Q4 2025 Custom Truck One Source Inc Earnings Call Transcript

Mar 10, 2026 / 01:00 PM GMT

Release Date Price: $5.66 (-11.29%)

Transcript 10-K8-K

Key Points

Positve

Custom Truck One Source Inc (CTOS) achieved record quarterly revenue of $528 million in Q4 2025, driven by strong execution and momentum in core markets.
The rental business showed continued strength with a high utilization rate of nearly 84%, the highest in almost three years.
Adjusted EBITDA for the full year 2025 was $384 million, up 13% compared to 2024, exceeding the midpoint of guidance.
The company has a strong order backlog, ending 2025 at $335 million, up 20% from Q3, and further increasing to $370 million in early 2026.
A strategic partnership with Hab, a manufacturer of truck-mounted cranes and forklifts, is expected to enhance service capabilities and support long-term growth.

Negative

TES segment performance in Q4 was below expectations, with revenue down 8% year over year due to customers pulling forward capital spending.
GAAP net loss for the full year 2025 was approximately $31 million, impacted by a prior year's gain on a sale-leaseback transaction.
There was a seasonal slowdown in utilization and OpEx on rent in December, although both metrics rebounded in early 2026.
Pricing pressure in certain truck sales affected TES segment revenue, despite sequential growth in Q4.
The company anticipates a reduction in maintenance CapEx in 2026, which could impact fleet investment and growth.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CTOS.N - Custom Truck One Source Inc
Q4 2025 Custom Truck One Source Inc Earnings Call
Mar 10, 2026 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, thank you for standing by and welcome to the Custom Truck One Sources 4th quarter and full year 2025 earnings conference call. Please note this conference call is being recorded. I would now like to hand the conference call over to your host today, Brian Perman, Vice President of investor relations for Custom Truck OneSource.

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Unidentified_2 [2]
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Thank you, operator, and good morning. Before we begin, we would like to remind you that management's commentary and responses to questions on today's call may include forward

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