CTOS on NYSE

Custom Truck One Source, Inc.

American equipment rental and leasing services company based in Kansas City. Summary from the record

Price unavailable

Last updated Oct 19, 2026.

Overview

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  • TickerCTOS on NYSE2
  • IndustryServices-Equipment Rental & Leasing, NEC2
  • HeadquartersKansas City, United States2
  • Incorporated inDE3
  • Business address7701 Independence Avenue, Kansas City, Mo 641253
  • Filer categoryAccelerated filer3
  • Legal formCorporation2
  • LEI2549008QOVAS9KBZ4E502
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O The Corporation Trust Company, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 75385502

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Any statements made in this report that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and should be evaluated as such. These statements often include words such as “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “suggests,” “plans,” “targets,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose,” “could,” “would,” and other similar expressions. We base these forward-looking statements or projections on our current expectations, plans and assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances and at …4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

28.5%Gross margin5
8.6%Operating margin5
-2.1%Net margin5
6.4%Revenue growth, 20255
-3.8%Return on equity5
2.00×Debt to equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Equipment Sales brought in 46% of the revenue Custom Truck One Source, Inc. broke down this way in fiscal 2025.

  1. Equipment Sales$1.3B546%up 7% from 2024
  2. Sales and Services, Equipment Sales$1.3B546%up 7% from 2024
  3. Sales And Services, Parts And Services$122.3M54%down 3% from 2024
  4. Sales and Services, Parts And Services, Services To Customers$31.0M51%up 14% from 2024
  5. Rental Revenue$25.6M51%up 24% from 2024
  6. Rental Revenue, Shipping And Handling$25.6M51%up 24% from 2024
Products and services by year
Products and services202320242025
Equipment Sales$1.3B$1.2B$1.3B
Sales and Services, Equipment Sales$1.2B$1.2B$1.3B
Sales And Services, Parts And Services$110.6M$126.2M$122.3M
Sales and Services, Parts And Services, Services To Customers$30.0M$27.2M$31.0M
Rental Revenue$25.2M$20.7M$25.6M
Rental Revenue, Shipping And Handling$25.2M$20.7M$25.6M

Business segments

Truck And Equipment Sales brought in 56% of the revenue Custom Truck One Source, Inc. broke down this way in fiscal 2025.

  1. Truck And Equipment Sales$1.1B556%up 4% from 2024
  2. Equipment Rental Solutions$701.0M536%up 17% from 2024
  3. Aftermarket Parts and Services$147.7M58%down 1% from 2024
Business segments by year
Business segments202320242025
Truck And Equipment Sales$990.4M$1.1B$1.1B
Equipment Rental Solutions$726.2M$597.8M$701.0M
Aftermarket Parts and Services$148.5M$149.1M$147.7M

Regions

United States brought in 98% of the revenue Custom Truck One Source, Inc. broke down this way in fiscal 2025.

  1. United States$1.9B598%up 8% from 2024
  2. CA [member]$39.6M52%down 16% from 2024
Regions by year
Regions202320242025
United States$1.8B$1.8B$1.9B
CA [member]$48.6M$47.1M$39.6M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue87¢$1.5B
  • Selling, general and admin13¢$230.1M
  • Income tax0¢$2.9M

Out of $1.4B in revenue.5 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Share buybacks11¢$32.6M
  • Kept or used elsewhere89¢$277.5M

