Marten Transport Announces Third Quarter Results

Quarterly profit improved, but nine-month earnings remained below 2025 levels as Dedicated operating income weakened.

Rhea-AI Summary

Marten Transport (MRTN) reported third-quarter net income of $2.9 million, improving from the same quarter a year earlier. Diluted earnings rose to $0.04 per share from $0.03, while revenue increased 1.3% to $223.2 million. Revenue excluding fuel surcharges fell to $184.2 million from $194.0 million; the prior-year quarter included $9.9 million from intermodal operations sold in 2025.

Operating income rose 11.9% to $3.1 million. Truckload losses narrowed and Brokerage operating income increased, while Dedicated operating income fell 63.6%. Marten said higher net fuel, health insurance and driver-pay costs, partly offset by equipment-sale gains, reduced quarterly net income by $3.7 million relative to first-half average quarterly levels. Nine-month net income declined to $9.6 million from $13.7 million. Cash reached $91.5 million at September 30, versus $43.3 million at year-end, and the company remained debt-free.

19 points · 0 major

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0 major · 13 points

How the balance works

Positive

• Moderate pointThird-quarter net income rose 30.7% to $2.9 million; diluted EPS increased to $0.04 from $0.03 year over year.
• Moderate pointThird-quarter revenue increased 1.3% year over year to $223.2 million.
• Moderate pointThird-quarter operating income improved 11.9% year over year to $3.1 million.
• Moderate pointTruckload third-quarter operating loss narrowed to $192,000 from $2.002 million a year earlier.
• Moderate pointBrokerage third-quarter operating income increased 25.0% year over year to $2.008 million.
• Moderate pointCash and cash equivalents rose to $91.503 million at September 30, 2026, from $43.278 million at year-end 2025.

13 minor points

• Minor pointThird-quarter expense-to-revenue ratio improved to 98.6% from 98.8%; excluding fuel surcharges, to 98.3% from 98.6%.
• Minor pointTruckload third-quarter revenue excluding fuel surcharges increased 4.3% year over year to $94.053 million.
• Minor pointDedicated third-quarter total revenue increased 0.3% year over year to $67.190 million.
• Minor pointTruckload average rate per total mile, excluding fuel surcharges, increased 14.1% over third-quarter 2025.
• Minor pointFuel surcharge revenue rose to $39.0 million for the quarter and $103.7 million for nine months, versus $26.5 million and $80.0 million.
• Minor pointTruckload nine-month revenue excluding fuel surcharges increased 1.2% year over year to $276.084 million.
• Minor pointBrokerage nine-month revenue increased 1.5% year over year to $113.337 million.
• Minor pointDebt-free balance sheet maintained financial flexibility for investments in technology and fleet.
• Minor pointEquipment-sale gains rose to $3.027 million in the third quarter from $1.903 million a year earlier.
• Minor pointSalaries, wages and benefits fell year over year to $72.970 million quarterly and $217.627 million over nine months.
• Minor pointPurchased transportation costs fell year over year to $37.917 million quarterly and $110.204 million over nine months.
• Minor pointDepreciation fell year over year to $24.458 million quarterly and $74.226 million over nine months.
• Minor pointInsurance and claims costs fell year over year to $11.153 million quarterly and $33.704 million over nine months.

Negative

• Moderate pointNine-month net income fell to $9.6 million from $13.7 million; diluted EPS declined to $0.12 from $0.17.
• Moderate pointNine-month revenue declined to $650.3 million from $673.5 million; 2025 included $33.7 million from subsequently sold intermodal operations.
• Moderate pointNine-month operating income fell to $11.6 million from $18.3 million a year earlier.
• Moderate pointRevenue excluding fuel surcharges fell year over year to $184.2 million quarterly and $546.6 million over nine months.
• Moderate pointDedicated third-quarter operating income fell 63.6% year over year to $1.248 million.
• Moderate pointDedicated revenue excluding fuel surcharges fell 9.2% quarterly and 12.9% over nine months, year over year.
• Moderate pointNet fuel costs increased $3.5 million in the third quarter versus first-half average quarterly levels.
• Moderate pointHealth insurance costs increased $2.0 million in the third quarter versus first-half average quarterly levels.
• Moderate pointHigher driver-pay rates reduced third-quarter results by $1.0 million versus first-half average quarterly levels.

