Custom Truck One Source (CTOS) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Custom Truck One Source published the results on October 26, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Since January 1, 2026, CTOS reports two segments, Specialty Equipment Rentals and Specialty Truck Equipment and Manufacturing, in place of its old ERS, TES and APS segments, and has recast prior periods. Segment rows here are revenue from external customers, which excludes intersegment sales.
• CTOS reports in thousands of dollars; figures here are rounded to tenths of a million.

Source: CTOS Q3 2026 results, October 26, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Custom Truck One Source splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Custom Truck One Source's Specialty Equipment Rentals (SER) revenue was $212 million in Q3 2026, up 16% from $183 million in Q3 2025, 43% of total revenue.
• Custom Truck One Source's Specialty Truck Equipment and Manufacturing (STEM) revenue was $283 million in Q3 2026, down 5% from $299 million in Q3 2025, 57% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

CTOS's 2026 outlook table gives revenue of $2,100 million to $2,200 million, Adjusted EBITDA of $447.5 million to $460 million (raised from $437.5 million to $455 million) and STEM revenue of $1,630 million to $1,700 million. CTOS gives no EPS outlook.

In its Q3 2026 release, Custom Truck One Source said:

“Raising 2026 SER segment revenue guidance to $870 million to $890 million, from $850 million to $875 million, on continued strength in transmission and distribution”

“Net rental fleet investment (purchases less proceeds) for 2026 is expected to be approximately $210 million to $230 million, up from prior guidance of $170 million to $200 million to capture visible, high-return rental demand, while still reflecting a reduction from over $250 million in 2025.”

“Third-party new sales revenue is expected to increase 3% to 10% in 2026 compared to 2025, with fourth quarter third-party new sales expected to increase at a mid-to-high-teens rate year-over-year as deliveries delayed in the third quarter are completed”

Source: CTOS Q3 2026 release, Oct 26, 2026.

This is the company's own guidance as of Oct 26, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the CTOS forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenue and GAAP diluted EPS, each as first reported in that quarter's release, converted from thousands to millions.

We do not hold a confirmed date for Custom Truck One Source's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 26, 2026

Custom Truck One Source (CTOS) had Q3 2026 revenue of $495.2 million, up 2.7% from $482.1 million. By type, rental revenue was $152.7 million, equipment sales $309.6 million (against $320.6 million a year earlier) and parts sales and services $32.9 million. By segment, Specialty Equipment Rentals (SER) brought in $212.0 million from external customers and Specialty Truck Equipment and Manufacturing (STEM) $283.2 million. (CTOS Q3 2026 release, Oct 26, 2026)

CTOS rental revenue rose 20.1%, which it attributes to higher fleet utilization (81.5% against 79.3%), a 10.5% rise in average OEC on rent to $1,394.7 million and an OEC on rent yield of 39.4%. Its fleet of more than 10,850 units includes aerial devices, cranes, digger derricks and vacuum trucks, and the release says utility transmission demand added more than $132 million of OEC on rent from a year earlier. (CTOS Q3 2026 release, Oct 26, 2026)

CTOS new equipment sales in STEM fell 5.5% on lower third-party unit volume. CTOS gave priority to building units for its own rental fleet, and a vendor recall plus hailstorm damage to finished vehicles at its Kansas City location pushed more than $20.0 million of third-party deliveries into the fourth quarter. STEM's total segment revenue, which includes sales to SER, rose 8%. (CTOS Q3 2026 release, Oct 26, 2026)

CTOS serves about 8,000 customers. In 2025 its top 15 customers made up about 23.6% of total revenue and no single customer more than 4%, according to its 10-K. Platinum Equity owns the majority of its fully diluted shares. (CTOS Form 10-K, 2025, Mar 10, 2026)

CTOS earned GAAP diluted EPS of $0.01 in Q3 2026, against a loss of $(0.03) a year earlier, on net income of $2.3 million against a net loss of $5.8 million. CTOS does not report an adjusted EPS figure; its main non-GAAP profit measure is Adjusted EBITDA, which rose 15.6% to $110.9 million. The release credits higher operating income from rental growth and lower interest expense for the move to a profit. (CTOS Q3 2026 release, Oct 26, 2026)

Interest expense, net was $37.1 million against $40.2 million, and depreciation of rental equipment was $56.9 million, so income before income taxes was only $1.4 million. Transaction expenses and other rose to $8.5 million from $3.2 million. CTOS carries a valuation allowance against its U.S. tax carryforwards, which keeps income tax expense small. (CTOS Q3 2026 release, Oct 26, 2026; CTOS Form 10-Q, Q3 2026, Oct 26, 2026)

Diluted weighted-average shares were 229.9 million, against 226.6 million a year earlier. CTOS bought back no stock in the first nine months of 2026, after $32.6 million of repurchases in the same period of 2025, and had $1.9 million left under its repurchase program at September 30, 2026. (CTOS Form 10-Q, Q3 2026, Oct 26, 2026; CTOS Q3 2026 release, Oct 26, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

CTOS publishes a full-year outlook in each release and raised its 2026 Adjusted EBITDA range for the third time this year, to $447.5 million to $460 million from $437.5 million to $455 million, or 17% to 20% growth over 2025. It expects revenue of $2,100 million to $2,200 million, up 8% to 13%, with SER revenue raised to $870 million to $890 million and STEM revenue of $1,630 million to $1,700 million. (CTOS Q3 2026 release, Oct 26, 2026)

CTOS raised 2026 net rental fleet investment to about $210 million to $230 million from $170 million to $200 million, and now expects levered free cash flow to be slightly positive against prior guidance of more than $50 million. It expects net leverage to end 2026 meaningfully below four times and targets below three times in 2027. The release says OEC on rent passed $1.5 billion and utilization passed 84% in October. (CTOS Q3 2026 release, Oct 26, 2026)

A consensus figure is the average of the models published by the analysts who cover Custom Truck One Source, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Custom Truck One Source's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning CTOS is on is CTOS a buy or a sell?, what analysts expect next is on the CTOS forecast, and what the company does is on the Custom Truck One Source (CTOS) stock page.

Every number on this page can be traced to a document Custom Truck One Source published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.