Universal Logistics Holdings, Inc. Reports First Quarter 2026 Financial Results; Declares Dividend
Rhea-AI Summary
Universal Logistics Holdings (NASDAQ: ULH) reported first quarter 2026 consolidated operating revenues of $367.6 million and a net loss of $(3.5) million, or $(0.13) per share. Operating income was $4.8 million and EBITDA was $40.7 million. The company declared a quarterly cash dividend of $0.105 per share, payable July 1, 2026 to holders of record on June 1, 2026. Segment results showed contract logistics revenue of $269.5 million, intermodal revenue of $47.9 million (down 32.3% YoY) and trucking revenue of $50.2 million. Cash totaled $17.9 million and outstanding debt was $754.7 million.
Positive
- Declared quarterly dividend of $0.105 per share
Negative
- Consolidated net loss of $(3.5)M in Q1 2026 versus $6.0M income prior year
- EBITDA declined 21.2% to $40.7M in Q1 2026 versus $51.7M prior year
- Operating income fell to $4.8M from $15.7M year-over-year
- Intermodal operating revenues down 32.3% to $47.9M in Q1 2026
- Intermodal operating margin worsened to (27.4)% in Q1 2026
Key Figures
Market Reality Check
Peers on Argus
ULH was roughly flat at -0.08% while key trucking peers like WERN, HTLD, MRTN, CVLG and ARCB all showed positive moves (e.g., WERN +2.50%), pointing to a stock-specific reaction to ULH’s weak Q1 earnings rather than a sector-driven move.
Previous Dividends,earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 13 | Q4 2025 earnings | Negative | +8.3% | Revenue and income down year-over-year, yet shares rose strongly after results. |
| Nov 06 | Q3 2025 earnings | Negative | -1.4% | Large intermodal impairments drove a big loss and modest share decline. |
| Jul 24 | Q2 2025 earnings | Negative | +9.9% | Significant earnings declines but market reacted positively to the update. |
| Apr 24 | Q1 2025 earnings | Negative | -4.8% | Sharp drops in revenue and income led to a noticeable price pullback. |
| Feb 06 | Q4 2024 earnings | Positive | -19.6% | Revenue and operating income grew, but shares sold off hard post-release. |
Earnings/dividend announcements have produced mixed reactions: several weak reports still saw strong gains, while some stronger quarters sold off, suggesting inconsistent alignment between fundamentals and short-term price moves.
Over the past five earnings-and-dividend releases, ULH has moved from growth in Q4 2024 to a series of weaker quarters in 2025, including impairments and margin compression, especially in intermodal. Market reactions were volatile: large drops on seemingly stronger results and strong rallies on weaker reports. Today’s Q1 2026 loss and continued dividend fit the pattern of pressured fundamentals with an often unpredictable, news-by-news price response.
Historical Comparison
Across five prior dividends/earnings releases, ULH moved on average -1.52%, with both rallies and selloffs. Today’s roughly flat -0.08% reaction sits well inside that historical range.
Same-tag history shows a transition from growth in Q4 2024 to repeated earnings pressure in 2025, driven by intermodal impairments and softer freight markets, while the dividend remained constant at $0.105 per share. The new Q1 2026 loss continues this theme of margin compression and challenges in intermodal against a backdrop of continued shareholder payouts.
Market Pulse Summary
This announcement highlights a Q1 2026 net loss of $3.5M and EPS of $(0.13), driven mainly by continued intermodal softness, while contract logistics revenue grew to $269.5M. The Board again declared a $0.105 dividend despite higher debt of $754.7M and modest operating income of $4.8M. Compared with prior earnings cycles, intermodal profitability and overall margin trends, alongside leverage and cash levels of $17.9M, remain key metrics to watch.
Key Terms
ebitda financial
non-gaap financial
operating margin financial
fuel surcharges financial
demurrage financial
capital expenditures financial
AI-generated analysis. Not financial advice.
- First Quarter 2026 Operating Revenues:
$367.6 million - First Quarter 2026 Operating Income:
$4.8 million - First Quarter 2026 Earnings Per Share:
$(0.13) - Declares Quarterly Dividend:
$0.105
In first quarter 2026, Universal's operating income was
The Company's EBITDA, a non-GAAP measure, during first quarter 2026 was
The Company provides reconciliations of each non-GAAP financial measure used in this release to the most directly comparable financial measures calculated and presented in accordance with GAAP. These quantitative reconciliations, together with management's explanation of the purposes for which the non-GAAP measures are used, are presented in the accompanying tables and related disclosures.
"Our first-quarter performance reflects a slow start to the year driven primarily by continued weakness in our intermodal segment, including lower volumes and pricing pressure," stated Universal's CEO Tim Phillips. "Although we experienced positive momentum as the quarter progressed, the softness in the first two months proved to be a meaningful drag on our overall results for the period. While the recovery in our intermodal franchise is taking longer than anticipated, we continue to implement operational improvements and remain committed to restoring this segment to profitability. We are confident in the overall strength and resilience of Universal's business model and remain focused on executing our strategy to drive long-term, sustainable success."
