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    ArcBest Announces Second Quarter 2025 Results

    7/30/25 6:00:00 AM ET
    $ARCB
    Trucking Freight/Courier Services
    Industrials
    Get the next $ARCB alert in real time by email
    • Asset-Based shipment and tonnage growth despite soft freight environment
    • Over $47 million returned to shareholders through share repurchases and dividends in first half of 2025

    ArcBest® (NASDAQ:ARCB), a leader in supply chain logistics, today announced financial results for the second quarter ended June 30, 2025.

    Second quarter 2025 revenue totaled $1.0 billion, compared to $1.1 billion in the prior-year period. Net income from continuing operations was $25.8 million, or $1.12 per diluted share, versus $46.9 million, or $1.96 per diluted share, in the second quarter of 2024. On a non-GAAP basis, net income was $31.2 million, or $1.36 per diluted share, compared to $47.4 million, or $1.98 per diluted share, in the prior year.

    "Despite ongoing macroeconomic challenges, I commend our team for their continued commitment to meeting customer needs and achieving solid results," said Judy R. McReynolds, ArcBest Chairman and CEO. "In today's rapidly evolving environment, our customers are seeking flexible, forward-thinking solutions. Thanks to the deep expertise across our organization and our integrated offerings, we're well-positioned to meet those needs with a high level of service."

    Seth Runser, ArcBest CEO-elect and President added, "We're executing with discipline and agility across our network, leveraging our integrated capabilities to deliver value in every market. As we continue optimizing operations and deepening customer relationships, we're building momentum for long-term growth."

    Results of Operations Comparisons

    Asset-Based

    Second Quarter 2025 Versus Second Quarter 2024

    • Revenue of $713.3 million compared to $712.7 million, a per-day increase of 0.9 percent
    • Total tonnage per day increase of 4.3 percent
    • Total shipments per day increase of 5.6 percent
    • Total billed revenue per hundredweight decrease of 3.1 percent
    • Operating income of $51.0 million and an operating ratio of 92.8 percent, compared to $72.8 million and an operating ratio of 89.8 percent

    Tonnage growth was driven by a 5.6 percent increase in daily shipments, primarily from newly onboarded core LTL customers. This was partially offset by a 1.2 percent decline in total weight per shipment. While new shipments were generally heavier, ongoing weakness in the manufacturing sector continues to pressure weight per shipment metrics and profitability.

    To support shipment growth, we proactively expanded our labor force and strategically utilized purchased transportation and local cartage to enhance network capacity during peak vacation season. Although higher labor and purchased transportation costs impacted expenses, productivity improvements helped onboard new business efficiently while maintaining premium service standards. As a result, cost per shipment improved year-over-year and sequentially.

    Customer contract renewals and deferred pricing agreements averaged a 4 percent increase during the quarter. Revenue per hundredweight decreased by 3.1 percent in the second quarter, compared to the second quarter of 2024. Price improvements were offset by lower fuel surcharge revenue and a shift in freight profile. Excluding fuel surcharges, revenue per hundredweight declined in the low-single digits year-over-year. A 5.9 percent general rate increase, announced July 14, will take effect August 4. Overall, LTL industry pricing remains rational.

    Compared sequentially to the first quarter of 2025, second quarter 2025 revenue per day increased 9.5 percent. Shipments per day increased 8.0 percent and weight per shipment increased 3.2 percent, resulting in an 11.5 percent increase in tonnage per day. Revenue per shipment increased 1.4 percent, while billed revenue per hundredweight declined 1.7 percent, reflecting the impact of a higher proportion of heavier-weight shipments added during the second quarter and lower fuel surcharges. Excluding fuel surcharges, revenue per hundredweight decreased less than one percent. The sequential operating ratio improved by 310 basis points, consistent with the historical seasonal range of 300–400 basis points.

    Asset-Light

    Second Quarter 2025 Versus Second Quarter 2024

    • Revenue of $341.9 million compared to $395.8 million, a per-day decrease of 12.9 percent
    • Operating income of $0.6 million compared to operating loss of $9.5 million
    • On a non-GAAP basis, operating income of $1.1 million compared to operating loss of $2.5 million
    • Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), as defined in the attached non-GAAP reconciliation tables, of $2.5 million compared to negative $0.6 million

    Revenue declines were primarily due to lower revenue per shipment in a soft rate environment and a higher mix of managed transportation business, which typically involves smaller, lower-revenue shipments. A 6.5 percent decline in shipments per day reflected a strategic reduction in less profitable truckload volumes, partially offset by continued growth in managed solutions.

    Despite revenue declines, the Asset-Light segment delivered its first quarter of non-GAAP operating income since the second quarter of 2023, supported by improved margins, disciplined cost control, and productivity gains.

    Compared sequentially to first quarter of 2025, second quarter 2025 daily revenue was down 4.7 percent, as shipments per day decreased 4.3 percent, and revenue per shipment was down 0.5 percent. However, margin expansion and disciplined cost management contributed to an improvement in operating results.

    Conference Call

    ArcBest will host a conference call with company executives to discuss the quarterly results. The call will be today, Wednesday, July 30, 2025, at 9:00 a.m. EDT (8:00 a.m. CDT). Interested parties are invited to listen by calling (800) 715‑9871 or by joining the webcast which can be found on ArcBest's website at arcb.com. Slides to accompany this call are included in Exhibit 99.3 of the Form 8-K filed on July 30, 2025, will be posted and available to download on the company's website prior to the scheduled conference time, and will be included in the webcast. Following the call, a recorded playback will be available through the end of the day on August 13, 2025. To listen to the playback, dial (800) 770-2030. The conference call ID for the live conference call and the playback is 6423434. The conference call and playback can also be accessed through August 13, 2025, on ArcBest's website at arcb.com.

    About ArcBest

    ArcBest® (NASDAQ:ARCB) is a multibillion-dollar integrated logistics company that helps keep the global supply chain moving. Founded in 1923 and now with 14,000 employees across 250 campuses and service centers, the company is a logistics powerhouse, using its technology, expertise and scale to connect shippers with the solutions they need — from ground, air and ocean transportation to fully managed supply chains. ArcBest has a long history of innovation that is enriched by deep customer relationships. With a commitment to helping customers navigate supply chain challenges now and in the future, the company is developing ground-breaking technology like Vaux™, one of the TIME Best Inventions of 2023. For more information, visit arcb.com.

