Q2 2026 Custom Truck One Source Inc Earnings Call Transcript

Aug 4, 2026 / 01:00 PM GMT

Release Date Price: €9.9 (+13.79%)

Transcript 10-Q8-K

Key Points

Positve

Custom Truck One Source Inc (CTOS) delivered record revenue of $563 million in Q2 2026, up 10% year over year, and adjusted EBITDA of $117 million, up 25% year over year.
The Specialty Equipment Rentals (SER) segment achieved 81.6% fleet utilization, up 400 basis points year over year, with average OEC on rent growing 13% to $1.37 billion.
The Specialty Truck Equipment and Manufacturing (STEM) segment posted record quarterly third-party revenue of $345 million, up 5% year over year, with strong order flow and backlog growth in early Q3.
The company raised its full-year 2026 guidance, now expecting consolidated revenue of $2.1-$2.2 billion and adjusted EBITDA of $437.5-$455 million, reflecting 14-19% year-over-year growth.
Net leverage improved to 3.85 times, down 0.17 turns sequentially and over 0.8 turns year over year, with expectations to reduce leverage to meaningfully below 4 times by year-end 2026.

Negative

STEM gross margins were slightly lower in Q2 due to increased sales to national accounts, which carry modestly lower margins.
New sales order backlog decreased by $89 million sequentially to $322 million, falling below the targeted range of 4-6 months to approximately 3.5 months.
The company increased its planned net rental fleet investment to $170-$200 million for 2026, up from previous estimates, due to strong demand trends.
Q3 revenue and adjusted EBITDA are expected to be modestly below Q2 levels due to timing shifts of equipment deliveries and RPO buyouts from the second half into Q2.
The company faces potential headwinds from EPA 27 NOx emission regulations, which could impact chassis availability and costs, despite prebuy actions taken.

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

CTOS.N - Custom Truck One Source Inc
Q2 2026 Custom Truck One Source Inc Earnings Call
Aug 04, 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 Custom Truck 1 Sources, second quarter 2026 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 Person, Vice President of investor relations for Custom Truck 1 Source.

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-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

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