Universal Logistics Holdings, Inc. Reports Third Quarter 2026 Financial Results; Declares Dividend

The credit agreement leverage ratio was 1.98x against a permitted maximum of 3.50x, with approximately $90.1 million of unused revolving commitments.

Rhea-AI Summary

Universal Logistics Holdings (NASDAQ: ULH) returned to profitability in the third quarter of 2026, reporting diluted earnings per share of $0.69. Revenue was $394.0 million, versus $396.8 million a year earlier. Net income reached $18.1 million, compared with a $117.9 million loss; the prior year included $124.4 million of non-cash impairment charges. Operating income was $32.8 million, with an 8.3% margin.

Contract Logistics revenue increased 2.8%, while Intermodal revenue fell 17.9% despite returning to operating profitability. Trucking revenue rose to $69.0 million. Debt, net, declined approximately $119.5 million from year-end to $678.1 million. The revolving facility was extended through September 30, 2029, with commitments reduced to $350.0 million from $500.0 million. A $0.105 quarterly dividend is expected to be paid January 6, 2027, to holders of record December 1, 2026.

23 points · 1 major

PositiveiHow this balance works

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 11 points

How the balance works

Positive

• Major pointThird-quarter net income of $18.1 million reversed a $117.9 million year-earlier loss.
• Moderate pointThird-quarter operating income of $32.8 million reversed a $117.4 million loss, which included $124.4 million in impairments.
• Moderate pointThird-quarter adjusted EBITDA, a non-GAAP earnings measure, rose to $64.7 million from $43.3 million.
• Moderate pointContract Logistics third-quarter revenue increased 2.8% to $271.9 million from $264.4 million.
• Moderate pointContract Logistics third-quarter operating income increased to $22.9 million from $13.7 million.
• Moderate pointIntermodal third-quarter operating income reached $2.7 million, versus a $135.1 million loss including prior-year impairments.
• Moderate pointIntermodal third-quarter revenue increased 20.4% sequentially from the second quarter.
• Moderate pointIntermodal third-quarter average revenue per load increased 40.4% year over year, excluding fuel surcharges.
• Moderate pointTrucking third-quarter average revenue per load increased 8.7% year over year, excluding fuel surcharges.
• Moderate pointDebt, net, declined approximately $119.5 million from year-end to $678.1 million at October 3, 2026.
• Moderate pointRevolving credit facility extended through September 30, 2029, from September 30, 2027.

12 minor points

• Minor pointThird-quarter diluted EPS of $0.69 compared with a $4.48 loss a year earlier.
• Minor pointThird-quarter operating margin reached 8.3%, versus negative 29.6% a year earlier.
• Minor pointContract Logistics third-quarter operating margin improved to 8.4% from 5.2%, reflecting lower personnel and depreciation expenses.
• Minor pointTrucking third-quarter revenue increased to $69.0 million from $67.7 million a year earlier.
• Minor pointTrucking third-quarter operating income increased to $4.4 million from $3.9 million.
• Minor pointTrucking third-quarter operating margin improved to 6.3% from 5.8%.
• Minor pointTrucking third-quarter brokerage revenue increased to $20.1 million from $17.3 million.
• Minor pointCredit agreement leverage was 1.98x versus a 3.50x maximum; financial covenants were satisfied at October 3, 2026.
• Minor pointThird-quarter net interest expense declined to $8.744 million from $9.985 million a year earlier.
• Minor pointThirty-nine-week net income reached $40.817 million, versus a $103.608 million loss a year earlier.
• Minor pointThirty-nine-week diluted EPS reached $1.55, versus a $3.93 loss a year earlier.
• Minor pointThirty-nine-week operating income reached $82.679 million, versus an $81.837 million loss a year earlier.

