PAMT CORP (NASDAQ: PAMT) widens 2025 loss as revenue falls 16.3%

Rhea-AI Filing Summary

PAMT CORP reported continued losses for the quarter and year ended December 31, 2025. The company posted a Q4 2025 net loss of $29.3 million, or $1.40 per share, versus a $31.6 million loss a year earlier. For full-year 2025, net loss widened to $52.6 million, or $2.48 per share, compared with a $31.8 million loss in 2024.

Operating revenue fell 15.1% in Q4 to $141.3 million and declined 16.3% for the year to $598.1 million, reflecting a weaker freight environment. Results were significantly affected by a $26.5 million increase in an auto-liability reserve for a specific claim expected to exceed insurance limits.

On a non-GAAP basis excluding major reserve, impairment and depreciation items, adjusted net loss was $9.4 million for Q4 2025 and $32.8 million for the year. As of December 31, 2025, PAMT CORP had $143.5 million in cash, marketable equity securities and available credit, stockholders’ equity of $210.5 million, and total debt of $333.9 million, after financing about $91.9 million of $107.1 million of new revenue equipment and generating $17.3 million in operating cash flow during 2025.

Positive

• None.

Negative

• Revenue and earnings deterioration: 2025 operating revenue fell 16.3% to $598.1 million, while GAAP net loss widened to $52.6 million from $31.8 million, and adjusted operating loss increased markedly year over year.

Insights

Equity analyst – trucking and logistics

Revenue contracted double digits in 2025 and losses deepened despite sizable non-GAAP adjustments.

PAMT CORP shows clear top-line and profitability pressure. Operating revenue dropped from $714.6 million in 2024 to $598.1 million in 2025, a 16.3% decline, while GAAP net loss widened from $31.8 million to $52.6 million. Truckload operating ratios above 110% indicate structurally unprofitable operations during the year.

Results are heavily influenced by one-off-type items. In 2025, a specific auto-liability reserve increase of $26.5 million drove much of the Q4 loss. In 2024, elevated depreciation and a $6.4 million impairment distorted comparability. Management highlights adjusted operating loss of $37.6 million for 2025 versus $5.7 million in 2024, still a sharp deterioration.

Leverage and liquidity are important to track. Debt rose to $333.9 million as of December 31, 2025, versus $325.6 million a year earlier, while total assets declined to $697.9 million. Despite $17.3 million of operating cash flow and $143.5 million in combined cash, marketable securities and credit availability at year-end 2025, sustained operating losses and weaker logistics margins suggest continued pressure until freight demand and pricing improve or costs adjust.

false 0000798287 0000798287 2026-02-13 2026-02-13

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): February 13, 2026

PAMT CORP

(Exact name of registrant as specified in its charter)

Nevada		0-15057		71-0633135
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

297 West Henri De Tonti, Tontitown, Arkansas 72770

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (479) 361-9111

N/A

(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:

☐	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 13c-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(s)	Name of each exchange on which registered
Common Stock, $.01 par value	PAMT	NASDAQ Global 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. ☐

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.

The information herein (including the exhibit hereto) may contain "forward-looking statements" that are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995 and otherwise may be protected. 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 may differ from those anticipated by forward-looking statements.

Please refer to the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission for information concerning risks, uncertainties and other factors that may affect future results.

Item 2.02 Results of Operations and Financial Condition.

On February 13, 2026, PAMT CORP issued a news release announcing its financial results for the fourth quarter and year ended December 31, 2025. A copy of the news release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 News release issued by the Registrant on February 13, 2026.

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 hereunto duly authorized.

		PAMT CORP
		(Registrant)
Date: February 19, 2026	By:	/s/ Daniel C. Kleine
		Daniel C. Kleine
		Senior Vice President of Finance and Treasurer

Exhibit 99.1

PAMT CORP

ANNOUNCES RESULTS FOR THE FOURTH QUARTER AND YEAR

ENDED DECEMBER 31, 2025

Fourth Quarter 2025 Summary Results

● Total revenues of $141.3 million

● Operating loss of $38.1 million; non-GAAP adjusted operating loss of $11.6 million

● Operating ratio of 127.0%; non-GAAP adjusted operating ratio of 109.4%⁽¹⁾

● Diluted loss per share of $1.40; non-GAAP adjusted diluted loss share of $0.45

Twelve months ended December 31, 2025 Summary Results

● Total revenues of $598.1 million

● Operating loss of $64.1 million; non-GAAP adjusted operating loss of $37.6 million

