Marten Transport Announces Fourth Quarter and Year End Results
Rhea-AI Summary
Marten Transport (Nasdaq: MRTN) reported fourth-quarter 2025 net income of $3.7M (diluted EPS $0.05) and full-year 2025 net income of $17.4M (diluted EPS $0.21). Fourth-quarter operating revenue was $210.1M and full-year operating revenue was $883.7M, each down versus 2024. Fourth-quarter operating income was $4.6M; full-year operating income was $22.9M. Management cited sequential profitability improvement and noted the sale of Intermodal effective September 30, 2025 and a debt-free balance sheet with $43.3M cash at year-end.
Positive
- Sequential net income up 66.1% from Q3 2025
- Cash & cash equivalents increased to $43,278 thousand at 12/31/2025
- Intermodal operations sold effective Sept 30, 2025, removing that segment
- Operating income improved sequentially from Q3 to Q4 2025
Negative
- Net income declined to $17.4M in 2025 from $26.9M in 2024 (-35%)
- Operating income fell to $22.9M in 2025 from $33.2M in 2024 (-31%)
- Diluted EPS decreased to $0.21 in 2025 from $0.33 in 2024 (-36%)
- Fuel surcharge revenue declined to $104.7M in 2025 from $123.7M in 2024 (-15%)
Market Reaction
Following this news, MRTN has gained 4.01%, reflecting a moderate positive market reaction. Our momentum scanner has triggered 5 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $12.95. This price movement has added approximately $41M to the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Key Figures
Market Reality Check
Peers on Argus
MRTN was down 1.42% with multiple trucking peers also lower: HTLD -1.9%, ULH -5.67%, WERN -0.98%, ARCB -1.9%, CVLG -2.81%, indicating a broad trucking-sector downdraft.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 24 | Dividend declaration | Positive | +3.6% | Announced 62nd consecutive quarterly dividend of $0.06 per share. |
| Oct 23 | Earnings release | Negative | -0.7% | Reported softer Q3 2025 results with lower revenue and income. |
| Sep 30 | Asset sale | Positive | -1.8% | Closed $51.8M sale of loss-making Intermodal assets to Hub Group. |
| Aug 19 | Leadership change | Neutral | -3.4% | Announced CEO retirement and transition back to Randolph Marten. |
| Aug 12 | Dividend declaration | Positive | +1.9% | Declared 61st consecutive quarterly dividend of $0.06 per share. |
Dividend announcements have coincided with positive price moves, while operational or strategic updates have sometimes seen mixed or negative reactions.
Recent news for MRTN has centered on softer earnings, portfolio reshaping, capital returns, and leadership changes. Q3 2025 earnings showed pressured revenue and income, and the Intermodal asset sale for $51.8M drew a negative price reaction despite removing a loss-making unit. CEO transition headlines in August 2025 also coincided with a share-price pullback. In contrast, regular $0.06 quarterly dividends (the 61st and 62nd consecutive) generated modest positive reactions, underscoring investor focus on stability and cash returns as freight markets remain weak.
Market Pulse Summary
This announcement details a challenging year, with 2025 operating revenue down to $883.7M and net income at $17.4M, alongside consolidated operating ratios above 97%. Sequential Q4 improvement from Q3 suggests early benefits from cost control and the Intermodal exit. Recent history shows consistent dividends of $0.06 per quarter and a debt-free balance sheet with cash rising to $43.3M. Investors may watch future operating ratios, segment performance in Dedicated and Brokerage, and how freight market conditions affect revenue per tractor and overall profitability.
Key Terms
operating ratio financial
consolidated operating ratio financial
forward-looking statements regulatory
section 21e of the securities exchange act of 1934 regulatory
non-domiciled commercial driver’s licenses regulatory
AI-generated analysis. Not financial advice.
MONDOVI, Wis., Jan. 27, 2026 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of
Operating revenue was
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Operating expenses as a percentage of operating revenue were
Operating expenses as a percentage of operating revenue were
Chairman of the Board and Chief Executive Officer Randolph L. Marten stated, “We are encouraged by the sequential improvement in our profitability. Our people also drove sequential increases this quarter in our revenue per tractor, rate per total mile and miles per tractor within each of our truckload and dedicated operations.”