4 minor points

• Minor pointBrokerage third-quarter revenue declined 0.1% year over year to $38.737 million.
• Minor pointNine-month expense-to-revenue ratio worsened to 98.2% from 97.3%; excluding fuel surcharges, to 97.9% from 96.9%.
• Minor pointFuel and fuel taxes rose year over year to $49.302 million quarterly and $128.976 million over nine months.
• Minor pointNine-month equipment-sale gains declined to $6.120 million from $8.750 million a year earlier.

Argus 15 min delay 6 alerts

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Details

Market move: MRTN -3.25% vs previous close. 3Q26 earnings report

-4.1% Trough in 39 min

$11.10 – $12.96 Day Range

$971.77M Mkt Cap at Last Price

On Oct 22, the day this news came out, the latest delayed price for MRTN is 3.25% below the previous close. Argus tracked a trough of -4.1% from its starting point during tracking. Our momentum scanner has recorded 6 alerts for this stock so far that day. The latest delayed price is $11.90. Relative volume is above average at 1.5x the average.

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Key Figures

Q3 net income: 30.7% improvement to $2.9 million from $2.2 million Q3 diluted EPS: 4 cents from 3 cents per diluted share Nine-month net income: $9.6 million vs. $13.7 million +5 more

Q3 net income

30.7% improvement to $2.9 million from $2.2 million

Third quarter 2026 vs. third quarter 2025

Q3 diluted EPS

4 cents from 3 cents per diluted share

Third quarter 2026 vs. third quarter 2025

Nine-month net income

$9.6 million vs. $13.7 million

Nine months ended September 30, 2026 vs. 2025

Q3 revenue excluding fuel surcharges

$184.2 million vs. $194.0 million

Third quarter 2026 vs. third quarter 2025

Q3 operating income

11.9% improvement to $3.1 million from $2.7 million

Third quarter 2026 vs. third quarter 2025

Q3 operating expense ratio

98.6% from 98.8%

Operating expenses as a percentage of operating revenue; third quarter 2026 vs. 2025

Impact of cited factors on Q3 net income

$3.7 million, or 4.5 cents per share reduction

Company-attributed combined impact for the third quarter

Truckload average rate per total mile

14.1% increase

Net of fuel surcharges, compared with third quarter 2025

Previous Earnings Reports

2 past events · Latest: Jul 23

Same Type 2 events

1. Jul 23

   Q2 earnings

   24h Move

   -3.4%

   Year-over-year net income and revenue declined despite sequential earnings improvement.

2. Oct 23

   Q3 earnings

   24h Move

   -9.1%

   Net income and operating income declined year over year; intermodal assets were sold to Hub Group.

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

Key Terms

fuel surcharge, forward-looking statements, operating ratio

3 terms

fuel surcharge financial

"Excluding fuel surcharges, operating revenue was $184.2 million for the 2026 quarter"

A fuel surcharge is an extra fee added to shipping, freight, or travel charges to offset changes in fuel costs, so companies don’t have to absorb sudden spikes. It matters to investors because it affects revenue and profit margins—showing how well a business can pass higher costs to customers—and can signal exposure to energy price swings that influence demand, pricing power, and short-term earnings volatility, like adding a flexible "gas tax" to a bill.

forward-looking statements regulatory

"This press release contains certain statements that may be considered forward-looking statements"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

operating ratio technical

"Consolidated operating ratio | 98.6% | 98.8%"

A company's operating ratio is a simple percentage that shows how much of its revenue is eaten up by the costs of running the business — calculated by dividing operating expenses by operating revenue. For investors it signals efficiency and profit potential: a lower operating ratio means the company keeps more of each dollar it earns (like a household with lower bills keeping more of its paycheck), while a higher ratio suggests tighter margins and less room to absorb shocks.

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

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MONDOVI, Wis., Oct. 22, 2026 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 30.7% improvement in net income to $2.9 million, or 4 cents per diluted share, for the third quarter ended September 30, 2026, from $2.2 million, or 3 cents per diluted share, for the third quarter of 2025. For the nine-month period ended September 30, 2026, net income was $9.6 million, or 12 cents per diluted share, compared with $13.7 million, or 17 cents per diluted share, for the 2025 nine-month period.

