Custom Truck One Source Q2 revenue $563.4M (+10.2% YoY), raises FY2026 guidance

Custom Truck One Source, Inc.

Record Q2 revenue $563.4M (+10.2% YoY); net income $10.4M vs loss of $28.4M in Q2 2025.
Adjusted EBITDA $116.8M (+25.0% YoY); raised FY2026 revenue guidance to $2.1B-$2.2B and Adj. EBITDA to $437.5M-$455M.
SER segment revenue $218.8M (+19.7% YoY); fleet utilization 81.6% (up 400 bps YoY); ending OEC $1.68B (record).
STEM segment external revenue $344.6M (+4.9% YoY); backlog $322M (3.5 months of LTM sales).
Net leverage ratio reduced to 3.85x from 4.02x at Q1 2026; levered free cash flow expected >$50M in 2026.

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