Universal Logistics Holdings, Inc. Reports Fourth Quarter 2025 Financial Results; Declares Dividend

Rhea-AI Summary

Universal Logistics Holdings (NASDAQ: ULH) reported Q4 2025 operating revenues of $385.4 million, net income of $3.7 million ($0.14 per share) and operating income of $17.5 million. The Board declared a quarterly cash dividend of $0.105 per share payable April 3, 2026.

Segments: contract logistics revenue $268.6M, intermodal $52.7M (operating loss $10.6M), trucking $64.1M. Cash and equivalents totaled $26.8M; outstanding debt $802.3M.

Positive

• Dividend declared of $0.105 per share, payable April 3, 2026
• Contract logistics operating income of $23.2 million in Q4 2025
• EBITDA of $57.1 million for Q4 2025, preserving positive cash flow metrics

Negative

• Revenue decline to $385.4M, down from $465.1M year-over-year
• Net income fell to $3.7M (Q4 2025) from $20.2M prior year
• Intermodal operating loss widened to $(10.6)M and margin (20.0)%

Key Figures

Q4 2025 operating revenues: $385.4 million Q4 2025 net income: $3.7 million Q4 2025 EPS: $0.14 per share +5 more

8 metrics

Q4 2025 operating revenues $385.4 million Fourth quarter 2025 vs $465.1 million in prior-year quarter

Q4 2025 net income $3.7 million Fourth quarter 2025 vs $20.2 million in prior-year quarter

Q4 2025 EPS $0.14 per share Basic and diluted, vs $0.77 in prior-year quarter

Q4 2025 operating margin 4.5% Fourth quarter 2025 vs 8.2% in prior-year quarter

Q4 2025 EBITDA $57.1 million EBITDA margin 14.8% vs 15.8% in prior-year quarter

Quarterly dividend $0.105 per share Cash dividend declared on common stock

Cash and cash equivalents $26.8 million As of December 31, 2025

Outstanding debt $802.3 million Debt balance at end of fourth quarter 2025

Market Reality Check

Price: $14.07 Vol: Volume 37,236 vs 20-day a...

normal vol

$14.07 Last Close

Volume Volume 37,236 vs 20-day average 45,754 (relative volume 0.81x) indicates subdued trading interest ahead of the release. normal

Technical Shares at $14.07 are trading below the 200-day moving average of $20.43 and sit 54.26% under the 52-week high.

Peers on Argus

ULH was down 3.23% pre-announcement, while key trucking peers like ARCB (-5.26%)...

ULH was down 3.23% pre-announcement, while key trucking peers like ARCB (-5.26%), WERN (-4.17%), and MRTN (-4.1%) also traded lower, suggesting broader trucking weakness but without confirmed sector-wide momentum from the scanner.

Previous Dividends,earnings Reports

5 past events · Latest: Nov 06 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 06	Q3 2025 earnings	Negative	-1.4%	Large intermodal impairments drove a Q3 2025 net loss and EPS hit.
Jul 24	Q2 2025 earnings	Negative	+9.9%	Q2 2025 showed broad revenue and earnings declines across segments.
Apr 24	Q1 2025 earnings	Negative	-4.8%	Q1 2025 saw sharp drops in revenue, operating income, and EPS.
Feb 06	Q4 2024 earnings	Positive	-19.6%	Q4 2024 delivered strong revenue and operating income growth.
Oct 24	Q3 2024 earnings	Positive	-10.9%	Q3 2024 featured higher revenue, income, and improved operating margin.

Pattern Detected

Earnings/dividend releases have often coincided with negative price moves, including selloffs even on stronger prior-year quarters.

Recent Company History

Recent dividends/earnings releases for Universal Logistics have highlighted a sharp deterioration from strong 2024 profitability to 2025 revenue and margin pressure, especially in intermodal. Several quarters featured declining operating income, net income, and EPS, with recurring quarterly dividends of $0.105 per share maintained throughout this period. Price reactions have skewed negative in 3 of the last 5 tag-matched events, underscoring investor sensitivity to weaker fundamentals.

Historical Comparison

-5.4% avg move · Across the last 5 dividends/earnings releases, ULH’s average 24-hour move was -5.36%, showing that t...

dividends,earnings

-5.4%

Average Historical Move dividends,earnings

Across the last 5 dividends/earnings releases, ULH’s average 24-hour move was -5.36%, showing that this news type has often coincided with downside reactions.

