Marten Transport Announces Second Quarter Results
MONDOVI, Wis., July 23, 2026 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $5.3 million, or 7 cents per diluted share, for the second quarter ended June 30, 2026, compared with $7.2 million, or 9 cents per diluted share, for the second quarter of 2025. The 2026 second-quarter earnings improved 286.3% sequentially from 2026 first-quarter net income of $1.4 million, or 2 cents per diluted share. For the six-month period ended June 30, 2026, net income was $6.7 million, or 8 cents per diluted share, compared with $11.5 million, or 14 cents per diluted share, for the 2025 six-month period.
Operating revenue was $223.5 million for the second quarter of 2026 compared with $229.9 million for the second quarter of 2025. Our intermodal operations, which were sold in 2025, had operating revenue of $11.7 million in the 2025 quarter. Excluding fuel surcharges, operating revenue was $185.2 million for the 2026 quarter compared with $203.8 million for the 2025 quarter. Fuel surcharge revenue increased to $38.3 million for the 2026 quarter from $26.1 million for the 2025 quarter.
Operating revenue was $427.1 million for the first six months of 2026 compared with $453.1 million for the first six months of 2025. Our intermodal operations had operating revenue of $23.8 million in the first six months of 2025. Excluding fuel surcharges, operating revenue was $362.4 million for the 2026 period compared with $399.6 million for the 2025 period. Fuel surcharge revenue increased to $64.7 million for the 2026 period from $53.5 million for the 2025 period.
Operating income was $6.9 million for the second quarter of 2026 compared with $9.7 million for the second quarter of 2025.
Operating income was $8.5 million for the first six months of 2026 compared with $15.6 million for the first six months of 2025.
Operating expenses as a percentage of operating revenue were 96.9% for the 2026 quarter and 95.8% for the 2025 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 96.3% for the 2026 quarter and 95.2% for the 2025 quarter.
Operating expenses as a percentage of operating revenue were 98.0% for the first six months of 2026 and 96.6% for the first six months of 2025. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 97.7% for the 2026 period and 96.1% for the 2025 period.
Chairman of the Board and Chief Executive Officer Randolph L. Marten stated, “We are encouraged by the sequential improvement in profitability in each of our truckload, dedicated and brokerage operations this quarter.”
“The freight market has sharply tightened in recent months and is now breaking out from the longest freight market recession on record. This market recovery is driven by structural changes, including accelerating federal enforcement of noncompliant state licensing practices for non-domiciled commercial driver’s licenses, or CDL’s, English Language Proficiency requirements, electronic logging device fraud, CDL mills and chameleon carriers. These measures, along with the U.S. Supreme Court’s Montgomery broker-liability ruling, which held that negligent hiring claims against freight brokers are not preempted by federal law, are contracting meaningful levels of freight capacity by removing noncompliant and unqualified drivers.”
“We are successfully securing higher pricing from our customers for our premium services and enhancing the quality of our freight within this improving freight market. Our ongoing focus remains on safe, premium service, data-driven operating efficiencies and aggressive cost controls. Our strong, debt-free balance sheet enhances our ability to continue investing in our technology and modern fleet and position our operations to capitalize on improving profitable organic growth opportunities.”
Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of time and temperature-sensitive and dry truck-based transportation and distribution capabilities across Marten’s five distinct business platforms – Temperature-Sensitive and Dry Truckload, Dedicated, Brokerage and MRTN de Mexico. Marten’s Intermodal operations were sold effective September 30, 2025. Marten is one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food, beverages and other consumer packaged goods that require a temperature-controlled or insulated environment. The Company offers service in the United States, Mexico and Canada, concentrating on expedited movements for high-volume customers. Marten’s common stock is traded on the Nasdaq Global Select Market under the symbol MRTN.
This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include a discussion of Marten’s prospects for future growth, including the impact on the freight market of accelerating federal enforcement of noncompliant state licensing practices for non-domiciled commercial driver’s licenses, or CDL’s, English Language Proficiency requirements, electronic logging device fraud, CDL mills and chameleon carriers, along with the Montgomery broker-liability ruling, and by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward-looking statements. Important factors known to the Company that could cause actual results to differ materially from those discussed in the forward-looking statements are discussed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and in Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACTS: Randy Marten, Chairman of the Board and Chief Executive Officer, Doug Petit, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.
| MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED BALANCE SHEETS | |||||||
| June 30, |
December 31, |
||||||
| (In thousands, except share information) | 2026 |
2025 |
|||||
| (Unaudited) |
|||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 103,980 | $ | 43,278 | |||
| Escrow deposit | 5,000 | 5,000 | |||||
| Receivables: | |||||||
| Trade, net | 92,028 | 85,807 | |||||
| Other | 12,410 | 13,084 | |||||
| Prepaid expenses and other | 24,513 | 24,532 | |||||
| Total current assets | 237,931 | 171,701 | |||||
| Property and equipment: | |||||||
| Revenue equipment, buildings and land, office equipment and other | 1,079,582 | 1,128,932 | |||||
| Accumulated depreciation | (363,506 | ) | (352,426 | ) | |||
| Net property and equipment | 716,076 | 776,506 | |||||
| Other noncurrent assets | 1,478 | 1,560 | |||||
| Total assets | $ | 955,485 | $ | 949,767 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 28,042 | $ | 28,769 | |||
| Insurance and claims accruals | 43,443 | 43,700 | |||||
| Accrued and other current liabilities | 23,562 | 19,763 | |||||
| Total current liabilities | 95,047 | 92,232 | |||||
| Deferred income taxes | 94,357 | 89,716 | |||||
| Noncurrent operating lease liabilities | 119 | 194 | |||||
| Total liabilities | 189,523 | 182,142 | |||||
| Stockholders’ equity: | |||||||
| Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding | - | - | |||||
| Common stock, $.01 par value per share; 192,000,000 shares authorized; 81,661,669 shares at June 30, 2026, and 81,542,174 shares at December 31, 2025, issued and outstanding | 817 | 815 | |||||
| Additional paid-in capital | 56,171 | 54,762 | |||||
| Retained earnings | 708,974 | 712,048 | |||||
| Total stockholders’ equity | 765,962 | 767,625 | |||||
| Total liabilities and stockholders’ equity | $ | 955,485 | $ | 949,767 | |||
|
MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) | |||||||||||||||
| Three Months | Six Months | ||||||||||||||
| Ended June 30, | Ended June 30, | ||||||||||||||
| (In thousands, except per share information) | 2026 |
2025 |
2026 |
2025 | |||||||||||
| Operating revenue | $ | 223,543 | $ | 229,922 | $ | 427,069 | $ | 453,074 | |||||||
| Operating expenses (income): | |||||||||||||||
| Salaries, wages and benefits | 72,538 | 78,570 | 144,657 | 157,370 | |||||||||||
| Purchased transportation | 38,819 | 43,123 | 72,287 | 80,779 | |||||||||||
| Fuel and fuel taxes | 45,767 | 32,591 | 79,674 | 65,708 | |||||||||||
| Supplies and maintenance | 15,318 | 15,606 | 30,446 | 31,119 | |||||||||||
| Depreciation | 24,762 | 27,307 | 49,768 | 54,777 | |||||||||||
| Operating taxes and licenses | 2,273 | 2,451 | 4,518 | 4,868 | |||||||||||
| Insurance and claims | 9,306 | 15,852 | 22,551 | 29,229 | |||||||||||
| Communications and utilities | 2,152 | 2,164 | 4,257 | 4,443 | |||||||||||
| Gain on disposition of revenue equipment | (1,673 | ) | (5,182 | ) | (3,093 | ) | (6,847 | ) | |||||||
| Other | 7,365 | 7,706 | 13,496 | 16,035 | |||||||||||
| Total operating expenses | 216,627 | 220,188 | 418,561 | 437,481 | |||||||||||
| Operating income | 6,916 | 9,734 | 8,508 | 15,593 | |||||||||||
| Other | (721 | ) | (436 | ) | (1,178 | ) | (785 | ) | |||||||
| Income before income taxes | 7,637 | 10,170 | 9,686 | 16,378 | |||||||||||
| Income taxes expense | 2,298 | 2,984 | 2,965 | 4,857 | |||||||||||
| Net income | $ | 5,339 | $ | 7,186 | $ | 6,721 | $ | 11,521 | |||||||
| Basic earnings per common share | $ | 0.07 | $ | 0.09 | $ | 0.08 | $ | 0.14 | |||||||
| Diluted earnings per common share | $ | 0.07 | $ | 0.09 | $ | 0.08 | $ | 0.14 | |||||||
| Dividends declared per common share | $ | 0.06 | $ | 0.06 | $ | 0.12 | $ | 0.12 | |||||||
|
MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited) | |||||||||||||||
| Dollar | Percentage | ||||||||||||||
