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Custom Truck One Source (CTOS) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 26, 2026 · Custom Truck One Source (CTOS) Q3 2026 earnings results →
Q3 2026 Revenue up 3% year over year to $495M · 0¢ of every $1 of revenue kept as net profit · operating margin 7.7%
Custom Truck One Source made $495M in Q3 2026 (+3% Y/Y): Total sales and services $343M, Total rental revenue $153M. Operating margin 7.7%, net earnings $2.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 26, 2026.
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What changed this quarter
Revenue was $495.2M in Q3 2026, up 3% year over year and down 12% from the previous quarter. Equipment Sales was the largest line at 63% of revenue. Rental added $24.4M year over year (up 20%), 185% of the total change. Parts sales and services declined 4%.
Gross margin was 22.9%, up 2.0 points from Q3 2025. Operating profit was $38.1M, a 7.7% margin (up 0.9 points year over year). Of the extra revenue versus Q3 2025, 41% reached operating profit, above the 7% margin then. Operating expenses grew 10% against revenue growth of 3%. The fastest-growing cost line was Other operating costs (+42%). Net earnings were $2.3M. The effective tax rate was -63.8%.
Operating cash flow was $163.5M (up 101% year over year), 7092% of net earnings. Non-cash charges added back $69.0M of depreciation and amortization and $3.3M of share-based compensation. Working capital and other items added $88.9M. Capital expenditures of $12.5M left free cash flow of $150.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 26, 2026 | $495M | +3% | 7.7% | $2.3M | $163M |
| Q2 2026 | 10-Q | Aug 3, 2026 | $563M | +10% | 8.3% | $10.4M | $44.4M |
| Q1 2026 | 10-Q | Apr 27, 2026 | $462M | +9% | 6.8% | −$4.1M | $23.8M |
| Q4 2025 | 10-K | Mar 10, 2026 | $528M | +1% | 9.8% | $20.9M | $47.3M |
| Q3 2025 | 10-Q | Oct 27, 2025 | $482M | +8% | 6.8% | −$5.8M | $81.5M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $511M | +21% | 5.5% | −$28.4M | $126M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $422M | +3% | 2.9% | −$17.8M | $55.6M |
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About Custom Truck One Source
Custom Truck One Source, Inc. (“we,” “our,” “us,” “Custom Truck,” or “the Company”), a Delaware corporation, and its wholly owned subsidiaries are engaged in the business of providing a range of services and products to customers through rentals and sales of specialty equipment, rentals and sales of aftermarket parts and services related to the specialty equipment, and repair, maintenance, and customization services related to that equipment. Immediately following the acquisition by Nesco Holdings II, Inc. of Custom Truck One Source, L.P. (“Custom Truck LP”) on April 1, 2021 (the “Acquisition”), Nesco Holdings, Inc. (“Nesco Holdings”) changed its name to “Custom Truck One Source, Inc.” and changed The New York Stock Exchange ticker for its shares of common stock from “NSCO” to “CTOS.”
In its own words, from its 10-K, filed Mar 10, 2026.
Custom Truck One Source against its Services-Equipment Rental & Leasing, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +3% against the peers' median +12%. Operating margin: 7.7% against the peers' median 21.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| CTOS Custom Truck One Source | Q3 2026 | $495M | +3% | 7.7% |
| URI United Rentals | Q3 2026 | $4.9B | +16% | 28.8% |
| United Rentals North America | Q2 2026 | $4.4B | +12% | 25.8% |
| SUNB Sunbelt Rentals Holdings | Q1 FY27 | $3.1B | +11% | 22.2% |
| EQPT EquipmentShare.com | Q2 2026 | $1.4B | +26% | 6.4% |
| UPBD Upbound Group | Q3 2026 | $1.1B | -2% | 6.2% |
| PRG Prog Holdings | Q3 2026 | $726M | +26% | 9.1% |
| Sumisho Air Lease | Q3 2026 | $593M | -18% | 21.4% |
| Aircastle | Q2 FY27 | $283M | +24% | 28.4% |
Source: Custom Truck One Source 10-Q on SEC EDGAR · CIK 1709682 · Services-Equipment Rental & Leasing, NEC
13F: who owns CTOS and who is buying
More on CTOS
- How Custom Truck One Source makes money: revenue by segment
- Custom Truck One Source stock forecast, price target and fair value
- Who owns Custom Truck One Source stock: holders, funds and Congress trades
- Custom Truck One Source guidance and outlook
- Is Custom Truck One Source a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Custom Truck One Source guidance history: guided vs reported
- Custom Truck One Source gross margin by quarter
- Custom Truck One Source operating margin by quarter
- Custom Truck One Source net income by quarter
- Custom Truck One Source free cash flow by quarter
- Custom Truck One Source capital expenditures by quarter
- Custom Truck One Source Total sales and services revenue by quarter
- Custom Truck One Source Total rental revenue revenue by quarter