0001647088-26-000011 | 10-K | XBRL Viewer

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Leases - Schedule of Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 78,841
2027	72,831
2028	59,561
2029	39,934
2030	30,979
Thereafter	93,458
Total lease payments	375,604
Less: interest	(62,919)
Present value of lease liabilities	312,685
Finance Leases
2026	38,881
2027	35,470
2028	37,951
2029	30,072
2030	24,189
Thereafter	24,718
Total lease payments	191,281
Less: interest	(24,423)
Present value of lease liabilities	$ 166,858	$ 143,788

(Loss) Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

(Loss) Earnings Per Share

Basic (loss) earnings per share (“EPS”) is calculated by dividing net (loss) income attributable to WillScot common shareholders by the weighted average number of shares of Common Stock outstanding during the period. The shares of Common Stock issued as a result of the vesting of RSUs and RSAs as well as the exercise of stock options are included in EPS based on the weighted average number of days in which they were outstanding during the period. Diluted EPS is computed similarly to basic EPS, except that it includes the potential dilution that could occur if dilutive securities were exercised as determined by using the treasury stock method. Effects of potentially dilutive securities are presented only in periods in which they are dilutive.

The following table reconciles (loss) income from continuing operations attributable to WillScot common shareholders to net (loss) income attributable to common shareholders for the dilutive EPS calculation and the weighted average shares outstanding for the basic earnings per share calculation to the weighted average shares outstanding for the diluted earnings per share calculation for the years ended December 31:


(in thousands)	2025		2024		2023
Numerator:
(Loss) income from continuing operations	$	(52,990)	$	28,129	$	341,844
Income from discontinued operations	—		—		134,613
Net (loss) income	$	(52,990)	$	28,129	$	476,457

Denominator:
Weighted average Common Shares outstanding - basic	182,394		188,102		198,555
Dilutive effect of outstanding securities:
RSAs	—		15		15
Time-Based RSUs	—		152		274
Performance-Based RSUs	—		1,112		2,040
Stock Options	—		911		966
Weighted average Common Shares outstanding - dilutive	182,394		190,292		201,850

The following potential common shares were excluded from the computation of dilutive EPS because their effect would have been anti-dilutive:


(in thousands)	2025	2024	2023


RSAs	67	—	—
Time-based RSUs	932	235	106
Performance-based RSUs	1,189	645	277
Stock Options	765	—	—

Restructuring	12 Months Ended
Restructuring	Dec. 31, 2025
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During 2025, following the integration of its modular and storage field operations in 2024, the Company evaluated its real estate footprint on a property-by-property basis to opportunistically reduce overall real estate costs while maintaining market coverage. To exit certain real estate positions, the Company disposed of certain rental fleet units, with a primary focus on long idle, non-standard, or higher repair cost units, while maintaining adequate idle fleet to meet projected demand. During the eleven months ended November 30, 2025, rental equipment identified for disposal was depreciated to its salvage value, resulting in approximately $41.0 million of incremental rental equipment depreciation. In December 2025, the Company initiated a comprehensive network optimization initiative (the "Network Optimization Plan") identifying additional real estate locations for exit, which was approved by the Company's Board of Directors on December 18, 2025. Exiting those locations necessitates the disposal of certain rental equipment. The restructuring plan encompasses exiting approximately 665 acres of real estate over the next four years, representing 108 branch and drop lot locations and approximately 25% of the Company's leased acreage. To enable these exits, management identified rental fleet units with a net book value of $312.1 million to be abandoned, representing approximately 53,000 units (approximately 31,000 portable storage units and 22,000 modular space units). The Company believes these actions will reduce expected annual real estate cost increases while maintaining market coverage and customer service capabilities. The Company expects to substantially complete all real estate exits and related rental equipment disposals under the Network Optimization Plan by 2029. For the year ended December 31, 2025, the Company recorded restructuring costs for the Network Optimization Plan of $301.9 million, consisting of accelerated depreciation of rental equipment. The Company expects the initiative to result in future costs consisting of rental equipment disposal costs of approximately $40 million and rental equipment relocation costs of approximately $20 million. Disposal costs consist of demolition costs, waste removal fees and scrapping fees. Disposal costs will be recorded within restructuring costs when incurred. Relocation costs consist primarily of costs to relocate units to other branch locations. Relocation costs will be recorded within costs of leasing when incurred. The amount and timing of the actual charges may vary due to a variety of factors, including the ability of vendors to accommodate disposal volumes and additional time needed to exit leased properties. The Company’s estimates for the charges discussed above exclude any potential income tax effects. The Company does not expect to exit locations until the end of the contractual lease term; therefore, rental expense will continue to be incurred within SG&A expense as the Company consumes its right to use the real estate. In 2024, the Company implemented a cost-reduction plan for certain centralized and redundant resources. During the year ended December 31, 2024, restructuring costs incurred under this plan included employee termination costs of $8.6 million. During the year ended December 31, 2025, the Company recorded restructuring expense of $0.3 million related to the 2024 restructuring plan.

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Spare parts and supplies	$ 40,716	$ 39,823
Work in process	1,322	0
Finished units	3,522	7,650
Inventories	$ 45,560	$ 47,473

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2025	Feb. 13, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37552
Entity Registrant Name	WILLSCOT HOLDINGS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3430194
Entity Address, Address Line One	6400 East McDowell Road
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85257
City Area Code	480
Local Phone Number	894-6311
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	WSC
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 4.9
Entity Common Stock, Shares Outstanding		180,854,438
Documents Incorporated by Reference	The information required by Part III of this Annual Report on Form,10-K, to the extent not set forth herein, is incorporated herein by reference from the registrant's definitive proxy statement for its 2026 annual meeting of stockholders, which definitive proxy statement will be filed with the US Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates.
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0001647088

Stock-Based Compensation - Schedule of Time-Based RSU Award Activity (Details) - Time-based RSUs - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Shares
Outstanding beginning balance (in shares)	576,652	618,836	789,779
Granted (in shares)	677,853	273,524	213,388
Forfeited (in shares)	(79,752)	(45,544)	(61,848)
Vested (in shares)	(242,578)	(270,164)	(322,483)
Outstanding ending balance (in shares)	932,175	576,652	618,836
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)	$ 43.87	$ 36.07	$ 26.16
Granted (in USD per share)	31.08	48.68	50.74
Forfeited (in USD per share)	39.65	46.58	36.75
Vested (in USD per share)	39.79	30.41	21.38
Outstanding ending balance (in USD per share)	$ 35.95	$ 43.87	$ 36.07

Derivatives (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Location and Fair Value of Derivative Instruments Designated as Hedges in the Consolidated Balance Sheet

The location and the fair value of derivative instruments designated as hedges were as follows:


(in thousands)	Balance Sheet Location	2025		2024
Cash Flow Hedges:
Interest rate swaps	Prepaid expenses and other current assets	$	24	$	6,990
Interest rate swaps	Other non-current assets	$	—	$	6,666
Interest rate swaps	Accrued expenses	$	(1,862)	$	—
Interest rate swaps	Other non-current liabilities	$	(2,726)	$	—

Schedule of Impact of Interest Rate Swap on Other Comprehensive Income, Accumulated Other Comprehensive Loss ("AOCI"), and Consolidated Statement of Operations

The following table discloses the impact of the interest rate swaps, excluding the impact of income taxes, on other comprehensive income (“OCI”), accumulated other comprehensive loss ("AOCI"), and the Company’s consolidated statements of operations for the years ended December 31:


(in thousands)	2025		2024		2023
(Loss) gain recognized in OCI	$	(9,207)	$	29,256	$	15,901
Location of gain recognized in income	Interest expense, net		Interest expense, net		Interest expense, net
Gain reclassified from AOCI into income	$	8,813	$	20,175	$	11,550

Revenue - Schedule of Future Commited Modular Leasing Revenues (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Revenue from Contract with Customer [Abstract]
2026	$ 401,632
2027	137,967
2028	46,519
2029	17,711
2030	7,421
Thereafter	2,714
Total	$ 613,964

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2025	Nov. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Rental equipment purchase obligation	$ 6.6	$ 20.0

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finance Lease Expense
Amortization of finance lease assets	$ 17,963	$ 14,159	$ 16,945
Interest on obligations under finance leases	7,636	6,350	3,777
Total finance lease expense	25,599	20,509	20,722
Operating Lease Expense
Total operating lease expense	130,624	123,816	107,058
Costs of leasing and services
Operating Lease Expense
Fixed lease expense	816	1,101	1,396
Short-term lease expense	28,743	28,758	26,010
Variable lease expense	205	762	2,109
Selling, general and administrative
Operating Lease Expense
Fixed lease expense	89,254	80,199	67,374
Short-term lease expense	1,434	2,071	1,789
Variable lease expense	$ 10,172	$ 10,925	$ 8,380

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Carrying Value of Debt Outstanding

The carrying value of debt outstanding at December 31 consisted of the following:


(in thousands, except rates)	Interest rate	Year of maturity	2025		2024
2025 Secured Notes	6.125%	2025	$	—	$	525,283
ABL Facility	Varies	2030	1,491,267		1,556,651
2028 Secured Notes	4.625%	2028	496,718		495,582
2029 Secured Notes	6.625%	2029	493,803		492,467
2030 Secured Notes	6.625%	2030	494,180		—
2031 Secured Notes	7.375%	2031	445,342		494,329
Finance Leases	Varies	Varies	166,858		143,788
Total debt			3,588,168		3,708,100
Less: current portion of long-term debt			31,094		24,598
Total long-term debt			$	3,557,074	$	3,683,502

Schedule of Maturities of Debt and Lease Obligation

Maturities of debt, including finance leases, during the years subsequent to December 31, 2025 are as follows:


(in thousands)
2026	$	38,881
2027	35,470
2028	537,951
2029	530,072
2030	2,032,188
Thereafter	474,718
Total	$	3,649,280

Schedule of Amortization of Deferred Debt Issuance Costs

These debt costs will be amortized and included as part of interest expense over the remaining contractual terms of those debt instruments for each of the next five years as follows:


(in thousands)	Debt issuance cost amortization
2026	$	8,202
2027	8,520
2028	8,382
2029	6,730
2030	4,132
Thereafter	731
Total	$	36,697

Schedule of Debt Redemption

The table below depicts the redemption price (expressed as a percentage of the principal amount) of the notes if redeemed during the twelve-month period commencing on the dates below, plus accrued and unpaid interest, if any, to but not including the date of redemption.


Year	Redemption Price
August 15, 2025 and thereafter	100.000	%

The table below depicts the redemption prices (expressed as percentages of the principal amount) of the notes if redeemed during the twelve-month period commencing on the dates below, plus accrued and unpaid interest, if any, to but not including the date of redemption.


Year	Redemption Price
June 15, 2026	103.313	%
June 15, 2027	101.656	%
June 15, 2028 and thereafter	100.000	%


Year	Redemption Price
April 15, 2027	103.313	%
April 15, 2028	101.656	%
April 15, 2029 and thereafter	100.000	%


Year	Redemption Price
October 1, 2026	103.688	%
October 1, 2027	101.844	%
October 1, 2028 and thereafter	100.000	%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

(Loss) Earnings Per Share - Schedule of Reconciliation of Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
(Loss) income from continuing operations	$ (52,990)	$ 28,129	$ 341,844
Income from discontinued operations	0	0	134,613
Net (loss) income basic	(52,990)	28,129	476,457
Net (loss) income diluted	$ (52,990)	$ 28,129	$ 476,457
Denominator:
Weighted average Common Shares outstanding - basic (in shares)	182,394,306	188,101,693	198,554,885
Weighted average Common Shares outstanding – diluted (in shares)	182,394,306	190,292,256	201,849,836
RSAs
Denominator:
Awards (in shares)	0	15,000	15,000
Time-based RSUs
Denominator:
Awards (in shares)	0	152,000	274,000
Performance-Based RSUs
Denominator:
Awards (in shares)	0	1,112,000	2,040,000
Stock Options
Denominator:
Awards (in shares)	0	911,000	966,000

Leases - Schedule of Lease Terms and Discount Rates (Details)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted-average remaining lease term - operating leases	6 years	5 years 1 month 6 days
Weighted-average discount rate - operating leases	5.70%	5.80%
Weighted-average remaining lease term - finance leases	4 years 7 months 6 days	4 years 9 months 18 days
Weighted-average discount rate - finance leases	5.00%	5.10%

Discontinued Operations

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Discontinued Operations

UK Storage Solutions Divestiture

On January 31, 2023, the Company sold its former UK Storage Solutions segment for $418.1 million. Exiting the UK Storage Solutions segment represented the Company’s strategic shift to concentrate its operations on its core modular and storage businesses in North America. Results for the former UK Storage Solutions segment are reported in income from discontinued operations within the consolidated statement of operations for the year ended December 31, 2023.

The following table presents the results of the former UK Storage Solutions segment as reported in income from discontinued operations within the consolidated statement of operations and represents results for one month as the Company sold the former UK Storage Solutions segment on January 31, 2023.


(in thousands)	Year Ended December 31, 2023
Revenues:
Leasing and services revenue:
Leasing	$	6,389
Delivery and installation	1,802
Sales revenue:
New units	54
Rental units	449
Total revenues	8,694
Costs:
Costs of leasing and services:
Leasing	1,407
Delivery and installation	1,213
Costs of sales:
New units	38
Rental units	492
Gross profit	5,544
Expenses:
Selling, general and administrative	1,486
Other income, net	(1)
Operating income	4,059
Interest expense	56
Income from discontinued operations before income tax	4,003
Gain on sale of discontinued operations	175,708
Income tax expense from discontinued operations	45,468
Income from discontinued operations	$	134,243

In January 2023, a $0.4 million adjustment was made to the gain on sale of a former segment, which was sold on September 30, 2022. Including this adjustment, the total gain on sale of discontinued operations was $176.1 million for the year ended December 31, 2023.

Debt - Schedule of Maturities of Debt and Lease Obligation (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2026	$ 38,881
2027	35,470
2028	537,951
2029	530,072
2030	2,032,188
Thereafter	474,718
Total	$ 3,649,280

Rental Equipment, net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Rental Equipment, net

Rental equipment, net at December 31 consisted of the following:


(in thousands)	2025		2024
Modular space units	$	3,836,964	$	3,658,086
Portable storage units	1,097,908		1,070,025
Value-added products	229,920		220,205
Total rental equipment	5,164,792		4,948,316
Less: accumulated depreciation	(2,071,471)		(1,570,377)
Rental equipment, net	$	3,093,321	$	3,377,939

At December 31, 2025, rental equipment included $312.1 million related to rental fleet assets that the Company intends to dispose of in connection with the Network Optimization Plan. The assets will be derecognized when physically disposed.

The Company had rental equipment in the following geographic areas at December 31:


(in thousands)	2025		2024
US	$	4,711,272	$	4,532,692
Canada	405,239		374,446
Mexico	48,281		41,178
Total rental equipment	5,164,792		4,948,316
Less: accumulated depreciation	(2,071,471)		(1,570,377)
Rental equipment, net	$	3,093,321	$	3,377,939

Property, Plant and Equipment, net

Property, plant and equipment, net at December 31 consisted of the following:


(in thousands)	2025		2024
Land, buildings, and leasehold improvements	$	187,789	$	184,475
Vehicles and equipment	325,255		272,587
Office furniture, fixtures and software	123,261		119,622
Total property, plant and equipment	636,305		576,684
Less: accumulated depreciation	(246,085)		(213,611)
Property, plant and equipment, net	$	390,220	$	363,073

Depreciation expense related to property, plant and equipment was $50.3 million, $44.3 million, and $47.1 million for the years ended December 31, 2025, 2024, and 2023, respectively, and was presented in other depreciation and amortization in the consolidated statements of operations. As of December 31, 2025 and 2024, the gross cost of property, plant and equipment assets under finance leases was $220.5 million and $177.6 million, respectively, with related accumulated depreciation of $64.3 million and $52.5 million, respectively.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Organization and Nature of Operations

WillScot Holdings Corporation (“WillScot” and, together with its subsidiaries, the “Company”) is a leading business services provider specializing in innovative and flexible turnkey space solutions in the United States (“US”), Canada and Mexico. The Company leases, sells, delivers and installs modular space solutions and portable storage products through an integrated network of branch locations that spans North America.

Basis of Presentation and Principles of Consolidation

The consolidated financial statements were prepared in conformity with accounting principles generally accepted in the US (“GAAP”). The consolidated financial statements comprise the financial statements of WillScot and its subsidiaries that it controls due to ownership of a majority voting interest. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as WillScot. All intercompany balances and transactions are eliminated in consolidation.

On January 31, 2023, the Company completed the sale of its former United Kingdom Storage Solutions ("UK Storage Solutions") segment. The consolidated financial statements present the historical financial results of the former UK Storage Solutions segment as discontinued operations for the year ended December 31, 2023. See Note 4 for further discussion.

Accounting Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid instruments with a maturity of three months or less when purchased to be cash equivalents.

Trade Receivables and Allowance for Credit Losses

The Company is exposed to credit losses from trade receivables. The Company assesses each customer’s ability to pay for the products it leases or sells and the services it provides by conducting a credit review. The credit review considers expected billing exposure and timing for payment and the customer’s established credit rating. The Company performs its credit review of new customers at inception of the customer relationship and for existing customers when the customer transacts after a defined period of dormancy. The Company also considers contract terms and conditions, country risk and business strategy in the evaluation.

The Company monitors ongoing credit exposure through an active review of customer balances against established credit limits, contract terms, and due dates. The Company may employ collection agencies and legal counsel to pursue recovery of defaulted receivables. The allowance for credit losses reflects the estimate of the amount of receivables that the Company will be unable to collect based on historical credit loss experience and, as applicable, current conditions to the extent that historical information does not reflect current conditions that affect collectability. This estimate is sensitive to changing circumstances. Accordingly, the Company may be required to increase or decrease its allowance in future periods in response to changing circumstances, including changes in the economy or in the particular circumstances of individual customers. The Company has elected the practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. Specifically identifiable lease revenue receivables and sales receivables not deemed probable of collection are recorded as a reduction of revenue. The remaining provision for credit losses is recorded as selling, general and administrative ("SG&A") expense.

Activity in the allowance for credit losses for the years ended December 31 was as follows:


(in thousands)	2025		2024		2023
Balance at beginning of period	$	101,693	$	81,656	$	57,048
Provision for credit losses	58,320		55,437		49,650
Write-offs to leasing revenue	(75,505)		(26,758)		(18,875)
Write-offs to delivery and installation revenue	(17,371)		(6,698)		(5,275)
Write-offs to new units sales revenue	(3,333)		(850)		(516)
Write-offs to rental units sales revenue	(2,346)		(719)		(516)
Total write-offs recorded as a reduction to revenue, net of recoveries	(98,555)		(35,025)		(25,182)
Foreign currency translation and other	297		(375)		140
Balance at end of period	$	61,755	$	101,693	$	81,656

Accounts receivable are written off when they reach a level of delinquency that indicates the amounts may no longer be collectible, considering aging, customer‑specific facts, and historical loss patterns. For the year ended December 31, 2025, the Company had an increase in write-offs of accounts receivable due to receivables that were deemed uncollectible. Write-offs to receivables recorded as a reduction to revenue result in a corresponding reduction to the provision for credit losses recorded in SG&A expense to the extent that the related receivables were already reserved.

The Company’s trade accounts receivable subject the Company to potential concentrations of credit risk. The Company performs on-going credit evaluations of its customers. Receivables related to sales are generally secured by the product sold to the customer. The Company generally has the right to repossess its rental units in the event of non-payment of receivables relating to the Company’s leasing operations.

Inventories

Inventories consist of spare parts and supplies, work in process, and finished units for sale. Inventories are measured at the lower of cost or net realizable value based on the weighted-average cost. The cost includes expenditures incurred in acquiring the inventories, production or conversion costs, and other costs incurred in bringing inventories to their existing location and condition.

Rental Equipment

Rental equipment is comprised of modular space and portable storage units held for rent or on rent to customers and Value-Added Products (“VAPS”) that are in use or available to be used by customers. Rental equipment is measured at cost less accumulated depreciation. Cost includes expenditures that are directly attributable to the acquisition of the asset. Costs of improvements and conversions of rental equipment are capitalized when such costs extend the useful life of the equipment. Costs incurred for equipment to meet a particular customer specification are either capitalized and depreciated over the lease term taking into consideration the residual value of the asset or charged to the customer at the beginning of the lease and expensed as incurred. Maintenance and repair costs are expensed as incurred.

Depreciation is computed using the straight-line method over estimated useful lives, as follows:


	Estimated Useful Life	Residual Value
Modular space units	5 - 30 years	0 - 55%
Portable storage units	7 - 30 years	20 - 55%
VAPS and other related rental equipment	1 - 10 years	0%

Property, Plant and Equipment

Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. The Company capitalizes external costs and directly attributable internal costs to acquire or create internal use software incurred subsequent to the completion of the preliminary project stage. Costs associated with post-implementation activities are expensed as incurred. Land is not depreciated. Leasehold improvements are amortized over the shorter of the lease term or their useful life. Assets leased under finance leases are depreciated over the shorter of the lease term or their useful life, unless it is reasonably certain that the Company will obtain ownership by the end of the lease term in which case the assets are depreciated over their useful life. Maintenance and repair costs are expensed as incurred.

Depreciation is computed using the straight-line method over estimated useful lives as follows:


			Estimated Useful Life
Buildings and leasehold improvements			15 - 40 years
Vehicles, machinery, and equipment			5 - 30 years
Furniture and fixtures			3 - 5 years
Software			3 - 10 years

Impairment of Long-Lived Assets

When circumstances indicate the carrying amount of long-lived assets in a held-for-use asset group may not be recoverable, the Company evaluates the assets for potential impairment using internal projections of undiscounted cash flows resulting from the use and eventual disposal of the assets. Events or changes in circumstances that may necessitate a recoverability evaluation include adverse changes in the regulatory environment or an expectation it is more likely than not that the asset will be disposed of before the end of its previously estimated useful life. If the carrying amount of the assets exceeds the undiscounted cash flows, an impairment expense is recognized for the amount by which the carrying amount of the asset group exceeds its fair value.

Consistent with the provisions of Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842) ("ASC 842"), the Company assesses whether any operating lease asset impairment exists in accordance with the measurement guidance in Accounting Standard Codification ("ASC") 360, Property Plant and Equipment.

Purchase Accounting

The Company records assets acquired and liabilities assumed at their respective estimated fair values on the date of acquisition. Goodwill is measured as the excess of the fair value of the consideration transferred over the fair value of the identifiable net assets and is assigned to the Company's reporting units that are expected to benefit from the acquisition. When appropriate, our estimates of the fair values of assets and liabilities acquired include assistance from independent third-party valuation firms. Valuations are finalized as soon as practicable, but not later than one year from the acquisition date. Any subsequent changes to fair values assigned in purchase accounting result in a corresponding adjustment to goodwill. Transaction costs are expensed as incurred.

Long-lived assets (principally rental equipment), goodwill and other intangible assets represent the largest components of our acquisitions. Rental equipment is valued utilizing a market approach or a replacement cost approach. Intangible assets are recognized at their estimated fair values as of the date of acquisition and generally consist of customer relationships and trade names. The Company exercises judgment in the determination of the estimated fair value of intangible assets acquired and their estimated useful lives. The estimated fair value and useful lives of customer relationships is determined based on estimates and judgments regarding discounted future after-tax earnings and cash flows arising from customer relationships. The fair value of trade name intangible assets is determined utilizing the relief-from-royalty method. A royalty rate based on observed market royalties is applied to projected revenue supporting the trade name and discounted to present value.

