Asset-Based shipment and tonnage growth despite soft freight environment
Asset-Light achieves record volumes and productivity
Over $66 million returned to shareholders through share repurchases and dividends year-to-date

ArcBest^® (NASDAQ:ARCB), a leader in supply chain logistics, today announced financial results for the third quarter ended September 30, 2025.

Third quarter 2025 revenue totaled $1.0 billion, compared to $1.1 billion in the prior-year period. Net income from continuing operations was $39.3 million, or $1.72 per diluted share, versus $100.3 million, or $4.23 per diluted share, in the third quarter of 2024, which included a $69.1 million after-tax benefit from the reduction in the fair value of contingent consideration related to the MoLo acquisition. On a non-GAAP basis, net income was $33.4 million, or $1.46 per diluted share, compared to $38.8 million, or $1.64 per diluted share, in the prior year.

"ArcBest continues to deliver, even in this challenging freight environment," said Judy R. McReynolds, ArcBest Chairman and CEO. "We achieved growth in LTL shipments and tonnage, and our Asset-Light segment delivered record shipment volumes and productivity. These results underscore the strength of our customer relationships and the value of our integrated solutions."

Results of Operations Comparisons

Asset-Based

Third Quarter 2025 Versus Third Quarter 2024

Revenue of $726.5 million compared to $709.7 million, a per-day increase of 1.6 percent
Tonnage per day increase of 2.3 percent
Shipments per day increase of 4.3 percent
Billed revenue per hundredweight decrease of 1.1 percent
Operating income of $70.2 million and an operating ratio of 90.3 percent, which includes $15.9 million of net gains on asset sales, compared to $64.0 million and an operating ratio of 91.0 percent
Excluding asset gains, non-GAAP operating income of $54.4 million and an operating ratio of 92.5 percent, compared to $64.0 million and an operating ratio of 91.0 percent

Tonnage growth was driven by a 4.3 percent increase in daily shipments, primarily from newly onboarded core LTL customers. This was partially offset by a 1.9 percent decline in total weight per shipment. While new shipments were generally heavier, ongoing weakness in the manufacturing sector continues to pressure weight per shipment metrics, reducing revenue per shipment without corresponding cost decreases.

To support shipment growth, labor was added, and network capacity was supplemented with purchased transportation and local cartage during peak vacation season. Annual increases in contracted union labor rates, combined with higher purchased transportation spending and equipment depreciation, drove operating expenses higher. Despite these pressures, cost per shipment improved one percent year-over-year as a result of continued productivity gains. Cartage and purchased transportation costs normalized in September after elevated activity in July and August.

Customer contract renewals and deferred pricing agreements averaged a 4.5 percent increase during the quarter. Billed revenue per hundredweight, including and excluding fuel, decreased by 1.1 percent in the third quarter, compared to the third quarter of 2024. Price improvements were offset by a shift in freight profile. Overall, LTL industry pricing remains rational.

Compared sequentially to the second quarter of 2025, third quarter revenue and shipments per day were flat, while weight per shipment declined 3.9 percent, resulting in a 3.7 percent decrease in tonnage per day. Billed revenue per shipment decreased 0.6 percent as price improvements were offset by lower-weight shipments. Billed revenue per hundredweight increased 3.4 percent, reflecting the lower-weight shipments, combined with higher prices and fuel surcharges. Excluding fuel surcharges, revenue per hundredweight increased in the low single digits. The sequential non-GAAP operating ratio improved by 30 basis points.

Asset-Light

Third Quarter 2025 Versus Third Quarter 2024

Revenue of $356.0 million compared to $385.3 million, a per-day decrease of 8.3 percent
Operating loss of $1.6 million compared to operating income of $84.8 million, which included the $91.9 million pre-tax reduction in the fair value of contingent consideration related to the MoLo earnout
On a non-GAAP basis, operating income of $1.6 million compared to operating loss of $3.9 million
Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), as defined in the attached non-GAAP reconciliation tables, of $3.1 million compared to negative $2.1 million

Revenue decline was primarily due to lower revenue per shipment in a soft-rate environment and a higher mix of managed transportation business, which typically involves smaller, lower-revenue shipments. A 2.5 percent increase in shipments per day reflects continued growth in managed solutions, partially offset by a strategic reduction in less profitable truckload volumes.

Despite revenue declines, the Asset-Light segment delivered $1.6 million of non-GAAP operating income, supported by record volumes, improved margins and disciplined cost management. Productivity, measured by shipments per person per day, reached an all-time high during the quarter.

