CTOS $10.53 +2.63%

CTOS · Custom Truck One Source, Inc.

Track CTOS — free

$10.53 +0.27 (+2.63%) At close · Aug 14

Market Cap

$2.37B

227.51M

All earnings calls

Earnings call · FY2026 Q2

Custom Truck One Source, Inc. Second Quarter 2026 Earnings Conference Call

Concluded Aug 4, 2026 Audio replay

Aug 4, 2026 3:47 4 turns

Period: FY2026 Q2
Runtime: 3:47
Sources: 4 artifacts

8-K 10-Q

Executive readout · one minute

What matters this quarter

Custom Truck One Source reported record Q2 2026 revenue of $563.4 million, up 10.2% year-over-year, with Adjusted EBITDA of $116.8 million, up 25.0%, and raised full-year 2026 revenue guidance to $2.1–$2.2 billion and Adjusted EBITDA guidance to $437.5–$455 million. Net leverage declined to 3.85x, crossing below 4.0x, supported by strong T&D end market demand and record rental utilization of 81.6%.

Full-Year Guidance Raised 5 Rental Business Momentum 5 Demand Drivers / Long-Term Outlook 3 Macro Uncertainty Acknowledged 2

Management tone

Positive

Net tone +38 · moderate hedging

Grounding quotes

“our continued strong business outlook”
“Despite broader macroeconomic uncertainty, recent results and end market fundamentals support our confidence in the long-term demand drivers and our ability to deliver meaningful adjusted EBIT of growth this year”
“We expect both to grow sequentially with year-over-year growth rates naturally moderating from here”
“OEC on rent and utilization above prior year levels”

Forward guidance

2 guided metrics

Management's latest ranges and targets are included below.

Research coverage

4 live sources

Switch sources without leaving this page or losing your listening position.

Revenue $563.45M +10.2% YoY

Diluted EPS $0.05

Gross margin 22.0% +2.0 pp YoY

Net income $10.40M

Research materials

Open the source you need; every reader stays inside this workspace.

8-K earnings release Filed Aug 3, 2026 10-Q report Filed Aug 3, 2026 Company webcastOpen the original investor-relations page

Key takeaways

What improved, and what deserves a closer read.

↑ Constructive signals

Record Q2 revenue of $563.4 million, up 10.2% year-over-year, with Adjusted EBITDA up 25.0% to $116.8 million
Average OEC on rent increased $158.5 million, or 13.1%, versus Q2 2025
Net leverage ratio reduced to 3.85x from 4.02x in Q1 and 4.31x at year-end 2025
Raised full-year 2026 revenue guidance to $2.1–$2.2 billion and Adjusted EBITDA guidance to $437.5–$455 million
Rental fleet utilization of 81.6%, up 400 basis points year-over-year, with quarter-end total OEC of $1.68 billion, the highest in company history
STEM segment posted record external customer revenue of $345 million and equipment sales of $332 million

↓ Risks & pressure points

Q2 results modestly below second quarter internal levels due to timing shift of new and used equipment deliveries and RPO buyouts from the second half into 2Q
Year-over-year OEC on rent growth rates expected to naturally moderate as CTOS laps the largest historical second-half 2025 increase in OEC on rent
Broader macroeconomic uncertainty persists despite strong recent results

Key moments

Jump directly to management's words in the synchronized transcript.

Forward guidance

From the 8-K filed Aug 3, 2026.

Metric	Period	Guided	Basis
Revenue 2026 full year	2026 full year	$2.1B – $2.2B	—
Adjusted EBITDA 2026 full year	2026 full year	$437.5M – $455M	Non-GAAP

Quarter detail

How the reported period landed and where the business moved.

Revenue · segments

Specialty Truck Equipment and Manufacturing Segment$344.63M +4.9% YoY

Specialty Equipment Rentals Segment$218.82M +19.7% YoY

Listen and read together

Transcript

The spoken word highlights as audio plays. Select any word to seek to that moment.

3:47 Audio

Chris Eperjesy CFO

modestly below second quarter levels. A portion of our second quarter new and used equipment deliveries, including RPO buyouts, had been planned for the second half. That timing shifted results between quarters but did not reduce the full year expectations reflected in the ranges we raised today. Our rental business enters the third quarter with OEC on rent and utilization above prior year levels. We expect both to grow sequentially with year-over-year growth rates naturally moderating from here as we lap a second half of 2025 that posted the largest increase in OEC on rent in our history. The fourth quarter remains our historically strongest quarter. In closing, I want to echo Ryan's comments regarding our continued strong business outlook. Despite broader macroeconomic uncertainty, recent results and end market fundamentals support our confidence in the long-term demand drivers and our ability to deliver meaningful adjusted EBIT of growth this year. With that, operator, we can open the line for questions.

Operator

We will now begin the question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Our first question is from Sweta Rakhecha from Cantor Fitzgerald. Your line is now open. Please go ahead.

Sweta Rakhecha Analyst — Cantor Fitzgerald

Good morning, Ryan and Chris. Sweta here on behalf of Manish. Congrats on the great quarter. My first question is on the quarterly cadence, given that you've indicated that third-party new equipment sales and used equipment sales and RPO buyouts have shifted from the second half into 2Q. Can you help us quantify the revenue and the adjusted EBITDA that is being pulled forward and clarify how much of it came from CQ versus 4Q?

Operator

Hi there, Brian. Just making sure you are unmuted on your end. We are currently experiencing some technical difficulties one moment while we deal with these difficulties. Thank you so much.

Follow the conversation

Follow keeps the current word in view. Scroll manually to pause it; select Follow to rejoin the audio.

Call map

Filter by speaker