MONDOVI, Wis., Oct. 23, 2025 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $2.2 million, or 3 cents per diluted share, for the third quarter ended September 30, 2025, compared with $3.8 million, or 5 cents per diluted share, for the third quarter of 2024. For the nine-month period ended September 30, 2025, net income was $13.7 million, or 17 cents per diluted share, compared with $21.3 million, or 26 cents per diluted share, for the 2024 nine-month period.

Operating revenue was $220.5 million for the third quarter of 2025 compared with $237.4 million for the third quarter of 2024. Excluding fuel surcharges, operating revenue was $194.0 million for the 2025 quarter compared with $207.9 million for the 2024 quarter. Fuel surcharge revenue decreased to $26.5 million for the 2025 quarter from $29.5 million for the 2024 quarter.

Operating revenue was $673.5 million for the first nine months of 2025 compared with $733.3 million for the first nine months of 2024. Excluding fuel surcharges, operating revenue was $593.5 million for the 2025 period compared with $637.1 million for the 2024 period. Fuel surcharge revenue decreased to $80.0 million for the 2025 period from $96.1 million for the 2024 period.

Operating income was $2.7 million for the third quarter of 2025 compared with $4.3 million for the third quarter of 2024.

Operating income was $18.3 million for the first nine months of 2025 compared with $26.5 million for the first nine months of 2024.

Operating expenses as a percentage of operating revenue were 98.8% for the 2025 quarter and 98.2% for the 2024 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 98.6% for the 2025 quarter and 97.9% for the 2024 quarter.

Operating expenses as a percentage of operating revenue were 97.3% for the first nine months of 2025 and 96.4% for the first nine months of 2024. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 96.9% for the 2025 period and 95.8% for the 2024 period.

Chairman of the Board and Chief Executive Officer Randolph L. Marten stated, “Our earnings have continued to be significantly 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, unacceptable freight rate reductions and freight network disruptions. Our unique multifaceted business model’s value continued to be highlighted by the operating results of our dedicated and brokerage operations for the first nine months of this year and throughout last year.”

“We remain focused on minimizing the freight market’s impact with our emphasis on safe, premium service, data-driven operating efficiencies and 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 future 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 and B-1 visa regulations to positively impact such opportunities.”

“We also closed on the previously announced agreement to sell assets related to our intermodal business to Hub Group, Inc. (NASDAQ: HUBG), effective September 30, 2025. The transaction was structured as an asset sale of certain intermodal equipment, including over 1,200 refrigerated containers, and contracts to Hub Group, Inc. for $51.8 million in cash. This transaction clarifies our focus on investing in and positioning our core operations for future expansion.”

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 and B-1 visa 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

 
  September 30,  December 31, 
(In thousands, except share information) 2025  2024 
   (Unaudited)     
ASSETS        
Current assets:        
Cash and cash equivalents $49,485  $17,267 
Receivables:        
Trade, net  92,011   89,992 
Other  9,201   5,364 
Prepaid expenses and other  25,296   25,888 
Total current assets  175,993   138,511 
         
Property and equipment:        
Revenue equipment, buildings and land, office equipment and other  1,148,269   1,198,737 
Accumulated depreciation  (355,266)  (370,124)
Net property and equipment  793,003   828,613 
Escrow deposit  5,000   - 
Other noncurrent assets  1,655   1,633 
Total assets $975,651  $968,757 
         
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Current liabilities:        
Accounts payable $39,744  $25,781 
Insurance and claims accruals  41,313   44,246 
Accrued and other current liabilities  34,527   23,492 
Total current liabilities  115,584   93,519 
Deferred income taxes  91,617   107,034 
Noncurrent operating lease liabilities  250   282 
Total liabilities  207,451   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; 81,520,424 shares at September 30, 2025, and 81,463,938 shares at December 31, 2024, issued and outstanding  815   815 
Additional paid-in capital  54,143   52,941 
Retained earnings  713,242   714,166 
Total stockholders’ equity  768,200   767,922 
Total liabilities and stockholders’ equity $975,651  $968,757 
         


MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)

 
  Three Months  Nine Months 
  Ended September 30,  Ended September 30, 
(In thousands, except per share information) 2025  2024  2025  2024 
                 
