Earnings summaries and quarterly performance for Custom Truck One Source.
Executive leadership at Custom Truck One Source.
Board of directors at Custom Truck One Source.
Research analysts who have asked questions during Custom Truck One Source earnings calls.
Justin Hauke
Robert W. Baird & Co.
4 questions for CTOS
Also covers: ABM, BBCP, BWMN +10 more
Brian Brophy
Stifel Financial Corp
3 questions for CTOS
Also covers: ECG, EME, EVR +10 more
Tami Zakaria
JPMorgan Chase & Co.
3 questions for CTOS
Also covers: ADM, AGCO, ALSN +23 more
Naim Kaplan
Deutsche Bank AG
2 questions for CTOS
Nayim Kaplan
Deutsche Bank
2 questions for CTOS
Daniel
Craig-Hallum
1 question for CTOS
Also covers: ASUR, EGAN, HMC
Michael Shlisky
D.A. Davidson
1 question for CTOS
Also covers: ALG, BLBD, CENN +19 more
Mike Schlitzky
D.A. Davidson
1 question for CTOS
Niamh Kaplan
Deutsche Bank
1 question for CTOS
Nicole DeBlase
BofA Securities
1 question for CTOS
Also covers: EMR, ETN, GEV +13 more
Scott Schneeberger
Oppenheimer & Co. Inc.
1 question for CTOS
Also covers: CSV, CTAS, ECL +12 more
Recent press releases and 8-K filings for CTOS.
Custom Truck One Source Discusses Strong Demand, Deleveraging Goals, and Strategic Options at BofA Conference
CTOS
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Custom Truck One Source (CTOS) is experiencing strong demand in its utility end market, particularly in Transmission & Distribution (T&D), which accounts for approximately 55% of its revenue. T&D is projected to grow at high single-digit rates for the next four to five years, driven by grid upgrades, electrification, and data centers.
- The company is focused on deleveraging from its current 4.5 times leverage to a target of 3 times by 2027, planning to achieve this through strategies including aging its rental fleet, EBITDA growth, and inventory reduction. CTOS aims to reduce its whole goods inventory by $125 million-$150 million by year-end 2025, from $1.05 billion at the start of the year.
- Due to robust demand, CTOS increased its 2025 net rental CapEx guidance by $25 million-$50 million from an initial $180 million-$200 million. Rental fleet utilization has improved significantly, rising from approximately 70% in Q2/Q3 of last year to the 80s.
- CTOS is exploring the potential separation of its specialty rental and truck upfitting businesses, as both segments are now considered to be of sufficient scale to operate independently, which could address current valuation disconnects. Platinum Equity, which owns 70% of the company's shares, is ultimately looking to monetize its investment.
Dec 2, 2025, 4:30 PM
Custom Truck One Source Discusses Business Outlook and Strategic Initiatives at BofA Conference
CTOS
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
Dec 2, 2025, 4:30 PM
Custom Truck One Source Discusses Strong Demand, Deleveraging Plans, and Potential Business Separation
CTOS
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Custom Truck One Source (CTOS) operates a specialty rental fleet and a truck outfitting business, with 55% of revenue from utility and strong demand in Transmission & Distribution (T&D) expected to continue into 2026.
- The company anticipates revenue growth from $1.3 billion in 2021 to approximately $2 billion in 2025, and EBITDA growth from $290 million to a $380 million midpoint for 2025.
- CTOS plans a $125 million-$150 million gross inventory reduction by year-end 2025, aiming for six months of inventory on hand, and increased 2025 rental CapEx by $25 million-$50 million net due to strong demand.
- Current leverage is 4.5 times, with a target to reach 3 times by 2027 through aging the fleet, EBITDA growth, and inventory reduction. The company had over $700 million drawn on its $950 million ABL at the end of the last quarter.
- Management is increasingly considering the potential separation of its rental and manufacturing businesses to unlock valuation, noting that both segments are now of scale to stand alone. Platinum, the majority owner, holds 70% of shares outstanding.
Dec 2, 2025, 4:30 PM
CTOS Reports Strong Q3 2025 Results and Reaffirms 2025 Outlook
CTOS
Earnings
Guidance Update
Revenue Acceleration/Inflection
- CTOS reported Q3 2025 revenue of $482 million, an 8% increase compared to Q3 2024, and Adjusted EBITDA of $96 million, up 20% year-over-year.
- The company reaffirmed its 2025 outlook, projecting consolidated revenue between $1.97 billion and $2.06 billion and Adjusted EBITDA between $370 million and $390 million.
- Growth is driven by strong fundamentals across all end-market and product categories, particularly benefiting from unprecedented projected Transmission & Distribution (T&D) capital spending in the U.S..
- CTOS is committed to achieving a 3x net leverage target by the end of fiscal 2026 and expects continued inventory reduction in Q4 2025 and into 2026.
Oct 28, 2025, 1:00 PM
Custom Truck One Source Reports Strong Q3 2025 Results and Reaffirms Full-Year Guidance
CTOS
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Custom Truck One Source reported Q3 2025 revenue of $482 million, an 8% increase year-over-year, and adjusted EBITDA of $96 million, a 20% increase year-over-year. The company reaffirmed its full-year 2025 guidance for total revenue in the range of $1.97 billion to $2.06 billion and adjusted EBITDA in the range of $370 million to $390 million.
- The Equipment Rental and Sales (ERS) segment saw revenue increase by over 12% year-over-year to $169 million, driven by 18% growth in rental revenue. Average OEC on rent was over $1.26 billion, a 17% year-over-year increase, and average utilization for the rental fleet was over 79%.
