Marten's Third-Quarter Net Income Rises 30.7% Year Over Year

The Tip Desk · November 8, 2026 · 4 min read

Net income was $2.9 million, or 4 cents a share, after a 14.1% lift in truckload rates net of fuel surcharges.

Marten Transport, Ltd. (MRTN) reported net income of $2.9 million, or 4 cents a share, for the third quarter ended September 30, 2026, up 30.7% from $2.2 million, or 3 cents a share, a year earlier.

Operating revenue was $223.2 million, up 1.3% from $220.5 million a year earlier. Excluding fuel surcharges, operating revenue was $184.2 million versus $194.0 million, while fuel surcharge revenue rose to $39.0 million from $26.5 million. Operating income improved 11.9% to $3.1 million from $2.7 million.

The Mondovi, Wisconsin, temperature-sensitive truckload carrier said the truckload freight market had sharply tightened since earlier in the year as renewed and enhanced enforcement of federal and state law removed a meaningful amount of noncompliant and unqualified driver capacity. Chairman and Chief Executive Officer Randolph L. Marten said the company was securing higher pricing from customers for premium services while enhancing freight quality in the early stages of a freight-market upcycle. Truckload average rate per total mile, net of fuel surcharges, increased 14.1% over the third quarter of 2025.

Despite those rate gains, earnings were negatively affected by unusually high net fuel and health insurance costs. Relative to average quarterly levels in the first half of 2026, 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, a higher driver-pay rate reduced results by $1.0 million, while a larger gain on sale of revenue equipment provided a $1.5 million benefit. Collectively, those factors reduced third-quarter net income by $3.7 million, or 4.5 cents a share, the company said.

Fuel and fuel taxes were $49.3 million in the third quarter versus $33.5 million a year earlier. Salaries, wages and benefits were $73.0 million versus $79.0 million. Purchased transportation was $37.9 million versus $42.3 million. The gain on disposition of revenue equipment was $3.0 million versus $1.9 million. Marten said it is focused on mitigating the impact of a recent rise in diesel fuel prices to record levels through disciplined fuel expense and fuel surcharge management. It said 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 higher fuel consumption associated with temperature-controlled operations.

Truckload revenue, net of fuel surcharge, was $94.1 million, up 4.3% from $90.1 million a year earlier. Truckload fuel surcharge revenue was $23.3 million versus $14.7 million, lifting total Truckload revenue to $117.3 million, up 11.9% from $104.8 million. Truckload operating loss narrowed 90.4% to a $0.2 million loss from a $2.0 million loss a year earlier. The Truckload operating ratio improved to 100.2% from 101.9%. Average revenue, net of fuel surcharges, per tractor per week rose to $4,749 from $4,129. Average Truckload tractors fell to 1,507 from 1,661, and Truckload total miles fell to 34.8 million from 38.1 million.

Dedicated revenue, net of fuel surcharge, fell 9.2% to $51.4 million from $56.7 million. Dedicated fuel surcharge revenue rose to $15.7 million from $10.3 million, leaving total Dedicated revenue essentially unchanged at $67.2 million versus $67.0 million. Dedicated operating income fell 63.6% to $1.2 million from $3.4 million. The Dedicated operating ratio worsened to 98.1% from 94.9%. Average Dedicated tractors fell to 1,013 from 1,142, and Dedicated total miles fell to 21.6 million from 23.2 million.

Brokerage revenue was $38.7 million, down 0.1% from $38.8 million a year earlier. Brokerage operating income rose 25.0% to $2.0 million from $1.6 million. Brokerage loads fell to 22,141 from 25,940. Intermodal revenue was zero after the 2025 sale, versus $9.9 million a year earlier.

Operating expenses as a percentage of operating revenue improved to 98.6% from 98.8% a year earlier; net of fuel surcharges the ratio improved to 98.3% from 98.6%. Cash and cash equivalents were $91.5 million at September 30, 2026. Total tractors were 2,501 at September 30, 2026 versus 2,823 a year earlier.