Custom Truck One Source, Inc.

Listed Company

CTOSCIK 0001709682NYSEAcceleratedServices-Equipment Rental & Leasing, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.94B

Net Income

$-31.05M

Total Assets

$3.44B

Equity

$809.10M

Shares Out

227.43M

Op. Cash Flow

$310.11M

Business

Custom Truck One Source, Inc. provides specialty equipment rental, sales, parts and related services to infrastructure-related industries. It rents, produces, sells and services new and used equipment such as bucket trucks, digger derricks, cranes, service trucks, dump trucks, rail trucks and heavy-haul trailers, and offers aftermarket parts, testing, repair, upfit and customization services. The company operates through three reporting segments: Equipment Rental Solutions (ERS), Truck and Equipment Sales (TES), and Aftermarket Parts and Services (APS). It serves customers across North America through more than 40 locations, a 24/7 call center, mobile technicians and third-party service partners.

Summary from filing dated 2025-03-04

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	1,944	1,802	1,865	1,573	1,167
Depreciation of rental equipment	216	183	171	172	157
Total cost of revenue	1,532	1,412	1,411	1,189	957
Gross Profit	412	390	454	384	210
Selling, general and administrative expenses	230	230	231	211	156
Amortization	27	27	27	34	41
Non-rental depreciation	13	13	11	9	4
Transaction expenses and other	17	18	14	26	52
Gain on sale leaseback transaction	0	−23	0	0	—
Total operating expenses	287	264	283	280	252
Operating Income (Loss)	125	126	171	103	−42
Interest expense, net	158	167	131	89	73
Financing and other (income) expense	−5	−12	−18	−32	571,000
Total other expense	153	156	113	57	135
Income (Loss) Before Income Taxes	−28	−29	58	47	−177
Income Tax Expense (Benefit)	3	−532,000	7	8	4
Net Income (Loss)	−31	−29	51	39	−182
Unrealized foreign currency translation adjustments, net	4	−9	3	−9	0
Other Comprehensive Income (Loss)	4	−9	3	−9	0
Comprehensive Income (Loss)	−27	−37	54	30	−182
Basic (in dollars per share)	−0.14	−0.12	0.21	0.16	−0.75
Diluted (in dollars per share)	−0.14	−0.12	0.21	0.16	−0.75
Basic (in shares)	227	237	245	247	241
Diluted (in shares)	227	237	246	248	241

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	6	4	10	14	36
Accounts receivable, net	196	216	215	193	168
Financing receivables, net	9	9	31	38	29
Inventory	931	1,049	986	597	411
Prepaid expenses and other	17	24	24	26	13
Total current assets	1,159	1,301	1,266	868	657
Property and equipment, net	143	131	142	122	109
Rental equipment, net	1,087	1,002	917	884	834
Goodwill	705	705	704	704	696
Intangible assets, net	226	252	277	304	328
Operating lease assets	111	95	38	29	36
Other assets	12	16	23	27	24
Total Assets	3,441	3,502	3,368	2,938	2,684
Accounts payable	88	88	118	87	91
Accrued expenses	69	69	74	69	60
Deferred revenue and customer deposits	24	26	—	—	—
Floor plan payables - trade	291	330	253	137	73
Floor plan payables - non-trade	366	471	409	294	165
Operating lease liabilities - current	9	7	7	5	5
Current maturities of long-term debt	26	8	8	7	6
Total current liabilities	873	1,001	897	635	441
Long-term debt, net	1,619	1,520	1,487	1,355	1,308
Operating lease liabilities - noncurrent	106	89	33	25	32
Deferred income taxes	34	31	33	29	16
Total long-term liabilities	1,759	1,640	1,553	1,415	1,385
Common stock $0.0001 par value, 500,000,000 shares authorized; 253,312,368 and 251,908,970 shares issued; and 226,625,924 and 233,794,319 shares outstanding, at December 31, 2025 and December 31, 2024, respectively	25,000	25,000	25,000	25,000	25,000
Treasury stock, at cost 26,686,444 and 18,114,651 shares at December 31, 2025 and December 31, 2024, respectively	−123	−88	−57	−16	−3
Additional paid-in capital	1,560	1,551	1,538	1,521	1,509
Accumulated other comprehensive loss	−11	−15	−6	−9	0
Accumulated deficit	−618	−587	−558	−609	−647
Total stockholders' equity	809	861	917	888	859
Total Liabilities and Stockholders' Equity	3,441	3,502	3,368	2,938	2,684

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	264	236	219	223	209
Amortization of debt issuance costs	4	6	6	5	5
Provision for losses on accounts receivable	9	11	9	13	11
Share-based compensation	8	12	13	12	17
Gain on sales and disposals of rental equipment	−50	−46	−68	−55	−12
Change in fair value of warrants	0	−527,000	−2	−20	6
Deferred tax expense (benefit)	2	−2	4	7	4
Accounts and financing receivables	16	−22	−21	−37	−38
Inventories	121	−65	−388	−195	47
Prepaids, operating leases and other	9	2	4	−12	−6
Accounts payable	−660,000	−27	28	−6	8
Accrued expenses and other liabilities	−137,000	−4	4	8	6
Floor plan payables - trade, net	−39	77	117	64	−18
Customer deposits and deferred revenue	−3	−2	−6	−1	20
Net cash flow from (for) operating activities	310	122	−31	46	139
Acquisition of businesses, net of cash acquired	0	−6	0	−50	−1,338
Purchases of rental equipment	−457	−398	−364	−341	−188
Proceeds from sales and disposals of rental equipment	206	205	230	206	100
Proceeds from sale leaseback transaction, net of expenses	0	53	0	0	—
Purchase of non-rental property and cloud computing arrangements	−32	−40	−42	−34	−3
Net cash flow for investing activities	−282	−187	−177	−219	−1,429
Borrowings under revolving credit facilities	346	256	221	153	491
Repayments under revolving credit facilities	−231	−225	−106	−110	−347
Proceeds from debt, net issuance costs	7	8	21	−104,000	—
Repayments of notes payable	0	−3	0	0	−508
Principal payments on long-term debt	−8	−8	−8	−1	—
Finance lease payments	0	0	−3	−4	−5
Acquisition of inventory through floor plan payables - non-trade	482	606	789	620	305
Repayment of floor plan payables - non-trade	−587	−544	−674	−492	−354
Repurchase of common stock	−33	−29	−39	−10	0
Share-based payments	−1	−1	792,000	−2	−652,000
Net cash flow (for) from financing activities	−25	58	203	154	1,323
Effect of exchange rate changes on cash and cash equivalents	87,000	713,000	554,000	−2	0
Net Change in Cash and Cash Equivalents	2	−7	−4	−22	32
Interest paid	155	152	123	81	93
Income taxes paid by jurisdiction, net of refunds	713,000	4	2	567,000	541,000
Property and equipment purchases in accounts payable	1	564,000	2	68,000	0
Rental equipment sales in accounts receivable	2	4	23	11	2

Filings

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