From late 2024 through 2025, quarterly dividends of $0.105 were maintained while earnings shifted from growth to repeated revenue and margin contractions, with intermodal weakness a recurring drag.

Market Pulse Summary

This announcement highlights that Universal generated Q4 2025 operating revenue of $385.4 million, n...

Analysis

This announcement highlights that Universal generated Q4 2025 operating revenue of $385.4 million, net income of $3.7 million, and EPS of $0.14, while its operating and EBITDA margins declined versus the prior year. Intermodal remained a drag, offsetting steadier contract logistics and trucking performance. The board maintained a quarterly dividend of $0.105 per share. Investors may watch segment-level profitability, cash of $26.8 million against debt of $802.3 million, and any further updates on cost-saving initiatives.

Key Terms

EBITDA, non-GAAP, operating margin, fuel surcharges, +1 more

5 terms

EBITDA financial

"The Company's EBITDA, a non-GAAP measure, during the fourth quarter 2025 was $57.1 million"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

non-GAAP financial

"The Company's EBITDA, a non-GAAP measure, during the fourth quarter 2025 was $57.1 million"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

operating margin financial

"operating margin for the fourth quarter 2025 was 4.5%, compared to 8.2% during the same period last year."

Operating margin shows how much profit a company makes from its core business activities after paying for costs like wages and materials. It’s useful because it tells you how efficiently a company is running—higher margins mean it keeps more money from each dollar of sales, which can indicate better management or stronger products.

fuel surcharges financial

"Included in contract logistics segment revenues were $7.4 million in separately identified fuel surcharges"

Fuel surcharges are extra fees that transport, shipping, and travel companies add to bills to cover rises in fuel costs; they act like a temporary add-on to regular prices when energy becomes more expensive. Investors watch them because surcharges can protect a company’s profit margin when fuel prices climb but may also reduce demand or complicate revenue comparisons, so changes in surcharges affect cash flow, margins and forecasting.

capital expenditures financial

"Outstanding debt at the end of the fourth quarter 2025 was $802.3 million, and capital expenditures during the quarter totaled $32.9 million."

Capital expenditures are the money a company spends to buy or improve big assets like buildings, equipment, or machines that will last a long time. These investments matter because they help the company grow and operate more efficiently, similar to how upgrading a home’s appliances or adding a new room can make it better and more valuable.

AI-generated analysis. Not financial advice.

• Fourth Quarter 2025 Operating Revenues:  $385.4 million
• Fourth Quarter 2025 Operating Income:  $17.5 million
• Fourth Quarter 2025 Earnings Per Share:  $0.14 per share
• Declares Quarterly Dividend:  $0.105 per share

WARREN, Mich., March 13, 2026 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH) today reported consolidated fourth quarter 2025 net income of $3.7 million, or $0.14 per basic and diluted share, on total operating revenues of $385.4 million.

For comparative purposes, Universal reported total operating revenues of $465.1 million, net income of $20.2 million, and $0.77 earnings per basic and diluted share for the corresponding period last year.

In the fourth quarter 2025, Universal's operating income was $17.5 million, compared to $38.3 million in the fourth quarter one year earlier. As a percentage of operating revenue, operating margin for the fourth quarter 2025 was 4.5%, compared to 8.2% during the same period last year.

The Company's EBITDA, a non-GAAP measure, during the fourth quarter 2025 was $57.1 million, compared to $73.5 million one year earlier. As a percentage of operating revenue, EBITDA margin for the fourth quarter 2025 was 14.8%, compared to 15.8% during the same period last year.

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.

"The fourth quarter of 2025 yielded mixed results within our service portfolio," stated Tim Phillips, Universal's CEO. "Our contract logistics and trucking segments performed in line with expectations, while underperformance in intermodal remained a meaningful headwind to our overall results. We remain focused on driving efficiencies in our operations and executing cost-saving initiatives across the organization to support profitable growth. While market conditions remain muted, we believe the strength and resilience of Universal's business model will drive our long-term success."

Segment Information:

Contract Logistics

• Fourth Quarter 2025 Operating Revenues:  $268.6 million
• Fourth Quarter 2025 Operating Income:  $23.2 million

In the contract logistics segment, which includes our value-added and dedicated services, fourth quarter 2025 operating revenues decreased 12.6% to $268.6 million, compared to $307.4 million for the same period last year. The year-over-year decrease primarily reflects the absence of revenues associated with our specialty development project in Stanton, Tennessee, which contributed $51.3 million to operating revenues in the fourth quarter of 2024 and was completed in that period.