Compared sequentially to second quarter of 2025, daily revenue increased 3.3 percent, driven by a 10.1 percent increase in shipments per day. This increase was offset by a 6.2 percent decline in revenue per shipment, reflecting a higher proportion of smaller, lower-revenue managed solutions shipments. However, increased revenues combined with productivity gains contributed to improved financial performance.

Conference Call

ArcBest will host a conference call with company executives to discuss the quarterly results. The call will be today, Wednesday, November 5, 2025, at 9:30 a.m. ET (8:30 a.m. CT). Interested parties are invited to listen by calling (800) 715‑9871 or by joining the webcast which can be found on ArcBest's website at arcb.com. Slides to accompany this call are included in Exhibit 99.3 of the Form 8-K filed on November 5, 2025, will be posted and available to download on the company's website prior to the scheduled conference time, and will be included in the webcast. Following the call, a recorded playback will be available through the end of the day on November 19, 2025. To listen to the playback, dial (800) 770-2030. The conference call ID for the live conference call and the playback is 6423434. The conference call and playback can also be accessed through November 19, 2025, on ArcBest's website at arcb.com.

About ArcBest

ArcBest^® (NASDAQ:ARCB) is a multibillion-dollar integrated logistics company that helps keep the global supply chain moving. Founded in 1923 and now with 14,000 employees across 250 campuses and service centers, the company is a logistics powerhouse, using its technology, expertise and scale to connect shippers with the solutions they need — from ground, air and ocean transportation to fully managed supply chains. ArcBest has a long history of innovation that is enriched by deep customer relationships. With a commitment to helping customers navigate supply chain challenges now and in the future, the company is developing ground-breaking technology like Vaux™, one of the TIME Best Inventions of 2023. For more information, visit arcb.com.

The following is a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995: Certain statements and information in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding (i) our expectations about our intrinsic value or our prospects for growth and value creation and (ii) our financial outlook, position, strategies, goals, and expectations. Terms such as "anticipate," "believe," "could," "designed," "estimate," "expect," "forecast," "foresee," "intend," "likely," "may," "plan," "predict," "project," "scheduled," "seek," "should," "would," and similar expressions and the negatives of such terms are intended to identify forward-looking statements. These statements are based on management's beliefs, assumptions, and expectations based on currently available information, are not guarantees of future performance, and involve certain risks and uncertainties (some of which are beyond our control). Although we believe that the expectations reflected in these forward-looking statements are reasonable as and when made, we cannot provide assurance that our expectations will prove to be correct and caution the reader not to place undue reliance on our forward-looking statements. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in these statements due to a number of factors, including, but not limited to: data privacy breaches, cybersecurity incidents, and/or failures of our information systems, including disruptions or failures of services essential to our operations or upon which our information technology platforms rely; interruption or failure of third-party software or information technology systems, including but not limited to licensed software; untimely or ineffective development and implementation of, or failure to realize the potential benefits associated with, new or enhanced technology or processes; the loss or reduction of business from large customers or an overall reduction in our customer base; the timing and performance of growth initiatives and the ability to manage our cost structure; the cost, integration, and performance of acquisitions and the inability to realize the anticipated benefits of the acquisition within the expected time period or at all; unsolicited takeover proposals, proxy contests, and other proposals or actions by activist investors; maintaining our corporate reputation and intellectual property rights; establishing and maintaining adequate internal controls over financial reporting; nationwide or global disruption in the supply chain resulting in increased volatility in freight volumes; competitive initiatives and pricing pressures; increased prices for and decreased availability of equipment, including new revenue equipment, and higher costs of equipment-related operating expenses such as maintenance, fuel, and related taxes; availability of fuel, the effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates, and the inability to collect fuel surcharges; relationships with employees, including unions, and our ability to attract, retain, and upskill employees; unfavorable terms of, or the inability to reach agreement on, future collective bargaining agreements or a workforce stoppage by our employees covered under ABF Freight's collective bargaining agreement; union employee wages and benefits, including changes in required contributions to multiemployer plans; availability and cost of reliable third-party services; our ability to secure independent owner-operators and/or operational or regulatory issues related to our use of their services; litigation or claims asserted against us; the effects, costs and potential liabilities related to changes in and compliance with, or violation of, existing or future governmental laws and regulations, including, but not limited to, environmental laws and regulations, such as emissions-control regulations and fuel efficiency regulations; default on covenants of financing arrangements and the availability and terms of future financing arrangements; our ability to generate sufficient cash from operations to support significant ongoing capital expenditure requirements and other business initiatives; self-insurance claims, insurance premium costs, and loss of our ability to self-insure; potential impairment of long-lived assets and goodwill and intangible assets; the effects of a widespread outbreak of an illness or disease or any other public health crisis, as well as regulatory measures implemented in response to such events; external events which may adversely affect us or the third parties who provide services for us, for which our business continuity plans may not adequately prepare us, including, but not limited to, the occurrence of natural disasters, health epidemics, geopolitical conflicts, acts of war, cybersecurity incidents, or trade restrictions; general economic conditions and related shifts in market demand that impact the performance and needs of industries we serve and/or limit our customers' access to adequate financial resources; seasonal fluctuations, adverse weather conditions, natural disasters, and climate change; and other financial, operational, and legal risks and uncertainties detailed from time to time in ArcBest Corporation's public filings with the Securities and Exchange Commission ("SEC").