● Operating ratio of 110.7%; non-GAAP adjusted operating ratio of 107.1%⁽¹⁾

● Diluted loss per share of $2.48; non-GAAP adjusted diluted loss per share of $1.55

Tontitown, Arkansas, February 13, 2026...... PAMT CORP (NASDAQ: PAMT) (“we” or the “Company”) today reported a consolidated net loss of $29.3 million, or diluted and basic loss per share of $1.40, for the quarter ended December 31, 2025 and a consolidated net loss of $52.6 million, or diluted and basic loss per share of $2.48, for the year ended December 31, 2025. These results compare to a consolidated net loss of $31.6 million, or diluted and basic loss per share of $1.45, for the quarter ended December 31, 2024, and a consolidated net loss of $31.8 million, or diluted and basic loss per share of $1.45, for the year ended December 31, 2024.

The Company increased its auto-liability reserve by approximately $26.5 million during the quarter ended December 31, 2025 reflecting the recognition of a liability associated with a specific claim expected to settle in excess of insurance policy limits. Excluding the negative impact of this reserve increase, adjusted (non-GAAP) net loss for the quarter ended December 31, 2025 was $9.4 million, or adjusted (non-GAAP) diluted loss per share of $0.45 and adjusted (Non-GAAP) net loss for the year ended December 31, 2025 was $32.8 million, or adjusted (non-GAAP) diluted loss per share of $1.55.

In the prior year and quarter ended December 31, 2024, the Company made a change in accounting estimates related to salvage values and useful lives for revenue equipment that increased depreciation by approximately $24.7 million during those periods. In addition, an impairment charge of $6.4 million was recorded during the prior year and quarter ended December 31, 2024 to align the carrying value of revenue equipment to market values of used equipment, which declined throughout 2024. Excluding the negative impact of these one-time charges, adjusted (non-GAAP) net loss for the quarter ended December 31, 2024 was $7.8 million, or adjusted (non-GAAP) diluted loss per share of $0.36 and adjusted (non-GAAP) net loss for the year ended December 31, 2024 was $8.0 million, or adjusted (non-GAAP) diluted loss per share of $0.37.

Consolidated operating revenues decreased 15.1% to $141.3 million for the fourth quarter of 2025 compared to $166.5 million for the fourth quarter of 2024. For the year ended December 31, 2025, consolidated operating revenues decreased 16.3% to $598.1 million compared to $714.6 million for the year ended December 31, 2024.

(1) Calculation of this non-GAAP financial measure and a reconciliation to the most directly comparable GAAP measure are included in the schedules accompanying this release.

Liquidity, Capitalization, and Cash Flow

As of December 31, 2025, we had an aggregate of $143.5 million of cash, marketable equity securities, and available liquidity under our line of credit and $210.5 million of stockholders’ equity. Outstanding debt was $333.9 million as of December 31, 2025, which represents an $8.3 million increase from December 31, 2024. This increase in debt was primarily driven by the addition of approximately $107.1 million in revenue equipment during the year, of which we financed $91.9 million, partially offset by regularly scheduled repayments on long-term debt totaling $83.6 million. During 2025, we generated $17.3 million in operating cash flow.

Non-GAAP Financial Measures

In addition to our results under United States generally accepted accounting principles (“GAAP”), this press release also includes non-GAAP financial measures termed adjusted operating (loss) income, adjusted operating ratio, adjusted net (loss) income and adjusted diluted (loss) earnings per share. The Company defines adjusted operating (loss) income, adjusted operating ratio, adjusted net (loss) income and adjusted diluted (loss) earnings per share as GAAP operating (loss) income, GAAP operating ratio, GAAP net (loss) income and GAAP diluted (loss) earnings per share, respectively, excluding certain significant items that management believes are not indicative of the Company’s ongoing operating performance, including impairment charges, changes in depreciation resulting from revisions to estimates of useful lives and salvage values of revenue equipment, significant auto liability claim developments, and the related tax effects of these items. Management believes that reporting adjusted operating (loss) income, adjusted operating ratio, adjusted net (loss) income and adjusted diluted (loss) earnings per share more clearly reflects the Company’s current operating results and provides investors with a better understanding of the Company’s overall financial performance. Management also believes that adjusted operating ratio is more representative of our operations when excluding the volatility of fuel prices, which we cannot control. In addition, the adjusted results, although not a financial measure under GAAP, may facilitate the ability to analyze the Company’s financial results in relation to those of its competitors and to the Company’s prior financial performance by excluding items which otherwise would distort the comparison. However, because not all companies use identical calculations, the Company's presentation of these measures may not be comparable to similarly titled measures of other companies. Adjusted operating (loss) income, adjusted operating ratio, adjusted net (loss) income and adjusted diluted (loss) earnings per share are not recognized terms under GAAP, do not purport to be alternatives to, and should be considered in addition to, and not as a substitute for or superior to, operating (loss) income, operating ratio, net (loss) income and diluted (loss) earnings per share, respectively, as defined under GAAP.

