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

Rhea-AI Summary

Universal Logistics Holdings (NASDAQ: ULH) reported 3Q2025 operating revenue $396.8M, an operating loss of $74.2M, net loss of $74.8M, and EPS of $(2.84). Results include $81.2M of non-cash impairment charges in intermodal (goodwill $58.0M; intangibles $23.2M). Excluding impairment, adjusted operating income was $7.0M and adjusted EBITDA was $43.3M (10.9% margin), down from prior-year adjusted EBITDA $76.6M.

By segment: contract logistics revenue $264.4M (op income $13.7M); intermodal revenue $64.7M (op loss $92.0M incl. impairments); trucking revenue $67.7M (op income $3.9M). Board declared quarterly dividend $0.105 payable Jan 2, 2026. Company forecasts 4Q2025 revenue $365M–$385M and operating margins 4%–6%.

Positive

• Declared quarterly cash dividend of $0.105 per share
• Contract logistics revenue +7.8% YoY to $264.4M
• Adjusted EBITDA of $43.3M (10.9% margin) excluding impairment

Negative

• Recorded $81.2M intermodal impairment (goodwill $58.0M; intangibles $23.2M)
• Reported net loss $74.8M and EPS $(2.84) in 3Q2025
• Total operating revenues down from $426.8M to $396.8M YoY
• Outstanding debt of $827.0M at quarter end

Insights

Transportation/Financial Analyst

Large non‑cash impairments drove a substantial GAAP loss despite modest adjusted operating profit; leverage and cash are key near‑term constraints.

Universal reported consolidated operating revenues of $396.8 million and a GAAP operating loss of $(74.2) million, including non‑cash impairment charges of $81.2 million (goodwill $58.0 million; customer‑relationship intangibles $23.2 million). Excluding the impairments, adjusted income from operations was $7.0 million (adjusted operating margin 1.8%), and adjusted EBITDA was $43.3 million (adjusted EBITDA margin 10.9%). The company declared a quarterly cash dividend of $0.105 per share with record date December 1, 2025 and expected payment on January 2, 2026.

Key dependencies and risks are explicit in the reported figures: cash and liquid securities total $37.2 million ($27.4 million cash plus $9.8 million marketable securities) versus outstanding debt of $827.0 million, and capital expenditures of $54.5 million in the quarter. Segment performance diverged: Contract Logistics grew revenues to $264.4 million but saw operating income fall to $13.7 million (margin 5.2%); Intermodal declined to $64.7 million and recorded an operating loss of $(92.0) million (including the impairments); Trucking fell to $67.7 million with operating income $3.9 million (margin 5.8%). These facts limit optionality and increase sensitivity to near‑term cash flow changes.

Concrete items to watch in the near term: quarterly cash flow and covenant metrics given $827.0 million debt; whether adjusted operating margins recover toward the company’s provided fourth quarter guidance (4–6 operating margin; adjusted EBITDA margin 12–14); progress on intermodal turnaround and any further impairment indicators; and liquidity actions if cash generation weakens. Time horizon for these monitors is the coming Q4 2025 results and the next two quarterly reports when cash flow, covenant status and any additional non‑cash charges will be disclosed.

• Third Quarter 2025 Operating Revenues: $396.8 million
• Third Quarter 2025 Operating Loss: $(74.2) million
• Third Quarter 2025 Earnings Per Share: $(2.84) per share
• Declares Quarterly Dividend: $0.105 per share

WARREN, Mich., Nov. 6, 2025 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH) today reported consolidated operating revenues of $396.8 million, a loss from operations of $(74.2) million, a net loss of $(74.8) million, and $(2.84) earnings per basic and diluted share.

Universal's reported loss in the third quarter 2025 includes non-cash impairment charges totaling $81.2 million related to its intermodal reporting segment. These charges consisted of $58.0 million of goodwill impairment and $23.2 million of impairment related to certain customer-relationship intangible assets.

For comparative purposes, Universal reported total operating revenues of $426.8 million, income from operations of $42.6 million, net income of $26.5 million, and $1.01 earnings per basic and diluted share for the corresponding period last year. Included in third quarter 2024 results were previously disclosed impairment charges totaling $3.7 million.