For additional information regarding known material factors that could cause our actual results to differ from those expressed in these forward-looking statements, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events, or otherwise.

Financial Data and Operating Statistics

The following tables show financial data and operating statistics on ArcBest^® and its reportable segments.

ARCBEST CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2025			2024			2025			2024
	(Unaudited)
	($ thousands, except share and per share data)
REVENUES	$	1,048,137		$	1,063,124		$	3,037,470		$	3,177,374

OPERATING EXPENSES		993,510			928,131			2,938,904			2,971,101

OPERATING INCOME		54,627			134,993			98,566			206,273

OTHER INCOME (COSTS)
Interest and dividend income		1,368			3,130			3,555			9,686
Interest and other related financing costs		(3,334	)		(2,281	)		(9,045	)		(6,587	)
Other, net		847			862			574			(28,118	)
		(1,119	)		1,711			(4,916	)		(25,019	)

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES		53,508			136,704			93,650			181,254

INCOME TAX PROVISION		14,234			36,390			25,436			36,928

NET INCOME FROM CONTINUING OPERATIONS		39,274			100,314			68,214			144,326

INCOME FROM DISCONTINUED OPERATIONS, net of tax⁽¹⁾		—			—			—			600

NET INCOME	$	39,274		$	100,314		$	68,214		$	144,926

BASIC EARNINGS PER COMMON SHARE⁽²⁾
Continuing operations	$	1.73		$	4.25		$	2.97		$	6.12
Discontinued operations⁽¹⁾		—			—			—			0.03
	$	1.73		$	4.25		$	2.97		$	6.14

DILUTED EARNINGS PER COMMON SHARE⁽²⁾
Continuing operations	$	1.72		$	4.23		$	2.96		$	6.03
Discontinued operations⁽¹⁾		—			—			—			0.03
	$	1.72		$	4.23		$	2.96		$	6.06

AVERAGE COMMON SHARES OUTSTANDING
Basic		22,718,292			23,624,761			22,952,014			23,601,548
Diluted		22,811,670			23,690,120			23,037,638			23,923,047

________________________________________
¹⁾	Represents adjustments related to the gain on sale of FleetNet America^® ("FleetNet"), which sold on February 28, 2023.
²⁾	Earnings per common share is calculated in total and may not equal the sum of earnings per common share from continuing operations and discontinued operations due to rounding.

ARCBEST CORPORATION

CONSOLIDATED BALANCE SHEETS

	September 30			December 31
	2025			2024
	(Unaudited)
	($ thousands, except share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	120,604		$	127,444
Short-term investments		12,023			29,759
Accounts receivable, less allowances (2025 - $8,372; 2024 - $8,257)		408,610			394,838
Other accounts receivable, less allowances (2025 - $648; 2024 - $648)		23,538			36,055
Prepaid expenses		35,365			47,860
Prepaid and refundable income taxes		46,066			28,641
Other		10,925			11,045
TOTAL CURRENT ASSETS		657,131			675,642

PROPERTY, PLANT AND EQUIPMENT
Land and structures		550,883			520,119
Revenue equipment		1,223,311			1,166,161
Service, office, and other equipment		362,243			351,907
Software		187,197			182,396
Leasehold improvements		37,175			32,263
		2,360,809			2,252,846
Less allowances for depreciation and amortization		1,210,512			1,186,800
PROPERTY, PLANT AND EQUIPMENT, net		1,150,297			1,066,046

