Custom Truck One Source Posts 20.9 Percent Second Quarter Uptick; 17.3 Percent in Rentals
Custom Truck One Source, provider of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America, posted total revenue of $511.5 million in the second quarter of 2025 compared to $423 million in revenue in the second quarter of 2024, a 20.9-percent increase. Rental revenue also increased in the quarter, with $120.8 million in Q225 revenue compared to $103 million in the second quarter of 2024, for a 17.3-percent hike.
Parts, sales and services report a small increase from $34.4 million to $34.6 million, a 0.5-percent increase when broken down more precisely. And equipment sales show a $356.1 million revenue figure for the second quarter, compared to $285.6 million in Q224, a 24.7-percent leap.
For the first six months of 2025, CTOS reported $933.7 million in total revenue, compared to $834.3 million for the first six months of 2024, an 11.9-percent jump. Rental revenue for the half year totaled $237.1 million in 2025, compared to $209.2 million for the previous year’s first six months, for a 13.3-percent growth.
“In the second quarter, we achieved strong year-over-year revenue growth of 21 percent and adjusted EBITDA growth of 17 percent, driven by growth in every segment,” said CEO Ryan McMonagle. “We continue to see steady performance in our core T&D market, carrying forward our solid first quarter performance into the second quarter. This resulted in significant year-over-year increases in rental revenue and rental asset sales within our ERS segment of 17 percent and 40 percent, respectively. For the quarter, our rental fleet saw average utilization of just under 78 percent, a significant improvement versus the same period last year and in line with our expectations.
“Average OEC on rent for the second quarter was more than $160 million higher than the same period last year and we ended the quarter with total OEC of $1.56 billion. This was up sequentially from the end of last quarter and the highest in our history, which we anticipate will support our expected growth within ERS [Equipment Rental Solutions] for the remainder of 2025 and into 2026. TES [Truck and Equipment Sales] sales were up more than 22 percent year-over-year and achieved the second highest quarter of sales ever. Sustained, robust demand for vocational vehicles across our end markets, particularly intra-quarter demand from local and regional customers, continues to drive the performance within the TES segment.”
High expectations for full year
McMonagle was bullish in his expectations for the company’s success in the second half of 2025.
“Signed orders in the quarter were up 30 percent on a year-over-year basis and we continue to believe that this current strong pace of customer orders and our existing TES backlog position us well to achieve the growth we expect in the segment this year,” he noted. “Given current market conditions and ongoing customer conversations regarding demand for the second half of 2025, we continue to believe Custom Truck is well-positioned to benefit from secular tailwinds driven by data center investments, electrification, and utility grid upgrades. As a result, we are reaffirming our 2025 guidance.”
Custom Truck One Source, headquartered in Kansas City, Mo., is No. 15 on the RER 100.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.