Marten Transport (Nasdaq: MRTN) Q2 profit falls but sequentially improves

Q: What were Marten Transport (MRTN) Q2 2026 earnings and EPS?

Marten Transport reported Q2 2026 net income of $5.3 million , or $0.07 per diluted share, compared with $7.2 million, or $0.09 per share, in Q2 2025. This reflects lower year-over-year profitability despite a significantly improved result versus Q1 2026.

Q: How did Marten Transport (MRTN) revenue perform in Q2 2026?

Q2 2026 operating revenue was $223.5 million , down from $229.9 million in Q2 2025. Excluding fuel surcharges, operating revenue declined to $185.2 million from $203.8 million, while fuel surcharge revenue increased to $38.3 million from $26.1 million.

Q: How did Marten Transport (MRTN) operating margins change in Q2 2026?

The consolidated operating ratio in Q2 2026 was 96.9% , compared with 95.8% in Q2 2025, indicating higher operating costs relative to revenue. On a basis net of fuel surcharges, the operating ratio was 96.3% versus 95.2% in the prior-year quarter.

Q: What is Marten Transport (MRTN) saying about the freight market and outlook?

Management noted the freight market has sharply tightened and is emerging from a prolonged recession, citing federal enforcement actions and legal developments reducing noncompliant capacity. They emphasized securing higher pricing for premium services, cost control, and leveraging a debt-free balance sheet for future growth.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Marten Transport reported softer year-over-year results for the quarter ended June 30, 2026, with net income of $5.3 million, or $0.07 per diluted share, compared with $7.2 million, or $0.09 per share, on operating revenue of $223.5 million versus $229.9 million. Excluding fuel surcharges, operating revenue was $185.2 million versus $203.8 million, while fuel surcharge revenue rose to $38.3 million from $26.1 million. Operating income declined to $6.9 million from $9.7 million, and the consolidated operating ratio weakened to 96.9% from 95.8%.

For the first six months of 2026, operating revenue was $427.1 million versus $453.1 million and net income was $6.7 million, or $0.08 per share, down from $11.5 million, or $0.14 per share. Results reflect the sale of intermodal operations, which produced $11.7 million of revenue in the prior-year quarter, and margin pressure in Dedicated and Brokerage. Management highlighted a 286.3% sequential earnings improvement from the first quarter, a tightening freight market, and a strong, debt-free balance sheet with cash and cash equivalents of $103,980 (in thousands) at June 30, 2026.

Positive

Sequential earnings rebound: Q2 2026 net income of $5.3 million was up 286.3% from Q1 2026 net income of $1.4 million, reflecting improved profitability across truckload, dedicated and brokerage operations.

Negative

Year-to-date profit down sharply: Net income for the first six months of 2026 was $6.7 million versus $11.5 million for 2025, and total operating income fell 45.4% to $8.5 million.
Margin compression: The consolidated operating ratio deteriorated to 96.9% in Q2 2026 and 98.0% for the first six months, compared with 95.8% and 96.6% in the prior-year periods.

Filing Explained

The completed quarterly-results filing adds segment, non-GAAP, and cash-flow detail while updating the company’s reported financial condition through June 30, 2026.

Form 8-K reports specified material events, and this filing reports completed second-quarter results through June 30, 2026 while furnishing investor-presentation materials. Its direct consequence is updated information about Marten Transport’s operating and liquidity condition rather than a disclosed transaction completion.

The company presents operating revenue and operating-expense ratios net of fuel surcharges as non-GAAP measures, with reconciliations to the comparable GAAP measures. This gives readers an additional comparison basis, but does not replace the reported GAAP results.

Exhibit 99.2 is furnished under Regulation FD and is not treated as filed for Exchange Act Section 18 purposes or incorporated by reference; the company also states it has no duty to update that presentation. Those status limits are the main item to track when using the presentation separately from the financial-results disclosure.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 operating revenue: $223.5 million Q2 2026 net income: $5.3 million Q2 2026 diluted EPS: $0.07 +5 more

8 metrics

Q2 2026 operating revenue $223.5 million Quarter ended June 30, 2026 versus $229.9 million in Q2 2025

Q2 2026 net income $5.3 million Quarter ended June 30, 2026 versus $7.2 million in Q2 2025

Q2 2026 diluted EPS $0.07 Diluted earnings per common share for Q2 2026 versus $0.09 in Q2 2025