GOODWILL		304,753			304,753
INTANGIBLE ASSETS, net		79,227			88,615
OPERATING RIGHT-OF-USE ASSETS		226,033			192,753
DEFERRED INCOME TAXES		7,825			9,536
OTHER LONG-TERM ASSETS		75,915			92,386
TOTAL ASSETS	$	2,501,181		$	2,429,731

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	164,266		$	168,943
Accrued expenses		392,088			398,700
Current portion of long-term debt		78,631			63,978
Current portion of operating lease liabilities		35,470			34,364
TOTAL CURRENT LIABILITIES		670,455			665,985

LONG-TERM DEBT, less current portion		135,469			125,156
OPERATING LEASE LIABILITIES, less current portion		210,958			189,978
POSTRETIREMENT LIABILITIES, less current portion		13,400			13,361
DEFERRED INCOME TAXES		113,999			78,649
OTHER LONG-TERM LIABILITIES		33,982			42,240

STOCKHOLDERS' EQUITY
Common stock, $0.01 par value, authorized 70,000,000 shares; issued 2025: 30,484,689 shares; 2024: 30,401,768 shares		305			304
Additional paid-in capital		336,484			329,575
Retained earnings		1,495,194			1,435,250
Treasury stock, at cost, 2025: 7,892,752 shares; 2024: 7,114,844 shares		(509,169	)		(451,039	)
Accumulated other comprehensive income		104			272
TOTAL STOCKHOLDERS' EQUITY		1,322,918			1,314,362
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	2,501,181		$	2,429,731

ARCBEST CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Nine Months Ended
	September 30
	2025			2024
	(Unaudited)
	($ thousands)
OPERATING ACTIVITIES
Net income	$	68,214		$	144,926
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		115,690			100,104
Amortization of intangibles		9,600			9,616
Share-based compensation expense		8,904			9,040
Provision for losses on accounts receivable		2,386			2,038
Change in deferred income taxes		37,117			10,547
Gain on sale of property and equipment		(15,684	)		(1,063	)
Pre-tax gain on sale of discontinued operations		—			(806	)
Change in fair value of contingent consideration		(2,650	)		(80,740	)
Change in fair value of equity investment		—			28,739
Changes in operating assets and liabilities:
Receivables		(2,931	)		44,344
Prepaid expenses		12,495			4,634
Other assets		(4,994	)		(3,364	)
Income taxes		(17,320	)		(2,870	)
Operating right-of-use assets and lease liabilities, net		(11,194	)		(7,088	)
Accounts payable, accrued expenses, and other liabilities		(15,342	)		(29,009	)
NET CASH PROVIDED BY OPERATING ACTIVITIES		184,291			229,048

INVESTING ACTIVITIES
Purchases of property, plant and equipment, net of financings		(107,005	)		(169,839	)
Proceeds from sale of property and equipment		32,518			6,187
Purchases of short-term investments		(12,000	)		(29,236	)
Proceeds from sale of short-term investments		30,226			55,874
Capitalization of internally developed software		(9,958	)		(12,437	)
Other investing activities		8,756			—
NET CASH USED IN INVESTING ACTIVITIES		(57,463	)		(149,451	)

FINANCING ACTIVITIES
Borrowings under credit facilities		25,000			—
Payments on long-term debt		(87,275	)		(102,366	)
Net change in book overdrafts		(2,887	)		(1,676	)
Deferred financing costs		(112	)		(65	)
Payment of common stock dividends		(8,270	)		(8,485	)
Purchases of treasury stock		(58,130	)		(56,108	)
Payments for tax withheld on share-based compensation		(1,994	)		(22,662	)
NET CASH USED IN FINANCING ACTIVITIES		(133,668	)		(191,362	)

NET DECREASE IN CASH AND CASH EQUIVALENTS		(6,840	)		(111,765	)
Cash and cash equivalents at beginning of period		127,444			262,226
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	120,604		$	150,461

NONCASH INVESTING ACTIVITIES
Equipment financed	$	87,241		$	53,939
Accruals for equipment received	$	1,333		$	5,114
Lease liabilities arising from obtaining right-of-use assets	$	47,306		$	40,872

