Custom Truck One Source, Inc. Reports Record Third Quarter 2026 Results and Increases Full Year 2026 Adjusted EBITDA and SER Revenue Guidance

What happened

Custom Truck One Source reported third-quarter 2026 revenue of $495.2 million, up 2.7% from a year earlier, with rental revenue up 20.1%. Adjusted EBITDA rose 15.6% to $110.9 million, and the company increased full-year 2026 Adjusted EBITDA and SER revenue guidance.

Confirmed

Global impact / market context

Rental revenue growing faster than total revenue suggests customers are paying to use equipment rather than buy it, which can support steadier recurring cash. Higher guidance signals management expects this demand to continue, which investors often treat as a sign of confidence in future earnings.

Analyst inference

The company sells and rents specialty equipment to electric utility, telecom, rail, forestry and waste management customers, so its results track infrastructure spending. More than $20.0 million of third-party STEM deliveries shifted into the fourth quarter, meaning some revenue expected earlier lands later and could affect how the next quarter compares.

Analyst inference

What to watch

1. Watch whether the more than $20.0 million of third-party STEM deliveries shifted into the fourth quarter are completed and booked as revenue in that period, since they were expected earlier. Confirmed
2. Track whether rental revenue keeps growing near 20.1% and whether fleet utilization, which is the share of equipment rented out, stays near the reported 81.5% level. Proposed
3. Compare fourth-quarter revenue and Adjusted EBITDA against the raised full-year guidance, because the raised outlook implies management expects the delayed deliveries and rental demand to lift results. Analyst inference

Evidence

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