Revenue: As of FY2026 Q1, the actual value is USD 461.62 M, beating the estimate of USD 451.28 M.EPS: As of FY2026 Q1, the actual value is USD -0.02, beating the estimate of USD -0.0538.EBIT: As of FY2026 Q1, the actual value is USD 31.23 M.<h4>Consolidated Financial Performance (Three Months Ended March 31, 2026 vs. 2025)</h4><ul><li>Total Revenue: Custom Truck One Source, Inc. reported total revenue of $461.6 million, an increase of 9.3% compared to $422.2 million in Q1 2025 .<ul><li>Rental Revenue: Rental revenue was $137.2 million, up from $116.3 million in Q1 2025 .</li><li>Equipment Sales: Equipment sales reached $292.6 million, up from $273.9 million in Q1 2025 .</li><li>Parts Sales and Services: Parts sales and services were $31.8 million, down from $32.1 million in Q1 2025 .</li></ul></li><li>Gross Profit: Gross profit increased by 20.5% to $103.1 million, compared to $85.5 million in Q1 2025 .</li><li>Adjusted Gross Profit: Adjusted gross profit was $159.3 million, an increase of 17.4% compared to $135.6 million in Q1 2025 .</li><li>Net Income (Loss): Net income (loss) improved by 76.9% to - $4.1 million, compared to - $17.8 million in Q1 2025 .</li><li>Adjusted EBITDA: Adjusted EBITDA increased by 33.4% to $98.0 million, up from $73.4 million in Q1 2025 .</li><li>Operating Income: Operating income rose to $31.5 million, up from $12.4 million in Q1 2025 .</li><li>Total Operating Expenses: Total operating expenses were $71.6 million, down from $73.1 million in Q1 2025 .</li><li>Interest Expense, Net: Net interest expense was $35.0 million, down from $38.9 million in Q1 2025 .</li><li>Income (Loss) Before Income Taxes: Income (loss) before income taxes improved to - $3.8 million, from - $25.5 million in Q1 2025 .</li><li>Income Tax Expense (Benefit): Income tax expense (benefit) was $0.3 million, compared to - $7.7 million in Q1 2025 .</li></ul><h4>Consolidated Operational Metrics (Three Months Ended March 31, 2026 vs. 2025)</h4><ul><li>Ending OEC (as of period end): Ending OEC stood at $1,655.4 million, up from $1,548.2 million in Q1 2025 .</li><li>Average OEC on Rent: Average OEC on rent increased by 11.8% to $1,343.7 million, compared to $1,202.3 million in Q1 2025 .</li><li>Fleet Utilization: Fleet utilization was 81.4%, up from 77.7% in Q1 2025 .</li><li>OEC on Rent Yield: OEC on rent yield was 38.9%, up from 38.5% in Q1 2025 .</li><li>Sales Order Backlog (as of period end): Sales order backlog was $411.3 million, down from $420.1 million in Q1 2025 .</li></ul><h4>Balance Sheet and Cash Flow (as of March 31, 2026)</h4><ul><li>Cash and Cash Equivalents: Cash and cash equivalents totaled $9.6 million .</li><li>Total Debt Outstanding: Total debt outstanding was $1,648.5 million .</li><li>Net Debt: Net debt was $1,638.9 million, down from $1,654.5 million as of December 31, 2025 .</li><li>Net Leverage Ratio: The net leverage ratio was 4.02x, down from 4.31x as of December 31, 2025 .</li><li>Net Cash Flow from Operating Activities: Net cash flow from operating activities was $23.8 million for the three months ended March 31, 2026, compared to $55.6 million for the same period in 2025 .</li></ul><h4>Segment Performance (Three Months Ended March 31, 2026 vs. 2025)</h4><ul><li>Specialty Equipment Rentals (SER):<ul><li>Total Segment Revenue: Total segment revenue for SER was $204.8 million, up from $181.8 million in Q1 2025 .</li><li>Rental Revenue (external customers): Rental revenue from external customers was $137.2 million, up from $116.3 million in Q1 2025 .</li><li>Equipment Sales (external customers): Equipment sales to external customers were $37.8 million, up from $29.9 million in Q1 2025 .</li><li>Parts Sales and Services (external customers): Parts sales and services to external customers were $18.8 million, down from $21.0 million in Q1 2025 .</li><li>Adjusted EBITDA: Adjusted EBITDA for SER was $105.5 million, up from $86.0 million in Q1 2025 .</li></ul></li><li>Specialty Truck Equipment &amp; Manufacturing (STEM):<ul><li>Total Segment Revenue: Total segment revenue for STEM was $363.3 million, up from $349.9 million in Q1 2025 .</li><li>Equipment Sales (external customers): Equipment sales to external customers were $254.9 million, up from $244.0 million in Q1 2025 .</li><li>Parts Sales and Services (external customers): Parts sales and services to external customers were $13.0 million, up from $11.1 million in Q1 2025 .</li><li>Intersegment Sales: Intersegment sales were $95.5 million, up from $94.8 million in Q1 2025 .</li><li>Adjusted EBITDA: Adjusted EBITDA for STEM was $32.7 million, up from $13.1 million in Q1 2025 .</li></ul></li></ul><h4>Outlook for 2026</h4>Custom Truck One Source, Inc. raised its 2026 full-year Adjusted EBITDA guidance range to $415 million - $440 million, an increase from the previous $410 million - $435 million . The company anticipates a consolidated revenue increase of 3% to 9% year-over-year, with Adjusted EBITDA expected to grow by 8% to 15% . Furthermore, levered free cash flow is projected to exceed $50 million, and the net leverage ratio is expected to be significantly below four times by the end of fiscal year 2026 .

Custom Truck One Source | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 461.62 M