MONDOVI, Wis., Oct. 22, 2026 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 30.7% improvement in net income to $2.9 million, or 4 cents per diluted share, for the third quarter ended September 30, 2026, from $2.2 million, or 3 cents per diluted share, for the third quarter of 2025. For the nine-month period ended September 30, 2026, net income was $9.6 million, or 12 cents per diluted share, compared with $13.7 million, or 17 cents per diluted share, for the 2025 nine-month period.

Operating revenue was $223.2 million for the third quarter of 2026 compared with $220.5 million for the third quarter of 2025. Our intermodal operations, which were sold in 2025, had operating revenue of $9.9 million in the 2025 quarter. Excluding fuel surcharges, operating revenue was $184.2 million for the 2026 quarter compared with $194.0 million for the 2025 quarter. Fuel surcharge revenue increased to $39.0 million for the 2026 quarter from $26.5 million for the 2025 quarter.

Operating revenue was $650.3 million for the first nine months of 2026 compared with $673.5 million for the first nine months of 2025. Our intermodal operations had operating revenue of $33.7 million in the first nine months of 2025. Excluding fuel surcharges, operating revenue was $546.6 million for the 2026 period compared with $593.5 million for the 2025 period. Fuel surcharge revenue increased to $103.7 million for the 2026 period from $80.0 million for the 2025 period.

Operating income improved 11.9% to $3.1 million for the third quarter of 2026 from $2.7 million for the third quarter of 2025.

Operating income was $11.6 million for the first nine months of 2026 compared with $18.3 million for the first nine months of 2025.

Operating expenses as a percentage of operating revenue improved to 98.6% for the 2026 quarter from 98.8% for the 2025 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 98.3% for the 2026 quarter from 98.6% for the 2025 quarter.

Operating expenses as a percentage of operating revenue were 98.2% for the first nine months of 2026 and 97.3% for the first nine months of 2025. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 97.9% for the 2026 period and 96.9% for the 2025 period.

Chairman of the Board and Chief Executive Officer Randolph L. Marten stated, “The truckload freight market has sharply tightened since earlier this year as renewed and enhanced enforcement of federal and state law is removing a meaningful amount of noncompliant and unqualified driver capacity from the marketplace. We are securing higher pricing from our customers for our premium services while enhancing freight quality across our network within these early stages of the freight market upcycle. Our Truckload average rate per total mile, net of fuel surcharges, increased 14.1% over the third quarter of 2025.”

“Despite these positive trends, our earnings were negatively affected by unusually high net fuel and health insurance costs. Relative to our average quarterly levels during the first half of the year, net fuel increased by $3.5 million and health insurance, within salaries, wages and benefits, increased by $2.0 million in the third quarter. Over the same period, the increase in our rate of driver pay negatively impacted results by $1.0 million, while a larger gain on sale of revenue equipment provided a $1.5 million benefit. Collectively, these factors reduced our third quarter net income by $3.7 million, or 4.5 cents per share.”

“We are focused on mitigating the impact of the recent rise in diesel fuel prices to record levels through disciplined fuel expense and fuel surcharge management initiatives. The margin pressure results primarily from the timing lag inherent in truckload industry fuel surcharge programs relative to rapidly rising diesel fuel costs, as well as the higher fuel consumption associated with our temperature-controlled operations.”

“As we continue through our 80th year, our priorities remain unchanged: delivering safe, premium service, driving operating efficiencies through data and technology, and maintaining rigorous cost discipline. Our strong, debt-free balance sheet provides the financial flexibility to continue investing in our technology and modern fleet, while positioning the Company to capitalize on attractive opportunities for profitable organic growth.”