Segment Information:
Contract Logistics
- First Quarter 2026 Operating Revenues:
$269.5 million - First Quarter 2026 Operating Income:
$17.5 million
In the contract logistics segment, which includes our value-added and dedicated services, first quarter 2026 operating revenues increased
Included in contract logistics segment revenues were
Income from operations in the contract logistics segment during first quarter 2026 was
Intermodal
- First Quarter 2026 Operating Revenues:
$47.9 million - First Quarter 2026 Operating (Loss):
$(13.1) million
Operating revenues in the intermodal segment decreased
Included in intermodal segment revenues for the recently completed quarter were
Load volumes declined
Trucking
- First Quarter 2026 Operating Revenues:
$50.2 million - First Quarter 2026 Operating Income:
$0.6 million
In the trucking segment, first quarter 2026 operating revenues decreased
First quarter 2026 trucking segment revenues included
On a year-over-year basis, load volumes declined
Cash Dividend
Universal Logistics Holdings, Inc. also announced today that its Board of Directors has declared a cash dividend of
Other Matters
As of April 4, 2026, Universal held cash and cash equivalents totaling
Universal calculates and reports certain financial metrics, in addition to those prepared in accordance with GAAP, for purposes of its lending arrangements and to assist management in evaluating operating performance by isolating and excluding the impact of certain non-operating expenses associated with corporate development activities. These measures, which are not intended to be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP. are described in more detail below in the section captioned "Non-GAAP Financial Measures."
About Universal:
Universal Logistics Holdings, Inc. ("Universal") is a holding company whose subsidiaries provide a variety of customized transportation and logistics solutions throughout
Forward Looking Statements
Some of the statements contained in this press release might be considered forward-looking statements. These statements identify prospective information. Forward-looking statements can be identified by words such as: "expect," "anticipate," "intend," "plan," "goal," "prospect," "seek," "believe," "targets," "project," "estimate," "future," "likely," "may," "should" and similar references to future periods.
Forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. These risks and uncertainties include, but are not limited to, market conditions; customer demand; pricing and competitive pressures; the timing, execution, and effectiveness of cost-reduction, efficiency, or restructuring initiatives; operating costs; labor availability; and other factors affecting operating income and margins.
Additional information about the factors that may adversely affect these forward-looking statements is contained in Universal's reports and filings with the Securities and Exchange Commission. Universal assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws.
UNIVERSAL LOGISTICS HOLDINGS, INC. Unaudited Condensed Consolidated Statements of Income (In thousands, except per share data)
| ||||||||
Thirteen Weeks Ended | ||||||||
April 4, | March 29, | |||||||
2026 | 2025 | |||||||
Operating revenues: | ||||||||
Truckload services | $ | 33,977 | $ | 37,778 | ||||
Brokerage services | 16,753 | 20,265 | ||||||
Intermodal services | 47,312 | 68,455 | ||||||
Dedicated services | 84,118 | 85,007 | ||||||
Value-added services | 185,415 | 170,885 | ||||||
Total operating revenues | 367,575 | 382,390 | ||||||
Operating expenses: | ||||||||
Purchased transportation and equipment rent | 60,678 | 79,743 | ||||||
Direct personnel and related benefits | 176,203 | 164,501 | ||||||
Operating supplies and expenses | 48,327 | 51,312 | ||||||
Commission expense | 4,186 | 4,255 | ||||||
Occupancy expense | 15,559 | 11,253 | ||||||
General and administrative | 14,604 | 13,193 | ||||||
Insurance and claims | 7,598 | 6,965 | ||||||
Depreciation and amortization | 35,643 | 35,488 | ||||||
Total operating expenses | 362,798 | 366,710 | ||||||
Income from operations | 4,777 | 15,680 | ||||||
Interest expense, net | (9,706) | (8,224) | ||||||
Other non-operating income | 295 | 578 | ||||||
Income (loss) before income taxes | (4,634) | 8,034 | ||||||
Provision for income taxes | (1,123) | 2,020 | ||||||
Net income (loss) | $ | (3,511) | $ | 6,014 | ||||
Earnings per common share: | ||||||||
Basic | $ | (0.13) | $ | 0.23 | ||||
Diluted | $ | (0.13) | $ | 0.23 | ||||
Weighted average number of common shares outstanding: | ||||||||
Basic | 26,353 | 26,320 | ||||||
Diluted | 26,353 | 26,346 | ||||||
Dividends declared per common share: | $ | 0.105 | $ | 0.105 | ||||
