馬爾登運輸次季收入跌2.8% 淨收入挫25.7%至534萬美元

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

Form 10-Q

 

☒ Quarterly Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

For the quarterly period ended June 30, 2026

 

or

☐ Transition Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Commission File Number 0-15010

 

MARTEN TRANSPORT, LTD.

(Exact name of registrant as specified in its charter)

 

 
 
 Delaware

 
 
  

 
 
 39-1140809

 
 

 
 
 (State or other jurisdiction of incorporation or organization)

 
 
  

 
 
 (I.R.S. employer identification no.)

 
 

 
  
  
  
 

 
 
 129 Marten Street

 
  
  
 

 
 
 Mondovi, Wisconsin 54755

 
  
 
 715-926-4216

 
 

 
 
 (Address of principal executive offices) (Zip Code)

 
  
 
 (Registrant’s telephone number, including area code)

 
 

 

Securities registered pursuant to Section 12(b) of the Act:

 

 
 
 Title of each class:

 
 
 Trading symbol:

 
 
 Name of each exchange on which registered:

 
 

 
 
 COMMON STOCK, PAR VALUE

 
 
 MRTN

 
 
 THE NASDAQ STOCK MARKET LLC

 
 

 
 
 $.01 PER SHARE

 
  
 
 (NASDAQ GLOBAL SELECT MARKET)

 
 

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒   No ☐

 

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒   No ☐

 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☒                     Accelerated filer ☐

Smaller reporting company ☐             Non-accelerated filer ☐

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

The number of shares outstanding of the Registrant’s Common Stock, par value $.01 per share, was 81,661,669 as of July 28, 2026.

 

 

 

 

  

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

MARTEN TRANSPORT, LTD.

CONSOLIDATED CONDENSED BALANCE SHEETS

 

 
  
  
 
 June 30,

 
  
  
 
 December 31,

 
  
 

 
 
 (In thousands, except share information)

 
  
 
 2026

 
  
  
 
 2025

 
  
 

 
  
  
 
 (Unaudited)

 
  
  
  
  
  
 

 
 
 ASSETS

 
  
  
  
  
  
  
  
  
 

 
 
 Current assets:

 
  
  
  
  
  
  
  
  
 

 
 
 Cash and cash equivalents

 
  
 $
 103,980
  
  
 $
 43,278
  
 

 
 
 Escrow deposit

 
  
  
 5,000
  
  
  
 5,000
  
 

 
 
 Receivables:

 
  
  
  
  
  
  
  
  
 

 
 
 Trade, net

 
  
  
 92,028
  
  
  
 85,807
  
 

 
 
 Other

 
  
  
 12,410
  
  
  
 13,084
  
 

 
 
 Prepaid expenses and other

 
  
  
 24,513
  
  
  
 24,532
  
 

 
 
 Total current assets

 
  
  
 237,931
  
  
  
 171,701
  
 

 
  
  
  
  
  
  
  
  
  
 

 
 
 Property and equipment:

 
  
  
  
  
  
  
  
  
 

 
 
 Revenue equipment, buildings and land, office equipment and other

 
  
  
 1,079,582
  
  
  
 1,128,932
  
 

 
 
 Accumulated depreciation

 
  
  
 (363,506
 )
  
  
 (352,426
 )
 

 
 
 Net property and equipment

 
  
  
 716,076
  
  
  
 776,506
  
 

 
 
 Other noncurrent assets

 
  
  
 1,478
  
  
  
 1,560
  
 

 
 
 Total assets

 
  
 $
 955,485
  
  
 $
 949,767
  
 

 
  
  
  
  
  
  
  
  
  
 

 
 
 LIABILITIES AND STOCKHOLDERS’ EQUITY

 
  
  
  
  
  
  
  
  
 

 
 
 Current liabilities:

 
  
  
  
  
  
  
  
  
 

 
 
 Accounts payable

 
  
 $
 28,042
  
  
 $
 28,769
  
 

 
 
 Insurance and claims accruals

 
  
  
 43,443
  
  
  
 43,700
  
 

 
 
 Accrued and other current liabilities

 
  
  
 23,562
  
  
  
 19,763
  
 

 
 
 Total current liabilities

 
  
  
 95,047
  
  
  
 92,232
  
 

 
 
 Deferred income taxes

 
  
  
 94,357
  
  
  
 89,716
  
 

 
 
 Noncurrent operating lease liabilities

 
  
  
 119
  
  
  
 194
  
 

 
 
 Total liabilities

 
  
  
 189,523
  
  
  
 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; 81,661,669 shares at June 30, 2026, and 81,542,174 shares at December 31, 2025, issued and outstanding

 
  
  
 817
  
  
  
 815
  
 

 
 
 Additional paid-in capital

 
  
  
 56,171
  
  
  
 54,762
  
 

 
 
 Retained earnings

 
  
  
 708,974
  
  
  
 712,048
  
 

 
 
 Total stockholders’ equity

 
  
  
 765,962
  
  
  
 767,625
  
 

 
 
 Total liabilities and stockholders’ equity

 
  
 $
 955,485
  
  
 $
 949,767
  
 

 

The accompanying notes are an integral part of these consolidated condensed financial statements.