Negative

• Moderate pointIntermodal third-quarter revenue decreased 17.9% to $53.1 million from $64.7 million.
• Moderate pointIntermodal third-quarter load volumes declined 45.7% year over year.
• Moderate pointTrucking third-quarter load volumes declined 9.6% year over year.
• Moderate pointRevolving credit commitments fell to $350.0 million from $500.0 million under the amendment. 78% of market cap
• Moderate pointCash and cash equivalents declined to $15.280 million from $26.846 million at December 31, 2025.

6 minor points

• Minor pointThird-quarter revenue declined to $394.0 million from $396.8 million a year earlier.
• Minor pointActive value-added programs fell to 76 from 82 at the prior-year quarter-end.
• Minor pointAdditional revolving commitments of up to $150.0 million remain uncommitted, requiring lender agreement and specified conditions.
• Minor pointCTL financing carries specified recourse, indemnity and environmental obligations for Universal.
• Minor pointThirty-nine-week revenue declined to $1,140.947 million from $1,172.970 million a year earlier.
• Minor pointThirty-nine-week net interest expense increased to $29.010 million from $27.061 million a year earlier.

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Market Reaction – ULH

$16.82 – $20.29 Day Range

$481.74M Mkt Cap at Last Price

On Oct 29, the day this news came out, the latest delayed price for ULH is 4.88% above the previous close. Our momentum scanner has recorded 2 alerts for this stock so far that day. The latest delayed price is $18.27.

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Key Figures

Operating revenues: $394.0 million Income from operations: $32.8 million Diluted earnings per share: $0.69 +5 more

Operating revenues

$394.0 million

Third quarter 2026

Income from operations

$32.8 million

Third quarter 2026; compared with an operating loss of $117.4 million in the prior-year period

Diluted earnings per share

$0.69

Third quarter 2026; compared with a loss per diluted share of $4.48 in the prior-year period

Adjusted EBITDA

$64.7 million

Third quarter 2026; compared with $43.3 million one year earlier

Debt, net

$678.1 million

At October 3, 2026; declined by $119.5 million from year-end

Credit Agreement Leverage Ratio

1.98x

At October 3, 2026; maximum permitted ratio was 3.50x

Revolving credit commitments

$350.0 million

Reduced from $500.0 million; commitment period extended through September 30, 2029

Quarterly dividend

$0.105 per share

Declared for common stock

Previous Dividends,earnings Reports

2 past events · Latest: Jul 31

Same Type 2 events

1. Jul 31

   Q2 earnings

   24h Move

   +36.1%

   Reported quarterly results, including adjusted EBITDA of $49.2 million and a $0.105 per-share dividend.

2. Nov 06

   Q3 earnings

   24h Move

   -1.4%

   Reported prior-year Q3 results, including adjusted EBITDA of $43.3 million and non-cash impairment charges.

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

Key Terms

adjusted ebitda, non-gaap measures, impairment charges, revolving credit facility, +1 more

5 terms

adjusted ebitda financial

"The Company's adjusted EBITDA(a) for the quarter was $64.7 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap measures financial

"Reconciliations of the non-GAAP measures used in this release"

Financial results that companies present using formulas or adjustments different from standard accounting rules (GAAP) to highlight what management considers the business’s ongoing performance. Investors care because these figures can make trends or profitability look clearer—like showing a car’s fuel efficiency after removing unusual trips—but they can also hide one‑time costs or aggressive assumptions, so comparing them with GAAP numbers helps judge reliability.

impairment charges financial

"included non-cash impairment charges totaling $124.4 million"

Impairment charges are one-time accounting write-downs taken when a company decides an asset — like a factory, brand, patent, or investment — is worth less than it was recorded for. Like marking down the price of a damaged item on a store shelf, they reduce reported profits and the asset’s book value; investors watch them because they can signal lasting business problems or change future earnings and balance-sheet strength.

revolving credit facility financial

"extended the commitment period from September 30, 2027 to September 30, 2029"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

demurrage technical

"$8.5 million of detention, demurrage and storage charges"

A charge assessed when cargo, containers or shipping equipment are held beyond an agreed free time at a port, terminal or under a charter; think of it as a parking ticket for delayed goods. Investors watch demurrage because it raises operating costs, ties up inventory and cash, and signals supply‑chain bottlenecks that can reduce margins and disrupt revenue timing.

