WillScot Holdings Corporation reported second quarter 2025 financial results, with revenues of $589 million and Adjusted EBITDA of $249 million. Lease revenues declined by 3.4% year-over-year but improved by 2.0% sequentially, indicating some stabilization. Adjusted EBITDA margin expanded sequentially by 140 basis points to 42.3%.
The company generated $130 million in Adjusted Free Cash Flow, representing a 22.1% margin, an 80 basis point improvement year-over-year. Net cash provided by operating activities increased by 17% year-over-year to $205 million for the quarter, reflecting improved working capital management.
WillScot deployed approximately $134 million towards tuck-in acquisitions during the quarter, including a regional climate-controlled temporary storage business, expanding its high-value product lines. The company also returned $53 million to shareholders through share repurchases and its quarterly cash dividend.
For the full year 2025, WillScot narrowed its revenue outlook to a range of $2.3 billion to $2.35 billion and Adjusted EBITDA outlook to $1 billion to $1.02 billion. However, free cash flow expectations were raised to $500 million to $550 million, benefiting from recent tax legislation.
Management noted continued strength in larger projects but a mixed end-market outlook in the near term, with ongoing softness in smaller project demand. The company's long-term financial targets remain $3 billion in revenue, $1.5 billion in Adjusted EBITDA, and $700 million in Adjusted Free Cash Flow within three to five years, despite near-term adjustments.
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