Marten Transport | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 203.53 M

Revenue: As of FY2026 Q1, the actual value is USD 203.53 M, missing the estimate of USD 212.2 M.

EPS: As of FY2026 Q1, the actual value is USD 0.02.

EBIT: As of FY2026 Q1, the actual value is USD 1.592 M.

Overall Financial Performance

马尔登运输 (Marten Transport, Ltd.)’s total operating revenue decreased by $19,626 thousand, or 8.8%, to $203,526 thousand for the three months ended March 31, 2026, compared to $223,152 thousand in the prior-year period. Operating revenue, net of fuel surcharges, decreased by $18,600 thousand, or 9.5%, to $177,200 thousand in the 2026 period from $195,800 thousand in the 2025 period. Fuel surcharge revenue decreased to $26,400 thousand in the first three months of 2026 from $27,400 thousand in the first three months of 2025. The company’s operating income declined by $4,267 thousand, or 72.8%, to $1,592 thousand in the 2026 period from $5,859 thousand in the 2025 period. The consolidated operating ratio was 99.2% in the 2026 period, up from 97.4% in the 2025 period, while the operating ratio net of fuel surcharges increased to 99.1% from 97.0%. Net income declined by $2,953 thousand, or 68.1%, to $1,382 thousand, resulting in $0.02 diluted earnings per share, down from $4,335 thousand, or $0.05 diluted earnings per share, in the prior-year period.

Segmented Revenue and Operational Metrics

• Truckload Segment:
  • Total revenue increased by 1.0% to $105,390 thousand in the 2026 period from $104,391 thousand in the 2025 period.
  • Revenue, net of fuel surcharges, decreased by 0.9% to $89,310 thousand in 2026 from $90,106 thousand in 2025, primarily due to a decrease in average fleet size, partially offset by an increase in average revenue per tractor.
  • Operating income was - $944 thousand in 2026, a decrease of 214.7% from - $300 thousand in 2025.
  • The operating ratio was 100.9% in 2026, up from 100.3% in 2025.
  • Average revenue, net of fuel surcharges, per tractor per week increased to $4,425 in 2026 from $4,196 in 2025.
  • Average tractors decreased to 1,570 in 2026 from 1,670 in 2025.
• Dedicated Segment:
  • Total revenue decreased by 13.8% to $63,463 thousand in 2026 from $73,625 thousand in 2025.
  • Revenue, net of fuel surcharges, decreased by 14.8% to $53,174 thousand in 2026 from $62,405 thousand in 2025, mainly due to a decrease in average fleet size, partially offset by an increase in average revenue per tractor.
  • Operating income was $1,622 thousand in 2026, a decrease of 66.6% from $4,854 thousand in 2025.
  • The operating ratio increased to 97.4% in 2026 from 93.4% in 2025.
  • Average revenue, net of fuel surcharges, per tractor per week increased to $3,909 in 2026 from $3,846 in 2025.
  • Average tractors decreased to 1,058 in 2026 from 1,262 in 2025.
• Brokerage Segment:
  • Revenue increased by 5.0% to $34,673 thousand in 2026 from $33,019 thousand in 2025, driven by an increase in loads, partially offset by a decrease in revenue per load.
  • Operating income was $914 thousand in 2026, a decrease of 57.7% from $2,160 thousand in 2025.
  • The operating ratio increased to 97.4% in 2026 from 93.5% in 2025.
  • Loads increased to 23,882 in 2026 from 20,416 in 2025.
• Intermodal Segment:
  • Revenue was $0 thousand in 2026 due to the sale of operations, compared to $12,117 thousand in 2025.
  • The Intermodal operations were sold effective September 30, 2025, to Hub Group, Inc. for $51.8 million in cash.

Cash Flow

Net cash flows provided by operating activities were $33,049 thousand in the first three months of 2026, down from $36,215 thousand in the same period of 2025. Net cash flows used for investing activities were - $1,607 thousand in 2026, an improvement from - $8,413 thousand in 2025. Net cash flows used for financing activities were - $4,934 thousand in 2026, compared to - $5,164 thousand in 2025.

Liquidity and Capital Resources

As of March 31, 2026, 马尔登运输 (Marten Transport, Ltd.) had $74,786 thousand in cash and cash equivalents and an escrow deposit, $764,208 thousand in stockholders’ equity, and no outstanding long-term debt.

Future Outlook and Strategy

马尔登运输 (Marten Transport, Ltd.) estimates capital expenditures, net of proceeds from dispositions, will be approximately $100 million for the remainder of 2026, including commitments to purchase $130.4 million of new revenue equipment in the remainder of 2026 and $31.2 million in 2027. The company expects to continue paying quarterly cash dividends of $0.06 per share, similar to the $4.9 million paid in the first three months of 2026.