Excluding the impact of the impairment charge in the third quarter 2025, the Company's adjusted income from operations, a non-GAAP measure, was $7.0 million. As a percentage of operating revenue, Universal's adjusted operating margin, also a non-GAAP measure, for the third quarter 2025 was 1.8%, compared to an adjusted operating margin of 10.9% during the same period last year.

The Company's adjusted EBITDA, a non-GAAP measure, during the third quarter 2025 was $43.3 million, compared to adjusted EBITDA of $76.6 million one year earlier. As a percentage of operating revenue, Universal's adjusted EBITDA margin, a non-GAAP measure, for the third quarter 2025 was 10.9%, compared to adjusted EBITDA margin of 18.0% 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.

"Despite the impact of certain non-cash impairment charges recorded in the third quarter 2025, Universal's core business model remains intact," stated Universal's CEO Tim Phillips. "Our contract logistics segment once again delivered favorable results and remains a central driver of our performance. Continued strong demand for our specialized heavy-haul services has contributed to the resilient performance of our trucking segment. Although the reversal of performance trends in our intermodal franchise is taking longer to materialize, we continue to make operational improvements and will strive to return this business segment to profitability. We believe that Universal's diversified service offerings continue to differentiate us in the market, and we remain focused on the execution of our strategy to drive long-term success."

Segment Information:

Contract Logistics

• Third Quarter 2025 Operating Revenues: $264.4 million
• Third Quarter 2025 Operating Income: $13.7 million

In the contract logistics segment, which includes our value-added and dedicated services, third quarter 2025 operating revenues increased 7.8% to $264.4 million, compared to $245.2 million for the same period last year. This segment's operating revenues in the quarter included $50.2 million from the recent acquisition of Parsec, while its revenues in the same period last year included $36.8 million attributable to our specialty development project in Stanton, TN completed last year. At the end of the second quarter of 2025, we managed 82 value-added programs, including 18 rail terminal operations compared to a total of 70 programs at the end of the third quarter 2024. This segment's revenues included $8.1 million in separately identified fuel surcharges from dedicated transportation services, compared to $7.0 million during the same period last year. Third quarter 2025 income from operations decreased $31.9 million to $13.7 million, compared to $45.6 million during the same period last year. As a percentage of revenue, operating margin in the contract logistics segment for the third quarter 2025 was 5.2%, compared to 18.6% during the same period last year.

Intermodal

• Third Quarter 2025 Operating Revenues: $64.7 million
• Third Quarter 2025 Operating (Loss): $(92.0) million

Operating revenues in the intermodal segment decreased 16.7% to $64.7 million in the third quarter 2025, compared to $77.6 million for the same period last year. The intermodal segment's revenues for the recently completed quarter included $7.6 million in separately identified fuel surcharges, compared to $10.0 million during the same period last year. Intermodal segment revenues also include other accessorial charges such as detention, demurrage and storage, which totaled $9.0 million during the third quarter 2025, compared to $8.9 million one year earlier. Load volumes declined 1.9%, and the average operating revenue per load, excluding fuel surcharges, fell an additional 14.2% on a year-over-year basis. In the third quarter 2025, the intermodal segment experienced an operating loss of $(92.0) million, including the $81.2 million previously discussed impairment charges, compared to an operating loss of $(1.1) million during the same period last year.

Trucking

• Third Quarter 2025 Operating Revenues: $67.7 million
• Third Quarter 2025 Operating Income: $3.9 million

In the trucking segment, third quarter 2025 operating revenues decreased 22.2% to $67.7 million, compared to $87.0 million for the same period last year. Third quarter 2025 revenues in this segment included $17.3 million of brokerage services, compared to $24.3 million during the same period last year. Also included in our trucking segment revenues were $3.6 million in separately identified fuel surcharges during the third quarter of 2025, compared to $4.8 million in fuel surcharges during the same period last year. On a year-over-year basis, load volumes declined by 19.4%, and the average operating revenue per load, excluding fuel surcharges, fell an additional 2.3%. Income from operations in the third quarter of 2025 decreased $3.2 million to $3.9 million compared to $7.1 million during the same period last year. As a percentage of revenue, operating margin in the trucking segment for the third quarter 2025 was 5.8% compared to 8.2% during the same period last year.

