0001647088-26-000031 | 10-Q | XBRL Viewer

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Debt - Schedule of Carrying Value of Debt Outstanding (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Finance Leases	$ 166,891	$ 166,858
Total debt	3,514,231	3,588,168
Less: current portion of long-term debt	31,934	31,094
Total long-term debt	3,482,297	3,557,074
Line of Credit \| ABL Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 1,416,147	1,491,267
Senior Notes \| 2028 Secured Notes
Debt Instrument [Line Items]
Interest rate	4.625%
Long-term debt	$ 497,011	496,718
Senior Notes \| 2029 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.625%
Long-term debt	$ 494,203	493,803
Senior Notes \| 2030 Secured Notes
Debt Instrument [Line Items]
Interest rate	6.625%
Long-term debt	$ 494,474	494,180
Senior Notes \| 2031 Secured Notes
Debt Instrument [Line Items]
Interest rate	7.375%
Long-term debt	$ 445,505	$ 445,342

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 (modular office complexes, mobile offices, classrooms, blast-resistant modules, clearspan structures and sanitation solutions) and portable storage products (portable storage containers and climate-controlled containers and trailers) through an integrated network of branch locations that spans North America. WillScot also offers its customers a thoughtfully curated selection of solutions with Value-Added Products ("VAPS"), such as workstations, furniture, appliances, media packages, power and solar solutions, telematics, connectivity and data solutions, security and protection products, entrance packages, electrical and lighting products, organization and space optimization assets, perimeter solutions and other items that improve the overall customer experience. The Company operates a hybrid in-house and outsourced logistics and service infrastructure that provides delivery, site work, installation, disassembly, removal and other services to customers for an additional fee as part of leasing and sales operations. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by accounting principles generally accepted in the US ("GAAP") for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot and its subsidiaries that it controls due to ownership of a majority voting interest, and contain all adjustments, which are of a normal and recurring nature, considered necessary by management to present fairly the financial position, results of operations and cash flows for the interim periods presented. 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. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full year. For further information, refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. 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 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 evaluating the impact of ASU 2024-03 on its 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.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net income	$ 28,123	$ 43,055
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	92,431	97,092
Provision for credit losses	17,788	12,338
Gain on sale of rental equipment and other property, plant and equipment	(6,143)	(5,697)
Amortization of debt discounts and debt issuance costs	2,091	4,030
Stock-based compensation expense	7,107	8,341
Deferred income tax expense (benefit)	8,406	(5,343)
Other	1,144	1,162
Changes in operating assets and liabilities
Trade receivables	(20,847)	17,663
Inventories	(828)	(232)
Prepaid expenses and other assets	(1,396)	7,882
Operating lease assets and liabilities	1,160	238
Accounts payable and other accrued expenses	54,266	37,254
Deferred revenue and customer deposits	7,756	(11,156)
Net cash provided by operating activities	191,058	206,627
Investing activities:
Acquisitions, net of cash acquired	0	(3,060)
Purchase of rental equipment and refurbishments	(101,940)	(72,552)
Proceeds from sale of rental equipment	19,278	14,063
Purchase of property, plant and equipment	(3,629)	(4,634)
Proceeds from sale of property, plant and equipment	1,625	1,291
Purchases of investments	(56)	(63)
Maturities of marketable securities	195	0
Net cash used in investing activities	(84,527)	(64,955)
Financing activities:
Receipts from borrowings	115,797	615,433
Repayment of borrowings	(191,797)	(702,579)
Payment of financing costs	0	(6,665)
Payments on finance lease obligations	(7,105)	(5,742)
Receipts from issuance of Common Stock from the exercise of options	0	2,232
Repurchase and cancellation of Common Stock	(7,250)	(22,008)
Taxes paid on employee stock awards	(1,904)	(7,718)
Dividends paid	(12,737)	(12,882)
Net cash used in financing activities	(104,996)	(139,929)
Effect of exchange rate changes on cash and cash equivalents	(579)	(65)
Net change in cash and cash equivalents	956	1,678
Cash and cash equivalents at the beginning of the period	14,587	9,001
Cash and cash equivalents at the end of the period	15,543	10,679
Supplemental cash flow information:
Interest paid, net	32,606	44,308
Income taxes paid, net	1,037	4,542
Capital expenditures accrued or payable	15,259	17,430
Accrued Common Stock repurchases	$ 0	$ 10,000

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	3 Months Ended
	Mar. 31, 2026 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	46.30%
Expected dividend	1.50%
Risk-free rate	3.84%
Expected term (in years)	6 years
Exercise price (in USD per share)	$ 18.83
Weighted-average grant date fair value (in USD per share)	$ 8.09

- 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

Debt - Schedule of Maturities of Debt and Lease Obligation (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Debt Disclosure [Abstract]
2026 (remaining)	$ 30,270
2027	36,600
2028	539,081
2029	531,203
2030	1,957,326
Thereafter	478,056
Total	$ 3,572,536

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

The carrying value of debt outstanding at the respective balance sheet dates consisted of the following:


(in thousands, except rates)	Interest rate	Year of maturity	March 31, 2026		December 31, 2025
ABL Facility	Varies	2030	$	1,416,147	$	1,491,267
2028 Secured Notes	4.625%	2028	497,011		496,718
2029 Secured Notes	6.625%	2029	494,203		493,803
2030 Secured Notes	6.625%	2030	494,474		494,180
2031 Secured Notes	7.375%	2031	445,505		445,342
Finance Leases	Varies	Varies	166,891		166,858
Total debt			3,514,231		3,588,168
Less: current portion of long-term debt			31,934		31,094
Total long-term debt			$	3,482,297	$	3,557,074

Maturities of debt, including finance leases, during the periods subsequent to March 31, 2026 are as follows:


(in thousands)
2026 (remaining)	$	30,270
2027	36,600
2028	539,081
2029	531,203
2030	1,957,326
Thereafter	478,056
Total	$	3,572,536

Asset Backed Lending Facility

Certain subsidiaries of the Company, including Williams Scotsman, Inc. ("WSI"), have an asset-based credit agreement that 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.

As of March 31, 2026, the weighted average interest rate for borrowings under the ABL Facility, as adjusted for the effects of the interest rate swap agreements, was 4.95%. Refer to Note 9 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 March 31, 2026, the Line Cap was $2.9 billion and the Company had $1.5 billion of available borrowing capacity under the ABL Facility, including $1.3 billion under the US Facility and $177.4 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 March 31, 2026, the available capacity was $175.6 million of letters of credit and $250.0 million of swingline loans. At March 31, 2026, letters of credit and bank guarantees carried fees of 1.50%. The Company had issued $24.4 million of standby letters of credit under the ABL Facility at March 31, 2026. The Company had approximately $1.4 billion outstanding principal under the ABL Facility at March 31, 2026. Debt issuance costs of $15.9 million and $16.7 million were included in the carrying value of the ABL Facility at March 31, 2026 and December 31, 2025, 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

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 liens), 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. Obligations under finance leases were $166.9 million at both March 31, 2026 and December 31, 2025.

Covenant Compliance

The Company was in compliance with all debt covenants and restrictions associated with its debt instruments as of March 31, 2026.