“Our unique multifaceted business model’s value continued to be highlighted by the operating results of our dedicated and brokerage operations throughout the last two years. Our earnings have been heavily pressured by the historic duration and depth of the freight market recession’s oversupply and weak demand -- and the cumulative impact of inflationary operating costs, freight rate reductions and freight network disruptions.”
“We are focused on minimizing the freight market’s impact with our emphasis 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 profitable organic growth opportunities. We expect the current administration’s recent immigration enforcement efforts including stricter standards for non-domiciled commercial driver’s licenses and increased enforcement of English Language Proficiency regulations to positively impact such 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 the current administration’s recent immigration enforcement efforts including stricter standards for non-domiciled commercial driver’s licenses and increased enforcement of English Language Proficiency regulations, 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, 2024. 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 | |||||||
| December 31, | December 31, | ||||||
| (In thousands, except share information) | 2025 | 2024 | |||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 43,278 | $ | 17,267 | |||
| Escrow deposit | 5,000 | - | |||||
| Receivables: | |||||||
| Trade, net | 85,807 | 89,992 | |||||
| Other | 13,084 | 5,364 | |||||
| Prepaid expenses and other | 24,532 | 25,888 | |||||
| Total current assets | 171,701 | 138,511 | |||||
| Property and equipment: | |||||||
| Revenue equipment, buildings and land, office equipment and other | 1,128,932 | 1,198,737 | |||||
| Accumulated depreciation | (352,426 | ) | (370,124 | ) | |||
| Net property and equipment | 776,506 | 828,613 | |||||
| Other noncurrent assets | 1,560 | 1,633 | |||||
| Total assets | $ | 949,767 | $ | 968,757 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 28,769 | $ | 25,781 | |||
| Insurance and claims accruals | 43,700 | 44,246 | |||||
| Accrued and other current liabilities | 19,763 | 23,492 | |||||
| Total current liabilities | 92,232 | 93,519 | |||||
| Deferred income taxes | 89,716 | 107,034 | |||||
| Noncurrent operating lease liabilities | 194 | 282 | |||||
| Total liabilities | 182,142 | 200,835 | |||||
| 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; 81,542,174 shares at December 31, 2025, and 81,463,938 shares at December 31, 2024, issued and outstanding | 815 | 815 | |||||
| Additional paid-in capital | 54,762 | 52,941 | |||||
| Retained earnings | 712,048 | 714,166 | |||||
| Total stockholders’ equity | 767,625 | 767,922 | |||||
| Total liabilities and stockholders’ equity | $ | 949,767 | $ | 968,757 | |||
| MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) | |||||||||||||||
| Three Months | Year | ||||||||||||||
| Ended December 31, | Ended December 31, | ||||||||||||||
| (In thousands, except per share information) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Operating revenue | $ | 210,108 | $ | 230,432 | $ | 883,652 | $ | 963,708 | |||||||
| Operating expenses (income): | |||||||||||||||