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

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Third Quarter 2026 Highlights

• Operating Revenues of $394.0 million
• Operating Income of $32.8 million
• Diluted Earnings Per Share of $0.69
• Debt - net of $678.1 million and Operating Debt^(a) of $500.5 million
• Credit Agreement Leverage Ratio^(a) of 1.98x
• Revolving Credit Facility Extended Through September 30, 2029
• Declares Quarterly Dividend:  $0.105 per share

WARREN, Mich., Oct. 29, 2026 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH), a diversified transportation and logistics company, today reported consolidated operating revenues of $394.0 million, income from operations of $32.8 million, net income of $18.1 million, and earnings per basic and diluted share of $0.69 for the third quarter 2026.

For comparative purposes, Universal reported total operating revenues of $396.8 million, an operating loss of $117.4 million, a net loss of $117.9 million, and a loss per basic and diluted share of $4.48 for the corresponding period last year. As previously disclosed, Universal's reported loss in the prior year included non-cash impairment charges totaling $124.4 million.

Universal's operating margin was 8.3% for the quarter, compared with (29.6)% during the same period last year. Excluding the impact of prior year impairment charges, adjusted income from operations^(a) for the third quarter 2025 was $7.0 million and adjusted operating margin^(a) was 1.8%. The Company's adjusted EBITDA^(a) for the quarter was $64.7 million, compared to adjusted EBITDA^(a) of $43.3 million one year earlier. Reconciliations of the non-GAAP measures used in this release to the most directly comparable GAAP measures are included below.

Universal at a Glance

Universal operates a diversified portfolio of transportation and logistics businesses. The Company's largest business is Contract Logistics, which includes value-added logistics programs and dedicated transportation services, complemented by Intermodal and Trucking operations. For the third quarter of 2026, Contract Logistics represented approximately 69.0% of consolidated operating revenues, compared with approximately 13.5% from Intermodal and 17.5% from Trucking.

		Q3 Revenues (in thousand)				Approx. Share
Contract logistics		$	271,918				69.0	%
Intermodal		$	53,076				13.5	%
Trucking		$	69,049				17.5	%

Operating Commentary

"Our third quarter results reflect solid execution across our portfolio of transportation and logistics services," stated Tim Phillips, Universal's CEO. "Our intermodal segment also made meaningful progress in its turnaround and generated positive income from operations during the quarter."

Segment Results

Contract Logistics

Contract Logistics results reflected certain new value-added programs, increased volumes in certain existing value-added programs and dedicated transportation, partially offset by fewer programs in value-added rail services operations. Third-quarter operating revenues increased 2.8% to $271.9 million from $264.4 million in the prior-year period. The segment generated income from operations of $22.9 million, compared with $13.7 million a year earlier, and operating margin improved to 8.4% from 5.2%, primarily reflecting lower direct personnel and depreciation expense.

Contract Logistics revenues included $11.8 million of separately identified fuel surcharges from dedicated transportation services, compared with $8.1 million in the prior year period. At quarter-end, Universal managed 76 active value-added programs, compared with 82 a year earlier.

Intermodal

Overall, Intermodal results reflect improved operating performance in the third quarter. Although revenues declined year over year, revenues increased 20.4% sequentially from the second quarter and the segment generated income from operations during the period. Third-quarter operating revenues decreased 17.9% to $53.1 million from $64.7 million in the prior-year period. Load volumes declined 45.7%, while the average operating revenue per load, excluding fuel surcharges, increased 40.4%.