Six-month 2026 operating revenue $427.1 million Six months ended June 30, 2026 versus $453.1 million in 2025

Six-month 2026 net income $6.7 million Six months ended June 30, 2026 versus $11.5 million in 2025

Q2 2026 consolidated operating ratio 96.9% Consolidated operating ratio for Q2 2026 versus 95.8% in Q2 2025

Cash and cash equivalents 103,980 Cash and cash equivalents at June 30, 2026 (in thousands of dollars)

Net cash from operating activities 60,718 Net cash provided by operating activities for six months ended June 30, 2026 (in thousands)

Key Terms

fuel surcharge revenue, operating ratio, non-GAAP financial measures, chameleon carriers

4 terms

fuel surcharge revenue financial

"Fuel surcharge revenue increased to $38.3 million for the 2026 quarter"

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.

operating ratio financial

"Consolidated operating ratio, net of fuel surcharges, was 96.3%"

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.

non-GAAP financial measures financial

"These financial measures in the press release have not been determined in accordance with GAAP"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

chameleon carriers regulatory

"including accelerating federal enforcement of ... CDL mills and chameleon carriers"

Earnings Snapshot

Q2 2026 operating revenue: $223.5 million

Quarter and six months ended June 30, 2026

Q2 2026 operating revenue $223.5 million -2.8% vs Q2 2025, as reported in segment table

Q2 2026 net income $5.3 million Compared with $7.2 million in Q2 2025

Q2 2026 diluted EPS $0.07 Compared with $0.09 in Q2 2025

Six-month 2026 operating revenue $427.1 million -5.7% vs first six months of 2025

Six-month 2026 net income $6.7 million Compared with $11.5 million for first six months of 2025

Q2 2026 operating income $6.9 million -29.0% vs Q2 2025

Six-month 2026 operating income $8.5 million -45.4% vs first six months of 2025

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

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Understanding 8-K Material Events →

Available on EDGAR 07/23/2026 - 04:07 PM Accepted by SEC EDGAR 07/23/2026 - 04:07 PM

FAQ

What were Marten Transport (MRTN) Q2 2026 earnings and EPS?

Marten Transport reported Q2 2026 net income of $5.3 million, or $0.07 per diluted share, compared with $7.2 million, or $0.09 per share, in Q2 2025. This reflects lower year-over-year profitability despite a significantly improved result versus Q1 2026.

How did Marten Transport (MRTN) revenue perform in Q2 2026?

Q2 2026 operating revenue was $223.5 million, down from $229.9 million in Q2 2025. Excluding fuel surcharges, operating revenue declined to $185.2 million from $203.8 million, while fuel surcharge revenue increased to $38.3 million from $26.1 million.

What are Marten Transport (MRTN) year-to-date 2026 results?

For the six months ended June 30, 2026, Marten Transport generated operating revenue of $427.1 million versus $453.1 million a year earlier, and net income of $6.7 million, or $0.08 per share, compared with $11.5 million, or $0.14 per share, for the 2025 period.

How did Marten Transport (MRTN) operating margins change in Q2 2026?

The consolidated operating ratio in Q2 2026 was 96.9%, compared with 95.8% in Q2 2025, indicating higher operating costs relative to revenue. On a basis net of fuel surcharges, the operating ratio was 96.3% versus 95.2% in the prior-year quarter.

What segment trends did Marten Transport (MRTN) highlight for Q2 2026?

Truckload and Brokerage revenues were roughly flat year over year, while Dedicated revenue declined. Intermodal contributed $11.7 million of revenue in Q2 2025 but none in Q2 2026 due to the 2025 sale, affecting total revenue and mix of operating income across segments.

What is Marten Transport (MRTN) saying about the freight market and outlook?

Management noted the freight market has sharply tightened and is emerging from a prolonged recession, citing federal enforcement actions and legal developments reducing noncompliant capacity. They emphasized securing higher pricing for premium services, cost control, and leveraging a debt-free balance sheet for future growth.

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 23, 2026

MARTEN TRANSPORT, LTD.

(Exact name of registrant as specified in its charter)

Delaware		0-15010		39-1140809
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification Number)

129 Marten Street Mondovi, Wisconsin		54755
(Address of principal executive offices)		(Zip Code)

(715) 926-4216

(Registrant’s telephone number, including area code)

Not applicable.