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 renewed and enhanced enforcement of federal and state law that is removing a meaningful amount of noncompliant and unqualified driver capacity from the marketplace, 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, and in Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. 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)2026

2025

(Unaudited)




ASSETS






Current assets:






Cash and cash equivalents$91,503

$43,278
Escrow deposit
5,000


5,000
Receivables:






Trade, net
96,911


85,807
Other
8,403


13,084
Prepaid expenses and other
22,574


24,532
Total current assets
224,391


171,701








Property and equipment:






Revenue equipment, buildings and land, office equipment and other
1,086,781


1,128,932
Accumulated depreciation
(356,617)

(352,426)
Net property and equipment
730,164


776,506
Other noncurrent assets
1,411


1,560
Total assets$955,966

$949,767








LIABILITIES AND STOCKHOLDERS’ EQUITY






Current liabilities:






Accounts payable$35,784

$28,769
Insurance and claims accruals
42,620


43,700
Accrued and other current liabilities
23,038


19,763
Total current liabilities
101,442


92,232
Deferred income taxes
90,278


89,716
Noncurrent operating lease liabilities
82


194
Total liabilities
191,802


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; 81,661,669 shares at September 30, 2026, and 81,542,174 shares at December 31, 2025, issued and outstanding
817


815
Additional paid-in capital
56,364


54,762
Retained earnings
706,983


712,048
Total stockholders’ equity
764,164


767,625
Total liabilities and stockholders’ equity$955,966

$949,767









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)2026

2025

2026

2025
















Operating revenue$223,231

$220,470

$650,300

$673,544
















Operating expenses (income):














Salaries, wages and benefits
72,970


78,972


217,627


236,342
Purchased transportation
37,917


42,284


110,204


123,063
Fuel and fuel taxes
49,302


33,526


128,976


99,234
Supplies and maintenance
15,639


15,585


46,085


46,704
Depreciation
24,458


25,447


74,226


80,224
Operating taxes and licenses
2,252


2,423


6,770


7,291
Insurance and claims
11,153


11,382


33,704


40,611
Communications and utilities
2,118


2,093


6,375


6,536
Gain on disposition of revenue equipment
(3,027)

(1,903)

(6,120)

(8,750)
Other
7,385


7,923


20,881


23,958
















Total operating expenses
220,167


217,732


638,728


655,213
















Operating income
3,064


2,738


11,572


18,331
















Other
(882)

(213)

(2,060)

(998)
















Income before income taxes
3,946


2,951


13,632


19,329
















Income taxes expense
1,037


725


4,002


5,582
















Net income$2,909

$2,226

$9,630

$13,747
















Basic earnings per common share$0.04

$0.03

$0.12

$0.17
















Diluted earnings per common share$0.04

$0.03

$0.12

$0.17
















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)2026

2025

2026 vs. 2025

2026 vs. 2025
Operating revenue:














Truckload revenue, net of fuel surcharge revenue$94,053

$90,138

$3,915


4.3%
Truckload fuel surcharge revenue
23,251


14,691


8,560


58.3
Total Truckload revenue
117,304


104,829


12,475


11.9
















Dedicated revenue, net of fuel surcharge revenue
51,442


56,675


(5,233)

(9.2)
Dedicated fuel surcharge revenue
15,748


10,335


5,413


52.4
Total Dedicated revenue
67,190


67,010


180


0.3
















Brokerage revenue
38,737


38,780


(43)

(0.1)
















Intermodal revenue, net of fuel surcharge revenue
-


8,369


(8,369)

(100.0)
Intermodal fuel surcharge revenue
-


1,482


(1,482)

(100.0)
Total Intermodal revenue
-


9,851


(9,851)

(100.0)
















Total operating revenue$223,231

$220,470

$2,761


1.3%
















Operating income/(loss):














Truckload$(192)
$(2,002)
$1,810


90.4%
Dedicated
1,248


3,426


(2,178)

(63.6)
Brokerage
2,008


1,607


401


25.0
Intermodal
-


(293)

293


100.0
Total operating income$3,064

$2,738

$326


11.9%
















Operating ratio:














Truckload
100.2%

101.9%







Dedicated
98.1


94.9








Brokerage
94.8


95.9








Intermodal
-


103.0








Consolidated operating ratio
98.6%

98.8%























Operating ratio, net of fuel surcharges:














Truckload
100.2%

102.2%







Dedicated
97.6


94.0








Brokerage
94.8


95.9








Intermodal
-


103.5








Consolidated operating ratio, net of fuel surcharges
98.3%

98.6%
























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)2026

2025

2026 vs. 2025

2026 vs. 2025
Operating revenue:














