Hub Group Announces Select Preliminary First and Second Quarter 2026 Financial Results and Provides Update on Restatement Process

Hub Group forecasts 2026 revenue of $3.6–$3.8 billion while managing restatement-driven filing delays, covenant relief, and Nasdaq listing risk.

Rhea-AI Summary

Hub Group (HUBG) released preliminary, unaudited first-half 2026 results and updated investors on its accounting restatement and Nasdaq listing status.

For the first half of 2026, consolidated operating revenue is estimated at $1.70–$1.80 billion, but the company anticipates reporting an operating loss before one-time charges due to higher fuel, rail and drayage costs, excess capacity in Consolidation and Fulfillment, and incremental restatement-related expenses. As of June 30, 2026, cash and cash equivalents were about $132 million, restricted cash about $28 million, and debt about $198 million, implying net debt of roughly $66 million. Capital expenditures for the first half are estimated at $12 million.

For full year 2026, Hub Group projects $3.6–$3.8 billion in revenue and $40–$50 million of capital expenditures. The company amended its $450 million revolver to extend the deadline for 2025 audited and 2026 quarterly filings to November 30, 2026 and to allow restatement costs incurred through year-end 2026 to be added back to EBITDA for covenant purposes. Hub Group expects to receive a Nasdaq Staff Delisting Determination for filing delays, will request a hearing and further stay, and aims to keep its Class A shares trading while presenting a compliance plan.

Positive

• First-half 2026 revenue estimated at $1.70–$1.80 billion
• Full-year 2026 revenue outlook of approximately $3.6–$3.8 billion
• Net debt about $66 million at June 30, 2026, with $132 million cash
• Capital expenditures modest at about $12 million for first-half 2026
• Credit amendment extends 2025/early-2026 filing deadline to November 30, 2026
• Restatement costs can be added back to EBITDA for covenant calculations through 2026

Negative

• Operating loss expected for first half of 2026 before one-time charges
• Higher fuel, rail and drayage costs pressured ITS margins in first half 2026
• Excess capacity in Consolidation and Fulfillment weighing on Logistics segment results
• Brokerage revenue and volume declined as the company prioritized profitability
• $75 million borrowed in August 2026 under $450 million revolver, increasing leverage
• Nasdaq listing risk from delayed filings and expected Staff Delisting Determination

News Explained

Hub Group borrowed $75 million under its $450 million revolving credit facility in August 2026, adding a newly disclosed financing draw while the company’s first-half results remain preliminary and unaudited.

Market Context

The -18.25% 24-hour reaction following Hub Group’s Feb 05 preliminary results accompanied disclosure...

Analysis

The -18.25% 24-hour reaction following Hub Group’s Feb 05 preliminary results accompanied disclosures about restatement work. The current announcement similarly combines preliminary results with restatement and filing-status updates, making that record directly relevant.

Key Figures

First-half operating revenue: $1.70 billion to $1.80 billion Cash and cash equivalents: Approximately $132 million Debt: Approximately $198 million +5 more

First-half operating revenue

$1.70 billion to $1.80 billion

Preliminary first-half 2026 results

Cash and cash equivalents

Approximately $132 million

As of June 30, 2026

Debt

Approximately $198 million

As of June 30, 2026

Net debt

Approximately $66 million

As of June 30, 2026

Revolving credit borrowing

$75 million under a $450 million facility

Borrowed in August 2026

Full-year operating revenue

Approximately $3.6 billion to $3.8 billion

Full-year 2026 estimate

Full-year capital expenditures

Approximately $40 million to $50 million

Full-year 2026 estimate

Financial statement filing deadline

November 30, 2026

Extended deadline under the credit agreement amendment

Previous Earnings Reports

1 past event · Latest: Feb 05

Same Type 1 event

1. Feb 05

   Preliminary earnings results

   24h Move

   -18.3%

   Reported preliminary results while disclosing restatement needs and delayed financial reporting.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

restatement, ebitda, form 10-k, form 10-q, +1 more

5 terms

restatement financial

"ongoing restatement process"

A restatement is a company’s formal correction of previously released financial reports when errors or omissions are discovered, similar to fixing a report card after finding mistakes in the scores. It matters to investors because it can change past performance figures, alter valuation or earnings trends, and signal weaknesses in accounting controls or management oversight, which may affect confidence and the stock’s perceived risk.