    The following is a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995: Certain statements and information in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding (i) our expectations about our intrinsic value or our prospects for growth and value creation and (ii) our financial outlook, position, strategies, goals, and expectations. Terms such as "anticipate," "believe," "could," "designed," "estimate," "expect," "forecast," "foresee," "intend," "likely," "may," "plan," "predict," "project," "scheduled," "seek," "should," "would," and similar expressions and the negatives of such terms are intended to identify forward-looking statements. These statements are based on management's beliefs, assumptions, and expectations based on currently available information, are not guarantees of future performance, and involve certain risks and uncertainties (some of which are beyond our control). Although we believe that the expectations reflected in these forward-looking statements are reasonable as and when made, we cannot provide assurance that our expectations will prove to be correct and caution the reader not to place undue reliance on our forward-looking statements. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in these statements due to a number of factors, including, but not limited to: data privacy breaches, cybersecurity incidents, and/or failures of our information systems, including disruptions or failures of services essential to our operations or upon which our information technology platforms rely; interruption or failure of third-party software or information technology systems, including but not limited to licensed software; untimely or ineffective development and implementation of, or failure to realize the potential benefits associated with, new or enhanced technology or processes; the loss or reduction of business from large customers or an overall reduction in our customer base; the timing and performance of growth initiatives and the ability to manage our cost structure; the cost, integration, and performance of acquisitions and the inability to realize the anticipated benefits of the acquisition within the expected time period or at all; unsolicited takeover proposals, proxy contests, and other proposals or actions by activist investors; maintaining our corporate reputation and intellectual property rights; establishing and maintaining adequate internal controls over financial reporting; nationwide or global disruption in the supply chain resulting in increased volatility in freight volumes; competitive initiatives and pricing pressures; increased prices for and decreased availability of equipment, including new revenue equipment, and higher costs of equipment-related operating expenses such as maintenance, fuel, and related taxes; availability of fuel, the effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates, and the inability to collect fuel surcharges; relationships with employees, including unions, and our ability to attract, retain, and upskill employees; unfavorable terms of, or the inability to reach agreement on, future collective bargaining agreements or a workforce stoppage by our employees covered under ABF Freight's collective bargaining agreement; union employee wages and benefits, including changes in required contributions to multiemployer plans; availability and cost of reliable third-party services; our ability to secure independent owner-operators and/or operational or regulatory issues related to our use of their services; litigation or claims asserted against us; the effects, costs and potential liabilities related to changes in and compliance with, or violation of, existing or future governmental laws and regulations, including, but not limited to, environmental laws and regulations, such as emissions-control regulations and fuel efficiency regulations; default on covenants of financing arrangements and the availability and terms of future financing arrangements; our ability to generate sufficient cash from operations to support significant ongoing capital expenditure requirements and other business initiatives; self-insurance claims, insurance premium costs, and loss of our ability to self-insure; potential impairment of long-lived assets and goodwill and intangible assets; the effects of a widespread outbreak of an illness or disease or any other public health crisis, as well as regulatory measures implemented in response to such events; external events which may adversely affect us or the third parties who provide services for us, for which our business continuity plans may not adequately prepare us, including, but not limited to, the occurrence of natural disasters, health epidemics, geopolitical conflicts, acts of war, cybersecurity incidents, or trade restrictions; general economic conditions and related shifts in market demand that impact the performance and needs of industries we serve and/or limit our customers' access to adequate financial resources; seasonal fluctuations, adverse weather conditions, natural disasters, and climate change; and other financial, operational, and legal risks and uncertainties detailed from time to time in ArcBest Corporation's public filings with the Securities and Exchange Commission ("SEC").

    For additional information regarding known material factors that could cause our actual results to differ from those expressed in these forward-looking statements, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.

    Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events, or otherwise.

    Financial Data and Operating Statistics

    The following tables show financial data and operating statistics on ArcBest® and its reportable segments.

    ARCBEST CORPORATION

    CONSOLIDATED STATEMENTS OF OPERATIONS

     

     

    Three Months Ended

     

    Six Months Ended

     

     

     

    June 30

     

    June 30

     

     

     

    2025

     

    2024

     

    2025

     

    2024

     

     

     

    (Unaudited)

     

     

     

    ($ thousands, except share and per share data)

     

    REVENUES

     

    $

    1,022,256

     

     

    $

    1,077,831

     

     

    $

    1,989,333

     

     

    $

    2,114,250

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    OPERATING EXPENSES

     

     

    984,947

     

     

     

    1,028,986

     

     

     

    1,945,394

     

     

     

    2,042,970

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    OPERATING INCOME

     

     

    37,309

     

     

     

    48,845

     

     

     

    43,939

     

     

     

    71,280

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    OTHER INCOME (COSTS)

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest and dividend income

     

     

    1,037

     

     

     

    3,241

     

     

     

    2,187

     

     

     

    6,556

     

     

    Interest and other related financing costs

     

     

    (2,956

    )

     

     

    (2,078

    )

     

     

    (5,711

    )

     

     

    (4,306

    )

     

    Other, net

     

     

    578

     

     

     

    (781

    )

     

     

    (273

    )

     

     

    (28,980

    )

     

     

     

     

    (1,341

    )

     

     

    382

     

     

     

    (3,797

    )

     

     

    (26,730

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

     

     

    35,968

     

     

     

    49,227

     

     

     

    40,142

     

     

     

    44,550

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    INCOME TAX PROVISION

     

     

    10,159

     

     

     

    2,303

     

     

     

    11,202

     

     

     

    538

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    NET INCOME FROM CONTINUING OPERATIONS

     

     

    25,809

     

     

     

    46,924

     

     

     

    28,940

     

     

     

    44,012

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    INCOME FROM DISCONTINUED OPERATIONS, net of tax(1)

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    600

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    NET INCOME

     

    $

    25,809

     

     

    $

    46,924

     

     

    $

    28,940

     

     

    $

    44,612

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    BASIC EARNINGS PER COMMON SHARE(2)

     

     

     

     

     

     

     

     

     

     

     

     

     

    Continuing operations

     

    $

    1.12

     

     

    $

    1.99

     

     

    $

    1.25

     

     

    $

    1.87

     

     

    Discontinued operations(1)

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    0.03

     

     

     

     

    $

    1.12

     

     

    $

    1.99

     

     

    $

    1.25

     

     

    $

    1.89

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    DILUTED EARNINGS PER COMMON SHARE(2)

     

     

     

     

     

     

     

     

     

     

     

     

     

    Continuing operations

     

    $

    1.12

     

     

    $

    1.96

     

     

    $

    1.25

     

     

    $

    1.83

     

     

    Discontinued operations(1)

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    0.02

     

     

     

     

    $

    1.12

     

     

    $

    1.96

     

     

    $

    1.25

     

     

    $

    1.86

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    AVERAGE COMMON SHARES OUTSTANDING

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

     

    22,944,228

     

     

     

    23,618,318

     

     

     

    23,070,812

     

     

     

    23,589,814

     

     

    Diluted

     

     

    23,008,707

     

     

     

    23,919,613

     

     

     

    23,146,609

     

     

     

    24,025,499

     

     

    ________________________

    1)

    Represents adjustments related to the gain on sale of FleetNet America® ("FleetNet"), which sold on February 28, 2023.