Acquisitions of assets and liabilities that do not meet the definition of a business are accounted for as asset acquisitions. An asset acquisition is accounted for by allocating the cost of the acquisition to the individual assets acquired and liabilities assumed on a relative fair value basis. Goodwill is not recognized in an asset acquisition. Transaction costs are considered a component of the cost of an asset acquisition.

Evaluation of Goodwill Impairment

The Company performs its annual impairment test of goodwill at the reporting unit level as of October 1, as well as during any reporting period in which events or changes in circumstances occur that, in management’s judgment, may constitute triggering events. The Company performs its assessment of goodwill utilizing either a qualitative or quantitative impairment test. The qualitative impairment test assesses company-specific, industry, market and general economic factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the Company concludes that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, or elects not to use the qualitative impairment test, a quantitative impairment test is performed. The quantitative impairment test involves a comparison of the estimated fair value of a reporting unit to its carrying amount. The Company estimates the fair value of a reporting unit by using a combination of the income approach and the market approach. Under the income approach, the Company uses a discounted cash flow model that calculates fair value as the present value of expected cash flows of the reporting units. Under the market approach, fair value is calculated using the average EBITDA multiples of comparable guideline companies whose securities are actively traded in public markets.

Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions. These estimates and assumptions include revenue growth rates and operating margins used to calculate projected future cash flows, risk-adjusted discount rates, the value of net operating losses, future economic and market conditions, and the determination of appropriate comparable companies. Management bases fair value estimates on assumptions it believes to be reasonable but that are unpredictable and inherently uncertain. Actual future results may differ from these estimates.

If the carrying amount of the reporting unit exceeds the calculated fair value of the reporting unit, an impairment charge would be recognized for the excess of carrying value over fair value, not to exceed the amount of goodwill attributable to that reporting unit.

Intangible Assets Other than Goodwill

Intangible assets that are acquired by the Company and determined to have an indefinite useful life are not amortized but are tested for impairment at least annually. The Company performs its assessment of indefinite-lived intangible assets utilizing either a qualitative or quantitative impairment test. When utilizing a quantitative impairment test, the Company calculates fair value using a relief-from-royalty method. This method is used to estimate the cost savings that accrue to the owner of an intangible asset who would otherwise have to pay royalties or license fees on revenues earned through the use of the asset. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment charge would be recorded to the extent the carrying value of the indefinite-lived intangible asset exceeds the fair value.

Other intangible assets that have finite useful lives are measured at cost less accumulated amortization and impairment losses, if any. Amortization is recognized in profit or loss over the estimated useful lives of the intangible asset.

Retirement Benefit Obligation

The Company provides benefits to certain of its employees under defined contribution benefit plans. The Company’s contributions to these plans are generally based on a percentage of employee compensation or employee contributions. These plans are funded on a current basis. For its US and Canada employees, the Company sponsors defined contribution benefit plans that have discretionary matching contribution and profit-sharing features. For the years ended December 31, 2025, 2024 and 2023, the Company made matching contributions of $15.0 million, $15.1 million and $14.1 million to these plans, respectively.

Stock-Based Compensation

Stock-based compensation awards are granted under the stockholder-approved WillScot 2020 Incentive Award Plan ("2020 Incentive Plan"), which is administered by the Compensation Committee of the Board of Directors. Under the 2020 Incentive Plan, the Compensation Committee may grant an aggregate of 6,488,988 shares of Common Stock in the form of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock awards ("RSAs"), restricted stock units ("RSUs"), performance compensation awards, and stock bonus awards. Stock-based payments, including the grant of stock options, RSAs and RSUs, are subject to service-based vesting requirements, and expense is recognized on a straight-line basis over the vesting period. Forfeitures are accounted for as they occur.

Stock-based compensation expense includes grants of stock options, time-based RSUs ("Time-Based RSUs") and performance-based RSUs ("Performance-Based RSUs", together with Time-Based RSUs, the "RSUs"). RSUs are recognized in the financial statements based on their fair value. In addition, stock-based payments to non-executive directors and employees include grants of RSAs. Time-Based RSUs and RSAs are valued based on the intrinsic value of the difference between the exercise price, if any, of the award and the fair market value of WillScot's Common Stock on the grant date. Performance-Based RSUs are valued based on a Monte Carlo simulation model to reflect the impact of the Performance-Based RSUs market condition. The probability of satisfying a market condition is considered in the estimation of the grant-date fair value for Performance-Based RSUs and the compensation cost is not reversed if the market condition is not achieved, provided the requisite service has been provided.

RSAs cliff vest in a one year period. Time-Based RSUs vest ratably over periods ranging from one year to four years. Certain Performance-Based RSUs cliff vest based on achievement of the relative total stockholder return ("TSR") of the Company's Common Stock as compared to the TSR of the constituents in the S&P MidCap 400 Index at the grant date over the performance period of three years. The target number of RSUs may be adjusted from 0% to 200% based on the TSR attainment levels defined by the Compensation Committee. The 100% target payout is tied to performance at the 50% percentile, with a payout curve ranging from 0% (for performance less than the 25% percentile) to 200% (for performance at or above the 85% percentile). Vesting is also subject to continued service requirements through the vesting date.

For 555,790 Performance-Based RSUs granted in 2021, the awards cliff vest based on achievement of specified share prices of the Company's Common Stock at annual measurement dates over performance periods of 4.5 years to 4.8 years. The target number of RSUs may be adjusted from 0 to 1,333,334 based on the stock price attainment levels defined by the Company's Compensation Committee. The 555,790 RSU target payout is tied to a stock price of $47.50, with a payout ranging from 0 RSUs (for a stock price less than $42.50) to 1,333,334 RSUs (for a stock price of $60.00 or greater). During the year ended December 31, 2025, 312,632 of these awards vested with a payout of 300,000 RSUs.

Stock options vest in tranches over periods that range from two years to four years and expire ten years from the grant date. The fair value of each stock option award on the grant date is estimated using the Black-Scholes option-pricing model with the following assumptions: expected dividend yield, expected stock price volatility, weighted-average risk-free interest rate and weighted-average expected term of the options. The volatility assumption used in the Black-Scholes option-pricing model for options granted in prior years was based on a blend of peer group volatility and Company trading history as the Company did not have a sufficient trading history as a stand-alone public company to rely exclusively on its own trading history. The volatility assumption used in the Black-Scholes option-pricing model for options granted in 2025 was based on the Company's trading history. Additionally, the expected term assumption was based on the simplified method under GAAP, which is based on the vesting period and contractual term for each tranche of awards. The mid-point between the weighted-average

vesting term and the expiration date is used as the expected term under this method. The risk-free interest rate used in the Black-Scholes model is based on the implied US Treasury bill yield curve at the date of grant with a remaining term equal to the Company’s expected term assumption.

Foreign Currency Translation and Transactions

The Company’s reporting currency is the US Dollar (“USD”). Exchange rate adjustments resulting from foreign currency transactions are recognized in profit or loss, whereas effects resulting from the translation of financial statements are reflected as a component of accumulated other comprehensive loss, which is a component of shareholders’ equity.

The assets and liabilities of subsidiaries whose functional currency is different from the USD are translated into USD at exchange rates at the reporting date and income and expenses are translated using average exchange rates for the respective period.

Exchange rate adjustments resulting from transactions in foreign currencies (currencies other than the Company entities’ functional currencies) are remeasured to the respective functional currencies using exchange rates at the dates of the transactions and are recognized in currency losses, net on the consolidated statements of operations.

Derivative Instruments and Hedging Activities

The Company utilizes derivative financial instruments to manage its exposure to fluctuations in interest rates on variable rate debt and currency exchange rates. The Company does not use derivatives for trading or speculative purposes.

The Company records derivatives on the balance sheet at fair value within prepaid expenses and other current assets and other non-current assets (if in an unrealized gain position) or within accrued liabilities and other non-current liabilities (if in an unrealized loss position). If a derivative is designated as a cash flow hedge and meets the highly effective threshold, the changes in the fair value of derivatives are recorded in accumulated other comprehensive loss. Amounts reported in accumulated other comprehensive loss related to the cash flow hedges are reclassified to earnings when the hedged item impacts earnings. For any derivative instruments not designated as hedging instruments, changes in fair value would be recognized in earnings in the period that the change occurs. The Company assesses, both at the inception of the hedge and on an ongoing quarterly basis, whether the derivatives designated as cash flow hedges are highly effective in offsetting the changes in cash flows of the hedged items. In the consolidated statements of cash flows, cash inflows and outflows related to derivative instruments are presented based on the underlying nature of the hedged items.

The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company enters into derivative financial instruments only with counterparties with high credit ratings and with major financial institutions.

Revenue Recognition

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of revenue is generated by rental income subject to the guidance in ASC 842. The remaining revenue is generated by performance obligations in contracts with customers for services or sale of units subject to the guidance in ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606").

Leasing Revenue

Income from operating leases is recognized on a straight-line basis over the lease term. The Company's lease arrangements can include multiple lease and non-lease components. Examples of lease components include the lease of modular space and portable storage units and VAPS. Examples of non-lease components include the delivery, installation, and removal services commonly provided in a bundled transaction with the lease components. Arrangement consideration is allocated between lease components and non-lease components based on the relative estimated selling (leasing) price of each deliverable. Selling (leasing) price of the lease component is estimated using an adjusted market approach whereby the Company estimates the price that customers in the market would be willing to pay.

When leases and services are billed in advance, recognition of revenue is deferred until services are rendered. If equipment is returned prior to the contractually obligated period, the excess, if any, between the amount the customer is contractually required to pay over the cumulative amount of revenue recognized to date is recognized as incremental revenue upon return.

Rental equipment is leased under operating leases. Rental contracts with customers are generally based on a 28‑day or monthly rate and billing cycle. Operating lease minimum contractual terms generally range from 1 month to 60 months and leases are customarily renewable on a month-to-month basis after their initial term. The rental continues until cancelled by the Company or the customer. Operating lease minimum contractual terms averaged less than 12 months for the year ended December 31, 2025.

Services Revenue

The Company generally has three non-lease service-related performance obligations in its contracts with customers:

•Delivery and installation of the modular or portable storage unit;

•Other ad hoc services performed during the lease term; and

•Removal services that occur at the end of the lease term.

Consideration is allocated to each of these performance obligations within the contract based upon their estimated relative standalone selling prices using an adjusted market approach. Revenue from these activities is recognized as the services are performed.

Sales Revenue

Sales revenue is generated by the sale of new and rental units. Revenue from the sale of new and rental units is generally recognized at a point in time upon the transfer of control to the customer, which occurs when the unit is delivered and installed in accordance with the contract. Sales transactions constitute a single performance obligation.

Other Matters

The Company's non-lease revenues do not include material amounts of variable consideration.

The Company's payment terms vary by the type and location of its customer and the product or services offered. The time between invoicing and when payment is due is not significant. While the Company may bill certain customers in advance, its contracts do not contain a significant financing component based on the short length of time between upfront billings and the performance of contracted services. For certain products, services, or customer types, the Company requires payment before the products or services are delivered to the customer. At December 31, 2025, current deferred revenue and customer deposits included deferred revenue of $236.0 million and customer deposits of $1.3 million, respectively. At December 31, 2024, current deferred revenue and customer deposits included deferred revenue of $249.0 million and customer deposits of $1.8 million, respectively.

Revenue is recognized net of sales tax billed to customers, which is subsequently remitted to governmental authorities.

Leases as Lessee

The Company leases real estate for certain of its branch offices, administrative offices, rental equipment storage properties, vehicles and equipment, and administrative operations. The Company determines if an arrangement is or contains a lease at inception. Leases are classified as either finance or operating at inception of the lease, with classification affecting expense recognition in the statement of operations. Short-term leases, defined as leases with an initial term of 12 months or less, are not recorded on the balance sheet. Lease expense for short-term leases is recognized on a straight-line basis over the lease term.

The Company has leases that contain both lease and non-lease components and has elected, as an accounting policy, to not separate lease components and non-lease components. Right of use ("ROU") assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The lease liability is calculated as the present value of the remaining minimum rental payments for existing leases using either the rate implicit in the lease or, if none exists, the Company's incremental borrowing rate, as the discount rate. Variable lease payments are expensed in the period in which the obligation for those payments is incurred. Variable lease payments include payments for common area maintenance, real estate taxes, management fees and insurance.

Many of the Company’s real estate lease agreements include one or more options to extend the lease, which are not included in the minimum lease terms unless the Company is reasonably certain it will exercise the option. Additionally, the Company’s leases do not generally include options to terminate the lease prior to the end of the lease term. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Advertising and Promotion

Advertising and promotion costs, which are expensed as incurred, were $16.1 million, $15.9 million and $10.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Shipping Costs

The Company includes costs to deliver rental equipment to customers, whether performed by third-parties or by internal employees, in costs of leasing and services and costs of sales.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company records deferred tax assets to the extent it believes that it is more likely than not that these assets will be realized. In making such determination, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent results of operations. Valuation allowances are recorded to reduce the deferred tax assets to an amount that will more likely than not be realized. When a valuation allowance is established or there is an increase in an allowance in a reporting period, tax expense is generally recorded in the Company’s consolidated statement of operations. Conversely, to the extent circumstances indicate that a valuation allowance is no longer necessary, that portion of the valuation allowance is reversed, which generally reduces the Company’s income tax expense.

Deferred tax liabilities are recognized for the income taxes on the undistributed earnings of wholly-owned foreign subsidiaries unless such earnings are indefinitely reinvested, or will only be repatriated when possible to do so at minimal additional tax cost. Income tax relating to items recognized directly in equity is recognized in equity and not in profit (loss) for the year.

In accordance with applicable authoritative guidance, the Company accounts for uncertain income tax positions using a benefit recognition model with a two-step approach; a more-likely-than-not recognition criterion; and a measurement approach that measures the position as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement. If it is not more-likely-than-not that the benefit of the tax position will be sustained on its technical merits, no benefit is recorded. Uncertain tax positions that relate only to timing of when an item is included on a tax return are considered to have met the recognition threshold. The Company classifies interest on tax deficiencies and income tax penalties within income tax expense.

The Company accounts for any impacts of the Global Intangible Low-Taxed Income ("GILTI") in the period in which they are incurred.

Fair Value Measurements

The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The inputs are prioritized into three levels that may be used to measure fair value. See further discussion of the levels in Note 13.

Recently Issued and Adopted Accounting Standards

Recently Issued Accounting Standards

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires incremental disclosures about specific expense categories, including but not limited to, purchases of inventory, employee compensation, depreciation, amortization, and selling expenses. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and the amendments may be applied either prospectively or retrospectively. The Company is currently evaluating ASU 2024-03 to determine its impact on the Company's disclosures.

In September 2025, the FASB issued ASU No. 2025-06 Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06") to modernize the accounting guidance for costs incurred to develop internal-use software, including which costs are required to be recognized as an asset. ASU 2025-06 is effective for annual and interim reporting periods beginning after December 15, 2027. The Company is evaluating the impact of ASU 2025-06 on its consolidated financial statements and disclosures.

Recently Adopted Accounting Standards

In December 2023, the FASB issued ASU No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires entities to disclose more detailed information in the reconciliation of their statutory tax rate to their effective tax rate and their income taxes paid. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. The Company adopted ASU 2023-09 as of December 31, 2025. Refer to Note 17 - Income Taxes.

In July 2025, the FASB issued ASU No. 2025-05 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025-05"), which provides a practical expedient and, if applicable, an accounting policy election to simplify the measurement of credit losses for certain receivables and contract assets. ASU 2025-05 is effective for annual and interim reporting periods beginning after December 15, 2025 and may be early adopted. Effective July 1, 2025, the Company early adopted ASU 2025-05, electing the practical expedient permitting an entity to assume that current conditions as of the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. The adoption of ASU 2025-05 did not have a material impact on the Company's consolidated financial statements or disclosures.

In September 2025, the FASB issued ASU No. 2025-07 Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract ("ASU 2025-07"). ASU 2025-07 narrows the scope of ASC 815 by

excluding certain non-exchange-traded contracts whose terms are based on the normal operations or activities of one of the parties, and clarifies that share-based noncash consideration received from a customer for the transfer of goods or services should be accounted for under ASC 606 until the right to the consideration becomes unconditional. The ASU is effective for annual and interim periods beginning after December 15, 2026, and may be early adopted. Effective December 31, 2025, the Company early adopted this standard using the prospective method for the derivative scope refinement. The adoption did not have a material impact on the Company's consolidated financial statements or disclosures.

In November 2025, the FASB issued ASU No. 2025-09 Derivatives and Hedging (Topic 815): Hedge Accounting Improvements ("ASU 2025-09"). ASU 2025-09 clarifies five separate hedge accounting issues arising from the global reference rate reform initiative. The second issue that is clarified under ASU 2025-09 addresses problems arising from interest rate and/or tenor changes with hedges that have "choose-your-rate" debt instruments. This ASU introduces a model for hedging variable rate debt instruments that allows borrowers to change interest rate indexes and/or tenor without the need to dedesignate the hedge as long as the new interest rate and/or tenor was documented at the hedges inception, the risk being hedged remains similar and the forecasted transaction is probable. The ASU is effective for public business entities' annual and interim periods beginning after December 15, 2026, and may be early adopted. Effective December 31, 2025, the Company early adopted this standard using the "choose-your-rate" model. The adoption did not have a material impact on the Company's consolidated financial statements or disclosures.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is involved in various lawsuits, claims and legal proceedings that arise in the ordinary course of business. The Company assesses these matters on a case-by-case basis as they arise and establishes reserves as required. As of December 31, 2025, with respect to these outstanding matters, the Company believes that the amount or range of reasonably possible loss will not, either individually or in the aggregate, have a material adverse effect on the Company's consolidated financial position, results of operations, or cash flows. However, the outcome of such matters is inherently unpredictable and subject to significant uncertainties. Purchase Commitments In November 2024, the Company entered into a fixed-dollar unconditional purchase obligation with a supplier to purchase $20.0 million of rental equipment at any time prior to November 2027. As of December 31, 2025, the remaining purchase obligation related to this agreement was $6.6 million. The Company had no other material outstanding purchase obligations as of December 31, 2025.

Equity - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,018,593	$ 1,261,250	$ 1,565,300
Other comprehensive income (loss) before reclassifications	9,987	2,316	28,904
Reclassifications from AOCI to income	(8,813)	(20,175)	(11,550)
Ending balance	856,254	1,018,593	1,261,250
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(70,627)	(52,768)	(70,122)
Ending balance	(69,453)	(70,627)	(52,768)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(80,720)	(56,031)	(70,122)
Other comprehensive income (loss) before reclassifications	14,716	(24,689)	14,091
Reclassifications from AOCI to income	0	0	0
Ending balance	(66,004)	(80,720)	(56,031)
Unrealized losses on hedging activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	10,093	3,263	0
Other comprehensive income (loss) before reclassifications	(4,729)	27,005	14,813
Reclassifications from AOCI to income	(8,813)	(20,175)	(11,550)
Ending balance	(3,449)	10,093	3,263
Unrealized losses on hedging activities \| Interest rate swaps
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassifications from AOCI to income	(8,800)	(20,200)	(11,600)
Tax expense from reclassification from AOCI to income	$ 2,200	$ 5,000	$ 2,900

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of discontinued operations		$ 0	$ 0	$ 176,078
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on working capital adjustment	$ 400
Gain on sale of discontinued operations				176,100
Discontinued Operations, Disposed of by Sale \| United Kingdom Storage Solutions Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of business consideration amount	$ 418,100
Gain on sale of discontinued operations				$ 175,708

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Operating Lease Maturities

As of December 31, 2025, the future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating Leases		Finance Leases
2026	$	78,841	$	38,881
2027	72,831		35,470
2028	59,561		37,951
2029	39,934		30,072
2030	30,979		24,189
Thereafter	93,458		24,718
Total lease payments	375,604		191,281
Less: interest	(62,919)		(24,423)
Present value of lease liabilities	$	312,685	$	166,858

Schedule of Finance Lease Maturities

As of December 31, 2025, the future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating Leases		Finance Leases
2026	$	78,841	$	38,881
2027	72,831		35,470
2028	59,561		37,951
2029	39,934		30,072
2030	30,979		24,189
Thereafter	93,458		24,718
Total lease payments	375,604		191,281
Less: interest	(62,919)		(24,423)
Present value of lease liabilities	$	312,685	$	166,858

Schedule of Lease Activity

The Company’s lease activity during the years ended December 31, 2025, 2024, and 2023 was as follows:


	Years Ended December 31,
Components of lease expense (in thousands)	2025		2024		2023
Finance Lease Expense
Amortization of finance lease assets	$	17,963	$	14,159	$	16,945
Interest on obligations under finance leases	7,636		6,350		3,777
Total finance lease expense	$	25,599	$	20,509	$	20,722

Operating Lease Expense
Fixed lease expense
Costs of leasing and services	$	816	$	1,101	$	1,396
Selling, general and administrative	89,254		80,199		67,374

Short-term lease expense
Costs of leasing and services	28,743		28,758		26,010
Selling, general and administrative	1,434		2,071		1,789

Variable lease expense
Costs of leasing and services	205		762		2,109
Selling, general and administrative	10,172		10,925		8,380

Total operating lease expense	$	130,624	$	123,816	$	107,058

Supplemental cash flow information related to leases for the years ended December 31, 2025, 2024, and 2023 was as follows:


	Years Ended December 31,
Supplemental Cash Flow Information (in thousands)	2025		2024		2023
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	88,014	$	81,046	$	68,889
Operating cash outflows from finance leases	$	7,796	$	6,087	$	3,715
Financing cash outflows from finance leases	$	25,272	$	19,429	$	16,510

Right of use assets obtained in exchange for lease obligations	$	154,136	$	92,343	$	95,897
Assets obtained in exchange for finance leases	$	50,238	$	46,253	$	58,737

Schedule of Weighted-Average Remaining Operating Lease Term and Weighted Average Discount Rate

Weighted-average remaining operating lease terms and the weighted average discount rates as of December 31 were as follows:


Lease Terms and Discount Rates	2025		2024
Weighted-average remaining lease term - operating leases	6.0 years		5.1 years
Weighted-average discount rate - operating leases	5.7	%	5.8	%
Weighted-average remaining lease term - finance leases	4.6 years		4.8 years
Weighted-average discount rate - finance leases	5.0	%	5.1	%

Property, Plant and Equipment, net - Narrative (Details) - Property, Plant and Equipment - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 50.3	$ 44.3	$ 47.1
Gross cost of property, plant and equipment assets under finance leases	220.5	177.6
Accumulated depreciation of property, plant and equipment assets under finance leases	$ 64.3	$ 52.5