- 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

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-Topic 470
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Restructuring (Tables)

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Charges

The following table presents charges relating to the Network Optimization Plan recognized in the three months ended March 31, 2026 and the total costs incurred to date:


(in thousands)	Three Months Ended March 31, 2026			Costs to Date
			As of March 31, 2026
Disposal costs	$	11,250		$	11,250
Relocation costs	378			378
Accelerated depreciation	—			301,863
Total charges	$	11,628		$	313,491

The following table presents cash activity and balances relating to the Network Optimization Plan liabilities:


(in thousands)	Disposal Costs		Relocation Costs
Liability as of December 31, 2025	$	—	$	—
Restructuring and related charges	11,250		378
Cash payments	(8,484)		(311)

Liability as of March 31, 2026	$	2,766	$	67

Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss ("AOCI"), net of tax, for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31, 2026
(in thousands)	Foreign currency translation		Unrealized (losses) gains on hedging activities		Total
Balance at December 31, 2025	$	(66,004)	$	(3,449)	$	(69,453)
Other comprehensive (loss) income before reclassifications	(3,416)		4,813		1,397
Reclassifications from AOCI to income	—		(444)		(444)
Balance at March 31, 2026	$	(69,420)	$	920	$	(68,500)


	Three Months Ended March 31, 2025
(in thousands)	Foreign currency translation		Unrealized gains (losses) on hedging activities		Total
Balance at December 31, 2024	$	(80,720)	$	10,093	$	(70,627)
Other comprehensive income (loss) before reclassifications	161		(5,710)		(5,549)
Reclassifications from AOCI to income	—		(2,431)		(2,431)
Balance at March 31, 2025	$	(80,559)	$	1,952	$	(78,607)

Rental Equipment - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Network Optimization Plan \| Rental Fleet Assets
Property, Plant and Equipment [Line Items]
Rental equipment fleet assets to be disposed	$ 204.4	$ 312.1

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Reconciliation of Weighted Average Shares Outstanding

The following table reconciles the weighted average shares outstanding for the basic earnings per share calculation to the weighted average shares of Common Stock outstanding for the diluted earnings per share calculation:


	Three Months Ended March 31,
(in thousands)	2026		2025
Numerator:
Net income	$	28,123	$	43,055

Denominator:
Weighted average shares outstanding – basic	180,987		183,681
Dilutive effect of outstanding securities:
RSAs	33		22
Time-based RSUs	54		88
Performance-based RSUs	207		700
Stock options	183		811
Weighted average shares outstanding – dilutive	181,464		185,302

Schedule of Antidilutive Securities Excluded from Computation of EPS

The following potential shares of Common Stock were excluded from the computation of dilutive EPS:


	Three Months Ended March 31,
(in thousands)	2026	2025

Time-based RSUs	1,460	567
Performance-based RSUs	1,472	1,011
Stock options	320	—
Total shares	3,252	1,578

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 139.9		$ 134.6
Previously deferred revenue recognized	$ 25.8
Leasing \| Revenues \| Revenue Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk percentage	76.00%	76.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

Restructuring - Schedule of Restructuring and Related Charges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]
Total charges	$ 11,250	$ 375
Network Optimization Plan
Restructuring Cost and Reserve [Line Items]
Total charges	11,628
Costs to Date	313,491
Disposal Costs \| Network Optimization Plan
Restructuring Cost and Reserve [Line Items]
Total charges	11,250
Costs to Date	11,250
Relocation costs \| Network Optimization Plan
Restructuring Cost and Reserve [Line Items]
Total charges	378
Costs to Date	378
Accelerated depreciation \| Network Optimization Plan
Restructuring Cost and Reserve [Line Items]
Total charges	0
Costs to Date	$ 301,863

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- 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.

+ References + Details

Restructuring - Narrative (Details) - Network Optimization Plan rental_fleet_unit in Thousands, portable_storage_unit in Thousands, modularLeasingUnit in Thousands, $ in Millions		3 Months Ended	12 Months Ended
	Dec. 18, 2025 USD ($) acre branch rental_fleet_unit portable_storage_unit modularLeasingUnit	Mar. 31, 2026 USD ($) portable_storage_unit	Dec. 31, 2025 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of acres exited \| acre	665
Number of branches exited \| branch	108
Percentage of leased acreage exited	25.00%
Net book value of property abandoned	$ 312.1
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			$ 301.9
Number of portable storage units disposed \| portable_storage_unit		15
Number of modular space units disposed \| modularLeasingUnit	6
Disposal Costs
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost		$ 30.0
Relocation costs
Restructuring Cost and Reserve [Line Items]
Expected restructuring cost		$ 20.0

Restructuring

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Restructuring

In December 2025, the Company's Board of Directors (the "Board of Directors") approved a comprehensive network optimization initiative (the "Network Optimization Plan") designed to reduce real estate costs while maintaining market coverage and customer service capabilities. The Network Optimization Plan encompassed exiting approximately 665 acres of real estate 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). 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. As of March 31, 2026, the Company has disposed of approximately 15,000 portable storage units and 6,000 modular space units related to the Network Optimization Plan. The Company expects to substantially complete all real estate exits and related rental equipment disposals under the Network Optimization Plan by 2029.

Expenses associated with the Network Optimization Plan include accelerated depreciation, disposal costs, and relocation costs. Disposal costs consist of demolition costs, waste removal fees, and scrapping fees and are recorded within

restructuring costs when incurred. Relocation costs consist primarily of costs to relocate units to other branch locations and are recorded within costs of leasing when incurred. 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 selling, general and administrative ("SG&A") expense as the Company consumes its right to use the real estate.

The following table presents charges relating to the Network Optimization Plan recognized in the three months ended March 31, 2026 and the total costs incurred to date:


(in thousands)	Three Months Ended March 31, 2026			Costs to Date
			As of March 31, 2026
Disposal costs	$	11,250		$	11,250
Relocation costs	378			378
Accelerated depreciation	—			301,863
Total charges	$	11,628		$	313,491

The following table presents cash activity and balances relating to the Network Optimization Plan liabilities:


(in thousands)	Disposal Costs		Relocation Costs
Liability as of December 31, 2025	$	—	$	—
Restructuring and related charges	11,250		378
Cash payments	(8,484)		(311)

Liability as of March 31, 2026	$	2,766	$	67

As of March 31, 2026, the Company expects the initiative to result in future costs consisting of rental equipment disposal costs of approximately $30 million and rental equipment relocation costs of approximately $20 million. 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.

Fair Value Measures (Tables)

3 Months Ended

Mar. 31, 2026

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:


	March 31, 2026				December 31, 2025
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
2028 Secured Notes	$	497,011	$	491,945	$	496,718	$	498,640
2029 Secured Notes	494,203		505,705		493,803		516,455
2030 Secured Notes	494,474		507,605		494,180		517,465
2031 Secured Notes	445,505		461,754		445,342		470,304
Total	$	1,931,193	$	1,967,009	$	1,930,043	$	2,002,864

Revenue - Schedule of Receivable Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Balance at beginning of period	$ 61,755	$ 101,693
Provision for credit losses	17,788	12,338
Total write-offs recorded as a reduction to revenue, net of recoveries	(17,140)	(13,765)
Foreign currency translation and other	(14)	25
Balance at end of period	62,389	100,291
Leasing
Disaggregation of Revenue [Line Items]
Total write-offs recorded as a reduction to revenue, net of recoveries	(13,026)	(10,589)
Delivery and installation revenue
Disaggregation of Revenue [Line Items]
Total write-offs recorded as a reduction to revenue, net of recoveries	(2,914)	(2,486)
New units
Disaggregation of Revenue [Line Items]
Total write-offs recorded as a reduction to revenue, net of recoveries	(686)	(414)
Rental units
Disaggregation of Revenue [Line Items]
Total write-offs recorded as a reduction to revenue, net of recoveries	$ (514)	$ (276)

- 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.

+ References

+ Details

Intangible Assets - Schedule of Future Amortization of Intangible Assets (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026 (remaining)	$ 29,554
2027	33,580
2028	18,037
2029	3,367
2030	3,117
Thereafter	777
Net book value	$ 88,432

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Carrying Value of Debt Outstanding

The carrying value of debt outstanding at the respective balance sheet dates consisted of the following:


(in thousands, except rates)	Interest rate	Year of maturity	March 31, 2026		December 31, 2025
ABL Facility	Varies	2030	$	1,416,147	$	1,491,267
2028 Secured Notes	4.625%	2028	497,011		496,718
2029 Secured Notes	6.625%	2029	494,203		493,803
2030 Secured Notes	6.625%	2030	494,474		494,180
2031 Secured Notes	7.375%	2031	445,505		445,342
Finance Leases	Varies	Varies	166,891		166,858
Total debt			3,514,231		3,588,168
Less: current portion of long-term debt			31,934		31,094
Total long-term debt			$	3,482,297	$	3,557,074

Schedule of Maturities of Debt and Lease Obligation

Maturities of debt, including finance leases, during the periods subsequent to March 31, 2026 are as follows:


(in thousands)
2026 (remaining)	$	30,270
2027	36,600
2028	539,081
2029	531,203
2030	1,957,326
Thereafter	478,056
Total	$	3,572,536

