Marten Transport Announces Third Quarter Results

MONDOVI, Wis., Oct. 23, 2025 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $2.2 million, or 3 cents per diluted share, for the third quarter ended September 30, 2025, compared with $3.8 million, or 5 cents per diluted share, for the third quarter of 2024. For the nine-month period ended September 30, 2025, net income was $13.7 million, or 17 cents per diluted share, compared with $21.3 million, or 26 cents per diluted share, for the 2024 nine-month period.

Operating revenue was $220.5 million for the third quarter of 2025 compared with $237.4 million for the third quarter of 2024. Excluding fuel surcharges, operating revenue was $194.0 million for the 2025 quarter compared with $207.9 million for the 2024 quarter. Fuel surcharge revenue decreased to $26.5 million for the 2025 quarter from $29.5 million for the 2024 quarter.

Operating revenue was $673.5 million for the first nine months of 2025 compared with $733.3 million for the first nine months of 2024. Excluding fuel surcharges, operating revenue was $593.5 million for the 2025 period compared with $637.1 million for the 2024 period. Fuel surcharge revenue decreased to $80.0 million for the 2025 period from $96.1 million for the 2024 period.

Operating income was $2.7 million for the third quarter of 2025 compared with $4.3 million for the third quarter of 2024.

Operating income was $18.3 million for the first nine months of 2025 compared with $26.5 million for the first nine months of 2024.

Operating expenses as a percentage of operating revenue were 98.8% for the 2025 quarter and 98.2% for the 2024 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 98.6% for the 2025 quarter and 97.9% for the 2024 quarter.

Operating expenses as a percentage of operating revenue were 97.3% for the first nine months of 2025 and 96.4% for the first nine months of 2024. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 96.9% for the 2025 period and 95.8% for the 2024 period.

Chairman of the Board and Chief Executive Officer Randolph L. Marten stated, “Our earnings have continued to be significantly pressured by the historic duration and depth of the freight market recession’s oversupply and weak demand -- and the cumulative impact of inflationary operating costs, unacceptable freight rate reductions and freight network disruptions. Our unique multifaceted business model’s value continued to be highlighted by the operating results of our dedicated and brokerage operations for the first nine months of this year and throughout last year.”

“We remain focused on minimizing the freight market’s impact with our emphasis on safe, premium service, data-driven operating efficiencies and cost controls. Our strong, debt-free balance sheet enhances our ability to continue investing in our technology and modern fleet and position our operations to capitalize on future profitable organic growth opportunities. We expect the current administration’s recent immigration enforcement efforts including stricter standards for non-domiciled commercial driver’s licenses and increased enforcement of English Language Proficiency and B-1 visa regulations to positively impact such opportunities.”

“We also closed on the previously announced agreement to sell assets related to our intermodal business to Hub Group, Inc. (NASDAQ: HUBG), effective September 30, 2025. The transaction was structured as an asset sale of certain intermodal equipment, including over 1,200 refrigerated containers, and contracts to Hub Group, Inc. for $51.8 million in cash. This transaction clarifies our focus on investing in and positioning our core operations for future expansion.”

Current Investor Presentation

Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of time and temperature-sensitive and dry truck-based transportation and distribution capabilities across Marten’s five distinct business platforms – Temperature-Sensitive and Dry Truckload, Dedicated, Brokerage and MRTN de Mexico. Marten’s Intermodal operations were sold effective September 30, 2025. Marten is one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food, beverages and other consumer packaged goods that require a temperature-controlled or insulated environment. The Company offers service in the United States, Mexico and Canada, concentrating on expedited movements for high-volume customers. Marten’s common stock is traded on the Nasdaq Global Select Market under the symbol MRTN.

This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include a discussion of Marten’s prospects for future growth, including the impact on the freight market of the current administration’s recent immigration enforcement efforts including stricter standards for non-domiciled commercial driver’s licenses and increased enforcement of English Language Proficiency and B-1 visa regulations, and by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward-looking statements. Important factors known to the Company that could cause actual results to differ materially from those discussed in the forward-looking statements are discussed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACTS: Randy Marten, Chairman of the Board and Chief Executive Officer, Doug Petit, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.

MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED BALANCE SHEETS September 30, December 31, (In thousands, except share information) 2025 2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents $49,485 $17,267 Receivables: Trade, net 92,011 89,992 Other 9,201 5,364 Prepaid expenses and other 25,296 25,888 Total current assets 175,993 138,511 Property and equipment: Revenue equipment, buildings and land, office equipment and other 1,148,269 1,198,737 Accumulated depreciation (355,266) (370,124)Net property and equipment 793,003 828,613 Escrow deposit 5,000 - Other noncurrent assets 1,655 1,633 Total assets $975,651 $968,757 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $39,744 $25,781 Insurance and claims accruals 41,313 44,246 Accrued and other current liabilities 34,527 23,492 Total current liabilities 115,584 93,519 Deferred income taxes 91,617 107,034 Noncurrent operating lease liabilities 250 282 Total liabilities 207,451 200,835 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; 81,520,424 shares at September 30, 2025, and 81,463,938 shares at December 31, 2024, issued and outstanding 815 815 Additional paid-in capital 54,143 52,941 Retained earnings 713,242 714,166 Total stockholders’ equity 768,200 767,922 Total liabilities and stockholders’ equity $975,651 $968,757

MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited) Three Months Nine Months Ended September 30, Ended September 30, (In thousands, except per share information) 2025 2024 2025 2024 Operating revenue $220,470 $237,366 $673,544 $733,276 Operating expenses (income): Salaries, wages and benefits 78,972 83,442 236,342 258,723 Purchased transportation 42,284 44,862 123,063 129,911 Fuel and fuel taxes 33,526 35,781 99,234 114,151 Supplies and maintenance 15,585 16,464 46,704 49,006 Depreciation 25,447 27,392 80,224 84,125 Operating taxes and licenses 2,423 2,505 7,291 7,619 Insurance and claims 11,382 13,759 40,611 37,975 Communications and utilities 2,093 2,166 6,536 6,834 Gain on disposition of revenue equipment (1,903) (881) (8,750) (4,584)Other 7,923 7,607 23,958 23,023 Total operating expenses 217,732 233,097 655,213 706,783 Operating income 2,738 4,269 18,331 26,493 Other (213) (922) (998) (2,732) Income before income taxes 2,951 5,191 19,329 29,225 Income taxes expense 725 1,437 5,582 7,936 Net income $2,226 $3,754 $13,747 $21,289 Basic earnings per common share $0.03 $0.05 $0.17 $0.26 Diluted earnings per common share $0.03 $0.05 $0.17 $0.26 Dividends declared per common share $0.06 $0.06 $0.18 $0.18

MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited) Dollar Percentage Change Change Three Months Three Months Three Months Ended Ended Ended September 30, September 30, September 30, (Dollars in thousands) 2025 2024 2025 vs. 2024 2025 vs. 2024 Operating revenue: Truckload revenue, net of fuel surcharge revenue $90,138 $93,278 $(3,140) (3.4)%Truckload fuel surcharge revenue 14,691 15,146 (455) (3.0)Total Truckload revenue 104,829 108,424 (3,595) (3.3) Dedicated revenue, net of fuel surcharge revenue 56,675 62,898 (6,223) (9.9)Dedicated fuel surcharge revenue 10,335 12,123 (1,788) (14.7)Total Dedicated revenue 67,010 75,021 (8,011) (10.7) Intermodal revenue, net of fuel surcharge revenue 8,369 12,289 (3,920) (31.9)Intermodal fuel surcharge revenue 1,482 2,220 (738) (33.2)Total Intermodal revenue 9,851 14,509 (4,658) (32.1) Brokerage revenue 38,780 39,412 (632) (1.6) Total operating revenue $220,470 $237,366 $(16,896) (7.1)% Operating income/(loss): Truckload $(2,002) $(142) $(1,860) (1,309.9)%Dedicated 3,426 3,056 370 12.1 Intermodal (293) (1,542) 1,249 81.0 Brokerage 1,607 2,897 (1,290) (44.5)Total operating income $2,738 $4,269 $(1,531) (35.9)% Operating ratio: Truckload 101.9% 100.1% Dedicated 94.9 95.9 Intermodal 103.0 110.6 Brokerage 95.9 92.6 Consolidated operating ratio 98.8% 98.2% Operating ratio, net of fuel surcharges: Truckload 102.2% 100.2% Dedicated 94.0 95.1 Intermodal 103.5 112.5 Brokerage 95.9 92.6 Consolidated operating ratio, net of fuel surcharges 98.6% 97.9%

MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited) Dollar Percentage Change Change Nine Months Nine Months Nine Months Ended Ended Ended September 30, September 30, September 30, (Dollars in thousands) 2025 2024 2025 vs. 2024 2025 vs. 2024 Operating revenue: Truckload revenue, net of fuel surcharge revenue $272,728 $284,346 $(11,618) (4.1)%Truckload fuel surcharge revenue 42,978 48,152 (5,174) (10.7)Total Truckload revenue 315,706 332,498 (16,792) (5.1) Dedicated revenue, net of fuel surcharge revenue 180,418 202,080 (21,662) (10.7)Dedicated fuel surcharge revenue 32,091 40,667 (8,576) (21.1)Total Dedicated revenue 212,509 242,747 (30,238) (12.5) Intermodal revenue, net of fuel surcharge revenue 28,730 38,230 (9,500) (24.8)Intermodal fuel surcharge revenue 4,941 7,315 (2,374) (32.5)Total Intermodal revenue 33,671 45,545 (11,874) (26.1) Brokerage revenue 111,658 112,486 (828) (0.7) Total operating revenue $673,544 $733,276 $(59,732) (8.1)% Operating income/(loss): Truckload $42 $1,462 $(1,420) (97.1)%Dedicated 13,709 18,964 (5,255) (27.7)Intermodal (1,883) (2,420) 537 22.2 Brokerage 6,463 8,487 (2,024) (23.8)Total operating income $18,331 $26,493 $(8,162) (30.8)% Operating ratio: Truckload 100.0% 99.6% Dedicated 93.5 92.2 Intermodal 105.6 105.3 Brokerage 94.2 92.5 Consolidated operating ratio 97.3% 96.4% Operating ratio, net of fuel surcharges: Truckload 100.0% 99.5% Dedicated 92.4 90.6 Intermodal 106.6 106.3 Brokerage 94.2 92.5 Consolidated operating ratio, net of fuel surcharges 96.9% 95.8%

MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited) Three Months Nine Months Ended September 30, Ended September 30, 2025 2024 2025 2024 Truckload Segment: Revenue (in thousands) $104,829 $108,424 $315,706 $332,498 Average revenue, net of fuel surcharges, per tractor per week(1) $4,129 $4,187 $4,178 $4,090 Average tractors(1) 1,661 1,695 1,674 1,776 Average miles per trip 508 533 523 533 Non-revenue miles percentage(2) 11.0% 12.2% 11.1% 12.1%Total miles (in thousands) 38,081 39,288 115,575 119,838 Dedicated Segment: Revenue (in thousands) $67,010 $75,021 $212,509 $242,747 Average revenue, net of fuel surcharges, per tractor per week(1) $3,776 $3,693 $3,811 $3,744 Average tractors(1) 1,142 1,296 1,214 1,379 Average miles per trip 292 311 300 321 Non-revenue miles percentage(2) 1.1% 1.3% 1.3% 1.2%Total miles (in thousands) 23,206 26,571 73,574 83,882 Intermodal Segment: Revenue (in thousands) $9,851 $14,509 $33,671 $45,545 Loads 2,956 4,119 10,168 13,172 Average tractors 61 104 72 117 Brokerage Segment: Revenue (in thousands) $38,780 $39,412 $111,658 $112,486 Loads 25,940 24,628 70,450 67,389 At September 30, 2025 and September 30, 2024: Total tractors(1) 2,823 3,080 Average age of company tractors (in years) 2.2 1.8 Total trailers 5,165 5,456 Average age of company trailers (in years) 4.9 5.2 Ratio of trailers to tractors(1) 1.8 1.8 Total refrigerated containers - 786

Three Months Nine Months Ended September 30, Ended September 30, (In thousands) 2025 2024 2025 2024 Net cash provided by operating activities $18,538 $29,478 $87,906 $111,021 Net cash provided by/(used for) investing activities 5,786 (59,222) (35,742) (107,247)Net cash (used for) financing activities (4,891) (4,465) (14,946) (13,997) Weighted average shares outstanding: Basic 81,520 81,437 81,508 81,389 Diluted 81,527 81,492 81,516 81,460

(1)Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 83 and 94 tractors as of September 30, 2025 and 2024, respectively. (2)Represents the percentage of miles for which the company is not compensated.