- The Truck and Equipment Sales (TES) segment recorded $275 million in sales, a 6% year-over-year increase, with its backlog growing to over $350 million in Q4 2025. The company noted continued strong fundamental demand in core T&D markets, with transmission spending expected to grow at more than 15% annually through 2029.
- Custom Truck One Source ended Q3 2025 with net leverage of 4.53 times and expects to reduce inventory by $125 million-$150 million by the end of 2025.
Oct 28, 2025, 1:00 PM
Custom Truck One Source Reports Strong Q3 2025 Results and Reaffirms Full-Year Guidance
CTOS
Earnings
Guidance Update
New Projects/Investments
- Custom Truck One Source (CTOS) reported strong Q3 2025 results, with revenue increasing 8% year-over-year to $482 million and adjusted EBITDA growing 20% to $96 million.
- The company reaffirmed its full-year 2025 guidance, projecting total revenue between $1.97 billion and $2.06 billion and adjusted EBITDA from $370 million to $390 million.
- The Equipment Rental Solutions (ERS) segment was a key driver, with revenue up over 12% to $169 million, and average OEC on rent increasing 17% year-over-year to over $1.26 billion. Average utilization reached over 79%.
- CTOS increased its planned net rental CapEx for fiscal year 2025 to approximately $250 million to meet sustained strong demand, particularly in the T&D market.
- Net leverage improved sequentially to 4.53 times at the end of Q3 2025, with a strategic goal to reduce it below 3 times by the end of fiscal 2026.
Oct 28, 2025, 1:00 PM
Custom Truck One Source Reports Q3 2025 Results with Revenue Growth and Narrowed Loss
CTOS
Earnings
Guidance Update
Demand Weakening
- Custom Truck One Source Inc. reported Q3 2025 revenue of $482.1 million, a 7.8% year-over-year increase, though it missed analyst expectations.
- The company narrowed its net loss to $5.8 million from $17.4 million the previous year and achieved a 19.6% rise in adjusted EBITDA.
- The Equipment Rental Solutions segment led growth with a 17.7% increase in rental revenue, driven by improved fleet utilization of 79.3%.
- While 2025 guidance was reaffirmed, concerns include a 29% decline in the Truck and Equipment Sales backlog and analyst caution regarding valuation and leverage risks.
Oct 27, 2025, 9:23 PM
Custom Truck One Source, Inc. Reports Q3 2025 Results and Reaffirms 2025 Guidance
CTOS
Earnings
Guidance Update
- Custom Truck One Source, Inc. reported total revenue of $482.1 million for the third quarter of 2025, an increase of 7.8% compared to the third quarter of 2024.
- The company's net loss for Q3 2025 was $5.8 million, representing a 66.9% decrease compared to the net loss in Q3 2024.
- Adjusted EBITDA for the third quarter of 2025 increased by 19.6% to $96.0 million.
- Custom Truck One Source, Inc. reaffirmed its full-year 2025 guidance, projecting consolidated revenue between $1,970 million and $2,060 million and Adjusted EBITDA between $370 million and $390 million.
- As of September 30, 2025, the company had $13.1 million in cash and cash equivalents, $1,666.4 million in total debt outstanding, and a net leverage ratio of 4.53x.
Oct 27, 2025, 8:11 PM
Custom Truck One Source, Inc. Reports Strong Q3 2025 Results and Reaffirms 2025 Guidance
CTOS
Earnings
Guidance Update
New Projects/Investments
- Custom Truck One Source, Inc. reported total revenue of $482.1 million for the third quarter of 2025, an increase of 7.8% compared to the third quarter of 2024.
- The company achieved Adjusted EBITDA of $96.0 million in Q3 2025, representing a 19.6% increase year-over-year, while the net loss decreased by 66.9% to $5.8 million.
- The Equipment Rental Solutions (ERS) segment saw a 17.7% increase in rental revenue in Q3 2025 compared to Q3 2024, driven by improved average fleet utilization of 79.3% and a 17% increase in average OEC on rent.
- Custom Truck One Source reaffirmed its full-year 2025 consolidated revenue guidance of $1,970 million to $2,060 million and Adjusted EBITDA guidance of $370 million to $390 million.
- The company expects to invest up to an additional net $50 million in its rental fleet and anticipates reducing its inventory by $125 million to $150 million by the end of the year.
Oct 27, 2025, 8:10 PM
Custom Truck One Source Discusses Business Strategy, Market Outlook, and Leverage Reduction Plan
CTOS
New Projects/Investments
Guidance Update
Revenue Acceleration/Inflection
- Custom Truck One Source (CTOS) operates a vocational truck outfitting and specialty rental fleet business, primarily serving the utility (55% of revenue) and infrastructure (30% of revenue) markets. The company maintains a significant competitive moat with over 10,000 trucks in its rental fleet and 40 service locations across the U.S. and Canada.
- Rental fleet utilization, which had dropped to 70% in summer 2024, has recovered to the high 70s by Q2 2025, with the company targeting a "sweet spot" of high 70s to low 80s. Rental gross margins also improved, reaching 74% in Q2 2025.
- The company reported leverage of 4.5x at the end of Q2 2025 and aims to reduce it to 3x by the end of 2026 through EBITDA expansion, $300 million in inventory reduction over two years, and moderating rental fleet investment. Sales gross margins are targeted at 15%-18%, with Q2 2025 at 15.5%.
Sep 18, 2025, 4:20 PM
Quarterly earnings call transcripts for Custom Truck One Source.
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