WillScot's Third Quarter Momentum: A New Chapter in Growth
WillScot, a leading provider of modular space solutions, has marked significant milestones in its third quarter 2026 performance. In a recent earnings conference call, the company's President and Chief Executive Officer, Tim Boswell, expressed confidence in WillScot's position to compete and win in its markets.
The third quarter saw lease revenues grow by 4% year-over-year, while delivery and installation revenues surged by 23%. This strong organic growth outlook is a testament to the company's focused commercial strategy, which aims to strengthen local market presence, expand enterprise accounts, and grow value-added solutions. Notably, modular activations have been up every quarter this year, with Q3 seeing a 12% year-over-year increase.
As a result of this growth momentum, WillScot has achieved an important milestone: a year-over-year volume inflection in modular unit rentals. This is expected to continue strengthening throughout the fourth quarter and into 2027, marking the first time in five years that the company will enter the new year with a net revenue tailwind from volume.
The pending order book for modular has grown by over 20% compared to last year's numbers, indicating no signs of deceleration. This growth pipeline is set to continue through the first half of 2027, driven by WillScot's commercial strategy and its ability to capitalize on market activity. One key aspect of this strategy is the company's focus on enterprise accounts and new verticals, which has delivered clear impact.
In Q3 alone, WillScot began delivering over 750 units to support major projects in various industries. These include a pharmaceutical campus expansion, a college relocation project, and a temporary training facility for the New York Giants. This highlights the company's value proposition, particularly with its differentiated approach to these large-scale projects.
The growth momentum is attributed to various elements of WillScot's commercial strategy, all working together to drive success. Enterprise account revenue increased by 15% year-over-year and now accounts for over 30% of the company's trailing 12-month revenue. The win rates show a positive correlation with project size and complexity, demonstrating that WillScot is well-positioned to meet the needs of these large-scale projects.
WillScot's President and Chief Executive Officer, Tim Boswell, expressed confidence in the company's ability to continue this growth momentum into 2027. As the company looks ahead, it remains focused on capitalizing on market activity and delivering value-added solutions to its customers.
