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Rental & leasing services · Industrials · Fiscal year ends Dec 31
Custom Truck One Source reported revenue of $1.4B in the fiscal year ended Dec 2025, up 6.4% from the year before. Operating income was $125M, an operating margin of 8.6%, and net income was −$31M. Net debt was $1.6B.
Ranks among the 13 rental & leasing services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 788 | 1,085 | 1,331 | 1,360 | 1,446 |
| Cost of revenue | 957 | 1,189 | 1,411 | 1,412 | 1,532 |
| Gross profit | 210 | 384 | 454 | 390 | 412 |
| Selling, general & admin | 156 | 211 | 231 | 230 | 230 |
| Operating income | −42.0 | 103 | 171 | 126 | 125 |
| Interest expense | 5.2 | 12.6 | 36.6 | – | – |
| Pre-tax income | −177 | 46.7 | 58.1 | −29.2 | −28.1 |
| Income tax | 4.4 | 7.8 | 7.4 | −0.5 | 2.9 |
| Net income | −182 | 38.9 | 50.7 | −28.7 | −31.1 |
| Diluted EPS | −0.75 | 0.16 | 0.21 | −0.12 | −0.14 |
| Diluted shares | 241 | 248 | 246 | 237 | 227 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 35.9 | 14.4 | 10.3 | 3.8 | 6.3 |
| Receivables | 168 | 193 | 215 | 216 | 196 |
| Inventory | 411 | 597 | 986 | 1,049 | 931 |
| Current assets | 657 | 868 | 1,266 | 1,301 | 1,159 |
| Net PP&E | 109 | 122 | 142 | 131 | 143 |
| Goodwill | 696 | 704 | 704 | 705 | 705 |
| Total assets | 2,684 | 2,938 | 3,368 | 3,502 | 3,441 |
| Payables | 91.1 | 87.3 | 118 | 88.5 | 88.4 |
| Deferred revenue | 35.8 | 34.7 | 28.8 | 21.5 | 19.9 |
| Current liabilities | 441 | 635 | 897 | 1,001 | 873 |
| Short-term debt | 6.4 | 6.9 | 8.3 | 7.8 | 25.9 |
| Long-term debt | 1,308 | 1,355 | 1,487 | 1,520 | 1,619 |
| Total liabilities | 1,825 | 2,050 | 2,451 | 2,641 | 2,632 |
| Shareholders' equity | 859 | 888 | 917 | 861 | 809 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 139 | 46.0 | −30.9 | 122 | 310 |
| Depreciation & amortisation | 209 | 223 | 219 | 236 | 264 |
| Stock-based compensation | 17.3 | 12.3 | 13.3 | 11.9 | 8.5 |
| Acquisitions | 1,338 | 49.8 | 0.0 | 6.0 | 0.0 |
| Share buybacks | 0.0 | 10.3 | 38.8 | 29.0 | 32.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 37.6% | 22.7% | 2.2% | 6.4% |
| Operating income growth (YoY) | – | – | 65.5% | −26.1% | −1.1% |
| EPS growth (YoY) | – | – | 31.2% | −157.1% | – |
| Gross margin | 26.6% | 35.4% | 34.1% | 28.7% | 28.5% |
| Operating margin | −5.3% | 9.5% | 12.8% | 9.3% | 8.6% |
| Net margin | −23.0% | 3.6% | 3.8% | −2.1% | −2.1% |
| Return on equityBlank when equity is negative | −21.1% | 4.4% | 5.5% | −3.3% | −3.8% |
| ROCEEBIT ÷ (assets − current liabilities) | −1.9% | 4.5% | 6.9% | 5.1% | 4.9% |
| Cash conversion (CFO ÷ net income) | −0.77x | 1.18x | −0.61x | −4.26x | −9.99x |
| Receivable days | 78 | 65 | 59 | 58 | 49 |
| Inventory days | 157 | 183 | 255 | 271 | 222 |
| Payable days | 35 | 27 | 30 | 23 | 21 |
| Interest cover | −8.07x | 8.20x | 4.67x | – | – |
| Debt ÷ equity | 1.53x | 1.53x | 1.63x | 1.77x | 2.03x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,279 | 1,347 | 1,485 | 1,524 | 1,639 |
| Current ratio | 1.49x | 1.37x | 1.41x | 1.30x | 1.33x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.