MRTN Marten Transport Ltd.

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Marten Transport Reported In-line with Estimates

Thursday, July 23, 2026 · 4:05 PM ET

Marten Transport (MRTN) reported earnings of $0.07 per share on revenue of $223.54 million for the second quarter ended June 2026. The consensus earnings estimate was $0.07 per share on revenue of $234.00 million. The company reported in-line with consensus estimates while revenue fell 2.77% compared to the same quarter a year ago.

Marten Transport Ltd is a long-haul and regional truckload carrier providing protective service transportation and distribution of time- and temperature-sensitive materials and general commodities to customers in the United States, Canada and Mexico.

Earnings Whisper Grade —
Power Rating—
Reported Earnings
$0.07
Earnings Whisper®
—
Consensus Estimate
$0.07
Earnings Surprise
Earnings Growth-22.2 %
Reported Revenue
$223.54M
Revenue Estimate
$234.00M
Revenue Surprise
Revenue Growth-2.8 %

Marten Transport Announces Second Quarter Results

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

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.



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Source: Marten Transport, Ltd.