WillScot Holdings Corp (WSC) · Nov 5, 2026 · Earnings

WillScot earnings beat as revenue outlook rises, margins weaken

Beat — Adj. EPS $0.29 vs ~$0.28 consensus; revenue $601.3M vs ~$586.1M consensus

WillScot’s Q3 earnings beat revenue expectations and lifted 2026 sales guidance, while weaker margins and cash flow temper the upside.

WillScot is a temporary-space and modular-infrastructure supplier positioned for stronger construction, industrial, and data-center activity; after its August 6, 2026 report, the standing plan was already to invest more heavily in fleet growth while targeting $2.3 billion of 2026 revenue and $920 million of Adjusted EBITDA.

The quarter cleared the published bar, mainly on revenue. Revenue reached $601.3 million versus published consensus of roughly $586.1 million, while adjusted diluted EPS was $0.29 versus about $0.28 expected. The revenue beat was driven by leasing and services, particularly delivery and installation, rather than by stronger unit sales. (Third Quarter 2026 Results; Revenue by stream)

Metric	Q3 2026	Q3 2025	Consensus / prior guidance
Revenue (Financial Highlights)	$601.3M (+6.1%)	$566.8M	~$586.1M
Adjusted diluted EPS (Financial Highlights)	$0.29	$0.30	~$0.28
Adjusted EBITDA (Financial Highlights)	$233.6M (-4.0%)	$243.3M	—
Adjusted EBITDA margin (Financial Highlights)	38.8%	42.9%	—
FY 2026 revenue outlook (2026 Outlook)	$2.340B	—	$2.300B prior
FY 2026 Adjusted EBITDA outlook (2026 Outlook)	$920M	—	$920M prior
FY 2026 Net CAPEX outlook (2026 Outlook)	$400M	—	$375M prior
Adjusted free cash flow (Cash Flow reconciliation)	$78.4M	$123.6M	—

The more important change is the operating inflection underneath the revenue beat. Leasing revenue grew 4%, delivery and installation revenue grew 23%, and modular activations increased year over year for a fourth straight quarter, producing the company’s first year-over-year increase in modular units-on-rent in this sequence. (Key performance highlights) 〔0〕〔1〕 This supports the existing thesis that demand is beginning to convert into a stronger rental revenue run-rate, rather than merely reflecting a one-quarter sales spike.

The upside is arriving with a real profitability trade-off. Adjusted EBITDA fell 4% year over year and margin dropped 410 basis points, despite the revenue growth. Management attributes the pressure to the higher mix of delivery, installation, and activation work and says those costs should remain elevated into the fourth quarter and 2027. That makes the quarter better on demand than on near-term earnings quality; nine-month adjusted free cash flow also fell sharply to $249.1 million from $398.7 million as fleet investment and restructuring-related cash uses increased. (Financial Highlights; Adjusted Free Cash Flow reconciliation)

Guidance was raised only where activity is improving, not where profitability is already visible. Full-year revenue rose from $2.30 billion to $2.34 billion and Net CAPEX from $375 million to $400 million, while the $920 million Adjusted EBITDA target was maintained. (2026 Outlook) The message is that demand and fleet deployment are running ahead of the prior plan, but the company is choosing to spend into that opportunity before the margin benefit arrives.

Leverage remains the constraint on how aggressively WillScot can pursue that growth. Net debt stood at $3.43 billion, or 3.7 times trailing Adjusted EBITDA, and management is targeting leverage approaching 3.0 times by the end of 2027 while still funding fleet additions. (Net Debt to Adjusted EBITDA Ratio; management outlook) The filing therefore strengthens the business trajectory, but it does not remove the execution challenge: convert higher activations into durable rental growth without allowing variable costs and capital spending to absorb the payoff.

Bottom line: This was a modestly better-than-expected quarter with a meaningful demand inflection and higher revenue guidance. The signal is positive for the operating story, but the unchanged EBITDA target and compressed margins show that growth is being bought before it is fully translating into profit.

What to watch next

Q4 2026 results and initial 2027 outlook

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

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WillScot earnings beat as revenue outlook rises, margins weaken

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