The segment reported income from operations of $2.7 million, compared with an operating loss of $135.1 million a year earlier, including the previously discussed $124.4 million non-cash impairment charge in the prior period. Intermodal revenues included $7.4 million of separately identified fuel surcharges and $8.5 million of detention, demurrage and storage charges, compared with $7.6 million and $9.0 million, respectively, in the prior-year period.

Trucking

Trucking results reflected lower load volumes, substantially offset by higher average operating revenue per load, excluding fuel surcharges. Third-quarter operating revenues were $69.0 million, compared with $67.7 million in the prior-year period. Load volumes declined 9.6%, while average operating revenue per load, excluding fuel surcharges, increased 8.7%.

The segment generated income from operations of $4.4 million, compared with $3.9 million a year earlier. Operating margin was 6.3%, compared with 5.8%, reflecting an improved pricing environment. Trucking revenues included $20.1 million from brokerage services and $5.8 million of separately identified fuel surcharges, compared with $17.3 million and $3.6 million, respectively, in the prior-year period.

Balance Sheet, Liquidity and Capital Structure

At October 3, 2026, the Company reported Debt - net of approximately $678.1 million on its consolidated balance sheet and held $15.3 million of cash and cash equivalents. Gross outstanding borrowings were approximately $681.7 million. Of those borrowings, approximately $500.5 million consisted of Operating Debt^(a), representing revolving credit facility borrowings and equipment financing, and approximately $181.2 million consisted of CTL financing.

Operating Debt^(a) excludes CTL financing and is presented to distinguish the Company's revolving credit facility borrowings and equipment financing from its separately financed CTL obligations.

At October 3, 2026, the Company's Credit Agreement Leverage Ratio^(a) was 1.98x. The maximum permitted Credit Agreement Leverage Ratio^(a) at October 3, 2026 was 3.50x. The Credit Agreement Leverage Ratio^(a) was calculated using Net Indebtedness^(a) of approximately $497.9 million and Combined EBITDA^(a) of approximately $251.8 million, each as defined in the Credit Agreement. Reconciliations of Net Indebtedness^(a), Combined EBITDA^(a) and the Credit Agreement Leverage Ratio^(a) are included below.

Capital expenditures during the quarter totaled $32.2 million.

During the quarter, certain subsidiaries of the Company entered into a Fourth Amendment to the syndicated revolving credit facility. The amendment reduced aggregate revolving commitments from $500.0 million to $350.0 million, extended the commitment period from September 30, 2027 to September 30, 2029, and reset the facility's uncommitted accordion to permit the Company to request up to $150.0 million of incremental revolving commitments, subject to lender agreement and satisfaction of the conditions specified in the credit agreement. At October 3, 2026, approximately $90.1 million of revolving commitments remained unused, and the Company was in compliance with its financial covenants. 

CTL Financing

The Company's CTL financing is a long-term, fixed-rate financing supported primarily by Ford lease payments and related project collateral. At October 3, 2026, approximately $181.2 million of CTL financing was outstanding. The CTL financing is included in Universal's consolidated debt for GAAP purposes but is excluded from Net Indebtedness for purposes of the leverage covenant under the Company's revolving credit agreement. Universal has specified recourse, indemnity and environmental obligations relating to the financing.

Financial Commentary

"We continued to make meaningful progress strengthening the balance sheet during the quarter. Debt – net declined by approximately $119.5 million from year-end to $678.1 million, and the extension of our revolving credit facility through September 2029 strengthens our debt-maturity profile and preserves financial flexibility. We remain focused on further debt reduction while maintaining the capacity to support our operations and strategic priorities," said Michael Rogers, Universal's Chief Financial Officer.

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 stockholders of record at the close of business on December 1, 2026 and is expected to be paid on January 6, 2027.

(a) A non-GAAP measure, see accompanying non-GAAP measure explanations and reconciliations later in this release.