Operating revenue $220,470  $237,366  $673,544  $733,276 
                 
Operating expenses (income):                
Salaries, wages and benefits  78,972   83,442   236,342   258,723 
Purchased transportation  42,284   44,862   123,063   129,911 
Fuel and fuel taxes  33,526   35,781   99,234   114,151 
Supplies and maintenance  15,585   16,464   46,704   49,006 
Depreciation  25,447   27,392   80,224   84,125 
Operating taxes and licenses  2,423   2,505   7,291   7,619 
Insurance and claims  11,382   13,759   40,611   37,975 
Communications and utilities  2,093   2,166   6,536   6,834 
Gain on disposition of revenue equipment  (1,903)  (881)  (8,750)  (4,584)
Other  7,923   7,607   23,958   23,023 
                 
Total operating expenses  217,732   233,097   655,213   706,783 
                 
Operating income  2,738   4,269   18,331   26,493 
                 
Other  (213)  (922)  (998)  (2,732)
                 
Income before income taxes  2,951   5,191   19,329   29,225 
                 
Income taxes expense  725   1,437   5,582   7,936 
                 
Net income $2,226  $3,754  $13,747  $21,289 
                 
Basic earnings per common share $0.03  $0.05  $0.17  $0.26 
                 
Diluted earnings per common share $0.03  $0.05  $0.17  $0.26 
                 
Dividends declared per common share $0.06  $0.06  $0.18  $0.18 
                 

        

MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)

          Dollar  Percentage 
          Change  Change 
  Three Months  Three Months  Three Months 
  Ended  Ended  Ended 
  September 30,  September 30,  September 30, 
(Dollars in thousands) 2025  2024  2025 vs. 2024  2025 vs. 2024 
Operating revenue:                
Truckload revenue, net of fuel surcharge revenue $90,138  $93,278  $(3,140)  (3.4)%
Truckload fuel surcharge revenue  14,691   15,146   (455)  (3.0)
Total Truckload revenue  104,829   108,424   (3,595)  (3.3)
                 
Dedicated revenue, net of fuel surcharge revenue  56,675   62,898   (6,223)  (9.9)
Dedicated fuel surcharge revenue  10,335   12,123   (1,788)  (14.7)
Total Dedicated revenue  67,010   75,021   (8,011)  (10.7)
                 
Intermodal revenue, net of fuel surcharge revenue  8,369   12,289   (3,920)  (31.9)
Intermodal fuel surcharge revenue  1,482   2,220   (738)  (33.2)
Total Intermodal revenue  9,851   14,509   (4,658)  (32.1)
                 
Brokerage revenue  38,780   39,412   (632)  (1.6)
                 
Total operating revenue $220,470  $237,366  $(16,896)  (7.1)%
                 
Operating income/(loss):                
Truckload $(2,002) $(142) $(1,860)  (1,309.9)%
Dedicated  3,426   3,056   370   12.1 
Intermodal  (293)  (1,542)  1,249   81.0 
Brokerage  1,607   2,897   (1,290)  (44.5)
Total operating income $2,738  $4,269  $(1,531)  (35.9)%
                 
Operating ratio:                
Truckload  101.9%  100.1%        
Dedicated  94.9   95.9         
Intermodal  103.0   110.6         
Brokerage  95.9   92.6         
Consolidated operating ratio  98.8%  98.2%        
                 
Operating ratio, net of fuel surcharges:                
Truckload  102.2%  100.2%        
Dedicated  94.0   95.1         
Intermodal  103.5   112.5         
Brokerage  95.9   92.6         
Consolidated operating ratio, net of fuel surcharges  98.6%  97.9%        



MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)

          Dollar  Percentage 
          Change  Change 
  Nine Months  Nine Months  Nine Months 
  Ended  Ended  Ended 
  September 30,  September 30,  September 30, 
(Dollars in thousands) 2025  2024  2025 vs. 2024  2025 vs. 2024 
Operating revenue:                
Truckload revenue, net of fuel surcharge revenue $272,728  $284,346  $(11,618)  (4.1)%
Truckload fuel surcharge revenue  42,978   48,152   (5,174)  (10.7)
Total Truckload revenue  315,706   332,498   (16,792)  (5.1)
                 