 

1

 

 

 

MARTEN TRANSPORT, LTD.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

 

 
  
  
 
 Three Months

 
  
  
 
 Six Months

 
  
 

 
  
  
 
 Ended June 30,

 
  
  
 
 Ended June 30,

 
  
 

 
 
 (In thousands, except per share information)

 
  
 
 2026

 
  
  
 
 2025

 
  
  
 
 2026

 
  
  
 
 2025

 
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Operating revenue

 
  
 $
 223,543
  
  
 $
 229,922
  
  
 $
 427,069
  
  
 $
 453,074
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Operating expenses (income):

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Salaries, wages and benefits

 
  
  
 72,538
  
  
  
 78,570
  
  
  
 144,657
  
  
  
 157,370
  
 

 
 
 Purchased transportation

 
  
  
 38,819
  
  
  
 43,123
  
  
  
 72,287
  
  
  
 80,779
  
 

 
 
 Fuel and fuel taxes

 
  
  
 45,767
  
  
  
 32,591
  
  
  
 79,674
  
  
  
 65,708
  
 

 
 
 Supplies and maintenance

 
  
  
 15,318
  
  
  
 15,606
  
  
  
 30,446
  
  
  
 31,119
  
 

 
 
 Depreciation

 
  
  
 24,762
  
  
  
 27,307
  
  
  
 49,768
  
  
  
 54,777
  
 

 
 
 Operating taxes and licenses

 
  
  
 2,273
  
  
  
 2,451
  
  
  
 4,518
  
  
  
 4,868
  
 

 
 
 Insurance and claims

 
  
  
 9,306
  
  
  
 15,852
  
  
  
 22,551
  
  
  
 29,229
  
 

 
 
 Communications and utilities

 
  
  
 2,152
  
  
  
 2,164
  
  
  
 4,257
  
  
  
 4,443
  
 

 
 
 Gain on disposition of revenue equipment

 
  
  
 (1,673
 )
  
  
 (5,182
 
 )

 
  
  
 (3,093
 )
  
  
 (6,847
 )
 

 
 
 Other

 
  
  
 7,365
  
  
  
 7,706
  
  
  
 13,496
  
  
  
 16,035
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Total operating expenses

 
  
  
 216,627
  
  
  
 220,188
  
  
  
 418,561
  
  
  
 437,481
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Operating income

 
  
  
 6,916
  
  
  
 9,734
  
  
  
 8,508
  
  
  
 15,593
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Other

 
  
  
 (721
 )
  
  
 (436
 
 )

 
  
  
 (1,178
 )
  
  
 (785
 )
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Income before income taxes

 
  
  
 7,637
  
  
  
 10,170
  
  
  
 9,686
  
  
  
 16,378
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Income taxes expense

 
  
  
 2,298
  
  
  
 2,984
  
  
  
 2,965
  
  
  
 4,857
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Net income

 
  
 $
 5,339
  
  
 $
 7,186
  
  
 $
 6,721
  
  
 $
 11,521
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Basic earnings per common share

 
  
 $
 0.07
  
  
 $
 0.09
  
  
 $
 0.08
  
  
 $
 0.14
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Diluted earnings per common share

 
  
 $
 0.07
  
  
 $
 0.09
  
  
 $
 0.08
  
  
 $
 0.14
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Dividends declared per common share

 
  
 $
 0.06
  
  
 $
 0.06
  
  
 $
 0.12
  
  
 $
 0.12
  
 

 

The accompanying notes are an integral part of these consolidated condensed financial statements.

 

2

 

 

 

MARTEN TRANSPORT, LTD.

