Q1 2026 Custom Truck One Source Inc Earnings Call Transcript
Key Points
- Custom Truck One Source Inc (CTOS) reported record first-quarter revenue of $462 million, a 9% increase year over year.
- Adjusted EBITDA for the quarter was $98 million, representing a 33% growth compared to the previous year.
- The Specialty Equipment Rentals segment showed strong performance with a 16% year-over-year revenue increase, driven by high utilization rates and rental equipment sales.
- The company has a young rental fleet with an average age of less than three years, positioning it well to meet customer demands.
- CTOS raised its adjusted EBITDA guidance for 2026, projecting a range of $415 million to $440 million, reflecting strong market conditions and operational execution.
- The company faces macroeconomic volatility, which could impact future performance.
- There are concerns about potential supply chain bottlenecks, particularly in the transmission equipment sector.
- The infrastructure end market is experiencing slower growth, which could affect future revenue streams.
- Despite strong performance, the company remains cautious in raising revenue guidance, indicating potential uncertainties.
- The company has a high net debt of $1.65 billion, with a net leverage ratio slightly above 4 times, which could pose financial risks.
Hello, everyone. Thank you for joining us, and welcome to Custom Truck One Source, Inc., first-quarter 2026 earnings conference call. (Operator Instructions)
I will now hand the conference over to Brian Perman, Vice President, Investor Relations. Brian, please go ahead.
Thank you, operator, and good morning. Before we begin, we would like to remind you, management's commentary and responses to questions on today's call may include forward-looking statements which, by their nature, are uncertain and outside of the company's control.
Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ materially. For a discussion of some of the factors that could cause actual results to differ, please refer to the Risk Factors section of the company's filings with the SEC.
Additionally, please note that you can find reconciliations of the historical non-GAAP financial measures discussed during the
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