Filing Flows › Custom Truck One Source (CTOS) › Q3 2025
Custom Truck One Source (CTOS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 27, 2025
Custom Truck One Source (CTOS) reported revenue of $482M for the third quarter 2025 (Q3 2025), +8% from a year earlier and -6% from the quarter before. Operating margin was 6.8%, net loss $5.8M (1.2% of revenue).
Custom Truck One Source, Q3 2025: revenue $482M (+8% year over year), operating margin 6.8%, net loss $5.8M, operating cash flow $81.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $482M | -6% | +8% |
| Operating profit | $32.6M | +17% | — |
| Net earnings | −$5.8M | — | — |
| Operating cash flow | $81.5M | -35% | +393% |
| Free cash flow | $66.3M | — | +795% |
What changed
Revenue was $482.1M in Q3 2025, up 8% year over year and down 6% from the previous quarter. Equipment sales was the largest line at 67% of revenue. Rental added $16.5M year over year (up 16%), 47% of the total change.
Gross margin was 20.9%, up 0.4 points from a year earlier. Operating profit was $32.6M, a 6.8% margin (up 1.6 points year over year). Of the extra revenue versus a year earlier, 28% reached operating profit, above the 5% margin then. Operating expenses fell 1% while revenue rose 8%. The quarter ended with a net loss of $5.8M, narrower than the previous quarter's $28.4M loss. Net interest and other expense of $39.4M was the main reason.
Operating cash flow was $81.5M (up 393% year over year). Non-cash charges added back $66.8M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items added $18.3M. Capital expenditures of $15.1M left free cash flow of $66.3M.
Questions
What was Custom Truck One Source's revenue in the third quarter 2025?
Custom Truck One Source (CTOS) reported revenue of $482M for the third quarter 2025 (Q3 2025), +8% from a year earlier and -6% from the quarter before.
Was Custom Truck One Source profitable in the third quarter 2025?
Operating profit was $32.6M (6.8% of revenue) and net loss $5.8M.