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Heartland Express (NASDAQ: HTLD) swings to Q2 2026 profit on margin gains

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Heartland Express, Inc. reported a strong profitability recovery for the quarter ended June 30, 2026. Operating revenue was $184.1 million, down from $210.4 million a year earlier, but net income improved to $10.6 million from a net loss of $10.9 million, with basic earnings per share moving to $0.14 from a loss of $(0.14).

The operating ratio improved to 91.0% from 105.9%, and non-GAAP adjusted operating ratio was 88.3%. For the first six months of 2026, operating income was $13.3 million versus a loss of $(27.3) million in 2025, and net income was $5.8 million versus a loss of $(24.7) million. Cash increased to $62.4 million, while debt stood at $134.9 million, with acquisition-related obligations reduced from $494 million in 2022 to $135 million. Operating cash flow was $36.0 million, or 10.0% of operating revenue, supporting $25 million of debt and lease repayments, $3.1 million of dividends, and $2.3 million of share repurchases. Shares outstanding were 77.3 million, and the company expects 2026 net capital expenditures of approximately $8–$14 million and gains on equipment disposals of $13–$19 million over the remainder of the year.

Positive

  • Return to profitability with major margin improvement: Q2 2026 net income was $10.6 million versus a $10.9 million loss in Q2 2025, and the operating ratio improved to 91.0% from 105.9%, indicating a substantial turnaround in operating performance.
  • Debt meaningfully reduced while liquidity strengthened: Debt was $134.9 million at June 30, 2026, with acquisition-related obligations cut from $494 million in 2022 to $135 million, and cash balances rose to $62.4 million supported by $36.0 million of operating cash flow.

Negative

  • None.

Insights

Analyzing...

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Operating Revenue $184.1 million Three months ended June 30, 2026; compared with $210.4 million in Q2 2025
Q2 2026 Net Income $10.6 million Three months ended June 30, 2026; versus net loss of $10.9 million in Q2 2025
Q2 2026 Basic EPS $0.14 Three months ended June 30, 2026; versus basic loss per share of $(0.14) in Q2 2025
Q2 2026 Operating Ratio 91.0% Versus 105.9% operating ratio in the second quarter of 2025
Six-month 2026 Net Income $5.8 million Six months ended June 30, 2026; versus net loss of $(24.7) million in 2025 period
Debt at June 30, 2026 $134.9 million Remaining debt after reducing acquisition-related obligations from $494 million in 2022 to $135 million
Cash at June 30, 2026 $62.4 million Cash and cash equivalents, up $43.9 million from December 31, 2025
Operating Cash Flow H1 2026 $36.0 million Net cash flows from operations for first six months of 2026, 10.0% of operating revenue
operating ratio financial
"The Company posted an operating ratio of 91.0%, non-GAAP adjusted operating ratio(1)"
A company's operating ratio is a simple percentage that shows how much of its revenue is eaten up by the costs of running the business — calculated by dividing operating expenses by operating revenue. For investors it signals efficiency and profit potential: a lower operating ratio means the company keeps more of each dollar it earns (like a household with lower bills keeping more of its paycheck), while a higher ratio suggests tighter margins and less room to absorb shocks.
fuel surcharge revenue financial
"Operating revenues for the quarter included fuel surcharge revenues of $31.7 million"
An extra fee companies add to invoices to offset changing fuel costs, collected alongside regular sales rather than as a separate product. For investors it matters because it directly affects revenue and profit margins—when fuel prices rise the surcharge can protect margins, and when they fall it can reduce billed amounts—so tracking it helps assess how resilient a business’s cash flow and pricing power are, much like a restaurant raising menu prices when ingredient costs spike.
non-GAAP adjusted operating ratio financial
"Operating Ratio of 91.0% and 88.3% Non-GAAP Adjusted Operating Ratio(1)"
A non-GAAP adjusted operating ratio is a company-provided measure of operating efficiency that shows operating expenses as a percentage of operating revenue after removing or altering certain items that the company considers unusual, non-cash, or unrelated to ongoing operations. It matters to investors because it aims to show how efficiently the core business runs—like measuring a car's fuel efficiency after excluding temporary extra weight—but different companies may adjust different items, affecting comparability.
finance lease obligations financial
"Payments of $25 million to reduce outstanding debt and finance lease obligations"
Long-term commitments a company has to pay for assets it uses under lease contracts that are treated like owned assets for accounting purposes; the company records both the asset and a matching liability for the current value of future lease payments. Investors watch these obligations because they increase reported debt and affect cash flow and borrowing capacity—think of them as loans disguised as rental agreements that change how risky or valuable a company appears.
treasury stock financial
"Treasury stock, at cost; 13,361 and 13,244 in 2026 and 2025, respectively"
Treasury stock is shares that a company has bought back from the public and kept in its own control rather than retiring them. Think of it like a company holding its own tickets in a drawer: those shares no longer vote or receive dividends while held, but the company can reissue or retire them later; this reduces the number of shares available to outside investors and can boost per‑share earnings and influence ownership and stock price.
operating lease right of use assets financial
"OPERATING LEASE RIGHT OF USE ASSETS | 11,513 | | | 1,647"
An operating lease right-of-use asset is the recorded value on a company’s balance sheet that represents its contractual right to use a leased item (like equipment or property) for a set period, similar to listing a rented car as something you control during the rental. It matters to investors because it increases reported assets and links to lease liabilities, changing measures of size, leverage and return — which affects comparisons, credit assessment and valuation even though the company did not buy the asset outright.
Q2 2026 operating revenue $184.1 million compared with $210.4 million in the second quarter of 2025
Q2 2026 net income $10.6 million versus a net loss of $10.9 million in the second quarter of 2025
Q2 2026 basic earnings per share $0.14 versus a basic loss per share of $(0.14) in the second quarter of 2025
Six-month 2026 operating income $13.3 million versus an operating loss of $(27.3) million in the same period of 2025
Q2 2026 operating ratio 91.0% improved from 105.9% in the second quarter of 2025
Guidance