    2)

    Earnings per common share is calculated in total and may not equal the sum of earnings per common share from continuing operations and discontinued operations due to rounding.

    ARCBEST CORPORATION

    CONSOLIDATED BALANCE SHEETS

     

     

    June 30

     

    December 31

     

     

     

    2025

     

    2024

     

     

     

    (Unaudited)

     

     

     

    ($ thousands, except share data)

     

    ASSETS

     

     

     

     

     

     

     

    CURRENT ASSETS

     

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    114,874

     

     

    $

    127,444

     

     

    Short-term investments

     

     

    24,801

     

     

     

    29,759

     

     

    Accounts receivable, less allowances (2025 - $8,104; 2024 - $8,257)

     

     

    402,321

     

     

     

    394,838

     

     

    Other accounts receivable, less allowances (2025 - $652; 2024 - $648)

     

     

    23,357

     

     

     

    36,055

     

     

    Prepaid expenses

     

     

    38,115

     

     

     

    47,860

     

     

    Prepaid and refundable income taxes

     

     

    23,277

     

     

     

    28,641

     

     

    Other

     

     

    11,423

     

     

     

    11,045

     

     

    TOTAL CURRENT ASSETS

     

     

    638,168

     

     

     

    675,642

     

     

     

     

     

     

     

     

     

     

    PROPERTY, PLANT AND EQUIPMENT

     

     

     

     

     

     

     

    Land and structures

     

     

    536,791

     

     

     

    520,119

     

     

    Revenue equipment

     

     

    1,200,219

     

     

     

    1,166,161

     

     

    Service, office, and other equipment

     

     

    356,319

     

     

     

    351,907

     

     

    Software

     

     

    183,520

     

     

     

    182,396

     

     

    Leasehold improvements

     

     

    35,065

     

     

     

    32,263

     

     

     

     

     

    2,311,914

     

     

     

    2,252,846

     

     

    Less allowances for depreciation and amortization

     

     

    1,198,757

     

     

     

    1,186,800

     

     

    PROPERTY, PLANT AND EQUIPMENT, net

     

     

    1,113,157

     

     

     

    1,066,046

     

     

     

     

     

     

     

     

     

     

    GOODWILL

     

     

    304,753

     

     

     

    304,753

     

     

    INTANGIBLE ASSETS, net

     

     

    82,449

     

     

     

    88,615

     

     

    OPERATING RIGHT-OF-USE ASSETS

     

     

    229,905

     

     

     

    192,753

     

     

    DEFERRED INCOME TAXES

     

     

    9,324

     

     

     

    9,536

     

     

    OTHER LONG-TERM ASSETS

     

     

    89,680

     

     

     

    92,386

     

     

    TOTAL ASSETS

     

    $

    2,467,436

     

     

    $

    2,429,731

     

     

     

     

     

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

     

     

     

    CURRENT LIABILITIES

     

     

     

     

     

     

     

    Accounts payable

     

    $

    176,903

     

     

    $

    168,943

     

     

    Income taxes payable

     

     

    3,630

     

     

     

    —

     

     

    Accrued expenses

     

     

    368,623

     

     

     

    398,700

     

     

    Current portion of long-term debt

     

     

    77,549

     

     

     

    63,978

     

     

    Current portion of operating lease liabilities

     

     

    34,697

     

     

     

    34,364

     

     

    TOTAL CURRENT LIABILITIES

     

     

    661,402

     

     

     

    665,985

     

     

     

     

     

     

     

     

     

     

    LONG-TERM DEBT, less current portion

     

     

    163,850

     

     

     

    125,156

     

     

    OPERATING LEASE LIABILITIES, less current portion

     

     

    215,376

     

     

     

    189,978

     

     

    POSTRETIREMENT LIABILITIES, less current portion

     

     

    13,380

     

     

     

    13,361

     

     

    DEFERRED INCOME TAXES

     

     

    78,279

     

     

     

    78,649

     

     

    OTHER LONG-TERM LIABILITIES

     

     

    34,723

     

     

     

    42,240

     

     

     

     

     

     

     

     

     

     

    STOCKHOLDERS' EQUITY

     

     

     

     

     

     

     

    Common stock, $0.01 par value, authorized 70,000,000 shares; issued 2025: 30,482,894 shares; 2024: 30,401,768 shares

     

     

    305

     

     

     

    304

     

     

    Additional paid-in capital

     

     

    333,798

     

     

     

    329,575

     

     

    Retained earnings

     

     

    1,458,647

     

     

     

    1,435,250

     

     

    Treasury stock, at cost, 2025: 7,680,406 shares; 2024: 7,114,844 shares

     

     

    (492,776

    )

     

     

    (451,039

    )

     

    Accumulated other comprehensive income

     

     

    452

     

     

     

    272

     

     

    TOTAL STOCKHOLDERS' EQUITY

     

     

    1,300,426

     

     

     

    1,314,362

     

     

    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

     

    $

    2,467,436

     

     

    $

    2,429,731

     

     

    ARCBEST CORPORATION

    CONSOLIDATED STATEMENTS OF CASH FLOWS

     

     

    Six Months Ended

     

     

     

    June 30

     

     

     

    2025

     

    2024

     

     

     

    (Unaudited)

     

     

     

    ($ thousands)

     

    OPERATING ACTIVITIES

     

     

     

     

     

     

     

    Net income

     

    $

    28,940

     

     

    $

    44,612

     

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

     

     

     

     

    Depreciation and amortization

     

     

    74,490

     

     

     

    66,693

     

     

    Amortization of intangibles

     

     

    6,400

     

     

     

    6,416

     

     

    Share-based compensation expense

     

     

    6,162

     

     

     

    6,322

     

     

    Provision for losses on accounts receivable

     

     

    1,402

     

     

     

    1,248

     

     

    Change in deferred income taxes

     

     

    (187

    )

     

     

    (11,457

    )

     

    Loss on sale of property and equipment

     

     

    42

     

     

     

    565

     

     

    Pre-tax gain on sale of discontinued operations

     

     

    —

     

     

     

    (806

    )

     

    Change in fair value of contingent consideration

     

     

    (2,650

    )

     

     

    11,170

     

     

    Change in fair value of equity investment

     

     

    —

     

     

     

    28,739

     

     

    Changes in operating assets and liabilities:

     

     

     

     

     

     

