MONDOVI, Wis., Oct. 22, 2026 (GLOBE NEWSWIRE) — Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 30.7% improvement in net income to $2.9 million, or 4 cents per diluted share, for the third quarter ended September 30, 2026, from $2.2 million, or 3 cents per diluted share, for the third quarter of 2025. For the nine-month period ended September 30, 2026, net income was $9.6 million, or 12 cents per diluted share, compared with $13.7 million, or 17 cents per diluted share, for the 2025 nine-month period.
Operating revenue was $223.2 million for the third quarter of 2026 compared with $220.5 million for the third quarter of 2025. Our intermodal operations, which were sold in 2025, had operating revenue of $9.9 million in the 2025 quarter. Excluding fuel surcharges, operating revenue was $184.2 million for the 2026 quarter compared with $194.0 million for the 2025 quarter. Fuel surcharge revenue increased to $39.0 million for the 2026 quarter from $26.5 million for the 2025 quarter.
Operating revenue was $650.3 million for the first nine months of 2026 compared with $673.5 million for the first nine months of 2025. Our intermodal operations had operating revenue of $33.7 million in the first nine months of 2025. Excluding fuel surcharges, operating revenue was $546.6 million for the 2026 period compared with $593.5 million for the 2025 period. Fuel surcharge revenue increased to $103.7 million for the 2026 period from $80.0 million for the 2025 period.
Operating income improved 11.9% to $3.1 million for the third quarter of 2026 from $2.7 million for the third quarter of 2025.
Operating income was $11.6 million for the first nine months of 2026 compared with $18.3 million for the first nine months of 2025.
Operating expenses as a percentage of operating revenue improved to 98.6% for the 2026 quarter from 98.8% for the 2025 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 98.3% for the 2026 quarter from 98.6% for the 2025 quarter.
Operating expenses as a percentage of operating revenue were 98.2% for the first nine months of 2026 and 97.3% for the first nine months of 2025. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 97.9% for the 2026 period and 96.9% for the 2025 period.
Chairman of the Board and Chief Executive Officer Randolph L. Marten stated, “The truckload freight market has sharply tightened since earlier this year as renewed and enhanced enforcement of federal and state law is removing a meaningful amount of noncompliant and unqualified driver capacity from the marketplace. We are securing higher pricing from our customers for our premium services while enhancing freight quality across our network within these early stages of the freight market upcycle. Our Truckload average rate per total mile, net of fuel surcharges, increased 14.1% over the third quarter of 2025.”
“Despite these positive trends, our earnings were negatively affected by unusually high net fuel and health insurance costs. Relative to our average quarterly levels during the first half of the year, net fuel increased by $3.5 million and health insurance, within salaries, wages and benefits, increased by $2.0 million in the third quarter. Over the same period, the increase in our rate of driver pay negatively impacted results by $1.0 million, while a larger gain on sale of revenue equipment provided a $1.5 million benefit. Collectively, these factors reduced our third quarter net income by $3.7 million, or 4.5 cents per share.”
“We are focused on mitigating the impact of the recent rise in diesel fuel prices to record levels through disciplined fuel expense and fuel surcharge management initiatives. The margin pressure results primarily from the timing lag inherent in truckload industry fuel surcharge programs relative to rapidly rising diesel fuel costs, as well as the higher fuel consumption associated with our temperature-controlled operations.”
“As we continue through our 80th year, our priorities remain unchanged: delivering safe, premium service, driving operating efficiencies through data and technology, and maintaining rigorous cost discipline. Our strong, debt-free balance sheet provides the financial flexibility to continue investing in our technology and modern fleet, while positioning the Company to capitalize on attractive opportunities for profitable organic growth.”
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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 renewed and enhanced enforcement of federal and state law that is removing a meaningful amount of noncompliant and unqualified driver capacity from the marketplace, 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.