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

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements identify prospective information. Forward-looking statements are statements other than statements of historical fact and include statements regarding future freight-market conditions, customer demand and pricing; the expected performance of our businesses and operating initiatives; improvement in our intermodal operations; future debt reduction and capital allocation; liquidity and borrowing capacity; the availability and use of incremental revolving commitments; our strategies and objectives; and the anticipated payment of the declared dividend. Words such as "expect," "anticipate," "intend," "plan," "goal," "prospect," "seek," "believe," "targets," "project," "estimate," "future," "likely," "may," "should" and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these words.

Forward-looking statements are based on  management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements. Important factors that could cause actual results to differ include general economic and freight-market conditions; changes in automotive and other customer production volumes; customer demand, pricing and competitive pressures; the loss or reduction of customer business; our ability to implement operating, cost-reduction and efficiency initiatives and improve intermodal performance; labor availability and costs; fuel, equipment, insurance and claims costs; litigation and regulatory developments; the performance of customers and other counterparties, including those supporting the CTL financing; interest rates and the availability and cost of capital; our ability to comply with financial covenants and access unused or incremental revolving commitments; and the other risks described under "Risk Factors" in our most recent Annual Report on Form 10-K and in our subsequent reports filed with the Securities and Exchange Commission.

These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf. Forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances arising after the date of this release.

UNIVERSAL LOGISTICS HOLDINGS, INC. Unaudited Condensed Consolidated Statements of Income (In thousands, except per share data)
		Thirteen Weeks Ended								Thirty-nine Weeks Ended
		October 3,				September 27,				October 3,				September 27,
		2026				2025				2026				2025
Operating revenues:
Truckload services		$	48,947			$	50,419			$	127,964			$	134,119
Brokerage services			21,133				18,011				57,335				57,847
Intermodal services			52,051				63,966				142,774				200,165
Dedicated services			88,842				86,171				261,065				253,007
Value-added services			183,076				178,219				551,809				527,832
Total operating revenues			394,049				396,786				1,140,947				1,172,970
Operating expenses:
Purchased transportation and equipment rent			68,165				80,063				195,857				241,314
Direct personnel and related benefits			169,241				176,572				510,242				509,105
Operating supplies and expenses			55,387				55,938				160,001				157,608
Commission expense			4,470				4,271				13,123				12,922
Occupancy expense			13,778				13,738				45,602				36,794
General and administrative			14,492				13,625				45,580				40,828
Insurance and claims			6,496				8,494				31,617				23,057
Depreciation and amortization			31,915				35,499				100,742				107,190
(Gain) loss on disposal of property and equipment			(2,660)				1,585				(48,382)				1,578
Impairment expense			—				124,411				3,886				124,411
Total operating expenses			361,284				514,196				1,058,268				1,254,807
Income (loss) from operations			32,765				(117,410)				82,679				(81,837)
Interest expense, net			(8,744)				(9,985)				(29,010)				(27,061)
Other non-operating income			—				833				293				1,560
Income (loss) before income taxes			24,021				(126,562)				53,962				(107,338)
Income tax expense (benefit)			5,879				(8,624)				13,145				(3,730)
Net income (loss)		$	18,142			$	(117,938)			$	40,817			$	(103,608)
Earnings per common share:
Basic		$	0.69			$	(4.48)			$	1.55			$	(3.94)
Diluted		$	0.69			$	(4.48)			$	1.55			$	(3.93)
Weighted average number of common shares outstanding:
Basic			26,367				26,330				26,363				26,327
Diluted			26,367				26,340				26,363				26,341
Dividends declared per common share:		$	0.105			$	0.105			$	0.315			$	0.315

 