     

    Receivables

     

     

    3,866

     

     

     

    38,702

     

     

    Prepaid expenses

     

     

    9,744

     

     

     

    5,199

     

     

    Other assets

     

     

    (321

    )

     

     

    (2,789

    )

     

    Income taxes

     

     

    9,130

     

     

     

    (8,806

    )

     

    Operating right-of-use assets and lease liabilities, net

     

     

    (11,421

    )

     

     

    (7,262

    )

     

    Accounts payable, accrued expenses, and other liabilities

     

     

    (39,486

    )

     

     

    (38,344

    )

     

    NET CASH PROVIDED BY OPERATING ACTIVITIES

     

     

    86,111

     

     

     

    140,202

     

     

     

     

     

     

     

     

     

     

    INVESTING ACTIVITIES

     

     

     

     

     

     

     

    Purchases of property, plant and equipment, net of financings

     

     

    (42,007

    )

     

     

    (104,909

    )

     

    Proceeds from sale of property and equipment

     

     

    6,142

     

     

     

    2,341

     

     

    Purchases of short-term investments

     

     

    —

     

     

     

    (5,236

    )

     

    Proceeds from sale of short-term investments

     

     

    5,236

     

     

     

    28,504

     

     

    Capitalization of internally developed software

     

     

    (6,268

    )

     

     

    (7,779

    )

     

    NET CASH USED IN INVESTING ACTIVITIES

     

     

    (36,897

    )

     

     

    (87,079

    )

     

     

     

     

     

     

     

     

     

    FINANCING ACTIVITIES

     

     

     

     

     

     

     

    Borrowings under credit facilities

     

     

    25,000

     

     

     

    —

     

     

    Payments on long-term debt

     

     

    (35,526

    )

     

     

    (35,705

    )

     

    Net change in book overdrafts

     

     

    (2,021

    )

     

     

    (4,146

    )

     

    Deferred financing costs

     

     

    (19

    )

     

     

    —

     

     

    Payment of common stock dividends

     

     

    (5,543

    )

     

     

    (5,647

    )

     

    Purchases of treasury stock

     

     

    (41,737

    )

     

     

    (31,627

    )

     

    Payments for tax withheld on share-based compensation

     

     

    (1,938

    )

     

     

    (22,634

    )

     

    NET CASH USED IN FINANCING ACTIVITIES

     

     

    (61,784

    )

     

     

    (99,759

    )

     

     

     

     

     

     

     

     

     

    NET DECREASE IN CASH AND CASH EQUIVALENTS

     

     

    (12,570

    )

     

     

    (46,636

    )

     

    Cash and cash equivalents at beginning of period

     

     

    127,444

     

     

     

    262,226

     

     

    CASH AND CASH EQUIVALENTS AT END OF PERIOD

     

    $

    114,874

     

     

    $

    215,590

     

     

     

     

     

     

     

     

     

     

    NONCASH INVESTING ACTIVITIES

     

     

     

     

     

     

     

    Equipment financed

     

    $

    62,791

     

     

    $

    10,354

     

     

    Accruals for equipment received

     

    $

    14,586

     

     

    $

    3,904

     

     

    Lease liabilities arising from obtaining right-of-use assets

     

    $

    41,978

     

     

    $

    26,001

     

     

    ARCBEST CORPORATION

    FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS

     

    Three Months Ended

     

     

    Six Months Ended

     

     

    June 30

     

     

    June 30

     

     

    2025

     

     

    2024

     

     

    2025

     

     

    2024

     

     

    (Unaudited)

     

     

    ($ thousands, except percentages)

     

    REVENUES FROM CONTINUING OPERATIONS

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Asset-Based

    $

    713,312

     

     

     

     

     

    $

    712,725

     

     

     

     

     

    $

    1,359,606

     

     

     

     

     

    $

    1,384,192

     

     

     

     

    Asset-Light

     

    341,922

     

     

     

     

     

     

    395,817

     

     

     

     

     

     

    697,934

     

     

     

     

     

     

    792,180

     

     

     

     

    Other and eliminations

     

    (32,978

    )

     

     

     

     

     

    (30,711

    )

     

     

     

     

     

    (68,207

    )

     

     

     

     

     

    (62,122

    )

     

     

     

    Total consolidated revenues from continuing operations

    $

    1,022,256

     

     

     

     

     

    $

    1,077,831

     

     

     

     

     

    $

    1,989,333

     

     

     

     

     

    $

    2,114,250

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    OPERATING EXPENSES FROM CONTINUING OPERATIONS

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Asset-Based

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Salaries, wages, and benefits

    $

    365,929

     

     

    51.3

     

    %

     

    $

    352,678

     

     

    49.5

     

    %

     

    $

    710,070

     

     

    52.2

     

    %

     

    $

    697,677

     

     

    50.4

     

    %

    Fuel, supplies, and expenses

     

    79,834

     

     

    11.2

     

     

     

     

    82,938

     

     

    11.6

     

     

     

    157,476

     

     

    11.6

     

     

     

     

    163,982

     

     

    11.8

     

    Operating taxes and licenses

     

    13,845

     

     

    1.9

     

     

     

     

    13,557

     

     

    1.9

     

     

     

     

    26,957

     

     

    2.0

     

     

     

     

    27,086

     

     

    2.0

     

     

    Insurance

     

    17,653

     

     

    2.5

     

     

     

     

    16,964

     

     

    2.4

     

     

     

     

    35,616

     

     

    2.6

     

     

     

     

    31,446

     

     

    2.3

     

     

    Communications and utilities

     

    5,150

     

     

    0.7

     

     

     

     

    4,412

     

     

    0.6

     

     

     

     

    10,960

     

     

    0.8

     

     

     

     

    9,211

     

     

    0.7

     

     

    Depreciation and amortization

     

    31,664

     

     

    4.4

     

     

     

     

    26,646

     

     

    3.8

     

     

     

     

    62,254

     

     

    4.6

     

     

     

     

    53,653

     

     

    3.9

     

     

    Rents and purchased transportation

     

    76,198

     

     

    10.7

     

     

     

     

    70,315

     

     

    9.9

     

     

     

     

    143,359

     

     

    10.6

     

     

     

     

    135,986

     

     

    9.8

     

     

    Shared services

     

    69,868

     

     

    9.8

     

     

     

     

    72,245

     

     

    10.1

     

     

     

     

    132,311

     

     

    9.7

     

     

     

     

    137,159

     

     

    9.9

     

     

    (Gain) loss on sale of property and equipment

     

    (159

    )

     

    —

     

     

     

     

    (91

    )

     

    —

     

     

     

     

    (136

    )

     

    —

     

     

     

     

    58

     

