MONDOVI, Wis., Jan. 27, 2026 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $3.7 million, or 5 cents per diluted share, for the fourth quarter ended December 31, 2025, compared with $5.6 million, or 7 cents per diluted share, for the fourth quarter of 2024. The 2025 fourth-quarter earnings improved 66.1% sequentially from 2025 third-quarter net income of $2.2 million, or 3 cents per diluted share. For the year ended December 31, 2025, net income was $17.4 million, or 21 cents per diluted share, compared with $26.9 million, or 33 cents per diluted share, for 2024.

Operating revenue was $210.1 million for the fourth quarter of 2025 compared with $230.4 million for the fourth quarter of 2024. Excluding fuel surcharges, operating revenue was $185.5 million for the 2025 quarter compared with $202.9 million for the 2024 quarter. Fuel surcharge revenue decreased to $24.7 million for the 2025 quarter from $27.6 million for the 2024 quarter.

Operating revenue was $883.7 million for 2025 compared with $963.7 million for 2024. Excluding fuel surcharges, operating revenue was $779.0 million for 2025 compared with $840.0 million for 2024. Fuel surcharge revenue decreased to $104.7 million for 2025 from $123.7 million for 2024.

Operating income was $4.6 million for the fourth quarter of 2025 compared with $6.7 million for the fourth quarter of 2024. The 2025 fourth-quarter operating income improved 67.3% from operating income of $2.7 million for the third quarter of 2025.

Operating income was $22.9 million for 2025 compared with $33.2 million for 2024.

Operating expenses as a percentage of operating revenue were 97.8% for the 2025 fourth quarter and 97.1% for the 2024 fourth quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 97.5% for the 2025 fourth quarter and 96.7% for the 2024 fourth quarter, compared with 98.6% for the third quarter of 2025.

Operating expenses as a percentage of operating revenue were 97.4% for 2025 and 96.6% for 2024. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 97.1% for 2025 and 96.0% for 2024.

Chairman of the Board and Chief Executive Officer Randolph L. Marten stated, "We are encouraged by the sequential improvement in our profitability. Our people also drove sequential increases this quarter in our revenue per tractor, rate per total mile and miles per tractor within each of our truckload and dedicated operations."

"Our unique multifaceted business model's value continued to be highlighted by the operating results of our dedicated and brokerage operations throughout the last two years. Our earnings have been heavily 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, freight rate reductions and freight network disruptions."

"We are focused on minimizing the freight market's impact with our emphasis on safe, premium service, data-driven operating efficiencies and aggressive 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 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 regulations to positively impact such opportunities."

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 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

	December 31,			December 31,
(In thousands, except share information)	2025			2024
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	43,278		$	17,267
Escrow deposit		5,000			-
Receivables:
Trade, net		85,807			89,992
Other		13,084			5,364
Prepaid expenses and other		24,532			25,888
Total current assets		171,701			138,511

Property and equipment:
Revenue equipment, buildings and land, office equipment and other		1,128,932			1,198,737
Accumulated depreciation		(352,426	)		(370,124	)
Net property and equipment		776,506			828,613
Other noncurrent assets		1,560			1,633
Total assets	$	949,767		$	968,757

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	28,769		$	25,781
Insurance and claims accruals		43,700			44,246
Accrued and other current liabilities		19,763			23,492
Total current liabilities		92,232			93,519
Deferred income taxes		89,716			107,034
Noncurrent operating lease liabilities		194			282
Total liabilities		182,142			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; 81,542,174 shares at December 31, 2025, and 81,463,938 shares at December 31, 2024, issued and outstanding		815			815
Additional paid-in capital		54,762			52,941
Retained earnings		712,048			714,166
Total stockholders' equity		767,625			767,922
Total liabilities and stockholders' equity	$	949,767		$	968,757

MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months						Year
	Ended December 31,						Ended December 31,
(In thousands, except per share information)	2025			2024			2025			2024

