WillScot delivered $91M in Q4 adjusted free cash flow (16.1% margin) and full-year FCF of $489M (21.4% vs $475M guidance), while 2025 revenue reached $2.28B with Adjusted EBITDA of $971M (42.6% margin). Q4 revenue of $566M and Adjusted EBITDA of $250M (44.2% margin) reflected a 2% decline after cleanup, pressured by client mix and higher health insurance costs.

The company invested $273M of net CapEx (up 17% year-over-year) above a $200M maintenance level to support FLEX and new products, allocated $145M to acquisitions, paid down $146M of debt, and returned $151M to shareholders. Year-end debt was under $3.6B with leverage at 3.6x; the ABL facility was extended to 2030 and $50M of 2031 high-interest notes were redeemed.

Enterprise account revenue grew 7% in 2025 and 10% in Q4 excluding a seasonal container customer, with mid- to high-single-digit growth expected in 2026. The modular order book was up 17% year-over-year (5% ex-enterprise) with 3% activation growth in Q4 and continued strength into early 2026, and an additional 2,000 short-duration units are anticipated for the World Cup.

Guidance calls for approximately $2.175B in 2026 revenue and $900M of Adjusted EBITDA, reflecting a $50M headwind in traditional storage and a conservative view of business trends. A board-approved network optimization plan will exit 25% of leased acreage over four years to save $25-30M annually, with $60M of cash implementation costs and a $302M non-cash restructuring charge recorded in Q4.