MRTN Marten Transport Ltd.

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Marten Transport Reported In-line with Expectations

Thursday, October 22, 2026 · 4:05 PM ET

Marten Transport (MRTN) reported earnings of $0.04 per share on revenue of $223.23 million for the third quarter ended September 2026. The consensus earnings estimate was $0.06 per share on revenue of $231.00 million. The Earnings Whisper number was $0.04 per share. The company reported in-line with expectations while revenue grew 1.25% on a year-over-year basis.

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
$0.04
Earnings Whisper®
$0.04
Consensus Estimate
$0.06
Earnings Surprise
Earnings Growth33.3 %
Reported Revenue
$223.23M
Revenue Estimate
$231.00M
Revenue Surprise
Revenue Growth1.3 %

Marten Transport Announces Third Quarter Results

Thursday, October 22, 2026 · 4:05 PM ET GlobeNewswire

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.”

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 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.

      
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 
        


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 
                


MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)		 
              
         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%        
                


MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)		 
              
         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%        
                


MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited)		 
      
 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.
  

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Source: Marten Transport, Ltd.