Marten Transport Announces First Quarter Results

MONDOVI, Wis., April 23, 2026 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $1.4 million, or 2 cents per diluted share, for the first quarter ended March 31, 2026, compared with $4.3 million, or 5 cents per diluted share, for the first quarter of 2025.

Operating revenue was $203.5 million for the first quarter of 2026 compared with $223.2 million for the first quarter of 2025. Our intermodal operations, which were sold in 2025, had operating revenue of $12.1 million in the 2025 quarter. Excluding fuel surcharges, operating revenue was $177.2 million for the 2026 quarter compared with $195.8 million for the 2025 quarter. Fuel surcharge revenue decreased to $26.4 million for the 2026 quarter from $27.4 million for the 2025 quarter.

Operating income was $1.6 million for the first quarter of 2026 compared with $5.9 million for the first quarter of 2025.

Operating expenses as a percentage of operating revenue were 99.2% for the 2026 first quarter and 97.4% for the 2025 first quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 99.1% for the 2026 quarter and 97.0% for the 2025 quarter.

Chairman of the Board and Chief Executive Officer Randolph L. Marten stated, "Our people drove sequential increases in our revenue per tractor within our truckload and dedicated operations each of the last two quarters. This impact on our earnings was more than offset by the prolonged severe winter storms and the sharp spike in diesel prices in the first quarter."

"Our unique multifaceted business model's value continued to be highlighted by the operating results of our dedicated and brokerage operations. Our earnings have been heavily pressured by the historic duration and depth of the freight market recession's oversupply and weak demand, and the cumulative impact of inflationary operating costs, freight rate reductions and freight network disruptions."

"We are focused on minimizing the freight market's impact with our emphasis on safe, premium service, data-driven operating efficiencies and aggressive cost controls. Our strong, debt-free balance sheet enhances our ability to continue investing in our technology and modern fleet and position our operations to capitalize on improving profitable organic growth opportunities."

"We believe that the freight market is in the early stages of recovery fueled by the current administration's accelerating immigration enforcement clampdowns on multiple fronts -- including noncompliant state licensing practices for non-domiciled commercial driver's licenses, or CDL's, English Language Proficiency enforcement, electronic logging device fraud, CDL mills and chameleon carriers. These measures are structural changes to the freight market that have been and are expected to continue contracting capacity by removing noncompliant and unqualified drivers who never should have been driving in the first place."

Current Investor Presentation

Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of time and temperature-sensitive and dry truck-based transportation and distribution capabilities across Marten's five distinct business platforms – Temperature-Sensitive and Dry Truckload, Dedicated, Brokerage and MRTN de Mexico. Marten's Intermodal operations were sold effective September 30, 2025. Marten is one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food, beverages and other consumer packaged goods that require a temperature-controlled or insulated environment. The Company offers service in the United States, Mexico and Canada, concentrating on expedited movements for high-volume customers. Marten's common stock is traded on the Nasdaq Global Select Market under the symbol MRTN.

This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include a discussion of Marten's prospects for future growth, including the impact on the freight market of the current administration's accelerating immigration enforcement clampdowns on multiple fronts -- including noncompliant state licensing practices for non-domiciled commercial driver's licenses, or CDL's, English Language Proficiency enforcement, electronic logging device fraud, CDL mills and chameleon carriers, and by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward-looking statements. Important factors known to the Company that could cause actual results to differ materially from those discussed in the forward-looking statements are discussed in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2025. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACTS: Randy Marten, Chairman of the Board and Chief Executive Officer, Doug Petit, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.

		MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED BALANCE SHEETS
			March 31,				December 31,
(In thousands, except share information)			2026				2025
			(Unaudited)
ASSETS
	Current assets:
		Cash and cash equivalents	$	69,786			$	43,278
		Escrow deposit		5,000				5,000
		Receivables:
		Trade, net		91,911				85,807
		Other		8,114				13,084
		Prepaid expenses and other		20,792				24,532
		Total current assets		195,603				171,701
	Property and equipment:
		Revenue equipment, buildings and land, office equipment and other		1,112,817				1,128,932
		Accumulated depreciation		(362,739	)			(352,426	)
		Net property and equipment		750,078				776,506
	Other noncurrent assets			1,546				1,560
		Total assets	$	947,227			$	949,767
LIABILITIES AND STOCKHOLDERS' EQUITY
	Current liabilities:
		Accounts payable	$	27,756			$	28,769
		Insurance and claims accruals		44,853				43,700
		Accrued and other current liabilities		21,641				19,763
		Total current liabilities		94,250				92,232
	Deferred income taxes			88,612				89,716
	Noncurrent operating lease liabilities			157				194
		Total liabilities		183,019				182,142
	Stockholders' equity:
		Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding		-				-
		Common stock, $.01 par value per share; 192,000,000 shares authorized; 81,589,135 shares at March 31, 2026, and 81,542,174 shares at December 31, 2025, issued and outstanding		816				815
		Additional paid-in capital		54,858				54,762
		Retained earnings		708,534				712,048
		Total stockholders' equity		764,208				767,625
		Total liabilities and stockholders' equity	$	947,227			$	949,767

MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
			Three Months
			Ended March 31,
(In thousands, except per share information)			2026				2025
Operating revenue			$	203,526			$	223,152
Operating expenses (income):
		Salaries, wages and benefits		72,119				78,800
		Purchased transportation		33,468				37,656
		Fuel and fuel taxes		33,907				33,117
		Supplies and maintenance		15,128				15,513
		Depreciation		25,006				27,470
		Operating taxes and licenses		2,245				2,417
		Insurance and claims		13,245				13,377
		Communications and utilities		2,105				2,279
		Gain on disposition of revenue equipment		(1,420	)			(1,665	)
		Other		6,131				8,329
		Total operating expenses		201,934				217,293
Operating income				1,592				5,859
Other				(457	)			(349	)
Income before income taxes				2,049				6,208
Income taxes expense				667				1,873
Net income			$	1,382			$	4,335
Basic earnings per common share			$	0.02			$	0.05
Diluted earnings per common share			$	0.02			$	0.05
Dividends declared per common share			$	0.06			$	0.06

MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited)
									Dollar				Percentage
									Change				Change
	Three Months								Three Months				Three Months
	Ended								Ended				Ended
	March 31,								March 31,				March 31,
(Dollars in thousands)	2026				2025				2026 vs. 2025				2026 vs. 2025
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	89,310			$	90,106			$	(796	)			(0.9	)%
Truckload fuel surcharge revenue		16,080				14,285				1,795				12.6
Total Truckload revenue		105,390				104,391				999				1.0
Dedicated revenue, net of fuel surcharge revenue		53,174				62,405				(9,231	)			(14.8	)
Dedicated fuel surcharge revenue		10,289				11,220				(931	)			(8.3	)
Total Dedicated revenue		63,463				73,625				(10,162	)			(13.8	)
Brokerage revenue		34,673				33,019				1,654				5.0
Intermodal revenue, net of fuel surcharge revenue		-				10,268				(10,268	)			(100.0	)
Intermodal fuel surcharge revenue		-				1,849				(1,849	)			(100.0	)
Total Intermodal revenue		-				12,117				(12,117	)			(100.0	)
Total operating revenue	$	203,526			$	223,152			$	(19,626	)			(8.8	)%
Operating income/(loss):
Truckload	$	(944	)		$	(300	)		$	(644	)			(214.7	)%
Dedicated		1,622				4,854				(3,232	)			(66.6	)
Brokerage		914				2,160				(1,246	)			(57.7	)
Intermodal		-				(855	)			855				100.0
Total operating income	$	1,592			$	5,859			$	(4,267	)			(72.8	)%
Operating ratio:
Truckload		100.9	%			100.3	%
Dedicated		97.4				93.4
Brokerage		97.4				93.5
Intermodal		-				107.1
Consolidated operating ratio		99.2	%			97.4	%
Operating ratio, net of fuel surcharges:
Truckload		101.1	%			100.3	%
Dedicated		96.9				92.2
Brokerage		97.4				93.5
Intermodal		-				108.3
Consolidated operating ratio, net of fuel surcharges		99.1	%			97.0	%

MARTEN TRANSPORT, LTD. OPERATING STATISTICS (Unaudited)
	Three Months
	Ended March 31,
	2026				2025
Truckload Segment:
Revenue (in thousands)	$	105,390			$	104,391
Average revenue, net of fuel surcharges, per tractor per week(1)	$	4,425			$	4,196
Average tractors(1)		1,570				1,670
Average miles per trip		518				537
Non-revenue miles percentage(2)		10.8	%			11.2	%
Total miles (in thousands)		36,887				38,273
Dedicated Segment:
Revenue (in thousands)	$	63,463			$	73,625
Average revenue, net of fuel surcharges, per tractor per week(1)	$	3,909			$	3,846
Average tractors(1)		1,058				1,262
Average miles per trip		298				308
Non-revenue miles percentage(2)		1.3	%			1.6	%
Total miles (in thousands)		21,905				25,236
Brokerage Segment:
Revenue (in thousands)	$	34,673			$	33,019
Loads		23,882				20,416
Intermodal Segment:
Revenue (in thousands)	$	-			$	12,117
Loads		-				3,657
Average tractors		-				77
At March 31, 2026 and March 31, 2025:
Total tractors(1)		2,595				3,040
Average age of company tractors (in years)		2.4				2.0
Total trailers		5,021				5,331
Average age of company trailers (in years)		5.1				5.4
Ratio of trailers to tractors(1)		1.9				1.8
Total refrigerated containers		-				786

	Three Months
	Ended March 31,
(In thousands)	2026				2025
Net cash provided by operating activities	$	33,049			$	36,215
Net cash used for investing activities		(1,607	)			(8,413	)
Net cash used for financing activities		(4,934	)			(5,164	)
Weighted average shares outstanding:
Basic		81,579				81,493
Diluted		81,579				81,508

(1)	Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 77 and 82 tractors as of March 31, 2026 and 2025, respectively.
(2)	Represents the percentage of miles for which the company is not compensated.