Custom Truck One Source, Inc. (NYSE: CTOS) reported financial results for the three and nine months ended September 30, 2026, highlighting record performance across several key metrics. For the third quarter of 2026, the company reported total revenue of $495.2 million, an increase of $13.2 million, or 2.7%, compared to the same period in 2025. Rental revenue specifically grew 20.1% to $152.7 million.
Gross profit for the quarter was $113.3 million, an increase of $12.5 million, or 12.4%, year-over-year. The company reported net income of $2.3 million, a significant improvement of $8.1 million compared to the third quarter of 2025. Adjusted EBITDA for the quarter reached $110.9 million, an increase of $15.0 million, or 15.6%, with the margin expanding approximately 250 basis points to 22.4%.
Custom Truck One Source has reorganized its reporting segments into Specialty Equipment Rentals (SER) and Specialty Truck Equipment and Manufacturing (STEM). In the SER segment, Adjusted EBITDA for the quarter was $121.9 million, a 22.5% increase compared to the prior year, with the segment margin expanding to 54.6%.
The company also provided updated guidance for the full year 2026. The SER segment revenue guidance has been raised to $870 million to $890 million, up from the previous range of $850 million to $875 million. CTOS has raised its Adjusted EBITDA guidance to $447.5 million to $460 million, representing 17% to 20% growth over 2025. Additionally, the company expects to invest between $210 million and $230 million in its net rental fleet during 2026 to capture transmission rental demand.
As of the end of the third quarter, the company’s net leverage ratio was reduced to 3.70x, down from 4.31x at year-end 2025. The company ended the quarter with a record ending original equipment cost (OEC) of $1.76 billion and an average OEC on rent of $1.39 billion. Fleet utilization was reported at 81.5%, with an OEC on rent yield of 39.4%.
