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Custom Truck One Source (CTOS) investor relations material
Custom Truck One Source Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved Q3 2025 revenue of $482.1 million, up 7.8%–8% year-over-year, with adjusted EBITDA rising 19.6%–20% to $96 million, driven by strong demand in core T&D, utility, and vocational markets and effective execution across all segments.
Net loss for Q3 2025 narrowed to $5.8 million, a 66.9% improvement from Q3 2024, primarily due to higher operating income and robust equipment sales.
Continued momentum in utility, infrastructure, and specialty vocational truck demand, supported by strategic inventory and rental fleet investments.
Nationwide expansion with 41 locations, including new branches in Portland, OR and Orlando, FL.
Financial highlights
Q3 2025 revenue was $482.1 million (up 7.8% year-over-year), adjusted gross profit $156 million (up 12.9%), and adjusted EBITDA $96 million (up 20%).
Average rental fleet utilization exceeded 79%, with OEC on rent surpassing $1.26 billion, a 17% increase year-over-year.
ERS segment revenue grew 12% to $169 million, with rental revenue up 18% and adjusted gross margin at 62%.
TES segment sales reached $275 million, up 6% year-over-year, with gross margin at 15%.
APS segment revenue was $38 million, up 3% year-over-year, with adjusted gross margin over 26%.
Outlook and guidance
Full-year 2025 revenue guidance reaffirmed at $1.97–$2.06 billion; adjusted EBITDA guidance is $370–$390 million.
ERS expected to finish at the upper half of $660 million–$690 million revenue range; TES at the lower end of $1.16 billion–$1.21 billion due to macroeconomic uncertainty and high interest rates.
Levered free cash flow for 2025 expected to be below previous $50 million target due to higher CapEx, but higher sustained free cash flow and net leverage reduction anticipated in future years.
Anticipated inventory reduction of $125–$150 million by year-end 2025 and into 2026.
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