Dedicated revenue, net of fuel surcharge revenue  180,418   202,080   (21,662)  (10.7)
Dedicated fuel surcharge revenue  32,091   40,667   (8,576)  (21.1)
Total Dedicated revenue  212,509   242,747   (30,238)  (12.5)
                 
Intermodal revenue, net of fuel surcharge revenue  28,730   38,230   (9,500)  (24.8)
Intermodal fuel surcharge revenue  4,941   7,315   (2,374)  (32.5)
Total Intermodal revenue  33,671   45,545   (11,874)  (26.1)
                 
Brokerage revenue  111,658   112,486   (828)  (0.7)
                 
Total operating revenue $673,544  $733,276  $(59,732)  (8.1)%
                 
Operating income/(loss):                
Truckload $42  $1,462  $(1,420)  (97.1)%
Dedicated  13,709   18,964   (5,255)  (27.7)
Intermodal  (1,883)  (2,420)  537   22.2 
Brokerage  6,463   8,487   (2,024)  (23.8)
Total operating income $18,331  $26,493  $(8,162)  (30.8)%
                 
Operating ratio:                
Truckload  100.0%  99.6%        
Dedicated  93.5   92.2         
Intermodal  105.6   105.3         
Brokerage  94.2   92.5         
Consolidated operating ratio  97.3%  96.4%        
                 
Operating ratio, net of fuel surcharges:                
Truckload  100.0%  99.5%        
Dedicated  92.4   90.6         
Intermodal  106.6   106.3         
Brokerage  94.2   92.5         
Consolidated operating ratio, net of fuel surcharges  96.9%  95.8%        



MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited)

  Three Months  Nine Months 
  Ended September 30,  Ended September 30, 
  2025  2024  2025  2024 
Truckload Segment:                
Revenue (in thousands) $104,829  $108,424  $315,706  $332,498 
Average revenue, net of fuel surcharges, per tractor per week(1) $4,129  $4,187  $4,178  $4,090 
Average tractors(1)  1,661   1,695   1,674   1,776 
Average miles per trip  508   533   523   533 
Non-revenue miles percentage(2)  11.0%  12.2%  11.1%  12.1%
Total miles (in thousands)  38,081   39,288   115,575   119,838 
                 
Dedicated Segment:                
Revenue (in thousands) $67,010  $75,021  $212,509  $242,747 
Average revenue, net of fuel surcharges, per tractor per week(1) $3,776  $3,693  $3,811  $3,744 
Average tractors(1)  1,142   1,296   1,214   1,379 
Average miles per trip  292   311   300   321 
Non-revenue miles percentage(2)  1.1%  1.3%  1.3%  1.2%
Total miles (in thousands)  23,206   26,571   73,574   83,882 
                 
Intermodal Segment:                
Revenue (in thousands) $9,851  $14,509  $33,671  $45,545 
Loads  2,956   4,119   10,168   13,172 
Average tractors  61   104   72   117 
                 
Brokerage Segment:                
Revenue (in thousands) $38,780  $39,412  $111,658  $112,486 
Loads  25,940   24,628   70,450   67,389 
                 
At September 30, 2025 and September 30, 2024:                
Total tractors(1)  2,823   3,080         
Average age of company tractors (in years)  2.2   1.8         
Total trailers  5,165   5,456         
Average age of company trailers (in years)  4.9   5.2         
Ratio of trailers to tractors(1)  1.8   1.8         
Total refrigerated containers  -   786         


       
  Three Months  Nine Months 
  Ended September 30,  Ended September 30, 
(In thousands) 2025  2024  2025  2024 
                 
Net cash provided by operating activities $18,538  $29,478  $87,906  $111,021 
Net cash provided by/(used for) investing activities  5,786   (59,222)  (35,742)  (107,247)
Net cash (used for) financing activities  (4,891)  (4,465)  (14,946)  (13,997)
                 
Weighted average shares outstanding:                
Basic  81,520   81,437   81,508   81,389 
Diluted  81,527   81,492   81,516   81,460 


(1)Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 83 and 94 tractors as of September 30, 2025 and 2024, respectively. 
  
(2)Represents the percentage of miles for which the company is not compensated.

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Source: Marten Transport, Ltd.

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