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Options
Exercised (in shares)	(163,141)
WillScot Options
Options
Outstanding beginning balance (in shares)	754,188	534,188
Granted (in shares)	100,000
Exercised (in shares)		0
Outstanding ending balance (in shares)	854,188	534,188
Weighted-Average Exercise Price per Share
Outstanding beginning balance (in USD per share)	$ 16.46	$ 13.60
Granted (in USD per share)	18.83
Exercised (in USD per share)		0
Outstanding ending balance (in USD per share)	$ 16.74	$ 13.60
Fully vested and exercisable options
Fully vested and exercisable at end of period (in shares)	534,188	534,188
Fully vested and exercisable at end of period, weighted-average exercise price per share (in USD per share)	$ 13.60	$ 13.60
Converted Mobile Mini Options
Options
Outstanding beginning balance (in shares)	10,884	814,889
Granted (in shares)	0
Exercised (in shares)		(188,134)
Outstanding ending balance (in shares)	10,884	626,755
Weighted-Average Exercise Price per Share
Outstanding beginning balance (in USD per share)	$ 13.08	$ 12.77
Granted (in USD per share)	0
Exercised (in USD per share)		11.86
Outstanding ending balance (in USD per share)	$ 13.08	$ 13.05
Fully vested and exercisable options
Fully vested and exercisable at end of period (in shares)	10,884	626,755
Fully vested and exercisable at end of period, weighted-average exercise price per share (in USD per share)	$ 13.08	$ 13.05

Segment Reporting - Schedule of Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Net income	$ 28,123	$ 43,055
Income tax expense	14,933	17,910
Other	85	646
Reportable Segment
Segment Reporting Information [Line Items]
Net income	28,123	43,055
Income tax expense	14,933	17,910
Interest expense, net	53,607	58,469
Depreciation and amortization	92,431	97,092
Currency losses, net	171	223
Restructuring costs, lease impairment expense and other related charges	11,273	702
Integration and transaction costs	66	261
Stock compensation expense	7,107	8,341
Other	3,303	2,732
Adjusted EBITDA	211,014	$ 228,785
Non-equity executive transition costs	$ 1,800

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and notes required by accounting principles generally accepted in the US ("GAAP") for complete financial statements. The accompanying unaudited condensed consolidated financial statements comprise the financial statements of WillScot and its subsidiaries that it controls due to ownership of a majority voting interest, and contain all adjustments, which are of a normal and recurring nature, considered necessary by management to present fairly the financial position, results of operations and cash flows for the interim periods presented.
Principles of Consolidation	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.
Recently Issued and Adopted 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 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 evaluating the impact of ASU 2024-03 on its 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.

Revenue - Schedule of Revenue Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenues	$ 548,628	$ 559,551
Write-offs recorded as a reduction to revenue	17,140	13,765
Leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	425,522	434,390
Write-offs recorded as a reduction to revenue	13,026	10,589
Modular space leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	243,761	245,864
Portable storage leasing revenue
Disaggregation of Revenue [Line Items]
Total revenues	72,523	77,035
VAPS and third party leasing revenues
Disaggregation of Revenue [Line Items]
Total revenues	97,135	96,339
Other leasing-related revenue
Disaggregation of Revenue [Line Items]
Total revenues	12,103	15,152
Leasing and Services
Disaggregation of Revenue [Line Items]
Total revenues	525,044	523,051
Delivery and installation revenue
Disaggregation of Revenue [Line Items]
Total revenues	99,522	88,661
Write-offs recorded as a reduction to revenue	2,914	2,486
New unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	8,994	22,437
Write-offs recorded as a reduction to revenue	686	414
Rental unit sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	14,590	14,063
Write-offs recorded as a reduction to revenue	514	276
VAPS service
Disaggregation of Revenue [Line Items]
Total revenues	10,200	9,200
US
Disaggregation of Revenue [Line Items]
Total revenues	517,561	531,046
Canada
Disaggregation of Revenue [Line Items]
Total revenues	25,348	23,199
Mexico
Disaggregation of Revenue [Line Items]
Total revenues	$ 5,719	$ 5,306

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Debt - Finance Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
Finance lease, liability	$ 166,891	$ 166,858

Derivatives

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

The Company uses interest rate swaps designated as cash flow hedges to manage fluctuations in interest rates on variable rate debt. The gains and losses are recorded in accumulated other comprehensive loss and reclassified into interest expense, net during the hedged interest period. Cash inflows and outflows related to interest rate swaps are presented in interest paid, net within the supplemental section of the consolidated statement of cash flows.

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 Secured Overnight Financing Rate ("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. At March 31, 2026, the floating rate that the Company received under the terms of these swap agreements was 3.68%.

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


(in thousands)	Balance Sheet Location	March 31, 2026		December 31, 2025
Cash Flow Hedges:
Interest rate swaps	Other current assets	$	1,529	$	24
Interest rate swaps	Other non-current assets	$	198	$	—
Interest rate swaps	Accrued expenses	$	(269)	$	(1,862)
Interest rate swaps	Other non-current liabilities	$	(209)	$	(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 9), and reflected the amount that the Company would receive or pay for contracts involving the same attributes and maturity dates.

The following table discloses the impact of the interest rate swaps, excluding the impact of income taxes, on other comprehensive income (“OCI”), AOCI and the Company’s condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in thousands)	2026		2025
Gain (loss) recognized in OCI	$	6,257	$	(8,403)
Location of gain recognized in income	Interest expense, net		Interest expense, net
Gain reclassified from AOCI into income	$	444	$	2,431

See Note 7 for the net impact of the interest swaps, including the impact of income taxes, on OCI and AOCI.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Intangible assets subject to amortization:
Accumulated amortization	$ (180,136)	$ (169,480)
Net book value	88,432
Intangible Assets, Net (Including Goodwill) [Abstract]
Gross carrying amount	526,108	526,108
Accumulated impairment loss	(132,540)	(132,540)
Accumulated amortization	(180,136)	(169,480)
Net book value	213,432	224,088
Trade name – WillScot
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Gross carrying amount	$ 125,000	$ 125,000
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	2 years 9 months 18 days	3 years
Intangible assets subject to amortization:
Gross carrying amount	$ 234,108	$ 234,108
Accumulated impairment loss	0	0
Accumulated amortization	(153,039)	(144,959)
Net book value	81,069	89,149
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (153,039)	$ (144,959)
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	3 months 18 days	6 months
Intangible assets subject to amortization:
Gross carrying amount	$ 1,500	$ 1,500
Accumulated impairment loss	0	0
Accumulated amortization	(1,438)	(1,375)
Net book value	62	125
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (1,438)	$ (1,375)
Trade names
Finite-Lived Intangible Assets [Line Items]
Weighted average remaining life (in years)	1 year 8 months 12 days	1 year 9 months 18 days
Intangible assets subject to amortization:
Gross carrying amount	$ 165,500	$ 165,500
Accumulated impairment loss	(132,540)	(132,540)
Accumulated amortization	(25,659)	(23,146)
Net book value	7,301	9,814
Intangible Assets, Net (Including Goodwill) [Abstract]
Accumulated amortization	$ (25,659)	$ (23,146)

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, intrinsic value		$ 0.6
Options exercisable, intrinsic value		2.1
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense		0.1	$ 0.3
Unrecognized compensation expense for awards		$ 0.3
Unrecognized compensation expense, period for recognition		2 months 12 days
Time-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense		$ 3.7	$ 2.4
Unrecognized compensation expense for awards		$ 39.3
Unrecognized compensation expense, period for recognition		2 years 8 months 12 days
Granted (in shares)	88,771	1,080,919	391,843
Vesting period	3 years
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense		$ 3.0	$ 5.6
Unrecognized compensation expense for awards		$ 30.9
Unrecognized compensation expense, period for recognition		2 years 1 month 6 days
Granted (in shares)	274,410	331,112	406,265
Vesting period	3 years
Payout percentage, minimum	0.00%
Payout percentage, maximum	300.00%
TSR granted (in shares)	56,702
TSR payout percentage, minimum				0.00%
TSR payout percentage, maximum				300.00%
WillScot Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual term, exercisable		2 years
Weighted average remaining contractual term, outstanding		4 years 9 months 18 days
Converted Mobile Mini Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual term, exercisable		2 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense		$ 0.3
Unrecognized compensation expense for awards		$ 2.5
Unrecognized compensation expense, period for recognition		2 years 2 months 12 days

Derivatives - Narrative (Details) - Interest rate swaps $ in Millions	1 Months Ended
	Jan. 31, 2024 USD ($) derivativeAgreement	Jan. 31, 2023 USD ($) derivativeAgreement	Mar. 31, 2026
Derivative Instruments, Gain (Loss) [Line Items]
Number of derivative instruments entered into \| derivativeAgreement	2	2
Notational amount \| $	$ 500.0	$ 750.0
Fixed rate	3.70%	3.44%
Receive rate			3.68%

- 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.

