PAMT Narrows Operating Loss After Sequential Rate Gain

The Tip Desk · November 3, 2026 · 3 min read

Third-quarter revenue was $162.5 million, up 8.2% from a year earlier, as the truckload carrier posted a $5.0 million operating loss.

PAMT CORP (PAMT), a holding company for truckload dry-van carriers, reported an operating loss of $5.0 million for the quarter ended September 30, 2026, narrowing from a $10.4 million operating loss in the second quarter.

Consolidated operating revenues were $162.5 million, up 8.2% from $150.3 million a year earlier. The year-over-year increase slowed from the 8.9% rise recorded in the second quarter. Net loss was $8.1 million, or $0.38 a share, compared with a $5.6 million loss, or $0.27 a share, in the third quarter of 2025.

President Lance Stewart said the company improved its rate per mile 11% sequentially and 6% versus the third quarter of 2025, extending the sequential rate-per-mile increase first reported in the second quarter. He attributed the tighter market to ongoing exit of industry capacity, including heightened enforcement and evolving legal and regulatory developments. He said cumulative cost increases still outpaced the pricing gains achieved to date.

The company said those rate improvements were offset by higher net fuel costs, increased expenses associated with attracting and retaining qualified drivers, and reduced gains on the sale of used equipment. Higher net fuel costs were primarily attributable to a timing difference between weekly increases in national diesel prices and customer fuel surcharges, which typically lag by one week or more, the company said. Gain on disposition of assets fell to $0.3 million from $4.0 million a year earlier.

Operating supplies and expenses rose to $41.2 million from $29.1 million a year earlier. Rent and purchased transportation fell to $54.7 million from $61.5 million. Salaries, wages and benefits were $41.7 million. The operating ratio improved to 103.1% from 106.3% in the second quarter.

Truckload operations, the company’s core segment, posted an operating ratio of 109.1%, up from 106.7% a year earlier. Total loads fell to 89,066 from 93,853, while total miles were nearly unchanged at 41,700 thousand versus 41,521 thousand. Average truck count declined to 2,010 from 2,069. Revenue per truck per workday was $698.

Logistics Operations revenue increased to $44.8 million from $41.8 million a year earlier, and its operating ratio improved to 92.6% from 99.1%.

Stewart said the company anticipates continued pressure on driver recruitment and retention costs as enforcement and regulatory requirements further constrain the pool of qualified drivers. He said gains on used-equipment sales will continue to fluctuate with the timing, type and market values of equipment sold. He said he remained confident that ongoing initiatives and improving market conditions would contribute to stronger financial results.

As of September 30, 2026, total outstanding debt was $323.1 million, down $10.7 million from December 31, 2025. Available liquidity was $102.0 million, consisting of cash, marketable equity securities and available borrowing capacity under the line of credit. Stockholders’ equity was $195.0 million. Net cash used in operating activities was $1.0 million in the third quarter.