| Salaries, wages and benefits | 75,728 | 83,009 | 312,070 | 341,732 | |||||||||||
| Purchased transportation | 36,050 | 39,231 | 159,113 | 169,142 | |||||||||||
| Fuel and fuel taxes | 30,765 | 32,992 | 129,999 | 147,143 | |||||||||||
| Supplies and maintenance | 14,504 | 14,331 | 61,208 | 63,337 | |||||||||||
| Depreciation | 25,168 | 27,528 | 105,392 | 111,653 | |||||||||||
| Operating taxes and licenses | 2,446 | 2,683 | 9,737 | 10,302 | |||||||||||
| Insurance and claims | 15,034 | 15,134 | 55,645 | 53,109 | |||||||||||
| Communications and utilities | 2,217 | 2,195 | 8,753 | 9,029 | |||||||||||
| Gain on disposition of revenue equipment | (3,317 | ) | (387 | ) | (12,067 | ) | (4,971 | ) | |||||||
| Other | 6,931 | 6,989 | 30,889 | 30,012 | |||||||||||
| Total operating expenses | 205,526 | 223,705 | 860,739 | 930,488 | |||||||||||
| Operating income | 4,582 | 6,727 | 22,913 | 33,220 | |||||||||||
| Other | (466 | ) | (394 | ) | (1,464 | ) | (3,126 | ) | |||||||
| Income before income taxes | 5,048 | 7,121 | 24,377 | 36,346 | |||||||||||
| Income taxes expense | 1,351 | 1,488 | 6,933 | 9,424 | |||||||||||
| Net income | $ | 3,697 | $ | 5,633 | $ | 17,444 | $ | 26,922 | |||||||
| Basic earnings per common share | $ | 0.05 | $ | 0.07 | $ | 0.21 | $ | 0.33 | |||||||
| Diluted earnings per common share | $ | 0.05 | $ | 0.07 | $ | 0.21 | $ | 0.33 | |||||||
| Dividends declared per common share | $ | 0.06 | $ | 0.06 | $ | 0.24 | $ | 0.24 | |||||||
| MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited) | ||||||||||||||
| Dollar | Percentage | |||||||||||||
| Change | Change | |||||||||||||
| Three Months | Three Months | Three Months | ||||||||||||
| Ended | Ended | Ended | ||||||||||||
| December 31, | December 31, | December 31, | ||||||||||||
| (Dollars in thousands) | 2025 | 2024 | 2025 vs. 2024 | 2025 vs. 2024 | ||||||||||
| Operating revenue: | ||||||||||||||
| Truckload revenue, net of fuel surcharge revenue | $ | 91,201 | $ | 93,106 | $ | (1,905 | ) | (2.0 | )% | |||||
| Truckload fuel surcharge revenue | 14,822 | 14,188 | 634 | 4.5 | ||||||||||
| Total Truckload revenue | 106,023 | 107,294 | (1,271 | ) | (1.2 | ) | ||||||||
| Dedicated revenue, net of fuel surcharge revenue | 56,086 | 64,997 | (8,911 | ) | (13.7 | ) | ||||||||
| Dedicated fuel surcharge revenue | 9,831 | 11,391 | (1,560 | ) | (13.7 | ) | ||||||||
| Total Dedicated revenue | 65,917 | 76,388 | (10,471 | ) | (13.7 | ) | ||||||||
| Intermodal revenue, net of fuel surcharge revenue | - | 11,238 | (11,238 | ) | (100.0 | ) | ||||||||
| Intermodal fuel surcharge revenue | - | 1,971 | (1,971 | ) | (100.0 | ) | ||||||||
| Total Intermodal revenue | - | 13,209 | (13,209 | ) | (100.0 | ) | ||||||||
| Brokerage revenue | 38,168 | 33,541 | 4,627 | 13.8 | ||||||||||
| Total operating revenue | $ | 210,108 | $ | 230,432 | $ | (20,324 | ) | (8.8 | )% | |||||
| Operating income/(loss): | ||||||||||||||
| Truckload | $ | 783 | $ | 1,821 | $ | (1,038 | ) | (57.0 | )% | |||||
| Dedicated | 3,025 | 4,073 | (1,048 | ) | (25.7 | ) | ||||||||
| Intermodal | - | (1,502 | ) | 1,502 | 100.0 | |||||||||
| Brokerage | 774 | 2,335 | (1,561 | ) | (66.9 | ) | ||||||||
| Total operating income | $ | 4,582 | $ | 6,727 | $ | (2,145 | ) | (31.9 | )% | |||||
