Custom Truck One Source, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Custom Truck One Source, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	204	246	264	303	1,167	1,573	1,865	1,802	1,944
Cost of revenue	146	165	177	226	957	1,189	1,411	1,412	1,532
Gross profit	57.7	81.6	86.5	76.4	210	384	454	390	412
Selling, general and administrative	27.6	32.7	37.3	46.4	156	211	231	230	230
Operating expenses	34.3	38.5	50.5	59.2	252	280	283	264	287
Operating income	23.5	43.2	36	17.2	-42	103	171	126	125
Interest expense					5.2	12.6	36.6
Interest income		6.68
Other non-operating income	-54.1	-57	-69.1	-68.6	-135	-56.6	-113	-156	-153
Pre-tax income	-30.6	-13.8	-33	-51.4	-177	46.7	58.1	-29.2	-28.1
Income tax	-3.49	1.71	-5.99	-30.1	4.43	7.83	7.36	-0.53	2.92
Net income	-27.1	-15.5	-27.1	-21.3	-182	38.9	50.7	-28.7	-31.1
EBITDA	26.3	46.2	113	102	167	327	390	362	389
EPS, basic	-1.25	-0.72	-0.82	-0.43	-0.75	0.16	0.21	-0.12	-0.14
EPS, diluted	-1.25	-0.72	-0.82	-0.43	-0.75	0.16	0.21	-0.12	-0.14
Shares, basic (weighted)	21.7	21.7	33.1	49.1	241	247	245	237	227
Shares, diluted (weighted)	21.7	21.7	33.1	49.1	241	248	246	237	227

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.5	2.14	6.3	3.41	35.9	14.4	10.3	3.81	6.27
Receivables		52.6	71.3	60.9	168	193	215	216	196
Inventory		11.4	33	31.4	411	597	986	1,049	931
Other current assets	0.11	2.48	5.22	7.53	13.2	25.8	23.9	23.6	17
Total current assets	0.61	68.6	116	103	657	868	1,266	1,301	1,159
Property, plant and equipment		2.76	6.56	6.27	109	122	142	131	143
Lease right-of-use assets				0	36	29.4	38.4	94.7	111
Goodwill		229	238	238	696	704	704	705	705
Intangible assets		70.7	70.6	67.6	328	304	277	252	226
Other non-current assets		299		0.5	24.4	26.9	23.4	16	11.8
Total assets	403	692	815	768	2,684	2,938	3,368	3,502	3,441
Accounts payable	0.18	20.9	41.2	31.8	91.1	87.3	118	88.5	88.4
Accrued liabilities		20.4	27.6	32	60.3	68.8	73.8	69.3	69.2
Deferred revenue				0.98	35.8	34.7	28.8	21.5	19.9
Short-term debt		2.53	1.28	1.28	6.35	6.94	8.26	7.84	25.9
Total current liabilities	0.18	53.4	77.8	71.4	441	635	897	1,001	873
Long-term debt		757	713	716	1,308	1,355	1,487	1,520	1,619
Lease liabilities				0	31.5	24.8	32.7	88.7	106
Other non-current liabilities		0.42	1.71	7.01
Total liabilities	14.3	14.2	827	799	1,825	2,050	2,451	2,641	2,632
Total debt		759	714	717	1,315	1,362	1,495	1,528	1,645
Paid-in capital	5.78	259	433	435	1,509	1,521	1,538	1,551	1,560
Retained earnings	-0.78	-418	-445	-466	-647	-609	-558	-587	-618
Treasury stock				0	-3.02	-15.5	-56.5	-88.2	-123
Other comprehensive income		-0.4	0		0	-8.95	-5.98	-14.7	-10.6
Shareholders' equity	-144	-159	-12.1	-31.1	859	888	917	861	809
Total equity	-144	-159	-12.1	-31.1	859	888	917	861	809
Total liabilities and equity	403	692	815	768	2,684	2,938	3,368	3,502	3,441
Shares outstanding		21.7	49	49.2	247	248	241	234	227