| Change | Change | ||||||||||||||
| Three Months | Three Months | Three Months | |||||||||||||
| Ended | Ended | Ended | |||||||||||||
| June 30, | June 30, | June 30, | |||||||||||||
| (Dollars in thousands) | 2026 | 2025 | 2026 vs. 2025 | 2026 vs. 2025 | |||||||||||
| Operating revenue: | |||||||||||||||
| Truckload revenue, net of fuel surcharge revenue | $ | 92,721 | $ | 92,484 | $ | 237 | 0.3 | % | |||||||
| Truckload fuel surcharge revenue | 23,599 | 14,002 | 9,597 | 68.5 | |||||||||||
| Total Truckload revenue | 116,320 | 106,486 | 9,834 | 9.2 | |||||||||||
| Dedicated revenue, net of fuel surcharge revenue | 52,578 | 61,338 | (8,760 | ) | (14.3 | ) | |||||||||
| Dedicated fuel surcharge revenue | 14,718 | 10,536 | 4,182 | 39.7 | |||||||||||
| Total Dedicated revenue | 67,296 | 71,874 | (4,578 | ) | (6.4 | ) | |||||||||
| Brokerage revenue | 39,927 | 39,859 | 68 | 0.2 | |||||||||||
| Intermodal revenue, net of fuel surcharge revenue | - | 10,093 | (10,093 | ) | (100.0 | ) | |||||||||
| Intermodal fuel surcharge revenue | - | 1,610 | (1,610 | ) | (100.0 | ) | |||||||||
| Total Intermodal revenue | - | 11,703 | (11,703 | ) | (100.0 | ) | |||||||||
| Total operating revenue | $ | 223,543 | $ | 229,922 | $ | (6,379 | ) | (2.8 | )% | ||||||
| Operating income/(loss): | |||||||||||||||
| Truckload | $ | 2,417 | $ | 2,344 | $ | 73 | 3.1 | % | |||||||
| Dedicated | 2,440 | 5,429 | (2,989 | ) | (55.1 | ) | |||||||||
| Brokerage | 2,059 | 2,696 | (637 | ) | (23.6 | ) | |||||||||
| Intermodal | - | (735 | ) | 735 | 100.0 | ||||||||||
| Total operating income | $ | 6,916 | $ | 9,734 | $ | (2,818 | ) | (29.0 | )% | ||||||
| Operating ratio: | |||||||||||||||
| Truckload | 97.9 | % | 97.8 | % | |||||||||||
| Dedicated | 96.4 | 92.4 | |||||||||||||
| Brokerage | 94.8 | 93.2 | |||||||||||||
| Intermodal | - | 106.3 | |||||||||||||
| Consolidated operating ratio | 96.9 | % | 95.8 | % | |||||||||||
| Operating ratio, net of fuel surcharges: | |||||||||||||||
| Truckload | 97.4 | % | 97.5 | % | |||||||||||
| Dedicated | 95.4 | 91.1 | |||||||||||||
| Brokerage | 94.8 | 93.2 | |||||||||||||
| Intermodal | - | 107.3 | |||||||||||||
| Consolidated operating ratio, net of fuel surcharges | 96.3 | % | 95.2 | % | |||||||||||
|
MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited) | |||||||||||||||
| Dollar | Percentage | ||||||||||||||
| Change | Change | ||||||||||||||
| Six Months | Six Months | Six Months | |||||||||||||
| Ended | Ended | Ended | |||||||||||||
| June 30, | June 30, | June 30, | |||||||||||||
| (Dollars in thousands) | 2026 | 2025 | 2026 vs. 2025 | 2026 vs. 2025 | |||||||||||
| Operating revenue: | |||||||||||||||
| Truckload revenue, net of fuel surcharge revenue | $ | 182,031 | $ | 182,590 | $ | (559 | ) | (0.3 | )% | ||||||
| Truckload fuel surcharge revenue | 39,679 | 28,287 | 11,392 | 40.3 | |||||||||||
| Total Truckload revenue | 221,710 | 210,877 | 10,833 | 5.1 | |||||||||||
| Dedicated revenue, net of fuel surcharge revenue | 105,752 | 123,743 | (17,991 | ) | (14.5 | ) | |||||||||
| Dedicated fuel surcharge revenue | 25,007 | 21,756 | 3,251 | 14.9 | |||||||||||
| Total Dedicated revenue | 130,759 | 145,499 | (14,740 | ) | (10.1 | ) | |||||||||
| Brokerage revenue | 74,600 | 72,878 | 1,722 | 2.4 | |||||||||||
| Intermodal revenue, net of fuel surcharge revenue | - | 20,361 | (20,361 | ) | (100.0 | ) | |||||||||
| Intermodal fuel surcharge revenue | - | 3,459 | (3,459 | ) | (100.0 | ) | |||||||||
| Total Intermodal revenue | - | 23,820 | (23,820 | ) | (100.0 | ) | |||||||||
| Total operating revenue | $ | 427,069 | $ | 453,074 | $ | (26,005 | ) | (5.7 | )% | ||||||
| Operating income/(loss): | |||||||||||||||
| Truckload | $ | 1,473 | $ | 2,044 | $ | (571 | ) | (27.9 | )% | ||||||
| Dedicated | 4,062 | 10,283 | (6,221 | ) | (60.5 | ) | |||||||||