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 2,281,446	$ 2,395,718	$ 2,364,767
Costs:
Depreciation of rental equipment	333,970	302,143	265,733
Gross profit	1,163,586	1,301,839	1,333,870
Other operating expenses:
Selling, general and administrative	581,762	630,705	596,090
Other depreciation and amortization	96,051	82,829	72,921
Restructuring costs	302,180	8,559	0
Termination fee	0	180,000	0
Impairment loss on intangible asset	0	132,540	0
Currency losses, net	210	593	6,754
Other expense (income), net	1,929	2,698	(15,354)
Operating income	181,454	263,915	673,459
Interest expense, net	231,511	227,311	205,040
Loss on extinguishment of debt	5,364	0	0
(Loss) income from continuing operations before income tax	(55,421)	36,604	468,419
Income tax (benefit) expense from continuing operations	(2,431)	8,475	126,575
(Loss) income from continuing operations	(52,990)	28,129	341,844
Discontinued operations:
Income from discontinued operations before income tax	0	0	4,003
Gain on sale of discontinued operations	0	0	176,078
Income tax expense from discontinued operations	0	0	45,468
Income from discontinued operations	0	0	134,613
Net (loss) income	$ (52,990)	$ 28,129	$ 476,457
(Loss) earnings per share from continuing operations:
Basic (in USD per share)	$ (0.29)	$ 0.15	$ 1.72
Diluted (in USD per share)	(0.29)	0.15	1.69
Earnings per share from discontinued operations:
Basic (in USD per share)	0	0	0.68
Diluted (in USD per share)	0	0	0.67
(Loss) earnings per share:
Basic (in USD per share)	(0.29)	0.15	2.40
Diluted (in USD per share)	$ (0.29)	$ 0.15	$ 2.36
Weighted average shares outstanding:
Basic (in shares)	182,394,306	188,101,693	198,554,885
Diluted (in shares)	182,394,306	190,292,256	201,849,836
Leasing
Revenues:
Leasing	$ 1,749,023	$ 1,839,875	$ 1,833,935
Total revenues	1,749,023	1,839,875	1,833,935
Costs:
Leasing	371,603	385,078	398,467
Delivery and installation
Revenues:
Revenues	388,887	418,881	437,179
Total revenues	388,887	418,881	437,179
Costs:
Cost of sales	323,403	328,880	317,117
New units
Revenues:
Revenues	77,941	74,499	48,129
Total revenues	77,941	74,499	48,129
Costs:
Cost of sales	53,164	45,554	26,439
Rental units
Revenues:
Revenues	65,595	62,463	45,524
Total revenues	65,595	62,463	45,524
Costs:
Cost of sales	$ 35,720	$ 32,224	$ 23,141

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation - Current Year (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
US	$ (45,819)	$ 18,686	$ 444,557
Foreign	(9,602)	17,918	23,862
(Loss) income from continuing operations before income tax	(55,421)	36,604	468,419
Provision for income taxes at U.S. federal statutory rate	(11,638)	7,687	98,368
State and Local income taxes, net of federal benefit	1,359	784	25,412
Foreign rate effects	(103)	1,175	1,434
Tax Credits
Investment Tax Credits	(1,692)
Nontaxable or nondeductible items
Non-deductible compensation	5,418
Stock compensation shortfall	1,731
Other	1,052	677	775
Changes in unrecognized tax benefits.	341
Other	1,101	1,508	356
Total income tax (benefit) expense from continuing operations	$ (2,431)	$ 8,475	$ 126,575
Percent
Provision for income taxes at U.S. federal statutory rate	21.00%
State and income taxes, net of federal benefit	(2.50%)
Foreign rate effects	0.20%
Tax Credits
Investment Tax Credits	3.10%
Nontaxable or nondeductible items
Non-deductible compensation	(9.80%)
Stock compensation shortfall	(3.10%)
Other	(1.90%)
Changes in unrecognized tax benefits.	(0.60%)
Other	(2.00%)
Effective Tax Rate	4.40%	23.15%	27.02%

Segment Reporting - Schedule of Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net (loss) income		$ (52,990)	$ 28,129	$ 476,457
Income tax (benefit) expense from continuing operations		(2,431)	8,475	126,575
Loss on extinguishment of debt		5,364	0	0
Currency losses, net		210	593	6,754
Termination fee		0	180,000	0
Impairment loss on intangible asset		0	132,540	0
Other		1,929	2,698	(15,354)
Non-equity executive transition costs		5,100
Restructuring costs		301,965	0	0
Network Optimization Plan
Segment Reporting Information [Line Items]
Restructuring costs		301,900
Real Estate Costs
Segment Reporting Information [Line Items]
Restructuring costs		3,800
Reportable Segment
Segment Reporting Information [Line Items]
Net (loss) income		(52,990)	28,129	341,844
Income tax (benefit) expense from continuing operations		(2,431)	8,475	126,575
Depreciation and amortization		430,021	384,972	338,654
Restructuring costs, lease impairment expense and other related charges		302,804	9,435	22
Interest expense, net		231,511	227,311	205,040
Loss on extinguishment of debt		5,364	0	0
Stock compensation expense		38,426	35,966	34,486
Integration and transaction costs		3,103	8,172	12,625
Currency losses, net		210	593	6,754
Termination fee		0	180,000	0
Impairment loss on intangible asset		0	132,540	0
Impairment loss on long-lived asset		0	374	0
Other		15,021	47,193	(4,535)
Adjusted EBITDA		$ 971,039	$ 1,063,160	$ 1,061,465
Impairment Long Lived Asset Held For Use Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag		Impairment loss on long-lived asset	Impairment loss on long-lived asset	Impairment loss on long-lived asset
McGrath RentCorp
Segment Reporting Information [Line Items]
Termination fee	$ 180,000
Transaction costs	$ 42,400		$ 42,400

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements were prepared in conformity with accounting principles generally accepted in the US (“GAAP”).

Principles of Consolidation

The consolidated financial statements comprise the financial statements of WillScot and its subsidiaries that it controls due to ownership of a majority voting interest. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as WillScot. All intercompany balances and transactions are eliminated in consolidation.On January 31, 2023, the Company completed the sale of its former United Kingdom Storage Solutions ("UK Storage Solutions") segment. The consolidated financial statements present the historical financial results of the former UK Storage Solutions segment as discontinued operations for the year ended December 31, 2023.

Accounting Estimates

Cash and Cash Equivalents

The Company considers all highly liquid instruments with a maturity of three months or less when purchased to be cash equivalents.

Trade Receivables and Allowance for Credit Losses

Concentration of Credit Risk

Inventories

Rental Equipment and Property, Plant and Equipment

Depreciation is computed using the straight-line method over estimated useful lives, as follows:


	Estimated Useful Life	Residual Value
Modular space units	5 - 30 years	0 - 55%
Portable storage units	7 - 30 years	20 - 55%
VAPS and other related rental equipment	1 - 10 years	0%

Property, Plant and Equipment

Depreciation is computed using the straight-line method over estimated useful lives as follows:


			Estimated Useful Life
Buildings and leasehold improvements			15 - 40 years
Vehicles, machinery, and equipment			5 - 30 years
Furniture and fixtures			3 - 5 years
Software			3 - 10 years

Impairment of Long-Lived Assets

Purchase Accounting

Evaluation of Goodwill Impairment

Intangible Assets Other than Goodwill

Retirement Benefit Obligation

Stock-Based Compensation

Foreign Currency Translation and Transactions

Derivative Instruments and Hedging Activities

Revenue Recognition and Shipping Costs

Leasing Revenue

Services Revenue

The Company generally has three non-lease service-related performance obligations in its contracts with customers:

•Delivery and installation of the modular or portable storage unit;

•Other ad hoc services performed during the lease term; and

•Removal services that occur at the end of the lease term.

Sales Revenue

Other Matters

The Company's non-lease revenues do not include material amounts of variable consideration.

Revenue is recognized net of sales tax billed to customers, which is subsequently remitted to governmental authorities.

The Company includes costs to deliver rental equipment to customers, whether performed by third-parties or by internal employees, in costs of leasing and services and costs of sales.

Leases as Lessee

Advertising and Promotion

Advertising and promotion costs, which are expensed as incurred

Income Taxes

The Company accounts for any impacts of the Global Intangible Low-Taxed Income ("GILTI") in the period in which they are incurred.

Fair Value Measurements

Recently Issued and Adopted Accounting Standards

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Income Taxes - Schedule of Tax Loss Carryforwards (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Loss Carryforward	$ 417,950
Deferred Tax	49,515	$ 75,312
US - Federal
Operating Loss Carryforwards [Line Items]
Loss Carryforward	180,825
Deferred Tax, US - Capital Loss	2,868
Deferred Tax	38,102
US - Federal \| Capital Loss Carryforward
Operating Loss Carryforwards [Line Items]
US - State capital loss	50,078
US - State
Operating Loss Carryforwards [Line Items]
Loss Carryforward	187,047
Deferred Tax	$ 8,545

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Amount of Goodwill

Changes in the carrying amount of goodwill were as follows:


(in thousands)	Total
Balance at December 31, 2023	$	1,176,635
Additions from acquisitions	26,948
Effects of movements in foreign exchange rates	(2,230)
Balance at December 31, 2024	1,201,353
Additions from acquisitions	55,088
Effects of movements in foreign exchange rates	1,171
Balance at December 31, 2025	$	1,257,612

Schedule of Finite Lived Intangible Assets

Intangible assets other than goodwill at December 31, consisted of the following:


	December 31, 2025
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Impairment Loss		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	3.0	$	234,108	$	—	$	(144,959)	$	89,149
Technology	0.5	1,500		—		(1,375)		125
Trade names	1.8	165,500		(132,540)		(23,146)		9,814
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		—		125,000
Total intangible assets other than goodwill		$	526,108	$	(132,540)	$	(169,480)	$	224,088


	December 31, 2024
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Impairment Loss		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	3.5	$	215,408	$	—	$	(113,415)	$	101,993
Technology	1.5	1,500		—		(1,125)		375
Trade names	2.7	165,500		(132,540)		(9,164)		23,796
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		—		125,000
Total intangible assets other than goodwill		$	507,408	$	(132,540)	$	(123,704)	$	251,164

Schedule of Indefinite Lived Intangible Assets

Intangible assets other than goodwill at December 31, consisted of the following:


	December 31, 2025
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Impairment Loss		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	3.0	$	234,108	$	—	$	(144,959)	$	89,149
Technology	0.5	1,500		—		(1,375)		125
Trade names	1.8	165,500		(132,540)		(23,146)		9,814
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		—		125,000
Total intangible assets other than goodwill		$	526,108	$	(132,540)	$	(169,480)	$	224,088


	December 31, 2024
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Impairment Loss		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	3.5	$	215,408	$	—	$	(113,415)	$	101,993
Technology	1.5	1,500		—		(1,125)		375
Trade names	2.7	165,500		(132,540)		(9,164)		23,796
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		—		125,000
Total intangible assets other than goodwill		$	507,408	$	(132,540)	$	(123,704)	$	251,164

Schedule of Future Amortization of Intangible Assets

As of December 31, 2025, the expected future amortization expense for intangible assets was as follows:


(in thousands)	Amortization Expense
2026	$	40,210
2027	33,580
2028	18,037
2029	3,367
2030	3,117
Thereafter	777
Total	$	99,088

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Options
Granted (in shares)		0	0
WillScot Options
Options
Outstanding beginning balance (in shares)	534,188	534,188	534,188
Exercised (in shares)	0	0	0
Forfeited (in shares)	0
Granted (in shares)	220,000
Outstanding ending balance (in shares)	754,188	534,188	534,188
Weighted-Average Exercise Price per Share
Outstanding beginning balance (in USD per share)	$ 13.60	$ 13.60	$ 13.60
Exercised (in USD per share)	0	0	0
Forfeited (in USD per share)	0
Granted (in USD per share)	23.39
Outstanding ending balance (in USD per share)	$ 16.46	$ 13.60	$ 13.60
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Fully vested and exercisable options (in shares)	534,188
Fully vested and exercisable options, weighted-average exercise price per share (in USD per share)	$ 13.60
Converted Mobile Mini Options
Options
Outstanding beginning balance (in shares)	814,889	829,246	864,276
Exercised (in shares)	(804,003)	(14,357)	(35,030)
Forfeited (in shares)	(2)
Granted (in shares)	0
Outstanding ending balance (in shares)	10,884	814,889	829,246
Weighted-Average Exercise Price per Share
Outstanding beginning balance (in USD per share)	$ 12.77	$ 12.86	$ 12.91
Exercised (in USD per share)	12.77	17.59	14.21
Forfeited (in USD per share)	13.54
Granted (in USD per share)	0
Outstanding ending balance (in USD per share)	$ 13.08	$ 12.77	$ 12.86
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Fully vested and exercisable options (in shares)	10,884
Fully vested and exercisable options, weighted-average exercise price per share (in USD per share)	$ 13.08

Debt - 2029, 2030 and 2031 Secured Notes (Details) - Senior Notes		12 Months Ended
	Nov. 18, 2025	Dec. 31, 2025
2028 Secured Notes \| Redemption Period Three
Debt Instrument [Line Items]
Redemption Price		100.00%
2029 Secured Notes \| Redemption Period One
Debt Instrument [Line Items]
Redemption Price		103.313%
2029 Secured Notes \| Redemption Period Two
Debt Instrument [Line Items]
Redemption Price		101.656%
2029 Secured Notes \| Redemption Period Three
Debt Instrument [Line Items]
Redemption Price		100.00%
2030 Secured Notes \| Redemption Period One
Debt Instrument [Line Items]
Redemption Price		103.313%
2030 Secured Notes \| Redemption Period Two
Debt Instrument [Line Items]
Redemption Price		101.656%
2030 Secured Notes \| Redemption Period Three
Debt Instrument [Line Items]
Redemption Price		100.00%
2031 Secured Notes
Debt Instrument [Line Items]
Redemption Price	103.00%
2031 Secured Notes \| Redemption Period One
Debt Instrument [Line Items]
Redemption Price		103.688%
2031 Secured Notes \| Redemption Period Two
Debt Instrument [Line Items]
Redemption Price		101.844%
2031 Secured Notes \| Redemption Period Three
Debt Instrument [Line Items]
Redemption Price		100.00%
100% of Principal \| 2029 Secured Notes
Debt Instrument [Line Items]
Redemption Price		100.00%
100% of Principal \| 2030 Secured Notes
Debt Instrument [Line Items]
Redemption Price		100.00%
40% of Principal \| 2029 Secured Notes
Debt Instrument [Line Items]
Redemption Price		106.625%
Redemption percentage of aggregate principal amount		40.00%
40% of Principal \| 2030 Secured Notes
Debt Instrument [Line Items]
Redemption Price		106.625%
Redemption percentage of aggregate principal amount		40.00%
10% of Principal \| 2029 Secured Notes
Debt Instrument [Line Items]
Redemption Price		103.00%
Redemption percentage of aggregate principal amount		10.00%
10% of Principal \| 2030 Secured Notes
Debt Instrument [Line Items]
Redemption Price		103.00%
Redemption percentage of aggregate principal amount		10.00%

(Loss) Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Reconciliation of Weighted Average Shares Outstanding


(in thousands)	2025		2024		2023
Numerator:
(Loss) income from continuing operations	$	(52,990)	$	28,129	$	341,844
Income from discontinued operations	—		—		134,613
Net (loss) income	$	(52,990)	$	28,129	$	476,457

Denominator:
Weighted average Common Shares outstanding - basic	182,394		188,102		198,555
Dilutive effect of outstanding securities:
RSAs	—		15		15
Time-Based RSUs	—		152		274
Performance-Based RSUs	—		1,112		2,040
Stock Options	—		911		966
Weighted average Common Shares outstanding - dilutive	182,394		190,292		201,850

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potential common shares were excluded from the computation of dilutive EPS because their effect would have been anti-dilutive:


(in thousands)	2025	2024	2023


RSAs	67	—	—
Time-based RSUs	932	235	106
Performance-based RSUs	1,189	645	277
Stock Options	765	—	—

(Loss) Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Shares (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
RSAs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)	67	0	0
Time-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)	932	235	106
Performance-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)	1,189	645	277
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share because their effect would have been anti-dilutive (in shares)	765	0	0

Debt - Schedule of Carrying Value of Debt Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 26, 2025	Dec. 31, 2024	Jun. 28, 2024	Sep. 25, 2023	Aug. 25, 2020	Jun. 15, 2020
Debt Instrument [Line Items]
Finance Leases	$ 166,858		$ 143,788
Total debt	3,588,168		3,708,100
Less: current portion of long-term debt	31,094		24,598
Total long-term debt	$ 3,557,074		$ 3,683,502
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total long-term debt		Total long-term debt
Senior Notes \| 2025 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.125%						6.125%
Long-term debt	$ 0		$ 525,283
Senior Notes \| 2028 Secured Notes
Debt Instrument [Line Items]
Interest rate	4.625%					4.625%
Long-term debt	$ 496,718		495,582
Senior Notes \| 2029 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.625%			6.625%
Long-term debt	$ 493,803		492,467
Senior Notes \| 2030 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.625%	6.625%
Long-term debt	$ 494,180		0
Senior Notes \| 2031 Secured Notes
Debt Instrument [Line Items]
Interest rate	7.375%				7.375%
Long-term debt	$ 445,342		494,329
Line of Credit \| ABL Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 1,491,267		$ 1,556,651

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		207,952,000
Beginning balance at Dec. 31, 2022	$ 1,565,300	$ 21	$ 2,886,951	$ (70,122)	$ (1,251,550)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	476,457				476,457
Other comprehensive income (loss)	$ 17,354			17,354
Common stock-based award activity (in shares)	549,272	514,000
Common stock-based award activity	$ 34,486		34,486
Repurchase and cancellation of Common Stock (in shares)		(18,534,000)
Repurchase and cancellation of Common Stock	(818,674)	$ (1)	(818,673)
Issuance of Common Stock from the exercise of options (in shares)		35,000
Issuance of Common Stock from the exercise of options	498		498
Withholding taxes on net share settlement of stock-based compensation	(14,171)		(14,171)
Ending balance (in shares) at Dec. 31, 2023		189,967,000
Ending balance at Dec. 31, 2023	1,261,250	$ 20	2,089,091	(52,768)	(775,093)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	28,129				28,129
Other comprehensive income (loss)	$ (17,859)			(17,859)
Common stock-based award activity (in shares)	731,210	717,000
Common stock-based award activity	$ 35,966		35,966
Repurchase and cancellation of Common Stock (in shares)		(7,133,000)
Repurchase and cancellation of Common Stock	(272,728)	$ (1)	(272,727)
Issuance of Common Stock from the exercise of options (in shares)		14,000
Issuance of Common Stock from the exercise of options	253		253
Withholding taxes on net share settlement of stock-based compensation	$ (16,418)		(16,418)
Ending balance (in shares) at Dec. 31, 2024	183,564,899	183,565,000
Ending balance at Dec. 31, 2024	$ 1,018,593	$ 19	1,836,165	(70,627)	(746,964)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(52,990)				(52,990)
Other comprehensive income (loss)	$ 1,174			1,174
Common stock-based award activity (in shares)	1,544,385	740,000
Common stock-based award activity	$ 38,426		38,426
Repurchase and cancellation of Common Stock (in shares)		(3,925,000)
Repurchase and cancellation of Common Stock	(98,040)	$ 0	(98,040)
Issuance of Common Stock from the exercise of options (in shares)		804,000
Issuance of Common Stock from the exercise of options	10,266		10,266
Withholding taxes on net share settlement of stock-based compensation	(9,497)		(9,497)
Dividends	$ (51,678)		(51,678)
Ending balance (in shares) at Dec. 31, 2025	181,184,438	181,184,000
Ending balance at Dec. 31, 2025	$ 856,254	$ 19	$ 1,725,642	$ (69,453)	$ (799,954)

Business Combination and Acquisitions (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Jun. 30, 2025 USD ($) temperature-controlledUnit	Dec. 31, 2025 USD ($) company	Dec. 31, 2024 USD ($) company	Dec. 31, 2023 USD ($)
Business Combination [Line Items]
Payments to acquire businesses, net of cash acquired			$ 144,698	$ 121,221	$ 561,629
Goodwill			1,257,612	1,201,353	1,176,635
Rental equipment, net			3,093,321	3,377,939
Payments for termination fee			0	180,000	$ 0
Rental Fleet Assets
Business Combination [Line Items]
Rental equipment, net			$ 23,200	$ 80,700
Number of companies, assets acquired and liabilities assumed \| company			2	3
Payments to acquire businesses			$ 25,800	$ 84,500
Regional Provider of Climate-Controlled Containers
Business Combination [Line Items]
Payments to acquire businesses, net of cash acquired		$ 115,600
Goodwill		54,800
Intangibles assets		18,700
Rental equipment acquired		$ 36,600
Regional Provider of Climate-Controlled Containers \| Storage Unit
Business Combination [Line Items]
Number of units in real estate property acquired (approximately) \| temperature-controlledUnit		2,100
RentaFence.com
Business Combination [Line Items]
Goodwill				25,300
Intangibles assets				2,500
Rental equipment acquired				8,800
Cash acquired from acquisition				36,800
McGrath RentCorp
Business Combination [Line Items]
Payments for termination fee	$ 180,000
Transaction costs	$ 42,400			$ 42,400

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

As of December 31, 2025, the future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating Leases		Finance Leases
2026	$	78,841	$	38,881
2027	72,831		35,470
2028	59,561		37,951
2029	39,934		30,072
2030	30,979		24,189
Thereafter	93,458		24,718
Total lease payments	375,604		191,281
Less: interest	(62,919)		(24,423)
Present value of lease liabilities	$	312,685	$	166,858

Finance lease liabilities are included within long-term debt and current portion of long-term debt on the consolidated balance sheets.

The Company’s lease activity during the years ended December 31, 2025, 2024, and 2023 was as follows:


	Years Ended December 31,
Components of lease expense (in thousands)	2025		2024		2023
Finance Lease Expense
Amortization of finance lease assets	$	17,963	$	14,159	$	16,945
Interest on obligations under finance leases	7,636		6,350		3,777
Total finance lease expense	$	25,599	$	20,509	$	20,722

Operating Lease Expense
Fixed lease expense
Costs of leasing and services	$	816	$	1,101	$	1,396
Selling, general and administrative	89,254		80,199		67,374

Short-term lease expense
Costs of leasing and services	28,743		28,758		26,010
Selling, general and administrative	1,434		2,071		1,789

Variable lease expense
Costs of leasing and services	205		762		2,109
Selling, general and administrative	10,172		10,925		8,380

Total operating lease expense	$	130,624	$	123,816	$	107,058

Supplemental cash flow information related to leases for the years ended December 31, 2025, 2024, and 2023 was as follows:


	Years Ended December 31,
Supplemental Cash Flow Information (in thousands)	2025		2024		2023
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	88,014	$	81,046	$	68,889
Operating cash outflows from finance leases	$	7,796	$	6,087	$	3,715
Financing cash outflows from finance leases	$	25,272	$	19,429	$	16,510

Right of use assets obtained in exchange for lease obligations	$	154,136	$	92,343	$	95,897
Assets obtained in exchange for finance leases	$	50,238	$	46,253	$	58,737

Weighted-average remaining operating lease terms and the weighted average discount rates as of December 31 were as follows:


Lease Terms and Discount Rates	2025		2024
Weighted-average remaining lease term - operating leases	6.0 years		5.1 years
Weighted-average discount rate - operating leases	5.7	%	5.8	%
Weighted-average remaining lease term - finance leases	4.6 years		4.8 years
Weighted-average discount rate - finance leases	5.0	%	5.1	%

Leases

As of December 31, 2025, the future lease payments for operating and finance lease liabilities were as follows:


(in thousands)	Operating Leases		Finance Leases
2026	$	78,841	$	38,881
2027	72,831		35,470
2028	59,561		37,951
2029	39,934		30,072
2030	30,979		24,189
Thereafter	93,458		24,718
Total lease payments	375,604		191,281
Less: interest	(62,919)		(24,423)
Present value of lease liabilities	$	312,685	$	166,858

Finance lease liabilities are included within long-term debt and current portion of long-term debt on the consolidated balance sheets.

