CTOS Digital 2025年度报告

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December31, 2025 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromtoCommission File Number: 001-38186 CUSTOM TRUCK ONE SOURCE, INC. (Exact name of registrant as specified in its charter) 84-2531628(I.R.S. EmployerIdentification No.) Delaware (State or other jurisdiction ofincorporation or organization) 7701 Independence AveKansas City, MO 64125(Address of principal executive offices, including zip code)(816) 241-4888(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registeredNew York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to suchfiling requirements for the past 90 days.Yes☒No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch files).Yes☒No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. LargeacceleratedfilerAccelerated filer☒Non-accelerated filerSmaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ The aggregate market value of shares of common stock held by non-affiliates, computed by reference to the closing price for such common stock asof the last business day of the registrant’s most recently completed second fiscal quarter, as reported on the New York Stock Exchange, wasapproximately $291.4million. The number of shares of common stock outstanding as of March6, 2026 was 226,625,924. DOCUMENTS INCORPORATED BY REFERENCE Where Incorporated Document Proxy Statement related to the 2026 Annual Meeting ofStockholders, which is expected to be filed with the Securitiesand Exchange Commission on or before April30, 2026. Part III (Items 10, 11, 12, 13, and 14) Custom Truck One Source, Inc. and SubsidiariesForm 10-K Report Index PART I Item 1Item 1AItem 1BItem 1CItem 2Item 3Item 4 BusinessRisk FactorsUnresolved Staff CommentsCybersecurityPropertiesLegal ProceedingsMine Safety Disclosures PART II Market for Registrant's Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity SecuritiesReservedManagement's Discussion and Analysis of Financial Condition and Results of OperationsQuantitative and Qualitative Disclosures About Market RiskFinancial Statements and Supplementary DataChanges in and Disagreements with Accountants on Accounting and Financial DisclosureControls and ProceduresOther InformationDisclosure Regarding Foreign Jurisdictions that Prevent Inspections Item 5Item 6Item 7Item 7AItem 8Item 9Item 9AItem 9BItem 9C PART III Directors, Executive Officers and Corporate GovernanceExecu