Key Highlights

● Marten traded at about $11.21 after hours on October 22.

● The after-hours price is not a closing price.

● Revenue excluding fuel surcharges fell to $184.2 million from $194.0 million.

● Net income of $2.9 million rose from a year earlier.

Marten Transport (NASDAQ:MRTN) slid in after-hours trading on Thursday, October 22, 2026, after the trucking company reported a drop in revenue excluding fuel surcharges. The stock fell to about $11.21 after the report, making it one of the notable S&P SmallCap 600 movers after the closing bell.

The decline occurred after the regular session ended at 4pm ET and is not a closing price.

Profit up, core revenue down

On the surface, the quarter looked solid. Marten reported third-quarter net income of $2.9 million, up from a year earlier, and earnings of $0.04 per share, compared with $0.03. Operating revenue edged up to $223.2 million.

The figure investors focused on, however, was revenue excluding fuel surcharges, which fell to $184.2 million from $194.0 million.

That distinction matters. Trucking companies pass rising fuel costs on to customers through surcharges, which can inflate headline revenue when diesel prices are high. Stripping out those surcharges gives a cleaner view of underlying freight demand and pricing, and on that measure, Marten's revenue shrank.

A tighter market ahead?

Randolph L. Marten struck a more upbeat note about conditions. "The truckload freight market has sharply tightened since earlier this year," he said.

A tighter freight market, where trucking capacity is scarcer relative to demand, typically gives carriers more pricing power. If that persists, it could eventually support revenue. But investors appeared to focus on the decline that already showed up in the numbers.

Rails versus trucks

The results came on a day when rail stocks rallied. CSX (NASDAQ:CSX) jumped after beating forecasts, and high diesel prices, which hit a record $6.53 a gallon in September, are shifting freight from trucks to rail, according to reports on its results. Union Pacific (NYSE:UNP) and Norfolk Southern (NYSE:NSC) also rose after their results.

Among truckers, Knight-Swift (NYSE:KNX) reported third-quarter earnings of $0.83 per share, above the $0.76 estimate. Ryder System (NYSE:R) rose after raising its full-year profit outlook.

Fuel remains a major pressure point for the industry. Oil kept climbing on Thursday, with Brent crude settling at $113.17, its highest since May 4, and WTI near $99.47.

The broader market

The main story during the regular session was a selloff in artificial-intelligence and chip stocks. The Nasdaq Composite fell 694.00 points to 26,008.86, its steepest drop since June 5, after Meta Platforms (NASDAQ:META) reported heavy AI spending and Lam Research (NASDAQ:LRCX) warned of supply constraints. The S&P 500 slid 93.74 points to 7,663.43, its worst day since July.

Small caps held up better. The Russell 2000 edged up 3.01 points to 2,784.03, and about two of every three S&P 500 stocks rose, according to market reports. Treasuries rallied, sending the 10-year yield back below a closely watched threshold for the first time since September 22.

Marten Transport Faces Friday and Diesel Prices

The first test for Marten is Friday's open, which will show whether the after-hours decline holds. Investors will look for evidence that the tightening freight market Randolph Marten described is translating into better pricing and volumes.

Diesel prices will remain central. If fuel stays high, the shift of freight toward rail could continue to pressure truckers. On the macro front, the third-quarter GDP report on October 29 will offer a broad read on economic activity and freight demand.