Custom Truck One Source, Inc. (CTOS)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$2.0B

Revenue growth

5.8%

Net income, last twelve months

$29.5M

Earnings per share

$0.13

Gross margin

22.6%

Operating margin

8.2%

Net margin

1.4%

Return on equity

3.6%

Market value

$2.4B

Price to earnings

82.8x

Cash

$14.6M

Debt

$1.7B

Debt to equity

2.01

Shares outstanding

227.2M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of fiscal 2026 results, filed 26 October 2026.

• Revenue rose 2.7%, rental up 20.1%. Quarterly revenue reached $495.2 million, with rental revenue the fastest-growing line; more than $20.0 million of third-party STEM deliveries moved into the fourth quarter.
• Adjusted EBITDA rose 15.6%. Adjusted EBITDA reached $110.9 million, and the margin rose about 250 basis points to 22.4%, the company reported.
• Net income turned positive. Net income was $2.3 million against a $5.8 million loss a year earlier; the company credited higher operating income and lower interest expense.
• SER Adjusted EBITDA up 22.5%. Segment Adjusted EBITDA rose to $121.9 million, compared with the third quarter of 2025.
• SER margin widened to 54.6%. Segment margin expanded from 52.4% a year earlier, and adjusted rental gross margin reached 78.7%.
• Buyouts lifted SER equipment sales. SER equipment sales rose 14.1% as buyouts of rental contracts with purchase options increased.
• STEM revenue rose 8%. STEM revenue rose 8%, the company said, driven by higher intersegment sales to SER for rental activity.
• Third-party new equipment sales fell. New equipment sales declined 5.5% on lower third-party unit volume, which management tied to rental fleet production priorities and the events below.
• STEM Adjusted EBITDA reached $36.6 million. STEM segment Adjusted EBITDA was $36.6 million; management noted 2025 segment results are not directly comparable.
• Average OEC on rent up 10.5%. Average OEC on rent rose $132.2 million, or 10.5%, to $1.39 billion, the company reported.
• Utilization rose on rental volume. Rental revenue growth came from higher average fleet utilization, which rose to 81.5% from 79.3%, driven by increased rental volume.
• Transmission demand led rental growth. Management said utility transmission and distribution demand remained high, led by transmission demand; OEC on rent for this market rose more than $132 million.
• Vocational rentals added OEC. OEC on rent in the vocational market rose about $45 million year over year; management expects further penetration to add growth.
• Gross profit rose 12.4%. Gross profit reached $113.3 million, an increase of $12.5 million year over year.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By region, FY2025

Company events

The newest 8-K filings of 114 held.

Every filing

The newest filings with the SEC of 250 held.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

206 funds held it at 30 Jun 2026: 107 added and 56 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• United Rentals, Inc. (URI): revenue $17.5B, market value $72.9B
• Sunbelt Rentals Holdings, Inc. (SUNB): revenue –, market value $34.0B
• AerCap Holdings N.V. (AER): revenue $8.5B, market value $24.4B
• McGrath Rentcorp (MGRC): revenue $951.0M, market value $2.9B
• Prog Holdings, Inc. (PRG): revenue –, market value $1.2B
• Upbound Group, Inc. (UPBD): revenue $4.7B, market value $987.6M

What the company does

Custom Truck One Source, Inc. is a specialty equipment provider to the electric utility transmission and distribution, telecommunications, rail, forestry, waste management and other infrastructure-related industries in North America. It rents, produces, sells and services new and used equipment, including bucket trucks, digger derricks, dump trucks, cranes, service trucks and heavy-haul trailers. The company operates from more than 40 locations across the United States and Canada and is headquartered in Kansas City, Missouri. Its rental fleet has more than 10,400 units, and it had approximately 2,500 employees at 31 December 2025.

How the business is organised

Through 31 December 2025 the company reported three segments: Equipment Rental Solutions (ERS), Truck and Equipment Sales (TES) and Aftermarket Parts and Services (APS). ERS rents specialty equipment from the rental fleet and sells used units out of it. TES produces and sells new and used specialty equipment and vocational trucks, including equipment from original equipment manufacturers and the company's Load King brand. APS sells and rents parts, tools and accessories and provides maintenance and repair.

The company says that beginning with the three months ending 31 March 2026 it will report two segments: Specialty Equipment Rentals (SER) and Specialty Truck Equipment and Manufacturing (STEM).

What it sells

The rental fleet covers more than 250 product variations, including truck mounted, rail mounted, track mounted and all-wheel drive units. The equipment can reach transmission lines and cell sites in excess of 200 feet in the air, dig to a depth of 60 feet to set poles, and provide line pulling capacity of up to 40,000 pounds. A large percentage of the fleet is insulated so customers can work on live electric lines, and insulated units go through regulation-mandated dielectric testing.

The company also tests and inspects tools and safety equipment and customizes customer-owned heavy-duty trucks. Eight locations act as hubs for rental and sale of parts, tools and accessories, and five of them offer technical testing and repair.

How it earns money

Revenue comes from three sources: rental revenue at 26.0% of total revenue, equipment sales at 67.1% and parts sales and services at 6.9%. Rental revenue comes mainly from rental agreements and freight charges. Equipment sales cover vocational trucks and other equipment as well as upfit services.

Some rental contracts carry rental purchase options, which give a customer a buyout at an established price that decreases as rental revenue is collected. Used equipment is mostly sold directly to customers rather than through auctions. The company tracks fleet utilization, which averaged over 77% in the last two years, and the average age of the fleet, which was approximately 2.9 years.

Who buys from it

The company serves approximately 8,000 customers, including utilities and contractors. Of the top 20 customers, 16 both rent and purchase equipment. Its six primary end-markets are electric utility transmission and distribution, telecom, rail, forestry, waste management and infrastructure. In rail, its North American customers are principally Class I railroads and related contractors.

A direct sales organization of more than 120 members sells to these customers, with an average of more than 25 years of industry experience. Strategic Account Managers handle key national or regional accounts, and Territory Managers supported by Inside Rental Representatives cover the rest.

How it serves customers

The company calls its model a "one-stop-shop", offering rental, new and used sales, and aftermarket parts and service. Support comes from a 24/7 call center, approximately 90 mobile technicians and over 2,600 third-party service partners. The rental fleet is managed nationally, so equipment can be moved to match regional demand.

It has opened six locations in areas without attractive acquisition targets. It holds a revocable, royalty-free, limited license from Terex to use certain Terex trademarks. The company says it does not own or license any patents.

Its people

About 2% of United States employees are covered by a collective bargaining agreement. The Service Technician Education Program offers over 100 courses across six functional areas, taking technicians from apprentices to master mechanics. Approximately 100 volunteer Safety Ambassadors work with the company's Environmental, Health and Safety professionals, and every safety incident is investigated. In 2025 the company provided 29 paid internships to students from vocational high schools and university programs.

*From Custom Truck One Source's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1709682/000170968226000008/ctos-20251231.htm)*

From the company's 10-K.