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

 

 
  
  
 
 Common Stock

 
  
  
 
 Additional

 Paid-In

 
  
  
 
 Retained

 
  
  
 
 Total

 Stock-

 holders’

 
  
 

 
 
 (In thousands)

 
  
 
 Shares

 
  
  
 
 Amount

 
  
  
 
 Capital

 
  
  
 
 Earnings

 
  
  
 
 Equity

 
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Balance at December 31, 2025

 
  
  
 81,542
  
  
 $
 815
  
  
 $
 54,762
  
  
 $
 712,048
  
  
 $
 767,625
  
 

 
 
 Net income

 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 1,382
  
  
  
 1,382
  
 

 
 
 Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards

 
  
  
 47
  
  
  
 1
  
  
  
 237
  
  
  
 -
  
  
  
 238
  
 

 
 
 Employee taxes paid in exchange for shares withheld

 
  
  
 -
  
  
  
 -
  
  
  
 (276
 
 )

 
  
  
 -
  
  
  
 (276
 
 )

 
 

 
 
 Share-based payment arrangement compensation expense

 
  
  
 -
  
  
  
 -
  
  
  
 135
  
  
  
 -
  
  
  
 135
  
 

 
 
 Dividends on common stock, $0.06 per share

 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 (4,896
 
 )

 
  
  
 (4,896
 
 )

 
 

 
 
 Balance at March 31, 2026

 
  
  
 81,589
  
  
  
 816
  
  
  
 54,858
  
  
  
 708,534
  
  
  
 764,208
  
 

 
 
 Net income

 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 5,339
  
  
  
 5,339
  
 

 
 
 Issuance of common stock from share-based payment arrangement exercises

 
  
  
 73
  
  
  
 1
  
  
  
 692
  
  
  
 -
  
  
  
 693
  
 

 
 
 Share-based payment arrangement compensation expense

 
  
  
 -
  
  
  
 -
  
  
  
 621
  
  
  
 -
  
  
  
 621
  
 

 
 
 Dividends on common stock, $0.06 per share

 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 (4,899
 
 )

 
  
  
 (4,899
 
 )

 
 

 
 
 Balance at June 30, 2026

 
  
  
 81,662
  
  
 $
 817
  
  
 $
 56,171
  
  
 $
 708,974
  
  
 $
 765,962
  
 

 

The accompanying notes are an integral part of these consolidated condensed financial statements.

 

3

 

 

MARTEN TRANSPORT, LTD.

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

 

 
  
  
 
 Common Stock

 
  
  
 
 Additional

 Paid-In

 
  
  
 
 Retained

 
  
  
 
 Total

 Stock-

 holders’

 
  
 

 
 
 (In thousands)

 
  
 
 Shares

 
  
  
 
 Amount

 
  
  
 
 Capital

 
  
  
 
 Earnings

 
  
  
 
 Equity

 
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Balance at December 31, 2024

 
  
  
 81,464
  
  
 $
 815
  
  
 $
 52,941
  
  
 $
 714,166
  
  
 $
 767,922
  
 

 
 
 Net income

 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 4,335
  
  
  
 4,335
  
 

 
 
 Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards

 
  
  
 29
  
  
  
 -
  
  
  
 9
  
  
  
 -
  
  
  
 9
  
 

 
 
 Employee taxes paid in exchange for shares withheld

 
  
  
 -
  
  
  
 -
  
  
  
 (284
 )
  
  
 -
  
  
  
 (284
 )
 

 
 
 Share-based payment arrangement compensation expense

 
  
  
 -
  
  
  
 -
  
  
  
 407
  
  
  
 -
  
  
  
 407
  
 

 
 
 Dividends on common stock, $0.06 per share

 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 (4,889
 )
  
  
 (4,889
 )
 

 
 
 Balance at March 31, 2025

 
  
  
 81,493
  
  
  
 815
  
  
  
 53,073
  
  
  
 713,612
  
  
  
 767,500
  
 

 
 
 Net income

 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 7,186
  
  
  
 7,186
  
 

 
 
 Issuance of common stock from share-based payment arrangement exercises

 
  
  
 27
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
 

 
 
 Share-based payment arrangement compensation expense

 
  
  
 -
  
  
  
 -
  
  
  
 921
  
  
  
 -
  
  
  
 921
  
 

 
 
 Dividends on common stock, $0.06 per share

 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 (4,891
 )
  
  
 (4,891
 )
 

 
 
 Balance at June 30, 2025

 
  
  
 81,520
  
  
 $
 815
  
  
 $
 53,994
  
  
 $
 715,907
  
  
 $
 770,716
  
 

 

The accompanying notes are an integral part of these consolidated condensed financial statements.

 

4

 

 

 

MARTEN TRANSPORT, LTD.

