Custom Truck One Source, Inc. (CTOS) is a leading provider of specialty equipment, parts, tools, accessories, and services in North America, catering to markets such as electric utility transmission and distribution, telecommunications, and rail. The company operates a comprehensive "one-stop-shop" business model, offering a wide range of products and services to its customers. CTOS sells and rents specialty equipment, including aerial devices, boom trucks, cranes, and more, while also providing aftermarket parts and services to support its offerings.
- Truck and Equipment Sales (TES) - Offers a broad variety of new and used equipment, often highly customized to meet specific customer needs, leveraging integrated production capabilities and extensive market knowledge.
- Equipment Rental Solutions (ERS) - Provides rental services for a large fleet of specialty equipment, including aerial devices, boom trucks, cranes, and more, managed nationally to efficiently meet regional demand shifts.
- Aftermarket Parts and Services (APS) - Supplies aftermarket parts and services related to specialty equipment, including repair, maintenance, and customization services.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Christopher J. Eperjesy Executive | Chief Financial Officer (CFO) | None | Joined CTOS in August 2022. Previously CFO at Clarios International, Cooper Tire, and Arctic Cat. Brings decades of financial leadership experience. | |
Joseph Ross Executive | President — Sales | None | Co-founded Custom Truck & Equipment, LLC in 1996. Became President — Sales in 2021 after the acquisition of Custom Truck LP by CTOS. | |
Paul M. Jolas Executive | EVP, General Counsel, and Secretary | None | Appointed in July 2023. Previously General Counsel at U.S. Concrete and held senior legal roles at multiple companies. | |
R. Todd Barrett Executive | Chief Accounting Officer (CAO) | None | Joined CTOS in 2019. Served as Interim CFO in 2022. Plays a key role in financial reporting and compliance. | |
Ryan McMonagle Executive | Chief Executive Officer (CEO) | None | Joined CTOS in 2015 as CFO; promoted to COO, President, and then CEO in March 2023. Played a key role in the integration of Custom Truck LP after its acquisition by Nesco Holdings II, Inc.. | View Report → |
Thomas Rich Executive | President — Rentals | None | Joined Custom Truck & Equipment, LLC in 2006. Promoted to President — Rentals in 2023 after serving as EVP — Rentals. | |
David Glatt Board | Director | Managing Director at Platinum Equity | Joined CTOS Board in 2021. Oversees multiple Platinum Equity portfolio companies. | |
Georgia Nelson Board | Director | Director at Cummins Inc., Ball Corporation, and Sims Metal Management Limited | Joined CTOS Board in 2021. Retired Vice Admiral in the U.S. Navy with expertise in logistics and supply chain management. | |
Mark D. Ein Board | Director | Founder/CEO of Capitol Investment Corp and Venturehouse Group; Board Member at Soho House | Joined CTOS Board in 2019. Experienced investor and entrepreneur with leadership roles in multiple companies. | |
Marshall Heinberg Board | Chairman of the Board | Managing Director of MAH Associates; Board Member at ContextLogic Inc. and Union Carbide Corp. | Joined CTOS Board in 2021. Brings extensive investment banking and corporate governance experience. | |
Mary Jackson Board | Director | Board Member at Victory Capital Holdings and other organizations | Appointed to CTOS Board in April 2022. Retired U.S. Navy Vice Admiral with extensive leadership experience. | |
Paul Bader Board | Director | Adjunct Professor at USC; Board Member at Interior Logic Group | Joined CTOS Board in 2021. Chair of the Audit Committee. Extensive accounting and financial expertise. |
- Given the pressure on your TES segment sales in Q4 and a significantly lower backlog compared to last year, how do you plan to achieve double-digit adjusted EBITDA growth in 2025?
- Your ERS segment has faced challenges this year, and your guidance implies substantial quarter-over-quarter growth in Q4; how much of this is underpinned by the growth in OEC on rent you’ve already seen, and is this outlook achievable?
- With noted pricing pressures impacting both your rental and TES segments, how are you addressing margin compression to maintain profitability?
- As your TES backlog normalizes to historical levels, are you concerned about sustaining revenue growth, and what strategies are you implementing to drive new orders?
- In light of the industry-wide surge in Class 8 vocational truck orders and potential emissions regulations prompting pre-buy activity, how is Custom Truck preparing for 2025, and could supply constraints impact your operations?
Research analysts who have asked questions during Custom Truck One Source earnings calls.
Justin Hauke
Robert W. Baird & Co.