(Former name or former address, if changed since last report)

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 (see General Instruction A.2. below):

☐	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 class:		Trading symbol:		Name of each exchange on which registered:
COMMON STOCK, PAR VALUE $.01 PER SHARE		MRTN		THE NASDAQ STOCK MARKET LLC (NASDAQ GLOBAL SELECT MARKET)

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. ☐

Section 2 – Financial Information

Item 2.02. Results of Operations and Financial Condition.

On July 23, 2026, the company issued a press release announcing financial results for the quarter ended June 30, 2026. Attached hereto as Exhibit 99.1 is a copy of the company’s press release dated July 23, 2026 announcing the company’s financial results for this period.

The press release also includes a discussion of operating revenue, net of fuel surcharge revenue; and operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharge revenue. The company provided these additional disclosures because management believes removing these items provide a more consistent basis for comparing results of operations from period to period. These financial measures in the press release have not been determined in accordance with generally accepted accounting principles (“GAAP”). Pursuant to Regulation G, the company has included a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. For the discussion of operating revenue, net of fuel surcharge revenue; and operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharge revenue, the most directly comparable GAAP financial measures are operating revenue, and operating expenses divided by operating revenue, which are reconciled in the attached Exhibit 99.1.

The information contained in 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, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Section 7 – Regulation FD

Item 7.01. Regulation FD Disclosure.

Representatives of the company make presentations at investor conferences and in other forums, and these presentations may include the information contained in Exhibit 99.2 attached to this current report on Form 8-K. A copy of the presentation slides containing such information that may be disclosed by the company is attached as Exhibit 99.2 to this report and the information set forth therein is incorporated herein by reference and constitutes a part of this report. The company expects to disclose the information contained in Exhibit 99.2, in whole or in part, and possibly with modifications, in connection with presentations to investors, analysts and others during 2026.

The company is furnishing the information contained in Exhibit 99.2 pursuant to Regulation FD and Item 7.01 of Form 8-K. The information in Exhibit 99.2 shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

The information contained in Exhibit 99.2 is summary information that is intended to be considered in the context of the company’s SEC filings and other public announcements that the company may make, by press release or otherwise, from time to time. The company undertakes no duty or obligation to publicly update or revise the information contained in Exhibit 99.2, although it may do so from time to time as its management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure. By filing this current report on Form 8-K and furnishing this information, the company makes no admission as to the materiality of any information contained in this report, including Exhibit 99.2.

Section 9 – Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

(a)

Financial Statements of Businesses Acquired.

Not Applicable.

(b)

Pro Forma Financial Information.

Not Applicable.

(c)

Shell Company Transactions.

Not Applicable.

(d)

Exhibits.

	Exhibit No.		Description

	99.1		Press Release dated July 23, 2026 (included herewith).
	99.2		Investor presentation slides used by Marten Transport, Ltd. (included herewith).
	104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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 thereunto duly authorized.

	MARTEN TRANSPORT, LTD.


Dated: July 23, 2026	By:	/s/ James J. Hinnendael
		James J. Hinnendael
		Its: Executive Vice President and Chief Financial Officer

Exhibit 99.1

MARTEN TRANSPORT ANNOUNCES SECOND QUARTER RESULTS

MONDOVI, Wis., July 23, 2026 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $5.3 million, or 7 cents per diluted share, for the second quarter ended June 30, 2026, compared with $7.2 million, or 9 cents per diluted share, for the second quarter of 2025. The 2026 second-quarter earnings improved 286.3% sequentially from 2026 first-quarter net income of $1.4 million, or 2 cents per diluted share. For the six-month period ended June 30, 2026, net income was $6.7 million, or 8 cents per diluted share, compared with $11.5 million, or 14 cents per diluted share, for the 2025 six-month period.

Operating revenue was $223.5 million for the second quarter of 2026 compared with $229.9 million for the second quarter of 2025. Our intermodal operations, which were sold in 2025, had operating revenue of $11.7 million in the 2025 quarter. Excluding fuel surcharges, operating revenue was $185.2 million for the 2026 quarter compared with $203.8 million for the 2025 quarter. Fuel surcharge revenue increased to $38.3 million for the 2026 quarter from $26.1 million for the 2025 quarter.

