Marten Transport Announces Third Quarter Results

Rhea-AI Summary

Marten Transport (NASDAQ:MRTN) reported Q3 2025 net income $2.2M (diluted EPS $0.03) versus $3.8M ($0.05) in Q3 2024. Operating revenue was $220.5M for Q3 2025, down 7.1% year-over-year, and $673.5M for the nine months ended Sept. 30, 2025, down 8.1% year-over-year.

Operating income fell to $2.7M in Q3 2025 from $4.3M in Q3 2024; nine‑month operating income was $18.3M versus $26.5M a year earlier. The company closed an asset sale of intermodal assets to Hub Group for $51.8M effective Sept. 30, 2025 and reported a debt-free balance sheet with cash and cash equivalents of $49.485M at Sept. 30, 2025.

Positive

• Asset sale to Hub Group produced $51.8M cash
• Cash and cash equivalents of $49.485M at Sept. 30, 2025
• Company reports a debt-free balance sheet
• Dedicated and brokerage operations delivered positive operating income

Negative

• Q3 2025 net income declined to $2.2M from $3.8M (−41.1%)
• Total operating revenue down 7.1% in Q3 2025 vs Q3 2024
• Operating income down 35.9% in Q3 2025 vs Q3 2024
• Consolidated operating ratio worsened to 98.8% in Q3 2025

Insights

Transport financial analyst

Q3 shows revenue and margin pressure but the balance sheet strength and a $51.8M intermodal asset sale limit near-term downside.

Operating revenue fell to $220.5 million in Q3 from $237.4 million last year and operating income declined to $2.7 million from $4.3 million, driven by lower volumes and fuel surcharge revenue (Q3 fuel surcharges $26.5 million vs $29.5 million), which reduced top-line and compressed operating income.

Profitability metrics worsened modestly: consolidated operating ratio rose to 98.8% from 98.2% for the quarter and consolidated operating ratio, net of fuel, moved to 98.6% from 97.9%. Net income fell to $2.2 million (diluted EPS $0.03) for the quarter versus $3.8 million (EPS $0.05) year-ago.

The company converted intermodal assets into $51.8 million cash via an asset sale effective September 30, 2025, and reports a strong cash position ($49.5 million at period end) and a debt-free balance sheet; these items materially improve liquidity and optionality while the freight market remains weak.

Key dependencies and risks include continued soft freight demand (reflected in an 8.1% year-to-date revenue decline) and elevated operating ratios in Truckload and Intermodal segments. Watch near-term indicators: quarterly revenue and operating ratio trends, utilization (average tractors down from 3,080 to 2,823 total tractors year-over-year), and realizations per tractor per week (Truckload ~ $4,129 per week). Expect informative signals over the next 2–4 quarters as market conditions and cost control measures play out.

MONDOVI, Wis., Oct. 23, 2025 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $2.2 million, or 3 cents per diluted share, for the third quarter ended September 30, 2025, compared with $3.8 million, or 5 cents per diluted share, for the third quarter of 2024. For the nine-month period ended September 30, 2025, net income was $13.7 million, or 17 cents per diluted share, compared with $21.3 million, or 26 cents per diluted share, for the 2024 nine-month period.

Operating revenue was $220.5 million for the third quarter of 2025 compared with $237.4 million for the third quarter of 2024. Excluding fuel surcharges, operating revenue was $194.0 million for the 2025 quarter compared with $207.9 million for the 2024 quarter. Fuel surcharge revenue decreased to $26.5 million for the 2025 quarter from $29.5 million for the 2024 quarter.

Operating revenue was $673.5 million for the first nine months of 2025 compared with $733.3 million for the first nine months of 2024. Excluding fuel surcharges, operating revenue was $593.5 million for the 2025 period compared with $637.1 million for the 2024 period. Fuel surcharge revenue decreased to $80.0 million for the 2025 period from $96.1 million for the 2024 period.

Operating income was $2.7 million for the third quarter of 2025 compared with $4.3 million for the third quarter of 2024.

Operating income was $18.3 million for the first nine months of 2025 compared with $26.5 million for the first nine months of 2024.