Operating revenue	$	210,108		$	230,432		$	883,652		$	963,708

Operating expenses (income):
Salaries, wages and benefits		75,728			83,009			312,070			341,732
Purchased transportation		36,050			39,231			159,113			169,142
Fuel and fuel taxes		30,765			32,992			129,999			147,143
Supplies and maintenance		14,504			14,331			61,208			63,337
Depreciation		25,168			27,528			105,392			111,653
Operating taxes and licenses		2,446			2,683			9,737			10,302
Insurance and claims		15,034			15,134			55,645			53,109
Communications and utilities		2,217			2,195			8,753			9,029
Gain on disposition of revenue equipment		(3,317	)		(387	)		(12,067	)		(4,971	)
Other		6,931			6,989			30,889			30,012

Total operating expenses		205,526			223,705			860,739			930,488

Operating income		4,582			6,727			22,913			33,220

Other		(466	)		(394	)		(1,464	)		(3,126	)

Income before income taxes		5,048			7,121			24,377			36,346

Income taxes expense		1,351			1,488			6,933			9,424

Net income	$	3,697		$	5,633		$	17,444		$	26,922

Basic earnings per common share	$	0.05		$	0.07		$	0.21		$	0.33

Diluted earnings per common share	$	0.05		$	0.07		$	0.21		$	0.33

Dividends declared per common share	$	0.06		$	0.06		$	0.24		$	0.24

MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited)

							Dollar			Percentage
							Change			Change
	Three Months						Three Months			Three Months
	Ended						Ended			Ended
	December 31,						December 31,			December 31,
(Dollars in thousands)	2025			2024			2025 vs. 2024			2025 vs. 2024
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	91,201		$	93,106		$	(1,905	)	(2.0	)%
Truckload fuel surcharge revenue		14,822			14,188			634		4.5
Total Truckload revenue		106,023			107,294			(1,271	)	(1.2	)

Dedicated revenue, net of fuel surcharge revenue		56,086			64,997			(8,911	)	(13.7	)
Dedicated fuel surcharge revenue		9,831			11,391			(1,560	)	(13.7	)
Total Dedicated revenue		65,917			76,388			(10,471	)	(13.7	)

Intermodal revenue, net of fuel surcharge revenue		-			11,238			(11,238	)	(100.0	)
Intermodal fuel surcharge revenue		-			1,971			(1,971	)	(100.0	)
Total Intermodal revenue		-			13,209			(13,209	)	(100.0	)

Brokerage revenue		38,168			33,541			4,627		13.8

Total operating revenue	$	210,108		$	230,432		$	(20,324	)	(8.8	)%

Operating income/(loss):
Truckload	$	783		$	1,821		$	(1,038	)	(57.0	)%
Dedicated		3,025			4,073			(1,048	)	(25.7	)
Intermodal		-			(1,502	)		1,502		100.0
Brokerage		774			2,335			(1,561	)	(66.9	)
Total operating income	$	4,582		$	6,727		$	(2,145	)	(31.9	)%

Operating ratio:
Truckload		99.3	%		98.3	%
Dedicated		95.4			94.7
Intermodal		-			111.4
Brokerage		98.0			93.0
Consolidated operating ratio		97.8	%		97.1	%

Operating ratio, net of fuel surcharges:
Truckload		99.1	%		98.0	%
Dedicated		94.6			93.7
Intermodal		-			113.4
Brokerage		98.0			93.0
Consolidated operating ratio, net of fuel surcharges		97.5	%		96.7	%

MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited)

							Dollar			Percentage
							Change			Change
	Year						Year			Year
	Ended						Ended			Ended
	December 31,						December 31,			December 31,
(Dollars in thousands)	2025			2024			2025 vs. 2024			2025 vs. 2024
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	363,929		$	377,452		$	(13,523	)	(3.6	)%
Truckload fuel surcharge revenue		57,800			62,340			(4,540	)	(7.3	)
Total Truckload revenue		421,729			439,792			(18,063	)	(4.1	)

Dedicated revenue, net of fuel surcharge revenue		236,504			267,077			(30,573	)	(11.4	)
Dedicated fuel surcharge revenue		41,922			52,058			(10,136	)	(19.5	)
Total Dedicated revenue		278,426			319,135			(40,709	)	(12.8	)

