ex_947378.htm

EX-99.1 2 ex_947378.htm EXHIBIT 99.1 ex_947378.htm

Exhibit 99.1

MARTEN TRANSPORT ANNOUNCES FIRST QUARTER RESULTS

MONDOVI, Wis., April 23, 2026 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $1.4 million, or 2 cents per diluted share, for the first quarter ended March 31, 2026, compared with $4.3 million, or 5 cents per diluted share, for the first quarter of 2025.

Operating revenue was $203.5 million for the first quarter of 2026 compared with $223.2 million for the first quarter of 2025. Our intermodal operations, which were sold in 2025, had operating revenue of $12.1 million in the 2025 quarter. Excluding fuel surcharges, operating revenue was $177.2 million for the 2026 quarter compared with $195.8 million for the 2025 quarter. Fuel surcharge revenue decreased to $26.4 million for the 2026 quarter from $27.4 million for the 2025 quarter.

Operating income was $1.6 million for the first quarter of 2026 compared with $5.9 million for the first quarter of 2025.

Operating expenses as a percentage of operating revenue were 99.2% for the 2026 first quarter and 97.4% for the 2025 first quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 99.1% for the 2026 quarter and 97.0% for the 2025 quarter.

Chairman of the Board and Chief Executive Officer Randolph L. Marten stated, “Our people drove sequential increases in our revenue per tractor within our truckload and dedicated operations each of the last two quarters. This impact on our earnings was more than offset by the prolonged severe winter storms and the sharp spike in diesel prices in the first quarter.”

“Our unique multifaceted business model’s value continued to be highlighted by the operating results of our dedicated and brokerage operations. 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 improving profitable organic growth opportunities.”

“We believe that the freight market is in the early stages of recovery fueled by the current administration’s accelerating immigration enforcement clampdowns on multiple fronts -- including noncompliant state licensing practices for non-domiciled commercial driver’s licenses, or CDL’s, English Language Proficiency enforcement, electronic logging device fraud, CDL mills and chameleon carriers. These measures are structural changes to the freight market that have been and are expected to continue contracting capacity by removing noncompliant and unqualified drivers who never should have been driving in the first place.”

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 accelerating immigration enforcement clampdowns on multiple fronts -- including noncompliant state licensing practices for non-domiciled commercial driver’s licenses, or CDL’s, English Language Proficiency enforcement, electronic logging device fraud, CDL mills and chameleon carriers, 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, 2025. 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

	March 31,			December 31,
(In thousands, except share information)	2026			2025
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	69,786		$	43,278
Escrow deposit		5,000			5,000
Receivables:
Trade, net		91,911			85,807
Other		8,114			13,084
Prepaid expenses and other		20,792			24,532
Total current assets		195,603			171,701

Property and equipment:
Revenue equipment, buildings and land, office equipment and other		1,112,817			1,128,932
Accumulated depreciation		(362,739	)		(352,426	)
Net property and equipment		750,078			776,506
Other noncurrent assets		1,546			1,560
Total assets	$	947,227		$	949,767

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	27,756		$	28,769
Insurance and claims accruals		44,853			43,700
Accrued and other current liabilities		21,641			19,763
Total current liabilities		94,250			92,232
Deferred income taxes		88,612			89,716
Noncurrent operating lease liabilities		157			194
Total liabilities		183,019			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; 81,589,135 shares at March 31, 2026, and 81,542,174 shares at December 31, 2025, issued and outstanding		816			815
Additional paid-in capital		54,858			54,762
Retained earnings		708,534			712,048
Total stockholders’ equity		764,208			767,625
Total liabilities and stockholders’ equity	$	947,227		$	949,767

MARTEN TRANSPORT, LTD.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months
	Ended March 31,
(In thousands, except per share information)	2026			2025

Operating revenue	$	203,526		$	223,152

Operating expenses (income):
Salaries, wages and benefits		72,119			78,800
Purchased transportation		33,468			37,656
Fuel and fuel taxes		33,907			33,117
Supplies and maintenance		15,128			15,513
Depreciation		25,006			27,470
Operating taxes and licenses		2,245			2,417
Insurance and claims		13,245			13,377
Communications and utilities		2,105			2,279
Gain on disposition of revenue equipment		(1,420	)		(1,665	)
Other		6,131			8,329

Total operating expenses		201,934			217,293

Operating income		1,592			5,859

Other		(457	)		(349	)

Income before income taxes		2,049			6,208

Income taxes expense		667			1,873

Net income	$	1,382		$	4,335

Basic earnings per common share	$	0.02		$	0.05

Diluted earnings per common share	$	0.02		$	0.05

Dividends declared per common share	$	0.06		$	0.06

MARTEN TRANSPORT, LTD.