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MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED BALANCE SHEETS |
|||||||
| September 30, | December 31, | ||||||
| (In thousands, except share information) | 2026 | 2025 | |||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 91,503 | $ | 43,278 | |||
| Escrow deposit | 5,000 | 5,000 | |||||
| Receivables: | |||||||
| Trade, net | 96,911 | 85,807 | |||||
| Other | 8,403 | 13,084 | |||||
| Prepaid expenses and other | 22,574 | 24,532 | |||||
| Total current assets | 224,391 | 171,701 | |||||
| Property and equipment: | |||||||
| Revenue equipment, buildings and land, office equipment and other | 1,086,781 | 1,128,932 | |||||
| Accumulated depreciation | (356,617 | ) | (352,426 | ) | |||
| Net property and equipment | 730,164 | 776,506 | |||||
| Other noncurrent assets | 1,411 | 1,560 | |||||
| Total assets | $ | 955,966 | $ | 949,767 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 35,784 | $ | 28,769 | |||
| Insurance and claims accruals | 42,620 | 43,700 | |||||
| Accrued and other current liabilities | 23,038 | 19,763 | |||||
| Total current liabilities | 101,442 | 92,232 | |||||
| Deferred income taxes | 90,278 | 89,716 | |||||
| Noncurrent operating lease liabilities | 82 | 194 | |||||
| Total liabilities | 191,802 | 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 September 30, 2026, and 81,542,174 shares at December 31, 2025, issued and outstanding | 817 | 815 | |||||
| Additional paid-in capital | 56,364 | 54,762 | |||||
| Retained earnings | 706,983 | 712,048 | |||||
| Total stockholders’ equity | 764,164 | 767,625 | |||||
| Total liabilities and stockholders’ equity | $ | 955,966 | $ | 949,767 | |||
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MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) |
|||||||||||||||
| Three Months | Nine Months | ||||||||||||||
| Ended September 30, | Ended September 30, | ||||||||||||||
| (In thousands, except per share information) | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Operating revenue | $ | 223,231 | $ | 220,470 | $ | 650,300 | $ | 673,544 | |||||||
| Operating expenses (income): | |||||||||||||||
| Salaries, wages and benefits | 72,970 | 78,972 | 217,627 | 236,342 | |||||||||||
| Purchased transportation | 37,917 | 42,284 | 110,204 | 123,063 | |||||||||||
| Fuel and fuel taxes | 49,302 | 33,526 | 128,976 | 99,234 | |||||||||||
| Supplies and maintenance | 15,639 | 15,585 | 46,085 | 46,704 | |||||||||||
| Depreciation | 24,458 | 25,447 | 74,226 | 80,224 | |||||||||||
| Operating taxes and licenses | 2,252 | 2,423 | 6,770 | 7,291 | |||||||||||
| Insurance and claims | 11,153 | 11,382 | 33,704 | 40,611 | |||||||||||
| Communications and utilities | 2,118 | 2,093 | 6,375 | 6,536 | |||||||||||
| Gain on disposition of revenue equipment | (3,027 | ) | (1,903 | ) | (6,120 | ) | (8,750 | ) | |||||||
| Other | 7,385 | 7,923 | 20,881 | 23,958 | |||||||||||
| Total operating expenses | 220,167 | 217,732 | 638,728 | 655,213 | |||||||||||
| Operating income | 3,064 | 2,738 | 11,572 | 18,331 | |||||||||||
| Other | (882 | ) | (213 | ) | (2,060 | ) | (998 | ) | |||||||
| Income before income taxes | 3,946 | 2,951 | 13,632 | 19,329 | |||||||||||
| Income taxes expense | 1,037 | 725 | 4,002 | 5,582 | |||||||||||
| Net income | $ | 2,909 | $ | 2,226 | $ | 9,630 | $ | 13,747 | |||||||
| Basic earnings per common share | $ | 0.04 | $ | 0.03 | $ | 0.12 | $ | 0.17 | |||||||
| Diluted earnings per common share | $ | 0.04 | $ | 0.03 | $ | 0.12 | $ | 0.17 | |||||||
| Dividends declared per common share | $ | 0.06 | $ | 0.06 | $ | 0.18 | $ | 0.18 | |||||||
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MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited) |
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| Dollar | Percentage | ||||||||||||||
| Change | Change | ||||||||||||||
