Marten Transport reported third-quarter net income of $2.9 million, up 30.7% from $2.2 million a year earlier, as operating revenue edged higher and operating income improved.
Diluted earnings per share rose to 4 cents from 3 cents in the third quarter of 2025. For the first nine months of 2026, net income fell to $9.6 million from $13.7 million, while diluted EPS declined to 12 cents from 17 cents.
Third-quarter operating revenue increased to $223.2 million from $220.5 million. Excluding fuel surcharges, revenue fell to $184.2 million from $194.0 million, while fuel surcharge revenue climbed to $39.0 million from $26.5 million.
For the nine-month period, operating revenue declined to $650.3 million from $673.5 million. Excluding fuel surcharges, revenue dropped to $546.6 million from $593.5 million, while fuel surcharge revenue rose to $103.7 million from $80.0 million.
Operating income increased 11.9% in the third quarter to $3.1 million from $2.7 million. For the nine months, operating income decreased to $11.6 million from $18.3 million.
Operating expenses as a percentage of operating revenue improved slightly in the quarter to 98.6% from 98.8%. Excluding fuel surcharges, that ratio improved to 98.3% from 98.6%.
For the nine-month period, operating expenses as a percentage of operating revenue rose to 98.2% from 97.3%, and excluding fuel surcharges, the ratio increased to 97.9% from 96.9%.
Management said truckload average rate per total mile, net of fuel surcharges, increased 14.1% from the third quarter of 2025. It also said third-quarter results were reduced by $3.7 million, or 4.5 cents per share, from higher net fuel, health insurance and driver pay costs, partly offset by a larger gain on sale of revenue equipment. Following these announcements, the company's shares moved 1.12%, and are now trading at a price of $12.66. For the full picture, make sure to review MARTEN TRANSPORT's 8-K report.