Intermodal revenue, net of fuel surcharge revenue		28,730			49,468			(20,738	)	(41.9	)
Intermodal fuel surcharge revenue		4,941			9,286			(4,345	)	(46.8	)
Total Intermodal revenue		33,671			58,754			(25,083	)	(42.7	)

Brokerage revenue		149,826			146,027			3,799		2.6

Total operating revenue	$	883,652		$	963,708		$	(80,056	)	(8.3	)%

Operating income/(loss):
Truckload	$	825		$	3,283		$	(2,458	)	(74.9	)%
Dedicated		16,734			23,037			(6,303	)	(27.4	)
Intermodal		(1,883	)		(3,922	)		2,039		52.0
Brokerage		7,237			10,822			(3,585	)	(33.1	)
Total operating income	$	22,913		$	33,220		$	(10,307	)	(31.0	)%

Operating ratio:
Truckload		99.8	%		99.3	%
Dedicated		94.0			92.8
Intermodal		105.6			106.7
Brokerage		95.2			92.6
Consolidated operating ratio		97.4	%		96.6	%

Operating ratio, net of fuel surcharges:
Truckload		99.8	%		99.1	%
Dedicated		92.9			91.4
Intermodal		106.6			107.9
Brokerage		95.2			92.6
Consolidated operating ratio, net of fuel surcharges		97.1	%		96.0	%

MARTEN TRANSPORT, LTD. OPERATING STATISTICS (Unaudited)

	Three Months						Year
	Ended December 31,						Ended December 31,
	2025			2024			2025			2024
Truckload Segment:
Revenue (in thousands)	$	106,023		$	107,294		$	421,729		$	439,792
Average revenue, net of fuel surcharges, per tractor per week⁽¹⁾	$	4,200		$	4,227		$	4,184		$	4,123
Average tractors⁽¹⁾		1,652			1,676			1,668			1,751
Average miles per trip		511			535			520			533
Non-revenue miles percentage⁽²⁾		11.2	%		11.8	%		11.1	%		12.1	%
Total miles (in thousands)		38,124			39,147			153,699			158,985

Dedicated Segment:
Revenue (in thousands)	$	65,917		$	76,388		$	278,426		$	319,135
Average revenue, net of fuel surcharges, per tractor per week⁽¹⁾	$	3,870		$	3,841		$	3,825		$	3,767
Average tractors⁽¹⁾		1,103			1,288			1,186			1,356
Average miles per trip		296			313			299			319
Non-revenue miles percentage⁽²⁾		1.2	%		1.5	%		1.3	%		1.3	%
Total miles (in thousands)		22,782			26,799			96,356			110,681

Intermodal Segment:
Revenue (in thousands)	$	-		$	13,209		$	33,671		$	58,754
Loads		-			3,803			10,168			16,975
Average tractors		-			88			56			110

Brokerage Segment:
Revenue (in thousands)	$	38,168		$	33,541		$	149,826		$	146,027
Loads		25,501			21,749			95,951			89,138

At December 31, 2025 and December 31, 2024:
Total tractors⁽¹⁾		2,654			3,006
Average age of company tractors (in years)		2.3			1.9
Total trailers		5,107			5,440
Average age of company trailers (in years)		4.9			5.3
Ratio of trailers to tractors⁽¹⁾		1.9			1.8
Total refrigerated containers		-			786

	Three Months						Year
	Ended December 31,						Ended December 31,
(In thousands)	2025			2024			2025			2024

Net cash provided by operating activities	$	5,582		$	23,793		$	93,488		$	134,814
Net cash used for investing activities		(7,135	)		(44,891	)		(42,877	)		(152,138	)
Net cash used for financing activities		(4,654	)		(4,625	)		(19,600	)		(18,622	)

Weighted average shares outstanding:
Basic		81,524			81,457			81,512			81,406
Diluted		81,530			81,507			81,519			81,472

(1)		Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 77 and 88 tractors as of December 31, 2025 and 2024, respectively.

(2)		Represents the percentage of miles for which the company is not compensated.