Operating revenue was $223.2 million for the third quarter of 2026 compared with $220.5 million for the third quarter of 2025. Our intermodal operations, which were sold in 2025, had operating revenue of $9.9 million in the 2025 quarter. Excluding fuel surcharges, operating revenue was $184.2 million for the 2026 quarter compared with $194.0 million for the 2025 quarter. Fuel surcharge revenue increased to $39.0 million for the 2026 quarter from $26.5 million for the 2025 quarter.

Operating revenue was $650.3 million for the first nine months of 2026 compared with $673.5 million for the first nine months of 2025. Our intermodal operations had operating revenue of $33.7 million in the first nine months of 2025. Excluding fuel surcharges, operating revenue was $546.6 million for the 2026 period compared with $593.5 million for the 2025 period. Fuel surcharge revenue increased to $103.7 million for the 2026 period from $80.0 million for the 2025 period.

Operating income improved 11.9% to $3.1 million for the third quarter of 2026 from $2.7 million for the third quarter of 2025.

Operating income was $11.6 million for the first nine months of 2026 compared with $18.3 million for the first nine months of 2025.

Operating expenses as a percentage of operating revenue improved to 98.6% for the 2026 quarter from 98.8% for the 2025 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 98.3% for the 2026 quarter from 98.6% for the 2025 quarter.

Operating expenses as a percentage of operating revenue were 98.2% for the first nine months of 2026 and 97.3% for the first nine months of 2025. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 97.9% for the 2026 period and 96.9% for the 2025 period.

Chairman of the Board and Chief Executive Officer Randolph L. Marten stated, “The truckload freight market has sharply tightened since earlier this year as renewed and enhanced enforcement of federal and state law is removing a meaningful amount of noncompliant and unqualified driver capacity from the marketplace. We are securing higher pricing from our customers for our premium services while enhancing freight quality across our network within these early stages of the freight market upcycle. Our Truckload average rate per total mile, net of fuel surcharges, increased 14.1% over the third quarter of 2025.”

“Despite these positive trends, our earnings were negatively affected by unusually high net fuel and health insurance costs. Relative to our average quarterly levels during the first half of the year, net fuel increased by $3.5 million and health insurance, within salaries, wages and benefits, increased by $2.0 million in the third quarter. Over the same period, the increase in our rate of driver pay negatively impacted results by $1.0 million, while a larger gain on sale of revenue equipment provided a $1.5 million benefit. Collectively, these factors reduced our third quarter net income by $3.7 million, or 4.5 cents per share.”

“We are focused on mitigating the impact of the recent rise in diesel fuel prices to record levels through disciplined fuel expense and fuel surcharge management initiatives. The margin pressure results primarily from the timing lag inherent in truckload industry fuel surcharge programs relative to rapidly rising diesel fuel costs, as well as the higher fuel consumption associated with our temperature-controlled operations.”

“As we continue through our 80^th year, our priorities remain unchanged: delivering safe, premium service, driving operating efficiencies through data and technology, and maintaining rigorous cost discipline. Our strong, debt-free balance sheet provides the financial flexibility to continue investing in our technology and modern fleet, while positioning the Company to capitalize on attractive opportunities for profitable organic growth.”

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 renewed and enhanced enforcement of federal and state law that is removing a meaningful amount of noncompliant and unqualified driver capacity from the marketplace, 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
	September 30,				December 31,
(In thousands, except share information)	2026				2025
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	91,503			$	43,278
Escrow deposit		5,000				5,000
Receivables:
Trade, net		96,911				85,807
Other		8,403				13,084
Prepaid expenses and other		22,574				24,532
Total current assets		224,391				171,701
Property and equipment:
Revenue equipment, buildings and land, office equipment and other		1,086,781				1,128,932
Accumulated depreciation		(356,617	)			(352,426	)
Net property and equipment		730,164				776,506
Other noncurrent assets		1,411				1,560
Total assets	$	955,966			$	949,767
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	35,784			$	28,769
Insurance and claims accruals		42,620				43,700
Accrued and other current liabilities		23,038				19,763
Total current liabilities		101,442				92,232
Deferred income taxes		90,278				89,716
Noncurrent operating lease liabilities		82				194
Total liabilities		191,802				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 September 30, 2026, and 81,542,174 shares at December 31, 2025, issued and outstanding		817				815
Additional paid-in capital		56,364				54,762
Retained earnings		706,983				712,048
Total stockholders’ equity		764,164				767,625
Total liabilities and stockholders’ equity	$	955,966			$	949,767