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-27.1	-15.5	-27.1	-21.3	-182	38.9	50.7	-28.7	-31.1
Depreciation and amortization	2.86	3.05	76.8	84.9	209	223	219	236	264
Stock-based compensation	1.1	1.13	1.01	2.36	17.3	12.3	13.3	11.9	8.47
Deferred income tax	-4.36	1.1	1.1	-11	-42.1	9.4	15	-6.26	-10.7
Change in receivables	-20.5	-5.19	-17.1	7.06	-37.7	-36.8	-20.9	-21.8	15.6
Change in inventory	-8.74	-8.02	-22.7	-9.64	46.6	-195	-388	-64.9	121
Change in payables	5.57	-4.31	7.55	3.11	8.06	-5.59	28.3	-27.5	-0.66
Cash from operations	17.2	41	18.8	42.8	139	46	-30.9	122	310
Acquisitions	-0.48	-1.52	-48.4	0	-1,338	-49.8	0	-6.02	0
Cash from investing	-21.4	-27.4	-130	-29.3	-1,429	-219	-177	-187	-282
Debt issued	0	0	475	0	953	0	21.4
Stock issued			0	0	883	0	0
Share buybacks				0	0	-10.3	-38.8	-29	-32.6
Cash from financing	3.78	-12.4	115	-16.4	1,323	154	203	58.3	-25.3
Exchange rate effect				0	0	-2.47	0.55	0.71	0.09
Net change in cash	-0.36	1.18	4.16	-2.89	32.5	-21.5	-4.05	-6.5	2.47
Interest paid	49.8	53.8	53.6	60.3	92.6	81.2	123	152	155
Income taxes paid	0.6	0.53	0.46	0.65	0.54	0.57	2.13	4.14	0.71

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.45 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	22.2%	Gross profit / revenue.
Operating margin	8.0%	Operating income / revenue.
EBITDA margin	21.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.7%	Pre-tax income / revenue.
Net margin	1.1%	Net income / revenue.
Operating cash flow margin	9.7%	Cash from operations / revenue.
Effective tax rate	-59.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.6%	Net income / average total assets.
Return on invested capital (ROIC)	5.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	11.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	13.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	45.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	40.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-1.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	6.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	48.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	7.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	30.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	154.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	89.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	48.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-6.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-3.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-1.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	35.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	35.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.34x	Current assets / current liabilities.
Quick ratio	0.26x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.01x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.03x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	46.0%	Total debt / total assets.
Liabilities / assets	77.4%	Total liabilities / total assets.
Net debt	$1.65B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.79x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$339.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	25.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$101.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.56x	Revenue / average total assets.
Fixed asset turnover	13.1x	Revenue / average property, plant and equipment.
Inventory turnover	1.52x	Cost of revenue / average inventory.
Days inventory	240 days	365 x average inventory / cost of revenue.
Receivables turnover	8.30x	Revenue / average receivables.
Days sales outstanding	44 days	365 x average receivables / revenue.
Days payables	27 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	257 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.09	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$8.86	Revenue / diluted weighted shares.
Operating cash flow per share	$0.86	Cash from operations / diluted weighted shares.
Book value per share	$3.59	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.44	Tangible book value / shares outstanding.
Cash per share	$0.05	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.15B	Share price x shares outstanding.
Enterprise value	$3.80B	Market cap + total debt - cash - short-term investments.
P/E	100x	Market cap / net income. Only when net income is positive.
P/S	1.06x	Market cap / revenue.
P/B	2.63x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	10.9x	Market cap / cash from operations, when positive.
EV/Sales	1.87x	Enterprise value / revenue.
EV/EBIT	23.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.72x	Enterprise value / EBITDA, when both are positive.
Earnings yield	1.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

What was Custom Truck One Source, Inc.'s revenue in fiscal 2025?

Custom Truck One Source, Inc. reported revenue of $1.94B for fiscal 2025, 7.9% higher than the year before.

Was Custom Truck One Source, Inc. profitable in fiscal 2025?

No. It reported a net loss of $31.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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