Custom Truck One Source, Inc. filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $2.0 billion, which rose 5.8% on the year before. That growth rate was down 1.2 percentage points on the rate a quarter earlier.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
View chart data
| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | -3.4% | 7.0% | -6.3% |
| FY25 Q1 | -0.6% | 6.6% | -2.7% |
| FY25 Q2 | 6.2% | 6.9% | 1.6% |
| FY25 Q3 | 7.4% | 7.2% | 4.5% |
| FY25 Q4 | 7.9% | 6.4% | 2.4% |
| FY26 Q1 | 9.4% | 7.3% | 0.4% |
| FY26 Q2 | 7.0% | 8.0% | -3.7% |
| FY26 Q3 | 5.8% | 8.2% | 0.2% |
What stands out
Net income rose 45.9% over the year while free cash flow fell 95.4%, indicating that reported profit and cash are moving at different speeds.
Profit and margins
Reported profit is running well ahead of the cash. The trailing gross margin was 22.6%. The trailing operating margin was 8.2%, up 1.0 percentage points from a year earlier, while the trailing net margin was 1.4%. Net income over the twelve months was $29.5 million, which rose 45.9% on the year before.
Cash flow
Spending is outrunning the cash the business brings in, so less is left over. Operating cash flow over the twelve months was $279.0 million, down 19.1% on the year before. Capital spending, estimated from depreciation because the company no longer reports it in a standard form, was about $275.0 million. Alongside that, free cash flow, operating cash flow less that estimate, was about $4.0 million.
Share count
The average diluted share count fell 0.2% over the year.
In context
Measured against its own history: today’s free-cash-flow margin of 0.2% is higher than 54% of the company’s own past quarterly readings, which have ranged from −14.9% to 15.3%. Today’s operating margin of 8.2% is higher than 62% of past readings (−6.4% to 17.5%). Today’s twelve-month revenue growth rate of 5.8% is higher than 18% of past readings (−3.4% to 386.3%).
Guidance
The company raised its 2026 guidance for revenue to a range of $2,100.0 million to $2,200.0 million, for adjusted EBITDA to a range of $437.5 million to $455.0 million, for revenue for Specialty Equipment Rentals (SER) to a range of $850.0 million to $875.0 million, and for revenue for Specialty Truck Equipment & Manufacturing (STEM) to a range of $1,630.0 million to $1,700.0 million.
Next to watch
The next filing will show whether the trends above continue, slow or reverse.