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)	2026				2025				2026				2025
Operating revenue	$	223,231			$	220,470			$	650,300			$	673,544
Operating expenses (income):
Salaries, wages and benefits		72,970				78,972				217,627				236,342
Purchased transportation		37,917				42,284				110,204				123,063
Fuel and fuel taxes		49,302				33,526				128,976				99,234
Supplies and maintenance		15,639				15,585				46,085				46,704
Depreciation		24,458				25,447				74,226				80,224
Operating taxes and licenses		2,252				2,423				6,770				7,291
Insurance and claims		11,153				11,382				33,704				40,611
Communications and utilities		2,118				2,093				6,375				6,536
Gain on disposition of revenue equipment		(3,027	)			(1,903	)			(6,120	)			(8,750	)
Other		7,385				7,923				20,881				23,958
Total operating expenses		220,167				217,732				638,728				655,213
Operating income		3,064				2,738				11,572				18,331
Other		(882	)			(213	)			(2,060	)			(998	)
Income before income taxes		3,946				2,951				13,632				19,329
Income taxes expense		1,037				725				4,002				5,582
Net income	$	2,909			$	2,226			$	9,630			$	13,747
Basic earnings per common share	$	0.04			$	0.03			$	0.12			$	0.17
Diluted earnings per common share	$	0.04			$	0.03			$	0.12			$	0.17
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)	2026				2025				2026 vs. 2025				2026 vs. 2025
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	94,053			$	90,138			$	3,915				4.3	%
Truckload fuel surcharge revenue		23,251				14,691				8,560				58.3
Total Truckload revenue		117,304				104,829				12,475				11.9
Dedicated revenue, net of fuel surcharge revenue		51,442				56,675				(5,233	)			(9.2	)
Dedicated fuel surcharge revenue		15,748				10,335				5,413				52.4
Total Dedicated revenue		67,190				67,010				180				0.3
Brokerage revenue		38,737				38,780				(43	)			(0.1	)
Intermodal revenue, net of fuel surcharge revenue		-				8,369				(8,369	)			(100.0	)
Intermodal fuel surcharge revenue		-				1,482				(1,482	)			(100.0	)
Total Intermodal revenue		-				9,851				(9,851	)			(100.0	)
Total operating revenue	$	223,231			$	220,470			$	2,761				1.3	%
Operating income/(loss):
Truckload	$	(192	)		$	(2,002	)		$	1,810				90.4	%
Dedicated		1,248				3,426				(2,178	)			(63.6	)
Brokerage		2,008				1,607				401				25.0
Intermodal		-				(293	)			293				100.0
Total operating income	$	3,064			$	2,738			$	326				11.9	%
Operating ratio:
Truckload		100.2	%			101.9	%
Dedicated		98.1				94.9
Brokerage		94.8				95.9
Intermodal		-				103.0
Consolidated operating ratio		98.6	%			98.8	%
Operating ratio, net of fuel surcharges:
Truckload		100.2	%			102.2	%
Dedicated		97.6				94.0
Brokerage		94.8				95.9
Intermodal		-				103.5
Consolidated operating ratio, net of fuel surcharges		98.3	%			98.6	%

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)	2026				2025				2026 vs. 2025				2026 vs. 2025
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	276,084			$	272,728			$	3,356				1.2	%
Truckload fuel surcharge revenue		62,930				42,978				19,952				46.4
Total Truckload revenue		339,014				315,706				23,308				7.4
Dedicated revenue, net of fuel surcharge revenue		157,194				180,418				(23,224	)			(12.9	)
Dedicated fuel surcharge revenue		40,755				32,091				8,664				27.0
Total Dedicated revenue		197,949				212,509				(14,560	)			(6.9	)
Brokerage revenue		113,337				111,658				1,679				1.5
Intermodal revenue, net of fuel surcharge revenue		-				28,730				(28,730	)			(100.0	)
Intermodal fuel surcharge revenue		-				4,941				(4,941	)			(100.0	)
Total Intermodal revenue		-				33,671				(33,671	)			(100.0	)
Total operating revenue	$	650,300			$	673,544			$	(23,244	)			(3.5	)%
Operating income/(loss):
Truckload	$	1,281			$	42			$	1,239				2,950.0	%
Dedicated		5,310				13,709				(8,399	)			(61.3	)
Brokerage		4,981				6,463				(1,482	)			(22.9	)
Intermodal		-				(1,883	)			1,883				100.0
Total operating income	$	11,572			$	18,331			$	(6,759	)			(36.9	)%
Operating ratio:
Truckload		99.6	%			100.0	%
Dedicated		97.3				93.5
Brokerage		95.6				94.2
Intermodal		-				105.6
Consolidated operating ratio		98.2	%			97.3	%
Operating ratio, net of fuel surcharges:
Truckload		99.5	%			100.0	%
Dedicated		96.6				92.4
Brokerage		95.6				94.2
Intermodal		-				106.6
Consolidated operating ratio, net of fuel surcharges		97.9	%			96.9	%