Pursuant to the requirements of Regulation G, we have provided tabular reconciliations of GAAP operating (loss) income and operating ratio to adjusted operating (loss) income and adjusted operating ratio, GAAP net (loss) income to adjusted net (loss) income and GAAP diluted (loss) earnings per share to adjusted diluted (loss) earnings per share at the end of this press release.

About PAMT CORP

PAMT CORP is a holding company that owns subsidiaries engaged in providing truckload dry van carrier services transporting general commodities throughout the continental United States, as well as in the Canadian provinces of Ontario and Quebec. The Company’s consolidated operating subsidiaries also provide transportation services in Mexico through its gateways in Laredo and El Paso, Texas, under agreements with Mexican carriers.

Forward-Looking Statements

Certain information included in this document contains or may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may relate to expected future financial and operating results, prospects, plans or events, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, excess capacity in the trucking industry; surplus inventories; general inflation, recessionary economic cycles and downturns in customers' business cycles; a significant reduction in or termination of the Company's trucking service by a key customer, including as a result of recent or future labor or international trade disruptions; increases or rapid fluctuations in fuel prices, interest rates, fuel taxes, tolls, and license and registration fees; the resale value of the Company's used equipment; the price and availability of new equipment consistent with anticipated acquisitions and replacement plans; increases in compensation for and difficulty in attracting and retaining qualified drivers and owner-operators; increases in insurance premiums and deductible amounts relating to accident, cargo, workers' compensation, health, and other claims; increases in the number or amount of claims for which the Company is self-insured; inability of the Company to continue to secure acceptable financing arrangements; seasonal factors such as harsh weather conditions that increase operating costs; competition from trucking, rail, and intermodal competitors, including reductions in rates resulting from competitive bidding; the ability to identify acceptable acquisition candidates, consummate acquisitions, and integrate acquired operations; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; the impact of pending or future litigation; general risks associated with doing business in Mexico, including, without limitation, exchange rate fluctuations, inflation, import duties, tariffs, quotas, political and economic instability and terrorism; the potential impact of new laws, regulations or policy, including, without limitation, rules regarding the classification of independent contractors as employees, tariffs, import/export, trade and immigration regulations or policies; potential economic, business or operational disruptions or uncertainties that may result from any future public health crises; and other factors, including risk factors, included from time to time in filings made by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise forward-looking statements, whether due to new information, future events or otherwise. Considering these risks and uncertainties, the forward-looking events and circumstances discussed above and in company filings might not transpire.

PAMT CORP and Subsidiaries

Key Financial and Operating Statistics

(unaudited)

		Quarter Ended December 31,								Twelve Months Ended December 31,
		2025				2024				2025				2024
		(in thousands, except earnings per share)								(in thousands, except earnings per share)
Revenue, before fuel surcharge		$	123,090			$	147,035			$	526,545			$	629,015
Fuel surcharge			18,227				19,495				71,511				85,631
Operating Revenue			141,317				166,530				598,056				714,646
Operating expenses and costs:
Salaries, wages and benefits			38,964				41,933				160,306				174,491
Operating supplies and expenses			29,639				31,973				119,168				136,975
Rent and purchased transportation			58,227				68,182				247,578				289,393
Depreciation			19,179				43,883				83,298				99,264
Impairment Loss			-				6,406				-				6,406
Insurance and claims			31,785				4,642				46,780				19,778
Other			5,656				6,328				20,462				24,338
(Gain) loss on disposition of equipment			(4,043	)			875				(15,474	)			766
Total operating expenses and costs			179,407				204,222				662,118				751,411
Operating loss			(38,090	)			(37,692	)			(64,062	)			(36,765	)
Interest expense			(4,904	)			(4,136	)			(17,458	)			(13,240	)
Non-operating income			3,954				567				11,232				8,459
Loss before income taxes			(39,040	)			(41,261	)			(70,288	)			(41,546	)
Income tax benefit			9,789				9,683				17,681				9,751
Net loss		$	(29,251	)		$	(31,578	)		$	(52,607	)		$	(31,795	)
Diluted loss per share		$	(1.40	)		$	(1.45	)		$	(2.48	)		$	(1.45	)
Average shares outstanding – Diluted			20,926				21,783				21,209				21,878

		Quarter Ended December 31,								Twelve Months Ended December 31,
		2025				2024				2025				2024
Truckload Operations
Total miles (in thousands) (1)			40,675				42,243				163,767				178,640
Operating ratio (2)			146.2	%			137.5	%			118.4	%			111.2	%
Empty miles factor (1)			8.3	%			9.7	%			8.6	%			9.2	%
Revenue per total mile, before fuel surcharge(1)		$	1.94			$	2.10			$	2.02			$	2.10
Total loads			88,543				93,778				377,248				400,018
Revenue per truck per workday		$	635			$	720			$	673			$	723
Revenue per truck per week		$	3,175			$	3,600			$	3,365			$	3,615
Average company-driver trucks			1,559				1,754				1,593				1,822
Average owner operator trucks			490				510				502				467
Logistics Operations
Total revenue (in thousands)		$	39,967			$	44,403			$	166,979			$	207,020
Operating ratio			99.2	%			98.3	%			98.7	%			94.9	%

PAMT CORP and Subsidiaries

Condensed Consolidated Balance Sheets

(unaudited)

		December 31,				December 31,
		2025				2024
		(in thousands)
ASSETS
Current assets
Cash and cash equivalents		$	35,234			$	68,060
Trade accounts receivable, net			66,882				79,967
Other receivables			6,757				4,854
Inventories			2,332				2,433
Prepaid expenses and deposits			9,807				11,555
Marketable equity securities			48,488				42,620
Income taxes refundable			1,732				2,281
Total current assets			171,232				211,770
Property and equipment			792,391				836,490
Less: accumulated depreciation			275,554				309,272
Total property and equipment, net			516,837				527,218
Other non-current assets			9,843				2,666
Total assets		$	697,912			$	741,654
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	32,752			$	31,198
Accrued expenses and other liabilities			41,078				14,569
Current portion of long-term debt			65,929				73,017
Total current liabilities			139,759				118,784
Long-term debt, net of current portion			267,940				252,565
Deferred income taxes			73,689				92,547
Other long-term liabilities			6,040				250
Total liabilities			487,428				464,146
STOCKHOLDERS’ EQUITY
Common stock			224				224
Additional paid-in capital			41,682				41,171
Treasury stock, at cost			(28,924	)			(13,996	)
Retained earnings			197,502				250,109
Total stockholders’ equity			210,484				277,508
Total liabilities and stockholders’ equity		$	697,912			$	741,654

PAMT CORP and Subsidiaries

Reconciliation of GAAP Measures to Non-GAAP Measures (unaudited)

Adjusted Operating Loss and Adjusted Operating Ratio

		Quarter Ended December 31,								Twelve Months Ended December 31,
		2025				2024				2025				2024
		(Dollars in thousands)								(Dollars in thousands)
GAAP Presentation
Total operating revenue		$	141,317			$	166,530			$	598,056			$	714,646
Total operating expenses			(179,407	)			(204,222	)			(662,118	)			(751,411	)
Operating loss		$	(38,090	)		$	(37,692	)		$	(64,062	)		$	(36,765	)
Operating ratio			127.0	%			122.6	%			110.7	%			105.1	%
Non-GAAP Presentation
Total operating revenue		$	141,317			$	166,530			$	598,056			$	714,646
Fuel surcharge			(18,227	)			(19,495	)			(71,511	)			(85,631	)
Revenue, excluding fuel surcharge			123,090				147,035				526,545				629,015
Total operating expenses			179,407				204,222				662,118				751,411
Less: fuel surcharge			(18,227	)			(19,495	)			(71,511	)			(85,631	)
Less: specific auto liability reserve increase			(26,500	)			-				(26,500	)			-
Less: impairment loss			-				(6,406	)			-				(6,406	)
Less: change in accounting estimates - depreciation charge			-				(24,691	)			-				(24,691	)
Adjusted operating expenses			134,680				153,630				564,107				634,683
Adjusted operating loss		$	(11,590	)		$	(6,595	)		$	(37,562	)		$	(5,668	)
Adjusted operating ratio			109.4	%			104.5	%			107.1	%			100.9	%

PAMT CORP and Subsidiaries

Reconciliation of GAAP Measures to Non-GAAP Measures (unaudited)

Reconciliation of Net Loss to Adjusted Net (Loss) Income

		Quarter Ended December 31,								Twelve Months Ended December 31,
		2025				2024				2025				2024
		(in thousands)								(in thousands)
Net loss (GAAP)		$	(29,251	)		$	(31,578	)		$	(52,607	)		$	(31,795	)
Adjustments:
Specific auto liability reserve increase			26,500				-				26,500				-
Impairment charge			-				6,406				-				6,406
Change in accounting estimates - depreciation charge			-				24,691				-				24,691
Tax benefit of adjustments (3)			(6,645	)			(7,298	)			(6,666	)			(7,298	)
Adjusted net loss (non-GAAP)		$	(9,396	)		$	(7,779	)		$	(32,773	)		$	(7,996	)

PAMT CORP and Subsidiaries

Reconciliation of GAAP Measures to Non-GAAP Measures (unaudited)

Reconciliation of Diluted (Loss) Earnings Per Share to Adjusted Diluted (Loss) Earnings Per Share

		Quarter Ended December 31,								Twelve Months Ended December 31,
		2025				2024				2025				2024
Diluted loss per share (GAAP)		$	(1.40	)		$	(1.45	)		$	(2.48	)		$	(1.45	)
Adjustments:
Specific auto liability reserve increase			1.27				-				1.25				-
Impairment charge			-				0.29				-				0.29
Change in accounting estimates - depreciation charge			-				1.13				-				1.13
Tax benefit of adjustments (3)			(0.32	)			(0.33	)			(0.32	)			(0.34	)
Adjusted diluted loss per share (non-GAAP)		$	(0.45	)		$	(0.36	)		$	(1.55	)		$	(0.37	)

1) Excludes miles driven by third party power only carriers.

2) The Truckload Operations operating ratio has been calculated based upon total operating expenses, net of fuel surcharge, as a percentage of revenue, before fuel surcharge. We use revenue, before fuel surcharge, and operating expenses, net of fuel surcharge, because we believe that eliminating this sometimes volatile source of revenue affords a more consistent basis for comparing our results of operations from period to period.

3) The tax benefit is calculated using the effective tax rates for each respective period prior to any adjustments for non-GAAP amounts.

FROM: PAMT CORP

P.O. BOX 188

Tontitown, AR 72770

Daniel C. Kleine

(479) 361-9111

FAQ

How did PAMT CORP perform financially in Q4 2025?

PAMT CORP reported a Q4 2025 net loss of $29.3 million, or $1.40 per diluted share. Operating revenue declined to $141.3 million, down 15.1% from Q4 2024, reflecting softer freight conditions and higher insurance-related costs.

What were PAMT CORP’s full-year 2025 results?

For 2025, PAMT CORP posted a net loss of $52.6 million, or $2.48 per diluted share. Total operating revenue decreased 16.3% to $598.1 million compared with 2024, as weaker volumes and pricing pressured margins across truckload and logistics operations.

How did non-GAAP adjusted results for PAMT CORP compare in 2025?

Excluding specific reserve, impairment and depreciation items, PAMT CORP’s adjusted net loss was $9.4 million in Q4 2025 and $32.8 million for the year. This compares with adjusted net losses of $7.8 million for Q4 2024 and $8.0 million for full-year 2024.

What drove PAMT CORP’s increased loss in 2025?

A key factor was a $26.5 million auto-liability reserve increase in Q4 2025 for a specific claim expected to exceed insurance limits. Combined with lower revenue, this materially worsened both GAAP and adjusted profitability versus 2024 levels.

What is PAMT CORP’s debt and liquidity position at year-end 2025?

As of December 31, 2025, PAMT CORP had $333.9 million of outstanding debt and $210.5 million of stockholders’ equity. Liquidity totaled $143.5 million, including cash, marketable equity securities and available credit, supported by $17.3 million in operating cash flow during 2025.

How did PAMT CORP’s trucking operations metrics change in 2025?

Truckload total miles fell to 163.8 million from 178.6 million, and revenue per total mile before fuel declined to $2.02 from $2.10. The truckload operating ratio rose to 118.4% for 2025, indicating unprofitable operations before non-operating items.

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