| Operating ratio: | ||||||||||||||
| Truckload | 99.3 | % | 98.3 | % | ||||||||||
| Dedicated | 95.4 | 94.7 | ||||||||||||
| Intermodal | - | 111.4 | ||||||||||||
| Brokerage | 98.0 | 93.0 | ||||||||||||
| Consolidated operating ratio | 97.8 | % | 97.1 | % | ||||||||||
| Operating ratio, net of fuel surcharges: | ||||||||||||||
| Truckload | 99.1 | % | 98.0 | % | ||||||||||
| Dedicated | 94.6 | 93.7 | ||||||||||||
| Intermodal | - | 113.4 | ||||||||||||
| Brokerage | 98.0 | 93.0 | ||||||||||||
| Consolidated operating ratio, net of fuel surcharges | 97.5 | % | 96.7 | % | ||||||||||
| MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited) | ||||||||||||||
| Dollar | Percentage | |||||||||||||
| Change | Change | |||||||||||||
| Year | Year | Year | ||||||||||||
| Ended | Ended | Ended | ||||||||||||
| December 31, | December 31, | December 31, | ||||||||||||
| (Dollars in thousands) | 2025 | 2024 | 2025 vs. 2024 | 2025 vs. 2024 | ||||||||||
| Operating revenue: | ||||||||||||||
| Truckload revenue, net of fuel surcharge revenue | $ | 363,929 | $ | 377,452 | $ | (13,523 | ) | (3.6 | )% | |||||
| Truckload fuel surcharge revenue | 57,800 | 62,340 | (4,540 | ) | (7.3 | ) | ||||||||
| Total Truckload revenue | 421,729 | 439,792 | (18,063 | ) | (4.1 | ) | ||||||||
| Dedicated revenue, net of fuel surcharge revenue | 236,504 | 267,077 | (30,573 | ) | (11.4 | ) | ||||||||
| Dedicated fuel surcharge revenue | 41,922 | 52,058 | (10,136 | ) | (19.5 | ) | ||||||||
| Total Dedicated revenue | 278,426 | 319,135 | (40,709 | ) | (12.8 | ) | ||||||||
| Intermodal revenue, net of fuel surcharge revenue | 28,730 | 49,468 | (20,738 | ) | (41.9 | ) | ||||||||
| Intermodal fuel surcharge revenue | 4,941 | 9,286 | (4,345 | ) | (46.8 | ) | ||||||||
| Total Intermodal revenue | 33,671 | 58,754 | (25,083 | ) | (42.7 | ) | ||||||||
| Brokerage revenue | 149,826 | 146,027 | 3,799 | 2.6 | ||||||||||
| Total operating revenue | $ | 883,652 | $ | 963,708 | $ | (80,056 | ) | (8.3 | )% | |||||
| Operating income/(loss): | ||||||||||||||
| Truckload | $ | 825 | $ | 3,283 | $ | (2,458 | ) | (74.9 | )% | |||||
| Dedicated | 16,734 | 23,037 | (6,303 | ) | (27.4 | ) | ||||||||
| Intermodal | (1,883 | ) | (3,922 | ) | 2,039 | 52.0 | ||||||||
| Brokerage | 7,237 | 10,822 | (3,585 | ) | (33.1 | ) | ||||||||
| Total operating income | $ | 22,913 | $ | 33,220 | $ | (10,307 | ) | (31.0 | )% | |||||
| Operating ratio: | ||||||||||||||
| Truckload | 99.8 | % | 99.3 | % | ||||||||||
| Dedicated | 94.0 | 92.8 | ||||||||||||
| Intermodal | 105.6 | 106.7 | ||||||||||||
| Brokerage | 95.2 | 92.6 | ||||||||||||
| Consolidated operating ratio | 97.4 | % | 96.6 | % | ||||||||||
| Operating ratio, net of fuel surcharges: | ||||||||||||||
| Truckload | 99.8 | % | 99.1 | % | ||||||||||
| Dedicated | 92.9 | 91.4 | ||||||||||||
| Intermodal | 106.6 | 107.9 | ||||||||||||
| Brokerage | 95.2 | 92.6 | ||||||||||||
| Consolidated operating ratio, net of fuel surcharges | 97.1 | % | 96.0 | % | ||||||||||
| MARTEN TRANSPORT, LTD. OPERATING STATISTICS (Unaudited) | |||||||||||||||
| Three Months | Year | ||||||||||||||
| Ended December 31, | Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Truckload Segment: | |||||||||||||||