UNIVERSAL LOGISTICS HOLDINGS, INC. Unaudited Condensed Consolidated Balance Sheets (In thousands)
| ||||||||
April 4, | December 31, | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 17,922 | $ | 26,846 | ||||
Marketable securities | — | 10,351 | ||||||
Accounts receivable - net | 257,405 | 261,337 | ||||||
Other current assets | 83,895 | 84,308 | ||||||
Total current assets | 359,222 | 382,842 | ||||||
Property and equipment - net | 796,109 | 819,495 | ||||||
Other long-term assets - net | 568,917 | 569,651 | ||||||
Total assets | $ | 1,724,248 | $ | 1,771,988 | ||||
Liabilities and stockholders' equity | ||||||||
Current liabilities, excluding current maturities of debt | $ | 201,622 | $ | 203,245 | ||||
Debt - net | 750,301 | 797,571 | ||||||
Other long-term liabilities | 233,738 | 230,817 | ||||||
Total liabilities | 1,185,661 | 1,231,633 | ||||||
Total stockholders' equity | 538,587 | 540,355 | ||||||
Total liabilities and stockholders' equity | $ | 1,724,248 | $ | 1,771,988 | ||||
UNIVERSAL LOGISTICS HOLDINGS, INC. Unaudited Summary of Operating Data
| ||||||||
Thirteen Weeks Ended | ||||||||
April 4, | March 29, | |||||||
2026 | 2025 | |||||||
Contract Logistics Segment: | ||||||||
Average number of value-added direct employees | 7,264 | 7,250 | ||||||
Average number of value-added full-time equivalents | 48 | 37 | ||||||
Number of active value-added programs | 79 | 87 | ||||||
Intermodal Segment: | ||||||||
Number of loads (a) | 77,830 | 101,470 | ||||||
Average operating revenue per load, excluding fuel surcharges (a) | $ | 463 | $ | 517 | ||||
Average number of tractors | 1,140 | 1,401 | ||||||
Number of depots | 8 | 8 | ||||||
Trucking Segment: | ||||||||
Number of loads | 26,076 | 28,622 | ||||||
Average operating revenue per load, excluding fuel surcharges | $ | 1,762 | $ | 1,874 | ||||
Average length of haul | 383 | 393 | ||||||
Average number of tractors | 545 | 633 | ||||||
(a) | Excludes operating data from freight forwarding division in order to improve the relevance of the statistical data related to our intermodal segment and improve the comparability to our peer companies. |
UNIVERSAL LOGISTICS HOLDINGS, INC. Unaudited Summary of Operating Data - Continued (Dollars in thousands)
| ||||||||
Thirteen Weeks Ended | ||||||||
April 4, | March 29, | |||||||
2026 | 2025 | |||||||
Operating Revenues by Segment: | ||||||||
Contract logistics | $ | 269,533 | $ | 255,892 | ||||
Intermodal | 47,854 | 70,697 | ||||||
Trucking | 50,188 | 55,582 | ||||||
Other | — | 219 | ||||||
Total | $ | 367,575 | $ | 382,390 | ||||
Income from Operations by Segment: | ||||||||
Contract logistics | $ | 17,472 | $ | 23,859 | ||||
Intermodal | (13,115) | (10,709) | ||||||
Trucking | 566 | 2,190 | ||||||
Other | (146) | 340 | ||||||
Total | $ | 4,777 | $ | 15,680 | ||||
Non-GAAP Financial Measures
In addition to providing consolidated financial statements based on generally accepted accounting principles in
In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, we are presenting the most directly comparable GAAP financial measure and reconciling the non-GAAP financial measure to the comparable GAAP measure. Set forth below is a reconciliation of net income, the most comparable GAAP measure, to EBITDA for each of the periods indicated:
Thirteen Weeks Ended | ||||||||
April 4, | March 29, | |||||||
2026 | 2025 | |||||||
( in thousands) | ||||||||
EBITDA | ||||||||
Net income (loss) | $ | (3,511) | $ | 6,014 | ||||
Income tax expense | (1,123) | 2,020 | ||||||
Interest expense, net | 9,706 | 8,224 | ||||||
Depreciation | 32,805 | 29,989 | ||||||
Amortization | 2,838 | 5,499 | ||||||
EBITDA | $ | 40,715 | $ | 51,746 | ||||
EBITDA margin (a) | 11.1 | % | 13.5 | % | ||||
(a) EBITDA margin is computed by dividing EBITDA by total operating revenues for each of the periods indicated. |
We present EBITDA and EBITDA margin because we believe they assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.
EBITDA has limitations as an analytical tool. Some of these limitations are:
- EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;
- EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
- EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debts;
- Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and
- Other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.
Because of these limitations, EBITDA and EBITDA margin should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and only supplementally on EBITDA and EBITDA margin.
View original content to download multimedia:https://www.prnewswire.com/news-releases/universal-logistics-holdings-inc-reports-first-quarter-2026-financial-results-declares-dividend-302760364.html
SOURCE Universal Logistics Holdings, Inc.