Operating revenue was $427.1 million for the first six months of 2026 compared with $453.1 million for the first six months of 2025. Our intermodal operations had operating revenue of $23.8 million in the first six months of 2025. Excluding fuel surcharges, operating revenue was $362.4 million for the 2026 period compared with $399.6 million for the 2025 period. Fuel surcharge revenue increased to $64.7 million for the 2026 period from $53.5 million for the 2025 period.

Operating income was $6.9 million for the second quarter of 2026 compared with $9.7 million for the second quarter of 2025.

Operating income was $8.5 million for the first six months of 2026 compared with $15.6 million for the first six months of 2025.

Operating expenses as a percentage of operating revenue were 96.9% for the 2026 quarter and 95.8% for the 2025 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 96.3% for the 2026 quarter and 95.2% for the 2025 quarter.

Operating expenses as a percentage of operating revenue were 98.0% for the first six months of 2026 and 96.6% for the first six months of 2025. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 97.7% for the 2026 period and 96.1% for the 2025 period.

Chairman of the Board and Chief Executive Officer Randolph L. Marten stated, “We are encouraged by the sequential improvement in profitability in each of our truckload, dedicated and brokerage operations this quarter.”

“The freight market has sharply tightened in recent months and is now breaking out from the longest freight market recession on record. This market recovery is driven by structural changes, including accelerating federal enforcement of noncompliant state licensing practices for non-domiciled commercial driver’s licenses, or CDL’s, English Language Proficiency requirements, electronic logging device fraud, CDL mills and chameleon carriers. These measures, along with the U.S. Supreme Court’s Montgomery broker-liability ruling, which held that negligent hiring claims against freight brokers are not preempted by federal law, are contracting meaningful levels of freight capacity by removing noncompliant and unqualified drivers.”

“We are successfully securing higher pricing from our customers for our premium services and enhancing the quality of our freight within this improving freight market. Our ongoing focus remains on safe, premium service, data-driven operating efficiencies and aggressive cost controls. Our strong, debt-free balance sheet enhances our ability to continue investing in our technology and modern fleet and position our operations to capitalize on improving profitable organic growth opportunities.”

Current Investor Presentation

Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of time and temperature-sensitive and dry truck-based transportation and distribution capabilities across Marten’s five distinct business platforms – Temperature-Sensitive and Dry Truckload, Dedicated, Brokerage and MRTN de Mexico. Marten’s Intermodal operations were sold effective September 30, 2025. Marten is one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food, beverages and other consumer packaged goods that require a temperature-controlled or insulated environment. The Company offers service in the United States, Mexico and Canada, concentrating on expedited movements for high-volume customers. Marten’s common stock is traded on the Nasdaq Global Select Market under the symbol MRTN.

This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include a discussion of Marten’s prospects for future growth, including the impact on the freight market of accelerating federal enforcement of noncompliant state licensing practices for non-domiciled commercial driver’s licenses, or CDL’s, English Language Proficiency requirements, electronic logging device fraud, CDL mills and chameleon carriers, along with the Montgomery broker-liability ruling, and by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward-looking statements. Important factors known to the Company that could cause actual results to differ materially from those discussed in the forward-looking statements are discussed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and in Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACTS: Randy Marten, Chairman of the Board and Chief Executive Officer, Doug Petit, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.

MARTEN TRANSPORT, LTD.

CONSOLIDATED CONDENSED BALANCE SHEETS

	June 30,			December 31,
(In thousands, except share information)	2026			2025
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	103,980		$	43,278
Escrow deposit		5,000			5,000
Receivables:
Trade, net		92,028			85,807
Other		12,410			13,084
Prepaid expenses and other		24,513			24,532
Total current assets		237,931			171,701

Property and equipment:
Revenue equipment, buildings and land, office equipment and other		1,079,582			1,128,932
Accumulated depreciation		(363,506	)		(352,426	)
Net property and equipment		716,076			776,506
Other noncurrent assets		1,478			1,560
Total assets	$	955,485		$	949,767

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	28,042		$	28,769
Insurance and claims accruals		43,443			43,700
Accrued and other current liabilities		23,562			19,763
Total current liabilities		95,047			92,232
Deferred income taxes		94,357			89,716
Noncurrent operating lease liabilities		119			194
Total liabilities		189,523			182,142