+ References

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+ Details

Fair Value Measures - Narrative (Details) - Senior Notes - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
2028 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	$ 3.0	$ 3.3
2029 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	5.8	6.2
2030 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	5.5	5.8
2031 Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unamortized debt issuance costs	$ 4.5	$ 4.7

Equity - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 856,254	$ 1,018,593
Other comprehensive (loss) income before reclassifications	1,397	(5,549)
Reclassifications from AOCI to income	(444)	(2,431)
Ending balance	870,524	1,011,362
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(69,453)	(70,627)
Ending balance	(68,500)	(78,607)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(66,004)	(80,720)
Other comprehensive (loss) income before reclassifications	(3,416)	161
Reclassifications from AOCI to income	0	0
Ending balance	(69,420)	(80,559)
Unrealized (losses) gains on hedging activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(3,449)	10,093
Other comprehensive (loss) income before reclassifications	4,813	(5,710)
Reclassifications from AOCI to income	(444)	(2,431)
Ending balance	$ 920	$ 1,952

- 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
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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded $14.9 million and $17.9 million of income tax expense for the three months ended March 31, 2026 and 2025, respectively. The Company’s effective tax rate was 34.7% and 29.4% for the three months ended March 31, 2026 and 2025, respectively. The effective tax rate for the three months ended March 31, 2026 and 2025 was higher than the US federal statutory rate of 21% primarily due to state and provincial taxes, non-deductible executive compensation and a discrete tax expense related to equity compensation.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 30, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		180,994,679
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001647088
Current Fiscal Year End Date	--12-31

Debt - Asset Backed Lending Facility (Details) - Line of Credit - USD ($)	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Oct. 16, 2025
Revolving Credit Facility \| ABL Facility
Debt Instrument [Line Items]
Line of credit facility	$ 2,900,000,000		$ 3,000,000,000.0
Weighted average interest rate for borrowings	4.95%
Available borrowing capacity	$ 1,500,000,000
Outstanding principal	1,400,000,000
Unamortized debt issuance costs	15,900,000	$ 16,700,000
Revolving Credit Facility \| Asset Based Liability Facility - US Facility
Debt Instrument [Line Items]
Line of credit facility			2,750,000,000
Available borrowing capacity	1,300,000,000
Revolving Credit Facility \| Asset Based Liability Facility - Multicurrency Facility
Debt Instrument [Line Items]
Line of credit facility			250,000,000.0
Line of credit facility, accordion feature amount, maximum			$ 1,000,000,000.0
Available borrowing capacity	177,400,000
Letter of Credit \| ABL Facility
Debt Instrument [Line Items]
Line of credit facility	200,000,000.0
Available borrowing capacity	$ 175,600,000
Commitment fee	1.50%
Swingline Loans \| ABL Facility
Debt Instrument [Line Items]
Line of credit facility	$ 250,000,000.0
Available borrowing capacity	250,000,000.0
Standby Letters of Credit \| ABL Facility
Debt Instrument [Line Items]
Letters of credit amount outstanding	$ 24,400,000

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based compensation expense includes grants of stock options, time-based restricted stock units ("Time-Based RSUs"), performance-based restricted stock units ("Performance-Based RSUs," together with Time-Based RSUs, the "RSUs"), and restricted stock awards ("RSAs"). Stock options are valued based on the Black-Scholes option-pricing model. Time-Based RSUs and RSAs are valued based on the intrinsic value of the difference between the exercise price of the award, if any, and the fair market value of WillScot's Common Stock on the grant date.

Restricted Stock Awards

The following table summarizes the Company's RSA activity for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026			2025
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	67,365	$	27.43	36,346	$	38.11

Forfeited	(14,358)	$	27.86	—	$	—

Outstanding at end of period	53,007	$	27.31	36,346	$	38.11

Compensation expense for RSAs recognized in SG&A expense on the condensed consolidated statements of operations was $0.1 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively. At March 31, 2026, unrecognized compensation cost related to RSAs totaled $0.3 million and was expected to be recognized over the remaining weighted average vesting period of 0.2 years.

Time-Based RSUs

The following table summarizes the Company's Time-Based RSU activity for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026			2025
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	932,175	$	35.95	576,652	$	43.87
Granted	1,080,919	$	22.53	391,843	$	35.27
Forfeited	(35,419)	$	35.35	(14,453)	$	42.79
Vested	(243,830)	$	41.09	(237,655)	$	39.86
Outstanding at end of period	1,733,845	$	26.88	716,387	$	40.52

Compensation expense for Time-Based RSUs recognized in SG&A expense was $3.7 million and $2.4 million for the three months ended March 31, 2026 and 2025, respectively. At March 31, 2026, unrecognized compensation cost related to Time-Based RSUs totaled $39.3 million and was expected to be recognized over the remaining weighted average vesting period of 2.7 years.

For 88,771 Time-Based RSUs granted in February 2026, the awards cliff vest after three years.

Performance-Based RSUs

The following table summarizes the Company's Performance-Based RSU activity for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026			2025
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	1,188,986	$	52.49	1,768,460	$	47.02
Granted	331,112	$	26.89	406,265	$	44.16
Forfeited	(39,748)	$	47.32	(6,579)	$	62.57
Vested(a)	(314,086)	$	69.52	(601,129)	$	42.34
Outstanding at end of period	1,166,264	$	40.81	1,567,017	$	48.01

(a) The Performance-Based RSUs vested at a weighted average of 0% of target, or 0 shares, and 77% of target, or 462,883 shares, during the three months ended March 31, 2026 and 2025, respectively.

Compensation expense for Performance-Based RSUs recognized in SG&A expense was $3.0 million and $5.6 million for the three months ended March 31, 2026 and 2025, respectively. At March 31, 2026, unrecognized compensation cost related to unvested Performance-Based RSUs, assuming maximum attainment of performance-based metrics, totaled $30.9 million, which would be recognized over the remaining weighted average vesting period of 2.1 years.

For 274,410 Performance-Based RSUs granted in February 2026, the awards cliff vest based on the achievement of performance-based conditions over the vesting period of three years. The target number of RSUs may be adjusted from 0% to 300% based on the Company's level of attainment of performance measures defined by the Company's Compensation Committee at the end of each fiscal year during the vesting period.

For 56,702 Performance-Based RSUs granted in February 2026, the awards 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 SmallCap 600 Index over the vesting period of three years. The target number of RSUs may be adjusted from 0% to 300% based on the TSR attainment levels defined by the Company's Compensation Committee at the end of each measurement period during the vesting period. The grant date fair value of the TSR Performance-Based RSUs was determined using a Monte Carlo simulation model.

Stock Options

The following table summarizes the Company's stock option activity for the three months ended March 31, 2026:


	Three Months Ended March 31, 2026
	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Outstanding at beginning of period	754,188	$	16.46	10,884	$	13.08
Granted	100,000	$	18.83	—	$	—


Outstanding at end of period	854,188	$	16.74	10,884	$	13.08

Fully vested and exercisable at end of period	534,188	$	13.60	10,884	$	13.08

The following table summarizes the Company's stock option activity for the three months ended March 31, 2025:


	Three Months Ended March 31, 2025
	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Outstanding at beginning of period	534,188	$	13.60	814,889	$	12.77
Exercised	—	$	—	(188,134)	$	11.86
Outstanding at end of period	534,188	$	13.60	626,755	$	13.05

Fully vested and exercisable at end of period	534,188	$	13.60	626,755	$	13.05

At March 31, 2026, the intrinsic value of stock options outstanding was $0.6 million, and the intrinsic value of stock options fully vested and exercisable was $2.1 million. At March 31, 2026, the weighted-average remaining contractual term of options fully vested and exercisable was 2.0 years for WillScot options and 2.0 years for converted Mobile Mini options. The weighted-average remaining contractual term of all outstanding WillScot options was 4.8 years.

