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Edge10 Jul 2026
Inside Take-Two: The Grand Anticipation
The story of how Take-Two Interactive built the empire behind Grand Theft Auto, Red Dead Redemption, and one of gaming's largest mobile portfolios.
Custom Truck One Source
Custom Truck One Source (CTOS) investor relations material
Custom Truck One Source Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary4 Aug, 2026
Executive summary
Achieved record Q2 2026 revenue of $563.4 million, up 10.2% year-over-year, and Adjusted EBITDA of $117 million, up 25%, driven by strong demand in T&D, infrastructure, utility, and forestry markets.
Net income for Q2 2026 was $10.4 million, a significant improvement from a net loss of $28.4 million in Q2 2025, reflecting higher operating income and an income tax benefit.
Rental fleet utilization averaged 81.6%, up 400 basis points year-over-year, with OEC on rent up 13% to $1.37 billion.
Both SER and STEM segments posted year-over-year revenue and Adjusted EBITDA growth, with STEM segment reporting record equipment sales and a Q2 backlog of $322 million.
Raised full-year 2026 consolidated revenue guidance to $2.1–$2.2 billion and Adjusted EBITDA to $437.5–$455 million, reflecting strong first-half performance and end-market momentum.
Financial highlights
Q2 2026 net income: $10.4 million (EPS $0.05), compared to a net loss of $28.4 million in Q2 2025.
Q2 2026 Adjusted EBITDA: $116.8 million, up from $93.4 million in Q2 2025.
Gross profit for Q2 2026: $124.0 million (22.0% margin), up from $102.5 million (20.0%) in Q2 2025; Adjusted Gross Profit: $180.9 million.
Net leverage ratio improved to 3.85x as of June 30, 2026, from 4.31x at year-end 2025.
Cash and cash equivalents at June 30, 2026: $10.3 million; net debt at $1.66 billion.
Outlook and guidance
Full-year 2026 revenue guidance raised to $2.1–$2.2 billion (+8–13% YoY); Adjusted EBITDA guidance raised to $437.5–$455 million (+14–19% YoY).
SER revenue projected at $850–$875 million; STEM revenue at $1.63–$1.7 billion.
Levered free cash flow expected to exceed $50 million in 2026, with net leverage targeted below 4x by year-end and below 3x in 2027.
Q3 revenue and EBITDA expected to grow year-over-year but be modestly below Q2 levels due to timing shifts.
Net rental fleet investment for 2026 forecast at $170–$200 million, supporting mid-single digit OEC growth.
Strategy for reaching sub-3.0x leverage by 2027
STEM backlog levels versus quoting activity
Drivers of Q3 sequential EBITDA moderation
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Latest events from Custom Truck One Source
- Scale, strong end-market demand, and operational flexibility drive growth and margin recovery.CTOS
24th Annual Diversified Industrials & Services Conference9 Jul 2026 - Strong utility and infrastructure demand, rising backlog, and disciplined expansion drive growth.CTOSOppenheimer 20th Annual Industrial Growth Conference9 Jul 2026
- All director nominees and the auditor ratification proposal were approved with a quorum present.CTOSAGM 202611 Jun 2026
- Strong demand, margin expansion, and backlog growth drive positive outlook through 2027.CTOSOppenheimer 21st Annual Industrial Growth Virtual Conference11 May 2026
- Record 2025 revenue and EBITDA set the stage for continued growth and deleveraging in 2026.CTOSQ4 202530 Apr 2026
- Shareholders will vote virtually on directors, auditor ratification, and performance-based executive pay.CTOSProxy filing29 Apr 2026
- Shareholders will vote on director elections and auditor ratification at the 2026 Annual Meeting.CTOSProxy filing29 Apr 2026
- Record Q1 revenue and EBITDA growth led to higher 2026 guidance and improved leverage.CTOSQ1 202628 Apr 2026
- Two-segment reporting starts Q1 2026, enhancing transparency and maintaining 2026 guidance.CTOSStatus update1 Apr 2026
Next Custom Truck One Source earnings date
Q3 202627 Oct, 2026
Custom Truck One Source
Next Custom Truck One Source earnings date
Q3 202627 Oct, 2026
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