Custom Truck Posts Record Q4 $528M Revenue, 84% Utilization
Custom Truck One Source achieved record Q4 revenue of $528 million with rental utilization at 84% and full-year adjusted EBITDA of $384 million, up 13%, while order backlog jumped to $370 million in early 2026 and a strategic crane partnership was announced. TES revenue fell 8% and GAAP net loss was $31 million.
1. Revenue and Profitability
Custom Truck One Source reported Q4 2025 revenue of $528 million, marking a quarterly record, and full-year adjusted EBITDA reached $384 million, a 13% increase over 2024. Despite these gains, the company recorded a GAAP net loss of $31 million for the full year, influenced by a prior-year sale-leaseback gain reversal.
2. Operational Strengths and Backlog
The rental division achieved a utilization rate of 84%, the highest in nearly three years, supported by a younger fleet with an average age of 2.9 years. Order backlog rose 20% from Q3 to $335 million at year-end and further climbed to $370 million in early 2026, underscoring sustained demand.
3. Segment Performance and Outlook
TES segment revenue declined 8% year-over-year in Q4 due to customers accelerating capital spending earlier in the year, and pricing pressure affected truck sales. Management expects maintenance CapEx to decrease in 2026 and believes the new partnership with crane manufacturer Hab will bolster long-term service capabilities.