Included in contract logistics segment revenues were $7.4 million in separately identified fuel surcharges from dedicated transportation services, compared to $8.3 million in the same period last year. At the end of the fourth quarter 2025, we managed 78 value-added programs, compared to a total of 90 programs at the end of the fourth quarter 2024.

Income from operations in the contract logistics segment during the fourth quarter 2025 was $23.2 million, compared to $39.1 million during the same period last year. As a percentage of revenue, operating margin for the segment was 8.6% for the fourth quarter 2025, compared to 12.7% in the prior-year period.

Intermodal

• Fourth Quarter 2025 Operating Revenues:  $52.7 million
• Fourth Quarter 2025 Operating (Loss):  $(10.6) million

Operating revenues in the intermodal segment decreased 27.9% to $52.7 million in the fourth quarter 2025, compared to $73.1 million for the same period last year. The year-over-year decline reflects lower load volumes and reduced pricing.

Included in intermodal segment revenues for the fourth quarter 2025 were $6.5 million in separately identified fuel surcharges, compared to $9.1 million in the prior-year period. Intermodal segment revenues also included other accessorial charges, such as detention, demurrage and storage, totaling $7.1 million, compared to $8.6 million one year earlier.

Load volumes declined 19.1% year-over-year, while average operating revenue per load, excluding fuel surcharges, declined an additional 8.9%. Operating losses in the intermodal segment for the fourth quarter 2025 were $(10.6) million, compared to an operating loss of $(9.7) million in the same period last year. As a percentage of revenue, operating margin for the segment was (20.0)% in the fourth quarter 2025, compared to (13.2)% in the prior-year period.

Trucking

• Fourth Quarter 2025 Operating Revenues:  $64.1 million
• Fourth Quarter 2025 Operating Income:  $4.5 million

In the trucking segment, fourth quarter 2025 operating revenues decreased 23.6% to $64.1 million, compared to $83.8 million for the same period last year.

Fourth quarter 2025 trucking segment revenues included $15.3 million of brokerage services, compared to $22.8 million in the prior-year period. Also included in our trucking segment revenues were $3.1 million in separately identified fuel surcharges, compared to $4.1 million one year earlier.

On a year-over-year basis, load volumes declined 25.9%, while average operating revenue per load, excluding fuel surcharges, increased 6.7%. Income from operations in the trucking segment during the fourth quarter 2025 was $4.5 million, compared to $5.8 million in the same period last year. As a percentage of revenue, operating margin in the segment was 7.0% in the fourth quarter 2025, compared to 6.9% in the prior-year period.

Cash Dividend

Universal Logistics Holdings, Inc. also announced today that its Board of Directors has declared a cash dividend of $0.105 per share of common stock. The dividend is payable to shareholders of record at the close of business on March 23, 2026 and is currently expected to be paid on April 3, 2026.

Other Matters

As of December 31, 2025, Universal held $26.8 million in cash and cash equivalents and $10.4 million in marketable securities. Outstanding debt at the end of the fourth quarter 2025 was $802.3 million, and capital expenditures during the quarter totaled $32.9 million.

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 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 the United States and in Mexico and Canada. Our operating subsidiaries provide our customers with supply chain solutions that can be scaled to meet their changing demands. We offer our customers a broad array of services across their entire supply chain, including value-added, dedicated, intermodal and trucking services. In this press release, the terms "us," "we," "our," or the "Company" refer to Universal and its consolidated subsidiaries.