Stockholders’ equity:
Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding		-			-
Common stock, $.01 par value per share; 192,000,000 shares authorized; 81,661,669 shares at June 30, 2026, and 81,542,174 shares at December 31, 2025, issued and outstanding		817			815
Additional paid-in capital		56,171			54,762
Retained earnings		708,974			712,048
Total stockholders’ equity		765,962			767,625
Total liabilities and stockholders’ equity	$	955,485		$	949,767

MARTEN TRANSPORT, LTD.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months						Six Months
	Ended June 30,						Ended June 30,
(In thousands, except per share information)	2026			2025			2026			2025

Operating revenue	$	223,543		$	229,922		$	427,069		$	453,074

Operating expenses (income):
Salaries, wages and benefits		72,538			78,570			144,657			157,370
Purchased transportation		38,819			43,123			72,287			80,779
Fuel and fuel taxes		45,767			32,591			79,674			65,708
Supplies and maintenance		15,318			15,606			30,446			31,119
Depreciation		24,762			27,307			49,768			54,777
Operating taxes and licenses		2,273			2,451			4,518			4,868
Insurance and claims		9,306			15,852			22,551			29,229
Communications and utilities		2,152			2,164			4,257			4,443
Gain on disposition of revenue equipment		(1,673	)		(5,182	)		(3,093	)		(6,847	)
Other		7,365			7,706			13,496			16,035

Total operating expenses		216,627			220,188			418,561			437,481

Operating income		6,916			9,734			8,508			15,593

Other		(721	)		(436	)		(1,178	)		(785	)

Income before income taxes		7,637			10,170			9,686			16,378

Income taxes expense		2,298			2,984			2,965			4,857

Net income	$	5,339		$	7,186		$	6,721		$	11,521

Basic earnings per common share	$	0.07		$	0.09		$	0.08		$	0.14

Diluted earnings per common share	$	0.07		$	0.09		$	0.08		$	0.14

Dividends declared per common share	$	0.06		$	0.06		$	0.12		$	0.12

MARTEN TRANSPORT, LTD.

SEGMENT INFORMATION

(Unaudited)

							Dollar			Percentage
							Change			Change
	Three Months						Three Months			Three Months
	Ended						Ended			Ended
	June 30,						June 30,			June 30,
(Dollars in thousands)	2026			2025			2026 vs. 2025			2026 vs. 2025
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	92,721		$	92,484		$	237			0.3	%
Truckload fuel surcharge revenue		23,599			14,002			9,597			68.5
Total Truckload revenue		116,320			106,486			9,834			9.2

Dedicated revenue, net of fuel surcharge revenue		52,578			61,338			(8,760	)		(14.3	)
Dedicated fuel surcharge revenue		14,718			10,536			4,182			39.7
Total Dedicated revenue		67,296			71,874			(4,578	)		(6.4	)

Brokerage revenue		39,927			39,859			68			0.2

Intermodal revenue, net of fuel surcharge revenue		-			10,093			(10,093	)		(100.0	)
Intermodal fuel surcharge revenue		-			1,610			(1,610	)		(100.0	)
Total Intermodal revenue		-			11,703			(11,703	)		(100.0	)

Total operating revenue	$	223,543		$	229,922		$	(6,379	)		(2.8	)%

Operating income/(loss):
Truckload	$	2,417		$	2,344		$	73			3.1	%
Dedicated		2,440			5,429			(2,989	)		(55.1	)
Brokerage		2,059			2,696			(637	)		(23.6	)
Intermodal		-			(735	)		735			100.0
Total operating income	$	6,916		$	9,734		$	(2,818	)		(29.0	)%

Operating ratio:
Truckload		97.9	%		97.8	%
Dedicated		96.4			92.4
Brokerage		94.8			93.2
Intermodal		-			106.3
Consolidated operating ratio		96.9	%		95.8	%

Operating ratio, net of fuel surcharges:
Truckload		97.4	%		97.5	%
Dedicated		95.4			91.1
Brokerage		94.8			93.2
Intermodal		-			107.3
Consolidated operating ratio, net of fuel surcharges		96.3	%		95.2	%

MARTEN TRANSPORT, LTD.

