STOCK TITAN

Earnings fall as Marten Transport (NASDAQ: MRTN) faces weak freight

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Marten Transport, Ltd. reported weaker results for the first quarter ended March 31, 2026. Net income fell to $1.4 million, or $0.02 per diluted share, compared with $4.3 million, or $0.05 per diluted share, a year earlier. Operating revenue declined to $203.5 million from $223.2 million, an 8.8% decrease, partly reflecting the 2025 sale of its intermodal operations.

Operating income dropped to $1.6 million from $5.9 million as the consolidated operating ratio worsened to 99.2% from 97.4%, indicating thinner margins. Management cited severe winter storms, higher diesel prices and a prolonged freight market recession as key pressures, though truckload and dedicated revenue per tractor improved. The company highlighted a debt‑free balance sheet and cash and cash equivalents of $69.8 million as support for ongoing investment in technology and its modern fleet.

Positive

  • None.

Negative

  • Sharp earnings and margin deterioration: Net income fell from $4.3 million to $1.4 million and the consolidated operating ratio worsened from 97.4% to 99.2%, indicating significantly weaker profitability in the quarter.

Insights

Profit and margins compress sharply despite stable balance sheet.

Marten Transport shows a clear earnings slowdown. Operating revenue declined 8.8% year over year to $203.5M, but operating income fell much more steeply to $1.6M from $5.9M. Net income dropped to $1.4M, with EPS at $0.02.

Margins compressed as the consolidated operating ratio deteriorated to 99.2% from 97.4%, and to 99.1% from 97.0% excluding fuel surcharges. Management ties this to severe winter storms, higher diesel prices, and a prolonged freight market recession with oversupply and weak demand.

On the positive side, the company reports sequential gains in revenue per tractor in truckload and dedicated and emphasizes a strong, debt‑free balance sheet, including $69.8M of cash as of March 31, 2026. Segment data show dedicated and brokerage profits down sharply, while intermodal was previously divested, reshaping the revenue mix.

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.
Operating revenue $203.5M Three months ended March 31, 2026; down 8.8% year over year
Net income $1.4M Three months ended March 31, 2026 vs. $4.3M in 2025
Diluted EPS $0.02 Three months ended March 31, 2026; prior year $0.05
Consolidated operating ratio 99.2% Q1 2026; worsened from 97.4% in Q1 2025
Operating income $1.6M Three months ended March 31, 2026; previously $5.9M
Cash and cash equivalents $69.8M Balance sheet as of March 31, 2026
Total operating revenue change -$19.6M Decrease from $223.2M in Q1 2025 to $203.5M in Q1 2026
Net cash from operations $33.0M Three months ended March 31, 2026 vs. $36.2M in 2025
operating ratio financial
"Operating expenses as a percentage of operating revenue were 99.2% for the 2026 first quarter and 97.4% for the 2025 first quarter."
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
"Excluding fuel surcharges, operating revenue was $177.2 million for the 2026 quarter compared with $195.8 million for the 2025 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.
non-GAAP financial measures financial
"These financial measures in the press release have not been determined in accordance with generally accepted accounting principles (“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.
Regulation FD regulatory
"The company is furnishing the information contained in Exhibit 99.2 pursuant to Regulation FD and Item 7.01 of ."
Regulation FD is a rule that prevents company insiders, like executives, from sharing important information with some people before others get it. It matters because it helps ensure all investors have equal access to key news, making the stock market fairer and reducing chances of insider trading.
freight market recession market
"Our earnings have been heavily pressured by the historic duration and depth of the freight market recession’s oversupply and weak demand,"
debt-free balance sheet financial
"Our strong, debt-free balance sheet enhances our ability to continue investing in our technology and modern fleet"
Operating revenue $203.5M -8.8% YoY
Operating income $1.6M -72.8% YoY
Net income $1.4M
Diluted EPS $0.02
Consolidated operating ratio 99.2%
false 0000799167 0000799167 2026-04-23 2026-04-23


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):
April 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 April 23, 2026, the company issued a press release announcing financial results for the quarter ended March 31, 2026. Attached hereto as Exhibit 99.1 is a copy of the company’s press release dated April 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 April 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: April 23, 2026
By:
/s/ James J. Hinnendael
James J. Hinnendael
Its: Executive Vice President and
    Chief Financial Officer  
 
 
 
2

Exhibit 99.1

 

 

MARTEN TRANSPORT ANNOUNCES FIRST QUARTER RESULTS

 

MONDOVI, Wis., April 23, 2026 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $1.4 million, or 2 cents per diluted share, for the first quarter ended March 31, 2026, compared with $4.3 million, or 5 cents per diluted share, for the first quarter of 2025.

 

Operating revenue was $203.5 million for the first quarter of 2026 compared with $223.2 million for the first quarter of 2025. Our intermodal operations, which were sold in 2025, had operating revenue of $12.1 million in the 2025 quarter. Excluding fuel surcharges, operating revenue was $177.2 million for the 2026 quarter compared with $195.8 million for the 2025 quarter. Fuel surcharge revenue decreased to $26.4 million for the 2026 quarter from $27.4 million for the 2025 quarter.

 

Operating income was $1.6 million for the first quarter of 2026 compared with $5.9 million for the first quarter of 2025.

 

Operating expenses as a percentage of operating revenue were 99.2% for the 2026 first quarter and 97.4% for the 2025 first quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 99.1% for the 2026 quarter and 97.0% for the 2025 quarter.

 

Chairman of the Board and Chief Executive Officer Randolph L. Marten stated, “Our people drove sequential increases in our revenue per tractor within our truckload and dedicated operations each of the last two quarters. This impact on our earnings was more than offset by the prolonged severe winter storms and the sharp spike in diesel prices in the first quarter.”

 

“Our unique multifaceted business model’s value continued to be highlighted by the operating results of our dedicated and brokerage operations. Our earnings have been heavily pressured by the historic duration and depth of the freight market recession’s oversupply and weak demand, and the cumulative impact of inflationary operating costs, freight rate reductions and freight network disruptions.”

 

“We are focused on minimizing the freight market’s impact with our emphasis 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.”

 

“We believe that the freight market is in the early stages of recovery fueled by the current administration’s accelerating immigration enforcement clampdowns on multiple fronts -- including noncompliant state licensing practices for non-domiciled commercial driver’s licenses, or CDL’s, English Language Proficiency enforcement, electronic logging device fraud, CDL mills and chameleon carriers. These measures are structural changes to the freight market that have been and are expected to continue contracting capacity by removing noncompliant and unqualified drivers who never should have been driving in the first place.”

 

 

 

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 the current administration’s accelerating immigration enforcement clampdowns on multiple fronts -- including noncompliant state licensing practices for non-domiciled commercial driver’s licenses, or CDL’s, English Language Proficiency enforcement, electronic logging device fraud, CDL mills and chameleon carriers, 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. 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

 

   

March 31,

   

December 31,

 

(In thousands, except share information)

 

2026

   

2025

 
   

(Unaudited)

         

ASSETS

               

Current assets:

               

Cash and cash equivalents

  $ 69,786     $ 43,278  

Escrow deposit

    5,000       5,000  

Receivables:

               

Trade, net

    91,911       85,807  

Other

    8,114       13,084  

Prepaid expenses and other

    20,792       24,532  

Total current assets

    195,603       171,701  
                 

Property and equipment:

               

Revenue equipment, buildings and land, office equipment and other

    1,112,817       1,128,932  

Accumulated depreciation

    (362,739 )     (352,426 )

Net property and equipment

    750,078       776,506  

Other noncurrent assets

    1,546       1,560  

Total assets

  $ 947,227     $ 949,767  
                 

LIABILITIES AND STOCKHOLDERS’ EQUITY

               

Current liabilities:

               

Accounts payable

  $ 27,756     $ 28,769  

Insurance and claims accruals

    44,853       43,700  

Accrued and other current liabilities

    21,641       19,763  

Total current liabilities

    94,250       92,232  

Deferred income taxes

    88,612       89,716  

Noncurrent operating lease liabilities

    157       194  

Total liabilities

    183,019       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; 81,589,135 shares at March 31, 2026, and 81,542,174 shares at December 31, 2025, issued and outstanding

