Operating revenue was $203.5 million for the first quarter of 2026 compared with $223.2 million for the first quarter of 2025. Our intermodal operations, which were sold in 2025, had operating revenue of $12.1 million in the 2025 quarter. Excluding fuel surcharges, operating revenue was $177.2 million for the 2026 quarter compared with $195.8 million for the 2025 quarter. Fuel surcharge revenue decreased to $26.4 million for the 2026 quarter from $27.4 million for the 2025 quarter.
Operating income was $1.6 million for the first quarter of 2026 compared with $5.9 million for the first quarter of 2025.
Operating expenses as a percentage of operating revenue were 99.2% for the 2026 first quarter and 97.4% for the 2025 first quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 99.1% for the 2026 quarter and 97.0% for the 2025 quarter.
Chairman of the Board and Chief Executive Officer Randolph L. Marten stated, "Our people drove sequential increases in our revenue per tractor within our truckload and dedicated operations each of the last two quarters. This impact on our earnings was more than offset by the prolonged severe winter storms and the sharp spike in diesel prices in the first quarter."
"Our unique multifaceted business model's value continued to be highlighted by the operating results of our dedicated and brokerage operations. 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 improving profitable organic growth opportunities."
"We believe that the freight market is in the early stages of recovery fueled by the current administration's accelerating immigration enforcement clampdowns on multiple fronts -- including noncompliant state licensing practices for non-domiciled commercial driver's licenses, or CDL's, English Language Proficiency enforcement, electronic logging device fraud, CDL mills and chameleon carriers. These measures are structural changes to the freight market that have been and are expected to continue contracting capacity by removing noncompliant and unqualified drivers who never should have been driving in the first place."
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 accelerating immigration enforcement clampdowns on multiple fronts -- including noncompliant state licensing practices for non-domiciled commercial driver's licenses, or CDL's, English Language Proficiency enforcement, electronic logging device fraud, CDL mills and chameleon carriers, 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. 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
March 31,
December 31,
(In thousands, except share information)
2026
2025
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
69,786
$
43,278
Escrow deposit
5,000
5,000
Receivables:
Trade, net
91,911
85,807
Other
8,114
13,084
Prepaid expenses and other
20,792
24,532
Total current assets
195,603
171,701
Property and equipment:
Revenue equipment, buildings and land, office equipment and other
1,112,817
1,128,932
Accumulated depreciation
(362,739
)
(352,426
)
Net property and equipment
750,078
776,506
Other noncurrent assets
1,546
1,560
Total assets
$
947,227
$
949,767
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
27,756
$
28,769
Insurance and claims accruals
44,853
43,700
Accrued and other current liabilities
21,641
19,763
Total current liabilities
94,250
92,232
Deferred income taxes
88,612
89,716
Noncurrent operating lease liabilities
157
194
Total liabilities
183,019
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; 81,589,135 shares at March 31, 2026, and 81,542,174 shares at December 31, 2025, issued and outstanding
816
815
Additional paid-in capital
54,858
54,762
Retained earnings
708,534
712,048
Total stockholders' equity
764,208
767,625
Total liabilities and stockholders' equity
$
947,227
$
949,767
MARTEN TRANSPORT, LTD.CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS(Unaudited)
Three Months
Ended March 31,
(In thousands, except per share information)
2026
2025
Operating revenue
$
203,526
$
223,152
Operating expenses (income):
Salaries, wages and benefits
72,119
78,800
Purchased transportation
33,468
37,656
Fuel and fuel taxes
33,907
33,117
Supplies and maintenance
15,128
15,513
Depreciation
25,006
27,470
Operating taxes and licenses
2,245
2,417
Insurance and claims
13,245
13,377
Communications and utilities
2,105
2,279
