Custom Truck One Source, (CTOS-WT) Q1 2026 Earnings Report

Summary of Q1 2026 results for Custom Truck One Source. Revenue reached approximately $461.6 million, up from the year-ago quarter on a sequential basis, with EBITDA of about $31.5 million and an operating income of roughly $31.5 million, translating to an EBITDA margin of 6.8% and an operating margin of 6.8%. However, the company reported a net loss of about $4.1 million for the quarter, with a net income margin near break-even, as significant non-operating costs weighed on the bottom line. Interest expense was approximately $35.0 million, and total other income/expenses net was about $(35.3) million, driving a pre-tax loss of roughly $(3.8) million before taxes, and a small tax benefit of about $0.3 million. The result underscores the ongoing challenge of debt service and non-operating items despite positive operating momentum.

Looking ahead, topline momentum appears favorable on a sequential basis, reflecting fleet activity and demand in infrastructure-related end markets. The key question for investors is whether the company can convert positive operating earnings into sustained free cash flow by addressing leverage, optimizing fleet utilization, and controlling non-operating costs. The near-term objective will be to stabilize liquidity and reduce debt service burden to unlock margin expansion and stronger cash generation over the balance of 2026.