For the remainder of 2026, the company expects net capital expenditures of approximately $8 to $14 million and gains on disposal of property and equipment of $13 to $19 million.

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FAQ

How did Heartland Express (HTLD) perform financially in Q2 2026?
Heartland Express reported Q2 2026 operating revenue of $184.1 million and net income of $10.6 million, compared with $210.4 million of revenue and a $10.9 million net loss in Q2 2025, reflecting a shift back to profitability despite lower revenue.

What were Heartland Express (HTLD) earnings per share for Q2 2026?
Basic earnings per share in Q2 2026 were $0.14, compared with a basic loss per share of $(0.14) in Q2 2025. Diluted earnings per share matched basic at $0.14, indicating a significant year-over-year improvement in shareholder profitability.

How did Heartland Express (HTLD) margins and operating ratio change in Q2 2026?
Heartland Express posted an operating ratio of 91.0% in Q2 2026, a 1,490 basis point improvement from 105.9% in Q2 2025. The non-GAAP adjusted operating ratio was 88.3%, highlighting better cost control and operating efficiency versus the prior year.

What is the debt and cash position of Heartland Express (HTLD) as of June 30, 2026?
As of June 30, 2026, Heartland Express held $62.4 million in cash and $134.9 million of debt. Acquisition-related debt and finance lease obligations were reduced from $494 million in 2022 to $135 million, while maintaining $88.8 million of available borrowing capacity.

What were Heartland Express (HTLD) year-to-date 2026 results versus 2025?
For the six months ended June 30, 2026, operating revenue was $360.4 million versus $429.8 million in 2025, while net income improved to $5.8 million from a $24.7 million loss. Operating income shifted to $13.3 million from a $27.3 million operating loss.

What capital allocation actions did Heartland Express (HTLD) take in 2026?
In the first six months of 2026, Heartland Express used $25 million to repay debt and finance leases, paid $3.1 million in dividends, and repurchased 172,061 shares for $2.3 million, continuing a long history of regular cash dividends and share buybacks.
0000799233FALSE901 HEARTLAND WAY,NORTH LIBERTYIA319645-706000007992332026-07-302026-07-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------------------------------------------


FORM 8-K


CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
July 30, 2026

----------------------------------------------------------------
HEARTLAND EXPRESS, INC.
(Exact name of registrant as specified in its charter)

Nevada000-1508793-0926999
(State of other Jurisdiction(Commission(IRS Employer
of Incorporation)File Number)Identification No.)