MARTEN TRANSPORT, LTD. OPERATING STATISTICS (Unaudited)
	Three Months								Nine Months
	Ended September 30,								Ended September 30,
	2026				2025				2026				2025
Truckload Segment:
Revenue (in thousands)	$	117,304			$	104,829			$	339,014			$	315,706
Average revenue, net of fuel surcharges, per tractor per week(1)	$	4,749			$	4,129			$	4,588			$	4,178
Average tractors(1)		1,507				1,661				1,543				1,674
Average miles per trip		506				508				511				523
Non-revenue miles percentage(2)		10.7	%			11.0	%			10.7	%			11.1	%
Total miles (in thousands)		34,825				38,081				108,587				115,575
Dedicated Segment:
Revenue (in thousands)	$	67,190			$	67,010			$	197,949			$	212,509
Average revenue, net of fuel surcharges, per tractor per week(1)	$	3,862			$	3,776			$	3,896			$	3,811
Average tractors(1)		1,013				1,142				1,035				1,214
Average miles per trip		292				292				295				300
Non-revenue miles percentage(2)		1.1	%			1.1	%			1.1	%			1.3	%
Total miles (in thousands)		21,559				23,206				65,960				73,574
Brokerage Segment:
Revenue (in thousands)	$	38,737			$	38,780			$	113,337			$	111,658
Loads		22,141				25,940				70,613				70,450
Intermodal Segment:
Revenue (in thousands)	$	-			$	9,851			$	-			$	33,671
Loads		-				2,956				-				10,168
Average tractors		-				61				-				72
At September 30, 2026 and September 30, 2025:
Total tractors(1)		2,501				2,823
Average age of company tractors (in years)		2.5				2.2
Total trailers		5,065				5,165
Average age of company trailers (in years)		5.3				4.9
Ratio of trailers to tractors(1)		2.0				1.8

	Three Months								Nine Months
	Ended September 30,								Ended September 30,
(In thousands)	2026				2025				2026				2025
Net cash provided by operating activities	$	22,567			$	18,538			$	83,285			$	87,906
Net cash provided by/(used for) investing activities		(30,144	)			5,786				(21,020	)			(35,742	)
Net cash used for financing activities		(4,900	)			(4,891	)			(14,040	)			(14,946	)
Weighted average shares outstanding:
Basic		81,662				81,520				81,623				81,508
Diluted		81,664				81,527				81,625				81,516

(1)	Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 77 and 83 tractors as of September 30, 2026 and 2025, respectively.
(2)	Represents the percentage of miles for which the company is not compensated.

FAQ

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

What were Marten Transport's third-quarter 2026 earnings?

Marten Transport earned $2.9 million, or $0.04 per diluted share, for the quarter ended September 30, 2026. Net income improved 30.7% from $2.2 million, or $0.03 per diluted share, in the third quarter of 2025.

How did Marten Transport's third-quarter 2026 revenue compare with 2025?

Marten Transport's third-quarter revenue increased 1.3% to $223.2 million from $220.5 million a year earlier. Excluding fuel surcharges, revenue fell to $184.2 million from $194.0 million. The prior-year quarter included $9.9 million of revenue from intermodal operations sold in 2025.

Why did higher diesel prices pressure Marten Transport's third-quarter margins?

Marten attributed the fuel-related margin pressure primarily to fuel surcharge timing lags during rapidly rising diesel prices and higher fuel consumption in temperature-controlled operations. It is pursuing fuel expense and fuel surcharge management initiatives to mitigate the impact.