     

    —

     

     

    Other

     

    2,301

     

     

    0.3

     

     

     

     

    269

     

     

    —

     

     

     

     

    3,293

     

     

    0.2

     

     

     

     

    1,686

     

     

    0.1

     

     

    Total Asset-Based

     

    662,283

     

     

    92.8

     

    %

     

     

    639,933

     

     

    89.8

     

    %

     

     

    1,282,160

     

     

    94.3

     

    %

     

     

    1,257,944

     

     

    90.9

     

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Asset-Light

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Purchased transportation

    $

    288,580

     

     

    84.4

     

    %

     

    $

    339,247

     

     

    85.7

     

    %

     

    $

    593,194

     

     

    85.0

     

    %

     

    $

    683,369

     

     

    86.3

     

    %

    Salaries, wages, and benefits

     

    25,629

     

     

    7.5

     

     

     

     

    31,036

     

     

    7.8

     

     

     

     

    51,178

     

     

    7.3

     

     

     

     

    61,340

     

     

    7.7

     

     

    Supplies and expenses

     

    1,739

     

     

    0.5

     

     

     

     

    2,768

     

     

    0.7

     

     

     

     

    3,478

     

     

    0.5

     

     

     

     

    5,577

     

     

    0.7

     

     

    Depreciation and amortization(1)

     

    4,605

     

     

    1.4

     

     

     

     

    5,039

     

     

    1.3

     

     

     

     

    9,223

     

     

    1.3

     

     

     

     

    10,117

     

     

    1.3

     

     

    Shared services

     

    18,594

     

     

    5.4

     

     

     

     

    17,297

     

     

    4.4

     

     

     

     

    36,575

     

     

    5.3

     

     

     

     

    33,571

     

     

    4.2

     

     

    Contingent consideration(2)

     

    (2,650

    )

     

    (0.8

    )

     

     

     

    3,850

     

     

    1.0

     

     

     

     

    (2,650

    )

     

    (0.4

    )

     

     

     

    11,170

     

     

    1.4

     

     

    Other

     

    4,834

     

     

    1.4

     

     

     

     

    6,078

     

     

    1.5

     

     

     

     

    10,725

     

     

    1.5

     

     

     

     

    11,792

     

     

    1.5

     

     

    Total Asset-Light

     

    341,331

     

     

    99.8

     

    %

     

     

    405,315

     

     

    102.4

     

    %

     

     

    701,723

     

     

    100.5

     

    %

     

     

    816,936

     

     

    103.1

     

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other and eliminations(3)

     

    (18,667

    )

     

     

     

     

     

    (16,262

    )

     

     

     

     

     

    (38,489

    )

     

     

     

     

     

    (31,910

    )

     

     

     

    Total consolidated operating expenses from continuing operations

    $

    984,947

     

     

    96.4

     

    %

     

    $

    1,028,986

     

     

    95.5

     

    %

     

    $

    1,945,394

     

     

    97.8

     

    %

     

    $

    2,042,970

     

     

    96.6

     

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Asset-Based

    $

    51,029

     

     

     

     

     

    $

    72,792

     

     

     

     

     

    $

    77,446

     

     

     

     

     

    $

    126,248

     

     

     

     

    Asset-Light

     

    591

     

     

     

     

     

     

    (9,498

    )

     

     

     

     

     

    (3,789

    )

     

     

     

     

     

    (24,756

    )

     

     

     

    Other and eliminations(3)

     

    (14,311

    )

     

     

     

     

     

    (14,449

    )

     

     

     

     

     

    (29,718

    )

     

     

     

     

     

    (30,212

    )

     

     

     

    Total consolidated operating income from continuing operations

    $

    37,309

     

     

     

     

     

    $

    48,845

     

     

     

     

     

    $

    43,939

     

     

     

     

     

    $

    71,280

     

     

     

     

    ________________________

    1)

    Includes amortization of intangibles associated with acquired businesses.

    2)

    Represents the change in fair value of the contingent earnout consideration recorded for the MoLo acquisition. The liability for contingent consideration is remeasured at each quarterly reporting date, and any change in fair value as a result of the recurring assessments is recognized in operating income (loss). The Company reduced the contingent consideration for the MoLo acquisition to zero in second quarter 2025, reflecting the probability of no earnout payment based on projections of adjusted earnings before interest, taxes, depreciation, and amortization for 2025.

    3)

    "Other and eliminations" includes corporate costs for certain unallocated shared service costs which are not attributable to any segment, additional investments to offer comprehensive transportation and logistics services across multiple operating segments, costs related to our customer pilot offering of Vaux, and other investments in ArcBest technology and innovations.

    ARCBEST CORPORATION

    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES

    Non-GAAP Financial Measures

    We report our financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). However, management believes that certain non-GAAP performance measures and ratios utilized for internal analysis provide analysts, investors, and others the same information that we use internally for purposes of assessing our core operating performance and provides meaningful comparisons between current and prior period results, as well as important information regarding performance trends. Accordingly, non-GAAP results are presented on a continuing operations basis, excluding the discontinued operations of FleetNet, which sold on February 28, 2023. The use of certain non-GAAP measures improves comparability in analyzing our performance because it removes the impact of items from operating results that, in management's opinion, do not reflect our core operating performance. Other companies may calculate non-GAAP measures differently; therefore, our calculation may not be comparable to similarly titled measures of other companies. Certain information discussed in the scheduled conference call could be considered non-GAAP measures. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results. These financial measures should not be construed as better measurements than operating income, net income or earnings per share, as determined under GAAP.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30

     

    June 30

     

     

     

    2025

     

    2024

     

    2025

     

    2024

     

    ArcBest Corporation — Consolidated

     

    (Unaudited)

     

     

     

    ($ thousands, except per share data)

     

    Operating Income from Continuing Operations

     

     

     

     

     

     

     

     

     

     

     

     

     

    Amounts on GAAP basis

     

    $

    37,309

     

     

    $

    48,845

     

     

    $

    43,939

     

     

    $

    71,280

     

     

    Innovative technology costs, pre-tax(1)

     

     

    7,123

     

     

     

    8,311

     

     

     

    14,636

     

     

     

    18,009

     

     

    Purchase accounting amortization, pre-tax(2)

     

     

    3,192

     

     

     

    3,192

     

     

     

    6,384

     

     

     

    6,384

     

     

    Change in fair value of contingent consideration, pre-tax(3)

     

     

    (2,650

    )

     

     

    3,850

     

     

     

    (2,650

    )

     

     

    11,170

     

     

    Non-GAAP amounts

     

    $

    44,974

     

     

    $

    64,198

     

     

    $

    62,309

     

     

