--- title: "Custom Truck One Source | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 461.62 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/284264963.md" datetime: "2026-04-27T20:20:30.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284264963.md) - [en](https://longbridge.com/en/news/284264963.md) - [zh-HK](https://longbridge.com/zh-HK/news/284264963.md) --- # Custom Truck One Source | 10-Q: 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 66.51 M. ### Segment Revenue #### Specialty Equipment Rentals (SER) Segment - Total Segment Revenue: $204,832 thousand for the three months ended March 31, 2026, representing a 12.7% increase from $181,783 thousand in the prior year period. - Rental Revenue: $137,215 thousand for the three months ended March 31, 2026, an 18.0% increase from $116,261 thousand in the same period of 2025. - Equipment Sales: $37,777 thousand for the three months ended March 31, 2026, up 26.5% from $29,855 thousand in the same period of 2025. - Parts Sales and Services: $18,771 thousand for the three months ended March 31, 2026, a 10.5% decrease from $20,965 thousand in the prior year period. #### Specialty Truck Equipment & Manufacturing (STEM) Segment - Total Segment Revenue: $363,309 thousand for the three months ended March 31, 2026, an increase of 3.8% from $349,940 thousand in the prior year period. - Equipment Sales: $254,857 thousand for the three months ended March 31, 2026, up 4.4% from $244,008 thousand for the same period in 2025. - Parts Sales and Services: $13,002 thousand for the three months ended March 31, 2026, a 16.7% increase from $11,143 thousand in the prior year period. ### Operational Metrics #### Company-Wide Metrics - Net Income (Loss): Custom Truck One Source, Inc. reported a net loss of -$4,102 thousand for the three months ended March 31, 2026, an improvement from a net loss of -$17,791 thousand in the same period of 2025, marking a 76.9% decrease in net loss. - Gross Profit: $103,063 thousand for the three months ended March 31, 2026, an increase of 20.5% from $85,536 thousand in the prior year period. - Operating Income: $31,469 thousand for the three months ended March 31, 2026, increased by 153.7% from $12,405 thousand in the same period of 2025. - Total Operating Expenses: $71,594 thousand for the three months ended March 31, 2026, a decrease of 2.1% from $73,131 thousand in the prior year period. - Total Other Expense: $35,274 thousand for the three months ended March 31, 2026, decreased by 6.9% from $37,897 thousand in the same period of 2025. - Income Tax Expense (Benefit): An income tax expense of $297 thousand was recorded for the three months ended March 31, 2026, compared to an income tax benefit of -$7,701 thousand in the prior year period. - Depreciation and Amortization: $68,274 thousand for the three months ended March 31, 2026, up from $62,511 thousand in the same period of 2025. #### SER Segment Expenses - Cost of Rental Revenue, excluding depreciation: $30,748 thousand for the three months ended March 31, 2026, a 2.2% increase from $30,092 thousand in the prior year period. - Cost of Equipment Sales, net of purchase accounting, sales-type leases and depreciation: $28,472 thousand for the three months ended March 31, 2026, an increase of 58.8% from $17,926 thousand in the same period of 2025. - Cost of Parts and Services, excluding depreciation: $17,968 thousand for the three months ended March 31, 2026, a 10.1% decrease from $19,977 thousand in the prior year period. - Selling, General and Administrative Expenses: $13,861 thousand for the three months ended March 31, 2026, a slight decrease of 3.0% from $14,294 thousand in the prior year period. - Adjusted EBITDA: $105,497 thousand for the three months ended March 31, 2026, an increase of 22.6% from $86,049 thousand in the same period of 2025. #### STEM Segment Expenses - Cost of Equipment Sales, net of purchase accounting and depreciation: $213,225 thousand for the three months ended March 31, 2026, a 3.8% increase from $205,449 thousand in the prior year period. - Cost of Parts and Services, excluding depreciation: $9,094 thousand for the three months ended March 31, 2026, an increase of 22.2% from $7,444 thousand in the prior year period. - Selling, General and Administrative Expenses: $17,580 thousand for the three months ended March 31, 2026, up 10.9% from $15,853 thousand in the prior year period. - Floorplan Interest Expense: $10,519 thousand for the three months ended March 31, 2026, decreased by 20.9% from $13,297 thousand in the prior year period. - Adjusted EBITDA: $32,706 thousand for the three months ended March 31, 2026, a significant increase of 149.5% from $13,108 thousand in the same period of 2025. ### Cash Flow - Net Cash Flow from Operating Activities: $23,815 thousand for the three months ended March 31, 2026, a decrease from $55,635 thousand in the same period of 2025. - Net Cash Flow for Investing Activities: -$59,234 thousand for the three months ended March 31, 2026, an improvement from -$71,306 thousand in the same period of 2025. - Net Cash Flow from Financing Activities: $38,575 thousand for the three months ended March 31, 2026, an increase from $17,196 thousand in the same period of 2025. - Cash and Cash Equivalents at End of Period: $9,608 thousand as of March 31, 2026, up from $5,380 thousand as of March 31, 2025. ### Unique Metrics - Ending Original Equipment Cost (OEC): $1,655,414 thousand as of March 31, 2026, an increase of 6.9% from $1,548,210 thousand as of March 31, 2025. - Average OEC on Rent: $1,343,712 thousand for the three months ended March 31, 2026, up 11.8% from $1,202,285 thousand in the same period of 2025. - Fleet Utilization: 81.4% for the three months ended March 31, 2026, an increase of 3.7 percentage points from 77.7% in the prior year period. - OEC on Rent Yield: 38.9% for the three months ended March 31, 2026, a slight increase from 38.5% in the same period of 2025. - Sales Order Backlog: $411,311 thousand as of March 31, 2026, a decrease of 2.1% from $420,149 thousand as of March 31, 2025. - Net Leverage Ratio: 4.02 as of March 31, 2026, an improvement from 4.31 as of December 31, 2025. ### Future Outlook and Strategy Custom Truck One Source, Inc. anticipates that its liquidity and operating cash flows will be sufficient to cover operational, debt service, and capital requirements, including rental fleet investments, for the next 12 months and beyond. The company manages cash flow by using excess cash to reduce outstanding balances on its ABL Facility and leverage available credit facilities. As of March 31, 2026, the company was in compliance with its loan covenants, with distribution conditions met and the Consolidated Total Debt Ratio not exceeding 5.00 to 1.00. ### Related Stocks - [CTOS.US](https://longbridge.com/en/quote/CTOS.US.md) ## Related News & Research - [Custom Truck One Source, Inc. 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