WSCMEDIUM SIGNALFINANCIAL10-K

WSC shows mixed operational performance with declining profitability metrics offset by improved cash generation and streamlined business focus.

The company appears to be navigating a challenging operating environment with reduced gross profit and operating income, while higher interest expenses suggest increased debt burden or rising rates impact. However, the substantial improvement in operating cash flow indicates strong cash conversion and potential for financial flexibility despite earnings headwinds.

Comparing 2026-02-19 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

WSC experienced a challenging year with gross profit declining 10.6% and operating income falling 31.2%, while interest expense increased 40.2%, creating earnings pressure from both operational and financing perspectives. However, operating cash flow grew notably by 35.7% to $762.0M, suggesting strong cash conversion despite lower reported earnings. The company maintained adequate liquidity with cash increasing 62.1% to $14.6M, though stockholders' equity declined 15.9%, reflecting the overall earnings impact on retained value.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+62.1%
$9.0M$14.6M

Cash position surged 62.1% — strong cash generation or capital raise providing significant financial cushion.

Interest Expense
P&L
+40.2%
$146.3M$205.0M

Interest expense surged 40.2% — significant debt increase or rising rates materially impacting earnings.

Operating Cash Flow
Cash Flow
+35.7%
$561.6M$762.0M

Operating cash flow surged 35.7% — exceptional cash generation, highest quality earnings signal.

Capital Expenditure
Cash Flow
+32%
$18.4M$24.3M

Capital expenditure jumped 32% — major investment cycle underway; assess returns on deployment.

Operating Income
P&L
-31.2%
$263.9M$181.5M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Stockholders Equity
Balance Sheet
-15.9%
$1.0B$856.3M

Equity decreased 15.9% — buybacks or losses reducing book value, monitor solvency ratios.

Gross Profit
P&L
-10.6%
$1.3B$1.2B

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-20
ADDED
Shares of Common Stock, par value $0.0001 per sha re, outstan ding: 180,854,438 shares at February 13, 2026.
We offer our customers a thoughtfully curated selection of solutions intended to improve the overall customer experience by making modular space and portable storage units more productive, comfortable, safe and secure for our customers with Value-Added Products ( VAPS ), such as workstations, furniture, appliances, media packages, power and solar solutions, telematics, connectivity and data solutions, security and protection products, entrance packages, electrical and lighting products, organization and space optimization assets, perimeter solutions, and other items.
The accompanying consolidated financial statements present the historical financial results of the former UK Storage Solutions segment as discontinued operations in 2023.
to WillScot Holdings Corporation." Products and Services Our Company tagline emphasizes our commitment to bring expertise and execution to deliver turnkey space solutions that are right for the project and right for the timeline: "Right from the Start." Modular Space Solutions Our modular space units meet a broad range of customer needs.
Remanufacturing typically involves cleaning, removing rust and dents, repairing floors and sidewalls, painting, and adding company logos or signs and may include further customization by adding our patented Tri Cam Locking System , which features a waist level opening lever and interlocking bars to provide easy access for the customer without sacrificing security.
We also offer ContainerGuardLock , an optional security device used in combination with our Tri Cam Locking System , which features a hidden six pin tumbler system and is made from drill resistant hardened steel.
Sanitation services, whether for built-in restrooms within our modular units and stand-alone restroom trailers or related to third-party rental units, are handled through a reliable network of third-party partners, ensuring reliable service, cleanliness, and consistent functionality.
For the year ended December 31, 2025, over 90% of new lease orders were subject to our standard lease agreement, pre-negotiated master lease, or enterprise account agreements.
For the year ended December 31, 2025, the average effective duration of our consolidated lease portfolio for modular space and portable storage units, excluding seasonal portable storage units, was approximately 42 months.
As a result, the lease duration of our portfolio helps to mitigate revenue volatility through different end-market and macroeconomic cycles.
REMOVED
Shares of Common Stock, par value $0.0001 per sha re, outstan ding: 183,575,055 shares at February 13, 2025.
WillScot resulted from the merger of WillScot Corporation and Mobile Mini, Inc.
On September 30, 2022, the Company completed the sale of its former Tank and Pump Solutions ("Tank and Pump") segment.
The accompanying consolidated financial statements present the historical financial results of the former Tank and Pump and UK Storage Solutions segments as discontinued operations for all periods presented.
to WillScot Holdings Corporation." Products and Services The Company name change in 2024 to WillScot Holdings Corporation was part of a strategic rebranding that unified the Company's portfolio of brands under the WillScot name, aligning our go-to-market strategy to streamline the customer experience and optimize operations.
We also introduced a new Company tagline, which emphasizes our commitment to bring expertise and execution to deliver turnkey space solutions that are right for the project and right for the timeline: "Right from the Start." We continued to expand into adjacent solutions, including climate-controlled storage and clearspan structures, and introduced new VAPS, including solar panels and perimeter solutions.
Modular Space Solutions Our modular space units meet a broad range of customer needs.
Remanufacturing typically involves cleaning, removing rust and dents, repairing floors and sidewalls, painting, and adding company logos or signs and may include further customization by adding our proprietary easy opening door system.
Storage containers can be equipped with our patented Tri Cam Locking System , which features a waist level opening lever and interlocking bars to provide easy access for the customer without sacrificing security.
We also offer ContainerGuardLock , an optional security device, which features a hidden six pin tumbler system and is made from drill resistant hardened steel.
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →