Hub Group Cuts 2026 Revenue Outlook and Flags Nasdaq Delisting
The company now estimates full-year 2026 operating revenue of about $3.6 billion to $3.8 billion, down from a February range of $3.65 billion to $3.95 billion.
Hub Group, Inc. (HUBG) lowered its full-year 2026 operating revenue outlook to approximately $3.6 billion to $3.8 billion from the preliminary range of $3.65 billion to $3.95 billion it introduced in February, and said it expects an operating loss in the first half of 2026 before one-time charges.
The transportation and logistics company also said it needs more time to finish restating previously issued financial statements and to file its 2025 Form 10-K and 2026 quarterly reports. Nasdaq had granted an exception through September 14, 2026. The company expects to complete those filings in the fourth quarter of 2026 and to receive a Staff Delisting Determination letter, and intends to request a hearing and a stay.
Preliminary first- and second-quarter 2026 results, which are unaudited and subject to the restatement, put consolidated operating revenue for the first half in a range of $1.70 billion to $1.80 billion, near the company’s expectations. It is not providing an operating income or loss range because of ongoing close procedures.
Operating results in the first half were negatively affected by higher fuel, rail and drayage costs that hit Intermodal and Transportation Solutions, and by excess capacity in Consolidation and Fulfillment that weighed on Logistics. Incremental costs tied to the accounting review and restatement also reduced results.
ITS revenue benefited from relatively stable volumes and tightening market capacity that supported over-the-road conversion and pricing momentum. Segment operating results were still hurt by those input costs incurred before rate increases that began in the third quarter of 2026.
Logistics revenue benefited from new Final Mile business. Managed Transportation saw modest revenue declines on lower customer activity. Brokerage revenue and volume declined as the company focused on profitability. Consolidation and Fulfillment revenue was negatively affected by select customer attrition versus the year-earlier period. The company expects first-half Logistics operating results to remain pressured by excess capacity in that line.
Beginning in the second quarter of 2026, Hub Group started a new efficiency program covering yield management across services, warehousing consolidation, driver and warehouse productivity, targeted cost reductions and order-to-cash enhancements, on top of a previously communicated cost-reduction program. President and Vice Chairman Phil Yeager said the company is focused on growth, profitability and operating cash flows.
As of June 30, 2026, cash and cash equivalents were approximately $132 million and restricted cash was about $28 million. Debt totaled approximately $198 million, leaving net debt of about $66 million, compared with net debt of approximately $116 million at December 31, 2025. Capital expenditures for the six months ended June 30, 2026, are estimated at about $12 million. In August, the company borrowed $75 million under its $450 million revolving credit facility.
For full-year 2026, Hub Group now estimates capital expenditures of approximately $40 million to $50 million, up from the preliminary $35 million to $45 million range given in February.
On September 11, 2026, the company amended its revolving credit agreement to extend delivery of audited 2025 annual and 2026 quarterly financial statements to November 30, 2026, and to allow restatement-related costs incurred on or before December 31, 2026, to be added back in covenant EBITDA.
Effective September 14, 2026, David Yeager returned as Chairman and Chief Executive Officer, with Phillip Yeager continuing as President and Vice Chairman. Patrick O’Donnell was appointed CFO-elect and is expected to take the CFO role after the 2025 Form 10-K is filed; Todd Heeter remains interim CFO.
The company expects its Class A common stock to continue trading on the Nasdaq Global Select Market during the hearing process and intends to present a plan to regain listing compliance.