UNIVERSAL LOGISTICS HOLDINGS, INC. Unaudited Condensed Consolidated Balance Sheets (In thousands)
		October 3, 2026				December 31, 2025
Assets
Cash and cash equivalents		$	15,280			$	26,846
Marketable securities			—				10,351
Accounts receivable - net			289,980				261,337
Other current assets			96,576				84,308
Total current assets			401,836				382,842
Property and equipment - net			776,975				819,495
Other long-term assets - net			506,304				569,651
Total assets		$	1,685,115			$	1,771,988
Liabilities and stockholders' equity
Current liabilities, excluding current maturities of debt		$	226,300			$	203,245
Debt - net			678,054				797,571
Other long-term liabilities			206,046				230,817
Total liabilities			1,110,400				1,231,633
Total stockholders' equity			574,715				540,355
Total liabilities and stockholders' equity		$	1,685,115			$	1,771,988

 

UNIVERSAL LOGISTICS HOLDINGS, INC. Unaudited Summary of Operating Data
		Thirteen Weeks Ended								Thirty-nine Weeks Ended
		October 3,				September 27,				October 3,				September 27,
		2026				2025				2026				2025
Contract Logistics Segment:
Average number of value-added direct employees			6,816				7,596				6,957				7,418
Average number of value-added full-time equivalents			27				43				39				42
Number of active value-added programs			76				82				76				82
Intermodal Segment:
Number of loads (a)			55,418				102,028				195,539				297,825
Average operating revenue per load, excluding fuel surcharges (a)		$	671			$	478			$	541			$	519
Average number of tractors			879				1,363				1,012				1,385
Number of depots			8				8				8				8
Trucking Segment:
Number of loads			26,881				29,731				79,476				89,804
Average operating revenue per load, excluding fuel surcharges		$	2,360			$	2,172			$	2,112			$	1,991
Average number of tractors			514				594				526				610
Average length of haul			420				371				402				377

(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
		October 3,				September 27,				October 3,				September 27,
		2026				2025				2026				2025
Operating Revenues by Segment:
Contract logistics		$	271,918			$	264,390			$	812,875			$	780,839
Intermodal			53,076				64,679				145,007				204,290
Trucking			69,049				67,716				183,059				187,368
Other			6				1				6				473
Total		$	394,049			$	396,786			$	1,140,947			$	1,172,970
Income from Operations by Segment:
Contract logistics		$	22,923			$	13,720			$	64,994			$	59,349
Intermodal			2,652				(135,116)				(20,914)				(151,501)
Trucking			4,375				3,914				7,797				9,443
Other			2,815				72				30,802				872
Total		$	32,765			$	(117,410)			$	82,679			$	(81,837)

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 EBITDA, Operating Debt, Net Indebtedness, Combined EBITDA and Credit Agreement Leverage Ratio.

Adjusted income from operations and adjusted operating margin reflect GAAP income from operations and operating margin, respectively, adjusted for the items shown in the reconciliations below. EBITDA represents net income before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA further adjusts EBITDA for the items shown in the reconciliations below. Management uses these measures to evaluate operating performance and compare results across reporting periods. The Company believes these measures provide useful supplemental information by allowing investors to evaluate operating performance after separately identifying the effects of the specified adjustments.

Operating Debt represents total outstanding borrowings excluding CTL financing. The Company presents  Operating Debt to distinguish its revolving credit borrowings and equipment financing from its separately financed CTL financing. The Company also presents Net Indebtedness, Combined EBITDA and the Credit Agreement Leverage Ratio because those measures are used under the Company's revolving credit agreement to evaluate leverage and covenant compliance. These measures should not be considered in isolation or as substitutes for GAAP financial measures, and their definitions may differ from similarly titled measures used by other companies.