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								Year Ended
		December 31,								December 31,
		2025				2024				2025				2024
Operating revenues:
Truckload services		$	48,786			$	61,850			$	182,905			$	234,397
Brokerage services			16,066				25,545				73,913				181,259
Intermodal services			51,929				70,379				252,095				300,721
Dedicated services			84,912				77,821				337,919				344,210
Value-added services			183,734				229,536				711,565				785,448
Total operating revenues			385,427				465,131				1,558,397				1,846,035
Operating expenses:
Purchased transportation and equipment rent			69,121				100,320				310,435				482,948
Direct personnel and related benefits			176,436				174,871				685,540				583,251
Operating supplies and expenses			46,178				76,291				205,364				293,883
Commission expense			4,179				4,800				17,100				27,285
Occupancy expense			12,597				12,020				49,391				44,209
General and administrative			13,337				16,434				54,166				56,998
Insurance and claims			7,033				5,719				30,090				26,441
Depreciation and amortization			39,056				36,393				146,247				124,188
Impairment expense			—				—				124,411				3,720
Total operating expenses			367,937				426,848				1,622,744				1,642,923
Income from operations			17,490				38,283				(64,347)				203,112
Interest expense, net			(10,747)				(9,828)				(37,807)				(30,207)
Other non-operating income (expense)			582				(1,171)				2,142				837
Income before income taxes			7,325				27,284				(100,012)				173,742
Provision for income taxes			3,590				7,109				(139)				43,835
Net income		$	3,735			$	20,175			$	(99,873)			$	129,907
Earnings per common share:
Basic		$	0.14			$	0.77			$	(3.79)			$	4.94
Diluted		$	0.14			$	0.77			$	(3.79)			$	4.93
Weighted average number of common shares outstanding:
Basic			26,330				26,318				26,328				26,315
Diluted			26,330				26,358				26,339				26,348
Dividends declared per common share:		$	0.105			$	0.105			$	0.420			$	0.420

 

UNIVERSAL LOGISTICS HOLDINGS, INC. Unaudited Condensed Consolidated Balance Sheets (In thousands)
		December 31, 2025				December 31, 2024
Assets
Cash and cash equivalents		$	26,846			$	19,351
Marketable securities			10,351				11,590
Accounts receivable - net			261,337				293,646
Other current assets			84,308				85,226
Total current assets			382,842				409,813
Property and equipment - net			819,495				742,366
Other long-term assets - net			569,651				634,658
Total assets		$	1,771,988			$	1,786,837
Liabilities and shareholders' equity
Current liabilities, excluding current maturities of debt		$	203,245			$	215,756
Debt - net			797,571				759,085
Other long-term liabilities			230,817				164,973
Total liabilities			1,231,633				1,139,814
Total stockholders' equity			540,355				647,023
Total liabilities and stockholders' equity		$	1,771,988			$	1,786,837

 

UNIVERSAL LOGISTICS HOLDINGS, INC. Unaudited Summary of Operating Data
		Thirteen Weeks Ended								Year Ended
		December 31,								December 31,
		2025				2024				2025				2024
Contract Logistics Segment:
Average number of value-added direct employees			7,392				7,337				7,411				5,809
Average number of value-added full-time equivalents			56				57				46				88
Number of active value-added programs			78				90				78				90
Intermodal Segment:
Number of loads (a)			81,275				100,457				379,100				417,790
Average operating revenue per load, excluding fuel surcharges (a)		$	489			$	537			$	513			$	554
Average number of tractors			1,246				1,451				1,350				1,585
Number of depots			8				8				8				8
Trucking Segment:
Number of loads			26,737				36,068				116,541				155,288
Average operating revenue per load, excluding fuel surcharges		$	2,330			$	2,183			$	2,069			$	1,993
Average number of tractors			552				699				595				767
Average length of haul			382				394				378				334

(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								Year Ended
		December 31,								December 31,
		2025				2024				2025				2024
Operating Revenues by Segment:
Contract logistics		$	268,646			$	307,357			$	1,049,484			$	1,129,658
Intermodal			52,727				73,095				257,017				308,744
Trucking			64,054				83,840				251,422				331,982
Other			—				839				474				75,651
Total		$	385,427			$	465,131			$	1,558,397			$	1,846,035
Income from Operations by Segment:
Contract logistics		$	23,177			$	39,094			$	82,526			$	219,084
Intermodal			(10,554)				(9,683)				(162,055)				(27,741)
Trucking			4,487				5,788				13,930				20,963
Other			380				3,084				1,252				(9,194)
Total		$	17,490			$	38,283			$	(64,347)			$	203,112

Non-GAAP Financial Measures

This press release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures include adjusted income from operations, adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"), and adjusted EBITDA margin.

The Company believes these non-GAAP financial measures provide useful supplemental information to investors by facilitating comparisons of operating performance across periods and by excluding certain items and impairment charges that may not be indicative of our core operating results. These measures are used internally by management to analyze operating performance, develop budgets, and forecast future periods. However, these non-GAAP measures should not be considered in isolation or as a substitute for GAAP financial measures, and other companies may calculate similarly titled measures differently.