ARCBEST CORPORATION

FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS

	Three Months Ended												Nine Months Ended
	September 30												September 30
	2025						2024						2025						2024
	(Unaudited)
	($ thousands, except percentages)
REVENUES FROM CONTINUING OPERATIONS
Asset-Based	$	726,475					$	709,722					$	2,086,081					$	2,093,914
Asset-Light		355,969						385,324						1,053,903						1,177,504
Other and eliminations		(34,307	)					(31,922	)					(102,514	)					(94,044	)
Total consolidated revenues from continuing operations	$	1,048,137					$	1,063,124					$	3,037,470					$	3,177,374

OPERATING EXPENSES FROM CONTINUING OPERATIONS
Asset-Based
Salaries, wages, and benefits	$	370,164		51.0		%	$	358,469		50.5		%	$	1,080,234		51.8		%	$	1,056,146		50.4		%
Fuel, supplies, and expenses		81,861		11.3				79,170		11.2				239,337		11.5				243,152		11.6
Operating taxes and licenses		13,373		1.8				13,538		1.9				40,330		1.9				40,624		1.9
Insurance		18,560		2.5				19,819		2.8				54,176		2.6				51,265		2.4
Communications and utilities		5,166		0.7				4,793		0.6				16,126		0.8				14,004		0.7
Depreciation and amortization		35,054		4.8				26,967		3.8				97,308		4.7				80,620		3.9
Rents and purchased transportation		81,142		11.2				73,600		10.4				224,501		10.8				209,586		10.0
Shared services		66,892		9.2				69,463		9.8				199,203		9.5				206,622		9.9
Gain on sale of property and equipment⁽¹⁾		(15,874	)	(2.2	)			(1,688	)	(0.2	)			(16,010	)	(0.8	)			(1,630	)	(0.1	)
Other		(25	)	—				1,571		0.2				3,268		0.1				3,257		0.2
Total Asset-Based		656,313		90.3		%		645,702		91.0		%		1,938,473		92.9		%		1,903,646		90.9		%

Asset-Light
Purchased transportation	$	302,309		84.9		%	$	331,107		85.9		%	$	895,503		85.0		%	$	1,014,476		86.2		%
Salaries, wages, and benefits		24,913		7.0				30,150		7.8				76,091		7.2				91,490		7.8
Supplies and expenses		1,970		0.6				2,702		0.7				5,448		0.5				8,279		0.7
Depreciation and amortization⁽²⁾		4,647		1.3				5,037		1.3				13,870		1.3				15,154		1.3
Shared services		18,657		5.2				17,547		4.6				55,232		5.2				51,118		4.3
Contingent consideration⁽³⁾		—		—				(91,910	)	(23.9	)			(2,650	)	(0.2	)			(80,740	)	(6.9	)
Other		5,068		1.4				5,912		1.6				15,793		1.5				17,704		1.5
Total Asset-Light		357,564		100.4		%		300,545		78.0		%		1,059,287		100.5		%		1,117,481		94.9		%

Other and eliminations⁽⁴⁾		(20,367	)					(18,116	)					(58,856	)					(50,026	)
Total consolidated operating expenses from continuing operations	$	993,510		94.8		%	$	928,131		87.3		%	$	2,938,904		96.8		%	$	2,971,101		93.5		%

OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS
Asset-Based	$	70,162					$	64,020					$	147,608					$	190,268
Asset-Light		(1,595	)					84,779						(5,384	)					60,023
Other and eliminations⁽⁴⁾		(13,940	)					(13,806	)					(43,658	)					(44,018	)
Total consolidated operating income from continuing operations	$	54,627					$	134,993					$	98,566					$	206,273

________________________________________
¹⁾	The 2025 periods include a net gain of $15.7 million, primarily related to two service center sales during third quarter 2025.
²⁾	Includes amortization of intangibles associated with acquired businesses.
³⁾	Represents the change in fair value of the contingent earnout consideration recorded for the MoLo acquisition. The liability for contingent consideration is remeasured at each quarterly reporting date, and any change in fair value as a result of the recurring assessments is recognized in operating income (loss). The Company reduced the contingent consideration for the MoLo acquisition to zero in second quarter 2025, reflecting the probability of no earnout payment based on projections of adjusted earnings before interest, taxes, depreciation, and amortization for 2025.
⁴⁾	"Other and eliminations" includes corporate costs for certain unallocated shared service costs which are not attributable to any segment, additional investments to offer comprehensive transportation and logistics services across multiple operating segments, costs related to our customer pilot offering of Vaux, and other investments in ArcBest technology and innovations.

