ArcBest Asset-Light Turns to Profit After a Year-Earlier Loss

The Tip Desk · November 4, 2026 · 3 min read

Third-quarter revenue rose 15% to $1.2 billion as Asset-Light posted $12.5 million of operating income and net income reached $51.7 million, or $2.30 a share.

ArcBest (ARCB), a supply chain logistics company, reported third-quarter revenue of $1.2 billion, up 15% from $1.0 billion a year earlier, as both reportable segments contributed to higher sales and earnings.

Net income was $51.7 million, or $2.30 a diluted share, compared with $39.3 million, or $1.72 a share, in the third quarter of 2025. On a non-GAAP basis that excludes restructuring charges tied to a plan announced July 16, 2026, net income was $58.7 million, or $2.62 a share, versus $33.4 million, or $1.46 a share, a year earlier.

President and Chief Executive Officer Seth Runser said stronger earnings and profitability were driven by disciplined execution, continued momentum in Asset-Light, and savings from actions to simplify the organization.

Asset-Light, the brokerage and asset-light operations, was the sharper turn. Revenue was $446.3 million, a 25.4% per-day increase from $356.0 million. Shipments per day rose 1.2%, and revenue per shipment rose 23.8%. The company said revenue increased primarily because of higher revenue per shipment, reflecting a tightening capacity environment along with modest shipment growth. Operating income was $12.5 million, compared with an operating loss of $1.6 million. On a non-GAAP basis, operating income was $14.4 million versus $1.6 million, and adjusted EBITDA was $15.6 million versus $3.1 million. Purchased transportation expense was 85.0% of revenue, compared with 84.9%.

Versus the second quarter of 2026, Asset-Light daily revenue increased 0.9%, reflecting a 3.8% increase in revenue per shipment, partially offset by a 2.7% decrease in daily shipments. The company said higher revenue per shipment and disciplined cost management resulted in improved non-GAAP operating income compared with the previous quarter.

Asset-Based, the truckload and less-than-truckload network, generated revenue of $798.6 million, a 9.9% per-day increase from $726.5 million. Tonnage per day rose 9.6%, while shipments per day fell 3.0%. Weight per shipment increased 13.0%, and billed revenue per shipment rose 14.2%. Billed revenue per hundredweight increased 1.1%; excluding fuel surcharge, revenue per hundredweight decreased in the low single digits. The company said tonnage growth was driven by higher weight per shipment, reflecting a continued shift in freight profile, partially offset by fewer shipments per day.

Asset-Based operating income was $75.6 million and the operating ratio was 90.5%, compared with $70.2 million and 90.3%. On a non-GAAP basis, operating income was $76.3 million and the operating ratio was 90.4%, compared with $54.4 million and 92.5%. Operating expenses increased due to annual union wage and benefit adjustments, as well as higher fuel and purchased transportation costs. Customer contracts and deferred pricing agreements renewed during the third quarter averaged a 5.1% increase, and the company said LTL industry pricing remains rational.

Versus the second quarter of 2026, Asset-Based daily revenue improved 1.1%. Tonnage per day increased 0.6%, driven by a 0.6% increase in weight per shipment, while daily shipments were flat. Billed revenue per shipment increased 0.9% due to the heavier freight profile, while revenue per hundredweight increased less than one percent, both including and excluding fuel surcharge. The non-GAAP operating ratio was in line with the second quarter.

Consolidated operating income was $73.3 million, compared with $54.6 million. Cash and cash equivalents were $184.9 million at September 30, 2026.