		October 3, 2026
Reconciliation of Debt - net to Operating Debt(a)		(in thousands)
Debt - net		$	678,054
Add: unamortized debt issue costs			3,680
Total outstanding borrowings			681,734
Less:  CTL Financing			(181,202)
Operating Debt(a)		$	500,532
		October 3, 2026
Reconciliation of Debt - net to Net Indebtedness(a) (in thousands):		(in thousands)
Debt - net		$	678,054
Add: unamortized debt issue costs			3,680
Total outstanding borrowings		$	681,734
Less:  CTL Financing			(181,202)
Less:  Unrestricted Domestic Cash			(2,629)
Net Indebtedness(a)		$	497,903

Reconciliation of Other GAAP Measures

		Thirteen Weeks Ended								Thirty-nine Weeks Ended
		October 3,				September 27,				October 3,				September 27,
		2026				2025				2026				2025
		( in thousands, except percentages)								( in thousands, except percentages)
Adjusted income from operations
Income from operations		$	32,765			$	(117,410)			$	82,679			$	(81,837)
(Gain) on Kearny sale			—				—				(45,274)				—
Legal charges			—				—				12,250				—
Impairment expense			—				124,411				3,886				124,411
Adjusted income from operations(a)		$	32,765			$	7,001			$	53,541			$	42,574
Operating margin			8.3	%			-29.6	%			7.2	%			-7.0	%
Adjusted operating margin(a)			8.3	%			1.8	%			4.7	%			3.6	%

Notes: Operating margin is income from operations divided by total operating revenues. Adjusted operating margin^(a) is adjusted income from operations divided by total operating revenues.

		Thirteen Weeks Ended								Thirty-nine Weeks Ended								TTM
		October 3,				September 27,				October 3,				September 27,				October 3,
		2026				2025				2026				2025				2026
		( in thousands)								( in thousands)								( in thousands)
Adjusted EBITDA and Combined EBITDA
Net income		$	18,142			$	(117,938)			$	40,817			$	(103,608)			$	44,552
Income tax expense			5,879				(8,624)				13,145				(3,730)				16,735
Interest expense, net			8,744				9,985				29,010				27,061				39,757
Depreciation			29,090				32,719				92,254				93,304				128,512
Amortization			2,825				2,780				8,488				13,886				11,286
EBITDA			64,680				(81,078)				183,714				26,913				240,842
(Gain) on Kearny sale			—				—				(45,274)				—				(45,274)
Legal charges			—				—				12,250				—				12,250
Impairment expense			—				124,411				3,886				124,411				3,886
Adjusted EBITDA(a)		$	64,680			$	43,333			$	154,576			$	151,324			$	211,704
Credit Agreement adjustments																			40,061
Combined EBITDA(a)																		$	251,765

Notes: Combined EBITDA^(a) represents trailing-twelve-month Adjusted EBITDA^(a), further adjusted for additional items permitted under the Credit Agreement for purposes of determining covenant compliance, including the $45.3 million gain on Kearny sale.

(a) A non-GAAP measure, see accompanying non-GAAP measure explanations and reconciliations later in this release.

The Company presents these non-GAAP measures because it believes they assist investors and analysts in comparing performance across reporting periods on a consistent basis and in understanding the measures used under the Company's revolving credit agreement. These measures have limitations and should not be considered in isolation or as substitutes for GAAP measures. The Company relies primarily on GAAP results and uses these non-GAAP measures only as supplemental measures.

 

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SOURCE Universal Logistics Holdings, Inc.

FAQ

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

What were Universal Logistics Holdings' third-quarter 2026 earnings?

Universal reported net income of $18.1 million and diluted earnings per share of $0.69 for the third quarter of 2026. A year earlier, it reported a $117.9 million net loss and a $4.48 diluted loss per share. The prior-year results included $124.4 million of non-cash impairment charges.

When will ULH pay its declared quarterly dividend?

The $0.105 per-share cash dividend is expected to be paid on January 6, 2027. Shareholders must be holders of record at the close of business on December 1, 2026.

How does Universal Logistics Holdings' CTL financing affect its debt covenant?

CTL financing is included in consolidated debt but excluded from Net Indebtedness for the revolving credit agreement's leverage covenant. Approximately $181.2 million was outstanding at October 3, 2026. This long-term, fixed-rate financing is supported primarily by Ford lease payments and related project collateral, with specified recourse, indemnity and environmental obligations for Universal.