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 
  
  
 
 Six Months

 
  
 

 
  
  
 
 Ended June 30,

 
  
 

 
 
 (In thousands)

 
  
 
 2026

 
  
  
 
 2025

 
  
 

 
 
 Cash flows provided by operating activities:

 
  
  
  
  
  
  
  
  
 

 
 
 Operations:

 
  
  
  
  
  
  
  
  
 

 
 
 Net income

 
  
 $
 6,721
  
  
 $
 11,521
  
 

 
 
 Adjustments to reconcile net income to net cash provided by operating activities:

 
  
  
  
  
  
  
  
  
 

 
 
 Depreciation

 
  
  
 49,768
  
  
  
 54,777
  
 

 
 
 Tires in service amortization

 
  
  
 2,898
  
  
  
 3,218
  
 

 
 
 Gain on disposition of revenue equipment

 
  
  
 (3,093
 )
  
  
 (6,847
 
 )

 
 

 
 
 Deferred income taxes

 
  
  
 4,641
  
  
  
 (2,936
 )
 

 
 
 Share-based payment arrangement compensation expense

 
  
  
 756
  
  
  
 1,328
  
 

 
 
 Changes in other current operating items:

 
  
  
  
  
  
  
  
  
 

 
 
 Receivables

 
  
  
 (7,504
 )
  
  
 (413
 )
 

 
 
 Prepaid expenses and other

 
  
  
 (1,470
 )
  
  
 2,116
  
 

 
 
 Accounts payable

 
  
  
 4,534
  
  
  
 2,329
  
 

 
 
 Insurance and claims accruals

 
  
  
 (257
 )
  
  
 (429
 )
 

 
 
 Accrued and other current liabilities

 
  
  
 3,724
  
  
  
 4,704
  
 

 
 
 Net cash provided by operating activities

 
  
  
 60,718
  
  
  
 69,368
  
 

 
  
  
  
  
  
  
  
  
  
 

 
 
 Cash flows provided by/(used for) investing activities:

 
  
  
  
  
  
  
  
  
 

 
 
 Revenue equipment additions

 
  
  
 (14,781
 )
  
  
 (73,141
 
 )

 
 

 
 
 Proceeds from revenue equipment dispositions

 
  
  
 22,559
  
  
  
 34,337
  
 

 
 
 Buildings and land, office equipment and other additions

 
  
  
 (232
 )
  
  
 (2,672
 )
 

 
 
 Proceeds from buildings and land, office equipment and other dispositions

 
  
  
 1,632
  
  
  
 -
  
 

 
 
 Other

 
  
  
 (54
 )
  
  
 (52
 
 )

 
 

 
 
 Net cash provided by/(used for) investing activities

 
  
  
 9,124
  
  
  
 (41,528
 )
 

 
  
  
  
  
  
  
  
  
  
 

 
 
 Cash flows used for financing activities:

 
  
  
  
  
  
  
  
  
 

 
 
 Dividends on common stock

 
  
  
 (9,795
 )
  
  
 (9,780
 
 )

 
 

 
 
 Issuance of common stock from share-based payment arrangement exercises and vesting of performance unit awards

 
  
  
 931
  
  
  
 9
  
 

 
 
 Employee taxes paid in exchange for shares withheld

 
  
  
 (276
 )
  
  
 (284
 
 )

 
 

 
 
 Net cash used for financing activities

 
  
  
 (9,140
 )
  
  
 (10,055
 
 )

 
 

 
  
  
  
  
  
  
  
  
  
 

 
 
 Net change in cash and cash equivalents and escrow deposit

 
  
  
 60,702
  
  
  
 17,785
  
 

 
  
  
  
  
  
  
  
  
  
 

 
 
 Cash and cash equivalents and escrow deposit:

 
  
  
  
  
  
  
  
  
 

 
 
 Beginning of period

 
  
  
 48,278
  
  
  
 17,267
  
 

 
 
 End of period

 
  
 $
 108,980
  
  
 $
 35,052
  
 

 
  
  
  
  
  
  
  
  
  
 

 
 
 Supplemental non-cash disclosure:

 
  
  
  
  
  
  
  
  
 

 
 
 Change in property and equipment not yet paid

 
  
 $
 (3,304
 )
  
 $
 13,734
  
 

 
 
 Operating lease assets and liabilities acquired

 
  
 $
 -
  
  
 $
 287
  
 

 
  
  
  
  
  
  
  
  
  
 

 
 
 Supplemental disclosure of cash flow information:

 
  
  
  
  
  
  
  
  
 

 
 
 Cash paid for income taxes

 
  
 $
 754
  
  
 $
 7,390
  
 

 
  
  
  
  
  
  
  
  
  
 

 
 
 Reconciliation of cash and cash equivalents and escrow deposit in the consolidated condensed balance sheets:

 
  
  
  
  
  
  
  
  
 

 
 
 Cash and cash equivalents

 
  
 $
 103,980
  
  
 $
 35,052
  
 

 
 
 Escrow deposit

 
  
  
 5,000
  
  
  
 -
  
 

 
 
 Total cash and cash equivalents and escrow deposit shown above

 
  
 $
 108,980
  
  
 $
 35,052
  
 

 

The accompanying notes are an integral part of these consolidated condensed financial statements.

