Custom Truck One Source (CTOS) financial statements
Custom Truck One Source reported revenue of $1.9B in fiscal 2025, up 32.6% a year over 8 years.
Net income was -$31M and the operating margin 6.4%, against 11.5% in 2017.
The diluted share count rose 948% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Custom Truck One Source's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $204M | $246M | $264M | $303M | $1.2B | $1.6B | $1.9B | $1.8B | $1.9B |
| Cost of revenue | $146M | $165M | $177M | $226M | $957M | $1.2B | $1.4B | $1.4B | $1.5B |
| Gross profit | $58M | $82M | $87M | $76M | $210M | $384M | $454M | $390M | $412M |
| Selling, general and admin | $28M | $33M | $37M | $46M | $156M | $211M | $231M | $230M | $230M |
| Operating income | $23M | $43M | $36M | $17M | -$42M | $103M | $171M | $126M | $125M |
| Interest expense | — | — | — | — | $5M | $13M | $37M | — | — |
| Pre-tax income | -$31M | -$14M | -$33M | -$51M | -$177M | $47M | $58M | -$29M | -$28M |
| Income tax | -$3M | $2M | -$6M | -$30M | $4M | $8M | $7M | -$532,000 | $3M |
| Net income | -$27M | -$16M | -$27M | -$21M | -$182M | $39M | $51M | -$29M | -$31M |
| EPS (diluted) | -$1.25 | -$0.72 | -$0.82 | -$0.43 | -$0.75 | $0.16 | $0.21 | -$0.12 | -$0.14 |
| Diluted shares | 22M | 22M | 33M | 49M | 241M | 248M | 246M | 237M | 227M |
| Gross margin | 28.3% | 33.1% | 32.8% | 25.3% | 18.0% | 24.4% | 24.4% | 21.7% | 21.2% |
| Operating margin | 11.5% | 17.5% | 13.6% | 5.7% | -3.6% | 6.6% | 9.2% | 7.0% | 6.4% |
| Net margin | -13.3% | -6.3% | -10.2% | -7.0% | -15.6% | 2.5% | 2.7% | -1.6% | -1.6% |
Balance sheet
Fiscal years, from Custom Truck One Source's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $501,925 | $2M | $6M | $3M | $36M | $14M | $10M | $4M | $6M |
| Receivables | — | $53M | $71M | $61M | $168M | $193M | $215M | $216M | $196M |
| Inventory | — | $11M | $33M | $31M | $411M | $597M | $986M | $1.0B | $931M |
| Total current assets | $608,840 | $69M | $116M | $103M | $657M | $868M | $1.3B | $1.3B | $1.2B |
| Property, plant and equipment | — | $3M | $7M | $6M | $109M | $122M | $142M | $131M | $143M |
| Goodwill | — | $229M | $238M | $238M | $696M | $704M | $704M | $705M | $705M |
| Total assets | $403M | $692M | $815M | $768M | $2.7B | $2.9B | $3.4B | $3.5B | $3.4B |
| Total current liabilities | $176,468 | $53M | $78M | $71M | $441M | $635M | $897M | $1.0B | $873M |
| Long-term debt | — | $757M | $713M | $716M | $1.3B | $1.4B | $1.5B | $1.5B | $1.6B |
| Total liabilities | $14M | $14M | $827M | $799M | $1.8B | $2.0B | $2.5B | $2.6B | $2.6B |
| Shareholders' equity | -$144M | -$159M | -$12M | -$31M | $859M | $888M | $917M | $861M | $809M |
| Net debt | -$501,925 | $757M | $708M | $714M | $1.3B | $1.3B | $1.5B | $1.5B | $1.6B |
Cash flow
Fiscal years, from Custom Truck One Source's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $17M | $41M | $19M | $43M | $139M | $46M | -$31M | $122M | $310M |
| Stock-based compensation | $1M | $1M | $1M | $2M | $17M | $12M | $13M | $12M | $8M |
| Share buybacks (net) | — | — | — | $0 | $0 | -$10M | -$39M | -$29M | -$33M |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for CTOS.
Open CTOS in InvestinglyQuestions
What was Custom Truck One Source's revenue in 2025?
$1.9B in fiscal 2025, from its 10-K filing.
From Custom Truck One Source's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.