Custom Truck One Source, Inc. (CTOS) Tops Q1 EPS by 4c, Beats on Revenue; Offers Guidance

Custom Truck One Source, Inc. (NYSE: CTOS) reported Q1 EPS of ($0.02), $0.04 better than the analyst estimate of ($0.06). Revenue for the quarter came in at $461.6 million versus the consensus estimate of $452.15 million.

We are reaffirming our full year consolidated revenue for 2026 and increasing our Adjusted EBITDA guidance to reflect our strong first quarter and continued momentum in the rental business.

Consolidated CTOS:

Revenue is expected to increase 3% to 9% year-over-year, with Adjusted EBITDA1, 4 expected to increase 8% to 15%
Net rental fleet investment (purchases less proceeds) for 2026 is expected to be approximately $150 million to $170 million, with mid-single digit net OEC growth, reflecting a meaningful reduction from over $250 million in 2025
Inventory months on hand is expected to continue trending toward the targeted level of below six months, supporting working capital improvement; and
Levered free cash flow2, 4 is expected to exceed $50 million for 2026 and net leverage ratio3, 4 is expected to be meaningfully below four times by the end of fiscal 2026; the longer-term target remains achieving a net leverage ratio3, 4 below three times in 2027.

For earnings history and earnings-related data on Custom Truck One Source, Inc. (CTOS) click here.

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