 

5

 

 

MARTEN TRANSPORT, LTD.

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

SIX MONTHS ENDED JUNE 30, 2026

(Unaudited)

 

 

(1) Consolidated Condensed Financial Statements

 

The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial statements, and therefore, do not include all information and disclosures required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, such statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary to fairly present our consolidated financial condition, results of operations and cash flows for the interim periods presented. The results of operations for any interim period do not necessarily indicate the results for the full year. The unaudited interim consolidated condensed financial statements should be read with reference to the consolidated financial statements and notes to consolidated financial statements in our 2025 Annual Report on Form 10-K.

 

 

(2) Earnings per Common Share

 

Basic and diluted earnings per common share were computed as follows:  

 

 
  
  
 
 Three Months

 
  
  
 
 Six Months

 
  
 

 
  
  
 
 Ended June 30,

 
  
  
 
 Ended June 30,

 
  
 

 
 
 (In thousands, except per share amounts)

 
  
 
 2026

 
  
  
 
 2025

 
  
  
 
 2026

 
  
  
 
 2025

 
  
 

 
 
 Numerator:

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Net income

 
  
 $
 5,339
  
  
 $
 7,186
  
  
 $
 6,721
  
  
 $
 11,521
  
 

 
 
 Denominator:

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Basic earnings per common share - weighted-average shares

 
  
  
 81,629
  
  
  
 81,510
  
  
  
 81,604
  
  
  
 81,502
  
 

 
 
 Effect of dilutive stock options

 
  
  
 5
  
  
  
 7
  
  
  
 2
  
  
  
 10
  
 

 
 
 Diluted earnings per common share - weighted-average shares and assumed conversions

 
  
  
 81,634
  
  
  
 81,517
  
  
  
 81,606
  
  
  
 81,512
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Basic earnings per common share

 
  
 $
 0.07
  
  
 $
 0.09
  
  
 $
 0.08
  
  
 $
 0.14
  
 

 
 
 Diluted earnings per common share

 
  
 $
 0.07
  
  
 $
 0.09
  
  
 $
 0.08
  
  
 $
 0.14
  
 

 

Options totaling 489,600 and 563,300 equivalent shares for the three-month and six-month periods ended June 30, 2026, respectively, and 638,071 and 615,898 equivalent shares for the three-month and six-month periods ended June 30, 2025, respectively, were outstanding but were not included in the calculation of diluted earnings per share because including the options in the denominator would be antidilutive, or decrease the number of weighted-average shares, due to their exercise prices exceeding the average market price of the common shares, or because inclusion of average unrecognized compensation expense in the calculation would cause the options to be antidilutive.

 

Unvested performance awards totaling 168,978 equivalent shares for each of the three-month and six-month periods ended June 30, 2026, and 181,111 equivalent shares for each of the three-month and six-month periods ended June 30, 2025, were considered outstanding but were not included in the calculation of diluted earnings per share because inclusion of average unrecognized compensation expense in the calculation would cause the performance awards to be antidilutive.

 

 

(3) Long-Term Debt

 

In August 2022, we entered into a credit agreement that provides for an unsecured committed credit facility with an aggregate principal amount of $30.0 million which matures in August 2027. The credit agreement amends, restates and continues in its entirety our previous credit agreement, as amended. In June 2026, the credit agreement was amended to increase the aggregate principal amount to $35.0 million. At June 30, 2026, there was no outstanding principal balance on the facility. As of that date, we had outstanding standby letters of credit to guarantee settlement of self-insurance claims of $33.2 million and remaining borrowing availability of $1.8 million. At December 31, 2025, there was also no outstanding principal balance on the facility. As of that date, we had outstanding standby letters of credit of $24.1 million on the facility. This facility bears interest at a variable rate based on the Term SOFR Rate plus applicable margins. The interest rate for the facility that would apply to outstanding principal balances was 6.75% at June 30, 2026.

 

6

 

 

Our credit agreement effective in August 2022 prohibits us from paying, in any fiscal year, stock redemptions and dividends in excess of $150 million. The credit agreement also contains restrictive covenants which, among other matters, require us to maintain compliance with cash flow leverage and fixed charge coverage ratios. We were in compliance with all covenants at June 30, 2026 and December 31, 2025.

 

 

(4) Related Party Transactions

 

We purchase tires and obtain related services from a company in which one of our directors is the chairman of the board and chief executive officer. We paid that company $48,000 in the first six months of 2026 and $13,000 in the first six months of 2025 for tires and related services. In addition, we paid $544,000 in the first six months of 2026 and $613,000 in the first six months of 2025 to tire manufacturers for tires that were provided by the same company. The same company received commissions from the tire manufacturers related to these purchases.

 

 

(5) Share Repurchase Program

 

Our existing share repurchase program currently provides for the repurchase of up to $50.0 million. The share repurchase program allows purchases on the open market or through private transactions in accordance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and extent to which we repurchase shares depends on market conditions and other corporate considerations. The repurchase program does not have an expiration date.

 

We have not repurchased any shares under this program since the second quarter of 2022. As of June 30, 2026, future repurchases of up to $33.2 million were available in the share repurchase program.

 

 

(6) Dividends

 

In 2010, we announced a regular cash dividend program to our stockholders, subject to approval each quarter. Quarterly cash dividends of $0.06 per share of common stock were paid in each of the first two quarters of 2026 and 2025 which totaled $9.8 million in each period.

 

 

(7) Accounting for Share-based Payment Arrangement Compensation

 

We account for share-based payment arrangements in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, 718, Compensation – Stock Compensation. During the first six months of 2026, there were no significant changes to the structure of our stock-based award plans. Pre-tax compensation expense related to stock options and performance awards recorded in the first six months of 2026 and 2025 was $756,000 and $1.3 million, respectively.

 

 

(8) Fair Value of Financial Instruments

 

The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of these instruments. 

 

 

(9) Commitments and Contingencies

 

We are committed to new revenue equipment purchases of $127.3 million in the remainder of 2026 and $32.8 million in 2027. Operating lease obligation expenditures through 2028 total $358,000.

 

We self-insure, in part, for losses relating to workers’ compensation, auto liability, broker liability, general liability, cargo and property damage claims, along with employees’ health insurance, with varying risk retention levels. We renewed our liability insurance policies effective June 1, 2026, and are responsible for the first $5.0 million on each auto liability claim. For the policy years effective June 1, 2025 and June 1, 2024, we are responsible for the first $3.0 million and $2.0 million on each auto liability claim, respectively. For the policy year effective June 1, 2026, we are also responsible for an annual $5.0 million aggregate for claims between $5.0 million and $10.0 million. For each of the three policy years, we are also responsible for an annual $5.0 million aggregate for claims between $10.0 million and $20.0 million. We continue to be responsible for the first $750,000 on each workers’ compensation claim.

 

7

 

 

We maintain insurance coverage with licensed insurance carriers for per-incident and total losses in excess of the amounts for which we self-insure up to specified policy limits and outside of certain liability tiers for which we retain liability. The level of our insurance coverage is in amounts we consider adequate based upon historical experience and our ongoing review. We reserve currently for the estimated cost of the uninsured portion of pending claims.

 

We are also involved in other legal actions that arise in the ordinary course of business. A number of trucking companies, including us, have been subject to lawsuits, including class action lawsuits, alleging violations of various federal and state wage and hour laws. A number of these lawsuits have resulted in the payment of substantial settlements or damages by the defendants. We self-insure for such claims and record a liability when we believe that it is probable that a loss has been incurred and the amount can be reasonably estimated.

 

The outcome of litigation, particularly class action lawsuits, is difficult to assess or quantify, and the magnitude of the potential loss relating to such lawsuits may remain unknown for substantial periods of time. The cost to defend litigation may also be significant. Not all claims are covered by our insurance, and there can be no assurance that our coverage limits will be adequate to cover all amounts in dispute. To the extent we experience claims that are uninsured, exceed our coverage limits, involve significant aggregate use of our self-insured retention amounts or cause increases in future premiums, the resulting expense could have a materially adverse effect on our business and operating results. Based on our present knowledge of the facts and, in certain cases, advice of outside counsel, management believes the resolution of open claims and pending litigation, taking into account existing reserves, is not likely or probable to have a materially adverse effect on our consolidated condensed financial statements; however, the final disposition of these matters and the impact of such final dispositions cannot be determined at this time. As such, future liability claims or adverse developments in existing claims could have a materially adverse effect on our consolidated condensed financial statements. Information is provided below for such existing claims, with the eventual outcome for each claim dependent on the results of additional discovery, future court rulings, and potentially trial and appeal. Marten intends to continue to vigorously defend itself in each matter.

