MRTN Marten Transport Ltd.

NSD
$15.21

Marten Transport Announces First Quarter Results

Thursday, April 23, 2026 · 4:05 PM ET GlobeNewswire

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.
 

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Source: Marten Transport, Ltd.
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