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Custom Truck One Source (CTOS)
NYSE:CTOS
Earnings Data
Report Date
May 12, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.06Last Year’s EPS
-0.08Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveys a predominantly positive operational and financial story: record full-year revenue and adjusted EBITDA, strong rental fundamentals (high utilization, OEC growth, de-aged fleet), improving backlog and orders for TES, and constructive 2026 guidance with planned deleveraging and free cash flow generation. Notable challenges include Q4 TES revenue softness driven by timing and pricing pressure, a FY GAAP net loss (impacted by prior-year one-time gain), elevated but improving inventory and leverage levels, and sensitivity to macro and timing factors. Overall, the positive momentum in core rental KPIs, backlog growth, and clear plans for reduced capital intensity and deleveraging outweigh the near-term TES timing and inventory headwinds.Company Guidance
Record Quarterly and Full-Year Revenue and EBITDA
Q4 revenue of $528,000,000 and adjusted EBITDA of $121,000,000 (Q4 EBITDA up >18% YoY). Full-year 2025 record revenue of $1,944,000,000 (up 8% YoY) and adjusted EBITDA of $384,000,000 (up 13% YoY and ahead of midpoint guidance).
Strong Rental Business Performance (ERS)
Q4 rental utilization averaged ~83.6% (management cited just under 84%), up ~470 bps YoY. Average OEC on rent in Q4 was ~$1.38B (up $166M or 14% YoY). Rental adjusted gross margin and rental sales gross margin were highest quarterly levels of the year; on-rent yield of 38.7% in Q4.
Record Year for TES Despite Q4 Softness; Growing Backlog and Orders
TES full-year revenue reached $1,100,000,000 (up 4% YoY, highest annual level ever). New sales backlog ended Q4 at $335,000,000 (up >$55,000,000 or 20% sequentially from Q3) and stood at ~ $370,000,000 in early 2026. Net order growth was 21% YoY in Q4; orders won up 12% YoY in Q4.
Fleet Health and Capital Deployment
Fleet average age ended 2025 at ~2.9 years (de-aged >1 year since 2022). Net rental CapEx in Q4 was >$40,000,000. End-of-year OEC was ~$1.64B, the highest quarter-end level in company history. 2026 net rental CapEx expected to be $150M–$170M (meaningful reduction from >$250M in 2025) with mid-single-digit net OEC growth expected.
Balance Sheet Progress and Liquidity
Net debt of $1,650,000,000 and net leverage of 4.3x at year-end (improvement of ~0.25x vs 2024 and ~0.5x from quarter peak). Availability under ABL was $248,000,000 with potential to access >$200,000,000 by upsizing facility. Inventory declined by >$100,000,000 in Q4.
2026 Financial Guidance
Company provided 2026 outlook: revenue $2,005,000,000–$2,120,000,000 (implying +3% to +9% YoY) and adjusted EBITDA $410,000,000–$435,000,000 (+7% to +13% YoY). Segment guidance: ERS $725M–$760M, TES $1,125M–$1,200M, APS $155M–$160M. Expect >$50,000,000 levered free cash flow and net leverage meaningfully below 4x by end of 2026.
Operational Improvements and Margin Trends
ERS rental gross margin reached ~78% in Q4 (driven by high utilization and lower R&M relative to fleet size). APS full-year gross margin improved to ~24% (up ~120 bps YoY). TES Q4 gross margin improved sequentially to 15.6%.
CTOS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
CTOS Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 10, 2026 | $6.38 | $5.66 | -11.29% |
Oct 28, 2025 | $6.02 | $6.04 | +0.33% |
Jul 30, 2025 | $5.70 | $6.19 | +8.60% |
Apr 30, 2025 | $4.03 | $3.91 | -2.98% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Custom Truck One Source (CTOS) report earnings?
Custom Truck One Source (CTOS) is schdueled to report earning on May 12, 2026, After Close (Confirmed).
What is Custom Truck One Source (CTOS) earnings time?
Custom Truck One Source (CTOS) earnings time is at May 12, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CTOS EPS forecast?
CTOS EPS forecast for the fiscal quarter 2026 (Q1) is -0.06.