The Company’s lease activity during the years ended December 31, 2025, 2024, and 2023 was as follows:


	Years Ended December 31,
Components of lease expense (in thousands)	2025		2024		2023
Finance Lease Expense
Amortization of finance lease assets	$	17,963	$	14,159	$	16,945
Interest on obligations under finance leases	7,636		6,350		3,777
Total finance lease expense	$	25,599	$	20,509	$	20,722

Operating Lease Expense
Fixed lease expense
Costs of leasing and services	$	816	$	1,101	$	1,396
Selling, general and administrative	89,254		80,199		67,374

Short-term lease expense
Costs of leasing and services	28,743		28,758		26,010
Selling, general and administrative	1,434		2,071		1,789

Variable lease expense
Costs of leasing and services	205		762		2,109
Selling, general and administrative	10,172		10,925		8,380

Total operating lease expense	$	130,624	$	123,816	$	107,058

Supplemental cash flow information related to leases for the years ended December 31, 2025, 2024, and 2023 was as follows:


	Years Ended December 31,
Supplemental Cash Flow Information (in thousands)	2025		2024		2023
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	88,014	$	81,046	$	68,889
Operating cash outflows from finance leases	$	7,796	$	6,087	$	3,715
Financing cash outflows from finance leases	$	25,272	$	19,429	$	16,510

Right of use assets obtained in exchange for lease obligations	$	154,136	$	92,343	$	95,897
Assets obtained in exchange for finance leases	$	50,238	$	46,253	$	58,737

Weighted-average remaining operating lease terms and the weighted average discount rates as of December 31 were as follows:


Lease Terms and Discount Rates	2025		2024
Weighted-average remaining lease term - operating leases	6.0 years		5.1 years
Weighted-average discount rate - operating leases	5.7	%	5.8	%
Weighted-average remaining lease term - finance leases	4.6 years		4.8 years
Weighted-average discount rate - finance leases	5.0	%	5.1	%

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 61,755	$ 101,693
Preferred share par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred shares authorized (in shares)	1,000,000	1,000,000
Preferred shares issued (in shares)	0	0
Preferred shares outstanding (in shares)	0	0
Common stock par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	181,184,438	183,564,899
Common stock outstanding (in shares)	181,184,438	183,564,899

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The Company had total revenue in the following geographic areas for the years ended December 31, as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
US	$	2,142,138	$	2,243,545	$	2,219,561
Canada	118,001		125,154		120,123
Mexico	21,307		27,019		25,083
Total revenues	$	2,281,446	$	2,395,718	$	2,364,767

The Company’s revenue by major product and service line for the years ended December 31, was as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Modular space leasing revenue(a)	$	997,784	$	1,011,086	$	953,822
Portable storage leasing revenue	319,305		356,873		396,781
VAPS and third-party leasing revenues(b)	397,547		397,640		391,948
Other leasing-related revenue(c)	34,387		74,276		91,384
Leasing revenue	1,749,023		1,839,875		1,833,935
Delivery and installation revenue	388,887		418,881		437,179
Total leasing and services revenue	2,137,910		2,258,756		2,271,114
New unit sales revenue	77,941		74,499		48,129
Rental unit sales revenue	65,595		62,463		45,524
Total revenues	$	2,281,446	$	2,395,718	$	2,364,767

(a) Includes revenue from clearspan structures.

(b) Includes $38.6 million, $35.2 million, and $23.9 million of service revenue for the years ended December 31, 2025, 2024, and 2023, respectively.

(c) Includes primarily damage billings, delinquent payment charges, other processing fees associated with leasing arrangements and is partially offset by write-offs of specific uncollectible lease receivables recorded as a reduction to revenue of $75.5 million, $26.8 million, and $18.9 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Schedule of Future Commited Modular Leasing Revenues

At December 31, 2025 and for the years ended December 31, 2026 through 2030 and thereafter, future committed leasing revenues under non-cancelable operating leases with the Company’s customers, excluding revenue from delivery and installation and potential lease extensions, were as follows:


(in thousands)	Operating Leases
2026	$	401,632
2027	137,967
2028	46,519
2029	17,711
2030	7,421
Thereafter	2,714
Total	$	613,964

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Disaggregation

Geographic Areas

The Company had total revenue in the following geographic areas for the years ended December 31, as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
US	$	2,142,138	$	2,243,545	$	2,219,561
Canada	118,001		125,154		120,123
Mexico	21,307		27,019		25,083
Total revenues	$	2,281,446	$	2,395,718	$	2,364,767

Major Product and Service Lines

Equipment leasing is the Company's core business and the primary driver of the Company's revenue and cash flows. This includes turnkey space solutions along with VAPS. Leasing is complemented by new unit sales and sales of rental units. In connection with its leasing and sales activities, the Company provides services including delivery and installation, maintenance, removal, and other ad hoc services.

The Company’s revenue by major product and service line for the years ended December 31, was as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Modular space leasing revenue(a)	$	997,784	$	1,011,086	$	953,822
Portable storage leasing revenue	319,305		356,873		396,781
VAPS and third-party leasing revenues(b)	397,547		397,640		391,948
Other leasing-related revenue(c)	34,387		74,276		91,384
Leasing revenue	1,749,023		1,839,875		1,833,935
Delivery and installation revenue	388,887		418,881		437,179
Total leasing and services revenue	2,137,910		2,258,756		2,271,114
New unit sales revenue	77,941		74,499		48,129
Rental unit sales revenue	65,595		62,463		45,524
Total revenues	$	2,281,446	$	2,395,718	$	2,364,767

(a) Includes revenue from clearspan structures.

(b) Includes $38.6 million, $35.2 million, and $23.9 million of service revenue for the years ended December 31, 2025, 2024, and 2023, respectively.

Leasing and Services Revenue

The majority of revenue (75%, 75%, and 77% for the years ended December 31, 2025, 2024, and 2023, respectively) was generated by lease income subject to the guidance of ASC 842. The remaining revenue was generated by performance obligations in contracts with customers for services or sale of units subject to the guidance in ASC 606.


(in thousands)	Operating Leases
2026	$	401,632
2027	137,967
2028	46,519
2029	17,711
2030	7,421
Thereafter	2,714
Total	$	613,964

Receivables

The Company manages credit risk associated with its accounts receivable at the customer level. Because the same customers generate the revenues that are accounted for under both ASC 842 and ASC 606, the discussions below on credit risk and the Company's allowance for credit losses address the Company's total revenues.

Concentration of credit risk with respect to the Company's receivables is limited because of a large number of geographically diverse customers who operate in a variety of end markets. No single customer accounted for more than 0.9% and 1.7% of the Company’s receivables at December 31, 2025 and 2024, respectively. The Company's top five customers with the largest open receivables balances represented 3.9% and 5.2% of the total receivables balance as of December 31, 2025 and 2024, respectively. The Company manages credit risk through credit approvals, credit limits, and other monitoring procedures.

The Company's allowance for credit losses reflects its estimate of the amount of receivables that the Company will be unable to collect. The estimated losses are calculated using the loss rate method based upon a review of outstanding receivables, related aging, and historical collection experience. The Company's estimate is sensitive to changing circumstances, and the Company may be required to increase or decrease its allowance in future periods in response to changing circumstances, including changes in the economy or in the particular circumstances of individual customers. During the years ended December 31, 2025, 2024 and 2023, the Company recognized bad debt expense within SG&A expense of $(40.2) million, $20.4 million, and $23.4 million, respectively, to reflect changes in the allowance for credit losses. During the years ended December 31, 2025, 2024 and 2023, $98.6 million, $35.0 million, and $25.2 million, respectively, of accounts receivable were written off and presented as a reduction of revenue (see Note 1 for further information about the accounting

for receivables). To the extent that those receivables were reserved, the applicable reserve was adjusted to bad debt expense within SG&A.

Contract Assets and Liabilities

When customers are billed in advance for services, the Company defers recognition of revenue until the related services are performed, which generally occurs at the end of the contract. The balance sheet classification of deferred revenue is determined based on the contractual lease term. For contracts that continue beyond their initial contractual lease term, revenue continues to be deferred until the services are performed. As of December 31, 2025 and 2024, the Company recorded deferred revenue related to service revenue billed in advance of $134.6 million and $139.4 million, respectively. During the years ended December 31, 2025, 2024 and 2023, the Company recognized revenue of $90.2 million, $72.7 million, and $67.6 million, respectively, for service revenue billed in advance that was recorded as deferred revenue as of December 31, 2024, 2023, and 2022, respectively.

The Company does not have material contract assets, and it did not recognize any material impairments of any contract assets. The Company's uncompleted contracts with customers have unsatisfied (or partially satisfied) performance obligations. For the future services revenues that are expected to be recognized within twelve months, the Company has elected to utilize the optional disclosure exemption made available regarding transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations. The transaction price for performance obligations that will be completed in greater than twelve months is variable based on the market rate in place at the time those services are provided, and therefore, the Company is applying the optional exemption to omit disclosure of such amounts.

The primary costs to obtain contracts for new and rental unit sales with the Company's customers are commissions. The Company pays its sales force commissions on the sale of new and rental units. For new and rental unit sales, the period benefited by each commission is less than one year. As a result, the Company has applied the practical expedient for incremental costs of obtaining a sales contract and expenses commissions as incurred.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Property, Plant and Equipment, net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

Rental Equipment, net

Rental equipment, net at December 31 consisted of the following:


(in thousands)	2025		2024
Modular space units	$	3,836,964	$	3,658,086
Portable storage units	1,097,908		1,070,025
Value-added products	229,920		220,205
Total rental equipment	5,164,792		4,948,316
Less: accumulated depreciation	(2,071,471)		(1,570,377)
Rental equipment, net	$	3,093,321	$	3,377,939

The Company had rental equipment in the following geographic areas at December 31:


(in thousands)	2025		2024
US	$	4,711,272	$	4,532,692
Canada	405,239		374,446
Mexico	48,281		41,178
Total rental equipment	5,164,792		4,948,316
Less: accumulated depreciation	(2,071,471)		(1,570,377)
Rental equipment, net	$	3,093,321	$	3,377,939

Property, Plant and Equipment, net

Property, plant and equipment, net at December 31 consisted of the following:


(in thousands)	2025		2024
Land, buildings, and leasehold improvements	$	187,789	$	184,475
Vehicles and equipment	325,255		272,587
Office furniture, fixtures and software	123,261		119,622
Total property, plant and equipment	636,305		576,684
Less: accumulated depreciation	(246,085)		(213,611)
Property, plant and equipment, net	$	390,220	$	363,073

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Derivatives - Narrative (Details) $ in Millions	1 Months Ended		12 Months Ended
Derivatives - Narrative (Details) $ in Millions	Jan. 31, 2024 USD ($) derivativeAgreement	Jan. 31, 2023 USD ($) derivativeAgreement	Dec. 31, 2025 USD ($)
Derivative [Line Items]
Cash flow hedge gain to be reclassified within next 12 months			$ 13.5
Interest rate swaps
Derivative [Line Items]
Number of derivative instruments \| derivativeAgreement	2	2
Notational amount	$ 500.0	$ 750.0
Fixed rate	3.70%	3.44%
Interest Rate Swaps, Entered January 2023
Derivative [Line Items]
Receive rate			3.73%

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Restricted Stock Awards

The following table summarizes the Company's RSA activity during the years ended December 31, 2025, 2024 and 2023:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31, 2022	35,244	$	37.17
Granted	28,946	$	44.44

Vested	(35,244)	$	37.17
Balance December 31, 2023	28,946	$	44.44
Granted	36,346	$	38.11

Vested	(28,946)	$	44.44
Balance December 31, 2024	36,346	$	38.11
Granted	67,365	$	27.43

Vested	(36,346)	$	38.11
Balance December 31, 2025	67,365	$	27.43

Compensation expense for RSAs recognized in SG&A expense in the consolidated statements of operations was $1.7 million, $1.3 million, and $1.3 million for the years ended December 31, 2025, 2024, and 2023, respectively. At December 31, 2025, unrecognized compensation cost related to RSAs totaled $0.8 million and was expected to be recognized over the remaining weighted average vesting period of 0.5 years. The total fair value of RSA's vested in 2025, 2024, and 2023 was $1.0 million, $1.1 million, and $1.6 million, respectively.

Time-Based RSUs

The following table summarizes the Company's Time-Based RSU activity during the years ended December 31, 2025, 2024 and 2023:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31, 2022	789,779	$	26.16
Granted	213,388	$	50.74
Forfeited	(61,848)	$	36.75
Vested	(322,483)	$	21.38
Balance December 31, 2023	618,836	$	36.07
Granted	273,524	$	48.68
Forfeited	(45,544)	$	46.58
Vested	(270,164)	$	30.41
Balance December 31, 2024	576,652	$	43.87
Granted	677,853	$	31.08
Forfeited	(79,752)	$	39.65
Vested	(242,578)	$	39.79
Balance December 31, 2025	932,175	$	35.95

Compensation expense for Time-Based RSUs recognized in SG&A expense in the consolidated statements of operations was $12.7 million, $10.2 million, and $8.1 million for the years ended December 31, 2025, 2024, and 2023, respectively. At December 31, 2025, unrecognized compensation cost related to Time-Based RSUs totaled $19.8 million and was expected to be recognized over the remaining weighted average vesting period of 2.3 years. The total fair value of Time-Based RSU's vested in 2025, 2024, and 2023 was $8.1 million, $12.4 million, and $16.2 million, respectively.

Performance-Based RSUs

The following table summarizes the Company's Performance-Based RSU award activity during the years ended December 31, 2025 and 2024 and 2023:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31, 2022	1,894,250	$	33.67
Granted	376,826	$	69.52
Forfeited	(37,451)	$	47.52
Vested(a)	(293,934)	$	16.34
Balance December 31, 2023	1,939,691	$	42.95
Granted	295,833	$	66.60
Forfeited	(62,074)	$	63.46
Vested(a)	(404,990)	$	39.30
Balance December 31, 2024	1,768,460	$	47.02
Granted	406,265	$	44.16
Forfeited	(52,781)	$	55.24
Vested(a)	(932,958)	$	38.35
Balance December 31, 2025	1,188,986	$	52.49

(a) The Performance-Based RSUs vested at a weighted average of 84% of target, or 782,083 shares, 191% of target, or 773,115 shares, and 150% of target, or 440,904 shares, during the years ended December 31, 2025, 2024, and 2023, respectively.

Compensation expense for Performance-Based RSUs recognized in SG&A expense in the consolidated statements of operations was $23.3 million, $24.5 million, and $24.9 million for the years ended December 31, 2025, 2024, and 2023, respectively. At December 31, 2025, unrecognized compensation cost related to Performance-Based RSUs totaled $14.2 million and was expected to be recognized over the remaining weighted average vesting period of one year. The total fair value of Performance-Based RSU's vested in 2025, 2024, and 2023 was $21.4 million, $36.3 million, and $15.0 million, respectively. Refer to Note 1 for the details of conditions required for the Performance-Based RSUs to vest.

Stock Options

The following table summarizes the Company's stock option activity during the years ended December 31, 2025, 2024 and 2023:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Balance at December 31, 2022	534,188	$	13.60	864,276	$	12.91

Exercised	—	$	—	(35,030)	$	14.21
Balance at December 31, 2023	534,188	$	13.60	829,246	$	12.86

Exercised	—	$	—	(14,357)	$	17.59
Balance at December 31, 2024	534,188	$	13.60	814,889	$	12.77
Forfeited	—	$	—	(2)	$	13.54
Granted	220,000	$	23.39	—	$	—
Exercised	—	$	—	(804,003)	$	12.77
Balance at December 31, 2025	754,188	$	16.46	10,884	$	13.08

Fully vested and exercisable options, December 31, 2025	534,188	$	13.60	10,884	$	13.08

Under our stock option plans, the Company may issue shares on a net basis at the request of the option holder. This occurs by netting the option costs in shares from the shares exercised. The Company granted 220,000 stock options in the year ended December 31, 2025. No stock options were granted in the years ended December 31, 2024 and 2023.

At December 31, 2025, the intrinsic value of stock options outstanding was $1.9 million, and the intrinsic value of stock options fully vested and exercisable was $2.9 million. At December 31, 2025, the weighted-average remaining contractual term of options fully vested and exercisable was 2.2 years for WillScot options and 2.3 years for converted Mobile Mini options. The weighted-average remaining contractual term of all outstanding WillScot options was 4.4 years. The total pre-tax intrinsic value of stock options exercised during the years ended December 31, 2025, 2024, and 2023 was $12.0 million, $0.4 million, and $1.1 million, respectively.

Compensation expense for stock options recognized in SG&A expense in the consolidated statement of operations was $0.8 million for the year ended December 31, 2025. At December 31, 2025, unrecognized compensation cost related to stock options totaled $2.0 million and was expected to be recognized over the remaining weighted average vesting period of 2.1 years.

The fair value of each stock option award granted during the year ended December 31, 2025 was estimated on the grant date using the Black-Scholes option-pricing model. The assumptions are listed in the table below.


	Assumptions
Expected volatility	45% - 46%
Expected dividend	1.20		%
Risk-free rate	3.69% - 3.76%
Expected term (in years)	5.75 - 6.00
Exercise price	$	23.39
Weighted-average grant date fair value	$	10.28

Stock-Based Compensation - Schedule of Restricted Stock Award Activity (Details) - Restricted Stock Awards - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Shares
Outstanding beginning balance (in shares)	36,346	28,946	35,244
Granted (in shares)	67,365	36,346	28,946
Vested (in shares)	(36,346)	(28,946)	(35,244)
Outstanding ending balance (in shares)	67,365	36,346	28,946
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)	$ 38.11	$ 44.44	$ 37.17
Granted (in USD per share)	27.43	38.11	44.44
Vested (in USD per share)	38.11	44.44	37.17
Outstanding ending balance (in USD per share)	$ 27.43	$ 38.11	$ 44.44

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Matching contributions to defined contribution plans	$ 15.0	$ 15.1	$ 14.1
Shares authorized under plan (in shares)	6,488,988
Deferred revenue	$ 236.0	249.0
Customer deposits	1.3	1.8
Advertising and promotion expense	$ 16.1	$ 15.9	$ 10.5
Performance-Based RSUs
Business Combination [Line Items]
Vested (in shares)	312,632
Minimum
Business Combination [Line Items]
Operating lease term	1 month
Maximum
Business Combination [Line Items]
Operating lease term	60 months
Average
Business Combination [Line Items]
Operating lease term	12 months
RSAs
Business Combination [Line Items]
Vesting period	1 year
Granted (in shares)	67,365	36,346	28,946
Vested (in shares)	36,346	28,946	35,244
Time-Based Restricted Stock Units
Business Combination [Line Items]
Granted (in shares)	677,853	273,524	213,388
Vested (in shares)	242,578	270,164	322,483
Time-Based Restricted Stock Units \| Minimum
Business Combination [Line Items]
Vesting period	1 year
Time-Based Restricted Stock Units \| Maximum
Business Combination [Line Items]
Vesting period	4 years
Performance-Based RSUs
Business Combination [Line Items]
Performance period	3 years
TSR payout percentage, minimum	0.00%
TSR payout percentage, maximum	200.00%
TSR payout percentage, target	100.00%
TSR, target	50.00%
TSR, minimum	25.00%
TSR, maximum	85.00%
Granted (in shares)	406,265	295,833	376,826
Vested (in shares)	932,958	404,990	293,934
Performance-Based RSUs \| Awards Granted 2021
Business Combination [Line Items]
Granted (in shares)	555,790
Share price (in USD per share)	$ 47.50
Performance-Based RSUs \| Minimum \| Awards Granted 2021
Business Combination [Line Items]
Performance period	4 years 6 months
Performance-Based RSUs \| Maximum \| Awards Granted 2021
Business Combination [Line Items]
Performance period	4 years 9 months 18 days
Restricted Stock Units (RSUs)
Business Combination [Line Items]
Granted (in shares)	300,000
Restricted Stock Units (RSUs) \| Minimum \| Awards Granted 2021
Business Combination [Line Items]
Vested (in shares)	0
Share price (in USD per share)	$ 42.50
Restricted Stock Units (RSUs) \| Maximum \| Awards Granted 2021
Business Combination [Line Items]
Vested (in shares)	1,333,334
Share price (in USD per share)	$ 60.00
Stock Options
Business Combination [Line Items]
Expiration period	10 years
Stock Options \| Minimum
Business Combination [Line Items]
Vesting period	2 years
Stock Options \| Maximum
Business Combination [Line Items]
Vesting period	4 years

Fair Value Measures (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Levels used for Measurement

The Company utilizes the following accounting guidance for the three levels of inputs that may be used to measure fair value:


Level 1 -			Observable inputs such as quoted prices in active markets for identical assets or liabilities;
Level 2 -			Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and
Level 3 -			Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions

Schedule of Carrying Amounts and Fair Values of Financial Assets and Liabilities

The following table shows the carrying amounts and fair values of these financial liabilities measured using Level 2 inputs:


	December 31, 2025				December 31, 2024
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
2025 Secured Notes	$	—	$	—	$	525,283	$	527,269
2028 Secured Notes	496,718		498,640		495,582		477,170
2029 Secured Notes	493,803		516,455		492,467		506,235
2030 Secured Notes	494,180		517,465		—		—
2031 Secured Notes	445,342		470,304		494,329		514,310
Total	$	1,930,043	$	2,002,864	$	2,007,661	$	2,024,984

Rental Equipment, net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Rental Equipment, Net

Depreciation is computed using the straight-line method over estimated useful lives, as follows:


	Estimated Useful Life	Residual Value
Modular space units	5 - 30 years	0 - 55%
Portable storage units	7 - 30 years	20 - 55%
VAPS and other related rental equipment	1 - 10 years	0%

Depreciation is computed using the straight-line method over estimated useful lives as follows:


			Estimated Useful Life
Buildings and leasehold improvements			15 - 40 years
Vehicles, machinery, and equipment			5 - 30 years
Furniture and fixtures			3 - 5 years
Software			3 - 10 years

Rental equipment, net at December 31 consisted of the following:


(in thousands)	2025		2024
Modular space units	$	3,836,964	$	3,658,086
Portable storage units	1,097,908		1,070,025
Value-added products	229,920		220,205
Total rental equipment	5,164,792		4,948,316
Less: accumulated depreciation	(2,071,471)		(1,570,377)
Rental equipment, net	$	3,093,321	$	3,377,939

The Company had rental equipment in the following geographic areas at December 31:


(in thousands)	2025		2024
US	$	4,711,272	$	4,532,692
Canada	405,239		374,446
Mexico	48,281		41,178
Total rental equipment	5,164,792		4,948,316
Less: accumulated depreciation	(2,071,471)		(1,570,377)
Rental equipment, net	$	3,093,321	$	3,377,939

Property, plant and equipment, net at December 31 consisted of the following:


(in thousands)	2025		2024
Land, buildings, and leasehold improvements	$	187,789	$	184,475
Vehicles and equipment	325,255		272,587
Office furniture, fixtures and software	123,261		119,622
Total property, plant and equipment	636,305		576,684
Less: accumulated depreciation	(246,085)		(213,611)
Property, plant and equipment, net	$	390,220	$	363,073

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation - Prior Years (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income from continuing operations before income tax
US	$ (45,819)	$ 18,686	$ 444,557
Foreign	(9,602)	17,918	23,862
(Loss) income from continuing operations before income tax	(55,421)	36,604	468,419
US Federal statutory income tax expense	(11,638)	7,687	98,368
Effect of tax rates in foreign jurisdictions	(103)	1,175	1,434
State income tax expense, net of federal benefit	1,359	784	25,412
Valuation allowances		2,776	(815)
Non-deductible (non-taxable) items	1,052	677	775
Non-deductible executive compensation		1,813	2,014
Tax credits		(6,988)	(396)
Uncertain tax positions		(791)	(523)
Tax law changes (excluding valuation allowance)		(166)	(50)
Other	1,101	1,508	356
Total income tax (benefit) expense from continuing operations	$ (2,431)	$ 8,475	$ 126,575
Effective income tax rate	4.40%	23.15%	27.02%

Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment (Details)	Dec. 31, 2025
Minimum \| Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Life	15 years
Minimum \| Vehicles, machinery, and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Minimum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Minimum \| Software
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Maximum \| Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Life	40 years
Maximum \| Vehicles, machinery, and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	30 years
Maximum \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Maximum \| Software
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The components of income tax expense from continuing operations for the years ended December 31, were comprised of the following:


(in thousands)	2025		2024		2023
Current
Federal	$	(8,660)	$	29,518	$	—
State	7,985		17,457		12,250
Foreign	5,257		6,823		7,382
Deferred
Federal	6,192		(23,990)		80,698
State	(5,829)		(19,197)		27,276
Foreign	(7,376)		(2,136)		(1,031)
Total income tax (benefit) expense from continuing operations	$	(2,431)	$	8,475	$	126,575

Income tax expense from continuing operations differed from the amount computed by applying the US statutory income tax rate of 21% to the income from continuing operations before income taxes for the year ended December 31, 2025 as follows:


(in thousands)	Amount		Percent
Loss from continuing operations before income tax
US	$	(45,819)
Foreign	(9,602)
Total loss from continuing operations before income tax	$	(55,421)

Provision for income taxes at U.S. federal statutory rate	$	(11,638)	21.0	%
State and Local income taxes, net of federal benefit (a)	1,359		(2.5)	%
Foreign rate effects	(103)		0.2	%


Tax Credits
Investment Tax Credits	(1,692)		3.1	%

Nontaxable or nondeductible items
Non-deductible compensation	5,418		(9.8)	%
Stock compensation shortfall	1,731		(3.1)	%
Other	1,052		(1.9)	%
Changes in unrecognized tax benefits.	341		(0.6)	%
Other	1,101		(2.0)	%
Effective Tax Rate	$	(2,431)	4.4	%

(a) The State of Texas contributes to the majority (greater than 50%) of the tax effect in this category.