 

On July 8, 2020, a lawsuit was filed against us on behalf of Raul Martinez, individually and all others similarly situated. The lawsuit, which was filed in and is currently pending in the Superior Court of the State of California for the County of San Diego, alleges that we did not properly compensate drivers for sleeper berth time, layover time, meal breaks, rest periods, and personal cell phone usage, did not provide drivers with proper wage statements or final pay in violation of California law, and violated California’s Unfair Competition Law and Labor Code.

 

On May 9, 2024, a lawsuit was filed against us on behalf of Malik Wallace, Duane Partridge and Anthony Rogers, individually and all others similarly situated. The lawsuit, which was filed in Washington State Court and removed to the United States District Court, Western District of Washington in Seattle, alleges that we violated Washington’s wage transparency law.

 

On August 21, 2024, a lawsuit was filed against us on behalf of Alexander W. Jackson, individually and all others similarly situated. The lawsuit, which was filed in the Superior Court of the State of California for the County of Riverside and removed to the United States District Court, Central District of California in Riverside, alleges that we failed to properly compensate drivers relating to minimum wages, meal periods and rest breaks, failed to provide proper wage statements, and violated California’s Unfair Competition Law and Labor Code.

 

On January 16, 2026, a lawsuit was filed against us on behalf of Harley Courtney, individually and all others similarly situated. The lawsuit, which was filed in the Superior Court for the State of Washington in and for the County of King County, alleges that we did not properly compensate drivers for overtime wages in violation of Washington law.

 

 

(10) Sale of Intermodal Business Assets

 

On September 30, 2025, we closed on the previously announced agreement to sell the assets related to our Intermodal business to Hub Group, Inc. The transaction was structured as an asset sale of certain Intermodal equipment, including over 1,200 refrigerated containers, and associated customer contracts to Hub Group, Inc. for $51.8 million in cash. No gain or loss on disposition of assets resulted from the transaction.

 

In connection with this transaction, $5.0 million was placed in an escrow account to secure potential indemnity claims by Hub Group, Inc. These funds are restricted from use for general corporate purposes. The escrow agreement is set to expire in December 2026. Accordingly, the escrow deposit is classified as a current asset.

 

8

 

  

 

(11) Revenue and Business Segments

 

We account for our revenue in accordance with FASB ASC 606, Revenue from Contracts with Customers. We combine our five current operating segments (Temperature-Sensitive and Dry Truckload, Dedicated, Brokerage and MRTN de Mexico), along with our Intermodal operating segment which was sold effective September 30, 2025, into four reporting segments (Truckload, Dedicated, Brokerage and Intermodal) for financial reporting purposes. These four reporting segments are also the appropriate categories for the disaggregation of our revenue under FASB ASC 606.

 

Our Truckload segment provides a combination of regional short-haul and medium-to-long-haul full-load transportation services. We transport food and other consumer packaged goods that require a temperature-controlled or insulated environment, along with dry freight, across the United States and into and out of Mexico and Canada. Our agreements with customers are typically for one year.

 

Our Dedicated segment provides customized transportation solutions tailored to meet each individual customer’s requirements, utilizing temperature-controlled trailers, dry vans and other specialized equipment within the United States. Our agreements with customers range from three to five years and are subject to annual rate reviews.

 

Generally, we are paid by the mile for our Truckload and Dedicated services. We also derive Truckload and Dedicated revenue from fuel surcharges, loading and unloading activities, equipment detention and other accessorial services. The main factors that affect our Truckload and Dedicated revenue are the rate per mile we receive from our customers, the percentage of miles for which we are compensated, the number of miles we generate with our equipment and changes in fuel prices. We monitor our revenue production primarily through average Truckload and Dedicated revenue, net of fuel surcharges, per tractor per week. We also analyze our average Truckload and Dedicated revenue, net of fuel surcharges, per total mile, non-revenue miles percentage, the miles per tractor we generate, our fuel surcharge revenue, our accessorial revenue and our other sources of operating revenue.

 

Our Brokerage segment develops contractual relationships with and arranges for third-party carriers to transport freight for our customers in temperature-controlled trailers and dry vans within the United States and into and out of Mexico through Marten Transport Logistics, LLC, which was established in 2007 and operates pursuant to brokerage authority granted by the United States Department of Transportation, or DOT. We retain the billing, collection and customer management responsibilities. The main factors that affect our Brokerage revenue are the rate per mile and other charges that we receive from our customers.

