Key Highlights

  • Net income rose 30.7% to USD 2.9 million, or USD 0.04 per diluted share.
  • Truckload rate per total mile, net of fuel surcharges, rose 14.1%.
  • Operating revenue was USD 223.2 million; revenue excluding fuel surcharges fell to USD 184.2 million.
  • Operating expenses were 98.6% of operating revenue, against 98.8%.

Quarter Results

Marten Transport (NASDAQ:MRTN) reported third-quarter 2026 results on Thursday. Net Income was USD 2.9 million, or USD 0.04 per diluted share, against USD 2.2 million, or USD 0.03. Operating Revenue was USD 223.2 million against USD 220.5 million. Excluding fuel surcharges, revenue was USD 184.2 million against USD 194.0 million, while fuel Surcharge revenue rose to USD 39.0 million from USD 26.5 million.

Operating income rose 11.9% to USD 3.1 million. Operating expenses were 98.6% of operating revenue against 98.8%, and 98.3% against 98.6% when both amounts are net of fuel surcharges. The company sold its intermodal operations effective Sept. 30, 2025, and that Business had USD 9.9 million of revenue in the prior-year quarter.

Freight Market

Chairman and CEO Randolph Marten said the truckload market has tightened sharply since earlier this year as renewed and enhanced enforcement of federal and state law removes noncompliant and unqualified driver capacity. He said the company is securing higher prices for its premium services while improving freight quality in the early stages of a freight market upcycle. Truckload average rate per total mile, net of fuel surcharges, rose 14.1% from the third quarter of 2025.

Cost Pressures

Marten said Earnings were reduced by unusually high net fuel and Health Insurance costs. Compared with average quarterly levels in the first half, net fuel cost rose USD 3.5 million and health insurance within salaries, wages and benefits rose USD 2.0 million. The increase in driver pay cost USD 1.0 million, while a larger gain on the sale of revenue equipment provided USD 1.5 million. Together these factors reduced third-quarter net income by USD 3.7 million, or 4.5 cents per share.

The company said it is working to limit the effect of diesel prices at record levels through fuel expense and fuel surcharge management. It attributed the Margin pressure mainly to the timing lag in surcharge programs when diesel prices rise rapidly and to the higher fuel use of its temperature-controlled fleet.

Nine-Month Results

For the first nine months, net income was USD 9.6 million, or USD 0.12 per share, against USD 13.7 million, or USD 0.17. Operating revenue was USD 650.3 million against USD 673.5 million; excluding fuel surcharges it was USD 546.6 million against USD 593.5 million. The prior-year period included USD 33.7 million of intermodal revenue. Operating Income was USD 11.6 million against USD 18.3 million, and operating expenses were 98.2% of revenue against 97.3%.

Cash and equivalents were USD 91.5 million at Sept. 30 against USD 43.3 million at Dec. 31. The company described its business as time- and temperature-sensitive and dry truckload, dedicated, brokerage and Mexico platforms, and noted that it is in its 80th year.

What to Track

The arithmetic of the quarter is plain: the USD 3.7 million of cost items equal more than the USD 2.9 million of net income reported, and fuel surcharge revenue rose USD 12.5 million. Rate per mile rose 14.1% while revenue excluding surcharges fell 5.1%. Reference points are diesel prices and surcharge recovery, health insurance costs, driver pay, rate per mile, enforcement of driver qualification rules, and the operating ratio relative to 98.6%.