Compensation expense for stock options recognized in SG&A expense was $0.3 million for the three months ended March 31, 2026. At March 31, 2026, unrecognized compensation cost related to stock options totaled $2.5 million and was expected to be recognized over the remaining weighted average vesting period of 2.2 years.

The fair value of each stock option award granted during the three months ended March 31, 2026 was estimated on the grant date using the Black-Scholes option-pricing model. The assumptions are listed in the table below.


	Assumptions
Expected volatility	46.30		%
Expected dividend	1.50		%
Risk-free rate	3.84%
Expected term (in years)	6.0
Exercise price	$	18.83
Weighted-average grant date fair value	$	8.09

Equity - Narrative (Details) - USD ($)	3 Months Ended
Equity - Narrative (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2024
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock from the exercise of options (in shares)	163,141
Dividends payable (in dollars per share)	$ 0.07	$ 0.07
Authorized share repurchase program			$ 1,000,000,000.0
Shares repurchased (in shares)	352,900	1,094,932
Shares repurchased	$ 7,300,000	$ 32,000,000.0
Remaining authorized share repurchase program	717,100,000
Reclassifications to consolidated statement of operations, tax expense	14,933,000	17,910,000
Reclassification out of Accumulated Other Comprehensive Income
Subsidiary, Sale of Stock [Line Items]
Reclassifications to consolidated statement of operations, tax expense	$ 100,000	$ 600,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Rental Equipment - Schedule of Rental Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 5,045,004	$ 5,164,792
Less: accumulated depreciation	(1,941,672)	(2,071,471)
Rental equipment, net	3,103,332	3,093,321
Modular space units
Property, Plant and Equipment [Line Items]
Total rental equipment	3,776,120	3,836,964
Portable storage units
Property, Plant and Equipment [Line Items]
Total rental equipment	1,037,390	1,097,908
Value added products
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 231,494	$ 229,920

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 10.7	$ 11.3

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Commitment and Contingencies	3 Months Ended
Commitment and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 March 31, 2026, 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.

Derivatives (Tables)

3 Months Ended

Mar. 31, 2026

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	March 31, 2026		December 31, 2025
Cash Flow Hedges:
Interest rate swaps	Other current assets	$	1,529	$	24
Interest rate swaps	Other non-current assets	$	198	$	—
Interest rate swaps	Accrued expenses	$	(269)	$	(1,862)
Interest rate swaps	Other non-current liabilities	$	(209)	$	(2,726)

Schedule of Impact of Interest Rate Swap on Other Comprehensive Income, AOCI and Statement of Operations


	Three Months Ended March 31,
(in thousands)	2026		2025
Gain (loss) recognized in OCI	$	6,257	$	(8,403)
Location of gain recognized in income	Interest expense, net		Interest expense, net
Gain reclassified from AOCI into income	$	444	$	2,431

Rental Equipment

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Rental Equipment

Rental equipment, net at the respective balance sheet dates consisted of the following:


(in thousands)	March 31, 2026		December 31, 2025
Modular space units	$	3,776,120	$	3,836,964
Portable storage units	1,037,390		1,097,908
Value added products	231,494		229,920
Total rental equipment	5,045,004		5,164,792
Less: accumulated depreciation	(1,941,672)		(2,071,471)
Rental equipment, net	$	3,103,332	$	3,093,321

At March 31, 2026 and December 31, 2025, rental equipment included $204.4 million and $312.1 million, respectively, 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.

Segment Reporting - Schedule of Segment Reporting and Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Total revenues	$ 548,628	$ 559,551
Reportable Segment
Revenues:
Total revenues	548,628	559,551
Costs of leasing and services:
Employee SG&A expense	71,710	68,266
Other segment items	71,713	77,267
Adjusted EBITDA	211,014	228,785
Unit leasing and other rental-related \| Reportable Segment
Revenues:
Leasing	328,387	338,051
Costs of leasing and services:
Unit leasing and other rental-related	76,980	71,744
VAPS and third-party leasing
Revenues:
Total revenues	97,135	96,339
VAPS and third-party leasing \| Reportable Segment
Revenues:
Leasing	97,135	96,339
Costs of leasing and services:
Unit leasing and other rental-related	19,047	16,326
Delivery revenue \| Reportable Segment
Revenues:
Revenues	46,879	49,035
Costs of leasing and services:
Cost of sales	41,055	40,556
Installation revenue \| Reportable Segment
Revenues:
Revenues	52,643	39,626
Costs of leasing and services:
Cost of sales	42,188	33,240
New units
Revenues:
Revenues	8,994	22,437
Total revenues	8,994	22,437
Costs of leasing and services:
Cost of sales	6,218	15,198
New units \| Reportable Segment
Revenues:
Revenues	8,994	22,437
Costs of leasing and services:
Cost of sales	6,218	15,198
Rental units
Revenues:
Revenues	14,590	14,063
Total revenues	14,590	14,063
Costs of leasing and services:
Cost of sales	8,703	8,169
Rental units \| Reportable Segment
Revenues:
Revenues	14,590	14,063
Costs of leasing and services:
Cost of sales	$ 8,703	$ 8,169

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense from continuing operations	$ 14,933	$ 17,910
Effective tax rate	34.70%	29.40%

Earnings Per Share - Schedule of Reconciliation of Weighted Average Shares Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net income, basic	$ 28,123	$ 43,055
Net income, diluted	$ 28,123	$ 43,055
Denominator:
Weighted average shares outstanding - basic (in shares)	180,987,459	183,680,565
Weighted average shares outstanding – diluted (in shares)	181,463,605	185,301,787
RSAs
Denominator:
Awards (in shares)	33,000	22,000
Time-based RSUs
Denominator:
Awards (in shares)	54,000	88,000
Performance-based RSUs
Denominator:
Awards (in shares)	207,000	700,000
Stock options
Denominator:
Awards (in shares)	183,000	811,000

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	Mar. 31, 2026	Dec. 31, 2025
Derivative [Line Items]
Other current assets	$ 1,529	$ 24
Other non-current assets	198	0
Accrued expenses	(269)	(1,862)
Other non-current liabilities	$ (209)	$ (2,726)

Derivatives - Schedule of Impact of Interest Rate Swap on Other Comprehensive Income, AOCI and Statement of Operations (Details) - Interest rate swaps - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI	$ 6,257	$ (8,403)
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain reclassified from AOCI into income	$ 444	$ 2,431

- 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.

+ References

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 15,543	$ 14,587
Trade receivables, net of allowances for credit losses at March 31, 2026 and December 31, 2025 of $62,389 and $61,755, respectively	397,432	394,708
Inventories	46,187	45,560
Prepaid expenses	20,737	27,709
Other current assets	48,861	41,328
Assets held for sale	1,159	1,159
Total current assets	529,919	525,051
Rental equipment, net	3,103,332	3,093,321
Property, plant and equipment, net	386,339	390,220
Operating lease assets	298,027	310,662
Goodwill	1,257,201	1,257,612
Intangible assets, net	213,432	224,088
Other non-current assets	22,406	15,213
Total long-term assets	5,280,737	5,291,116
Total assets	5,810,656	5,816,167
Liabilities and equity
Accounts payable	142,454	109,864
Accrued expenses	150,873	125,896
Accrued employee benefits	30,012	36,176
Deferred revenue and customer deposits	244,854	237,322
Operating lease liabilities – current	70,155	70,752
Current portion of long-term debt	31,934	31,094
Total current liabilities	670,282	611,104
Long-term debt	3,482,297	3,557,074
Deferred tax liabilities	501,582	492,332
Operating lease liabilities - non-current	231,075	241,933
Other non-current liabilities	54,896	57,470
Long-term liabilities	4,269,850	4,348,809
Total liabilities	4,940,132	4,959,913
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at March 31, 2026 and December 31, 2025	0	0
Common Stock: $0.0001 par, 500,000,000 shares authorized and 180,994,679 and 181,184,438 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	19	19
Additional paid-in-capital	1,710,836	1,725,642
Accumulated other comprehensive loss	(68,500)	(69,453)
Accumulated deficit	(771,831)	(799,954)
Total shareholders' equity	870,524	856,254
Total liabilities and shareholders' equity	$ 5,810,656	$ 5,816,167