| Three Months | Three Months | Three Months | |||||||||||||
| Ended | Ended | Ended | |||||||||||||
| September 30, | September 30, | September 30, | |||||||||||||
| (Dollars in thousands) | 2026 | 2025 | 2026 vs. 2025 | 2026 vs. 2025 | |||||||||||
| Operating revenue: | |||||||||||||||
| Truckload revenue, net of fuel surcharge revenue | $ | 94,053 | $ | 90,138 | $ | 3,915 | 4.3 | % | |||||||
| Truckload fuel surcharge revenue | 23,251 | 14,691 | 8,560 | 58.3 | |||||||||||
| Total Truckload revenue | 117,304 | 104,829 | 12,475 | 11.9 | |||||||||||
| Dedicated revenue, net of fuel surcharge revenue | 51,442 | 56,675 | (5,233 | ) | (9.2 | ) | |||||||||
| Dedicated fuel surcharge revenue | 15,748 | 10,335 | 5,413 | 52.4 | |||||||||||
| Total Dedicated revenue | 67,190 | 67,010 | 180 | 0.3 | |||||||||||
| Brokerage revenue | 38,737 | 38,780 | (43 | ) | (0.1 | ) | |||||||||
| Intermodal revenue, net of fuel surcharge revenue | – | 8,369 | (8,369 | ) | (100.0 | ) | |||||||||
| Intermodal fuel surcharge revenue | – | 1,482 | (1,482 | ) | (100.0 | ) | |||||||||
| Total Intermodal revenue | – | 9,851 | (9,851 | ) | (100.0 | ) | |||||||||
| Total operating revenue | $ | 223,231 | $ | 220,470 | $ | 2,761 | 1.3 | % | |||||||
| Operating income/(loss): | |||||||||||||||
| Truckload | $ | (192 | ) | $ | (2,002 | ) | $ | 1,810 | 90.4 | % | |||||
| Dedicated | 1,248 | 3,426 | (2,178 | ) | (63.6 | ) | |||||||||
| Brokerage | 2,008 | 1,607 | 401 | 25.0 | |||||||||||
| Intermodal | – | (293 | ) | 293 | 100.0 | ||||||||||
| Total operating income | $ | 3,064 | $ | 2,738 | $ | 326 | 11.9 | % | |||||||
| Operating ratio: | |||||||||||||||
| Truckload | 100.2 | % | 101.9 | % | |||||||||||
| Dedicated | 98.1 | 94.9 | |||||||||||||
| Brokerage | 94.8 | 95.9 | |||||||||||||
| Intermodal | – | 103.0 | |||||||||||||
| Consolidated operating ratio | 98.6 | % | 98.8 | % | |||||||||||
| Operating ratio, net of fuel surcharges: | |||||||||||||||
| Truckload | 100.2 | % | 102.2 | % | |||||||||||
| Dedicated | 97.6 | 94.0 | |||||||||||||
| Brokerage | 94.8 | 95.9 | |||||||||||||
| Intermodal | – | 103.5 | |||||||||||||
| Consolidated operating ratio, net of fuel surcharges | 98.3 | % | 98.6 | % | |||||||||||
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MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited) |
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| Dollar | Percentage | ||||||||||||||
| Change | Change | ||||||||||||||
| Nine Months | Nine Months | Nine Months | |||||||||||||
| Ended | Ended | Ended | |||||||||||||
| September 30, | September 30, | September 30, | |||||||||||||
| (Dollars in thousands) | 2026 | 2025 | 2026 vs. 2025 | 2026 vs. 2025 | |||||||||||
| Operating revenue: | |||||||||||||||
| Truckload revenue, net of fuel surcharge revenue | $ | 276,084 | $ | 272,728 | $ | 3,356 | 1.2 | % | |||||||
| Truckload fuel surcharge revenue | 62,930 | 42,978 | 19,952 | 46.4 | |||||||||||
| Total Truckload revenue | 339,014 | 315,706 | 23,308 | 7.4 | |||||||||||
| Dedicated revenue, net of fuel surcharge revenue | 157,194 | 180,418 | (23,224 | ) | (12.9 | ) | |||||||||
| Dedicated fuel surcharge revenue | 40,755 | 32,091 | 8,664 | 27.0 | |||||||||||
| Total Dedicated revenue | 197,949 | 212,509 | (14,560 | ) | (6.9 | ) | |||||||||
| Brokerage revenue | 113,337 | 111,658 | 1,679 | 1.5 | |||||||||||
| Intermodal revenue, net of fuel surcharge revenue | – | 28,730 | (28,730 | ) | (100.0 | ) | |||||||||
| Intermodal fuel surcharge revenue | – | 4,941 | (4,941 | ) | (100.0 | ) | |||||||||
| Total Intermodal revenue | – | 33,671 | (33,671 | ) | (100.0 | ) | |||||||||
| Total operating revenue | $ | 650,300 | $ | 673,544 | $ | (23,244 | ) | (3.5 | )% | ||||||
| Operating income/(loss): | |||||||||||||||
| Truckload | $ | 1,281 | $ | 42 | $ | 1,239 | 2,950.0 | % | |||||||
| Dedicated | 5,310 | 13,709 | (8,399 | ) | (61.3 | ) | |||||||||
