Marten Transport Announces Second Quarter Results
Rhea-AI Summary
Marten Transport (Nasdaq: MRTN) reported second-quarter 2026 net income of $5.3 million, or $0.07 per diluted share, down from $7.2 million, or $0.09, in Q2 2025 but up 286.3% from Q1 2026’s $1.4 million. Operating revenue was $223.5 million versus $229.9 million a year earlier; excluding fuel surcharges, revenue declined to $185.2 million from $203.8 million, while fuel surcharge revenue rose to $38.3 million from $26.1 million.
For the first six months of 2026, net income was $6.7 million compared with $11.5 million in 2025. Operating income fell to $6.9 million in Q2 and $8.5 million year-to-date from $9.7 million and $15.6 million, respectively, with the consolidated operating ratio deteriorating to 96.9% in Q2 and 98.0% year-to-date. According to Marten Transport, its truckload segment grew total revenue 9.2% year-over-year in Q2, while dedicated and brokerage operating income declined. The company highlighted sequential profitability gains across truckload, dedicated and brokerage, a debt-free balance sheet and the freight market’s emerging recovery following the sale of its intermodal operations in 2025.
Positive
- Q2 2026 net income $5.3m, up 286.3% from Q1 2026
- Cash and cash equivalents $104.0m at June 30, 2026, up from $43.3m
- Truckload total revenue $116.3m in Q2 2026, up 9.2% YoY
- Fuel surcharge revenue up to $38.3m in Q2 2026 from $26.1m
- Intermodal operating loss removed after 2025 sale, Q2 2026 segment loss $0 vs -$0.7m
Negative
- Q2 2026 net income down to $5.3m from $7.2m in Q2 2025
- Six-month 2026 net income $6.7m vs $11.5m in 2025, down 41.6%
- Q2 2026 operating income $6.9m, a 29.0% decline from $9.7m
- Operating revenue down 2.8% in Q2 and 5.7% year-to-date vs 2025
- Consolidated operating ratio worsened to 96.9% in Q2 2026 from 95.8%
- Dedicated segment operating income down 55.1% in Q2 2026 and 60.5% year-to-date
News Explained
At June 30, cash was $103,980 thousand and 81,661,669 common shares were outstanding; the release does not establish that the increase caused dilution.
In its reported
Common stock issued and outstanding was listed at
Under the supplied definition, issuing additional shares increases the total share count and reduces an existing holder’s percentage ownership absent offsetting changes; this release, however, does not provide issuance or ownership mechanics.
Thus, the current disclosure establishes a higher reported cash balance and a higher reported common-share count, but it does not by itself establish a completed dilution transaction.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 23 | First-quarter earnings | Negative | -0.2% | Lower quarterly earnings and revenue amid freight-market pressure |
| Oct 23 | Third-quarter earnings | Negative | -9.1% | Lower earnings and revenue alongside intermodal asset sale |
| Jul 16 | Second-quarter earnings | Negative | +0.1% | Year-over-year earnings and revenue declines during freight recession |
| Apr 16 | First-quarter earnings | Negative | -3.4% | Lower earnings, revenue and operating income with higher expense ratio |
| Oct 17 | Third-quarter earnings | Negative | -2.8% | Lower earnings and revenue amid prolonged freight-market recession |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings announcements produced predominantly negative reactions, with four of five comparable events aligned with negative earnings sentiment and a five-event average move of -3.05%.
Key Terms
fuel surcharge financial
operating ratio technical
electronic logging device regulatory
forward-looking statements regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
MONDOVI, Wis., July 23, 2026 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of
Operating revenue was
Operating revenue was
Operating income was
Operating income was
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 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. |