901 HEARTLAND WAY, NORTH LIBERTY IA
52317
(Address of Principal Executive Offices) (Zip Code)
319 645-7060
Registrant's Telephone Number (including area code):


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueHTLDNASDAQ


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.   Results of Operations and Financial Condition.

On July 30, 2026, Heartland Express, Inc. announced its unaudited financial results for the quarter ended June 30, 2026. The press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

Item 9.01.   Financial Statements and Exhibits

(d) Exhibits
EXHIBIT
NUMBEREXHIBIT DESCRIPTION
99.1
Heartland Express, Inc. press release dated July 30, 2026 with
respect to the Company's unaudited financial results for the quarter ended
June 30, 2026


The information contained in Items 2.02 and 9.01 of this report and the exhibit hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act:”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

The information in this report and the exhibit hereto may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act.  Such statements are made based on the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties.  Actual results or events may differ from those anticipated by forward-looking statements. Please refer to the paragraph following the financial and operating information in the attached press release and various disclosures by the Company in its press releases, stockholder reports, and filings with the Securities and Exchange Commission for information concerning risk, uncertainties, and other factors that may affect future results.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HEARTLAND EXPRESS, INC.
Date:August 5, 2026By:/s/Christopher A. Strain
Christopher A. Strain
Vice President-Finance,
Treasurer and Chief Financial Officer



July 30, 2026 For Immediate Release

Press Release

Heartland Express, Inc. Reports Net Income and Financial Results for the Second Quarter of 2026

NORTH LIBERTY, IOWA - July 30, 2026 - Heartland Express, Inc. (Nasdaq: HTLD) announced today financial results for the three and six months ended June 30, 2026.

Three months ended June 30, 2026:
•Operating Revenue of $184.1 million,
•Net Income of $10.6 million,
•Basic Earnings per Share of $0.14,
•Operating Ratio of 91.0% (a 1,490bp improvement to Q2 2025) and 88.3% Non-GAAP Adjusted Operating Ratio(1),
•Purchased 172,061 shares of our common stock for $2.3 million,
•Payments of $15 million to reduce outstanding acquisition-related debt,
•Total Assets of $1.2 billion, including $62.4 million of Cash,
•Stockholders' Equity of $756.3 million.

Six months ended June 30, 2026:
•Operating Revenue of $360.4 million,
•Net Income of $5.8 million,
•Basic Earnings per Share of $0.07,
•Operating Ratio of 96.3% and 94.9% Non-GAAP Adjusted Operating Ratio(1),
•Smith Transport debt and equipment leases eliminated,
•Payments of $25 million to reduce outstanding debt and finance lease obligations. Acquisition-related debt and finance lease obligations reduced from $494 million in 2022 to $135 million.

Heartland Express Chief Executive Officer Mike Gerdin commented on the quarterly operating results and ongoing initiatives of the Company, "Our consolidated operating results for the three months ended June 30, 2026, reflect significant operating ratio improvement (91.0%) as compared to the second quarter of 2025 (105.9%) and sequential non-GAAP adjusted operating ratio(1) improvement in each quarter since the first quarter of 2025. We are pleased with our operational improvements and profitability as we continue toward our foundational goal of an operating ratio of 85.0% or lower and return to a debt-free balance sheet. The improved financial results delivered reflect stronger freight volumes and improved customer pricing resulting from ongoing industry capacity reductions along with reduced operating costs and strategic disposals of under-utilized assets. We expect to rely on our positive cash flows from operations to make a significant investment in our fleet of tractors and trailers over the remainder of the year along with additional reductions of the remaining acquisition-related debt."