ebitda financial

"calculation of EBITDA for purposes of the Company’s financial covenants"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

form 10-k regulatory

"file its Form 10-K for the year ended December 31, 2025"

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

form 10-q regulatory

"its Forms 10-Q for the quarterly periods ended March 31, 2026"

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

nasdaq listing rule 5250(c)(1) regulatory

"regain compliance with Nasdaq Listing Rule 5250(c)(1)"

Nasdaq Listing Rule 5250(c)(1) requires companies listed on the Nasdaq stock exchange to promptly notify the exchange if their stock price falls below a certain minimum level, known as the "initial listing standards." This rule helps ensure that investors are aware of significant declines in a company's stock value, which could signal financial trouble or increased risk. Essentially, it helps maintain transparency and protect investors by keeping them informed about important changes in a company's stock performance.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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OAK BROOK, Ill., Sept. 14, 2026 (GLOBE NEWSWIRE) -- Hub Group, Inc. (Nasdaq: HUBG) today announced select preliminary, unaudited financial results for the first and second quarters of 2026 and provided an update on the Company’s previously disclosed accounting review and ongoing restatement process.

David Yeager, Hub Group’s Chairman and Chief Executive Officer said, “Our finance and accounting team remains highly focused on completing the restatement process and becoming current with our financial reporting obligations. At the same time, our broader organization continues to serve our customers, identify growth opportunities, invest in our business and execute against our long-term strategy.”

“We are focused on driving growth, profitability and operating cash flows. Our team is executing a new cost reduction program with actions designed to improve yield and enhance efficiencies, and we look forward to providing more detail on these initiatives when we report our final full year 2025 results and restated financials,” said Phil Yeager, Hub Group’s President and Vice Chairman.

Preliminary First and Second Quarter 2026 Financial Results
The preliminary financial results presented below, including comparisons to prior year periods, reflect management’s current estimates based on information available as of the date of this release. These results are unaudited and remain subject to the completion of the restatement of the Company’s previously issued financial statements as well as the Company’s financial closing procedures and the preparation and review of its consolidated financial statements and related disclosures for fiscal year 2025 and for the first and second quarters of 2026. Accordingly, the Company’s final results may differ from the preliminary estimates presented below.

Based on preliminary financial results, revenue trends through the first half of 2026 have been near Company expectations, with consolidated operating revenue expected to be in the range of $1.70 billion to $1.80 billion. However, operating results during the first half of 2026 were negatively impacted by increased costs in fuel, rail and drayage, which negatively impacted Intermodal and Transportation Solutions (“ITS”) segment results, while excess capacity in Consolidation and Fulfillment negatively impacted Logistics segment results. Additionally, operating results were negatively impacted by incremental costs related to the accounting review and restatement work. The Company is not providing a range of operating income or loss due to ongoing financial closing procedures but does anticipate reporting an operating loss for the first half of 2026 before the impact of one-time charges.

In addition to its previously communicated cost reduction program, beginning in the second quarter of 2026 the Company initiated a new efficiency program with incremental initiatives focused on yield management across all services, consolidation of warehousing space, productivity enhancements with drivers and warehouse team members, targeted cost reductions and enhanced order to cash processes.

ITS revenue performance benefited from relatively stable volume trends and tightening market capacity conditions during the first half of 2026 that supported over-the-road conversion opportunities and pricing momentum, while segment operating results for the same period were negatively impacted by higher fuel, rail and drayage costs incurred prior to rate increases implemented beginning in the third quarter of 2026.

Logistics revenue performance benefitted from new business for Final Mile, while Managed Transportation experienced modest revenue declines due to lower customer activity in the first half of 2026. Brokerage revenue and volume declined as the Company focused on improving profitability, and Consolidation and Fulfillment revenue was negatively impacted by select customer attrition compared to the prior year period. The Company expects Logistics segment operating results in the first half of 2026 will be negatively impacted by pressures resulting from excess capacity in Consolidation and Fulfillment.

As of June 30, 2026, Hub Group had cash and cash equivalents of approximately $132 million and restricted cash of approximately $28 million. Debt at June 30, 2026 totaled approximately $198 million, which after giving effect to cash and cash equivalents of approximately $132 million, resulted in net debt of approximately $66 million. Capital expenditures for the six months ended June 30, 2026 are estimated to be approximately $12 million including investments in equipment and technology. In August 2026, the Company borrowed $75 million under its $450 million revolving credit facility.

