Filing Flows › Custom Truck One Source (CTOS) › Q2 2025
Custom Truck One Source (CTOS) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Custom Truck One Source (CTOS) reported revenue of $511M for the second quarter 2025 (Q2 2025), +21% from a year earlier and +21% from the quarter before. Operating margin was 5.5%, net loss $28.4M (5.5% of revenue).
Custom Truck One Source, Q2 2025: revenue $511M (+21% year over year), operating margin 5.5%, net loss $28.4M, operating cash flow $126M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $511M | +21% | +21% |
| Operating profit | $27.9M | +125% | — |
| Net earnings | −$28.4M | — | — |
| Operating cash flow | $126M | +126% | +233% |
| Free cash flow | $121M | +134% | +344% |
What changed
Revenue was $511.5M in Q2 2025, up 21% year over year and up 21% from the previous quarter. Equipment sales was the largest line at 70% of revenue. Equipment sales added $70.5M year over year (up 25%), 80% of the total change.
Gross margin was 20.0%, down 1.1 points from a year earlier. Operating profit was $27.9M, a 5.5% margin (up 1.3 points year over year). Of the extra revenue versus a year earlier, 12% reached operating profit, above the 4% margin then. Operating expenses grew 4% against revenue growth of 21%. The quarter ended with a net loss of $28.4M, wider than the previous quarter's $17.8M loss. Net interest and other expense of $38.8M was the main reason.
Operating cash flow was $125.7M (up 233% year over year). Non-cash charges added back $66.0M of depreciation and amortization and $1.8M of share-based compensation. Working capital and other items added $86.3M. Capital expenditures of $4.6M left free cash flow of $121.2M.
Questions
What was Custom Truck One Source's revenue in the second quarter 2025?
Custom Truck One Source (CTOS) reported revenue of $511M for the second quarter 2025 (Q2 2025), +21% from a year earlier and +21% from the quarter before.
Was Custom Truck One Source profitable in the second quarter 2025?
Operating profit was $27.9M (5.5% of revenue) and net loss $28.4M.