CTOS Custom Truck One Source, Inc.

Overview and Growth

Custom Truck One Source, Inc. generated $1.94B of revenue in fiscal 2025, with net loss of $31.05M and an operating cash inflow of $310.11M. The $1.94B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 7.9% above fiscal 2024 revenue of $1.80B, marking a year-over-year increase. The company reported diluted EPS of -$0.14, adding a shareholder-level measure to the absolute income figures considered below. At period end, total assets were $3.44B, framing the scale of the company’s operating and financing commitments. The revenue-to-assets relationship was 0.56x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $411.89M as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 21.2% of revenue, quantifying the portion retained before operating expenses were recognized. The reported operating result was $124.94M, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 6.4%, showing how efficiently sales converted into operating profit. The bottom-line result was a net loss of $31.05M after operating, financing, tax, and other recognized items. The net loss equaled 1.6% of revenue, showing the bottom-line deficit relative to the company’s sales base. EBITDA was $388.82M, adding a pre-interest, tax, depreciation, and amortization view of the company’s earnings capacity. Before income taxes, the company recorded a loss of $28.13M, bridging the operating result to the final net loss. Measured against revenue, the pretax deficit represented 1.4%. The reported income-tax provision was $2.92M, the amount recognized between pretax income and the final net-income result. The loss-to-equity relationship was 3.8%, placing the bottom-line deficit against shareholder capital. Relative to total assets, the net loss represented 0.9%. The net loss widened to $31.05M from $28.66M in fiscal 2024.

Liquidity and Capital Structure

At period end, the $3.44B asset base was financed through $2.63B of liabilities and $809.10M of equity. Current assets were $1.16B against $873.33M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered current liabilities by 1.33x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $6.27M, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 0.7% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Total debt was $1.65B, establishing the amount of borrowing carried within the company’s capital structure. Debt equaled 2.03x of book equity, describing the relative scale of borrowing and shareholder capital. The debt-to-assets relationship was 47.8%, comparing borrowing with the total asset balance. Book equity represented 23.5% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 76.5% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 0.2%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 1.7% from $3.50B in fiscal 2024, leaving current total assets lower year over year. Book equity was 6.1% lower than fiscal 2024 equity of $861.31M, showing how shareholder capital changed year over year. Compared with $3.81M in fiscal 2024, the current cash balance moved 64.9% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was $310.11M, a reported cash inflow that can be compared directly with net income and capital spending. The operating cash outcome moved from $121.98M in fiscal 2024 to $310.11M, ending above the prior-year level.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.