    816       815  

Additional paid-in capital

    54,858       54,762  

Retained earnings

    708,534       712,048  

Total stockholders’ equity

    764,208       767,625  

Total liabilities and stockholders’ equity

  $ 947,227     $ 949,767  

 

 

 

MARTEN TRANSPORT, LTD.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

 

   

Three Months

 
   

Ended March 31,

 

(In thousands, except per share information)

 

2026

   

2025

 
                 

Operating revenue

  $ 203,526     $ 223,152  
                 

Operating expenses (income):

               

Salaries, wages and benefits

    72,119       78,800  

Purchased transportation

    33,468       37,656  

Fuel and fuel taxes

    33,907       33,117  

Supplies and maintenance

    15,128       15,513  

Depreciation

    25,006       27,470  

Operating taxes and licenses

    2,245       2,417  

Insurance and claims

    13,245       13,377  

Communications and utilities

    2,105       2,279  

Gain on disposition of revenue equipment

    (1,420 )     (1,665 )

Other

    6,131       8,329  
                 

Total operating expenses

    201,934       217,293  
                 

Operating income

    1,592       5,859  
                 

Other

    (457 )     (349 )
                 

Income before income taxes

    2,049       6,208  
                 

Income taxes expense

    667       1,873  
                 

Net income

  $ 1,382     $ 4,335  
                 

Basic earnings per common share

  $ 0.02     $ 0.05  
                 

Diluted earnings per common share

  $ 0.02     $ 0.05  
                 

Dividends declared per common share

  $ 0.06     $ 0.06  

 

 

 

MARTEN TRANSPORT, LTD.

SEGMENT INFORMATION

(Unaudited)

 

                   

Dollar

   

Percentage

 
                   

Change

   

Change

 
   

Three Months

   

Three Months

   

Three Months

 
   

Ended

   

Ended

   

Ended

 
   

March 31,

   

March 31,

   

March 31,

 

(Dollars in thousands)

 

2026

   

2025

   

2026 vs. 2025

   

2026 vs. 2025

 

Operating revenue:

                               

Truckload revenue, net of fuel surcharge revenue

  $ 89,310     $ 90,106     $ (796 )     (0.9 )%

Truckload fuel surcharge revenue

    16,080       14,285       1,795       12.6  

Total Truckload revenue

    105,390       104,391       999       1.0  
                                 

Dedicated revenue, net of fuel surcharge revenue

    53,174       62,405       (9,231 )     (14.8 )

Dedicated fuel surcharge revenue

    10,289       11,220       (931 )     (8.3 )

Total Dedicated revenue

    63,463       73,625       (10,162 )     (13.8 )
                                 

Brokerage revenue

    34,673       33,019       1,654       5.0  
                                 

Intermodal revenue, net of fuel surcharge revenue

    -       10,268       (10,268 )     (100.0 )

Intermodal fuel surcharge revenue

    -       1,849       (1,849 )     (100.0 )

Total Intermodal revenue

    -       12,117       (12,117 )     (100.0 )
                                 

Total operating revenue

  $ 203,526     $ 223,152     $ (19,626 )     (8.8 )%
                                 

Operating income/(loss):

                               

Truckload

  $ (944 )   $ (300 )   $ (644 )     (214.7 )%

Dedicated

    1,622       4,854       (3,232 )     (66.6 )

Brokerage

    914       2,160       (1,246 )     (57.7 )

Intermodal

    -       (855 )     855       100.0  

Total operating income

  $ 1,592     $ 5,859     $ (4,267 )     (72.8 )%
                                 

Operating ratio:

                               

Truckload

    100.9 %     100.3 %                

Dedicated

    97.4       93.4                  

Brokerage

    97.4       93.5                  

Intermodal

    -       107.1                  

Consolidated operating ratio

    99.2 %     97.4 %                
                                 

Operating ratio, net of fuel surcharges:

                               

Truckload

    101.1 %     100.3 %                

Dedicated

    96.9       92.2                  

Brokerage

    97.4       93.5                  

Intermodal

    -       108.3                  

Consolidated operating ratio, net of fuel surcharges

    99.1 %     97.0 %                

 

 

 

MARTEN TRANSPORT, LTD.

