--- title: "Custom Truck One Source | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 461.62 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/284264931.md" datetime: "2026-04-27T20:20:21.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284264931.md) - [en](https://longbridge.com/en/news/284264931.md) - [zh-HK](https://longbridge.com/zh-HK/news/284264931.md) --- # Custom Truck One Source | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 461.62 M Revenue: As of FY2026 Q1, the actual value is USD 461.62 M, beating the estimate of USD 451.28 M. EPS: As of FY2026 Q1, the actual value is USD -0.02, beating the estimate of USD -0.0538. EBIT: As of FY2026 Q1, the actual value is USD 31.23 M. #### Consolidated Financial Performance (Three Months Ended March 31, 2026 vs. 2025) - **Total Revenue:** Custom Truck One Source, Inc. reported total revenue of $461.6 million, an increase of 9.3% compared to $422.2 million in Q1 2025 . - **Rental Revenue:** Rental revenue was $137.2 million, up from $116.3 million in Q1 2025 . - **Equipment Sales:** Equipment sales reached $292.6 million, up from $273.9 million in Q1 2025 . - **Parts Sales and Services:** Parts sales and services were $31.8 million, down from $32.1 million in Q1 2025 . - **Gross Profit:** Gross profit increased by 20.5% to $103.1 million, compared to $85.5 million in Q1 2025 . - **Adjusted Gross Profit:** Adjusted gross profit was $159.3 million, an increase of 17.4% compared to $135.6 million in Q1 2025 . - **Net Income (Loss):** Net income (loss) improved by 76.9% to - $4.1 million, compared to - $17.8 million in Q1 2025 . - **Adjusted EBITDA:** Adjusted EBITDA increased by 33.4% to $98.0 million, up from $73.4 million in Q1 2025 . - **Operating Income:** Operating income rose to $31.5 million, up from $12.4 million in Q1 2025 . - **Total Operating Expenses:** Total operating expenses were $71.6 million, down from $73.1 million in Q1 2025 . - **Interest Expense, Net:** Net interest expense was $35.0 million, down from $38.9 million in Q1 2025 . - **Income (Loss) Before Income Taxes:** Income (loss) before income taxes improved to - $3.8 million, from - $25.5 million in Q1 2025 . - **Income Tax Expense (Benefit):** Income tax expense (benefit) was $0.3 million, compared to - $7.7 million in Q1 2025 . #### Consolidated Operational Metrics (Three Months Ended March 31, 2026 vs. 2025) - **Ending OEC (as of period end):** Ending OEC stood at $1,655.4 million, up from $1,548.2 million in Q1 2025 . - **Average OEC on Rent:** Average OEC on rent increased by 11.8% to $1,343.7 million, compared to $1,202.3 million in Q1 2025 . - **Fleet Utilization:** Fleet utilization was 81.4%, up from 77.7% in Q1 2025 . - **OEC on Rent Yield:** OEC on rent yield was 38.9%, up from 38.5% in Q1 2025 . - **Sales Order Backlog (as of period end):** Sales order backlog was $411.3 million, down from $420.1 million in Q1 2025 . #### Balance Sheet and Cash Flow (as of March 31, 2026) - **Cash and Cash Equivalents:** Cash and cash equivalents totaled $9.6 million . - **Total Debt Outstanding:** Total debt outstanding was $1,648.5 million . - **Net Debt:** Net debt was $1,638.9 million, down from $1,654.5 million as of December 31, 2025 . - **Net Leverage Ratio:** The net leverage ratio was 4.02x, down from 4.31x as of December 31, 2025 . - **Net Cash Flow from Operating Activities:** Net cash flow from operating activities was $23.8 million for the three months ended March 31, 2026, compared to $55.6 million for the same period in 2025 . #### Segment Performance (Three Months Ended March 31, 2026 vs. 2025) - **Specialty Equipment Rentals (SER):** - **Total Segment Revenue:** Total segment revenue for SER was $204.8 million, up from $181.8 million in Q1 2025 . - **Rental Revenue (external customers):** Rental revenue from external customers was $137.2 million, up from $116.3 million in Q1 2025 . - **Equipment Sales (external customers):** Equipment sales to external customers were $37.8 million, up from $29.9 million in Q1 2025 . - **Parts Sales and Services (external customers):** Parts sales and services to external customers were $18.8 million, down from $21.0 million in Q1 2025 . - **Adjusted EBITDA:** Adjusted EBITDA for SER was $105.5 million, up from $86.0 million in Q1 2025 . - **Specialty Truck Equipment & Manufacturing (STEM):** - **Total Segment Revenue:** Total segment revenue for STEM was $363.3 million, up from $349.9 million in Q1 2025 . - **Equipment Sales (external customers):** Equipment sales to external customers were $254.9 million, up from $244.0 million in Q1 2025 . - **Parts Sales and Services (external customers):** Parts sales and services to external customers were $13.0 million, up from $11.1 million in Q1 2025 . - **Intersegment Sales:** Intersegment sales were $95.5 million, up from $94.8 million in Q1 2025 . - **Adjusted EBITDA:** Adjusted EBITDA for STEM was $32.7 million, up from $13.1 million in Q1 2025 . #### Outlook for 2026 Custom Truck One Source, Inc. raised its 2026 full-year Adjusted EBITDA guidance range to $415 million - $440 million, an increase from the previous $410 million - $435 million . The company anticipates a consolidated revenue increase of 3% to 9% year-over-year, with Adjusted EBITDA expected to grow by 8% to 15% . Furthermore, levered free cash flow is projected to exceed $50 million, and the net leverage ratio is expected to be significantly below four times by the end of fiscal year 2026 . ### Related Stocks - [CTOS.US](https://longbridge.com/en/quote/CTOS.US.md) ## Related News & Research - [Custom Truck One Source, Inc. 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