    $

    106,843

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net Income from Continuing Operations

     

     

     

     

     

     

     

     

     

     

     

     

     

    Amounts on GAAP basis

     

    $

    25,809

     

     

    $

    46,924

     

     

    $

    28,940

     

     

    $

    44,012

     

     

    Innovative technology costs, after-tax (includes related financing costs)(1)

     

     

    5,428

     

     

     

    6,380

     

     

     

    11,152

     

     

     

    13,820

     

     

    Purchase accounting amortization, after-tax(2)

     

     

    2,398

     

     

     

    2,400

     

     

     

    4,796

     

     

     

    4,801

     

     

    Change in fair value of contingent consideration, after-tax(3)

     

     

    (1,991

    )

     

     

    2,896

     

     

     

    (1,991

    )

     

     

    8,401

     

     

    Change in fair value of equity investment, after-tax(4)

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    21,603

     

     

    Life insurance proceeds and changes in cash surrender value

     

     

    (1,428

    )

     

     

    (440

    )

     

     

    (741

    )

     

     

    (1,673

    )

     

    Tax expense (benefit) from vested RSUs(5)

     

     

    995

     

     

     

    (10,777

    )

     

     

    992

     

     

     

    (11,264

    )

     

    Non-GAAP amounts

     

    $

    31,211

     

     

    $

    47,383

     

     

    $

    43,148

     

     

    $

    79,700

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Diluted Earnings Per Share from Continuing Operations

     

     

     

     

     

     

     

     

     

     

     

     

     

    Amounts on GAAP basis

     

    $

    1.12

     

     

    $

    1.96

     

     

    $

    1.25

     

     

    $

    1.83

     

     

    Innovative technology costs, after-tax (includes related financing costs)(1)

     

     

    0.24

     

     

     

    0.27

     

     

     

    0.48

     

     

     

    0.58

     

     

    Purchase accounting amortization, after-tax(2)

     

     

    0.10

     

     

     

    0.10

     

     

     

    0.21

     

     

     

    0.20

     

     

    Change in fair value of contingent consideration, after-tax(3)

     

     

    (0.09

    )

     

     

    0.12

     

     

     

    (0.09

    )

     

     

    0.35

     

     

    Change in fair value of equity investment, after-tax(4)

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    0.90

     

     

    Life insurance proceeds and changes in cash surrender value

     

     

    (0.06

    )

     

     

    (0.02

    )

     

     

    (0.03

    )

     

     

    (0.07

    )

     

    Tax expense (benefit) from vested RSUs(5)

     

     

    0.04

     

     

     

    (0.45

    )

     

     

    0.04

     

     

     

    (0.47

    )

     

    Non-GAAP amounts(6)

     

    $

    1.36

     

     

    $

    1.98

     

     

    $

    1.86

     

     

    $

    3.32

     

     

    ________________________

    See "Notes to Non-GAAP Financial Tables" for footnotes to this ArcBest Corporation – Consolidated non-GAAP table.

    ARCBEST CORPORATION

    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30

     

    June 30

     

     

    2025

     

    2024

     

    2025

     

    2024

     

    Segment Operating Income (Loss) Reconciliations

    (Unaudited)

    ($ thousands, except percentages)

     

     

     

     

    Asset-Light Segment

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating Income (Loss) ($) and Operating Ratio (% of revenues)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Amounts on GAAP basis

    $

    591

     

     

    99.8

     

    %

     

    $

    (9,498

    )

     

    102.4

     

    %

     

    $

    (3,789

    )

     

    100.5

     

    %

     

    $

    (24,756

    )

     

    103.1

     

    %

     

    Purchase accounting amortization, pre-tax(2)

     

    3,192

     

     

    (0.9

    )

     

     

     

    3,192

     

     

    (0.8

    )

     

     

     

    6,384

     

     

    (0.9

    )

     

     

     

    6,384

     

     

    (0.8

    )

     

     

    Change in fair value of contingent consideration, pre-tax(3)

     

    (2,650

    )

     

    0.8

     

     

     

     

    3,850

     

     

    (1.0

    )

     

     

     

    (2,650

    )

     

    0.4

     

     

     

     

    11,170

     

     

    (1.4

    )

     

     

    Non-GAAP amounts(6)

    $

    1,133

     

     

    99.7

     

    %

     

    $

    (2,456

    )

     

    100.6

     

    %

     

    $

    (55

    )

     

    100.0

     

    %

     

    $

    (7,202

    )

     

    100.9

     

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other and Eliminations

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating Loss ($)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Amounts on GAAP basis

    $

    (14,311

    )

     

     

     

     

    $

    (14,449

    )

     

     

     

     

    $

    (29,718

    )

     

     

     

     

    $

    (30,212

    )

     

     

     

     

    Innovative technology costs, pre-tax(1)

     

    7,123

     

     

     

     

     

     

    8,311

     

     

     

     

     

     

    14,636

     

     

     

     

     

     

    18,009

     

     

     

     

     

    Non-GAAP amounts

    $

    (7,188

    )

     

     

     

     

    $

    (6,138

    )

     

     

     

     

    $

    (15,082

    )

     

     

     

     

    $

    (12,203

    )

     

     

     

     

    ________________________  

    Note: See "Notes to Non-GAAP Financial Tables" for footnotes to this Segment Operating Income (Loss) Reconciliations non-GAAP table.

    ARCBEST CORPORATION

    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued

    Effective Tax Rate Reconciliation

    ArcBest Corporation - Consolidated

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    ($ thousands, except percentages)

     

    Three Months Ended June 30, 2025

     

     

     

     

     

    Other

     

    Income

     

    Income

     

     

     

     

     

    CONTINUING OPERATIONS

     

    Operating

     

    Income

     

    Before Income

     

    Tax

     

    Net

     

     

     

     

    Income

     

    (Costs)

     

    Taxes

     

    Provision

     

    Income

     

    Tax Rate(7)

    Amounts on GAAP basis

     

    $

    37,309

     

     

    $

    (1,341

    )

     

    $

    35,968

     

     

    $

    10,159

     

     

    $

    25,809

     

     

    28.2

     

    %

    Innovative technology costs(1)

     

     

    7,123

     

     

     

    94

     

     

     

    7,217

     

     

     

    1,789

     

     

     

    5,428

     

     

    24.8

     

     

    Purchase accounting amortization(2)

     

     

    3,192

     

     

     

    —

     

     

     

    3,192

     

     

     

    794

     

     

     

    2,398

     

     

    24.9

     

     

    Change in fair value of contingent consideration(3)

     

     

    (2,650

    )

     

     

    —

     

     

     

    (2,650

    )

     

     

    (659

    )

     

     