 

Operating results of our MRTN de Mexico business, which offers our customers door-to-door service between the United States and Mexico with our Mexican partner carriers, is reported within our Truckload and Brokerage segments.

 

Our Intermodal segment transported our customers’ freight within the United States utilizing our refrigerated containers on railroad flatcars for portions of trips, with the balance of the trips using our tractors or, to a lesser extent, contracted carriers. The main factors that affected our Intermodal revenue were the rate per mile and other charges we received from our customers. As discussed in Note 10, our Intermodal operations were sold effective September 30, 2025.

 

Our customer agreements are typically for one-year terms except for our Dedicated agreements which range from three to five years with annual rate reviews. Under FASB ASC 606, the contract date for each individual load within each of our four reporting segments is generally the date that each load is tendered to and accepted by us. For each load transported within each of our four reporting segments, the entire amount of revenue to be recognized is a single performance obligation and our agreements with our customers detail the per-mile charges for line haul and fuel surcharges, along with the rates for loading and unloading, stop offs and drops, equipment detention and other accessorial services, which is the transaction price. There are no discounts that would be a material right or consideration payable to a customer. We are required to recognize revenue and related expenses over time, from load pickup to delivery, for each load within each of our four reporting segments. We base our calculation of the amount of revenue to record in each period for individual loads picking up in one period and delivering in the following period using the number of hours estimated to be incurred within each period applied to each estimated transaction price. Contract assets for this estimated revenue which are classified within prepaid expenses and other within our consolidated condensed balance sheets were $1.8 million and $1.4 million as of June 30, 2026 and December 31, 2025, respectively. We had no impairment losses on contract assets in the first six months of 2026 or in 2025. As a practical expedient as permitted under FASB ASC 606-10-50-14, we do not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. We bill our customers for loads after delivery is complete with standard payment terms of 30 days.

 

9

 

 

We account for revenue of our Brokerage segment and formerly of our Intermodal segment, along with revenue on freight transported by independent contractors within our Truckload and Dedicated segments, on a gross basis because we are the principal service provider controlling the promised service before it is transferred to each customer. We are primarily responsible for fulfilling the promise to provide each specified service to each customer. We bear the primary risk of loss in the event of cargo claims by our customers. We also have complete control and discretion in establishing the price for each specified service. Accordingly, all such revenue billed to customers is classified as operating revenue and all corresponding payments to carriers for transportation services we arrange in connection with brokerage and formerly intermodal activities and to independent contractor providers of revenue equipment are classified as purchased transportation expense within our consolidated condensed statements of operations.

 

The following table sets forth for the periods indicated our operating revenue and operating income by segment.

 

 
  
  
 
 Three Months

 
  
  
 
 Six Months

 
  
 

 
  
  
 
 Ended June 30,

 
  
  
 
 Ended June 30,

 
  
 

 
 
 (In thousands)

 
  
 
 2026

 
  
  
 
 2025

 
  
  
 
 2026

 
  
  
 
 2025

 
  
 

 
 
 Operating revenue:

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Truckload revenue, net of fuel surcharge revenue

 
  
 $
 92,721
  
  
 $
 92,484
  
  
 $
 182,031
  
  
 $
 182,590
  
 

 
 
 Truckload fuel surcharge revenue

 
  
  
 23,599
  
  
  
 14,002
  
  
  
 39,679
  
  
  
 28,287
  
 

 
 
 Total Truckload revenue

 
  
  
 116,320
  
  
  
 106,486
  
  
  
 221,710
  
  
  
 210,877
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Dedicated revenue, net of fuel surcharge revenue

 
  
  
 52,578
  
  
  
 61,338
  
  
  
 105,752
  
  
  
 123,743
  
 

 
 
 Dedicated fuel surcharge revenue

 
  
  
 14,718
  
  
  
 10,536
  
  
  
 25,007
  
  
  
 21,756
  
 

 
 
 Total Dedicated revenue

 
  
  
 67,296
  
  
  
 71,874
  
  
  
 130,759
  
  
  
 145,499
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Brokerage revenue

 
  
  
 39,927
  
  
  
 39,859
  
  
  
 74,600
  
  
  
 72,878
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 
 Intermodal revenue, net of fuel surcharge revenue

 
  
  
 -
  
  
  
 10,093
  
  
  
 -
  
  
  
 20,361
  
 

 
 
 Intermodal fuel surcharge revenue

 
  
  
 -
  
  
  
 1,610
  
  
  
 -