(in thousands)	2024			2023
Income from continuing operations before income tax
US	$	18,686		$	444,557
Foreign	17,918			23,862
Total income from continuing operations before income tax	$	36,604		$	468,419

US Federal statutory income tax expense	$	7,687		$	98,368
Effect of tax rates in foreign jurisdictions	1,175			1,434
State income tax expense, net of federal benefit	784			25,412
Valuation allowances	2,776			(815)
Non-deductible (non-taxable) items	677			775
Non-deductible executive compensation	1,813			2,014

Tax credits	(6,988)			(396)
Uncertain tax positions	(791)			(523)
Tax law changes (excluding valuation allowance)(a)	(166)			(50)
Other	1,508			356
Income tax expense from continuing operations	$	8,475		$	126,575
Effective income tax rate	23.15		%	27.02		%

(a) Tax law changes primarily represent changes in tax law in foreign jurisdictions.

The amounts of cash taxes paid by the Company in the year ended December 31, 2025 are as follows:


(in thousands)	2025
Federal	$	—
State and Local
California	2,113
Texas	1,581
Other	7,406
Total State and Local	11,100

Foreign
Canada	2,796
Mexico	2,316
Other	101
Total Foreign	5,213
Income taxes paid, net of amounts refunded	$	16,313

Deferred Income Taxes

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases, as well as net operating losses and carryforwards. Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows:


(in thousands)	2025		2024
Deferred tax assets
Deferred interest expense	$	108,629	$	118,228
Employee benefit plans	7,999		10,408
Accrued liabilities	5,128		5,011
Allowance for credit losses	15,885		25,828
Deferred revenue	59,999		60,907
Operating lease liability	78,275		66,925
Other	10,613		12,397
Tax loss carryforwards	49,515		75,312
Deferred tax assets, gross	336,043		375,016
Valuation allowance	(4,235)		(4,206)
Net deferred income tax asset	331,808		370,810
Deferred tax liabilities
Rental equipment and other property, plant and equipment	(734,548)		(791,853)
Intangible assets	(11,495)		(18,106)
Right of use asset	(77,478)		(66,508)

Deferred tax liability	(823,521)		(876,467)
Net deferred income tax liability	$	(491,713)	$	(505,657)

Tax loss carryforwards as of December 31, 2025 are outlined in the table below and include US Federal and US state activity. The availability of these tax losses to offset future income varies by jurisdiction. Furthermore, the ability to utilize the tax losses may be subject to additional limitations upon the occurrence of certain events, such as a change in the ownership of the Company. Some of the Company’s tax attributes are subject to annual limitations due to historical changes in ownership from acquisitions, mergers or other related ownership shift events; however, the Company anticipates that our remaining available net operating losses will be consumed prior to their expiration. The Company’s tax loss carryforwards are as follows at December 31, 2025:


(in thousands)	Loss Carryforward		Deferred Tax		Expiration
Jurisdiction:
US - Federal	$	180,825	$	38,102	2031, Indefinite
US - State capital loss	50,078		2,868		2029
US - State	187,047		8,545		2026 – 2044, Indefinite
Total	$	417,950	$	49,515

As of December 31, 2025, the undistributed earnings of foreign subsidiaries continue to be indefinitely reinvested, and deferred taxes have not been provided.

Unrecognized Tax Positions

The Company is subject to taxation in US, Canada, Mexico, India, and state jurisdictions. The Company’s tax returns are subject to examination by the applicable tax authorities prior to the expiration of statute of limitations for assessing additional taxes, which generally ranges from two to five years after the end of the applicable tax year. As of December 31, 2025, generally, tax years for 2019 through 2024 remain subject to examination by the tax authorities. In addition, in certain taxing jurisdictions, in the case of carryover tax attributes to years open for assessment, such attributes may be subject to reduction by taxing authorities.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(in thousands)	2025		2024		2023
Unrecognized tax benefits – January 1,	$	26,510	$	43,134	$	43,627
Increases based on tax positions related to current period	474		—		—


Decrease from expiration of statute of limitations(a)	(133)		(16,624)		(493)
Unrecognized tax benefits – December 31,	$	26,851	$	26,510	$	43,134

(a) Includes $15.8 of presentational adjustments with no effect on amounts presented in the consolidated balance sheet or the annual effective tax rate for the year ended December 31, 2024.

At December 31, 2025 there were $26.1 million of unrecognized tax benefits that, if recognized, would affect the annual effective tax rate.

The Company classifies interest on tax deficiencies and income tax penalties within income tax expense. During the years ended December 31, 2025, 2024, and 2023, the Company recognized approximately $0.5 million, $(0.2) million, and $0.0 million in interest, respectively. The Company accrued approximately $0.7 million and $0.2 million for the payment of interest at December 31, 2025 and 2024, respectively.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Derivatives - Schedule of Location and Fair Value of Derivative Instruments Designated as Hedges in the Consolidated Balance Sheet (Details) - Interest rate swaps - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Prepaid expenses and other current assets	$ 24	$ 6,990
Other non-current assets	0	6,666
Accrued expenses	(1,862)	0
Other non-current liabilities	$ (2,726)	$ 0

Summary of Significant Accounting Policies - Schedule of Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 101,693	$ 81,656	$ 57,048
Provision for credit losses	58,320	55,437	49,650
Total write-offs recorded as a reduction to revenue, net of recoveries	(98,555)	(35,025)	(25,182)
Foreign currency translation and other	297	(375)	140
Balance at end of period	61,755	101,693	81,656
Leasing revenue
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Total write-offs recorded as a reduction to revenue, net of recoveries	(75,505)	(26,758)	(18,875)
Delivery and installation revenue
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Total write-offs recorded as a reduction to revenue, net of recoveries	(17,371)	(6,698)	(5,275)
New units
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Total write-offs recorded as a reduction to revenue, net of recoveries	(3,333)	(850)	(516)
Rental units
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Total write-offs recorded as a reduction to revenue, net of recoveries	$ (2,346)	$ (719)	$ (516)

Debt - Finance Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Finance lease, liability	$ 166,858	$ 143,788

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Unrecognized tax benefits that, if recognized, would affect the annual effective tax rate	$ 26.1
Income tax penalties and interest expense (benefit)	0.5	$ (0.2)	$ 0.0
Income tax interest accrued	$ 0.7	$ 0.2

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Property, Plant and Equipment, net - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 636,305	$ 576,684
Less: accumulated depreciation	(246,085)	(213,611)
Property, plant and equipment, net	390,220	363,073
Land, buildings, and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	187,789	184,475
Vehicles and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	325,255	272,587
Office furniture, fixtures and software
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 123,261	$ 119,622

Equity - Narrative (Details) - USD ($)	12 Months Ended
Equity - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Equity [Abstract]
Preferred shares authorized (in shares)	1,000,000	1,000,000
Preferred share par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred shares issued (in shares)	0	0
Preferred shares outstanding (in shares)	0	0
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock issued (in shares)	181,184,438	183,564,899
Common stock outstanding (in shares)	181,184,438	183,564,899
Stock-based compensation and issuance of common stock from vesting (in shares)	1,544,385	731,210	549,272
Dividends payable (in dollars per share)	$ 0.07
Cash dividends	$ 51,700,000
Payments of dividends	$ 51,119,000	$ 0	$ 0
Authorized share repurchase program				$ 1,000,000,000.0
Shares repurchased (in shares)	3,924,846	7,133,446	18,533,819
Stock repurchased during period, value	$ 97,500,000	$ 270,400,000	$ 810,800,000
Remaining authorized share repurchase program	$ 724,300,000

Fair Value Measures - Narrative (Details) - Senior Notes - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
2028 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	$ 3.3	$ 4.4
2029 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	6.2	7.5
2030 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	5.8
2031 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	$ 4.7	5.7
2025 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs		$ 1.2

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		0	0
Options outstanding, intrinsic value	$ 1.9
Options exercisable, intrinsic value	2.9
Options exercised, intrinsic value	12.0	$ 0.4	$ 1.1
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	1.7	1.3	1.3
Unrecognized compensation expense for non-option awards	$ 0.8
Unrecognized compensation expense, period for recognition	6 months
Share-based compensation vested in period, fair value	$ 1.0	1.1	1.6
Time-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	12.7	10.2	8.1
Unrecognized compensation expense for non-option awards	$ 19.8
Unrecognized compensation expense, period for recognition	2 years 3 months 18 days
Share-based compensation vested in period, fair value	$ 8.1	12.4	16.2
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	23.3	24.5	24.9
Unrecognized compensation expense for non-option awards	$ 14.2
Unrecognized compensation expense, period for recognition	1 year
Share-based compensation vested in period, fair value	$ 21.4	$ 36.3	$ 15.0
WillScot Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	220,000
Weighted average remaining contractual term, exercisable	2 years 2 months 12 days
Weighted average remaining contractual term, outstanding	4 years 4 months 24 days
Converted Mobile Mini Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0
Weighted average remaining contractual term, exercisable	2 years 3 months 18 days
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 0.8
Unrecognized compensation expense for non-option awards	$ 2.0
Unrecognized compensation expense, period for recognition	2 years 1 month 6 days

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Activity in Allowance for Credit Losses

Activity in the allowance for credit losses for the years ended December 31 was as follows:


(in thousands)	2025		2024		2023
Balance at beginning of period	$	101,693	$	81,656	$	57,048
Provision for credit losses	58,320		55,437		49,650
Write-offs to leasing revenue	(75,505)		(26,758)		(18,875)
Write-offs to delivery and installation revenue	(17,371)		(6,698)		(5,275)
Write-offs to new units sales revenue	(3,333)		(850)		(516)
Write-offs to rental units sales revenue	(2,346)		(719)		(516)
Total write-offs recorded as a reduction to revenue, net of recoveries	(98,555)		(35,025)		(25,182)
Foreign currency translation and other	297		(375)		140
Balance at end of period	$	61,755	$	101,693	$	81,656

Schedule of Property, Plant and Equipment, net

Depreciation is computed using the straight-line method over estimated useful lives, as follows:


	Estimated Useful Life	Residual Value
Modular space units	5 - 30 years	0 - 55%
Portable storage units	7 - 30 years	20 - 55%
VAPS and other related rental equipment	1 - 10 years	0%

Depreciation is computed using the straight-line method over estimated useful lives as follows:


			Estimated Useful Life
Buildings and leasehold improvements			15 - 40 years
Vehicles, machinery, and equipment			5 - 30 years
Furniture and fixtures			3 - 5 years
Software			3 - 10 years

Rental equipment, net at December 31 consisted of the following:


(in thousands)	2025		2024
Modular space units	$	3,836,964	$	3,658,086
Portable storage units	1,097,908		1,070,025
Value-added products	229,920		220,205
Total rental equipment	5,164,792		4,948,316
Less: accumulated depreciation	(2,071,471)		(1,570,377)
Rental equipment, net	$	3,093,321	$	3,377,939

The Company had rental equipment in the following geographic areas at December 31:


(in thousands)	2025		2024
US	$	4,711,272	$	4,532,692
Canada	405,239		374,446
Mexico	48,281		41,178
Total rental equipment	5,164,792		4,948,316
Less: accumulated depreciation	(2,071,471)		(1,570,377)
Rental equipment, net	$	3,093,321	$	3,377,939

Property, plant and equipment, net at December 31 consisted of the following:


(in thousands)	2025		2024
Land, buildings, and leasehold improvements	$	187,789	$	184,475
Vehicles and equipment	325,255		272,587
Office furniture, fixtures and software	123,261		119,622
Total property, plant and equipment	636,305		576,684
Less: accumulated depreciation	(246,085)		(213,611)
Property, plant and equipment, net	$	390,220	$	363,073

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

The Company's two operating segments (US and Other North America) are aggregated into one reportable segment as the operating segments share similar economic characteristics (e.g., comparable gross margins and comparable adjusted earnings before interest, taxes, depreciation and amortization margins) and similar qualitative characteristics as the operating segments offer similar products and services to similar customers, use similar methods to distribute products and are subject to similar competitive risks.

The Company's Chief Operating Decision Maker ("CODM") is the Chief Executive Officer ("CEO"), who reviews operating results to make decisions about allocating resources and assessing performance for the entire company.

Refer to Note 5 for revenue by geographic area and revenue by major product and service lines. Refer to Note 7 for rental equipment by geographic area. Refer to the Consolidated Balance Sheet for total assets. Refer to the Consolidated Statement of Cash Flows for total expenditures for additions to long-lived assets.

The Company defines EBITDA as net income (loss) plus interest (income) expense, income tax (benefit) expense, depreciation and amortization. The Company reflects further adjustments to EBITDA (“Adjusted EBITDA”) to exclude certain non-cash items and the effect of what the Company considers transactions or events not related to its core and ongoing business operations. The measure of profit or loss used by the CODM to evaluate operating segment performance and allocate resources is Adjusted EBITDA. Adjusted EBITDA is used to determine capital allocation between operating segments and certain aspects of management's compensation. Management believes that evaluating operating segment performance excluding such items is meaningful because it provides insight with respect to the intrinsic and ongoing operating results of the Company. The Company considers Adjusted EBITDA to be an important metric because it reflects the business performance of the segments, inclusive of indirect costs.

The following table sets forth certain information regarding significant expense categories for the years ended December 31, 2025, 2024, and 2023, respectively.


	Year Ended December 31,
(in thousands)	2025		2024		2023
Revenues:
Leasing and services revenue:
Unit leasing and other rental-related	$	1,351,476	$	1,442,235	$	1,441,987
VAPS and third-party leasing	397,547		397,640		391,948
Delivery revenue	205,671		224,371		273,598
Installation revenue	183,216		194,510		163,581
Sales revenue:
New units	77,941		74,499		48,129
Rental units	65,595		62,463		45,524
Total revenues	2,281,446		2,395,718		2,364,767

Less:(a)
Costs of leasing and services:
Unit leasing	299,167		316,422		328,124
VAPS and third-party leasing	72,436		68,656		70,343
Delivery	171,202		176,551		185,639
Installation	152,201		152,329		131,478
Costs of sales:
New units	53,164		45,554		26,439
Rental units	35,720		32,224		23,141
Employee SG&A expense(b)	270,986		247,886		257,327
Other segment items(c)	255,531		292,936		280,811
Adjusted EBITDA from continuing operations	$	971,039	$	1,063,160	$	1,061,465

(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(b) Employee SG&A expense consists of salaries and wages, bonuses, commissions, payroll taxes, and employee benefits.

(c) Other segment items consist of service agreements and professional fees, real estate and occupancy costs, travel, bad debt expense, marketing and advertising, taxes, and other miscellaneous expenses.

The following tables present a reconciliation of the Company’s (Loss) income from continuing operations to Adjusted EBITDA for the years ended December 31, 2025, 2024, and 2023, respectively:


	Year Ended December 31,
(in thousands)	2025		2024		2023
(Loss) income from continuing operations	$	(52,990)	$	28,129	$	341,844
Income tax (benefit) expense from continuing operations	(2,431)		8,475		126,575
Depreciation and amortization	430,021		384,972		338,654
Restructuring costs, lease impairment expense and other related charges	302,804		9,435		22
Interest expense, net	231,511		227,311		205,040
Loss on extinguishment of debt	5,364		—		—
Stock compensation expense	38,426		35,966		34,486
Integration and transaction costs	3,103		8,172		12,625
Currency losses, net	210		593		6,754
Termination fee	—		180,000		—
Impairment loss on intangible asset	—		132,540		—
Impairment loss on long-lived asset	—		374		—
Other(a)	15,021		47,193		(4,535)
Adjusted EBITDA	$	971,039	$	1,063,160	$	1,061,465

(a) For the year ended December 31, 2025, other included $5.1 million in non-equity executive transition costs and $3.8 million in costs to implement the Company's real estate exit initiatives prior to approval of the Network Optimization Plan. For the year ended December 31, 2024, other included $42.4 million in legal and professional fees related to the terminated merger with McGrath.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 32
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measures

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measures

The fair value of financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Company utilizes the following accounting guidance for the three levels of inputs that may be used to measure fair value:


Level 1 -			Observable inputs such as quoted prices in active markets for identical assets or liabilities;
Level 2 -			Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and
Level 3 -			Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions

The Company has assessed that the fair values of cash and short-term deposits, marketable securities, trade receivables, trade payables, and other current liabilities approximate their carrying amounts. The Company's nonfinancial assets, which are measured at fair value on a nonrecurring basis, include rental equipment, property, plant and equipment, goodwill, intangible assets and certain other assets. Based on the borrowing rates currently available for bank loans with similar terms and average maturities, the fair values of finance leases at December 31, 2025 and December 31, 2024 approximate their respective book values. The carrying value of the ABL Facility, excluding debt issuance costs, approximates fair value as the interest rates are variable and reflective of current market rates.

The fair values of the Secured Notes are based on their last trading price at the end of each period obtained from a third party. The following table shows the carrying amounts and fair values of these financial liabilities measured using Level 2 inputs:


	December 31, 2025				December 31, 2024
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
2025 Secured Notes	$	—	$	—	$	525,283	$	527,269
2028 Secured Notes	496,718		498,640		495,582		477,170
2029 Secured Notes	493,803		516,455		492,467		506,235
2030 Secured Notes	494,180		517,465		—		—
2031 Secured Notes	445,342		470,304		494,329		514,310
Total	$	1,930,043	$	2,002,864	$	2,007,661	$	2,024,984

As of December 31, 2025, the carrying values of the 2028 Secured Notes, the 2029 Secured Notes, the 2030 Secured Notes, and the 2031 Secured Notes included $3.3 million, $6.2 million, $5.8 million, and $4.7 million, respectively, of unamortized debt issuance costs, which were presented as reductions of the corresponding liabilities. As of December 31, 2024, the carrying values of the 2025 Secured Notes, the 2028 Secured Notes, the 2029 Secured Notes, and the 2031

Secured notes included $1.2 million, $4.4 million, $7.5 million, and $5.7 million, respectively, of unamortized debt issuance costs which were presented as reductions of the corresponding liabilities. The location and the fair value of derivative assets and liabilities in the consolidated balance sheets are disclosed in Note 12.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Income Taxes - Schedule of Components of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets
Deferred interest expense	$ 108,629	$ 118,228
Employee benefit plans	7,999	10,408
Accrued liabilities	5,128	5,011
Allowance for credit losses	15,885	25,828
Deferred revenue	59,999	60,907
Operating lease liability	78,275	66,925
Other	10,613	12,397
Tax loss carryforwards	49,515	75,312
Deferred tax assets, gross	336,043	375,016
Valuation allowance	(4,235)	(4,206)
Net deferred income tax asset	331,808	370,810
Deferred tax liabilities
Rental equipment and other property, plant and equipment	(734,548)	(791,853)
Intangible assets	(11,495)	(18,106)
Right of use asset	(77,478)	(66,508)
Deferred tax liability	(823,521)	(876,467)
Net deferred income tax liability	$ (491,713)	$ (505,657)

Derivatives - Schedule of Impact of Interest Rate Swap on Other Comprehensive Income, Accumulated Other Comprehensive Loss ("AOCI"), and Consolidated Statement of Operations (Details) - Interest rate swaps - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
(Loss) gain recognized in OCI	$ (9,207)	$ 29,256	$ 15,901
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain reclassified from AOCI into income	$ 8,813	$ 20,175	$ 11,550

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Stock-Based Compensation - Schedule of Fair Value of Stock Option Award was Estimated on the Grant Date using the Black-Scholes Option-pricing Model (Details) - Stock Options	12 Months Ended
	Dec. 31, 2025 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Volatility, minimum	45.00%
Expected Volatility, maximum	46.00%
Expected dividend	1.20%
Risk Free Interest, minimum	3.69%
Risk Free Interest, maximum	3.76%
Exercise price (in USD per share)	$ 23.39
Weighted-average grant date fair value (in USD per share)	$ 10.28
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 9 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years

Fair Value Measures - Schedule of Carrying Amounts and Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 1,930,043	$ 2,007,661
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	2,002,864	2,024,984
2025 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	525,283
2025 Secured Notes \| Fair Value \| Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	527,269
2028 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	496,718	495,582
2028 Secured Notes \| Fair Value \| Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	498,640	477,170
2029 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	493,803	492,467
2029 Secured Notes \| Fair Value \| Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	516,455	506,235
2030 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	494,180	0
2030 Secured Notes \| Fair Value \| Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	517,465	0
2031 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	445,342	494,329
2031 Secured Notes \| Fair Value \| Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 470,304	$ 514,310

Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Equity

Preferred Stock

WillScot's certificate of incorporation authorizes the issuance of 1,000,000 shares of Preferred Stock with a par value of $0.0001 per share. As of December 31, 2025 and 2024, the Company had no shares of Preferred Stock issued and outstanding.

Common Stock

WillScot's certificate of incorporation authorizes the issuance of 500,000,000 shares of Common Stock with a par value of $0.0001 per share. The Company had 181,184,438 shares of Common Stock issued and outstanding as of December 31, 2025. The outstanding shares of the Company's Common Stock are duly authorized, validly issued, fully paid and non-assessable.

In connection with stock compensation vesting and stock option exercises described in Note 16, the Company issued 1,544,385, 731,210 and 549,272 shares of Common Stock during the years ended December 31, 2025, 2024 and 2023, respectively.