SEGMENT INFORMATION

(Unaudited)

							Dollar			Percentage
							Change			Change
	Three Months						Three Months			Three Months
	Ended						Ended			Ended
	March 31,						March 31,			March 31,
(Dollars in thousands)	2026			2025			2026 vs. 2025			2026 vs. 2025
Operating revenue:
Truckload revenue, net of fuel surcharge revenue	$	89,310		$	90,106		$	(796	)		(0.9	)%
Truckload fuel surcharge revenue		16,080			14,285			1,795			12.6
Total Truckload revenue		105,390			104,391			999			1.0

Dedicated revenue, net of fuel surcharge revenue		53,174			62,405			(9,231	)		(14.8	)
Dedicated fuel surcharge revenue		10,289			11,220			(931	)		(8.3	)
Total Dedicated revenue		63,463			73,625			(10,162	)		(13.8	)

Brokerage revenue		34,673			33,019			1,654			5.0

Intermodal revenue, net of fuel surcharge revenue		-			10,268			(10,268	)		(100.0	)
Intermodal fuel surcharge revenue		-			1,849			(1,849	)		(100.0	)
Total Intermodal revenue		-			12,117			(12,117	)		(100.0	)

Total operating revenue	$	203,526		$	223,152		$	(19,626	)		(8.8	)%

Operating income/(loss):
Truckload	$	(944	)	$	(300	)	$	(644	)		(214.7	)%
Dedicated		1,622			4,854			(3,232	)		(66.6	)
Brokerage		914			2,160			(1,246	)		(57.7	)
Intermodal		-			(855	)		855			100.0
Total operating income	$	1,592		$	5,859		$	(4,267	)		(72.8	)%

Operating ratio:
Truckload		100.9	%		100.3	%
Dedicated		97.4			93.4
Brokerage		97.4			93.5
Intermodal		-			107.1
Consolidated operating ratio		99.2	%		97.4	%

Operating ratio, net of fuel surcharges:
Truckload		101.1	%		100.3	%
Dedicated		96.9			92.2
Brokerage		97.4			93.5
Intermodal		-			108.3
Consolidated operating ratio, net of fuel surcharges		99.1	%		97.0	%

MARTEN TRANSPORT, LTD.

OPERATING STATISTICS

(Unaudited)

	Three Months
	Ended March 31,
	2026			2025
Truckload Segment:
Revenue (in thousands)	$	105,390		$	104,391
Average revenue, net of fuel surcharges, per tractor per week⁽¹⁾	$	4,425		$	4,196
Average tractors⁽¹⁾		1,570			1,670
Average miles per trip		518			537
Non-revenue miles percentage⁽²⁾		10.8	%		11.2	%
Total miles (in thousands)		36,887			38,273

Dedicated Segment:
Revenue (in thousands)	$	63,463		$	73,625
Average revenue, net of fuel surcharges, per tractor per week⁽¹⁾	$	3,909		$	3,846
Average tractors⁽¹⁾		1,058			1,262
Average miles per trip		298			308
Non-revenue miles percentage⁽²⁾		1.3	%		1.6	%
Total miles (in thousands)		21,905			25,236

Brokerage Segment:
Revenue (in thousands)	$	34,673		$	33,019
Loads		23,882			20,416

Intermodal Segment:
Revenue (in thousands)	$	-		$	12,117
Loads		-			3,657
Average tractors		-			77

At March 31, 2026 and March 31, 2025:
Total tractors⁽¹⁾		2,595			3,040
Average age of company tractors (in years)		2.4			2.0
Total trailers		5,021			5,331
Average age of company trailers (in years)		5.1			5.4
Ratio of trailers to tractors⁽¹⁾		1.9			1.8
Total refrigerated containers		-			786

	Three Months
	Ended March 31,
(In thousands)	2026			2025

Net cash provided by operating activities	$	33,049		$	36,215
Net cash used for investing activities		(1,607	)		(8,413	)
Net cash used for financing activities		(4,934	)		(5,164	)

Weighted average shares outstanding:
Basic		81,579			81,493
Diluted		81,579			81,508

(1)	Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 77 and 82 tractors as of March 31, 2026 and 2025, respectively.

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