Full Year 2026 Outlook
For full year 2026, the Company estimates consolidated operating revenue of approximately $3.6 to $3.8 billion and capital expenditures of approximately $40 million to $50 million.

Credit Agreement Amendment
On September 11, 2026, the Company amended its revolving credit agreement. The amendment extends the deadline for delivery to the lenders of the Company’s audited annual financial statements for the year ended December 31, 2025 and its unaudited quarterly financial statements for the quarterly periods ended March 31, 2026, June 30, 2026 and September 30, 2026 to November 30, 2026. The amendment also provides that costs and expenses incurred on or prior to December 31, 2026 in connection with the accounting review and restatement process may be added back in the calculation of EBITDA for purposes of the Company’s financial covenants.

Restatement and Financial Reporting Update
Hub Group continues to work diligently to complete the restatement of its previously issued financial statements for the years ended December 31, 2024 and 2023 and the quarterly periods ended March 31, 2025, June 30, 2025 and September 30, 2025, and to file its Form 10-K for the year ended December 31, 2025, which will include results for the year ended December 31, 2025, which have not been previously issued, and restated results for the fiscal years ended December 31, 2024 and 2023, as well as its Forms 10-Q for the quarterly periods ended March 31, 2026 and June 30, 2026.

The Nasdaq Stock Market LLC (“Nasdaq”) granted the Company an exception through September 14, 2026 to file its Form 10-K for the year ended December 31, 2025 and Forms 10-Q for the quarterly periods ended March 31, 2026 and June 30, 2026 with the Securities and Exchange Commission and regain compliance with Nasdaq Listing Rule 5250(c)(1). The Company has determined that it needs additional time to complete the restatements and related audits of its financial statements and expects to complete such filings in the fourth quarter of 2026.

As a result, the Company expects to receive a Staff Delisting Determination letter from the Listing Qualifications Department of Nasdaq notifying the Company that its Class A common stock will be delisted. Importantly, receipt of this notification will not immediately result in the suspension of trading or delisting of the Company’s Class A common stock. The Company intends to timely request a hearing before the Nasdaq Hearings Panel to appeal the determination within seven calendar days from receipt of any determination. The submission of this request would automatically stay any suspension or delisting action for 15 calendar days from the date of the request. It is further anticipated that in connection with the request for a hearing, the Company will seek a further stay of any suspension or delisting action pending the hearing process. Hearings are typically scheduled to occur approximately 30 to 45 days after the date of a company’s hearing request. While there can be no assurances, the Company expects that the Company’s Class A common stock will continue to trade on the Nasdaq Global Select Market during the hearing process. In addition, the Company expects to present to the Nasdaq Hearings Panel a compelling plan to regain full compliance with Nasdaq’s continued listing requirements and to secure sufficient time to execute such plan.

Preliminary Financial Results
The financial results for the first and second quarters of 2026 contained in this press release are preliminary and unaudited and represent management’s estimates based on information available as of the date of this release. The Company has not completed the restatement of its previously issued financial statements, nor its financial closing procedures for the periods presented, and the preliminary financial results are subject to adjustments that may result from the completion of those procedures, the ongoing restatement process and the preparation and review of the Company’s consolidated financial statements and related disclosures.

The preliminary financial results presented in this release are not a comprehensive statement of the Company’s financial results for the periods presented and should not be viewed as a substitute for complete financial statements prepared in accordance with accounting principles generally accepted in the United States. The Company’s actual results may differ materially from these preliminary estimates, and additional adjustments may be identified as the Company completes its financial reporting and restatement processes.

Certain Forward-Looking Statements
Statements in this press release that are not historical facts are forward-looking statements, provided pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995, including statements regarding Hub Group’s expectations of its financial results and business performance for the first half of 2026 and first and second quarters of 2026, the effect of Hub Group’s actions to drive growth, profitability and operating cash flows, improve yield, and enhance efficiency, Hub Group’s growth potential, the timing of the restatement of the Company’s financial statements for the impacted periods and the filing of its Form 10-K for the year ended December 31, 2025 and its Forms 10-Q for the quarterly periods ended March 31, 2026 and June 30, 2026, the Company’s estimated consolidated revenue and capital expenditures for full year 2026, the outcome of the Company’s anticipated request to Nasdaq for a stay from the suspension and delisting of its Class A common stock and its appeal to the Nasdaq Hearings Panel, and any other statements regarding Hub Group’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts.