ARCBEST CORPORATION

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures

We report our financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). However, management believes that certain non-GAAP performance measures and ratios utilized for internal analysis provide analysts, investors, and others the same information that we use internally for purposes of assessing our core operating performance and provides meaningful comparisons between current and prior period results, as well as important information regarding performance trends. Accordingly, non-GAAP results are presented on a continuing operations basis, excluding the discontinued operations of FleetNet, which sold on February 28, 2023. The use of certain non-GAAP measures improves comparability in analyzing our performance because it removes the impact of items from operating results that, in management's opinion, do not reflect our core operating performance. Other companies may calculate non-GAAP measures differently; therefore, our calculation may not be comparable to similarly titled measures of other companies. Certain information discussed in the scheduled conference call could be considered non-GAAP measures. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results. These financial measures should not be construed as better measurements than operating income, net income or earnings per share, as determined under GAAP.

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2025			2024			2025			2024
ArcBest Corporation — Consolidated	(Unaudited)
	($ thousands, except per share data)
Operating Income from Continuing Operations
Amounts on GAAP basis	$	54,627		$	134,993		$	98,566		$	206,273
Innovative technology costs, pre-tax⁽¹⁾		7,713			8,512			22,349			26,521
Purchase accounting amortization, pre-tax⁽²⁾		3,192			3,192			9,576			9,576
Change in fair value of contingent consideration, pre-tax⁽³⁾		—			(91,910	)		(2,650	)		(80,740	)
Gain on sale of certain properties, pre-tax⁽⁴⁾		(15,726	)		—			(15,726	)		—
Non-GAAP amounts	$	49,806		$	54,787		$	112,115		$	161,630

Net Income from Continuing Operations
Amounts on GAAP basis	$	39,274		$	100,314		$	68,214		$	144,326
Innovative technology costs, after-tax (includes related financing costs)⁽¹⁾		5,862			6,511			17,014			20,331
Purchase accounting amortization, after-tax⁽²⁾		2,399			2,401			7,195			7,202
Change in fair value of contingent consideration, after-tax⁽³⁾		—			(69,124	)		(1,991	)		(60,723	)
Gain on sale of certain properties, after-tax⁽⁴⁾		(11,778	)		—			(11,778	)		—
Change in fair value of equity investment, after-tax⁽⁵⁾		—			—			—			21,603
Changes in cash surrender value and gains on life insurance policies		(2,348	)		(1,333	)		(3,089	)		(3,006	)
Tax expense (benefit) from vested RSUs⁽⁶⁾		8			(9	)		1,000			(11,273	)
Non-GAAP amounts	$	33,417		$	38,760		$	76,565		$	118,460

Diluted Earnings Per Share from Continuing Operations
Amounts on GAAP basis	$	1.72		$	4.23		$	2.96		$	6.03
Innovative technology costs, after-tax (includes related financing costs)⁽¹⁾		0.26			0.27			0.74			0.85
Purchase accounting amortization, after-tax⁽²⁾		0.11			0.10			0.31			0.30
Change in fair value of contingent consideration, after-tax⁽³⁾		—			(2.92	)		(0.09	)		(2.54	)
Gain on sale of certain properties, after-tax⁽⁴⁾		(0.52	)		—			(0.51	)		—
Change in fair value of equity investment, after-tax⁽⁵⁾		—			—			—			0.90
Changes in cash surrender value and gains on life insurance policies		(0.10	)		(0.06	)		(0.13	)		(0.13	)
Tax expense (benefit) from vested RSUs⁽⁶⁾		—			—			0.04			(0.47	)
Non-GAAP amounts⁽⁷⁾	$	1.46		$	1.64		$	3.32		$	4.95

________________________________________

See "Notes to Non-GAAP Financial Tables" for footnotes to this ArcBest Corporation – Consolidated non-GAAP table.

