Custom Truck One Source, Inc. reported a total revenue of $1.94 billion for the fiscal year ending December 31, 2025, marking a 7.9% increase from $1.80 billion in 2024. The growth was primarily driven by a 14.3% rise in rental revenue, which reached $506.2 million, and a 6.7% increase in equipment sales, totaling $1.30 billion. However, the company experienced a net loss of $31.1 million, compared to a loss of $28.7 million in the previous year, largely due to the absence of a significant gain from a sale-leaseback transaction that had occurred in 2024.
In terms of operational metrics, Custom Truck's rental fleet comprised over 10,400 units with an average age of 2.9 years, which is considered young by industry standards. The company reported a fleet utilization rate of 79.4%, an increase from 74.3% in 2024. The average original equipment cost (OEC) on rent also rose by 14.1%, indicating improved pricing power and demand for rental equipment. However, the sales order backlog decreased by 9.1% to $335.3 million, suggesting potential challenges in future revenue generation.
Strategically, Custom Truck is undergoing a significant organizational change, transitioning from three reporting segments to two: Specialty Equipment Rentals (SER) and Specialty Truck Equipment and Manufacturing (STEM). This restructuring is expected to take effect in the first quarter of 2026 and aims to better align the company's financial reporting with its operational strategies. The company continues to focus on expanding its geographic footprint, with over 40 locations across North America, and plans to enhance its rental fleet to meet growing demand in various end markets, including electric utility transmission and distribution, telecommunications, and infrastructure.
The company’s financial health remains under scrutiny, with total indebtedness reported at $1.66 billion as of December 31, 2025. This includes $920 million in secured notes and $698 million in borrowings under its asset-based lending facility. The company has indicated that it expects to generate sufficient cash flow to meet its operational and capital requirements in the coming year, despite the challenges posed by rising interest rates and supply chain disruptions. Looking ahead, Custom Truck anticipates continued growth driven by favorable trends in its core markets, although it acknowledges potential risks related to macroeconomic conditions and competition in the equipment rental and sales sectors.
About Custom Truck One Source, Inc.
Custom Truck One Source is a leading provider of specialty equipment rental, sales, and services for infrastructure industries such as electric utilities, telecom, rail, and waste management. It offers a broad fleet of over 10,000 units, including bucket trucks, cranes, and underground equipment, supported by integrated production, customization, and nationwide service. Its business model emphasizes a one-stop-shop approach, serving diverse customer needs across North America.
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