    (1,991

    )

     

    (24.9

    )

     

    Life insurance proceeds and changes in cash surrender value

     

     

    —

     

     

     

    (1,428

    )

     

     

    (1,428

    )

     

     

    —

     

     

     

    (1,428

    )

     

    —

     

     

    Tax expense from vested RSUs(5)

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (995

    )

     

     

    995

     

     

    —

     

     

    Non-GAAP amounts

     

    $

    44,974

     

     

    $

    (2,675

    )

     

    $

    42,299

     

     

    $

    11,088

     

     

    $

    31,211

     

     

    26.2

     

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Six Months Ended June 30, 2025

     

     

     

     

    Other

     

    Income

     

    Income

     

     

     

     

     

     

     

     

    Operating

     

    Income

     

    Before Income

     

    Tax

     

    Net

     

     

     

     

    Income

     

    (Costs)

     

    Taxes

     

    Provision

     

    Income

     

    Tax Rate(7)

    Amounts on GAAP basis

     

    $

    43,939

     

     

    $

    (3,797

    )

     

    $

    40,142

     

     

    $

    11,202

     

     

    $

    28,940

     

     

    27.9

     

    %

    Innovative technology costs(1)

     

     

    14,636

     

     

     

    193

     

     

     

    14,829

     

     

     

    3,677

     

     

     

    11,152

     

     

    24.8

     

     

    Purchase accounting amortization(2)

     

     

    6,384

     

     

     

    —

     

     

     

    6,384

     

     

     

    1,588

     

     

     

    4,796

     

     

    24.9

     

     

    Change in fair value of contingent consideration(3)

     

     

    (2,650

    )

     

     

    —

     

     

     

    (2,650

    )

     

     

    (659

    )

     

     

    (1,991

    )

     

    (24.9

    )

     

    Life insurance proceeds and changes in cash surrender value

     

     

    —

     

     

     

    (741

    )

     

     

    (741

    )

     

     

    —

     

     

     

    (741

    )

     

    —

     

     

    Tax expense from vested RSUs(5)

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (992

    )

     

     

    992

     

     

    —

     

     

    Non-GAAP amounts

     

    $

    62,309

     

     

    $

    (4,345

    )

     

    $

    57,964

     

     

    $

    14,816

     

     

    $

    43,148

     

     

    25.6

     

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended June 30, 2024

     

     

     

     

    Other

     

    Income

     

    Income

     

     

     

     

     

    CONTINUING OPERATIONS

     

    Operating

     

    Income

     

    Before Income

     

    Tax

     

    Net

     

     

     

     

    Income

     

    (Costs)

     

    Taxes

     

    Provision

     

    Income

     

    Tax Rate(7)

    Amounts on GAAP basis

     

    $

    48,845

     

    $

    382

     

     

    $

    49,227

     

     

    $

    2,303

     

    $

    46,924

     

     

    4.7

    %

    Innovative technology costs(1)

     

     

    8,311

     

     

    172

     

     

     

    8,483

     

     

     

    2,103

     

     

    6,380

     

     

    24.8

     

    Purchase accounting amortization(2)

     

     

    3,192

     

     

    —

     

     

     

    3,192

     

     

     

    792

     

     

    2,400

     

     

    24.8

     

    Change in fair value of contingent consideration(3)

     

     

    3,850

     

     

    —

     

     

     

    3,850

     

     

     

    954

     

     

    2,896

     

     

    24.8

     

    Life insurance proceeds and changes in cash surrender value

     

     

    —

     

     

    (440

    )

     

     

    (440

    )

     

     

    —

     

     

    (440

    )

     

    —

     

    Tax benefit from vested RSUs(5)

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    10,777

     

     

    (10,777

    )

     

    —

     

    Non-GAAP amounts

     

    $

    64,198

     

    $

    114

     

     

    $

    64,312

     

     

    $

    16,929

     

    $

    47,383

     

     

    26.3

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Six Months Ended June 30, 2024

     

     

     

     

    Other

     

    Income

     

    Income

     

     

     

     

     

     

     

     

    Operating

     

    Income

     

    Before Income

     

    Tax

     

    Net

     

     

     

     

    Income

     

    (Costs)

     

    Taxes

     

    Provision

     

    Income

     

    Tax Rate(7)

    Amounts on GAAP basis

     

    $

    71,280

     

    $

    (26,730

    )

     

    $

    44,550

     

     

    $

    538

     

    $

    44,012

     

     

    1.2

    %

    Innovative technology costs(1)

     

     

    18,009

     

     

    367

     

     

     

    18,376

     

     

     

    4,556

     

     

    13,820

     

     

    24.8

     

    Purchase accounting amortization(2)

     

     

    6,384

     

     

    —

     

     

     

    6,384

     

     

     

    1,583

     

     

    4,801

     

     

    24.8

     

    Change in fair value of contingent consideration(3)

     

     

    11,170

     

     

    —

     

     

     

    11,170

     

     

     

    2,769

     

     

    8,401

     

     

    24.8

     

    Change in fair value of equity investment(4)

     

     

    —

     

     

    28,739

     

     

     

    28,739

     

     

     

    7,136

     

     

    21,603

     

     

    24.8

     

    Life insurance proceeds and changes in cash surrender value

     

     

    —

     

     

    (1,673

    )

     

     

    (1,673

    )

     

     

    —

     

     

    (1,673

    )

     

    —

     

    Tax benefit from vested RSUs(5)

     

     

    —

     

     

    —

     

     

     

    —

     

     

     

    11,264

     

     

    (11,264

    )

     

    —

     

    Non-GAAP amounts

     

    $

    106,843

     

    $

    703

     

     

    $

    107,546

     

     

    $

    27,846

     

    $

    79,700

     

     

    25.9

    %

    ________________________

    Note: See "Notes to Non-GAAP Financial Tables" for footnotes to this Effective Tax Rate Reconciliation non-GAAP table.

