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WSC · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is WillScot Holdings Corporation Class A Common Stock (WSC) stock moving?
WillScot reported Q3 2026 results on Nov 5 that beat consensus on revenue ($601M vs $583.7M est.) and adjusted EPS ($0.29 vs $0.28 est.), and raised full-year 2026 sales guidance to $2.340B from $2.300B. Adjusted EBITDA guidance was maintained, and management pointed to early 2027 Adjusted EBITDA growth and deleveraging. Operating signals were mixed but improving: leasing revenue rose 4%, delivery and installation revenue rose 23%, modular activations grew 12% and units-on-rent rose 1.2%, while Adjusted FCF was $78M and $57M of debt was repaid. Management flagged delivery and installation activity as a short-term margin headwind. Analysts moved in different directions: UBS raised its target to $20 from $18 and kept Neutral, while Oppenheimer kept Outperform but lowered its target to $26. The stock fell 7.6% on results day to $17.84 on heavy volume, then recovered to $18.86 on Nov 6, jumped 9.4% to $20.63 on Nov 9, and eased to $19.89 on Nov 10 with lower volume. The close is roughly 21% above the Oct 26 level of $16.47. Market data shows the rally is recent and volatile, and the quarterly dividend of $0.07 adds some income support.
News behind the analysis
- Analyst Actions for WillScot Holdings CorporationUBS, Deutsche Bank and Oppenheimer updated their price targets after the Q3 report. UBS raised its target to $20 from $18 and kept a Neutral rating.
- Oppenheimer Maintains Outperform on WillScot Holdings, Lowers Price Target to $26Oppenheimer kept its Outperform rating but cut its price target to $26 following the quarterly results.
- WillScot Holdings Q3 2026 Earnings Call TranscriptThe full transcript of the Q3 2026 earnings call, in which management discussed activations, delivery and installation growth and margin headwinds.
- WillScot Holdings Corporation Reports Third Quarter 2026 ResultsQ3 revenue of $601M and Adjusted EBITDA of $234M (38.8% margin) exceeded expectations. Full-year sales outlook was raised, Adjusted EBITDA outlook was maintained, and early 2027 Adjusted EBITDA growth was signalled.
- WillScot Declares Quarterly Cash DividendThe Board declared a quarterly cash dividend of $0.07 per share.
- WillScot Holdings Raises FY2026 Sales Guidance from $2.300B to $2.340B vs $2.307B EstFY2026 sales guidance was raised to $2.340B from $2.300B, slightly above the $2.307B consensus estimate.
- WillScot Mobile Mini Q3 Adj. EPS $0.29 Beats $0.28 Estimate, Sales $601.338M Beat $583.657M EstimateAdjusted EPS of $0.29 beat the $0.28 estimate and sales of $601.338M beat the $583.657M estimate.
About WillScot Holdings Corporation Class A Common Stock
WillScot, based in Scottsdale, Arizona, rents out modular offices, mobile classrooms, portable storage containers and other temporary buildings across North America. It calls itself a provider of "turnkey space solutions" and is one of the largest companies in the business. It also earns money by adding furniture, steps, ramps and other extras to the units it rents.
How it makes money
Most of its revenue comes from leasing and services. That means recurring rent on its fleet of modular and storage units, plus extras added to those rentals and fees for delivering, installing and removing them. Rent alone was about $450 million of roughly $612 million in revenue in Q2 2026. A smaller share comes from selling new and used units. The company expects about $2.3 billion in revenue for 2026, with adjusted EBITDA (a profit measure that leaves out interest, taxes and some other costs) of about $920 million. Customers include construction, industrial, education, government and large corporate accounts.
What usually moves WSC
- Nonresidential construction and big infrastructure or industrial projects
- How many units are on rent and the rental prices it gets
- Demand from enterprise accounts and sales of add-on extras
- Interest rates and debt levels, since buying rental units takes a lot of money
- Changes to company guidance and share buyback or dividend decisions