Stock-Based Compensation - Schedule of Restricted Stock Award Activity (Details) - RSAs - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Number of Shares
Outstanding beginning balance (in shares)	67,365	36,346
Forfeited (in shares)	(14,358)	0
Outstanding ending balance (in shares)	53,007	36,346
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)	$ 27.43	$ 38.11
Forfeited (in USD per share)	27.86	0
Outstanding ending balance (in USD per share)	$ 27.31	$ 38.11

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Total revenues	$ 548,628	$ 559,551
Costs:
Depreciation of rental equipment	68,762	73,952
Gross profit	285,675	300,366
Other operating expenses:
Selling, general and administrative	154,008	156,771
Other depreciation and amortization	23,669	23,140
Restructuring costs	11,250	375
Other expense, net	85	646
Operating income	96,663	119,434
Interest expense, net	53,607	58,469
Income before income tax	43,056	60,965
Income tax expense	14,933	17,910
Net income	$ 28,123	$ 43,055
Earnings per share:
Basic (in USD per share)	$ 0.16	$ 0.23
Diluted (in USD per share)	$ 0.15	$ 0.23
Weighted average shares outstanding:
Basic (in shares)	180,987,459	183,680,565
Diluted (in shares)	181,463,605	185,301,787
Leasing
Revenues:
Leasing	$ 425,522	$ 434,390
Total revenues	425,522	434,390
Costs:
Leasing	96,027	88,070
Delivery and installation
Revenues:
Revenues	99,522	88,661
Costs:
Cost of sales	83,243	73,796
New units
Revenues:
Revenues	8,994	22,437
Total revenues	8,994	22,437
Costs:
Cost of sales	6,218	15,198
Rental units
Revenues:
Revenues	14,590	14,063
Total revenues	14,590	14,063
Costs:
Cost of sales	$ 8,703	$ 8,169

Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Equity

Common Stock

In connection with stock compensation vesting, the Company issued 163,141 shares of Common Stock during the three months ended March 31, 2026.

Dividends

In February 2025, the Board of Directors approved a quarterly dividend program. Dividends are subject to declaration by the Board of Directors and requirements of the ABL Facility, the indentures governing the Secured Notes, and Delaware law. The Board of Directors declared quarterly dividends of $0.07 per share for both the three months ended March 31, 2026 and 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 and conditions, 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 requirements of the ABL Facility, the indentures governing the Secured Notes, and Delaware law.

During the three months ended March 31, 2026 and 2025, respectively, the Company repurchased 352,900 and 1,094,932 shares of Common Stock for $7.3 million and $32.0 million, excluding excise tax. As of March 31, 2026, $717.1 million of the authorization for future repurchases of Common Stock remained available.

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss ("AOCI"), net of tax, for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31, 2026
(in thousands)	Foreign currency translation		Unrealized (losses) gains on hedging activities		Total
Balance at December 31, 2025	$	(66,004)	$	(3,449)	$	(69,453)
Other comprehensive (loss) income before reclassifications	(3,416)		4,813		1,397
Reclassifications from AOCI to income	—		(444)		(444)
Balance at March 31, 2026	$	(69,420)	$	920	$	(68,500)


	Three Months Ended March 31, 2025
(in thousands)	Foreign currency translation		Unrealized gains (losses) on hedging activities		Total
Balance at December 31, 2024	$	(80,720)	$	10,093	$	(70,627)
Other comprehensive income (loss) before reclassifications	161		(5,710)		(5,549)
Reclassifications from AOCI to income	—		(2,431)		(2,431)
Balance at March 31, 2025	$	(80,559)	$	1,952	$	(78,607)

The Company reclassified amounts from AOCI into the condensed consolidated statements of operations within interest expense related to the interest rate swaps. Associated with these reclassifications, the Company recorded tax expense of $0.1 million and $0.6 million for the three months ended March 31, 2026 and 2025, respectively. The interest rate swaps are discussed in Note 9.

- Definition

The entire disclosure for equity.

+ 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 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets other than goodwill at the respective balance sheet dates consisted of the following:


	March 31, 2026
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated impairment loss		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	2.8	$	234,108	$	—	$	(153,039)	$	81,069
Technology	0.3	1,500		—		(1,438)		62
Trade names	1.7	165,500		(132,540)		(25,659)		7,301
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		—		125,000
Total intangible assets other than goodwill		$	526,108	$	(132,540)	$	(180,136)	$	213,432


	December 31, 2025
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated 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

Amortization expense related to intangible assets was $10.7 million and $11.3 million for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, the expected future amortization expense for intangible assets was as follows for the years ended December 31:


(in thousands)
2026 (remaining)	$	29,554
2027	33,580
2028	18,037
2029	3,367
2030	3,117
Thereafter	777
Total	$	88,432

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share


	Three Months Ended March 31,
(in thousands)	2026		2025
Numerator:
Net income	$	28,123	$	43,055

Denominator:
Weighted average shares outstanding – basic	180,987		183,681
Dilutive effect of outstanding securities:
RSAs	33		22
Time-based RSUs	54		88
Performance-based RSUs	207		700
Stock options	183		811
Weighted average shares outstanding – dilutive	181,464		185,302

The following potential shares of Common Stock were excluded from the computation of dilutive EPS:


	Three Months Ended March 31,
(in thousands)	2026	2025

Time-based RSUs	1,460	567
Performance-based RSUs	1,472	1,011
Stock options	320	—
Total shares	3,252	1,578

Stock-Based Compensation - Schedule of Performance-Based RSU Activity (Details) - Performance-Based RSUs - $ / shares	1 Months Ended	3 Months Ended
	Feb. 28, 2026	Mar. 31, 2026	Mar. 31, 2025
Number of Shares
Outstanding beginning balance (in shares)		1,188,986	1,768,460
Granted (in shares)	274,410	331,112	406,265
Forfeited (in shares)		(39,748)	(6,579)
Vested (in shares)		(314,086)	(601,129)
Outstanding ending balance (in shares)		1,166,264	1,567,017
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)		$ 52.49	$ 47.02
Granted (in USD per share)		26.89	44.16
Forfeited (in USD per share)		47.32	62.57
Vested (in USD per share)		69.52	42.34
Outstanding ending balance (in USD per share)		$ 40.81	$ 48.01
Percentage of target vested during period		0.00%	77.00%
Vesting target (in shares)		0	462,883

Restructuring - Schedule of Cash Activity and Balances Relating to Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 11,250	$ 375
Network Optimization Plan
Restructuring Cost and Reserve [Line Items]
Restructuring costs	11,628
Disposal Costs \| Network Optimization Plan
Restructuring Cost and Reserve [Line Items]
Liability as of December 31, 2025	0
Restructuring costs	11,250
Cash payments	(8,484)
Liability as of March 31, 2026	2,766
Relocation costs \| Network Optimization Plan
Restructuring Cost and Reserve [Line Items]
Liability as of December 31, 2025	0
Restructuring costs	378
Cash payments	(311)
Liability as of March 31, 2026	$ 67

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- 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.

+ References + Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table sets forth certain information regarding significant revenue and expense categories for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in thousands)	2026		2025
Revenues:
Leasing and services revenue:
Unit leasing and other rental-related	$	328,387	$	338,051
VAPS and third-party leasing	97,135		96,339
Delivery revenue	46,879		49,035
Installation revenue	52,643		39,626
Sales revenue:
New units	8,994		22,437
Rental units	14,590		14,063
Total revenues	548,628		559,551

Less:(a)
Costs of leasing and services:
Unit leasing and other rental-related	76,980		71,744
VAPS and third-party leasing	19,047		16,326
Delivery	41,055		40,556
Installation	42,188		33,240
Costs of sales:
New units	6,218		15,198
Rental units	8,703		8,169
Employee SG&A expense(b)	71,710		68,266
Other segment items(c)	71,713		77,267
Adjusted EBITDA	$	211,014	$	228,785

(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, professional fees, real estate and occupancy costs, travel, bad debt expense, marketing and advertising, taxes, and other miscellaneous expenses.