Financial Results

For the three months ended June 30, 2026, the Company delivered operating revenues of $184.1 million, compared to $210.4 million in the same period of 2025. Operating revenues for the quarter included fuel surcharge revenues of $31.7 million, compared to $24.5 million in the same period of 2025. Net income was $10.6 million, as compared to a net loss of ($10.9) million in the second quarter of 2025. Basic earnings per share was $0.14 during the quarter, as compared to basic loss per share of $(0.14) in the same period of 2025. The Company posted an operating ratio of 91.0%, non-GAAP adjusted operating ratio(1) of 88.3%, and net income as a percentage of operating revenues of 5.7% in the second quarter of 2026 compared to 105.9%, 106.0%, and (5.2)% (net loss as a percentage of operating revenues) respectively, in the second quarter of 2025.



For the six months ended June 30, 2026, the Company delivered operating revenues of $360.4 million, compared to $429.8 million in the same period of 2025. Operating revenues for the period included fuel surcharge revenues of $54.2 million, compared to $50.8 million in the same period of 2025. Operating income for the six-month period ended June 30, 2026 was $13.3 million, compared to an operating loss of $(27.3) million in the same period of the prior year. Net income was $5.8 million, compared to net loss of $(24.7) million in the same period of the prior year. Basic earnings per share was $0.07 during the six-month period as compared to $(0.32) basic loss per share during the same period of 2025. The Company posted an operating ratio of 96.3%, non-GAAP adjusted operating ratio(1) of 94.9%, and net income as a percentage of operating revenues of 1.6% for the six months ended June 30, 2026 compared to 106.4%, 106.5%, and (5.8)% (net loss as a percentage of operating revenues) respectively, in the same period of the prior year.

Balance Sheet, Liquidity, and Capital Expenditures

As of June 30, 2026, the Company had $62.4 million in cash balances, an increase of $43.9 million since December 31, 2025. Debt of $134.9 million remains at June 30, 2026, down from the initial $447.3 million of borrowings less associated fees for the CFI acquisition in August 2022 along with $46.8 million debt and finance lease obligations assumed from the Smith acquisition in May 2022. The acquisition-related debt and finance lease obligations of Smith Transport were fully retired in the first three months of 2026. There were no borrowings under the Company's unsecured line of credit at June 30, 2026. The Company had $88.8 million in available borrowing capacity on the line of credit as of June 30, 2026 after consideration of $11.2 million of outstanding letters of credit. The Company continues to be in compliance with associated financial covenants. The Company ended the quarter with total assets of $1.2 billion and stockholders' equity of $756.3 million.

Net cash flows from operations for the first six months of 2026 were $36.0 million or 10.0% of operating revenue. The primary uses of cash for financing activities were $25 million used for repayment of debt and financing leases along with $3.1 million for dividends paid and $2.3 million for repurchases of common stock. Cash provided by investing activities included $39.2 million from net property and equipment transactions.

The average age of the Company's consolidated tractor fleet was 2.3 years as of June 30, 2026 compared 2.6 years as of June 30, 2025. The average age of the Company's consolidated trailer fleet was 7.1 years as of June 30, 2026 compared to 7.5 years as of June 30, 2025. We expect to continue to dispose of excess trailers within our fleet as used equipment market conditions improve. For the remainder of 2026, we currently expect net capital expenditures to be approximately $8 to $14 million and $13 to $19 million of gains on disposal of property and equipment.

The Company continues its commitment to stockholders through the payment of cash dividends. Our regular dividend of $0.02 per share was declared during the second quarter of 2026 and paid on July 6, 2026. The Company has now paid cumulative cash dividends of $564.5 million, including four special dividends, ($2.00 in 2007, $1.00 in 2010, $1.00 in 2012, and $0.50 in 2021) over the past ninety-two consecutive quarters since 2003. Our outstanding shares at June 30, 2026 were 77.3 million. A total of 3.0 million shares of common stock have been repurchased for $37.0 million over the past five years. The Company has the ability to repurchase an additional 4.7 million shares under the current authorization which would result in 72.7 million outstanding shares if fully executed.

