Custom Truck One Source Business Summary

Custom Truck One Source, Inc. (CTOS) operates a differentiated "one-stop-shop" business model, generating revenue through the full lifecycle of specialty equipment for the electric utility, telecommunications, rail, and infrastructure end-markets. The company’s primary revenue streams are divided into three segments: Truck and Equipment Sales (TES), which provides new and specialized vocational vehicles; Equipment Rental Solutions (ERS), offering a coast-to-coast fleet of over 10,400 units and used equipment sales; and Aftermarket Parts and Services (APS), which delivers repair services and specialized tools. As of early 2026, CTOS maintains a trailing twelve-month revenue of approximately $1.94 billion, with a 2025 outlook targeting up to $2.06 billion. The company competes directly with industry giants such as Altec, Alta Equipment Group, Herc Holdings, and United Rentals, positioning itself as a specialized, integrated alternative that captures higher margins by controlling the entire equipment value chain. The company was founded in 1996 by Fred Ross, who served as CEO until March 2023 and remains a key figure as Founder and board member. The current leadership team is led by CEO Ryan McMonagle, who previously served as the company’s CFO and COO and holds an MBA from Harvard Business School with a background at Bain & Company and Sound United. Supporting him are CFO Christopher J. Eperjesy, formerly the CFO of Clarios and Cooper Tire, and Chief Information Officer Jim Carlsen. CTOS is a public entity (NYSE: CTOS) but remains heavily backed by Platinum Equity, which holds a majority stake of approximately 69%, alongside significant historical investment from The Blackstone Group. The board is chaired by Marshall Heinberg, founder of MAH Associates and former Head of Investment Banking at Oppenheimer & Co.