Custom Truck One Source, Inc. (CTOS) Cash Flow Statement
Where CTOS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $349.4M +681.9% vs 2024
- Capital expenditures
- $457.0M 23.5% of revenue
- Free cash flow
- −$107.6M −5.5% margin
- Returned to shareholders
- $32.6M
- Change in cash
- $2.5M cash at year-end $6.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CTOS operating cash flow, capex and free cash flow
CTOS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $18.1M2016 | $349.4M2025 | +38.9%/yr | |
| Capital expenditures | $1.5M2016 | $457.0M2025 | +88.3%/yr | |
| Free cash flow | $16.6M2016 | −$107.6M2025 | — | |
| Free cash flow margin | 8.9%2016 | −5.5%2025 | −14.4 pts | |
| Operating cash flow / net income | 7.612018 | −2.912023 | −10.52 | |
| Stock-based compensation | $541,0002016 | $8,4712025 | −37.0%/yr | |
| Share buybacks (net) | $02017 | $32.6M2025 | — | |
| Capex / revenue | 0.8%2016 | 23.5%2025 | +22.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CTOS cash flow by activity
CTOS net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CTOS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$31.1M | −$28.7M | $50.7M | $38.9M | −$181.5M | −$21.3M | −$27.1M | $5.2M | −$777,471 | −$48.0M |
| Depreciation & amortization | $268.2M | $242.7M | $225.4M | $223.5M | $209.1M | $84.9M | $74.6M | $67.1M | $2.9M | $2.8M |
| Stock-based compensation | $8,471 | $11.9M | $13.3M | $12.3M | $17.3M | $2.4M | $1.0M | $1.1M | $1.1M | $541,000 |
| Change in working capital | $142.2M | −$119.1M | −$378.7M | −$242.0M | $36.4M | $1.3M | −$31.6M | −$18.4M | $69,553 | −$7.3M |
| Other non-cash items | −$29.9M | −$62.1M | −$58.2M | −$50.6M | $76.0M | −$24.7M | −$13.6M | −$15.6M | −$4.0M | $70.1M |
| Cash from operating activities | $349.4M | $44.7M | −$147.4M | −$18.0M | $157.2M | $42.5M | $3.3M | $39.4M | −$707,918 | $18.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$457.0M | −$398.3M | −$364.2M | −$340.8M | −$188.4M | −$68.4M | −$109.7M | −$59.2M | −$20.9M | −$1.5M |
| Investments (net) | — | −$187.5M | −$176.6M | −$218.9M | −$1.43B | −$29.3M | −$129.7M | $1.5M | — | — |
| Acquisitions & other investing | $174.5M | $398.3M | $364.2M | $340.8M | $188.4M | $68.4M | $109.7M | $59.2M | −$381.6M | −$9.6M |
| Cash from investing activities | −$282.5M | −$187.5M | −$176.6M | −$218.9M | −$1.43B | −$29.3M | −$129.7M | $1.5M | −$402.5M | −$11.2M |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | −$32.6M | −$29.0M | −$38.8M | −$10.3M | $876.6M | $0 | — | — | $404.3M | — |
| Net borrowing (repayment) | $8.5M | $88.3M | $240.9M | $41.7M | $535.2M | −$16.4M | −$16.7M | −$10.8M | $4.1M | −$8.3M |
| Shares issued | $0 | $0 | $0 | $0 | $883.0M | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$40.5M | $76.2M | $117.4M | $186.4M | −$990.1M | $279,000 | $147.3M | $0 | −$4.7M | −$229,000 |
| Cash from financing activities | −$64.6M | $135.6M | $319.4M | $217.8M | $1.30B | −$16.1M | $130.5M | −$10.8M | $403.7M | −$8.5M |
| Summary | ||||||||||
| Net change in cash | $2.5M | −$6.5M | −$4.1M | −$21.5M | $32.5M | −$2.9M | $4.2M | −$33,672 | −$822,076 | −$1.5M |
| Cash at end of period | $6.3M | $3.8M | $10.3M | $14.4M | $35.9M | $3.4M | $6.3M | $468,253 | $501,924 | $1.3M |
| Free cash flow | −$107.6M | −$353.6M | −$511.6M | −$358.7M | −$31.2M | −$25.9M | −$106.4M | −$19.8M | −$707,920 | $16.6M |
| Free cash flow margin | −5.5% | −19.6% | −27.4% | −22.8% | −2.7% | −8.5% | −40.3% | −8.1% | −0.3% | 8.9% |
| Capex / revenue | 23.5% | 22.1% | 19.5% | 21.7% | 16.1% | 22.6% | 41.5% | 24.1% | 10.3% | 0.8% |
| Operating cash flow / net income | — | — | −2.91 | −0.46 | — | — | — | 7.61 | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $10.4M | −$4.1M | $20.9M | −$5.8M | −$28.4M | −$17.8M | $27.6M | −$17.4M | −$24.5M | −$14.3M | $16.1M | $9.2M |
| Depreciation & amortization | $68.9M | $68.2M | $68.9M | $70.2M | $69.3M | $65.5M | $62.6M | $62.8M | $61.2M | $59.1M | $56.9M | $54.6M |
