Custom Truck One Source Reports Record Q4 & Full-Year 2025 Results, Provides Strong 2026 Guidance

summarizeSummary

Custom Truck One Source, Inc. announced record Q4 and full-year 2025 revenue and Adjusted EBITDA, alongside positive 2026 guidance and plans for a new segment reporting structure.

check_boxKey Events

• Record Financial Performance

  Achieved record fourth-quarter revenue of $528.2 million (+1.4% YoY) and full-year 2025 revenue of $1,944.0 million (+7.9% YoY). Adjusted EBITDA also reached record levels, with Q4 at $120.7 million (+18.4% YoY) and full-year at $383.6 million (+12.9% YoY).

• Strong Operational Metrics

  Fleet utilization improved to 83.6% in Q4 2025, the highest in nearly three years. Sales order backlog ended the year at $335.3 million, up $55.5 million sequentially.

• Positive 2026 Outlook

  Provided full-year 2026 guidance, expecting consolidated revenue to increase 3% to 9% and Adjusted EBITDA to grow 7% to 13% year-over-year.

• Balance Sheet Improvement & Cash Flow Focus

  Reduced net leverage ratio to 4.3x by year-end 2025 and anticipates levered free cash flow to exceed $50 million in 2026, with a target net leverage ratio meaningfully below four times.

auto_awesomeAnalysis

Custom Truck One Source, Inc. reported record fourth-quarter and full-year 2025 revenue and Adjusted EBITDA, demonstrating strong operational performance. Despite a wider net loss for the full year, the significant growth in Adjusted EBITDA and improved fleet utilization highlight the company's underlying business strength. The positive 2026 guidance for both revenue and Adjusted EBITDA, coupled with a commitment to further deleveraging and free cash flow generation, provides a constructive outlook. The upcoming shift to a new two-segment reporting structure is also a material change that will offer clearer insights into the company's strategic focus and financial performance moving forward.