3 questions for CTOS
Tami Zakaria
JPMorgan Chase & Co.
3 questions for CTOS
Brian Brophy
Stifel Financial Corp
2 questions for CTOS
Naim Kaplan
Deutsche Bank AG
2 questions for CTOS
Nayim Kaplan
Deutsche Bank
2 questions for CTOS
Michael Shlisky
D.A. Davidson
1 question for CTOS
Nicole DeBlase
BofA Securities
1 question for CTOS
Scott Schneeberger
Oppenheimer & Co. Inc.
1 question for CTOS
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
A&D Maintenance and Repair | 2024 | Custom Truck One Source, Inc. acquired A&D Maintenance and Repair in 2024 to expand its service capacity in the greater New York City metro area, part of a broader strategy to grow in underrepresented markets and increase its total location count from 35 to 40, with full operations expected later in the year. |
SOS Fleet Services | 2024 | CTOS acquired SOS Fleet Services in Alexandria, Louisiana after the first quarter of 2024 to strengthen its geographic footprint in the Gulf Coast region and enhance service capacity in underserved markets. |
HiRail Leasing Group | 2022 | CTOS completed the HiRail Leasing Group acquisition on January 14, 2022 for approximately $51.6 million (including $5.6 million in adjustments), strategically expanding its presence in the Canadian rail market by adding new locations and significant rental capabilities, with subsequent revenue and asset synergies. |
Recent press releases and 8-K filings for CTOS.
- Custom Truck OneSource (CTOS) operates a "one-stop shop" model, providing vocational trucks for sale, rental, and service, with utility (55% of revenue) and infrastructure (30% of revenue) as its primary end markets.
- The company highlights its competitive moat, characterized by a rental fleet of over 10,000 trucks (valued at $1.6 billion cost) and a national service network across approximately 40 locations.
- CTOS anticipates strong demand from transmission projects for new data centers and grid modernization, expecting to outperform broader market declines in straight trucks due to these tailwinds and market share gains.
- Rental fleet utilization, which reached a low of 70% in 2024, has recovered to the high seventies to low eighties, which the company considers its optimal operating range.
- CTOS aims to reduce its reported leverage from 4.5 times at the end of Q2 to a target of 3 times by 2026, planning to achieve this through EBITDA expansion, $200 million in inventory reduction this year, and moderated rental fleet investment.
- Custom Truck One Source Inc. reported strong Q2 2025 financial results, with revenue of $511 million, a 21% increase year-over-year, and Adjusted EBITDA of $93 million, up 17% from Q2 2024.
- The Truck & Equipment Sales (TES) segment achieved its second highest quarterly sales in history with $303 million in revenue, while the Equipment Rental Solutions (ERS) segment saw revenue increase by 23% to $170 million.
- The company reaffirmed its 2025 outlook, anticipating consolidated revenue between $1.97 billion and $2.06 billion and Adjusted EBITDA between $370 million and $390 million, reflecting projected growth of 9% to 15% for both metrics.
- As of Q2 2025, the company's leverage ratio stood at 4.66x.
- Q1 2025 Financials: The company delivered $422 million in revenue, $136 million in adjusted gross profit, and $73 million in adjusted EBITDA, signaling robust performance.
- ERS Segment Growth: The ERS segment achieved a 13% increase in revenue with average rental fleet utilization rising to nearly 78% and over $1.2 billion in average OEC on rent, underscoring strong rental demand.
- TES Segment Developments: Despite a marginal decline in equipment sales to $232 million, the TES segment recorded its strongest March ever and increased its sales backlog by over $51 million, indicating improving order momentum.
- Guidance and Leverage Strategy: The company reaffirmed its full-year fiscal 2025 guidance (revenue between $1.97B–$2.06B and adjusted EBITDA of $370M–$390M) and plans to use levered free cash flow to reduce net leverage from 4.8x toward approximately 4x.
- Improved market conditions were noted with robust transmission demand and a rebound in distribution utilization, signaling a recovery from earlier troughs in the T&D end markets.
- The company highlighted that 30% of its purchases come from Canada and Mexico, and it is mitigating potential tariff impacts by leveraging its $1.5 billion rental fleet and $1 billion strategic inventory.
- Management is monitoring regulatory developments such as NOx regulations and the ACT, noting that while timing remains uncertain, no significant prebuy has been initiated.
- There was also discussion of federal infrastructure tailwinds, with the company well positioned to benefit from IIJA spending and mega-project investments in its core markets.