    ARCBEST CORPORATION

    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued

    Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (Adjusted EBITDA)

    Management uses Adjusted EBITDA as a key measure of performance and for business planning. The measure is particularly meaningful for analysis of operating performance because it excludes amortization of acquired intangibles and software of the Asset-Light segment, changes in the fair values of contingent consideration and equity investment, which are significant expenses or gains resulting from strategic decisions or other factors rather than core daily operations. Additionally, Adjusted EBITDA is a primary component of the financial covenants contained in our credit agreement. The calculation of Consolidated Adjusted EBITDA as presented below begins with net income from continuing operations, which is the most directly comparable GAAP measure. The calculation of Asset-Light Adjusted EBITDA as presented below begins with operating income (loss), as other income (costs), income taxes, and net income from continuing operations are reported at the consolidated level and not included in the operating segment financial information evaluated by management to make operating decisions.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 30

     

    June 30

     

     

     

    2025

     

    2024

     

    2025

     

    2024

     

     

     

    (Unaudited)

     

     

     

    ($ thousands)

     

    ArcBest Corporation - Consolidated Adjusted EBITDA from Continuing Operations

     

     

    Net Income from Continuing Operations

     

    $

    25,809

     

     

    $

    46,924

     

    $

    28,940

     

     

    $

    44,012

     

    Interest and other related financing costs

     

     

    2,956

     

     

     

    2,078

     

     

    5,711

     

     

     

    4,306

     

    Income tax provision

     

     

    10,159

     

     

     

    2,303

     

     

    11,202

     

     

     

    538

     

    Depreciation and amortization(8)

     

     

    40,926

     

     

     

    36,276

     

     

    80,890

     

     

     

    73,109

     

    Amortization of share-based compensation

     

     

    3,779

     

     

     

    3,433

     

     

    6,162

     

     

     

    6,322

     

    Change in fair value of contingent consideration(3)

     

     

    (2,650

    )

     

     

    3,850

     

     

    (2,650

    )

     

     

    11,170

     

    Change in fair value of equity investment(4)

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    28,739

     

    Consolidated Adjusted EBITDA from Continuing Operations

     

    $

    80,979

     

     

    $

    94,864

     

    $

    130,255

     

     

    $

    168,196

     

    ________________________

    Note: See "Notes to Non-GAAP Financial Tables" for footnotes to this ArcBest Corporation – Consolidated Adjusted EBITDA from Continuing Operations non-GAAP table.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

     

    June 30

     

    June 30

     

     

     

    2025

     

    2024

     

    2025

     

    2024

     

     

     

    (Unaudited)

     

     

     

    ($ thousands)

     

    Asset-Light Adjusted EBITDA

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating Income (Loss)

     

    $

    591

     

     

    $

    (9,498

    )

     

    $

    (3,789

    )

     

    $

    (24,756

    )

     

    Depreciation and amortization(8)

     

     

    4,605

     

     

     

    5,039

     

     

     

    9,223

     

     

     

    10,117

     

     

    Change in fair value of contingent consideration(3)

     

     

    (2,650

    )

     

     

    3,850

     

     

     

    (2,650

    )

     

     

    11,170

     

     

    Asset-Light Adjusted EBITDA

     

    $

    2,546

     

     

    $

    (609

    )

     

    $

    2,784

     

     

    $

    (3,469

    )

     

    ________________________

    Note: See "Notes to Non-GAAP Financial Tables" for footnotes to this Asset-Light Adjusted EBITDA non-GAAP table.

    ARCBEST CORPORATION

    RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued

    Notes to Non-GAAP Financial Tables

    The following footnotes apply to the non-GAAP financial tables presented in this press release.

    1)

    Represents costs related to our customer pilot offering of Vaux and initiatives to optimize our performance through technological innovation.

    2)

    Represents the amortization of acquired intangible assets in the Asset-Light segment.

    3)

    Represents change in fair value of the contingent earnout consideration recorded for the MoLo acquisition, as previously described in the footnotes to the Financial Statement Operating Segment Data and Operating Ratios table.

    4)

    Represents a noncash impairment charge to write off an equity investment in Phantom Auto, a provider of human-centered remote operation software, which ceased operations during first quarter 2024.

    5)

    Represents recognition of the tax impact for the vesting of share-based compensation.

    6)

    Non-GAAP amounts are calculated in total and may not equal the sum of GAAP amounts and non-GAAP adjustments due to rounding.

    7)

    Tax rate for total "Amounts on GAAP basis" represents the effective tax rate. The tax effects of non-GAAP adjustments are calculated based on the statutory rate applicable to each item based on tax jurisdiction unless the nature of the item requires the tax effect to be estimated by applying a specific tax treatment.

    8)

    Includes amortization of intangibles associated with acquired businesses.

    ARCBEST CORPORATION

    OPERATING STATISTICS

     

     

    Three Months Ended

     

     

    Six Months Ended

     

     

     

    June 30

     

     

    June 30

     

     

     

    2025

     

    2024

     

    % Change

     

     

    2025

     

    2024

     

    % Change

     

     

     

    (Unaudited)

     

    Asset-Based

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Workdays

     

     

    63.5

     

     

    64.0

     

     

     

     

     

    126.5

     

     

    127.5

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Billed Revenue(1) / CWT

     

    $

    48.54

     

    $

    50.09

     

    (3.1

    %)

     

     

    $

    48.94

     

    $

    49.34

     

    (0.8

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Billed Revenue(1) / Shipment

     

    $

    537.94

     

    $

    562.17

     

    (4.3

    %)

     

     

    $

    534.37

     

    $

    552.64

     

    (3.3

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Tonnage / Day

     

     

    11,666

     

     

    11,186

     

    4.3

    %

     

     

     

    11,068

     

     

    11,062

     

    0.1

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Shipments / Day

     

     

    21,051

     

     

    19,934

     

    5.6

    %

     

     

     

    20,274

     

     

    19,751

     

    2.6

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Shipments / DSY hour

     

     

    0.451

     

     

    0.448

     

    0.7

    %

     

     

     

    0.449

     

     

    0.445

     

    0.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weight / Shipment

     

     

    1,108

     

     

    1,122

     

    (1.2

    %)

     

     

     

    1,092

     

     

    1,120

     

    (2.5

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average Length of Haul (Miles)

     

     

    1,131

     

     

    1,135

     

    (0.4

    %)

     

     

     

    1,128

     

     

    1,123

     

    0.4

    %

     

    ________________________

    1)

    Revenue for undelivered freight is deferred for financial statement purposes in accordance with the Asset-Based segment revenue recognition policy. Billed revenue used for calculating revenue per hundredweight measurements has not been adjusted for the portion of revenue deferred for financial statement purposes.

     

     

     

     

     

     

    Year Over Year % Change

     

     

    Three Months Ended

    Six Months Ended

     

     

    June 30, 2025

    June 30, 2025

     

     

    (Unaudited)

    Asset-Light

     

     

     

     

     

     

     

    Revenue / Shipment

     

    (6.9%)

    (6.4%)

     

     

     

     

    Shipments / Day

     

    (6.5%)

    (5.1%)

     

     

     

     

    Shipments / Employee / Day

     

    14.8%

    19.2%

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250730729253/en/

    Investor Relations Contact: Amy Mendenhall

    Phone: 479-785-6200

    Email: [email protected]

    Media Contact: Autumnn Mahar

    Phone: 479-494-8221

    Email: [email protected]

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