Dividends

On February 18, 2025, the Company's Board of Directors approved a quarterly dividend program. Dividends are subject to declaration by the Board of Directors and requirements of the ABL Facility, Secured Notes, and Delaware law. Under the program, dividends will be payable on the third Wednesday of the third month of each calendar quarter to stockholders of record as of the first Wednesday of that same month. For the year ended December 31, 2025, the Board of Directors declared quarterly dividends of $0.07 per share, totaling $51.7 million. Dividends paid were $51.1 million for the year ended December 31, 2025.

Stock Repurchase Program

In September 2024, the Board of Directors authorized a share repurchase program pursuant to which the Company may repurchase up to $1.0 billion of its outstanding shares of Common Stock. The stock repurchase program does not obligate the Company to purchase any particular number of shares, and the timing and exact amount of any repurchases will depend on various factors, including market pricing, business, legal, and other considerations. The Company may repurchase its shares in open-market transactions or through privately negotiated transactions in accordance with federal securities laws, at the Company's discretion. The repurchase program, which has no expiration date, may be increased, suspended, or terminated at any time and remains subject to the discretion of the Board of Directors. The program is expected to be implemented over the course of several years and will be conducted subject to the covenants in the ABL Facility and the indentures governing the Secured Notes.

During the year ended December 31, 2025, 2024, and 2023, respectively, the Company repurchased 3,924,846, 7,133,446, and 18,533,819 shares of Common Stock for $97.5 million, $270.4 million, and $810.8 million, excluding excise tax. As of December 31, 2025, $724.3 million of the authorization for future repurchases of Common Stock remained available.

Accumulated Other Comprehensive Loss

The changes in AOCI, net of tax, for the years ended December 31, 2025, 2024 and 2023, were as follows:


(in thousands)	Foreign Currency Translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2022	$	(70,122)	$	—	$	(70,122)
Other comprehensive income before reclassifications	14,091		14,813		28,904
Reclassifications from AOCI to income (a)	—		(11,550)		(11,550)
Balance at December 31, 2023	(56,031)		3,263		(52,768)
Other comprehensive (loss) income before reclassifications	(24,689)		27,005		2,316
Reclassifications from AOCI to income (a)	—		(20,175)		(20,175)
Balance at December 31, 2024	(80,720)		10,093		(70,627)
Other comprehensive income (loss) before reclassifications	14,716		(4,729)		9,987
Reclassifications from AOCI to income (a)	—		(8,813)		(8,813)
Balance at December 31, 2025	$	(66,004)	$	(3,449)	$	(69,453)

(a) For the years ended December 31, 2025, 2024, and 2023, $8.8 million, $20.2 million, and $11.6 million, respectively, was reclassified from AOCI into the consolidated statements of operations within interest expense, net related to the interest rate swaps discussed in Note 12. For the years ended December 31, 2025, 2024, and 2023, the Company recorded tax expense of $2.2 million, $5.0 million, and $2.9 million, respectively, associated with this reclassification.

- Definition

The entire disclosure for equity.

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+ Details

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (52,990)	$ 28,129	$ 476,457
Other comprehensive income (loss):
Foreign currency translation adjustments, net of income tax expense of $0	14,716	(24,689)	14,091
Net (loss) gain on derivatives, net of income tax (benefit) expense of $(4,478), $2,251 and $1,088 for the years ended December 31, 2025, 2024 and 2023, respectively	(13,542)	6,830	3,263
Total other comprehensive income (loss)	1,174	(17,859)	17,354
Total comprehensive (loss) income	$ (51,816)	$ 10,270	$ 493,811

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Goodwill and Intangible Assets - Schedule of Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 1,201,353	$ 1,176,635
Additions from acquisitions	55,088	26,948
Effects of movements in foreign exchange rates	1,171	(2,230)
Goodwill, ending of period	$ 1,257,612	$ 1,201,353

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-41

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478064/805-740-55-13

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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-URI https://asc.fasb.org/1943274/2147479303/805-10-55-39

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 14,587	$ 9,001
Trade receivables, net of allowance for credit losses at December 31, 2025 and December 31, 2024 of $61,755 and $101,693, respectively	394,708	430,381
Inventories	45,560	47,473
Prepaid expenses	27,709	47,410
Other current assets	41,328	20,341
Assets held for sale	1,159	2,904
Total current assets	525,051	557,510
Rental equipment, net	3,093,321	3,377,939
Property, plant and equipment, net	390,220	363,073
Operating lease assets	310,662	266,761
Goodwill	1,257,612	1,201,353
Intangible assets, net	224,088	251,164
Other non-current assets	15,213	17,111
Total long-term assets	5,291,116	5,477,401
Total assets	5,816,167	6,034,911
Liabilities and equity
Accounts payable	109,864	96,597
Accrued expenses	125,896	121,583
Accrued employee benefits	36,176	25,062
Deferred revenue and customer deposits	237,322	250,790
Operating lease liabilities - current	70,752	66,378
Current portion of long-term debt	31,094	24,598
Total current liabilities	611,104	585,008
Long-term debt	3,557,074	3,683,502
Deferred tax liabilities	492,332	505,913
Operating lease liabilities – non-current	241,933	200,875
Other non-current liabilities	57,470	41,020
Long-term liabilities	4,348,809	4,431,310
Total liabilities	4,959,913	5,016,318
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at December 31, 2025 and 2024	0	0
Common Stock: $0.0001 par, 500,000,000 shares authorized and 181,184,438 and 183,564,899 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	19	19
Additional paid-in-capital	1,725,642	1,836,165
Accumulated other comprehensive loss	(69,453)	(70,627)
Accumulated deficit	(799,954)	(746,964)
Total shareholders' equity	856,254	1,018,593
Total liabilities and shareholders' equity	$ 5,816,167	$ 6,034,911

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

Changes in the carrying amount of goodwill were as follows:


(in thousands)	Total
Balance at December 31, 2023	$	1,176,635
Additions from acquisitions	26,948
Effects of movements in foreign exchange rates	(2,230)
Balance at December 31, 2024	1,201,353
Additions from acquisitions	55,088
Effects of movements in foreign exchange rates	1,171
Balance at December 31, 2025	$	1,257,612

The Company conducted its annual impairment test of goodwill as of October 1, 2025 and determined there was no impairment of goodwill. Accumulated historical goodwill impairment losses were $792.8 million prior to Double Eagle Acquisition Corporation's acquisition of Williams Scotsman International, Inc. in 2017. There were no goodwill impairments recorded for the years ended December 31, 2025, 2024, and 2023.

Intangible Assets

Intangible assets other than goodwill at December 31, consisted of the following:


	December 31, 2025
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Impairment Loss		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	3.0	$	234,108	$	—	$	(144,959)	$	89,149
Technology	0.5	1,500		—		(1,375)		125
Trade names	1.8	165,500		(132,540)		(23,146)		9,814
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		—		125,000
Total intangible assets other than goodwill		$	526,108	$	(132,540)	$	(169,480)	$	224,088


	December 31, 2024
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Impairment Loss		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	3.5	$	215,408	$	—	$	(113,415)	$	101,993
Technology	1.5	1,500		—		(1,125)		375
Trade names	2.7	165,500		(132,540)		(9,164)		23,796
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		—		125,000
Total intangible assets other than goodwill		$	507,408	$	(132,540)	$	(123,704)	$	251,164

For the years ended December 31, 2025, 2024, and 2023, the aggregate amount recorded to depreciation and amortization expense for intangible assets subject to amortization was $45.8 million, $38.5 million, and $25.8 million, respectively.

In 2024, the Company determined that a review of the carrying value of the Mobile Mini trade name was necessary based on the Company's plan to rebrand under a single WillScot brand name and discontinue the use of the Mobile Mini name. As of June 30, 2024, the Mobile Mini trade name was tested for impairment using the relief from royalty valuation method. The estimate of fair value included a discount rate of 9%, an unobservable input (Level 3). After determining the estimated fair value, the Company recorded an impairment charge of $132.5 million during the year ended December 31, 2024. This non-cash charge was recorded to impairment loss on intangible asset on the consolidated statement of operations.

After the impairment charge, the remaining net book value of the Mobile Mini trade name was $31.5 million, which is being amortized over the remaining useful life of the asset.

As of December 31, 2025, the expected future amortization expense for intangible assets was as follows:


(in thousands)	Amortization Expense
2026	$	40,210
2027	33,580
2028	18,037
2029	3,367
2030	3,117
Thereafter	777
Total	$	99,088

Stock-Based Compensation - Schedule of Performance-Based RSU Award Activity (Details) - Performance-Based RSUs - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Shares
Outstanding beginning balance (in shares)	1,768,460	1,939,691	1,894,250
Granted (in shares)	406,265	295,833	376,826
Forfeited (in shares)	(52,781)	(62,074)	(37,451)
Vested (in shares)	(932,958)	(404,990)	(293,934)
Outstanding ending balance (in shares)	1,188,986	1,768,460	1,939,691
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)	$ 47.02	$ 42.95	$ 33.67
Granted (in USD per share)	44.16	66.60	69.52
Forfeited (in USD per share)	55.24	63.46	47.52
Vested (in USD per share)	38.35	39.30	16.34
Outstanding ending balance (in USD per share)	$ 52.49	$ 47.02	$ 42.95
Percentage of target vested during period	84.00%	191.00%	150.00%
Vesting target (in shares)	782,083	773,115	440,904

Segment Reporting - Schedule of Segment Reporting and Geographic Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 2,281,446	$ 2,395,718	$ 2,364,767
Reportable Segment
Revenues:
Total revenues	2,281,446	2,395,718	2,364,767
Costs of leasing and services:
Employee SG&A expense	270,986	247,886	257,327
Other segment items	255,531	292,936	280,811
Adjusted EBITDA from continuing operations	971,039	1,063,160	1,061,465
Unit leasing and other rental-related \| Reportable Segment
Revenues:
Leasing	1,351,476	1,442,235	1,441,987
VAPS and third-party leasing
Revenues:
Total revenues	397,547	397,640	391,948
VAPS and third-party leasing \| Reportable Segment
Revenues:
Leasing	397,547	397,640	391,948
Costs of leasing and services:
Unit leasing	72,436	68,656	70,343
Delivery revenue \| Reportable Segment
Revenues:
Revenues	205,671	224,371	273,598
Costs of leasing and services:
Cost of sales	171,202	176,551	185,639
Installation revenue \| Reportable Segment
Revenues:
Revenues	183,216	194,510	163,581
Costs of leasing and services:
Cost of sales	152,201	152,329	131,478
New units
Revenues:
Revenues	77,941	74,499	48,129
Total revenues	77,941	74,499	48,129
Costs of leasing and services:
Cost of sales	53,164	45,554	26,439
New units \| Reportable Segment
Revenues:
Revenues	77,941	74,499	48,129
Costs of leasing and services:
Cost of sales	53,164	45,554	26,439
Rental units
Revenues:
Revenues	65,595	62,463	45,524
Total revenues	65,595	62,463	45,524
Costs of leasing and services:
Cost of sales	35,720	32,224	23,141
Rental units \| Reportable Segment
Revenues:
Revenues	65,595	62,463	45,524
Costs of leasing and services:
Cost of sales	35,720	32,224	23,141
Unit leasing \| Reportable Segment
Costs of leasing and services:
Unit leasing	$ 299,167	$ 316,422	$ 328,124

Inventories

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventories

Inventories at December 31 consisted of the following:


(in thousands)	2025		2024
Spare parts and supplies	$	40,716	$	39,823
Work in process	1,322		—
Finished units	3,522		7,650
Inventories	$	45,560	$	47,473

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Name	Ernst & Young, LLP
Auditor Location	Baltimore, MD
Auditor Firm ID	42

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Intangible assets subject to amortization:
Accumulated amortization	$ (169,480)	$ (123,704)
Net book value	99,088
Intangible Assets, Net (Including Goodwill) [Abstract]
Gross carrying amount	526,108	507,408
Impairment Loss	(132,540)	(132,540)
Accumulated amortization	(169,480)	(123,704)
Net book value	$ 224,088	$ 251,164
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	3 years	3 years 6 months
Intangible assets subject to amortization:
Gross carrying amount	$ 234,108	$ 215,408
Impairment Loss	0	0
Accumulated amortization	(144,959)	(113,415)
Net book value	89,149	101,993
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (144,959)	$ (113,415)
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	6 months	1 year 6 months
Intangible assets subject to amortization:
Gross carrying amount	$ 1,500	$ 1,500
Impairment Loss	0	0
Accumulated amortization	(1,375)	(1,125)
Net book value	125	375
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (1,375)	$ (1,125)
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	1 year 9 months 18 days	2 years 8 months 12 days
Intangible assets subject to amortization:
Gross carrying amount	$ 165,500	$ 165,500
Impairment Loss	(132,540)	(132,540)
Accumulated amortization	(23,146)	(9,164)
Net book value	9,814	23,796
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	(23,146)	(9,164)
Trade name – WillScot
Indefinite-lived intangible assets:
Gross carrying amount	$ 125,000	$ 125,000

Summary of Significant Accounting Policies - Schedule of Rental Equipment (Details)	Dec. 31, 2025
VAPS and other related rental equipment
Property, Plant and Equipment [Line Items]
Residual Value	0.00%
Minimum \| Modular space units
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Residual Value	0.00%
Minimum \| Portable storage units
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years
Residual Value	20.00%
Minimum \| VAPS and other related rental equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	1 year
Maximum \| Modular space units
Property, Plant and Equipment [Line Items]
Estimated Useful Life	30 years
Residual Value	55.00%
Maximum \| Portable storage units
Property, Plant and Equipment [Line Items]
Estimated Useful Life	30 years
Residual Value	55.00%
Maximum \| VAPS and other related rental equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years

Discontinued Operations - Schedule of Income From Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 2,281,446	$ 2,395,718	$ 2,364,767
Costs of leasing and services:
Gross profit	1,163,586	1,301,839	1,333,870
Expenses:
Selling, general and administrative	581,762	630,705	596,090
Other expense (income), net	1,929	2,698	(15,354)
Operating income	181,454	263,915	673,459
Gain on sale of discontinued operations	0	0	176,078
Income tax expense from discontinued operations	0	0	45,468
Income from discontinued operations	0	0	134,613
Discontinued Operations, Disposed of by Sale
Expenses:
Gain on sale of discontinued operations			176,100
Discontinued Operations, Disposed of by Sale \| United Kingdom Storage Solutions Segment
Revenues:
Total revenues			8,694
Costs of leasing and services:
Gross profit			5,544
Expenses:
Selling, general and administrative			1,486
Other expense (income), net			(1)
Operating income			4,059
Interest expense			56
Income from discontinued operations before income tax			4,003
Gain on sale of discontinued operations			175,708
Income tax expense from discontinued operations			45,468
Income from discontinued operations			134,243
Leasing revenue
Revenues:
Leasing	1,749,023	1,839,875	1,833,935
Total revenues	1,749,023	1,839,875	1,833,935
Costs of leasing and services:
Leasing	371,603	385,078	398,467
Leasing revenue \| Discontinued Operations, Disposed of by Sale \| United Kingdom Storage Solutions Segment
Revenues:
Leasing			6,389
Costs of leasing and services:
Leasing			1,407
Delivery and installation \| Discontinued Operations, Disposed of by Sale \| United Kingdom Storage Solutions Segment
Revenues:
Revenues			1,802
Costs of leasing and services:
Cost of sales			1,213
New units
Revenues:
Revenues	77,941	74,499	48,129
Total revenues	77,941	74,499	48,129
Costs of leasing and services:
Cost of sales	53,164	45,554	26,439
New units \| Discontinued Operations, Disposed of by Sale \| United Kingdom Storage Solutions Segment
Revenues:
Revenues			54
Costs of leasing and services:
Cost of sales			38
Rental units
Revenues:
Revenues	65,595	62,463	45,524
Total revenues	65,595	62,463	45,524
Costs of leasing and services:
Cost of sales	$ 35,720	$ 32,224	23,141
Rental units \| Discontinued Operations, Disposed of by Sale \| United Kingdom Storage Solutions Segment
Revenues:
Revenues			449
Costs of leasing and services:
Cost of sales			$ 492

Debt - Senior Secured Notes (Details) - USD ($)				12 Months Ended
Debt - Senior Secured Notes (Details) - USD ($)	Nov. 18, 2025	Oct. 16, 2025	Mar. 27, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2021	Mar. 26, 2025	Jun. 28, 2024	Sep. 25, 2023	Aug. 25, 2020	Jun. 15, 2020
Debt Instrument [Line Items]
Repayments of long-term debt				$ 1,331,968,000	$ 1,195,932,000	$ 1,475,219,000
Loss on extinguishment of debt				$ (5,364,000)	0	$ 0
2025 Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt, face amount												$ 650,000,000.0
Interest rate				6.125%								6.125%
Repayments of debt							$ 123,500,000
Redemption Price			100.00%
Repayments of long-term debt			$ 526,500,000
Debt issuance costs					1,200,000
ABL Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from lines of credit			$ 33,000,000.0
Debt issuance costs				$ 16,700,000	19,000,000.0
Loss on extinguishment of debt		$ 3,400,000
2028 Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt, face amount											$ 500,000,000.0
Interest rate				4.625%							4.625%
Debt issuance costs				$ 3,300,000	4,400,000
2031 Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt, face amount				$ 450,000,000.0						$ 500,000,000.0
Interest rate				7.375%						7.375%
Redemption Price	103.00%
Repayments of long-term debt	$ 51,500,000
Debt issuance costs				$ 4,700,000	5,700,000
Debt instrument, redeemed amount	50,000,000.0
Loss on extinguishment of debt	$ (2,000,000.0)
2031 Secured Notes \| Line of Credit
Debt Instrument [Line Items]
Debt issuance costs				$ 4,700,000
2029 Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt, face amount									$ 500,000,000.0
Interest rate				6.625%					6.625%
Debt issuance costs				$ 6,200,000	$ 7,500,000
2030 Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt, face amount								$ 500,000,000.0
Interest rate				6.625%				6.625%
Debt issuance costs				$ 5,800,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The components of income tax expense from continuing operations for the years ended December 31, were comprised of the following:


(in thousands)	2025		2024		2023
Current
Federal	$	(8,660)	$	29,518	$	—
State	7,985		17,457		12,250
Foreign	5,257		6,823		7,382
Deferred
Federal	6,192		(23,990)		80,698
State	(5,829)		(19,197)		27,276
Foreign	(7,376)		(2,136)		(1,031)
Total income tax (benefit) expense from continuing operations	$	(2,431)	$	8,475	$	126,575

Schedule of Income Tax Rate Reconciliation


(in thousands)	Amount		Percent
Loss from continuing operations before income tax
US	$	(45,819)
Foreign	(9,602)
Total loss from continuing operations before income tax	$	(55,421)

Provision for income taxes at U.S. federal statutory rate	$	(11,638)	21.0	%
State and Local income taxes, net of federal benefit (a)	1,359		(2.5)	%
Foreign rate effects	(103)		0.2	%


Tax Credits
Investment Tax Credits	(1,692)		3.1	%

Nontaxable or nondeductible items
Non-deductible compensation	5,418		(9.8)	%
Stock compensation shortfall	1,731		(3.1)	%
Other	1,052		(1.9)	%
Changes in unrecognized tax benefits.	341		(0.6)	%
Other	1,101		(2.0)	%
Effective Tax Rate	$	(2,431)	4.4	%

(a) The State of Texas contributes to the majority (greater than 50%) of the tax effect in this category.


(in thousands)	2024			2023
Income from continuing operations before income tax
US	$	18,686		$	444,557
Foreign	17,918			23,862
Total income from continuing operations before income tax	$	36,604		$	468,419

US Federal statutory income tax expense	$	7,687		$	98,368
Effect of tax rates in foreign jurisdictions	1,175			1,434
State income tax expense, net of federal benefit	784			25,412
Valuation allowances	2,776			(815)
Non-deductible (non-taxable) items	677			775
Non-deductible executive compensation	1,813			2,014

Tax credits	(6,988)			(396)
Uncertain tax positions	(791)			(523)
Tax law changes (excluding valuation allowance)(a)	(166)			(50)
Other	1,508			356
Income tax expense from continuing operations	$	8,475		$	126,575
Effective income tax rate	23.15		%	27.02		%

(a) Tax law changes primarily represent changes in tax law in foreign jurisdictions.

Schedule of Cash Taxes Paid

The amounts of cash taxes paid by the Company in the year ended December 31, 2025 are as follows:


(in thousands)	2025
Federal	$	—
State and Local
California	2,113
Texas	1,581
Other	7,406
Total State and Local	11,100

Foreign
Canada	2,796
Mexico	2,316
Other	101
Total Foreign	5,213
Income taxes paid, net of amounts refunded	$	16,313

Schedule of Components of Deferred Income Taxes

Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows:


(in thousands)	2025		2024
Deferred tax assets
Deferred interest expense	$	108,629	$	118,228
Employee benefit plans	7,999		10,408
Accrued liabilities	5,128		5,011
Allowance for credit losses	15,885		25,828
Deferred revenue	59,999		60,907
Operating lease liability	78,275		66,925
Other	10,613		12,397
Tax loss carryforwards	49,515		75,312
Deferred tax assets, gross	336,043		375,016
Valuation allowance	(4,235)		(4,206)
Net deferred income tax asset	331,808		370,810
Deferred tax liabilities
Rental equipment and other property, plant and equipment	(734,548)		(791,853)
Intangible assets	(11,495)		(18,106)
Right of use asset	(77,478)		(66,508)

Deferred tax liability	(823,521)		(876,467)
Net deferred income tax liability	$	(491,713)	$	(505,657)

Schedule of Tax Loss Carryforwards

The Company’s tax loss carryforwards are as follows at December 31, 2025:


(in thousands)	Loss Carryforward		Deferred Tax		Expiration
Jurisdiction:
US - Federal	$	180,825	$	38,102	2031, Indefinite
US - State capital loss	50,078		2,868		2029
US - State	187,047		8,545		2026 – 2044, Indefinite
Total	$	417,950	$	49,515

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(in thousands)	2025		2024		2023
Unrecognized tax benefits – January 1,	$	26,510	$	43,134	$	43,627
Increases based on tax positions related to current period	474		—		—


Decrease from expiration of statute of limitations(a)	(133)		(16,624)		(493)
Unrecognized tax benefits – December 31,	$	26,851	$	26,510	$	43,134

(a) Includes $15.8 of presentational adjustments with no effect on amounts presented in the consolidated balance sheet or the annual effective tax rate for the year ended December 31, 2024.

