Q2 2026 WillScot Holdings Corp Earnings Call Transcript
Key Points
- Total revenue grew 4% year-over-year to $612 million, with leasing and services revenue up 6%.
- Modular activations increased 16% year-over-year, and the order book is up 13%, indicating strong demand.
- Enterprise account revenue surged 21% year-over-year, reflecting successful commercial strategy execution.
- Leasing revenue inflected to growth, up 2% year-over-year, with expectations for continued growth in the second half.
- The company raised its full-year 2026 revenue and adjusted EBITDA outlook, signaling confidence in momentum.
- Adjusted EBITDA margin compressed 500 basis points year-over-year due to upfront costs and revenue mix.
- Portable storage unit-on-rent headwinds persist, with only slight activation growth driven by the World Cup.
- Excluding the World Cup, combined leasing revenue for modular, storage, and VAPS was essentially flat year-over-year.
- Free cash flow was pressured by increased CapEx, with adjusted free cash flow of only $55 million in Q2.
- The company faces ongoing headwinds in transactional product lines and economic uncertainty, with project delays being common.
Welcome to WillScot's Second Quarter 2026 Earnings Conference Call. My name is Chereine, and I will be your operator for today's call. Please note that this conference is being recorded.
I will now turn the call over to Charlie Wohlhuter, Senior Director of Investor Relations. Charlie, you may begin.
All right. Thank you, Chereine. Good afternoon, and welcome to our second quarter 2026 earnings call. With me in the room today are Worthing Jackman, our Executive Chairman; Tim Boswell, President and Chief Executive Officer; and Matt Jacobsen, our Chief Financial Officer. Today's presentation material may be found on our Investor Relations website at investors.willscot.com.
Before we begin, I'd like to direct your attention to Slide 2 of our posted presentation containing our safe harbor statement. 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 uncertainties, many
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