| Stock-based compensation | $3.4M | $1.2M | $2,212 | $2.1M | $1.8M | $2.4M | $3.1M | $2.4M | $3.6M | $2.7M | $3.0M | $2.8M |
| Change in working capital | −$23.3M | −$35.5M | $50.9M | $67.2M | $4.6M | $19.5M | $120.5M | −$63.2M | −$73.8M | −$102.6M | −$150.8M | −$109.1M |
| Other non-cash items | −$15.0M | −$6.0M | −$17.4M | −$11.1M | $5.1M | −$18.4M | −$33.4M | −$11.3M | −$6.5M | −$13.7M | −$11.7M | −$14.3M |
| Cash from operating activities | $44.4M | $23.8M | $123.3M | $122.6M | $52.4M | $51.2M | $180.3M | −$26.7M | −$40.1M | −$68.8M | −$86.4M | −$56.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$181.4M | −$10.1M | −$108.1M | −$123.6M | −$113.4M | −$111.9M | −$119.8M | −$113.3M | −$89.7M | −$75.6M | −$74.2M | −$79.6M |
| Investments (net) | — | — | — | −$94.0M | −$68.5M | −$71.3M | −$22.6M | −$66.2M | −$65.3M | −$33.4M | −$31.0M | −$42.7M |
| Acquisitions & other investing | $134.5M | −$49.1M | $59.4M | $123.6M | $113.4M | $111.9M | $119.8M | $113.3M | $89.7M | $75.6M | $74.2M | $79.6M |
| Cash from investing activities | −$47.0M | −$59.2M | −$48.7M | −$94.0M | −$68.5M | −$71.3M | −$22.6M | −$66.2M | −$65.3M | −$33.4M | −$31.0M | −$42.7M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | $0 | $0 | −$32.5M | $0 | $32.5M | −$32.6M | $0 | −$6.0M | −$16.3M | −$6.8M | −$18.9M | −$15.4M |
| Net borrowing (repayment) | $24.7M | −$12.3M | −$5.8M | −$68.7M | $12.7M | $70.4M | $16.6M | $119.3M | — | — | — | −$146.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$22.0M | $50.8M | −$43.1M | $47.8M | −$29.0M | −$16.2M | −$179.3M | −$20.2M | $121.6M | $106.7M | $137.5M | $228.2M |
| Cash from financing activities | $2.7M | $38.6M | −$81.5M | −$20.9M | $16.3M | $21.6M | −$162.8M | $93.1M | $105.3M | $99.9M | $118.6M | $66.1M |
| Summary | ||||||||||||
| Net change in cash | $679,000 | $3.3M | −$6.8M | $7.8M | −$121,000 | $1.6M | −$4.6M | $379,000 | $69,000 | −$2.3M | $1.5M | −$33.4M |
| Cash at end of period | $10.3M | $9.6M | $6.3M | $13.1M | $5.3M | $5.4M | $3.8M | $8.4M | $8.1M | $8.0M | $10.3M | $8.8M |
| Free cash flow | −$137.1M | $13.7M | $15.2M | −$1.1M | −$61.0M | −$60.7M | $60.5M | −$140.0M | −$129.7M | −$144.4M | −$160.7M | −$136.4M |
| Free cash flow margin | −24.3% | 3.0% | 2.9% | −0.2% | −11.9% | −14.4% | 11.6% | −31.3% | −30.7% | −35.1% | −30.8% | −31.4% |
| Capex / revenue | 32.2% | 2.2% | 20.5% | 25.6% | 22.2% | 26.5% | 23.0% | 25.3% | 21.2% | 18.4% | 14.2% | 18.3% |
| Operating cash flow / net income | 4.27 | — | 5.90 | — | — | — | 6.54 | — | — | — | −5.36 | −6.19 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CTOS cash generation
In fiscal 2025 (ended December 31, 2025), Custom Truck One Source generated $349.4 million of cash from operations (up 681.9%) and spent $457.0 million on capital expenditures, leaving free cash flow of -$107.6 million, −5.5% of revenue. It returned $32.6 million to shareholders through dividends ($0) and net share buybacks ($32.6 million). Cash and equivalents rose by $2.5 million over the year.
Related: CTOS income statement, CTOS balance sheet. See the CTOS stock overview for the latest quote and news.
CTOS cash flow FAQ
What is Custom Truck One Source's free cash flow?
Custom Truck One Source's free cash flow was -$107.6 million in fiscal 2025: $349.4 million of operating cash flow minus $457.0 million of capital expenditures It was -$353.6 million a year earlier..
How much cash does Custom Truck One Source generate from operations?
Custom Truck One Source generated $349.4 million of cash from operating activities in fiscal 2025.
How much does Custom Truck One Source spend on capital expenditures?
Custom Truck One Source spent $457.0 million on capital expenditures in fiscal 2025, 23.5% of revenue, compared with $398.3 million the year before.
How much stock does Custom Truck One Source buy back?
Custom Truck One Source spent $32.6 million on net share repurchases in fiscal 2025.