Out of $310.1M of cash from operations.5

Financial statements

Revenue67895$1.4B in 2025+1832% since 2019
0$500.0M$1.0B$1.5B2019: $74.9M$74.9M20192020: $115.2M$115.2M2020+54%2021: $788.5M$788.5M2021+584%2022: $1.1B$1.1B2022+38%2023: $1.3B$1.3B2023+23%2024: $1.4B$1.4B2024+2%2025: $1.4B$1.4B2025+6%
Gross profit67895$411.9M in 2025+376% since 2019
0$200.0M$400.0M$600.0M2019: $86.5M$86.5M20192020: $76.4M$76.4M2020−12%2021: $210.0M$210.0M2021+175%2022: $383.7M$383.7M2022+83%2023: $454.3M$454.3M2023+18%2024: $390.3M$390.3M2024−14%2025: $411.9M$411.9M2025+6%
Operating income67895$124.9M in 2025+247% since 2019
-$100.0M0$100.0M$200.0M2019: $36.0M$36.0M20192020: $17.2M$17.2M2020−52%2021: -$42.0M-$42.0M20212022: $103.3M$103.3M20222023: $170.9M$170.9M2023+65%2024: $126.4M$126.4M2024−26%2025: $124.9M$124.9M2025−1%
Net income67895-$31.1M in 2025+15% since 2019
-$200.0M-$100.0M0$100.0M2019: -$27.1M-$27.1M20192020: -$21.3M-$21.3M2020−21%2021: -$181.5M-$181.5M2021+753%2022: $38.9M$38.9M20222023: $50.7M$50.7M2023+30%2024: -$28.7M-$28.7M20242025: -$31.1M-$31.1M2025+8%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Total revenue$1.9B$1.8B$1.9B
Depreciation of rental equipment$215.6M$183.5M$170.7M
Total cost of revenue$1.5B$1.4B$1.4B
Gross Profit$411.9M$390.3M$454.3M
Selling, general and administrative expenses$230.1M$229.5M$231.4M
Amortization$27.0M$26.7M$27.1M
Non-rental depreciation$13.3M$13.3M$10.7M
Transaction expenses and other$16.6M$17.9M$14.1M
Gain on sale leaseback transaction$0-$23.5M$0
Total operating expenses$286.9M$263.9M$283.3M
Operating Income (Loss)$124.9M$126.4M$170.9M
Interest expense, net$157.6M$167.1M$131.3M
Financing and other (income) expense-$4.5M-$11.6M-$18.4M
Total other expense$153.1M$155.6M$112.9M
Income (Loss) Before Income Taxes-$28.1M-$29.2M$58.1M
Income Tax Expense (Benefit)$2.9M-$532.0K$7.4M
Net Income (Loss)-$31.1M-$28.7M$50.7M
Unrealized foreign currency translation adjustments, net$4.1M-$8.8M$3.0M
Other Comprehensive Income (Loss)$4.1M-$8.8M$3.0M
Comprehensive Income (Loss)-$26.9M-$37.4M$53.7M
Basic (in dollars per share)-$0.14-$0.12$0.21
Diluted (in dollars per share)-$0.14-$0.12$0.21
Basic (in shares)227.0M shares237.0M shares245.1M shares
Diluted (in shares)227.0M shares237.0M shares245.7M shares

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Leadership

Who has led Custom Truck One Source, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Lee Jacobson2019–2020
  2. Fredrick M. Ross Jr.2021–2023
  3. Ryan McMonagle2023–now

President

  1. L. Dyson Dryden2017
  2. Robert Blackadar2019–2020
  3. Joe P. Ross2021–2023
  4. Ryan McMonagle2021–2023
  5. Thomas R. Rich2023–now

Chief financial officer

  1. L. Dyson Dryden2017
  2. Bruce Heinemann2019–2020
  3. Joshua A. Boone2020
  4. Brad Meader2021–2022
  5. Christopher J. Eperjesy2022–now

Chief operating officer

  1. Kevin Kapelke2019–2020
  2. Ryan McMonagle2021–2023
20202025
Board members and other officers (29)

Former names

  • NESCO HOLDINGS, INC.Jul 30, 2019 to Mar 22, 20213
  • Capitol Investment Corp. IVJul 3, 2017 to Jul 30, 20193

Timeline

  1. Nov 15, 2023New chief executive Ryan McMonagle becomes CEO13
  2. Apr 5, 2021New chief executive Fredrick M. Ross Jr. becomes CEO14
  3. Aug 1, 2019New chief executive Lee Jacobson becomes CEO15
  4. Jul 30, 2019Founded Custom Truck One Source, Inc. is founded2

Filings

296 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 55 major events, 167 insider forms, 10 large holders, 44 other. The latest 20:

  1. Aug 3, 202610-Q EDGAR
  2. Aug 3, 20268-K EDGAR
  3. Jun 11, 20268-K EDGAR
  4. Apr 29, 2026ARS EDGAR
  5. Apr 29, 2026DEFA14A EDGAR
  6. Apr 29, 2026DEF 14A EDGAR
  7. Apr 27, 202610-Q EDGAR
  8. Apr 27, 20268-K EDGAR
  9. Apr 10, 2026144 EDGAR
  10. Apr 3, 20264 EDGAR
  11. Apr 3, 20264 EDGAR
  12. Apr 3, 20264 EDGAR
  13. Apr 3, 20264 EDGAR
  14. Apr 3, 20264 EDGAR
  15. Apr 3, 20264 EDGAR
  16. Apr 2, 20264 EDGAR
  17. Apr 2, 20264 EDGAR
  18. Apr 2, 20264 EDGAR
  19. Apr 2, 20264 EDGAR
  20. Apr 2, 20264 EDGAR

