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
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
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%
OPERATING STATISTICS
(Unaudited) Three Months Ended March 31, 2026 2025Truckload 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