Custom Truck One Source (NYSE:CTOS), a premier provider of specialty equipment to the electric utility, telecommunications, and rail markets, reported record-breaking financial results for the fourth quarter and full year ended December 31, 2025.
For the fourth quarter, CTOS posted record revenue of $528.2 million, a 1.4% increase over the same period in 2024.
This contributed to a record full-year revenue of $1,944 million, representing a 7.9% annual climb.
While the company reported a fourth-quarter net income of $20.9 million, its full-year net loss widened slightly to $31.1 million, compared to a $28.7 million loss in 2024.
Despite the bottom-line deficit, operational efficiency showed significant momentum.
Quarterly adjusted EBITDA surged 18.4% to $120.7 million, while full-year adjusted EBITDA rose 12.9% to $383.6 million.
This profitability growth was supported by peak performance in the company's rental division; fleet utilization hit 83.6%, the highest level seen in nearly three years.
The company’s rental fleet health remained a primary growth engine.
The average Original Equipment Cost (OEC) on rent increased by 13.7% in the fourth quarter, reflecting a higher volume of specialized machinery deployed in the field.
Furthermore, the company ended the year with a sales order backlog of $335.3 million—a sequential increase of $55.5 million—indicating sustained demand for new equipment into 2026.