These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that might cause the actual performance of Hub Group to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the Company’s ability to complete the previously-announced restatement of its financial statements and regain compliance with Nasdaq’s listing rules; unanticipated delays that prevent the filing of the Company’s delinquent periodic reports in the fourth quarter of 2026; the impact that the restatement process and further delays in the financial close process or the related audit may have on Hub Group’s business, financial condition and results of operations; the risk that the Company’s request to Nasdaq for a stay from suspension or delisting will not be granted or that its plan to regain compliance with Nasdaq’s continued listing requirements will not be accepted by the Nasdaq Hearing Panel or, if accepted, will not allow for sufficient time for the Company to regain compliance, the Company’s ability to maintain compliance with the covenants in its revolving credit agreement, and other risks discussed under the “Risk Factors” section in Hub Group’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings.

These forward-looking statements speak only as of the date hereof and Hub Group assumes no obligation to update any such forward-looking statements.

About Hub Group
Hub Group offers comprehensive transportation and logistics management solutions. Keeping our customers’ needs in focus, Hub Group designs, continually optimizes, and applies industry-leading technology to our customers’ supply chains for better service, greater efficiency, and total visibility. As an award-winning, publicly traded company (Nasdaq: HUBG), our approximately 6,000 employees and drivers across the globe are always in pursuit of “The Way Ahead” – a commitment to service, integrity and innovation. For more information, visit hubgroup.com.

CONTACT: Garrett Holland, InvestorRelations@hubgroup.com 

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What efficiency and cost reduction programs is Hub Group implementing in 2026?

Beginning in the second quarter of 2026, Hub Group launched a new efficiency program with incremental initiatives that focus on yield management across all services, consolidation of warehousing space, productivity enhancements for drivers and warehouse team members, targeted cost reductions, and enhanced order-to-cash processes. These actions are in addition to a previously communicated cost reduction program and are intended, in the company’s words, to improve growth, profitability and operating cash flows.

How did different business segments perform in the first half of 2026?

In the first half of 2026, ITS revenue benefited from stable volume and tightening capacity that supported over-the-road conversion and pricing momentum, but ITS operating results were negatively affected by higher fuel, rail and drayage costs incurred before rate increases starting in the third quarter of 2026. In Logistics, Final Mile revenue benefited from new business, Managed Transportation saw modest revenue declines due to lower customer activity, Brokerage revenue and volume declined as Hub Group focused on profitability, and Consolidation and Fulfillment revenue was hurt by select customer attrition and excess capacity.

What are Hub Group’s key balance sheet and liquidity metrics as of June 30, 2026?

As of June 30, 2026, Hub Group had approximately $132 million in cash and cash equivalents, $28 million in restricted cash, and about $198 million of debt, resulting in estimated net debt of roughly $66 million. Capital expenditures for the six months ended June 30, 2026 are estimated at about $12 million, including equipment and technology investments. In August 2026, the company also borrowed $75 million under its $450 million revolving credit facility.

What does the amended revolving credit agreement change for Hub Group?

The amendment signed on September 11, 2026 extends the deadline to deliver Hub Group’s audited 2025 annual financial statements and unaudited quarterly statements for March 31, June 30, and September 30, 2026 to lenders until November 30, 2026. It also allows costs and expenses related to the accounting review and restatement process, incurred on or before December 31, 2026, to be added back to EBITDA when calculating financial covenants under the revolver.

What is the status of Hub Group’s restatement and SEC filings?

Hub Group is working to complete the restatement of previously issued financial statements for the years ended December 31, 2024 and 2023 and the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025. It also plans to file its Form 10-K for 2025, which will include new 2025 results and restated 2023–2024 results, and its Forms 10-Q for March 31, 2026 and June 30, 2026. The company now expects to complete these filings in the fourth quarter of 2026.

How will the expected Nasdaq Staff Delisting Determination affect trading in Hub Group’s shares?

Because Hub Group does not expect to meet Nasdaq’s September 14, 2026 deadline to file its 2025 Form 10-K and first-half 2026 Forms 10-Q, it expects to receive a Staff Delisting Determination. The company plans to request a hearing within seven calendar days of receipt, which would automatically stay any suspension or delisting action for 15 calendar days from the request date. Hub Group also plans to seek a further stay during the hearing process. Hearings are usually scheduled about 30–45 days after a request, and the company expects, but cannot guarantee, that its Class A common stock will continue to trade on the Nasdaq Global Select Market during this process.