Business Combination and Acquisitions	12 Months Ended
Business Combination and Acquisitions	Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Business Combination and Acquisitions	Business Combination and Acquisitions Business Combination During the second quarter of 2025, the Company acquired a regional provider of climate-controlled containers and trailers for $115.6 million, net of cash acquired, the tangible assets of which consisted primarily of approximately 2,100 temperature-controlled units. As of the acquisition date, the fair value of the goodwill recognized was $54.8 million, the fair value of the intangible assets acquired was $18.7 million, and the fair value of rental equipment acquired was $36.6 million. The preliminary accounting for the transaction, including the valuation of acquired rental equipment and intangible assets, was based on the best estimates of management and is subject to revision based on the final valuations. Goodwill recognized is attributable to expected operating synergies, assembled workforce, and the going concern value of the acquired business. Goodwill recorded for this acquisition is deductible for tax purposes. Revenue and earnings from the business combination following the acquisition date are not available, as the business was integrated into the Company's centralized financial and operational processes following the acquisition. During the year ended December 31, 2024, the Company acquired certain assets and assumed certain liabilities from a US regional provider of perimeter solutions for $36.8 million. As of the acquisition date, the goodwill acquired was $25.3 million, the intangible assets acquired were $2.5 million, and the fair value of rental equipment recognized was $8.8 million. Goodwill recognized is attributable to expected operating synergies, assembled workforces, and the going concern value of the acquired businesses. Goodwill recorded for this acquisition is deductible for tax purposes. Asset Acquisitions During the year ended December 31, 2025, the Company acquired $23.2 million in rental fleet assets from two companies for $25.8 million in cash. During the year ended December 31, 2024, the Company acquired $80.7 million in rental fleet assets from three companies for $84.5 million in cash. Termination of Merger Agreement In September 2024, the Company terminated a merger agreement with McGrath RentCorp. and paid a $180.0 million termination fee and recorded $42.4 million in legal and professional fees related to the merger transaction within SG&A expense.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net (loss) income	$ (52,990)	$ 28,129	$ 476,457
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	430,021	384,972	338,654
Non-cash restructuring expense	301,965	0	0
Provision for credit losses	58,320	55,437	49,650
Gain on sale of discontinued operations	0	0	(176,078)
Impairment loss on intangible asset	0	132,540	0
Gain on sale of rental equipment and other property, plant and equipment	(28,218)	(27,087)	(32,724)
Amortization of debt discounts and debt issuance costs	12,269	12,571	11,211
Loss on extinguishment of debt	5,364	0	0
Stock-based compensation expense	38,426	35,966	34,486
Deferred income tax (benefit) expense	(7,014)	(45,323)	141,641
Loss on settlement of foreign currency forward contract	0	0	7,715
Unrealized currency losses (gains), net	206	(56)	(1,374)
Other	3,519	4,621	3,413
Changes in operating assets and liabilities
Trade receivables	(19,251)	(34,519)	(76,357)
Inventories	1,862	(529)	(3,276)
Prepaid expenses and other assets	(10,629)	(12,132)	(18,310)
Operating lease assets and liabilities	1,416	939	1,045
Accounts payable and other accrued expenses	42,565	(1,272)	(14,836)
Deferred revenue and customer deposits	(15,846)	27,387	19,923
Net cash provided by operating activities	761,985	561,644	761,240
Investing activities:
Acquisitions, net of cash acquired	(144,698)	(121,221)	(561,629)
Purchase of rental equipment and refurbishments	(317,685)	(280,857)	(226,976)
Proceeds from sale of rental equipment	65,868	63,997	51,290
Purchase of property, plant and equipment	(24,331)	(18,435)	(22,237)
Proceeds from sale of property, plant and equipment	2,944	1,867	13,272
Purchases of investments	(806)	(7,699)	0
Maturities of marketable securities	1,235	0	0
Proceeds from sale of discontinued operations	0	0	403,992
Payment for settlement of foreign currency forward contract	0	0	(7,715)
Net cash used in investing activities	(417,473)	(362,348)	(350,003)
Financing activities:
Receipts from borrowings	1,185,952	1,317,156	1,911,230
Repayment of borrowings	(1,331,968)	(1,195,932)	(1,475,219)
Payment of financing costs	(16,500)	(7,945)	(6,457)
Payments on finance lease obligations	(27,332)	(19,429)	(16,634)
Receipts from issuance of Common Stock from the exercise of options	10,266	253	498
Repurchase and cancellation of Common Stock	(99,862)	(278,269)	(818,182)
Taxes paid on employee stock awards	(9,962)	(15,953)	(14,171)
Dividends paid	(51,119)	0	0
Net cash used in financing activities	(340,525)	(200,119)	(418,935)
Effect of exchange rate changes on cash and cash equivalents	1,599	(1,134)	882
Net change in cash and cash equivalents	5,586	(1,957)	(6,816)
Cash and cash equivalents at the beginning of the period	9,001	10,958	17,774
Cash and cash equivalents at the end of the period	14,587	9,001	10,958
Supplemental cash flow information:
Interest paid, net	216,579	216,151	184,863
Income taxes paid, net	16,313	45,580	32,949
Capital expenditures accrued or payable	$ 16,639	$ 20,126	$ 19,557

Debt - Asset Based Lending Facility (Details) - USD ($)		12 Months Ended
Debt - Asset Based Lending Facility (Details) - USD ($)	Oct. 16, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 15, 2025
Line of Credit Facility [Line Items]
Loss on extinguishment of debt		$ (5,364,000)	$ 0	$ 0
Revolving Credit Facility \| ABL Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility	$ 3,000,000,000.0	$ 2,900,000,000			$ 3,700,000,000
Lenders commitment aggregate amount	1,000,000,000.0				$ 750,000,000.0
Loss on extinguishment of debt	$ 3,400,000
Commitment fee	0.20%
Weighted-average interest rate for borrowings		4.97%
Available borrowing capacity		$ 1,400,000,000
Outstanding principal borrowings on the credit facility		1,500,000,000
Debt issuance costs		16,700,000	$ 19,000,000.0
Revolving Credit Facility \| ABL Facility \| Line of Credit \| Term Secured Overnight Financing Rate (SOFR) and Term Canadian Overnight Repo Rate Average (CORRA)
Line of Credit Facility [Line Items]
Applicable margin	1.375%
Revolving Credit Facility \| ABL Facility \| Line of Credit \| Base Rate and Canadian Prime Rate
Line of Credit Facility [Line Items]
Applicable margin	0.375%
Revolving Credit Facility \| ABL Facility \| Line of Credit \| Variable Rate Step-Down Percentage
Line of Credit Facility [Line Items]
Debt instrument, variable rate, step down percentage	0.125%
Revolving Credit Facility \| Asset Based Liability Facility - US Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility	$ 2,750,000,000
Available borrowing capacity		1,200,000,000
Revolving Credit Facility \| Asset Based Liability Facility - Multicurrency Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility	250,000,000.0
Lenders commitment aggregate amount	$ 1,000,000,000.0
Available borrowing capacity		180,000,000.0
Letter of Credit \| ABL Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility		$ 200,000,000.0
Commitment fee		1.50%
Available borrowing capacity		$ 173,600,000
Swingline Loans \| ABL Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility		250,000,000.0
Available borrowing capacity		250,000,000.0
Standby Letters of Credit \| ABL Facility \| Line of Credit
Line of Credit Facility [Line Items]
Letters of credit amount outstanding		$ 26,400,000

Derivatives

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Interest Rate Swaps

In January 2023, the Company entered into two interest rate swap agreements with financial counterparties relating to $750.0 million in aggregate notional amount of variable-rate debt under the ABL Facility. Under the terms of the agreements, the Company receives a floating rate equal to one-month term SOFR and makes payments based on a fixed interest rate of 3.44% on the notional amount. In January 2024, the Company entered into two interest rate swap agreements with financial counterparties relating to $500.0 million in aggregate notional amount of variable-rate debt under the ABL Facility. Under the terms of the agreements, the Company receives a floating rate equal to one-month term SOFR and makes payments based on a fixed interest rate of 3.70% on the notional amount.

The swap agreements were designated and qualified as hedges of the Company’s exposure to changes in interest payment cash flows created by fluctuations in variable interest rates on the ABL Facility. The swap agreements terminate on June 30, 2027. The floating rate that the Company received under the terms of these swap agreements was 3.73% at December 31, 2025.

The location and the fair value of derivative instruments designated as hedges were as follows:


(in thousands)	Balance Sheet Location	2025		2024
Cash Flow Hedges:
Interest rate swaps	Prepaid expenses and other current assets	$	24	$	6,990
Interest rate swaps	Other non-current assets	$	—	$	6,666
Interest rate swaps	Accrued expenses	$	(1,862)	$	—
Interest rate swaps	Other non-current liabilities	$	(2,726)	$	—

The fair value of the interest rate swaps was based on dealer quotes of market forward rates, a Level 2 input on the fair value hierarchy (see Note 13), and reflected the amount that the Company would receive or pay for contracts involving the same attributes and maturity dates.


(in thousands)	2025		2024		2023
(Loss) gain recognized in OCI	$	(9,207)	$	29,256	$	15,901
Location of gain recognized in income	Interest expense, net		Interest expense, net		Interest expense, net
Gain reclassified from AOCI into income	$	8,813	$	20,175	$	11,550

Over the next twelve months, the Company expects to reclassify $13.5 million, net of tax, from accumulated other comprehensive loss into the consolidated statement of operations within interest expense, net related to the interest rate swaps.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The changes in AOCI, net of tax, for the years ended December 31, 2025, 2024 and 2023, were as follows:


(in thousands)	Foreign Currency Translation		Unrealized losses on hedging activities		Total
Balance at December 31, 2022	$	(70,122)	$	—	$	(70,122)
Other comprehensive income before reclassifications	14,091		14,813		28,904
Reclassifications from AOCI to income (a)	—		(11,550)		(11,550)
Balance at December 31, 2023	(56,031)		3,263		(52,768)
Other comprehensive (loss) income before reclassifications	(24,689)		27,005		2,316
Reclassifications from AOCI to income (a)	—		(20,175)		(20,175)
Balance at December 31, 2024	(80,720)		10,093		(70,627)
Other comprehensive income (loss) before reclassifications	14,716		(4,729)		9,987
Reclassifications from AOCI to income (a)	—		(8,813)		(8,813)
Balance at December 31, 2025	$	(66,004)	$	(3,449)	$	(69,453)

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table sets forth certain information regarding significant expense categories for the years ended December 31, 2025, 2024, and 2023, respectively.


	Year Ended December 31,
(in thousands)	2025		2024		2023
Revenues:
Leasing and services revenue:
Unit leasing and other rental-related	$	1,351,476	$	1,442,235	$	1,441,987
VAPS and third-party leasing	397,547		397,640		391,948
Delivery revenue	205,671		224,371		273,598
Installation revenue	183,216		194,510		163,581
Sales revenue:
New units	77,941		74,499		48,129
Rental units	65,595		62,463		45,524
Total revenues	2,281,446		2,395,718		2,364,767

Less:(a)
Costs of leasing and services:
Unit leasing	299,167		316,422		328,124
VAPS and third-party leasing	72,436		68,656		70,343
Delivery	171,202		176,551		185,639
Installation	152,201		152,329		131,478
Costs of sales:
New units	53,164		45,554		26,439
Rental units	35,720		32,224		23,141
Employee SG&A expense(b)	270,986		247,886		257,327
Other segment items(c)	255,531		292,936		280,811
Adjusted EBITDA from continuing operations	$	971,039	$	1,063,160	$	1,061,465

(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(b) Employee SG&A expense consists of salaries and wages, bonuses, commissions, payroll taxes, and employee benefits.

The following tables present a reconciliation of the Company’s (Loss) income from continuing operations to Adjusted EBITDA for the years ended December 31, 2025, 2024, and 2023, respectively:


	Year Ended December 31,
(in thousands)	2025		2024		2023
(Loss) income from continuing operations	$	(52,990)	$	28,129	$	341,844
Income tax (benefit) expense from continuing operations	(2,431)		8,475		126,575
Depreciation and amortization	430,021		384,972		338,654
Restructuring costs, lease impairment expense and other related charges	302,804		9,435		22
Interest expense, net	231,511		227,311		205,040
Loss on extinguishment of debt	5,364		—		—
Stock compensation expense	38,426		35,966		34,486
Integration and transaction costs	3,103		8,172		12,625
Currency losses, net	210		593		6,754
Termination fee	—		180,000		—
Impairment loss on intangible asset	—		132,540		—
Impairment loss on long-lived asset	—		374		—
Other(a)	15,021		47,193		(4,535)
Adjusted EBITDA	$	971,039	$	1,063,160	$	1,061,465

Goodwill and Intangible Assets - Schedule of Future Amortization of Intangible Assets (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 40,210
2027	33,580
2028	18,037
2029	3,367
2030	3,117
Thereafter	777
Net book value	$ 99,088

Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current
Federal	$ (8,660)	$ 29,518	$ 0
State	7,985	17,457	12,250
Foreign	5,257	6,823	7,382
Deferred
Federal	6,192	(23,990)	80,698
State	(5,829)	(19,197)	27,276
Foreign	(7,376)	(2,136)	(1,031)
Total income tax (benefit) expense from continuing operations	$ (2,431)	$ 8,475	$ 126,575

Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, net of income tax expense	$ 0	$ 0	$ 0
Net (loss) gain on derivatives, net of income tax (benefit) expense	$ (4,478)	$ 2,251	$ 1,088

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits – January 1,	$ 26,510	$ 43,134	$ 43,627
Increases based on tax positions related to current period	474	0	0
Decrease from expiration of statute of limitations	(133)	(16,624)	(493)
Unrecognized tax benefits – December 31,	$ 26,851	26,510	$ 43,134
Presentational Adjustments with no Balance Sheet Impact
Unrecognized Tax Benefits [Roll Forward]
Decrease from expiration of statute of limitations		$ (15,800)

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our Board of Directors is committed to maintaining a strong cybersecurity and data protection framework intended to protect our customers, shareholders, employees, and other stakeholders, as well as the integrity of our operations. Our Board is involved in the oversight of our cybersecurity risk management efforts. Our cybersecurity risk management consists of a set of processes designed to assess, identify and effectively manage material risks arising from cybersecurity and data protection threats. These processes are aligned with the Framework for Improving Critical Infrastructure Cybersecurity established by the National Institute of Standards and Technology. Our processes have been integrated into our overall risk management system, consistent with our commitment to safeguarding our operations and data on a Company-wide basis. Our cybersecurity risk management efforts are overseen by our Audit Committee in collaboration with individual members of our management team, specifically our Information Technology Leadership Team, Chief Legal Officer, and Vice President of Risk Management. Generally, our cybersecurity risk management efforts seek to address cybersecurity risks and incident response through a comprehensive, cross-functional approach that is focused on preserving the confidentiality, security and availability of the information we collect by identifying, preventing and mitigating cybersecurity threats and effectively responding to incidents when they occur. Our efforts also emphasize continuity of systems to ensure minimal disruption and maintain operational integrity during cybersecurity threats and incidents. We regularly review and update our contingency plans, aiming to enhance the resilience of our operations and the consistent functionality of our systems in the face of potential disruptions. Risk Management and Strategy As part of our overall approach to cybersecurity, our cybersecurity risk management processes are focused on the following key areas. Governance: As discussed in more detail under the “Governance” heading, the Audit Committee provides oversight of our cybersecurity risk management processes in collaboration with our Information Technology Leadership Team, Chief Legal Officer, Vice President of Risk Management and other internal and external experts. Collaborative Approach: Our cybersecurity risk management efforts include the implementation of a comprehensive, cross-functional approach to identify, prevent and mitigate cybersecurity threats and incidents. We have various tools in place that allow us to monitor and address threats and incidents that have the potential to materially affect our business strategy, financial condition, and results of operations, which allows us to determine the materiality of and ensure timely public disclosure of any such threat or incident, as appropriate. Technical Safeguards: We deploy technical safeguards designed to protect our information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, all of which are evaluated and improved through vulnerability assessments on a periodic basis. Incident Response and Recovery Plans: We have established and maintain comprehensive incident response and recovery plans, which detail the steps to be taken from the initial internal reporting of a potential cybersecurity incident. Third Party Involvement and Risk Assessment: We actively and routinely engage assessors, consultants, auditors and other relevant third parties with appropriate expertise in their respective fields for the purposes of effectively maintaining and improving the quality and effectiveness of our processes. We believe this allows us to employ best practices and reduce the risks associated with evolving cybersecurity and data protection threats. We have also implemented industry-recommended practices to oversee and identify threats associated with the use of our third-party service providers. Education and Awareness: We provide regular, mandatory trainings for applicable personnel with the purpose of providing personnel with effective tools to address cybersecurity threats and incidents, and to effectively communicate our cybersecurity risk management processes, including all related information, security policies, standards, process and practices. Certain cybersecurity threats have the potential to materially affect our business strategy, financial condition, and results of operations. These threats include the risk of cyberattacks that could result in the disruption of our business operations, loss of sensitive information or data and damage to our reputation with our customers, shareholders, and other stakeholders. We conduct periodic assessments of these threats, and we have developed action plans that are already implemented, or are currently underway to be implemented, based on the results of our periodic assessments.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our processes have been integrated into our overall risk management system, consistent with our commitment to safeguarding our operations and data on a Company-wide basis.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	In accordance with our internal policies, our Information Technology Leadership Team, Chief Legal Officer, and Vice President of Risk Management are tasked with certain oversight and management responsibilities related to the monitoring, prevention, mitigation and remediation of cybersecurity threats and incidents. These management members report to the Audit Committee, and the Audit Committee reports to the full Board of Directors, as appropriate. These reports include updates on our cybersecurity risks and threats, the status of efforts to strengthen our information security systems, assessments of our cybersecurity risk management processes, recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the emerging threat landscape, technological trends and information security considerations arising with respect to our peers and third parties. These individuals enable us to implement measures that help reduce and address the cybersecurity and data protection threats we face. Such measures include disaster recovery and business continuity, solution monitoring, network resiliency and simplification, sensitive data security, employee training and testing, system functionality and stability, infrastructure upgrades and more. The Audit Committee (i) periodically reviews our policies related to cybersecurity and data protection, which include the assessment, identification and management of material risks, mitigation strategy, governance and incident reporting, (ii) routinely coordinates with management and the Board of Directors, as applicable, in exercising its oversight over cybersecurity matters, (iii) receives timely information related to cybersecurity threats and incidents that meet specified materiality thresholds, as well as ongoing updates regarding any such threats or incidents until they have been addressed. Management consistently assesses, monitors and manages our cybersecurity practices to align with the evolving threat landscape. Our cybersecurity risk management efforts are designed to protect our information systems from cybersecurity threats and to appropriately respond to any threats or incidents. Through ongoing communications, management and other applicable personnel monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time and report such threats and incidents to the Audit Committee and the Board of Directors, as appropriate. Members of the Information Technology Leadership Team have experience managing risks arising from cybersecurity threats and hold security certifications including Certified Information Systems Security Professional (CISSP) and Certified Information Security Manager (CISM). Our Vice President of Infrastructure and Information Technology Operations has served in various information technology security, infrastructure, and application roles for over 28 years and is supported by a team of information technology and cyber security professionals with decades of relevant experience. The Vice President of Risk Management has served in various roles in information technology and information security for over 19 years, holds an undergraduate degree in Accounting and a Master of Business Administration degree, and is a Certified Public Accountant.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	In accordance with our internal policies, our Information Technology Leadership Team, Chief Legal Officer, and Vice President of Risk Management are tasked with certain oversight and management responsibilities related to the monitoring, prevention, mitigation and remediation of cybersecurity threats and incidents.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	These management members report to the Audit Committee, and the Audit Committee reports to the full Board of Directors, as appropriate. These reports include updates on our cybersecurity risks and threats, the status of efforts to strengthen our information security systems, assessments of our cybersecurity risk management processes, recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the emerging threat landscape, technological trends and information security considerations arising with respect to our peers and third parties. These individuals enable us to implement measures that help reduce and address the cybersecurity and data protection threats we face. Such measures include disaster recovery and business continuity, solution monitoring, network resiliency and simplification, sensitive data security, employee training and testing, system functionality and stability, infrastructure upgrades and more.
Cybersecurity Risk Role of Management [Text Block]	In accordance with our internal policies, our Information Technology Leadership Team, Chief Legal Officer, and Vice President of Risk Management are tasked with certain oversight and management responsibilities related to the monitoring, prevention, mitigation and remediation of cybersecurity threats and incidents. These management members report to the Audit Committee, and the Audit Committee reports to the full Board of Directors, as appropriate. These reports include updates on our cybersecurity risks and threats, the status of efforts to strengthen our information security systems, assessments of our cybersecurity risk management processes, recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the emerging threat landscape, technological trends and information security considerations arising with respect to our peers and third parties. These individuals enable us to implement measures that help reduce and address the cybersecurity and data protection threats we face. Such measures include disaster recovery and business continuity, solution monitoring, network resiliency and simplification, sensitive data security, employee training and testing, system functionality and stability, infrastructure upgrades and more. The Audit Committee (i) periodically reviews our policies related to cybersecurity and data protection, which include the assessment, identification and management of material risks, mitigation strategy, governance and incident reporting, (ii) routinely coordinates with management and the Board of Directors, as applicable, in exercising its oversight over cybersecurity matters, (iii) receives timely information related to cybersecurity threats and incidents that meet specified materiality thresholds, as well as ongoing updates regarding any such threats or incidents until they have been addressed. Management consistently assesses, monitors and manages our cybersecurity practices to align with the evolving threat landscape. Our cybersecurity risk management efforts are designed to protect our information systems from cybersecurity threats and to appropriately respond to any threats or incidents. Through ongoing communications, management and other applicable personnel monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time and report such threats and incidents to the Audit Committee and the Board of Directors, as appropriate.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	In accordance with our internal policies, our Information Technology Leadership Team, Chief Legal Officer, and Vice President of Risk Management are tasked with certain oversight and management responsibilities related to the monitoring, prevention, mitigation and remediation of cybersecurity threats and incidents. These management members report to the Audit Committee, and the Audit Committee reports to the full Board of Directors, as appropriate.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Members of the Information Technology Leadership Team have experience managing risks arising from cybersecurity threats and hold security certifications including Certified Information Systems Security Professional (CISSP) and Certified Information Security Manager (CISM). Our Vice President of Infrastructure and Information Technology Operations has served in various information technology security, infrastructure, and application roles for over 28 years and is supported by a team of information technology and cyber security professionals with decades of relevant experience. The Vice President of Risk Management has served in various roles in information technology and information security for over 19 years, holds an undergraduate degree in Accounting and a Master of Business Administration degree, and is a Certified Public Accountant.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	These management members report to the Audit Committee, and the Audit Committee reports to the full Board of Directors, as appropriate. These reports include updates on our cybersecurity risks and threats, the status of efforts to strengthen our information security systems, assessments of our cybersecurity risk management processes, recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the emerging threat landscape, technological trends and information security considerations arising with respect to our peers and third parties. These individuals enable us to implement measures that help reduce and address the cybersecurity and data protection threats we face. Such measures include disaster recovery and business continuity, solution monitoring, network resiliency and simplification, sensitive data security, employee training and testing, system functionality and stability, infrastructure upgrades and more.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Rental Equipment, net - Schedule of Rental Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 5,164,792	$ 4,948,316
Less: accumulated depreciation	(2,071,471)	(1,570,377)
Rental equipment, net	3,093,321	3,377,939
US
Property, Plant and Equipment [Line Items]
Total rental equipment	4,711,272	4,532,692
Canada
Property, Plant and Equipment [Line Items]
Total rental equipment	405,239	374,446
Mexico
Property, Plant and Equipment [Line Items]
Total rental equipment	48,281	41,178
Modular space units
Property, Plant and Equipment [Line Items]
Total rental equipment	3,836,964	3,658,086
Portable storage units
Property, Plant and Equipment [Line Items]
Total rental equipment	1,097,908	1,070,025
Value-added products
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 229,920	$ 220,205

Segment Reporting - Narrative (Details)	12 Months Ended
Segment Reporting - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	1

Revenue - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Provision for credit losses	$ 58,320	$ 55,437	$ 49,650
Total write-offs recorded as a reduction to revenue, net of recoveries	(98,555)	(35,025)	(25,182)
Deferred revenue	134,600	139,400
Previously deferred revenue recognized	90,200	72,700	67,600
Selling, general and administrative
Disaggregation of Revenue [Line Items]
Provision for credit losses	$ (40,200)	$ 20,400	23,400
Accounts Receivable \| Credit Concentration Risk \| No Single Customer
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	0.90%	1.70%
Accounts Receivable \| Credit Concentration Risk \| Top Five Customers
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	3.90%	5.20%
Leasing revenue
Disaggregation of Revenue [Line Items]
Total write-offs recorded as a reduction to revenue, net of recoveries	$ (75,505)	$ (26,758)	$ (18,875)
Leasing revenue \| Revenue \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	75.00%	75.00%	77.00%

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

The carrying value of debt outstanding at December 31 consisted of the following:


(in thousands, except rates)	Interest rate	Year of maturity	2025		2024
2025 Secured Notes	6.125%	2025	$	—	$	525,283
ABL Facility	Varies	2030	1,491,267		1,556,651
2028 Secured Notes	4.625%	2028	496,718		495,582
2029 Secured Notes	6.625%	2029	493,803		492,467
2030 Secured Notes	6.625%	2030	494,180		—
2031 Secured Notes	7.375%	2031	445,342		494,329
Finance Leases	Varies	Varies	166,858		143,788
Total debt			3,588,168		3,708,100
Less: current portion of long-term debt			31,094		24,598
Total long-term debt			$	3,557,074	$	3,683,502

Maturities of debt, including finance leases, during the years subsequent to December 31, 2025 are as follows:


(in thousands)
2026	$	38,881
2027	35,470
2028	537,951
2029	530,072
2030	2,032,188
Thereafter	474,718
Total	$	3,649,280

The Company records debt issuance costs as offsets against the carrying value of the related debt. These debt costs will be amortized and included as part of interest expense over the remaining contractual terms of those debt instruments for each of the next five years as follows:


(in thousands)	Debt issuance cost amortization
2026	$	8,202
2027	8,520
2028	8,382
2029	6,730
2030	4,132
Thereafter	731
Total	$	36,697

Asset Based Lending Facility

Certain subsidiaries of the Company, including Williams Scotsman, Inc. ("WSI"), have an asset-based credit agreement that was amended on October 16, 2025 to, among other things, (i) extend the expiration date of the revolving credit facilities to October 16, 2030; (ii) reduce the interest rate spreads above (x) the Term Secured Overnight Financing Rate ("SOFR") - and Term Canadian Overnight Repo Rate Average ("CORRA")-based rates to no more than 137.5 basis points and (y) the base rate and Canadian Prime Rate to no more than 37.5 basis points; (iii) remove interest rate adjustments to the reference rates, (iv) remove Daily Simple CORRA, which was operative solely prior to the phase-in of Term CORRA, from the available interest rates; (v) reduce the aggregate principal amount of revolving credit facilities from $3.7 billion to $3.0 billion to reduce undrawn line fees; (vi) increase capacity available under the accordion feature from $750.0 million to $1.0 billion; and (vii) remove United Kingdom commitments and other United Kingdom-related provisions. The Company recorded a loss on extinguishment of debt of $3.4 million related to the amendment.

