Custom Truck One Source, Inc.

Custom Truck One Source, Inc. is a leading North American provider of specialized truck and heavy equipment solutions, operating as a "one-stop-shop" for its diverse customer base. The company's mission is to be an industrial icon in specialty trucks, supplying custom equipment to various operators. Its world headquarters are located in Kansas City, Missouri, United States.

Custom Truck One Source offers a comprehensive range of products and services, including the sale and rental of new and used equipment such as bucket trucks, digger derricks, dump trucks, cranes, service trucks, and heavy-haul trailers. The company also provides aftermarket parts and services, equipment customization, remanufacturing, financing solutions, and asset disposal. It serves critical infrastructure markets, including electric utility transmission and distribution (T&D), telecommunications, rail, forestry, waste management, and other related industries across North America.

In recent news, Custom Truck One Source reported strong first-quarter 2026 results, with record revenue of $461.6 million, marking a 9.3% increase from Q1 2025, and a 33.4% rise in Adjusted EBITDA. The company also narrowed its Q1 2026 loss per share and subsequently raised its full-year adjusted EBITDA guidance for 2026. Effective January 1, 2026, the company re-segmented its reporting into Specialty Equipment Rentals (SER) and Specialty Truck Equipment and Manufacturing (STEM). Ryan McMonagle serves as the Chief Executive Officer, appointed in March 2023, while Chris Eperjesy is the Chief Financial Officer. The company maintains a strong market position with over 40 locations across the U.S. and Canada, serving over 8,000 customers with a large and young rental fleet of over 10,000 units.

Latest updates

CTOS Executives to Address Investors at Oppenheimer Conference

Event summary

  • Custom Truck One Source (CTOS) CEO Ryan McMonagle and CFO Chris Eperjesy will participate in a fireside chat at the Oppenheimer Industrial Growth Conference.
  • The conference is scheduled for Tuesday, May 5, 2026, and will be held virtually.
  • The fireside chat is scheduled to begin at 10:30 a.m. ET.
  • A replay of the chat will be available for 90 days on investors.customtruck.com.

The big picture

Custom Truck One Source's participation in the Oppenheimer conference underscores the ongoing need for the company to engage with institutional investors, particularly given the cyclical nature of the infrastructure spending it relies on. The virtual format suggests a continued focus on cost management and accessibility for a broader investor base. This event provides a platform for management to address concerns and articulate their strategy for navigating the current macroeconomic environment.

What we're watching

Investor Sentiment
The conference participation and fireside chat will likely be scrutinized for signals regarding management’s outlook on near-term demand and margin pressures within the utility, telecom, and rail sectors.
Growth Strategy
Management’s commentary on the ‘one-stop-shop’ business model’s effectiveness in a potentially slowing infrastructure spending environment warrants close attention.
Financial Discipline
The CFO’s remarks regarding capital allocation and debt management will be key indicators of the company’s ability to navigate potential economic headwinds and maintain financial flexibility.

Custom Truck One Source Boosts Guidance Amid Transmission & Distribution Strength

Event summary

  • Custom Truck One Source (CTOS) reported record Q1 2026 revenue of $461.6 million, up 9.3% year-over-year.
  • The company increased its 2026 Adjusted EBITDA guidance range from $410M - $435M to $415M - $440M.
  • CTOS achieved a 33.4% increase in Adjusted EBITDA to $98.0 million in Q1 2026, driven by strong performance in transmission and distribution (T&D) markets.
  • The company’s rental fleet utilization rose to 81.4%, a 370 basis point increase compared to Q1 2025.

The big picture

Custom Truck One Source's strong performance reflects the ongoing investment in infrastructure upgrades and electrification across North America. The company's 'one-stop-shop' model and focus on specialty equipment positions it to benefit from these trends, but also exposes it to cyclical risks inherent in the capital goods sector. The increased EBITDA guidance suggests management anticipates continued strength, but the high debt levels remain a key risk factor.

What we're watching

Market Dependence
The company's reliance on the T&D market creates vulnerability to shifts in utility spending and infrastructure investment cycles, potentially impacting future growth if broader economic conditions weaken.
Fleet Management
Whether CTOS can sustain its high fleet utilization rates and manage the costs associated with maintaining a large rental fleet will be crucial for protecting margins and driving profitability.
Debt Levels
The company’s significant debt load ($1.648 billion as of March 31, 2026) and net leverage ratio (4.02x) require careful monitoring, as rising interest rates could pressure cash flow and limit financial flexibility.
CID: 1871