OPERATING STATISTICS

(Unaudited)

 

   

Three Months

 
   

Ended March 31,

 
   

2026

   

2025

 

Truckload Segment:

               

Revenue (in thousands)

  $ 105,390     $ 104,391  

Average revenue, net of fuel surcharges, per tractor per week(1)

  $ 4,425     $ 4,196  

Average tractors(1)

    1,570       1,670  

Average miles per trip

    518       537  

Non-revenue miles percentage(2)

    10.8 %     11.2 %

Total miles (in thousands)

    36,887       38,273  
                 

Dedicated Segment:

               

Revenue (in thousands)

  $ 63,463     $ 73,625  

Average revenue, net of fuel surcharges, per tractor per week(1)

  $ 3,909     $ 3,846  

Average tractors(1)

    1,058       1,262  

Average miles per trip

    298       308  

Non-revenue miles percentage(2)

    1.3 %     1.6 %

Total miles (in thousands)

    21,905       25,236  
                 

Brokerage Segment:

               

Revenue (in thousands)

  $ 34,673     $ 33,019  

Loads

    23,882       20,416  
                 

Intermodal Segment:

               

Revenue (in thousands)

  $ -     $ 12,117  

Loads

    -       3,657  

Average tractors

    -       77  
                 

At March 31, 2026 and March 31, 2025:

               

Total tractors(1)

    2,595       3,040  

Average age of company tractors (in years)

    2.4       2.0  

Total trailers

    5,021       5,331  

Average age of company trailers (in years)

    5.1       5.4  

Ratio of trailers to tractors(1)

    1.9       1.8  

Total refrigerated containers

    -       786  

 

   

Three Months

 
   

Ended March 31,

 

(In thousands)

 

2026

   

2025

 
                 

Net cash provided by operating activities

  $ 33,049     $ 36,215  

Net cash used for investing activities

    (1,607 )     (8,413 )

Net cash used for financing activities

    (4,934 )     (5,164 )
                 

Weighted average shares outstanding:

               

Basic

    81,579       81,493  

Diluted

    81,579       81,508  

 

(1) 

Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 77 and 82 tractors as of March 31, 2026 and 2025, respectively. 

 

 

(2)

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

 

 

 

Exhibit 99.2

 

 

 

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FAQ

How did Marten Transport (MRTN) perform financially in Q1 2026?

Marten Transport reported weaker Q1 2026 results, with net income of $1.4 million versus $4.3 million a year earlier. Operating revenue declined 8.8% to $203.5 million, and the consolidated operating ratio rose to 99.2%, reflecting tighter margins.

What happened to Marten Transport’s revenue and margins year over year?

Operating revenue for Marten Transport fell 8.8% year over year to $203.5 million. Operating income declined to $1.6 million from $5.9 million, and the consolidated operating ratio worsened from 97.4% to 99.2%, signaling notable margin compression.

How did Marten Transport’s segment revenues change in Q1 2026?

In Q1 2026, Truckload revenue rose to $105.4 million, Dedicated revenue fell to $63.5 million, and Brokerage revenue grew to $34.7 million. Intermodal revenue was zero after the 2025 sale of that business, reducing total revenue year over year.

What non-GAAP measures did Marten Transport highlight in its Q1 2026 results?

Marten Transport highlighted operating revenue net of fuel surcharge revenue and operating expenses as a percentage of operating revenue, both net of fuel surcharges. Management believes these non-GAAP measures offer a more consistent comparison across periods, and reconciliations to GAAP figures are provided.

What challenges did Marten Transport cite for its Q1 2026 performance?

Management cited severe winter storms, a sharp spike in diesel prices, and a prolonged freight market recession with oversupply and weak demand. They also pointed to inflationary operating costs, freight rate reductions and freight network disruptions as pressures on earnings.

What is Marten Transport’s financial position as of March 31, 2026?

As of March 31, 2026, Marten Transport reported $69.8 million in cash and cash equivalents and total assets of $947.2 million. Management emphasized a debt‑free balance sheet, which they believe supports continued investment in technology and their modern fleet.

How did cash flows for Marten Transport change in Q1 2026?

In Q1 2026, Marten generated $33.0 million in net cash from operating activities, down slightly from $36.2 million a year earlier. Net cash used for investing activities decreased to $1.6 million, while net cash used for financing activities was $4.9 million.

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