The agreement, as amended, provides for revolving credit facilities in the aggregate principal amount of up to $3.0 billion, consisting of: (i) a senior secured asset-based US dollar revolving credit facility in the aggregate principal amount of $2.75 billion (the “US Facility”), (ii) a $250.0 million senior secured asset-based multicurrency revolving credit facility (the "Multicurrency Facility," and together with the US Facility, the "ABL Facility"), available to be drawn in US Dollars or Canadian Dollars, and (iii) an accordion feature that permits the Company to increase the lenders' commitments in an aggregate amount not to exceed the greater of $1.0 billion and the amount of suppressed availability (as defined in the ABL Facility), plus any voluntary prepayments that are accompanied by permanent commitment reductions under the ABL Facility, subject to the satisfaction of customary conditions including lender approval. The ABL Facility is scheduled to mature on October 16, 2030.

The applicable margins for Term CORRA and Term SOFR loans is 1.375% and for base rate and Canadian Prime Rate loans is 0.375%, all of which are subject to one step down of 0.125% beginning in October 2026 based on the Company's excess availability from the prior quarter, and a second step down of 0.125% based on the Company's leverage. The ABL Facility requires the payment of a commitment fee on the unused available borrowings of 0.20% annually. As of December 31, 2025, the weighted average interest rate for borrowings under the ABL Facility, as adjusted for the effects of the interest rate swap agreements, was 4.97%. Refer to Note 12 for a more detailed discussion on interest rate management.

Borrowing availability under the US Facility and the Multicurrency Facility is equal to the lesser of (i) the aggregate revolver commitments and (ii) the borrowing base ("Line Cap"). At December 31, 2025, the Line Cap was $2.9 billion and the Company had $1.4 billion of available borrowing capacity under the ABL Facility, including $1.2 billion under the US Facility and $180.0 million under the Multicurrency Facility. Borrowing capacity under the ABL Facility is made available for up to $200.0 million letters of credit and $250.0 million of swingline loans. At December 31, 2025, the available capacity was $173.6 million of letters of credit and $250.0 million of swingline loans. At December 31, 2025, letters of credit and bank guarantees carried fees of 1.5%. The Company had issued $26.4 million of standby letters of credit under the ABL Facility at December 31, 2025. The Company had approximately $1.5 billion outstanding principal under the ABL Facility at December 31, 2025. Debt issuance costs of $16.7 million and $19.0 million were included in the carrying value of the ABL Facility at December 31, 2025 and December 31, 2024, respectively.

The obligations of the US Facility borrowers are unconditionally guaranteed by WSI and each existing and subsequently acquired or organized direct or indirect wholly-owned US organized restricted subsidiary of WSI, other than excluded subsidiaries (together with WSI, the "US Guarantors"). The obligations of the Multicurrency Facility borrowers are unconditionally guaranteed by the US facility borrowers and the US Guarantors, and each existing and subsequently acquired or organized direct or indirect wholly-owned Canadian organized restricted subsidiary of the Company other than certain excluded subsidiaries.

Senior Secured Notes

On June 15, 2020, WSI completed a private offering of $650.0 million in aggregate principal amount of its 6.125% senior secured notes due 2025 (the "2025 Secured Notes") to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, as amended, ("Rule 144A"), and to non-US persons outside the US in accordance with Regulation S under the Securities Act ("Regulation S"). The 2025 Secured Notes matured on June 15, 2025 and bore interest at a rate of 6.125% per annum. Interest was payable semi-annually on June 15 and December 15 of each year. In 2021, the Company redeemed $123.5 million of the 2025 Secured Notes. On March 27, 2025, the Company used the net proceeds from the offering of the 2030 Secured Notes (defined below), together with $33.0 million of additional borrowings under the ABL Facility, to (i) redeem all of WSI's outstanding 2025 Secured Notes at a redemption price equal to 100.00% of the principal amount of the 2025 Secured Notes outstanding, totaling $526.5 million, plus accrued and unpaid interest, and (ii) pay related fees and expenses.

On August 25, 2020, WSI completed a private offering of $500.0 million in aggregate principal amount of its 4.625% senior secured notes due 2028 (the "2028 Secured Notes") to qualified institutional buyers pursuant to Rule 144A and to non-US persons outside the US in accordance with Regulation S. The 2028 Secured Notes mature on August 15, 2028 and bear interest at a rate of 4.625% per annum. Interest is payable semi-annually on August 15 and February 15 of each year. Unamortized deferred financing costs pertaining to the 2028 Secured Notes were $3.3 million as of December 31, 2025.

On September 25, 2023, WSI completed a private offering of $500.0 million in aggregate principal amount of its 7.375% senior secured notes due 2031 (the "2031 Secured Notes") to qualified institutional buyers pursuant to Rule 144A and to non-US persons outside the US in accordance with Regulation S. The 2031 Secured Notes mature on October 1, 2031 and

bear interest at a rate of 7.375% per annum. Interest is payable semi-annually on April 1 and October 1 of each year. On November 18, 2025, the Company redeemed $50.0 million of the 2031 Secured Notes at a redemption price equal to 103% of the principal amount of the 2031 Secured Notes redeemed, totaling $51.5 million and recorded a loss on extinguishment of debt of $2.0 million. As of December 31, 2025, the aggregate principal amount outstanding for the 2031 Secured Notes was $450.0 million. Unamortized deferred financing costs pertaining to the 2031 Secured Notes were $4.7 million as of December 31, 2025.

On June 28, 2024, WSI completed a private offering of $500.0 million in aggregate principal amount of its 6.625% senior secured notes due 2029 (the "2029 Secured Notes") to qualified institutional buyers pursuant to Rule 144A and to non-US persons outside the US in accordance with Regulation S. The 2029 Secured Notes mature on June 15, 2029 and bear interest at a rate of 6.625% per annum. Interest is payable semi-annually on June 15 and December 15 of each year. Unamortized deferred financing costs pertaining to the 2029 Secured Notes were $6.2 million as of December 31, 2025.

On March 26, 2025, WSI completed a private offering of $500.0 million in aggregate principal amount of its 6.625% senior secured notes due 2030 (the "2030 Secured Notes") to qualified institutional buyers pursuant to Rule 144A and to non-US persons outside the US in accordance with Regulation S. The 2030 Secured Notes mature on April 15, 2030 and bear interest at a rate of 6.625% per annum. Interest is payable semi-annually on April 15 and October 15 of each year, beginning October 15, 2025. Unamortized deferred financing costs pertaining to the 2030 Secured Notes were $5.8 million as of December 31, 2025.

2028 Secured Notes


Year	Redemption Price
August 15, 2025 and thereafter	100.000	%

2029 Secured Notes

The Company may redeem the 2029 Secured Notes at any time before June 15, 2026 at a redemption price equal to 100% of the principal amount thereof, plus a customary make whole premium for the notes being redeemed, plus accrued and unpaid interest, if any, to but not including the redemption date. Before June 15, 2026, the Company may redeem up to 40% of the aggregate principal amount of the 2029 Secured Notes at a price equal to 106.625% of the principal amount of the notes being redeemed, plus accrued and unpaid interest, if any, to but not including the redemption date with the net proceeds of certain equity offerings. At any time prior to June 15, 2026, the Company may also redeem up to 10% of the aggregate principal amount at a redemption price equal to 103% of the principal amount of the 2029 Secured Notes being redeemed during each twelve-month period commencing with the issue date, plus accrued and unpaid interest, if any, to but not including the redemption date. The table below depicts the redemption prices (expressed as percentages of the principal amount) of the notes if redeemed during the twelve-month period commencing on the dates below, plus accrued and unpaid interest, if any, to but not including the date of redemption.


Year	Redemption Price
June 15, 2026	103.313	%
June 15, 2027	101.656	%
June 15, 2028 and thereafter	100.000	%

2030 Secured Notes

The Company may redeem the 2030 Secured Notes at any time before April 15, 2027 at a redemption price equal to 100% of the principal amount thereof, plus a customary make whole premium for the notes being redeemed, plus accrued and unpaid interest, if any, to but not including the redemption date. Before April 15, 2027, the Company may redeem up to 40% of the aggregate principal amount of the 2029 Secured Notes at a price equal to 106.625% of the principal amount of the notes being redeemed, plus accrued and unpaid interest, if any, to but not including the redemption date with the net proceeds of certain equity offerings. At any time prior to April 15, 2027, the Company may also redeem up to 10% of the aggregate principal amount at a redemption price equal to 103% of the principal amount of the 2030 Secured Notes being redeemed during each twelve-month period commencing with the issue date, plus accrued and unpaid interest, if any, to but not including the redemption date.


Year	Redemption Price
April 15, 2027	103.313	%
April 15, 2028	101.656	%
April 15, 2029 and thereafter	100.000	%

2031 Secured Notes


Year	Redemption Price
October 1, 2026	103.688	%
October 1, 2027	101.844	%
October 1, 2028 and thereafter	100.000	%

The 2028 Secured Notes, 2029 Secured Notes, 2030 Secured Notes, and 2031 Secured Notes (collectively, the "Secured Notes”) are unconditionally guaranteed by certain subsidiaries of the Company (collectively, the "Note Guarantors”). WillScot is not a guarantor of the Secured Notes. The Note Guarantors are guarantors or borrowers under the ABL Facility. To the extent lenders under the ABL Facility release the guarantee of any Note Guarantor, such Note Guarantor will also be released from obligations under the Secured Notes. The Secured Notes and related guarantees are secured by a second priority security interest in substantially the same assets of WSI and the Note Guarantors securing the ABL Facility. Upon the repayment of the 2028 Secured Notes, if the lien associated with the ABL Facility represents the only lien outstanding on the collateral under the 2029 Secured Notes, 2030 Secured Notes, and the 2031 Secured Notes (other than certain permitted), the collateral securing the 2029 Secured Notes, 2030 Secured Notes, and the 2031 Secured Notes will be released and the 2029 Secured Notes, 2030 Secured Notes, and the 2031 Secured Notes will become unsecured subject to satisfaction of customary conditions.

Finance Leases

The Company maintains finance leases primarily for transportation-related equipment. At December 31, 2025 and December 31, 2024, obligations under the finance leases were $166.9 million and $143.8 million, respectively.

Covenant Compliance

The Company was in compliance with all debt covenants and restrictions for the aforementioned debt instruments as of December 31, 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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+ Details

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,281,446	$ 2,395,718	$ 2,364,767
Write-offs recorded as a reduction to revenue	98,555	35,025	25,182
Leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	1,749,023	1,839,875	1,833,935
Write-offs recorded as a reduction to revenue	75,505	26,758	18,875
Modular space leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	997,784	1,011,086	953,822
Portable storage leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	319,305	356,873	396,781
VAPS and third-party leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues	397,547	397,640	391,948
Other leasing-related revenue
Disaggregation of Revenue [Line Items]
Total revenues	34,387	74,276	91,384
Leasing and Services
Disaggregation of Revenue [Line Items]
Total revenues	2,137,910	2,258,756	2,271,114
Delivery and installation revenue
Disaggregation of Revenue [Line Items]
Total revenues	388,887	418,881	437,179
Write-offs recorded as a reduction to revenue	17,371	6,698	5,275
New unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	77,941	74,499	48,129
Write-offs recorded as a reduction to revenue	3,333	850	516
Rental unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	65,595	62,463	45,524
Write-offs recorded as a reduction to revenue	2,346	719	516
VAPS service revenue
Disaggregation of Revenue [Line Items]
Total revenues	38,600	35,200	23,900
US
Disaggregation of Revenue [Line Items]
Total revenues	2,142,138	2,243,545	2,219,561
Canada
Disaggregation of Revenue [Line Items]
Total revenues	118,001	125,154	120,123
Mexico
Disaggregation of Revenue [Line Items]
Total revenues	$ 21,307	$ 27,019	$ 25,083

Property, Plant and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, net

Depreciation is computed using the straight-line method over estimated useful lives, as follows:


	Estimated Useful Life	Residual Value
Modular space units	5 - 30 years	0 - 55%
Portable storage units	7 - 30 years	20 - 55%
VAPS and other related rental equipment	1 - 10 years	0%

Depreciation is computed using the straight-line method over estimated useful lives as follows:


			Estimated Useful Life
Buildings and leasehold improvements			15 - 40 years
Vehicles, machinery, and equipment			5 - 30 years
Furniture and fixtures			3 - 5 years
Software			3 - 10 years

Rental equipment, net at December 31 consisted of the following:


(in thousands)	2025		2024
Modular space units	$	3,836,964	$	3,658,086
Portable storage units	1,097,908		1,070,025
Value-added products	229,920		220,205
Total rental equipment	5,164,792		4,948,316
Less: accumulated depreciation	(2,071,471)		(1,570,377)
Rental equipment, net	$	3,093,321	$	3,377,939

The Company had rental equipment in the following geographic areas at December 31:


(in thousands)	2025		2024
US	$	4,711,272	$	4,532,692
Canada	405,239		374,446
Mexico	48,281		41,178
Total rental equipment	5,164,792		4,948,316
Less: accumulated depreciation	(2,071,471)		(1,570,377)
Rental equipment, net	$	3,093,321	$	3,377,939

Property, plant and equipment, net at December 31 consisted of the following:


(in thousands)	2025		2024
Land, buildings, and leasehold improvements	$	187,789	$	184,475
Vehicles and equipment	325,255		272,587
Office furniture, fixtures and software	123,261		119,622
Total property, plant and equipment	636,305		576,684
Less: accumulated depreciation	(246,085)		(213,611)
Property, plant and equipment, net	$	390,220	$	363,073

Rental Equipment, net - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
Network Optimization Plan \| Rental Fleet Assets
Property, Plant and Equipment [Line Items]
Rental equipment fleet assets to be disposed	$ 312.1

Leases - Schedule of Supplemental Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 88,014	$ 81,046	$ 68,889
Operating cash outflows from finance leases	7,796	6,087	3,715
Financing cash outflows from finance leases	25,272	19,429	16,510
Right of use assets obtained in exchange for lease obligations	154,136	92,343	95,897
Assets obtained in exchange for finance leases	$ 50,238	$ 46,253	$ 58,737

Inventories (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories at December 31 consisted of the following:


(in thousands)	2025		2024
Spare parts and supplies	$	40,716	$	39,823
Work in process	1,322		—
Finished units	3,522		7,650
Inventories	$	45,560	$	47,473

Income Taxes - Schedule of Cash Taxes paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 0
State and Local
Total State and Local	11,100
Foreign
Total Foreign	5,213
Income taxes paid, net of amounts refunded	16,313	$ 45,580	$ 32,949
California
State and Local
Total State and Local	2,113
Texas
State and Local
Total State and Local	1,581
Other
State and Local
Total State and Local	7,406
Canada
Foreign
Total Foreign	2,796
Mexico
Foreign
Total Foreign	2,316
Other
Foreign
Total Foreign	$ 101

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Indefinite-lived Intangible Assets [Line Items]
Accumulated impairment loss	$ 792,800,000
Goodwill impairment	0	$ 0	$ 0
Amortization expense	45,800,000	$ 38,500,000	$ 25,800,000
Net book value	99,088,000
Indefinite-lived intangible assets:
Indefinite-lived Intangible Assets [Line Items]
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]		Impairment loss on intangible asset
Impairment of intangible assets		$ 132,500,000
Net book value	$ 31,500,000
Level 3 \| Measurement Input, Discount Rate \| Indefinite-lived intangible assets:
Indefinite-lived Intangible Assets [Line Items]
Finite-lived intangible assets, measurement input				9.00%

Debt - Schedule of Debt Discount Amortization (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2026	$ 8,202
2027	8,520
2028	8,382
2029	6,730
2030	4,132
Thereafter	731
Total	$ 36,697

Restructuring (Details) rental_fleet_unit in Thousands, portable_storage_unit in Thousands, modularLeasingUnit in Thousands, $ in Thousands		11 Months Ended	12 Months Ended
	Dec. 18, 2025 USD ($) acre branch rental_fleet_unit portable_storage_unit modularLeasingUnit	Nov. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring costs			$ 301,965	$ 0	$ 0
Restructuring expenses			302,180	8,559	$ 0
Rental Equipment Disposal Costs
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost			40,000
Rental Equipment Relocation Costs
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost			20,000
Real Estate Costs
Restructuring Cost and Reserve [Line Items]
Incremental rental equipment depreciation		$ 41,000
Restructuring costs			3,800
Network Optimization Plan
Restructuring Cost and Reserve [Line Items]
Number of acres exited \| acre	665
Period of restructuring plan	4 years
Number of branches exited \| branch	108
Percentage of leased acreage exited	25.00%
Net book value of property abandoned	$ 312,100
Number of rental fleet units abandoned \| rental_fleet_unit	53
Number of portable storage units adandoned \| portable_storage_unit	31
Number of modular space units abandoned \| modularLeasingUnit	22
Restructuring costs			301,900
2024 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring expenses			$ 300	$ 8,600

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Discontinued Operations


(in thousands)	Year Ended December 31, 2023
Revenues:
Leasing and services revenue:
Leasing	$	6,389
Delivery and installation	1,802
Sales revenue:
New units	54
Rental units	449
Total revenues	8,694
Costs:
Costs of leasing and services:
Leasing	1,407
Delivery and installation	1,213
Costs of sales:
New units	38
Rental units	492
Gross profit	5,544
Expenses:
Selling, general and administrative	1,486
Other income, net	(1)
Operating income	4,059
Interest expense	56
Income from discontinued operations before income tax	4,003
Gain on sale of discontinued operations	175,708
Income tax expense from discontinued operations	45,468
Income from discontinued operations	$	134,243

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
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-Paragraph 3A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Awards

The following table summarizes the Company's RSA activity during the years ended December 31, 2025, 2024 and 2023:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31, 2022	35,244	$	37.17
Granted	28,946	$	44.44

Vested	(35,244)	$	37.17
Balance December 31, 2023	28,946	$	44.44
Granted	36,346	$	38.11

Vested	(28,946)	$	44.44
Balance December 31, 2024	36,346	$	38.11
Granted	67,365	$	27.43

Vested	(36,346)	$	38.11
Balance December 31, 2025	67,365	$	27.43

Schedule of Restricted Stock Units

The following table summarizes the Company's Time-Based RSU activity during the years ended December 31, 2025, 2024 and 2023:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31, 2022	789,779	$	26.16
Granted	213,388	$	50.74
Forfeited	(61,848)	$	36.75
Vested	(322,483)	$	21.38
Balance December 31, 2023	618,836	$	36.07
Granted	273,524	$	48.68
Forfeited	(45,544)	$	46.58
Vested	(270,164)	$	30.41
Balance December 31, 2024	576,652	$	43.87
Granted	677,853	$	31.08
Forfeited	(79,752)	$	39.65
Vested	(242,578)	$	39.79
Balance December 31, 2025	932,175	$	35.95

The following table summarizes the Company's Performance-Based RSU award activity during the years ended December 31, 2025 and 2024 and 2023:


	Number of Shares	Weighted-Average Grant Date Fair Value
Balance December 31, 2022	1,894,250	$	33.67
Granted	376,826	$	69.52
Forfeited	(37,451)	$	47.52
Vested(a)	(293,934)	$	16.34
Balance December 31, 2023	1,939,691	$	42.95
Granted	295,833	$	66.60
Forfeited	(62,074)	$	63.46
Vested(a)	(404,990)	$	39.30
Balance December 31, 2024	1,768,460	$	47.02
Granted	406,265	$	44.16
Forfeited	(52,781)	$	55.24
Vested(a)	(932,958)	$	38.35
Balance December 31, 2025	1,188,986	$	52.49

Schedule of Stock Option Awards

The following table summarizes the Company's stock option activity during the years ended December 31, 2025, 2024 and 2023:


	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Balance at December 31, 2022	534,188	$	13.60	864,276	$	12.91

Exercised	—	$	—	(35,030)	$	14.21
Balance at December 31, 2023	534,188	$	13.60	829,246	$	12.86

Exercised	—	$	—	(14,357)	$	17.59
Balance at December 31, 2024	534,188	$	13.60	814,889	$	12.77
Forfeited	—	$	—	(2)	$	13.54
Granted	220,000	$	23.39	—	$	—
Exercised	—	$	—	(804,003)	$	12.77
Balance at December 31, 2025	754,188	$	16.46	10,884	$	13.08

Fully vested and exercisable options, December 31, 2025	534,188	$	13.60	10,884	$	13.08

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions


	Assumptions
Expected volatility	45% - 46%
Expected dividend	1.20		%
Risk-free rate	3.69% - 3.76%
Expected term (in years)	5.75 - 6.00
Exercise price	$	23.39
Weighted-average grant date fair value	$	10.28