Custom Truck One Source reports record fleet growth driven by utility transmission projects extending visibility into 2027.
Custom Truck One Source’s Specialty Equipment Rental fleet reached $1.66 billion in capital, its highest level ever, with 10,400 units. Roughly 75% of the fleet supports utility transmission and distribution work, reflecting strong demand in the sector.
The company’s backlog rose to 4.5 months at the end of Q1 and has increased further in Q2. Management noted transmission-side project visibility is the strongest in years, with starts extending into 2027.
CTOS expects over $50 million in levered free cash flow this year and aims to reduce leverage below 4x by year-end and below 3x in 2025, supported by higher EBITDA and lower capex.