Custom Truck One Source Posts Q1 Revenue Of $462M, EBITDA Jumps 33%
Custom Truck One Source delivered Q1 revenue of $462 million, up 9% year over year, and adjusted EBITDA of $98 million, up 33%, as SER margin climbed 415 basis points to 51.5%. It raised 2026 guidance to $2.005–2.12 billion revenue and $415–440 million EBITDA.
1. Q1 Financial Highlights
Custom Truck One Source reported Q1 revenue of $462 million, marking a 9% increase year over year, and achieved adjusted EBITDA of $98 million, a 33% rise driven by operational efficiencies and revenue growth.
2. Segment Performance
The Specialty Equipment Rentals segment generated $194 million in revenue, up 16% with margins improving 415 basis points to 51.5% on high utilization of 81.4%, while the Specialty Truck and Equipment Manufacturing unit saw $268 million in revenue, up 5%, and contributed $33 million in adjusted EBITDA.
3. Balance Sheet and Leverage
Original Equipment Cost on rent reached $1.34 billion, up 12% year over year, while net debt stood at $1.65 billion, resulting in a net leverage ratio slightly above four times, highlighting both investment intensity and financial leverage.
4. Guidance and Backlog
For full-year 2026, the company forecast revenue of $2.005–2.12 billion and adjusted EBITDA of $415–440 million, with SER revenue guidance of $835–870 million and STEM revenue of $1.58–1.655 billion; new sales order backlog increased 23% sequentially to $411 million.