Cash Dividend

Universal Logistics Holdings, Inc. also announced today that its Board of Directors 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 December 1, 2025 and is expected to be paid on January 2, 2026.

Other Matters 

As of September 27, 2025, Universal held cash and cash equivalents totaling $27.4 million, and $9.8 million in marketable securities. Outstanding debt at the end of the third quarter 2025 was $827.0 million, and capital expenditures totaled $54.5 million.

Based on currently available information, Universal expects fourth quarter 2025 operating revenues to range from $365 million to $385 million, operating margins to range from 4% to 6%, and EBITDA margins between 12% and 14%.

Universal calculates and reports selected financial metrics not only for purposes of our lending arrangements but also in an effort to isolate and exclude the impact of non-operating expenses related to our corporate development activities. These statistics and the corresponding reconciliations to 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 the United States and in Mexico, Canada and Colombia. 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 truckload, brokerage, intermodal, dedicated and value-added 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 forward-looking statements are subject to a number of factors that may cause actual results to differ materially from the expectations described. 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								Thirty-nine Weeks Ended
		September 27, 2025				September 28, 2024				September 27, 2025				September 28, 2024
Operating revenues:
Truckload services		$	50,419			$	63,641			$	134,119			$	172,547
Brokerage services			18,011				42,440				57,847				155,714
Intermodal services			63,966				75,558				200,165				230,342
Dedicated services			86,171				87,357				253,007				266,389
Value-added services			178,219				157,837				527,832				555,912
Total operating revenues			396,786				426,833				1,172,970				1,380,904
Operating expenses:
Purchased transportation and equipment rent			80,063				120,700				241,314				382,628
Direct personnel and related benefits			176,572				132,081				509,105				408,381
Operating supplies and expenses			57,523				60,532				159,186				216,914
Commission expense			4,271				6,985				12,922				22,485
Occupancy expense			13,738				11,179				36,794				32,189
General and administrative			13,625				13,037				40,828				41,242
Insurance and claims			8,494				5,681				23,057				20,722
Depreciation and amortization			35,499				30,284				107,190				87,795
Impairment expense			81,245				3,720				81,245				3,720
Total operating expenses			471,030				384,199				1,211,641				1,216,076
Income (loss) from operations			(74,244)				42,634				(38,671)				164,828
Interest expense, net			(9,985)				(7,416)				(27,061)				(20,378)
Other non-operating income			833				4				1,560				2,007
Income (loss) before income taxes			(83,396)				35,222				(64,172)				146,457
Income tax expense (benefit)			(8,624)				8,682				(3,730)				36,726
Net income (loss)		$	(74,772)			$	26,540			$	(60,442)			$	109,731
Earnings per common share:
Basic		$	(2.84)			$	1.01			$	(2.30)			$	4.17
Diluted		$	(2.84)			$	1.01			$	(2.29)			$	4.17
Weighted average number of common shares outstanding:
Basic			26,330				26,318				26,327				26,314
Diluted			26,340				26,353				26,341				26,345
Dividends declared per common share:		$	0.105			$	0.105			$	0.315			$	0.315

 

UNIVERSAL LOGISTICS HOLDINGS, INC. Unaudited Condensed Consolidated Balance Sheets (In thousands)
		September 27, 2025				December 31, 2024
Assets
Cash and cash equivalents		$	27,381			$	19,351
Marketable securities			9,791				11,590
Accounts receivable - net			277,603				293,646
Other current assets			114,237				85,226
Total current assets			429,012				409,813
Property and equipment - net			831,833				742,366
Other long-term assets - net			556,263				634,658
Total assets		$	1,817,108			$	1,786,837
Liabilities and shareholders' equity
Current liabilities, excluding current maturities of debt		$	219,038			$	215,756
Debt - net			824,181				759,085
Other long-term liabilities			195,817				164,973
Total liabilities			1,239,036				1,139,814
Total stockholders' equity			578,072				647,023
Total liabilities and stockholders' equity		$	1,817,108			$	1,786,837