Operating expenses as a percentage of operating revenue were 98.8% for the 2025 quarter and 98.2% for the 2024 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 98.6% for the 2025 quarter and 97.9% for the 2024 quarter.

Operating expenses as a percentage of operating revenue were 97.3% for the first nine months of 2025 and 96.4% for the first nine months of 2024. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 96.9% for the 2025 period and 95.8% for the 2024 period.

Chairman of the Board and Chief Executive Officer Randolph L. Marten stated, “Our earnings have continued to be significantly 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, unacceptable freight rate reductions and freight network disruptions. Our unique multifaceted business model’s value continued to be highlighted by the operating results of our dedicated and brokerage operations for the first nine months of this year and throughout last year.”

“We remain focused on minimizing the freight market’s impact with our emphasis on safe, premium service, data-driven operating efficiencies and 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 future 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 and B-1 visa regulations to positively impact such opportunities.”

“We also closed on the previously announced agreement to sell assets related to our intermodal business to Hub Group, Inc. (NASDAQ: HUBG), effective September 30, 2025. The transaction was structured as an asset sale of certain intermodal equipment, including over 1,200 refrigerated containers, and contracts to Hub Group, Inc. for $51.8 million in cash. This transaction clarifies our focus on investing in and positioning our core operations for future expansion.”

Current Investor Presentation

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 and B-1 visa 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
		September 30,				December 31,
(In thousands, except share information)		2025				2024
			(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	49,485			$	17,267
Receivables:
Trade, net			92,011				89,992
Other			9,201				5,364
Prepaid expenses and other			25,296				25,888
Total current assets			175,993				138,511
Property and equipment:
Revenue equipment, buildings and land, office equipment and other			1,148,269				1,198,737
Accumulated depreciation			(355,266	)			(370,124	)
Net property and equipment			793,003				828,613
Escrow deposit			5,000				-
Other noncurrent assets			1,655				1,633
Total assets		$	975,651			$	968,757
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	39,744			$	25,781
Insurance and claims accruals			41,313				44,246
Accrued and other current liabilities			34,527				23,492
Total current liabilities			115,584				93,519
Deferred income taxes			91,617				107,034
Noncurrent operating lease liabilities			250				282
Total liabilities			207,451				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; 81,520,424 shares at September 30, 2025, and 81,463,938 shares at December 31, 2024, issued and outstanding			815				815
Additional paid-in capital			54,143				52,941
Retained earnings			713,242				714,166
Total stockholders’ equity			768,200				767,922
Total liabilities and stockholders’ equity		$	975,651			$	968,757

MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
		Three Months								Nine Months
		Ended September 30,								Ended September 30,
(In thousands, except per share information)		2025				2024				2025				2024
Operating revenue		$	220,470			$	237,366			$	673,544			$	733,276
Operating expenses (income):
Salaries, wages and benefits			78,972				83,442				236,342				258,723
Purchased transportation			42,284				44,862				123,063				129,911
Fuel and fuel taxes			33,526				35,781				99,234				114,151
Supplies and maintenance			15,585				16,464				46,704				49,006
Depreciation			25,447				27,392				80,224				84,125
Operating taxes and licenses			2,423				2,505				7,291				7,619
Insurance and claims			11,382				13,759				40,611				37,975
Communications and utilities			2,093				2,166				6,536				6,834
Gain on disposition of revenue equipment			(1,903	)			(881	)			(8,750	)			(4,584	)
Other			7,923				7,607				23,958				23,023
Total operating expenses			217,732				233,097				655,213				706,783
Operating income			2,738				4,269				18,331				26,493
Other			(213	)			(922	)			(998	)			(2,732	)
Income before income taxes			2,951				5,191				19,329				29,225
Income taxes expense			725				1,437				5,582				7,936
Net income		$	2,226			$	3,754			$	13,747			$	21,289
Basic earnings per common share		$	0.03			$	0.05			$	0.17			$	0.26
Diluted earnings per common share		$	0.03			$	0.05			$	0.17			$	0.26
Dividends declared per common share		$	0.06			$	0.06			$	0.18			$	0.18

