Marten Transport Announces Fourth Quarter and Year End Results

MONDOVI, Wis., Jan. 27, 2026 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $3.7 million, or 5 cents per diluted share, for the fourth quarter ended December 31, 2025, compared with $5.6 million, or 7 cents per diluted share, for the fourth quarter of 2024. The 2025 fourth-quarter earnings improved 66.1% sequentially from 2025 third-quarter net income of $2.2 million, or 3 cents per diluted share. For the year ended December 31, 2025, net income was $17.4 million, or 21 cents per diluted share, compared with $26.9 million, or 33 cents per diluted share, for 2024.

Operating revenue was $210.1 million for the fourth quarter of 2025 compared with $230.4 million for the fourth quarter of 2024. Excluding fuel surcharges, operating revenue was $185.5 million for the 2025 quarter compared with $202.9 million for the 2024 quarter. Fuel surcharge revenue decreased to $24.7 million for the 2025 quarter from $27.6 million for the 2024 quarter.

Operating revenue was $883.7 million for 2025 compared with $963.7 million for 2024. Excluding fuel surcharges, operating revenue was $779.0 million for 2025 compared with $840.0 million for 2024. Fuel surcharge revenue decreased to $104.7 million for 2025 from $123.7 million for 2024.

Operating income was $4.6 million for the fourth quarter of 2025 compared with $6.7 million for the fourth quarter of 2024. The 2025 fourth-quarter operating income improved 67.3% from operating income of $2.7 million for the third quarter of 2025.

Operating income was $22.9 million for 2025 compared with $33.2 million for 2024.

Operating expenses as a percentage of operating revenue were 97.8% for the 2025 fourth quarter and 97.1% for the 2024 fourth quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 97.5% for the 2025 fourth quarter and 96.7% for the 2024 fourth quarter, compared with 98.6% for the third quarter of 2025.

Operating expenses as a percentage of operating revenue were 97.4% for 2025 and 96.6% for 2024. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 97.1% for 2025 and 96.0% for 2024.

Chairman of the Board and Chief Executive Officer Randolph L. Marten stated, "We are encouraged by the sequential improvement in our profitability. Our people also drove sequential increases this quarter in our revenue per tractor, rate per total mile and miles per tractor within each of our truckload and dedicated operations."

"Our unique multifaceted business model's value continued to be highlighted by the operating results of our dedicated and brokerage operations throughout the last two years. 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 profitable organic growth opportunities. We expect the current administration's recent immigration enforcement efforts including stricter standards for non-domiciled commercial driver's licenses and increased enforcement of English Language Proficiency regulations to positively impact such opportunities."

Current Investor Presentation

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

This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include a discussion of Marten's prospects for future growth, including the impact on the freight market of the current administration's recent immigration enforcement efforts including stricter standards for non-domiciled commercial driver's licenses and increased enforcement of English Language Proficiency regulations, 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, 2024. 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
	December 31,				December 31,
(In thousands, except share information)	2025				2024
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	43,278			$	17,267
Escrow deposit		5,000				-
Receivables:
Trade, net		85,807				89,992
Other		13,084				5,364
Prepaid expenses and other		24,532				25,888
Total current assets		171,701				138,511
Property and equipment:
Revenue equipment, buildings and land, office equipment and other		1,128,932				1,198,737
Accumulated depreciation		(352,426	)			(370,124	)
Net property and equipment		776,506				828,613
Other noncurrent assets		1,560				1,633
Total assets	$	949,767			$	968,757
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	28,769			$	25,781
Insurance and claims accruals		43,700				44,246
Accrued and other current liabilities		19,763				23,492
Total current liabilities		92,232				93,519
Deferred income taxes		89,716				107,034
Noncurrent operating lease liabilities		194				282
Total liabilities		182,142				200,835
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; 81,542,174 shares at December 31, 2025, and 81,463,938 shares at December 31, 2024, issued and outstanding		815				815
Additional paid-in capital		54,762				52,941
Retained earnings		712,048				714,166
Total stockholders' equity		767,625				767,922
Total liabilities and stockholders' equity	$	949,767			$	968,757

MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
	Three Months								Year
	Ended December 31,								Ended December 31,
(In thousands, except per share information)	2025				2024				2025				2024
Operating revenue	$	210,108			$	230,432			$	883,652			$	963,708
Operating expenses (income):
Salaries, wages and benefits		75,728				83,009				312,070				341,732
Purchased transportation		36,050				39,231				159,113				169,142
Fuel and fuel taxes		30,765				32,992				129,999				147,143
Supplies and maintenance		14,504				14,331				61,208				63,337
Depreciation		25,168				27,528				105,392				111,653
Operating taxes and licenses		2,446				2,683				9,737				10,302
Insurance and claims		15,034				15,134				55,645				53,109
Communications and utilities		2,217				2,195				8,753				9,029
Gain on disposition of revenue equipment		(3,317	)			(387	)			(12,067	)			(4,971	)
Other		6,931				6,989				30,889				30,012
Total operating expenses		205,526				223,705				860,739				930,488
Operating income		4,582				6,727				22,913				33,220
Other		(466	)			(394	)			(1,464	)			(3,126	)
Income before income taxes		5,048				7,121				24,377				36,346
Income taxes expense		1,351				1,488				6,933				9,424
Net income	$	3,697			$	5,633			$	17,444			$	26,922
Basic earnings per common share	$	0.05			$	0.07			$	0.21			$	0.33
Diluted earnings per common share	$	0.05			$	0.07			$	0.21			$	0.33
Dividends declared per common share	$	0.06			$	0.06			$	0.24			$	0.24

MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited)
									Dollar				Percentage
									Change				Change
	Three Months								Three Months				Three Months
	Ended								Ended				Ended
	December 31,								December 31,				December 31,
(Dollars in thousands)	2025				2024				2025 vs. 2024				2025 vs. 2024
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	91,201			$	93,106			$	(1,905	)		(2.0	)%
Truckload fuel surcharge revenue		14,822				14,188				634			4.5
Total Truckload revenue		106,023				107,294				(1,271	)		(1.2	)
Dedicated revenue, net of fuel surcharge revenue		56,086				64,997				(8,911	)		(13.7	)
Dedicated fuel surcharge revenue		9,831				11,391				(1,560	)		(13.7	)
Total Dedicated revenue		65,917				76,388				(10,471	)		(13.7	)
Intermodal revenue, net of fuel surcharge revenue		-				11,238				(11,238	)		(100.0	)
Intermodal fuel surcharge revenue		-				1,971				(1,971	)		(100.0	)
Total Intermodal revenue		-				13,209				(13,209	)		(100.0	)
Brokerage revenue		38,168				33,541				4,627			13.8
Total operating revenue	$	210,108			$	230,432			$	(20,324	)		(8.8	)%
Operating income/(loss):
Truckload	$	783			$	1,821			$	(1,038	)		(57.0	)%
Dedicated		3,025				4,073				(1,048	)		(25.7	)
Intermodal		-				(1,502	)			1,502			100.0
Brokerage		774				2,335				(1,561	)		(66.9	)
Total operating income	$	4,582			$	6,727			$	(2,145	)		(31.9	)%
Operating ratio:
Truckload		99.3	%			98.3	%
Dedicated		95.4				94.7
Intermodal		-				111.4
Brokerage		98.0				93.0
Consolidated operating ratio		97.8	%			97.1	%
Operating ratio, net of fuel surcharges:
Truckload		99.1	%			98.0	%
Dedicated		94.6				93.7
Intermodal		-				113.4
Brokerage		98.0				93.0
Consolidated operating ratio, net of fuel surcharges		97.5	%			96.7	%

MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited)
									Dollar				Percentage
									Change				Change
	Year								Year				Year
	Ended								Ended				Ended
	December 31,								December 31,				December 31,
(Dollars in thousands)	2025				2024				2025 vs. 2024				2025 vs. 2024
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	363,929			$	377,452			$	(13,523	)		(3.6	)%
Truckload fuel surcharge revenue		57,800				62,340				(4,540	)		(7.3	)
Total Truckload revenue		421,729				439,792				(18,063	)		(4.1	)
Dedicated revenue, net of fuel surcharge revenue		236,504				267,077				(30,573	)		(11.4	)
Dedicated fuel surcharge revenue		41,922				52,058				(10,136	)		(19.5	)
Total Dedicated revenue		278,426				319,135				(40,709	)		(12.8	)
Intermodal revenue, net of fuel surcharge revenue		28,730				49,468				(20,738	)		(41.9	)
Intermodal fuel surcharge revenue		4,941				9,286				(4,345	)		(46.8	)
Total Intermodal revenue		33,671				58,754				(25,083	)		(42.7	)
Brokerage revenue		149,826				146,027				3,799			2.6
Total operating revenue	$	883,652			$	963,708			$	(80,056	)		(8.3	)%
Operating income/(loss):
Truckload	$	825			$	3,283			$	(2,458	)		(74.9	)%
Dedicated		16,734				23,037				(6,303	)		(27.4	)
Intermodal		(1,883	)			(3,922	)			2,039			52.0
Brokerage		7,237				10,822				(3,585	)		(33.1	)
Total operating income	$	22,913			$	33,220			$	(10,307	)		(31.0	)%
Operating ratio:
Truckload		99.8	%			99.3	%
Dedicated		94.0				92.8
Intermodal		105.6				106.7
Brokerage		95.2				92.6
Consolidated operating ratio		97.4	%			96.6	%
Operating ratio, net of fuel surcharges:
Truckload		99.8	%			99.1	%
Dedicated		92.9				91.4
Intermodal		106.6				107.9
Brokerage		95.2				92.6
Consolidated operating ratio, net of fuel surcharges		97.1	%			96.0	%

MARTEN TRANSPORT, LTD. OPERATING STATISTICS (Unaudited)
	Three Months								Year
	Ended December 31,								Ended December 31,
	2025				2024				2025				2024
Truckload Segment:
Revenue (in thousands)	$	106,023			$	107,294			$	421,729			$	439,792
Average revenue, net of fuel surcharges, per tractor per week(1)	$	4,200			$	4,227			$	4,184			$	4,123
Average tractors(1)		1,652				1,676				1,668				1,751
Average miles per trip		511				535				520				533
Non-revenue miles percentage(2)		11.2	%			11.8	%			11.1	%			12.1	%
Total miles (in thousands)		38,124				39,147				153,699				158,985
Dedicated Segment:
Revenue (in thousands)	$	65,917			$	76,388			$	278,426			$	319,135
Average revenue, net of fuel surcharges, per tractor per week(1)	$	3,870			$	3,841			$	3,825			$	3,767
Average tractors(1)		1,103				1,288				1,186				1,356
Average miles per trip		296				313				299				319
Non-revenue miles percentage(2)		1.2	%			1.5	%			1.3	%			1.3	%
Total miles (in thousands)		22,782				26,799				96,356				110,681
Intermodal Segment:
Revenue (in thousands)	$	-			$	13,209			$	33,671			$	58,754
Loads		-				3,803				10,168				16,975
Average tractors		-				88				56				110
Brokerage Segment:
Revenue (in thousands)	$	38,168			$	33,541			$	149,826			$	146,027
Loads		25,501				21,749				95,951				89,138
At December 31, 2025 and December 31, 2024:
Total tractors(1)		2,654				3,006
Average age of company tractors (in years)		2.3				1.9
Total trailers		5,107				5,440
Average age of company trailers (in years)		4.9				5.3
Ratio of trailers to tractors(1)		1.9				1.8
Total refrigerated containers		-				786

	Three Months								Year
	Ended December 31,								Ended December 31,
(In thousands)	2025				2024				2025				2024
Net cash provided by operating activities	$	5,582			$	23,793			$	93,488			$	134,814
Net cash used for investing activities		(7,135	)			(44,891	)			(42,877	)			(152,138	)
Net cash used for financing activities		(4,654	)			(4,625	)			(19,600	)			(18,622	)
Weighted average shares outstanding:
Basic		81,524				81,457				81,512				81,406
Diluted		81,530				81,507				81,519				81,472

(1)		Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 77 and 88 tractors as of December 31, 2025 and 2024, respectively.
(2)		Represents the percentage of miles for which the company is not compensated.