Custom Truck One Source, Inc.
Custom Truck One Source, Inc. provides specialty trucks, heavy equipment, and related services for infrastructure-heavy end markets across North America. The company combines rental, new and used equipment sales, aftermarket parts, and repair/customization services into a single operating model aimed at utilities, contractors, and other industrial customers with technical fleet needs.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueRental of specialty trucks and equipment used in utility, telecom, rail, and infrastructure projects.
Sale of new and used specialty equipment, vocational trucks, and upfit services.
Parts, tools, accessories, maintenance, repair, and field support services.
Products
Reported · share of revenue- Sales and Services Equipment Sales89.8 %
- Sales and Services Parts and Services8.5 %
- Rental Revenue1.8 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company sells to a broad base of infrastructure-focused customers, including utilities, contractors, telecom operators, rail-related customers, and other industrial service providers. These customers buy or rent equipment because they need specialized fleets quickly, want to avoid large capital outlays, and value a single vendor that can supply equipment, parts, and service support.
Buys specialty trucks and rental equipment for line maintenance, upgrades, and new builds.
Rents and purchases equipment for project-based work where flexibility and uptime matter.
Uses bucket trucks and related equipment for network buildout and maintenance.
Buys or rents specialized equipment for rail maintenance and infrastructure work.
Purchases or rents specialty vehicles and tools for field operations and service work.
Strategy
The company is focused on deepening its one-stop-shop model by combining rental, sales, parts, and service around the same customer base. Management emphasizes fleet utilization, national asset repositioning, and direct-to-customer sales to improve returns, shorten lead times, and strengthen customer retention.
Higher utilization improves returns on the rental fleet and supports cash generation.
Selling rental, parts, and service to the same customer increases penetration and retention.
Customization and direct sales support pricing power, shorter lead times, and better resale outcomes.
Geography
Q1/2026Custom Truck operates more than 40 locations across the United States and Canada, with a nationwide branch network and mobile technician coverage supporting customers in the field. The business is concentrated in North America, so demand is tied to U.S. and Canadian infrastructure spending, utility capex, and regional fleet utilization patterns.
Share of the revenue the company reports by geography.
Risks
The business depends on efficient fleet management, reliable supply chains, and continued demand from infrastructure end markets. Because the company owns and maintains a large specialty fleet, utilization, asset placement, and residual values can materially affect profitability, while tariffs, inflation, and supply disruptions can raise costs and delay production.
- Supply chain disruption and input cost inflationImpact: HighLikelihood: High
The company depends on raw materials, component parts, and finished goods for manufacturing and fleet support.
Exposure - Tariffs and trade restrictionsImpact: HighLikelihood: Medium
Higher tariffs can increase the cost of imported goods and raw materials and squeeze margins if not passed through.
Exposure: Imported components and raw materials
- Rental fleet utilization and asset managementImpact: HighLikelihood: Medium
The business relies on keeping specialty equipment deployed where demand exists; misallocation reduces returns.
Exposure: ERS fleet and national repositioning
- Cybersecurity and IT disruptionImpact: MediumLikelihood: Medium
The company relies on connected systems, call-center support, and field coordination across a distributed network.
Exposure: Customer data and operational systems
- Goodwill impairmentImpact: Medium
Reporting unit values depend on future cash flows and market conditions in utility, telecom, rail, and infrastructure markets.
Exposure
Accounting
Judgemental itemsRental, equipment sales, and parts/service revenue are recognized differently and affect period comparability.
Impact: Mix shifts can change reported margins and growth rates
The company depreciates fleet assets over estimated useful lives and residual values.
Impact: Changes in estimates affect depreciation expense and book value
Management tests ERS, TES, and APS using discounted cash flow and market assumptions.
Impact: Adverse market changes could trigger impairment charges
Collectability estimates are recorded directly against rental revenue and receivables.
Impact: Credit deterioration can reduce revenue and increase bad debt expense
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Last updated: 24/09/2026