Other Information

During the second quarter of 2026, our family of operating brands continued to deliver award-winning service and earn corporate trust as Millis Transfer was recognized by Newsweek as one of America's Greatest Midsize Workplaces for Culture, Belonging & Community in 2026.



Operating revenue excluding fuel surcharge revenue, adjusted operating income (loss), and adjusted operating ratio are non-GAAP financial measures and are not intended to replace financial measures calculated in accordance with GAAP. These non-GAAP financial measures supplement our GAAP results. We believe that using these measures affords a more consistent basis for comparing our results of operations from period to period. The information required by Item 10(e) of Regulation S-K under the Securities Act of 1933 and the Securities Exchange Act of 1934 and Regulation G under the Securities Exchange Act of 1934, including a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP, is included in the table at the end of this press release.

This press release may contain statements that might be considered as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be identified by their use of terms or phrases such as “seek,” “expects,” “estimates,” “anticipates,” “projects,” “believes,” “hopes,” “plans,” “goals,” “intends,” “may,” “might,” “likely,” “will,” “should,” “would,” “could,” “potential,” “predict,” “continue,” “strategy,” “future,” “ensure,” “outlook,” and similar terms and phrases. In this press release, the statements relating to freight supply and demand, our ability to react to and capitalize on changing market conditions, the expected impact of operational improvements and strategic changes, progress toward our goals, future capital expenditures, future dispositions of revenue equipment and property and gains therefrom, future profitability, and future stock repurchases, dividends, and debt repayment are forward-looking statements. Such statements are based on management's belief or interpretation of information currently available. These statements and assumptions involve certain risks and uncertainties, and undue reliance should not be placed on such statements. Actual events may differ materially from those set forth in, contemplated by, or underlying such statements as a result of numerous factors, including, without limitation, those specified in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended March 31,
2026. The Company assumes no obligation to update any forward-looking statements, which speak as of their respective dates.

Contact: Heartland Express, Inc. (319-645-7060)

Mike Gerdin, Chief Executive Officer
Chris Strain, Chief Financial Officer



HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
OPERATING REVENUE$184,126 $210,387 $360,383 $429,807 
OPERATING EXPENSES:
Salaries, wages, and benefits$69,135 $87,159 $138,230 $180,396 
Rent and purchased transportation10,791 13,343 21,256 27,617 
Fuel40,549 33,709 73,286 71,627 
Operations and maintenance12,784 17,439 24,649 34,718 
Operating taxes and licenses3,765 4,422 7,717 9,163 
Insurance and claims11,783 14,154 24,562 26,076 
Communications and utilities1,977 2,206 3,574 4,471 
Depreciation and amortization32,306 41,463 67,463 83,091 
Other operating expenses9,537 11,693 18,759 24,531 
Gain on disposal of property and equipment(25,050)(2,782)(32,367)(4,566)
167,577 222,806 347,129 457,124 
Operating income (loss)16,549 (12,419)13,254 (27,317)
Interest income370 198 578 326 
Interest expense(1,878)(2,962)(4,088)(6,066)
Income (loss) before income taxes15,041 (15,183)9,744 (33,057)
Federal and state income tax (benefit)4,458 (4,328)3,982 (8,329)
Net Income (loss)$10,583 $(10,855)$5,762 $(24,728)
Income (loss) per share
Basic$0.14 $(0.14)$0.07 $(0.32)
Diluted$0.14 $(0.14)$0.07 $(0.32)
Weighted average shares outstanding
Basic77,404 78,079 77,430 78,308 
Diluted77,437 78,142 77,463 78,375 
Dividends declared per share$0.02 $0.02 $0.04 $0.04 



HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES 
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
(unaudited)
June 30,December 31,
ASSETS20262025
CURRENT ASSETS
Cash and cash equivalents$62,385 $18,475 
Trade receivables, net76,658 74,172 
Prepaid tires11,055 11,626 
Other current assets35,696 9,181 
Income taxes receivable— 1,146 
Total current assets185,794 114,600 
PROPERTY AND EQUIPMENT1,003,181 1,148,693 
Less accumulated depreciation432,010 481,471 
571,171 667,222 
GOODWILL322,597 322,597 
OTHER INTANGIBLES, NET67,003 69,512 
OTHER ASSETS15,402 14,686 
DEFERRED INCOME TAXES, NET1,311 1,353 
OPERATING LEASE RIGHT OF USE ASSETS11,513 1,647 
$1,174,791 $1,191,617 
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities$34,253 $33,479 
Compensation and benefits25,387 25,061 
Insurance accruals28,761 31,437 
Long-term debt and finance lease liabilities - current portion— 5,714 
Operating lease liabilities - current portion3,202 1,330 
Other accruals14,691 13,143 
Income taxes payable10,935 — 
Total current liabilities117,229 110,164 
LONG-TERM LIABILITIES
Income taxes payable5,839 5,427 
Long-term debt and finance lease liabilities less current portion134,890 154,059 
Operating lease liabilities less current portion8,311 317 
Deferred income taxes, net122,550 133,629 
Insurance accruals less current portion29,695 32,702 
Total long-term liabilities301,285 326,134 
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Capital stock, common, $.01 par value; authorized 395,000 shares; issued 90,689 in 2026 and 2025; outstanding 77,328 and 77,445 in 2026 and 2025, respectively907 907 
Additional paid-in capital2,588 2,979 
Retained earnings968,070 965,405 
Treasury stock, at cost; 13,361 and 13,244 in 2026 and 2025, respectively(215,288)(213,972)
756,277 755,319 
$1,174,791 $1,191,617 


(1)
GAAP to Non-GAAP Reconciliation Schedule:
Operating revenue excluding fuel surcharge revenue, adjusted operating expenses, adjusted operating income (loss), and adjusted operating ratio reconciliation (a)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(Unaudited, in thousands)(Unaudited, in thousands)
Operating revenue$184,126 $210,387 $360,383 $429,807 
Less: Fuel surcharge revenue31,743 24,509 54,186 50,830 
Operating revenue, excluding fuel surcharge revenue152,383 185,878 306,197 378,977 
Operating expenses167,577 222,806 347,129 457,124 
Less: Fuel surcharge revenue31,743 24,509 54,186 50,830 
Less: Amortization of intangibles1,254 1,254 2,509 2,509 
Adjusted operating expenses134,580 197,043 290,434 403,785 
Operating income (loss)16,549 (12,419)13,254 (27,317)
Adjusted operating income (loss)$17,803 $(11,165)$15,763 $(24,808)
Operating ratio91.0 %105.9 %96.3 %106.4 %
Adjusted operating ratio88.3 %106.0 %94.9 %106.5 %

(a) Operating revenue excluding fuel surcharge revenue, as reported in this press release is based upon operating revenue minus fuel surcharge revenue. Adjusted operating income (loss) as reported in this press release is based upon operating revenue excluding fuel surcharge revenue, less operating expenses, net of fuel surcharge revenue, and non-cash amortization expense related to intangible assets. Adjusted operating ratio as reported in this press release is based upon operating expenses, net of fuel surcharge revenue, and amortization of intangibles, as a percentage of operating revenue excluding fuel surcharge revenue. We believe that operating revenue excluding fuel surcharge revenue, adjusted operating income (loss), and adjusted operating ratio are more representative of our underlying operations by excluding the volatility of fuel prices, which we cannot control. Operating revenue excluding fuel surcharge revenue, adjusted operating income (loss), and adjusted operating ratio are not substitutes for operating revenue, operating income (loss), or operating ratio measured in accordance with GAAP. There are limitations to using non-GAAP financial measures. Although we believe that operating revenue excluding fuel surcharge revenue, adjusted operating income (loss), and adjusted operating ratio improve comparability in analyzing our period-to-period performance, they could limit comparability to other companies in our industry if those companies define such measures differently. Because of these limitations, operating revenue excluding fuel surcharge revenue, adjusted operating income (loss), and adjusted operating ratio should not be considered measures of income generated by our business or discretionary cash available to us to invest in the growth of our business. Management compensates for these limitations by primarily relying on GAAP results and using non-GAAP financial measures on a supplemental basis.

Source: View Original Filing on SEC EDGAR

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