ARCBEST CORPORATION

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued

	Three Months Ended												Nine Months Ended
	September 30												September 30
	2025						2024						2025						2024
Segment Operating Income (Loss) Reconciliations	(Unaudited) ($ thousands, except percentages)

Asset-Based Segment
Operating Income ($) and Operating Ratio (% of revenues)
Amounts on GAAP basis	$	70,162		90.3		%	$	64,020		91.0		%	$	147,608		92.9		%	$	190,268		90.9		%
Gain on sale of certain properties, pre-tax⁽⁴⁾		(15,726	)	2.2				—		—				(15,726	)	0.8				—		—
Non-GAAP amounts⁽⁷⁾	$	54,436		92.5		%	$	64,020		91.0		%	$	131,882		93.7		%	$	190,268		90.9		%

Asset-Light

Asset-Light Segment
Operating Income (Loss) ($) and Operating Ratio (% of revenues)
Amounts on GAAP basis	$	(1,595	)	100.4		%	$	84,779		78.0		%	$	(5,384	)	100.5		%	$	60,023		94.9		%
Purchase accounting amortization, pre-tax⁽²⁾		3,192		(0.9	)			3,192		(0.8	)			9,576		(0.9	)			9,576		(0.8	)
Change in fair value of contingent consideration, pre-tax⁽³⁾		—		—				(91,910	)	23.9				(2,650	)	0.2				(80,740	)	6.9
Non-GAAP amounts⁽⁷⁾	$	1,597		99.6		%	$	(3,939	)	101.0		%	$	1,542		99.9		%	$	(11,141	)	100.9		%

Other and Eliminations
Operating Loss ($)
Amounts on GAAP basis	$	(13,940	)				$	(13,806	)				$	(43,658	)				$	(44,018	)
Innovative technology costs, pre-tax⁽¹⁾		7,713						8,512						22,349						26,521
Non-GAAP amounts	$	(6,227	)				$	(5,294	)				$	(21,309	)				$	(17,497	)

________________________________________

Note: See "Notes to Non-GAAP Financial Tables" for footnotes to this Segment Operating Income (Loss) Reconciliations non-GAAP table.

ARCBEST CORPORATION

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued

Effective Tax Rate Reconciliation

ArcBest Corporation - Consolidated

(Unaudited)

($ thousands, except percentages)

Three Months Ended September 30, 2025

Other

Income

CONTINUING OPERATIONS

Operating

Income

Before Income

Tax

Net

Income

(Costs)

Taxes

Provision

Income

Tax Rate⁽⁸⁾

Amounts on GAAP basis

54,627

(1,119

)

53,508

14,234

39,274

26.6

Innovative technology costs⁽¹⁾

7,713

7,794

1,932

5,862

24.8

Purchase accounting amortization⁽²⁾

3,192

—

3,192

793

2,399

24.9

Gain on sale of certain properties⁽⁴⁾

(15,726

)

—

(15,726

)

(3,948

)

(11,778

)

(25.1

)

Changes in cash surrender value and gains on life insurance policies

—

(2,348

)

(2,348

)

—

(2,348

)

—

Tax expense from vested RSUs⁽⁶⁾

—

)

—

Non-GAAP amounts

49,806

(3,386

)

46,420

13,003

33,417

28.0

Nine Months Ended September 30, 2025

Other

Income

Operating

Income

Before Income

Tax

Net

Income

(Costs)

Taxes

Provision

Income

Tax Rate⁽⁸⁾

Amounts on GAAP basis

98,566

(4,916

)

93,650

25,436

68,214

27.2

Innovative technology costs⁽¹⁾

22,349

274

22,623

5,609

17,014

24.8

Purchase accounting amortization⁽²⁾

9,576

—

9,576

2,381

7,195

24.9

Change in fair value of contingent consideration⁽³⁾

(2,650

)

—

(2,650

)

(659

)

(1,991

)

(24.9

)

Gain on sale of certain properties⁽⁴⁾

(15,726

)

—

(15,726

)

(3,948

)

(11,778

)

(25.1

)

Changes in cash surrender value and gains on life insurance policies

—

(3,089

)

(3,089

)

—

(3,089

)

—

Tax expense from vested RSUs⁽⁶⁾

—

(1,000

)

1,000

—

Non-GAAP amounts

112,115

(7,731

)

104,384

27,819

76,565

26.7

	Three Months Ended September 30, 2024
			Other		Income		Income
CONTINUING OPERATIONS	Operating		Income		Before Income		Tax		Net
	Income		(Costs)		Taxes		Provision		Income		Tax Rate⁽⁸⁾
Amounts on GAAP basis	$	134,993	$	1,711	$	136,704	$	36,390	$	100,314	26.6	%
Innovative technology costs⁽¹⁾		8,512		145		8,657		2,146		6,511	24.8
Purchase accounting amortization⁽²⁾		3,192		—		3,192		791		2,401	24.8
Change in fair value of contingent consideration⁽³⁾		(91,910