Filing Flows › Custom Truck One Source (CTOS) › Q4 2025
Custom Truck One Source (CTOS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 10, 2026
Custom Truck One Source (CTOS) reported revenue of $528M for the fourth quarter 2025 (Q4 2025), +1% from a year earlier and +10% from the quarter before. Operating margin was 9.8%, net earnings $20.9M (4.0% of revenue).
Custom Truck One Source, Q4 2025: revenue $528M (+1% year over year), operating margin 9.8%, net earnings $20.9M, operating cash flow $47.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $528M | +10% | +1% |
| Gross profit | $123M | +22% | +4% |
| Operating profit | $52.0M | +59% | -23% |
| Net earnings | $20.9M | — | -24% |
| Operating cash flow | $47.3M | -42% | -42% |
| Free cash flow | $39.4M | — | -49% |
What changed
Revenue was $528.2M in Q4 2025, up 1% year over year and up 10% from the previous quarter. Equipment sales was the largest line at 67% of revenue.
Gross margin was 23.3%, up 0.5 points from a year earlier. Operating profit was $52.0M, a 9.8% margin (down 3.1 points year over year). Operating profit fell $15.3M even though revenue rose $7.4M versus a year earlier, so costs grew faster than sales. Operating expenses grew 39% against revenue growth of 1%. Net earnings were $20.9M, down 24% year over year. The effective tax rate was -39.1%.
Operating cash flow was $47.3M (down 42% year over year), 227% of net earnings. Non-cash charges added back $68.9M of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items used $44.6M. Capital expenditures of $7.9M left free cash flow of $39.4M.
Questions
What was Custom Truck One Source's revenue in the fourth quarter 2025?
Custom Truck One Source (CTOS) reported revenue of $528M for the fourth quarter 2025 (Q4 2025), +1% from a year earlier and +10% from the quarter before.
Was Custom Truck One Source profitable in the fourth quarter 2025?
Operating profit was $52.0M (9.8% of revenue) and net earnings $20.9M.