Reconciliation to GAAP Measures

Reconciliations of each non-GAAP measure to the most directly comparable GAAP measure are included in the accompanying tables in this press release. Set forth below is a reconciliation of income from operations, the most comparable GAAP measure, to adjusted income from operations; and of net income, the most comparable GAAP measure, to adjusted EBITDA for each of the periods indicated. The Company encourages investors to review these reconciliations in conjunction with our GAAP results.

		Thirteen Weeks Ended								Year Ended
		December 31,								December 31,
		2025				2024				2025				2024
		( in thousands, except percentages and per share data)								( in thousands, except percentages and per share data)
Adjusted income from operations
Income (loss) from operations		$	17,490			$	38,283			$	(64,347)			$	203,112
Impairment expense			—				—				124,411				3,720
Adjusted income from operations		$	17,490			$	38,283			$	60,064			$	206,832
Operating margin (a)			4.5	%			8.2	%			-4.1	%			11.0	%
Adjusted operating margin (b)			4.5	%			8.2	%			3.9	%			11.2	%
Adjusted EBITDA
Net income (loss)		$	3,735			$	20,175			$	(99,873)			$	129,907
Income tax expense (benefit)			3,590				7,109				(139)				43,835
Interest expense, net			10,747				9,828				37,807				30,207
Depreciation			36,258				29,198				129,562				102,688
Amortization			2,798				7,195				16,685				21,500
EBITDA			57,128				73,505				84,042				328,137
Impairment expense			—				—				124,411				3,720
Adjusted EBITDA		$	57,128			$	73,505			$	208,453			$	331,857
EBITDA margin (c)			14.8	%			15.8	%			5.4	%			17.8	%
Adjusted EBITDA margin (d)			14.8	%			15.8	%			13.4	%			18.0	%

(a)	Operating margin is computed by dividing income from operations by total operating revenues for each of the periods indicated.
(b)	Adjusted operating margin is computed by dividing adjusted income from operations by total operating revenues for each of the periods indicated.
(c)	EBITDA margin is computed by dividing EBITDA by total operating revenues for each of the periods indicated.
(d)	Adjusted EBITDA margin is computed by dividing adjusted EBITDA by total operating revenues for each of the periods indicated.

We present adjusted income from operations, adjusted operating margin, adjusted EBITDA, and adjusted 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.

Adjusted income from operations and adjusted EBITDA have limitations as an analytical tool. Some of these limitations are:

• Adjusted income from operations and adjusted EBITDA do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;
• Adjusted income from operations and adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs;
• Adjusted income from operations and adjusted EBITDA do 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 adjusted EBITDA does not reflect any cash requirements for such replacements; and
• Other companies in our industry may calculate adjusted income from operations and adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, adjusted income from operations, adjusted operating margin, adjusted EBITDA and adjusted 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 adjusted income from operations, adjusted operating margin,  adjusted EBITDA and adjusted EBITDA margin.

 

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SOURCE Universal Logistics Holdings, Inc.

FAQ

What were Universal Logistics (ULH) Q4 2025 earnings per share and net income?

EPS was $0.14 and net income was $3.7 million for Q4 2025. According to Universal, these figures compare with prior-year net income of $20.2 million and EPS of $0.77 for the same quarter.

How much cash and debt did Universal Logistics (ULH) report at December 31, 2025?

Universal reported $26.8 million in cash and $802.3 million in outstanding debt at year-end. According to Universal, marketable securities totaled $10.4 million as of December 31, 2025.

What dividend did Universal Logistics (ULH) declare and when will shareholders be paid?

The Board declared a quarterly cash dividend of $0.105 per share, payable April 3, 2026. According to Universal, the record date for the dividend is March 23, 2026.

Which Universal Logistics (ULH) segment drove most revenue in Q4 2025?

Contract logistics was the largest segment with $268.6 million in Q4 2025 revenue. According to Universal, the decline versus prior year largely reflected completion of a specialty development project in 2024.

Why did Universal Logistics (ULH) intermodal results weaken in Q4 2025?

Intermodal revenue fell to $52.7 million with a $(10.6) million operating loss due to lower volumes and reduced pricing. According to Universal, load volumes declined 19.1% year-over-year and revenue per load also fell.

How did Universal Logistics (ULH) trucking segment perform in Q4 2025?

Trucking revenue was $64.1 million with operating income of $4.5 million in Q4 2025. According to Universal, load volumes declined 25.9% while revenue per load (ex-fuel) rose about 6.7% year-over-year.