 

UNIVERSAL LOGISTICS HOLDINGS, INC. Unaudited Summary of Operating Data
		Thirteen Weeks Ended								Thirty-nine Weeks Ended
		September 27, 2025				September 28, 2024				September 27, 2025				September 28, 2024
Contract Logistics Segment:
Average number of value-added direct employees			7,596				5,189				7,418				5,300
Average number of value-added full-time equivalents			43				76				42				118
Number of active value-added programs			82				70				82				70
Intermodal Segment:
Number of loads (a)			102,028				103,970				297,825				317,333
Average operating revenue per load, excluding fuel surcharges (a)		$	478			$	557			$	519			$	559
Average number of tractors			1,363				1,596				1,385				1,629
Number of depots			8				8				8				8
Trucking Segment:
Number of loads			29,731				36,909				89,804				119,220
Average operating revenue per load, excluding fuel surcharges		$	2,172			$	2,222			$	1,991			$	1,936
Average number of tractors			594				755				610				790
Average length of haul			371				395				377				373

(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								Thirty-nine Weeks Ended
		September 27, 2025				September 28, 2024				September 27, 2025				September 28, 2024
Operating Revenues by Segment:
Contract logistics		$	264,390			$	245,194			$	780,839			$	822,301
Intermodal			64,679				77,632				204,290				235,649
Trucking			67,716				87,047				187,368				248,142
Other			1				16,960				473				74,812
Total		$	396,786			$	426,833			$	1,172,970			$	1,380,904
Income (loss) from Operations by Segment:
Contract logistics		$	13,720			$	45,623			$	59,349			$	179,990
Intermodal			(91,950)				(1,127)				(108,335)				(18,058)
Trucking			3,914				7,122				9,443				15,175
Other			72				(8,984)				872				(12,279)
Total		$	(74,244)			$	42,634			$	(38,671)			$	164,828

 

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								Thirty-nine Weeks Ended
		September 27, 2025				September 28, 2024				September 27, 2025				September 28, 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		$	(74,244)			$	42,634			$	(38,671)			$	164,828
Impairment expense			81,245				3,720				81,245				3,720
Adjusted income from operations		$	7,001			$	46,354			$	42,574			$	168,548
Adjusted operating margin (a)			1.8	%			10.9	%			3.6	%			12.2	%
Adjusted EBITDA
Net income (loss)		$	(74,772)				26,540				(60,442)				109,731
Income tax expense (benefit)			(8,624)				8,682				(3,730)				36,726
Interest expense, net			9,985				7,416				27,061				20,378
Depreciation			32,719				25,536				93,304				73,490
Amortization			2,780				4,748				13,886				14,305
EBITDA			(37,912)				72,922				70,079				254,630
Impairment expense			81,245				3,720				81,245				3,720
Adjusted EBITDA		$	43,333			$	76,642			$	151,324			$	258,350
Adjusted EBITDA margin (b)			10.9	%			18.0	%			12.9	%			18.7	%

(a)	Adjusted operating margin is computed by dividing adjusted income from operations 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) results for 3Q2025 including EPS and revenue?

Universal reported 3Q2025 revenue $396.8M and EPS $(2.84) with a net loss of $74.8M.

Why did ULH report a large loss in 3Q2025?

The loss primarily reflects $81.2M of non-cash impairment charges in the intermodal segment (goodwill and intangibles).

How did ULH segments perform in 3Q2025 for contract logistics, intermodal, and trucking?

Contract logistics: $264.4M revenue, op income $13.7M; Intermodal: $64.7M revenue, op loss $92.0M; Trucking: $67.7M revenue, op income $3.9M.

Did Universal Logistics declare a dividend after 3Q2025 results and when is it payable?

Yes, the Board declared a cash dividend of $0.105 per share payable on January 2, 2026 to shareholders of record on December 1, 2025.

What guidance did ULH give for 4Q2025 revenue and margins?

Universal expects 4Q2025 revenue of $365M–$385M, operating margins of 4%–6%, and EBITDA margins of 12%–14%.