        

MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited)
										Dollar				Percentage
										Change				Change
		Three Months								Three Months				Three Months
		Ended								Ended				Ended
		September 30,								September 30,				September 30,
(Dollars in thousands)		2025				2024				2025 vs. 2024				2025 vs. 2024
Operating revenue:
Truckload revenue, net of fuel surcharge revenue		$	90,138			$	93,278			$	(3,140	)			(3.4	)%
Truckload fuel surcharge revenue			14,691				15,146				(455	)			(3.0	)
Total Truckload revenue			104,829				108,424				(3,595	)			(3.3	)
Dedicated revenue, net of fuel surcharge revenue			56,675				62,898				(6,223	)			(9.9	)
Dedicated fuel surcharge revenue			10,335				12,123				(1,788	)			(14.7	)
Total Dedicated revenue			67,010				75,021				(8,011	)			(10.7	)
Intermodal revenue, net of fuel surcharge revenue			8,369				12,289				(3,920	)			(31.9	)
Intermodal fuel surcharge revenue			1,482				2,220				(738	)			(33.2	)
Total Intermodal revenue			9,851				14,509				(4,658	)			(32.1	)
Brokerage revenue			38,780				39,412				(632	)			(1.6	)
Total operating revenue		$	220,470			$	237,366			$	(16,896	)			(7.1	)%
Operating income/(loss):
Truckload		$	(2,002	)		$	(142	)		$	(1,860	)			(1,309.9	)%
Dedicated			3,426				3,056				370				12.1
Intermodal			(293	)			(1,542	)			1,249				81.0
Brokerage			1,607				2,897				(1,290	)			(44.5	)
Total operating income		$	2,738			$	4,269			$	(1,531	)			(35.9	)%
Operating ratio:
Truckload			101.9	%			100.1	%
Dedicated			94.9				95.9
Intermodal			103.0				110.6
Brokerage			95.9				92.6
Consolidated operating ratio			98.8	%			98.2	%
Operating ratio, net of fuel surcharges:
Truckload			102.2	%			100.2	%
Dedicated			94.0				95.1
Intermodal			103.5				112.5
Brokerage			95.9				92.6
Consolidated operating ratio, net of fuel surcharges			98.6	%			97.9	%

MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited)
										Dollar				Percentage
										Change				Change
		Nine Months								Nine Months				Nine Months
		Ended								Ended				Ended
		September 30,								September 30,				September 30,
(Dollars in thousands)		2025				2024				2025 vs. 2024				2025 vs. 2024
Operating revenue:
Truckload revenue, net of fuel surcharge revenue		$	272,728			$	284,346			$	(11,618	)			(4.1	)%
Truckload fuel surcharge revenue			42,978				48,152				(5,174	)			(10.7	)
Total Truckload revenue			315,706				332,498				(16,792	)			(5.1	)
Dedicated revenue, net of fuel surcharge revenue			180,418				202,080				(21,662	)			(10.7	)
Dedicated fuel surcharge revenue			32,091				40,667				(8,576	)			(21.1	)
Total Dedicated revenue			212,509				242,747				(30,238	)			(12.5	)
Intermodal revenue, net of fuel surcharge revenue			28,730				38,230				(9,500	)			(24.8	)
Intermodal fuel surcharge revenue			4,941				7,315				(2,374	)			(32.5	)
Total Intermodal revenue			33,671				45,545				(11,874	)			(26.1	)
Brokerage revenue			111,658				112,486				(828	)			(0.7	)
Total operating revenue		$	673,544			$	733,276			$	(59,732	)			(8.1	)%
Operating income/(loss):
Truckload		$	42			$	1,462			$	(1,420	)			(97.1	)%
Dedicated			13,709				18,964				(5,255	)			(27.7	)
Intermodal			(1,883	)			(2,420	)			537				22.2
Brokerage			6,463				8,487				(2,024	)			(23.8	)
Total operating income		$	18,331			$	26,493			$	(8,162	)			(30.8	)%
Operating ratio:
Truckload			100.0	%			99.6	%
Dedicated			93.5				92.2
Intermodal			105.6				105.3
Brokerage			94.2				92.5
Consolidated operating ratio			97.3	%			96.4	%
Operating ratio, net of fuel surcharges:
Truckload			100.0	%			99.5	%
Dedicated			92.4				90.6
Intermodal			106.6				106.3
Brokerage			94.2				92.5
Consolidated operating ratio, net of fuel surcharges			96.9	%			95.8	%

