Custom Truck One Source, Inc. (NYSE: CTOS) operates as a comprehensive provider of specialty equipment, parts, tools, and accessories for critical infrastructure markets across North America. The company's business model is structured around two primary segments: Specialty Equipment Rentals (SER) and Specialty Truck Equipment and Manufacturing (STEM). The SER segment manages a vast coast-to-coast rental fleet of over 10,000 units, including aerial devices, boom trucks, cranes, and digger derricks, catering to customers who need specialized equipment for maintenance, repair, and installation projects. The STEM segment focuses on the production, customization, and sale of new and used specialty trucks and equipment, alongside providing aftermarket parts and maintenance services.
Revenue is generated through a mix of equipment sales, which typically account for the majority of the top line, and high-margin rental income, supported by aftermarket parts and services. For example, in Q3 2025, equipment sales generated approximately $320 million, while rental revenue contributed $127 million. The company's geographic footprint spans the United States and Canada, with over 40 locations and a centralized manufacturing and customization hub in Kansas City, Missouri. Custom Truck One Source distinguishes itself through its "one-stop-shop" approach, allowing customers in the electric utility transmission and distribution (T&D), telecommunications, rail, and waste management sectors to source, rent, purchase, and service their entire specialty fleet through a single partner.
