sales staffing increased by 13% year over year, with improved tenure and lower turnover, enhancing sales productivity.
- Total revenue declined by 2% year over year in Q4 2025, primarily due to lower seasonal storage demand from one customer.
- Adjusted EBITDA margin was slightly lower at 44% due to revenue mix and some SG&A items.
- The company faced a $50 million headwind in its traditional storage business entering 2026.
- Portable storage leasing revenue decreased by approximately $10 million year over year due to lower volumes.
- The company incurred elevated health insurance costs in Q4 2025, compressing margins by 60 basis points.
Welcome to the fourth-quarter 2025 WillScot earnings conference call. My name is Sherry, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.
I will now turn the call over to Charlie Wohlhunter. Charlie, you may begin.
All right. Thank you, Sherry, and good afternoon, everyone, and welcome to our fourth-quarter and year-end 2025 earnings call. With me in the room today are Worthing Jackman, Executive Chairman; Tim Boswell, President and Chief Executive Officer; and Matt Jacobsen, Chief Financial Officer.
Today's presentation materials may be found in our Investor Relations website at investors.willscott.com.
Before we begin, I'd like to direct your attention to slide number 2, containing our safe harbor statements. We will be making forward-looking statements during the presentation and our Q&A session. Our business and operations are subject to a variety of risks and
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