The following table presents reconciliations of the Company’s net income to Adjusted EBITDA for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in thousands)	2026		2025
Net income	$	28,123	$	43,055
Income tax expense	14,933		17,910
Interest expense, net	53,607		58,469
Depreciation and amortization	92,431		97,092
Currency losses, net	171		223
Restructuring costs, lease impairment expense and other related charges	11,273		702



Integration and transaction costs	66		261
Stock compensation expense	7,107		8,341
Other(a)	3,303		2,732
Adjusted EBITDA	$	211,014	$	228,785

(a) For the three months ended March 31, 2026, other included $1.8 million in non-equity executive transition costs.

Stock-Based Compensation - Schedule of Time-Based RSU Award Activity (Details) - Time-Based RSUs - $ / shares	1 Months Ended	3 Months Ended
	Feb. 28, 2026	Mar. 31, 2026	Mar. 31, 2025
Number of Shares
Outstanding beginning balance (in shares)		932,175	576,652
Granted (in shares)	88,771	1,080,919	391,843
Forfeited (in shares)		(35,419)	(14,453)
Vested (in shares)		(243,830)	(237,655)
Outstanding ending balance (in shares)		1,733,845	716,387
Weighted-Average Grant Date Fair Value
Outstanding beginning balance (in USD per share)		$ 35.95	$ 43.87
Granted (in USD per share)		22.53	35.27
Forfeited (in USD per share)		35.35	42.79
Vested (in USD per share)		41.09	39.86
Outstanding ending balance (in USD per share)		$ 26.88	$ 40.52

Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Disaggregation

Geographic Areas

The Company had total revenue in the following geographic areas for the three months ended March 31, 2026 and 2025 as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
US	$	517,561	$	531,046
Canada	25,348		23,199
Mexico	5,719		5,306
Total revenues	$	548,628	$	559,551

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 three months ended March 31, 2026 and 2025 was as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
Modular space leasing revenue(a)	$	243,761	$	245,864
Portable storage leasing revenue	72,523		77,035
VAPS and third-party leasing revenues(b)	97,135		96,339
Other leasing-related revenue(c)	12,103		15,152
Leasing revenue	425,522		434,390
Delivery and installation revenue	99,522		88,661
Total leasing and services revenue	525,044		523,051
New unit sales revenue	8,994		22,437
Rental unit sales revenue	14,590		14,063
Total revenues	$	548,628	$	559,551

(a) Includes revenue from clearspan structures.

(b) Includes $10.2 million and $9.2 million of service revenue for the three months ended March 31, 2026 and 2025, 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 $13.0 million and $10.6 million, for the three months ended March 31, 2026 and 2025, respectively.

Revenue

The majority of revenue (76% for both the three months ended March 31, 2026 and 2025) was generated by lease income subject to the guidance of Accounting Standards Codification ("ASC"), Leases (Topic 842) ("ASC 842"). The remaining revenue was generated by performance obligations in contracts with customers for services or the sale of units subject to the guidance of ASC, Revenue from Contracts with Customers (Topic 606) ("ASC 606").

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. 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. 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 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 expense.

Activity in the allowance for credit losses for the three months ended March 31, 2026 and 2025 was as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
Balance at beginning of period	$	61,755	$	101,693
Provision for credit losses	17,788		12,338
Write-offs to leasing revenue	(13,026)		(10,589)
Write-offs to delivery and installation revenue	(2,914)		(2,486)
Write-offs to new units sales revenue	(686)		(414)
Write-offs to rental units sales revenue	(514)		(276)
Total write-offs recorded as a reduction to revenue, net of recoveries	(17,140)		(13,765)
Foreign currency translation and other	(14)		25
Balance at end of period	$	62,389	$	100,291

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 March 31, 2026 and December 31, 2025, the Company recorded deferred revenue related to service revenue billed in advance of $139.9 million and $134.6 million, respectively. During the three months ended March 31, 2026, the Company recognized revenue of $25.8 million for service revenue billed in advance that was recorded as deferred revenue as of December 31, 2025.

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

Condensed 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, 2024		183,565,000
Beginning 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	43,055				43,055
Other comprehensive income (loss)	(7,980)			(7,980)
Common Stock-based award activity (in shares)		451,000
Common Stock-based award activity	8,341		8,341
Repurchase and cancellation of Common Stock (in shares)		(1,095,000)
Repurchase and cancellation of Common Stock	(32,117)		(32,117)
Issuance of Common Stock from the exercise of options (in shares)		188,000
Issuance of Common Stock from the exercise of options	2,232		2,232
Withholding taxes on net share settlement of stock-based compensation	(7,718)		(7,718)
Dividends	(13,044)		(13,044)
Ending balance (in shares) at Mar. 31, 2025		183,109,000
Ending balance at Mar. 31, 2025	$ 1,011,362	$ 19	1,793,859	(78,607)	(703,909)
Beginning balance (in shares) at Dec. 31, 2025	181,184,438	181,184,000
Beginning balance at Dec. 31, 2025	$ 856,254	$ 19	1,725,642	(69,453)	(799,954)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	28,123				28,123
Other comprehensive income (loss)	953			953
Common Stock-based award activity (in shares)		164,000
Common Stock-based award activity	7,107		7,107
Repurchase and cancellation of Common Stock (in shares)		(353,000)
Repurchase and cancellation of Common Stock	$ (7,285)		(7,285)
Issuance of Common Stock from the exercise of options (in shares)	163,141
Withholding taxes on net share settlement of stock-based compensation	$ (1,857)		(1,857)
Dividends	$ (12,771)		(12,771)
Ending balance (in shares) at Mar. 31, 2026	180,994,679	180,995,000
Ending balance at Mar. 31, 2026	$ 870,524	$ 19	$ 1,710,836	$ (68,500)	$ (771,831)

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, income tax expense	$ 0	$ 0
Net (loss) gain on derivatives, net of income tax (benefit) expense	$ 1,444	$ (2,693)

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 62,389	$ 61,755
Preferred stock par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)	1,000,000	1,000,000
Preferred stock issued (in shares)	0	0
Preferred stock 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)	180,994,679	181,184,438
Common stock outstanding (in shares)	180,994,679	181,184,438

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets other than goodwill at the respective balance sheet dates consisted of the following:


	March 31, 2026
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated impairment loss		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	2.8	$	234,108	$	—	$	(153,039)	$	81,069
Technology	0.3	1,500		—		(1,438)		62
Trade names	1.7	165,500		(132,540)		(25,659)		7,301
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		—		125,000
Total intangible assets other than goodwill		$	526,108	$	(132,540)	$	(180,136)	$	213,432


	December 31, 2025
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated 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

Schedule of Indefinite-Lived Intangible Assets

Intangible assets other than goodwill at the respective balance sheet dates consisted of the following:


	March 31, 2026
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated impairment loss		Accumulated amortization		Net book value
Intangible assets subject to amortization:
Customer relationships	2.8	$	234,108	$	—	$	(153,039)	$	81,069
Technology	0.3	1,500		—		(1,438)		62
Trade names	1.7	165,500		(132,540)		(25,659)		7,301
Indefinite-lived intangible assets:
Trade name – WillScot		125,000		—		—		125,000
Total intangible assets other than goodwill		$	526,108	$	(132,540)	$	(180,136)	$	213,432


	December 31, 2025
(in thousands)	Weighted average remaining life (in years)	Gross carrying amount		Accumulated 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

Schedule of Future Amortization of Intangible Assets

As of March 31, 2026, the expected future amortization expense for intangible assets was as follows for the years ended December 31:


(in thousands)
2026 (remaining)	$	29,554
2027	33,580
2028	18,037
2029	3,367
2030	3,117
Thereafter	777
Total	$	88,432

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The Company had total revenue in the following geographic areas for the three months ended March 31, 2026 and 2025 as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
US	$	517,561	$	531,046
Canada	25,348		23,199
Mexico	5,719		5,306
Total revenues	$	548,628	$	559,551

The Company’s revenue by major product and service line for the three months ended March 31, 2026 and 2025 was as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
Modular space leasing revenue(a)	$	243,761	$	245,864
Portable storage leasing revenue	72,523		77,035
VAPS and third-party leasing revenues(b)	97,135		96,339
Other leasing-related revenue(c)	12,103		15,152
Leasing revenue	425,522		434,390
Delivery and installation revenue	99,522		88,661
Total leasing and services revenue	525,044		523,051
New unit sales revenue	8,994		22,437
Rental unit sales revenue	14,590		14,063
Total revenues	$	548,628	$	559,551

(a) Includes revenue from clearspan structures.