| Brokerage | 4,981 | 6,463 | (1,482 | ) | (22.9 | ) | |||||||||
| Intermodal | – | (1,883 | ) | 1,883 | 100.0 | ||||||||||
| Total operating income | $ | 11,572 | $ | 18,331 | $ | (6,759 | ) | (36.9 | )% | ||||||
| Operating ratio: | |||||||||||||||
| Truckload | 99.6 | % | 100.0 | % | |||||||||||
| Dedicated | 97.3 | 93.5 | |||||||||||||
| Brokerage | 95.6 | 94.2 | |||||||||||||
| Intermodal | – | 105.6 | |||||||||||||
| Consolidated operating ratio | 98.2 | % | 97.3 | % | |||||||||||
| Operating ratio, net of fuel surcharges: | |||||||||||||||
| Truckload | 99.5 | % | 100.0 | % | |||||||||||
| Dedicated | 96.6 | 92.4 | |||||||||||||
| Brokerage | 95.6 | 94.2 | |||||||||||||
| Intermodal | – | 106.6 | |||||||||||||
| Consolidated operating ratio, net of fuel surcharges | 97.9 | % | 96.9 | % | |||||||||||
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MARTEN TRANSPORT, LTD. OPERATING STATISTICS (Unaudited) |
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| Three Months | Nine Months | ||||||||||||||
| Ended September 30, | Ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Truckload Segment: | |||||||||||||||
| Revenue (in thousands) | $ | 117,304 | $ | 104,829 | $ | 339,014 | $ | 315,706 | |||||||
| Average revenue, net of fuel surcharges, per tractor per week(1) | $ | 4,749 | $ | 4,129 | $ | 4,588 | $ | 4,178 | |||||||
| Average tractors(1) | 1,507 | 1,661 | 1,543 | 1,674 | |||||||||||
| Average miles per trip | 506 | 508 | 511 | 523 | |||||||||||
| Non-revenue miles percentage(2) | 10.7 | % | 11.0 | % | 10.7 | % | 11.1 | % | |||||||
| Total miles (in thousands) | 34,825 | 38,081 | 108,587 | 115,575 | |||||||||||
| Dedicated Segment: | |||||||||||||||
| Revenue (in thousands) | $ | 67,190 | $ | 67,010 | $ | 197,949 | $ | 212,509 | |||||||
| Average revenue, net of fuel surcharges, per tractor per week(1) | $ | 3,862 | $ | 3,776 | $ | 3,896 | $ | 3,811 | |||||||
| Average tractors(1) | 1,013 | 1,142 | 1,035 | 1,214 | |||||||||||
| Average miles per trip | 292 | 292 | 295 | 300 | |||||||||||
| Non-revenue miles percentage(2) | 1.1 | % | 1.1 | % | 1.1 | % | 1.3 | % | |||||||
| Total miles (in thousands) | 21,559 | 23,206 | 65,960 | 73,574 | |||||||||||
| Brokerage Segment: | |||||||||||||||
| Revenue (in thousands) | $ | 38,737 | $ | 38,780 | $ | 113,337 | $ | 111,658 | |||||||
| Loads | 22,141 | 25,940 | 70,613 | 70,450 | |||||||||||
| Intermodal Segment: | |||||||||||||||
| Revenue (in thousands) | $ | – | $ | 9,851 | $ | – | $ | 33,671 | |||||||
| Loads | – | 2,956 | – | 10,168 | |||||||||||
| Average tractors | – | 61 | – | 72 | |||||||||||
| At September 30, 2026 and September 30, 2025: | |||||||||||||||
| Total tractors(1) | 2,501 | 2,823 | |||||||||||||
| Average age of company tractors (in years) | 2.5 | 2.2 | |||||||||||||
| Total trailers | 5,065 | 5,165 | |||||||||||||
| Average age of company trailers (in years) | 5.3 | 4.9 | |||||||||||||
| Ratio of trailers to tractors(1) | 2.0 | 1.8 | |||||||||||||
| Three Months | Nine Months | ||||||||||||||
| Ended September 30, | Ended September 30, | ||||||||||||||
| (In thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||
| Net cash provided by operating activities | $ | 22,567 | $ | 18,538 | $ | 83,285 | $ | 87,906 | |||||||
| Net cash provided by/(used for) investing activities | (30,144 | ) | 5,786 | (21,020 | ) | (35,742 | ) | ||||||||
| Net cash used for financing activities | (4,900 | ) | (4,891 | ) | (14,040 | ) | (14,946 | ) | |||||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 81,662 | 81,520 | 81,623 | 81,508 | |||||||||||
| Diluted | 81,664 | 81,527 | 81,625 | 81,516 | |||||||||||
| (1) | Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 77 and 83 tractors as of September 30, 2026 and 2025, respectively. |
| (2) | Represents the percentage of miles for which the company is not compensated. |