SEGMENT INFORMATION

(Unaudited)

							Dollar			Percentage
							Change			Change
	Six Months						Six Months			Six Months
	Ended						Ended			Ended
	June 30,						June 30,			June 30,
(Dollars in thousands)	2026			2025			2026 vs. 2025			2026 vs. 2025
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	182,031		$	182,590		$	(559	)		(0.3	)%
Truckload fuel surcharge revenue		39,679			28,287			11,392			40.3
Total Truckload revenue		221,710			210,877			10,833			5.1

Dedicated revenue, net of fuel surcharge revenue		105,752			123,743			(17,991	)		(14.5	)
Dedicated fuel surcharge revenue		25,007			21,756			3,251			14.9
Total Dedicated revenue		130,759			145,499			(14,740	)		(10.1	)

Brokerage revenue		74,600			72,878			1,722			2.4

Intermodal revenue, net of fuel surcharge revenue		-			20,361			(20,361	)		(100.0	)
Intermodal fuel surcharge revenue		-			3,459			(3,459	)		(100.0	)
Total Intermodal revenue		-			23,820			(23,820	)		(100.0	)

Total operating revenue	$	427,069		$	453,074		$	(26,005	)		(5.7	)%

Operating income/(loss):
Truckload	$	1,473		$	2,044		$	(571	)		(27.9	)%
Dedicated		4,062			10,283			(6,221	)		(60.5	)
Brokerage		2,973			4,856			(1,883	)		(38.8	)
Intermodal		-			(1,590	)		1,590			100.0
Total operating income	$	8,508		$	15,593		$	(7,085	)		(45.4	)%

Operating ratio:
Truckload		99.3	%		99.0	%
Dedicated		96.9			92.9
Brokerage		96.0			93.3
Intermodal		-			106.7
Consolidated operating ratio		98.0	%		96.6	%

Operating ratio, net of fuel surcharges:
Truckload		99.2	%		98.9	%
Dedicated		96.2			91.7
Brokerage		96.0			93.3
Intermodal		-			107.8
Consolidated operating ratio, net of fuel surcharges		97.7	%		96.1	%

MARTEN TRANSPORT, LTD.

OPERATING STATISTICS

(Unaudited)

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2026			2025			2026			2025
Truckload Segment:
Revenue (in thousands)	$	116,320		$	106,486		$	221,710		$	210,877
Average revenue, net of fuel surcharges, per tractor per week⁽¹⁾	$	4,592		$	4,209		$	4,509		$	4,203
Average tractors⁽¹⁾		1,553			1,690			1,562			1,680
Average miles per trip		510			524			514			531
Non-revenue miles percentage⁽²⁾		10.6	%		11.0	%		10.7	%		11.1	%
Total miles (in thousands)		36,875			39,221			73,762			77,494

Dedicated Segment:
Revenue (in thousands)	$	67,296		$	71,874		$	130,759		$	145,499
Average revenue, net of fuel surcharges, per tractor per week⁽¹⁾	$	3,917		$	3,807		$	3,913		$	3,827
Average tractors⁽¹⁾		1,033			1,239			1,045			1,251
Average miles per trip		295			301			296			305
Non-revenue miles percentage⁽²⁾		1.0	%		1.3	%		1.1	%		1.4	%
Total miles (in thousands)		22,496			25,132			44,401			50,368

Brokerage Segment:
Revenue (in thousands)	$	39,927		$	39,859		$	74,600		$	72,878
Loads		24,590			24,094			48,472			44,510

Intermodal Segment:
Revenue (in thousands)	$	-		$	11,703		$	-		$	23,820
Loads		-			3,555			-			7,212
Average tractors		-			77			-			77

At June 30, 2026 and June 30, 2025:
Total tractors⁽¹⁾		2,524			2,928
Average age of company tractors (in years)		2.5			2.1
Total trailers		5,139			5,164
Average age of company trailers (in years)		5.1			5.0
Ratio of trailers to tractors⁽¹⁾		2.0			1.8
Total refrigerated containers		-			786

	Three Months						Six Months
	Ended June 30,						Ended June 30,
(In thousands)	2026			2025			2026			2025

Net cash provided by operating activities	$	27,669		$	33,153		$	60,718		$	69,368
Net cash provided by/(used for) investing activities		10,731			(33,115	)		9,124			(41,528	)
Net cash used for financing activities		(4,206	)		(4,891	)		(9,140	)		(10,055	)

Weighted average shares outstanding:
Basic		81,629			81,510			81,604			81,502
Diluted		81,634			81,517			81,606			81,512

(1)	Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 81 and 80 tractors as of June 30, 2026 and 2025, respectively.

(2)	Represents the percentage of miles for which the company is not compensated.