(b) Includes $10.2 million and $9.2 million of service revenue for the three months ended March 31, 2026 and 2025, respectively.

Schedule of Receivable Allowance for Credit Losses

Activity in the allowance for credit losses for the three months ended March 31, 2026 and 2025 was as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
Balance at beginning of period	$	61,755	$	101,693
Provision for credit losses	17,788		12,338
Write-offs to leasing revenue	(13,026)		(10,589)
Write-offs to delivery and installation revenue	(2,914)		(2,486)
Write-offs to new units sales revenue	(686)		(414)
Write-offs to rental units sales revenue	(514)		(276)
Total write-offs recorded as a reduction to revenue, net of recoveries	(17,140)		(13,765)
Foreign currency translation and other	(14)		25
Balance at end of period	$	62,389	$	100,291

Fair Value Measures

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and December 31, 2025 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:


	March 31, 2026				December 31, 2025
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
2028 Secured Notes	$	497,011	$	491,945	$	496,718	$	498,640
2029 Secured Notes	494,203		505,705		493,803		516,455
2030 Secured Notes	494,474		507,605		494,180		517,465
2031 Secured Notes	445,505		461,754		445,342		470,304
Total	$	1,931,193	$	1,967,009	$	1,930,043	$	2,002,864

As of March 31, 2026, the carrying values of the 2028 Secured Notes, the 2029 Secured Notes, the 2030 Secured Notes, and the 2031 Secured Notes included $3.0 million, $5.8 million, $5.5 million, and $4.5 million, respectively, of unamortized debt issuance costs, which were presented as direct reductions of the corresponding liabilities. 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 direct reductions of the corresponding liabilities.

The location and the fair value of derivative assets and liabilities in the condensed consolidated balance sheets are disclosed in Note 9.

- 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.

+ References

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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Rental Equipment (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Rental Equipment

Rental equipment, net at the respective balance sheet dates consisted of the following:


(in thousands)	March 31, 2026		December 31, 2025
Modular space units	$	3,776,120	$	3,836,964
Portable storage units	1,037,390		1,097,908
Value added products	231,494		229,920
Total rental equipment	5,045,004		5,164,792
Less: accumulated depreciation	(1,941,672)		(2,071,471)
Rental equipment, net	$	3,103,332	$	3,093,321

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 28,123	$ 43,055
Other comprehensive income (loss):
Foreign currency translation adjustments, net of income tax expense of $0	(3,416)	161
Net gain (loss) on derivatives, net of income tax expense (benefit) of $1,444 and $(2,693) for the three months ended March 31, 2026 and 2025, respectively	4,369	(8,141)
Total other comprehensive income (loss)	953	(7,980)
Total comprehensive income	$ 29,076	$ 35,075

- 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.

+ References + Details

- Definition

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

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+ Details

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Awards

The following table summarizes the Company's RSA activity for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026			2025
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	67,365	$	27.43	36,346	$	38.11

Forfeited	(14,358)	$	27.86	—	$	—

Outstanding at end of period	53,007	$	27.31	36,346	$	38.11

Schedule of Restricted Stock Units

The following table summarizes the Company's Time-Based RSU activity for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026			2025
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	932,175	$	35.95	576,652	$	43.87
Granted	1,080,919	$	22.53	391,843	$	35.27
Forfeited	(35,419)	$	35.35	(14,453)	$	42.79
Vested	(243,830)	$	41.09	(237,655)	$	39.86
Outstanding at end of period	1,733,845	$	26.88	716,387	$	40.52

The following table summarizes the Company's Performance-Based RSU activity for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026			2025
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	1,188,986	$	52.49	1,768,460	$	47.02
Granted	331,112	$	26.89	406,265	$	44.16
Forfeited	(39,748)	$	47.32	(6,579)	$	62.57
Vested(a)	(314,086)	$	69.52	(601,129)	$	42.34
Outstanding at end of period	1,166,264	$	40.81	1,567,017	$	48.01

(a) The Performance-Based RSUs vested at a weighted average of 0% of target, or 0 shares, and 77% of target, or 462,883 shares, during the three months ended March 31, 2026 and 2025, respectively.

Schedule of Stock Option Activity

The following table summarizes the Company's stock option activity for the three months ended March 31, 2026:


	Three Months Ended March 31, 2026
	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Outstanding at beginning of period	754,188	$	16.46	10,884	$	13.08
Granted	100,000	$	18.83	—	$	—


Outstanding at end of period	854,188	$	16.74	10,884	$	13.08

Fully vested and exercisable at end of period	534,188	$	13.60	10,884	$	13.08

The following table summarizes the Company's stock option activity for the three months ended March 31, 2025:


	Three Months Ended March 31, 2025
	WillScot Options	Weighted-Average Exercise Price per Share		Converted Mobile Mini Options	Weighted-Average Exercise Price per Share
Outstanding at beginning of period	534,188	$	13.60	814,889	$	12.77
Exercised	—	$	—	(188,134)	$	11.86
Outstanding at end of period	534,188	$	13.60	626,755	$	13.05

Fully vested and exercisable at end of period	534,188	$	13.60	626,755	$	13.05

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


	Assumptions
Expected volatility	46.30		%
Expected dividend	1.50		%
Risk-free rate	3.84%
Expected term (in years)	6.0
Exercise price	$	18.83
Weighted-average grant date fair value	$	8.09

Fair Value Measures - Schedule of Carrying Amounts and Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 1,931,193	$ 1,930,043
Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	1,967,009	2,002,864
2028 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	497,011	496,718
2028 Secured Notes \| Fair Value \| Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	491,945	498,640
2029 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	494,203	493,803
2029 Secured Notes \| Fair Value \| Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	505,705	516,455
2030 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	494,474	494,180
2030 Secured Notes \| Fair Value \| Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	507,605	517,465
2031 Secured Notes \| Carrying Amount \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	445,505	445,342
2031 Secured Notes \| Fair Value \| Level 2 \| Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 461,754	$ 470,304

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
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)	3,252	1,578
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)	1,460	567
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)	1,472	1,011
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)	320	0

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

The Company has one reportable segment. Refer to Note 3 for revenue by geographic area and revenue by major product and service lines. Refer to the Condensed Consolidated Balance Sheets for total assets. Refer to the Condensed Consolidated Statements of Cash Flows for total expenditures for additions to long-lived assets.

The Company defines EBITDA as net income 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 Chief Operating Decision Maker ("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 segment, inclusive of indirect costs.

The following table sets forth certain information regarding significant revenue and expense categories for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in thousands)	2026		2025
Revenues:
Leasing and services revenue:
Unit leasing and other rental-related	$	328,387	$	338,051
VAPS and third-party leasing	97,135		96,339
Delivery revenue	46,879		49,035
Installation revenue	52,643		39,626
Sales revenue:
New units	8,994		22,437
Rental units	14,590		14,063
Total revenues	548,628		559,551

Less:(a)
Costs of leasing and services:
Unit leasing and other rental-related	76,980		71,744
VAPS and third-party leasing	19,047		16,326
Delivery	41,055		40,556
Installation	42,188		33,240
Costs of sales:
New units	6,218		15,198
Rental units	8,703		8,169
Employee SG&A expense(b)	71,710		68,266
Other segment items(c)	71,713		77,267
Adjusted EBITDA	$	211,014	$	228,785

(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 table presents reconciliations of the Company’s net income to Adjusted EBITDA for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in thousands)	2026		2025
Net income	$	28,123	$	43,055
Income tax expense	14,933		17,910
Interest expense, net	53,607		58,469
Depreciation and amortization	92,431		97,092
Currency losses, net	171		223
Restructuring costs, lease impairment expense and other related charges	11,273		702



Integration and transaction costs	66		261
Stock compensation expense	7,107		8,341
Other(a)	3,303		2,732
Adjusted EBITDA	$	211,014	$	228,785

(a) For the three months ended March 31, 2026, other included $1.8 million in non-equity executive transition costs.

- 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

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+ Details