The 296 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

37 open-market trades by officers, directors and large owners since October 2021: 25 buys and 12 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jan 30, 2025Platinum Equity InvestCo, L.P.10% ownerBuy8,143,635$4.00$32.6MForm 4
Jan 30, 2025Gores Tom10% ownerBuy8,143,635$4.00$32.6MForm 4
Sep 5, 2024ENERGY CAPITAL PARTNERS III-D, LP10% ownerSale2,354,109$3.42$8.1MForm 4
Sep 5, 2024NESCO Holdings GP, LLC10% ownerSale2,354,109$3.42$8.1MForm 4
Aug 27, 2024Energy Capital Partners Management, LPDirectorSale18,640$4.17$77.7KForm 4
Aug 7, 2024Ross Joe P.President - SalesBuy84,254$3.98$335.3KForm 4
Aug 6, 2024Rich Thomas R.President - RentalsBuy26,200$3.84$100.6KForm 4
Jun 14, 2024Heinberg MarshallDirectorBuy10,000$4.34$43.4KForm 4
May 8, 2024McMonagle RyanChief Executive OfficerBuy10,000$4.04$40.4KForm 4
May 8, 2024NELSON GEORGIA RDirectorBuy12,000$4.12$49.4KForm 4
May 7, 2024BARRETT RAYMOND TODDChief Accounting OfficerBuy3,000$4.12$12.4KForm 4
May 7, 2024Eperjesy Christopher JChief Financial OfficerBuy20,000$3.90$78.0KForm 4
May 7, 2024Heinberg MarshallDirectorBuy40,000$4.07$162.8KForm 4
Nov 14, 2023McMonagle RyanChief Executive OfficerBuy20,000$5.17$103.4KForm 4
Nov 13, 2023Eperjesy Christopher JChief Financial OfficerBuy40,000$4.89$195.6KForm 4
Nov 10, 2023EIN MARKDirectorBuy100,000$4.96$496.0KForm 4
Nov 10, 2023Heinberg MarshallDirectorBuy30,000$4.79$143.7KForm 4
Sep 11, 2023ECP Management GP, LLCDirectorSale41,140$6.51$267.8KForm 4
Sep 8, 2023Energy Capital Partners Management, LPDirectorSale48,294$6.56$316.8KForm 4
Sep 7, 2023Energy Capital Partners Management, LPDirectorSale45,660$6.72$306.8KForm 4

All 37 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Platinum Equity Advisors, LLC/DE156,743,635$1.9B20.7%No change
Dimensional Fund Advisors LP6,172,555$72.9M0.0%+569,717
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.6,156,876$72.7M0.1%+481,958
Canvas Wealth Advisors, LLC5,982,649$70.7M9.9%−1,036,877
BlackRock, Inc.4,574,024$54.0M0.0%+321,052
Vanguard Capital Management LLC2,578,410$30.5M0.0%+52,666
Allspring Global Investments Holdings, LLC2,692,878$29.7M0.0%−1,221,255
Arrowstreet Capital, Limited Partnership2,202,031$26.0M0.0%+1,145,481
Goldman Sachs Group Inc1,877,617$22.2M0.0%+1,361,882
Geode Capital Management, LLC1,727,646$20.4M0.0%+257,010
First Eagle Investment Management, LLC1,723,506$20.4M0.0%+957,684
Alyeska Investment Group, L.P.1,642,331$19.4M0.0%−1,183,489
Boston Partners1,625,092$19.2M0.0%−391,314
Jpmorgan Chase & Co1,587,319$19.0M0.0%+817,100
State Street Corp1,518,554$17.9M0.0%+32,503
First Trust Advisors LP1,510,931$17.8M0.0%+209,580
Morgan Stanley1,258,227$14.9M0.0%+360,702
Bank Of America Corp /de/1,193,457$14.1M0.0%−2,379
Algert Global LLC1,174,190$13.9M0.2%+978,430
Clearbridge Investments, LLC1,006,418$11.9M0.0%−397,547
Vanguard Portfolio Management LLC954,705$11.3M0.0%+447,396
Bridgeway Capital Management, LLC908,125$10.7M0.2%+63,010
Mackenzie Financial Corp885,956$10.5M0.0%+296,856
Empowered Funds, LLC873,125$10.3M0.1%+63,010
Aqr Capital Management LLC753,989$8.9M0.0%+103,289

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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