| Brokerage | 2,973 | 4,856 | (1,883 | ) | (38.8 | ) | |||||||||
| Intermodal | - | (1,590 | ) | 1,590 | 100.0 | ||||||||||
| Total operating income | $ | 8,508 | $ | 15,593 | $ | (7,085 | ) | (45.4 | )% | ||||||
| Operating ratio: | |||||||||||||||
| Truckload | 99.3 | % | 99.0 | % | |||||||||||
| Dedicated | 96.9 | 92.9 | |||||||||||||
| Brokerage | 96.0 | 93.3 | |||||||||||||
| Intermodal | - | 106.7 | |||||||||||||
| Consolidated operating ratio | 98.0 | % | 96.6 | % | |||||||||||
| Operating ratio, net of fuel surcharges: | |||||||||||||||
| Truckload | 99.2 | % | 98.9 | % | |||||||||||
| Dedicated | 96.2 | 91.7 | |||||||||||||
| Brokerage | 96.0 | 93.3 | |||||||||||||
| Intermodal | - | 107.8 | |||||||||||||
| Consolidated operating ratio, net of fuel surcharges | 97.7 | % | 96.1 | % | |||||||||||
|
MARTEN TRANSPORT, LTD. OPERATING STATISTICS (Unaudited) | |||||||||||||||
| Three Months | Six Months | ||||||||||||||
| Ended June 30, | Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Truckload Segment: | |||||||||||||||
| Revenue (in thousands) | $ | 116,320 | $ | 106,486 | $ | 221,710 | $ | 210,877 | |||||||
| Average revenue, net of fuel surcharges, per tractor per week(1) | $ | 4,592 | $ | 4,209 | $ | 4,509 | $ | 4,203 | |||||||
| Average tractors(1) | 1,553 | 1,690 | 1,562 | 1,680 | |||||||||||
| Average miles per trip | 510 | 524 | 514 | 531 | |||||||||||
| Non-revenue miles percentage(2) | 10.6 | % | 11.0 | % | 10.7 | % | 11.1 | % | |||||||
| Total miles (in thousands) | 36,875 | 39,221 | 73,762 | 77,494 | |||||||||||
| Dedicated Segment: | |||||||||||||||
| Revenue (in thousands) | $ | 67,296 | $ | 71,874 | $ | 130,759 | $ | 145,499 | |||||||
| Average revenue, net of fuel surcharges, per tractor per week(1) | $ | 3,917 | $ | 3,807 | $ | 3,913 | $ | 3,827 | |||||||
| Average tractors(1) | 1,033 | 1,239 | 1,045 | 1,251 | |||||||||||
| Average miles per trip | 295 | 301 | 296 | 305 | |||||||||||
| Non-revenue miles percentage(2) | 1.0 | % | 1.3 | % | 1.1 | % | 1.4 | % | |||||||
| Total miles (in thousands) | 22,496 | 25,132 | 44,401 | 50,368 | |||||||||||
| Brokerage Segment: | |||||||||||||||
| Revenue (in thousands) | $ | 39,927 | $ | 39,859 | $ | 74,600 | $ | 72,878 | |||||||
| Loads | 24,590 | 24,094 | 48,472 | 44,510 | |||||||||||
| Intermodal Segment: | |||||||||||||||
| Revenue (in thousands) | $ | - | $ | 11,703 | $ | - | $ | 23,820 | |||||||
| Loads | - | 3,555 | - | 7,212 | |||||||||||
| Average tractors | - | 77 | - | 77 | |||||||||||
| At June 30, 2026 and June 30, 2025: | |||||||||||||||
| Total tractors(1) | 2,524 | 2,928 | |||||||||||||
| Average age of company tractors (in years) | 2.5 | 2.1 | |||||||||||||
| Total trailers | 5,139 | 5,164 | |||||||||||||
| Average age of company trailers (in years) | 5.1 | 5.0 | |||||||||||||
| Ratio of trailers to tractors(1) | 2.0 | 1.8 | |||||||||||||
| Total refrigerated containers | - | 786 | |||||||||||||
| Three Months | Six Months | ||||||||||||||
| Ended June 30, | Ended June 30, | ||||||||||||||
| (In thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net cash provided by operating activities | $ | 27,669 | $ | 33,153 | $ | 60,718 | $ | 69,368 | |||||||
| Net cash provided by/(used for) investing activities | 10,731 | (33,115 | ) | 9,124 | (41,528 | ) | |||||||||
| Net cash used for financing activities | (4,206 | ) | (4,891 | ) | (9,140 | ) | (10,055 | ) | |||||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 81,629 | 81,510 | 81,604 | 81,502 | |||||||||||
| Diluted | 81,634 | 81,517 | 81,606 | 81,512 | |||||||||||
| (1) | Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 81 and 80 tractors as of June 30, 2026 and 2025, respectively. | |
| (2) | Represents the percentage of miles for which the company is not compensated. |
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