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Consolidated Financial Performance

ArcBest Corporation reported a GAAP net loss of - $13.8 million for Q2 2026, compared to net income of $25.8 million in Q2 2025. The GAAP net loss for the six months ended June 30, 2026, was - $14,861 thousand, compared to GAAP net income of $28,940 thousand in the prior-year period. On a non-GAAP basis, net income was $53.6 million for Q2 2026, up from $31.2 million in Q2 2025, and non-GAAP net income for the six months was $60,728 thousand, an increase from $43,148 thousand in the prior-year period.

Consolidated GAAP operating loss for Q2 2026 was - $20,623 thousand, a decrease from operating income of $37,309 thousand in Q2 2025. For the six months ended June 30, 2026, GAAP consolidated operating loss was - $17,193 thousand, compared to operating income of $43,939 thousand in 2025. Non-GAAP consolidated operating income was $73,891 thousand for Q2 2026, up from $44,974 thousand in Q2 2025. For the six-month period, non-GAAP consolidated operating income was $87,356 thousand in 2026, an increase from $62,309 thousand in 2025. Total consolidated operating expenses were $1,205,156 thousand for Q2 2026, compared to $984,947 thousand for Q2 2025. For the six months ended June 30, 2026, total consolidated operating expenses were $2,200,512 thousand, versus $1,945,394 thousand for the same period in 2025.

Asset-Based Segment

Revenue and Operational Metrics (Q2 2026 vs Q2 2025): Revenue was $783.7 million, a per-day increase of 9.9% compared to $713.3 million. ArcBest Corporation’s Asset-Based segment generated $784 million in revenue for 2Q26, an 8% increase compared to 2Q25. Tonnage per day increased by 4.9% to 12,240 from 11,666. However, another report indicated tonnage per day decreased by 5%. Shipments per day decreased by 2.8% to 20,456 from 21,051. Another report stated shipments per day decreased by 42%. Billed revenue per shipment increased by 12.5% to $605.24 from $537.94. Another report indicated a 3% increase in billed revenue per shipment. Billed revenue per hundredweight increased by 4.2% to $50.58 from $48.54. Another report indicated a 4% increase in billed revenue per hundredweight. Weight per shipment increased by 8.0% to 1,197 from 1,108. Another report indicated weight per shipment increased by 13%. GAAP operating income was $74.3 million, up from $51.0 million. GAAP operating ratio was 90.5%, improved from 92.8%. Non-GAAP operating income was $72.3 million, up from $51.0 million. The non-GAAP operating income for this segment increased by 10% to $72.3 million. Non-GAAP operating ratio was 90.8%, improved from 92.8%. This represented a 200 basis point improvement. Operating expenses were $709,419 thousand compared to $662,283 thousand.

Revenue and Operational Metrics (Six Months Ended June 30, 2026 vs 2025): Revenue was $1,438,678 thousand compared to $1,359,606 thousand. Tonnage per day increased by 5.7% to 11,697 from 11,068. Shipments per day decreased by 0.6% to 20,151 from 20,274. Billed revenue per shipment increased by 6.7% to $570.18 from $534.37. Billed revenue per hundredweight increased by 0.3% to $49.11 from $48.94. Weight per shipment increased by 6.3% to 1,161 from 1,092. GAAP operating income was $91,729 thousand compared to $77,446 thousand. GAAP operating ratio was 93.6% compared to 94.3%. Non-GAAP operating income was $89,772 thousand compared to $77,446 thousand. Non-GAAP operating ratio was 93.8% compared to 94.3%. Operating expenses were $1,346,949 thousand compared to $1,282,160 thousand.

Sequential Comparison (Q2 2026 vs Q1 2026): Daily revenue was up 17.8%. Tonnage per day increased 9.8%, driven by a 6.5% increase in weight per shipment and a 3.1% increase in daily shipments. Billed revenue per shipment increased 13.5%. Non-GAAP operating ratio decreased by 650 basis points.

Asset-Light Segment

Revenue and Operational Metrics (Q2 2026 vs Q2 2025): Revenue was $438.7 million, a per-day increase of 28.3% compared to $341.9 million. The Asset-Light segment reported $439 million in revenue for 2Q26, a 15% decrease from 2Q25. Shipments per day increased by 14.6%. However, another report indicated a 12% decrease in shipments per day. Revenue per shipment increased by 12.0%. Another report indicated a 35% decrease in revenue per shipment. Purchased transportation expense was 86.5% of revenue compared to 84.4%. Purchased transportation as a percentage of revenue stood at 86%. GAAP operating loss was - $31.3 million compared to operating income of $0.6 million. Non-GAAP operating income was $6.3 million compared to $1.1 million. Non-GAAP operating income for this segment significantly increased by 458% to $6.3 million. Adjusted EBITDA was $7.0 million compared to $2.5 million. Operating expenses were $470,053 thousand compared to $341,331 thousand.

Revenue and Operational Metrics (Six Months Ended June 30, 2026 vs 2025): Revenue was $816,451 thousand compared to $697,934 thousand. Shipments per day increased by 12.1%. Revenue per shipment increased by 4.7%. GAAP operating loss was - $31,117 thousand compared to - $3,789 thousand. Non-GAAP operating income was $9,141 thousand compared to - $55 thousand. Adjusted EBITDA was $11,277 thousand compared to $2,784 thousand. Operating expenses were $847,568 thousand compared to $701,723 thousand.

Sequential Comparison (Q2 2026 vs Q1 2026): Daily revenue increased 14.3%, reflecting a 14.4% increase in revenue per shipment and flat shipments per day. Non-GAAP operating income improved compared to the previous quarter.

Cash Flow

Net cash provided by operating activities for the six months ended June 30, 2026, was $138,279 thousand, compared to $85,036 thousand in 2025. Net cash used in investing activities was - $23,568 thousand in 2026, compared to - $35,822 thousand in 2025. Net cash used in financing activities was - $70,890 thousand in 2026, compared to - $61,784 thousand in 2025. Cash and cash equivalents at the end of the period were $145,851 thousand at June 30, 2026. ArcBest Corporation’s operating cash flow for the trailing twelve months (TTM) ended 2Q26 was $282 million.

Unique Metrics and Strategic Initiatives

Asset impairment charges totaled $85,266 thousand for Q2 and YTD 2026, including $50.8 million related to the write-off of certain freight movement system assets associated with Vaux, $25.7 million for the Panther trade name, and $8.8 million for lease-related impairment. Restructuring charges totaled $2,173 thousand for Q2 and YTD 2026, related to organizational structure realignment. A net gain of $2,910 thousand was recognized from the sale of a service center during Q2 and YTD 2026. ArcBest launched ArcBest View™, a digital logistics platform for quoting, booking, shipment visibility, and reporting.

Other key financial metrics include a non-GAAP return on capital employed (ROCE) of 8% for the TTM ended 2Q26 and non-GAAP net debt to EBITDA of 0.5 for the TTM ended 2Q26. Projected net capital expenditures for 2026 are estimated to be between $140 million and $160 million.

Outlook / Guidance

ArcBest Corporation has set several financial targets for 2028, including non-GAAP diluted earnings per share of $12-$15 and a non-GAAP return on capital employed of 16%-19%. The company aims for an Asset-Based non-GAAP operating ratio between 87% and 90% and Asset-Light non-GAAP operating income of $40 million-$70 million, with annual operating cash flow targeted to be $400 million-$500 million. The report indicates that ArcBest’s continued progress on pricing, cost management, efficiency, and productivity initiatives positions the company to deliver sustainable, profitable growth, although no specific forward-looking financial guidance or numerical targets were provided in one of the referenced texts.