Truckload revenue, net of fuel surcharge revenue$276,084

$272,728

$3,356


1.2%
Truckload fuel surcharge revenue
62,930


42,978


19,952


46.4
Total Truckload revenue
339,014


315,706


23,308


7.4
















Dedicated revenue, net of fuel surcharge revenue
157,194


180,418


(23,224)

(12.9)
Dedicated fuel surcharge revenue
40,755


32,091


8,664


27.0
Total Dedicated revenue
197,949


212,509


(14,560)

(6.9)
















Brokerage revenue
113,337


111,658


1,679


1.5
















Intermodal revenue, net of fuel surcharge revenue
-


28,730


(28,730)

(100.0)
Intermodal fuel surcharge revenue
-


4,941


(4,941)

(100.0)
Total Intermodal revenue
-


33,671


(33,671)

(100.0)
















Total operating revenue$650,300

$673,544

$(23,244)

(3.5)%
















Operating income/(loss):














Truckload$1,281

$42

$1,239


2,950.0%
Dedicated
5,310


13,709


(8,399)

(61.3)
Brokerage
4,981


6,463


(1,482)

(22.9)
Intermodal
-


(1,883)

1,883


100.0
Total operating income$11,572

$18,331

$(6,759)

(36.9)%
















Operating ratio:














Truckload
99.6%

100.0%







Dedicated
97.3


93.5








Brokerage
95.6


94.2








Intermodal
-


105.6








Consolidated operating ratio
98.2%

97.3%























Operating ratio, net of fuel surcharges:














Truckload
99.5%

100.0%







Dedicated
96.6


92.4








Brokerage
95.6


94.2








Intermodal
-


106.6








Consolidated operating ratio, net of fuel surcharges
97.9%

96.9%
























MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited)







Three Months

Nine Months

Ended September 30,

Ended September 30,

2026

2025

2026

2025
Truckload Segment:














Revenue (in thousands)$117,304

$104,829

$339,014

$315,706
Average revenue, net of fuel surcharges, per tractor per week(1)$4,749

$4,129

$4,588

$4,178
Average tractors(1)
1,507


1,661


1,543


1,674
Average miles per trip
506


508


511


523
Non-revenue miles percentage(2)
10.7%

11.0%

10.7%

11.1%
Total miles (in thousands)
34,825


38,081


108,587


115,575
















Dedicated Segment:














Revenue (in thousands)$67,190

$67,010

$197,949

$212,509
Average revenue, net of fuel surcharges, per tractor per week(1)$3,862

$3,776

$3,896

$3,811
Average tractors(1)
1,013


1,142


1,035


1,214
Average miles per trip
292


292


295


300
Non-revenue miles percentage(2)
1.1%

1.1%

1.1%

1.3%
Total miles (in thousands)
21,559


23,206


65,960


73,574
















Brokerage Segment:














Revenue (in thousands)$38,737

$38,780

$113,337

$111,658
Loads
22,141


25,940


70,613


70,450
















Intermodal Segment:














Revenue (in thousands)$-

$9,851

$-

$33,671
Loads
-


2,956


-


10,168
Average tractors
-


61


-


72
















At September 30, 2026 and September 30, 2025:














Total tractors(1)
2,501


2,823








Average age of company tractors (in years)
2.5


2.2








Total trailers
5,065


5,165








Average age of company trailers (in years)
5.3


4.9








Ratio of trailers to tractors(1)
2.0


1.8


























Three Months

Nine Months

Ended September 30,

Ended September 30,
(In thousands)2026

2025

2026

2025
















Net cash provided by operating activities$22,567

$18,538

$83,285

$87,906
Net cash provided by/(used for) investing activities
(30,144)

5,786


(21,020)

(35,742)
Net cash used for financing activities
(4,900)

(4,891)

(14,040)

(14,946)
















Weighted average shares outstanding:














Basic
81,662


81,520


81,623


81,508
Diluted
81,664


81,527


81,625


81,516


(1)Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 77 and 83 tractors as of September 30, 2026 and 2025, respectively.

(2)Represents the percentage of miles for which the company is not compensated.