| Revenue (in thousands) | $ | 106,023 | $ | 107,294 | $ | 421,729 | $ | 439,792 | |||||||
| Average revenue, net of fuel surcharges, per tractor per week(1) | $ | 4,200 | $ | 4,227 | $ | 4,184 | $ | 4,123 | |||||||
| Average tractors(1) | 1,652 | 1,676 | 1,668 | 1,751 | |||||||||||
| Average miles per trip | 511 | 535 | 520 | 533 | |||||||||||
| Non-revenue miles percentage(2) | 11.2 | % | 11.8 | % | 11.1 | % | 12.1 | % | |||||||
| Total miles (in thousands) | 38,124 | 39,147 | 153,699 | 158,985 | |||||||||||
| Dedicated Segment: | |||||||||||||||
| Revenue (in thousands) | $ | 65,917 | $ | 76,388 | $ | 278,426 | $ | 319,135 | |||||||
| Average revenue, net of fuel surcharges, per tractor per week(1) | $ | 3,870 | $ | 3,841 | $ | 3,825 | $ | 3,767 | |||||||
| Average tractors(1) | 1,103 | 1,288 | 1,186 | 1,356 | |||||||||||
| Average miles per trip | 296 | 313 | 299 | 319 | |||||||||||
| Non-revenue miles percentage(2) | 1.2 | % | 1.5 | % | 1.3 | % | 1.3 | % | |||||||
| Total miles (in thousands) | 22,782 | 26,799 | 96,356 | 110,681 | |||||||||||
| Intermodal Segment: | |||||||||||||||
| Revenue (in thousands) | $ | - | $ | 13,209 | $ | 33,671 | $ | 58,754 | |||||||
| Loads | - | 3,803 | 10,168 | 16,975 | |||||||||||
| Average tractors | - | 88 | 56 | 110 | |||||||||||
| Brokerage Segment: | |||||||||||||||
| Revenue (in thousands) | $ | 38,168 | $ | 33,541 | $ | 149,826 | $ | 146,027 | |||||||
| Loads | 25,501 | 21,749 | 95,951 | 89,138 | |||||||||||
| At December 31, 2025 and December 31, 2024: | |||||||||||||||
| Total tractors(1) | 2,654 | 3,006 | |||||||||||||
| Average age of company tractors (in years) | 2.3 | 1.9 | |||||||||||||
| Total trailers | 5,107 | 5,440 | |||||||||||||
| Average age of company trailers (in years) | 4.9 | 5.3 | |||||||||||||
| Ratio of trailers to tractors(1) | 1.9 | 1.8 | |||||||||||||
| Total refrigerated containers | - | 786 | |||||||||||||
| Three Months | Year | ||||||||||||||
| Ended December 31, | Ended December 31, | ||||||||||||||
| (In thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Net cash provided by operating activities | $ | 5,582 | $ | 23,793 | $ | 93,488 | $ | 134,814 | |||||||
| Net cash used for investing activities | (7,135 | ) | (44,891 | ) | (42,877 | ) | (152,138 | ) | |||||||
| Net cash used for financing activities | (4,654 | ) | (4,625 | ) | (19,600 | ) | (18,622 | ) | |||||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 81,524 | 81,457 | 81,512 | 81,406 | |||||||||||
| Diluted | 81,530 | 81,507 | 81,519 | 81,472 | |||||||||||
| (1) | Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 77 and 88 tractors as of December 31, 2025 and 2024, respectively. | |
| (2) | Represents the percentage of miles for which the company is not compensated. | |
FAQ
What were Marten Transport's (MRTN) fourth-quarter 2025 net income and EPS?
How did Marten Transport's (MRTN) full-year 2025 net income compare to 2024?
What was Marten Transport's (MRTN) operating revenue for 2025 and Q4 2025?
Did Marten Transport (MRTN) sell any business units in 2025?
What is Marten Transport's (MRTN) cash position at year-end 2025?
What operational segments drove performance in Marten Transport's (MRTN) Q4 2025 results?