MARTEN TRANSPORT, LTD. OPERATING STATISTICS (Unaudited)
		Three Months								Nine Months
		Ended September 30,								Ended September 30,
		2025				2024				2025				2024
Truckload Segment:
Revenue (in thousands)		$	104,829			$	108,424			$	315,706			$	332,498
Average revenue, net of fuel surcharges, per tractor per week(1)		$	4,129			$	4,187			$	4,178			$	4,090
Average tractors(1)			1,661				1,695				1,674				1,776
Average miles per trip			508				533				523				533
Non-revenue miles percentage(2)			11.0	%			12.2	%			11.1	%			12.1	%
Total miles (in thousands)			38,081				39,288				115,575				119,838
Dedicated Segment:
Revenue (in thousands)		$	67,010			$	75,021			$	212,509			$	242,747
Average revenue, net of fuel surcharges, per tractor per week(1)		$	3,776			$	3,693			$	3,811			$	3,744
Average tractors(1)			1,142				1,296				1,214				1,379
Average miles per trip			292				311				300				321
Non-revenue miles percentage(2)			1.1	%			1.3	%			1.3	%			1.2	%
Total miles (in thousands)			23,206				26,571				73,574				83,882
Intermodal Segment:
Revenue (in thousands)		$	9,851			$	14,509			$	33,671			$	45,545
Loads			2,956				4,119				10,168				13,172
Average tractors			61				104				72				117
Brokerage Segment:
Revenue (in thousands)		$	38,780			$	39,412			$	111,658			$	112,486
Loads			25,940				24,628				70,450				67,389
At September 30, 2025 and September 30, 2024:
Total tractors(1)			2,823				3,080
Average age of company tractors (in years)			2.2				1.8
Total trailers			5,165				5,456
Average age of company trailers (in years)			4.9				5.2
Ratio of trailers to tractors(1)			1.8				1.8
Total refrigerated containers			-				786

		Three Months								Nine Months
		Ended September 30,								Ended September 30,
(In thousands)		2025				2024				2025				2024
Net cash provided by operating activities		$	18,538			$	29,478			$	87,906			$	111,021
Net cash provided by/(used for) investing activities			5,786				(59,222	)			(35,742	)			(107,247	)
Net cash (used for) financing activities			(4,891	)			(4,465	)			(14,946	)			(13,997	)
Weighted average shares outstanding:
Basic			81,520				81,437				81,508				81,389
Diluted			81,527				81,492				81,516				81,460

(1	)	Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 83 and 94 tractors as of September 30, 2025 and 2024, respectively.
(2	)	Represents the percentage of miles for which the company is not compensated.

FAQ

What were Marten Transport (MRTN) Q3 2025 earnings and EPS?

Marten reported Q3 2025 net income $2.2M and diluted EPS of $0.03.

How did Marten Transport (MRTN) Q3 2025 revenue compare to Q3 2024?

Operating revenue was $220.5M in Q3 2025, down 7.1% from Q3 2024.

What operating income did Marten Transport (MRTN) report for Q3 2025?

Operating income was $2.7M for the third quarter of 2025, down from $4.3M a year earlier.

Did Marten Transport (MRTN) complete any asset sales in 2025?

Yes; Marten closed an asset sale of intermodal equipment and contracts to Hub Group for $51.8M effective Sept. 30, 2025.

What is Marten Transport’s (MRTN) cash and debt position at Sept. 30, 2025?

The company reported $49.485M in cash and stated it has a debt-free balance sheet at Sept. 30, 2025.

Which Marten business segments showed strength in 2025 results?

Management highlighted the dedicated and brokerage operations as the stronger contributors to operating results year-to-date.