Marten Transport’s Q2 Results Show Improvement in the Reefer Market
In a significant move, refrigerated carrier Marten Transport has reported a substantial firming in truckload fundamentals in its second-quarter results. The company’s revenue from its non-dedicated TL fleet increased by 9% year-over-year to $116 million, despite a flat $93 million excluding fuel surcharges. This upward trend is attributed to a much tighter capacity backdrop, allowing the company to improve its freight selection and raise rates.
Source: s.yimg.com
According to CEO Randy Marten, the freight market has sharply tightened in recent months and is now breaking out from the longest freight market recession on record. He attributed this shift to the regulatory crackdown, which is contracting meaningful levels of freight capacity by removing noncompliant and unqualified drivers.
Marten Transport’s smaller dedicated segment, however, saw a 14% year-over-year decline in revenue (ex-fuel) as a 17% drop in truck count was only partially offset by a 3% increase in revenue per tractor. Revenue per loaded mile was down 5% year-over-year to $2.36. The unit posted a 95.4% operating ratio (ex-fuel), 430 basis points worse year-over-year.
Brokerage revenue was flat year-over-year at $40 million, as a 2% increase in loads was offset by a 2% decline in revenue per load. The segment’s operating ratio worsened 160 basis points to 94.8%, but actually compares favorably to other similar brokerages. Third-party capacity buy rates (purchased transportation) are much higher than in-place sell rates on contractual business given the rapid run-up in the broader spot market.
Consolidated revenue of $224 million was 3% lower year-over-year and $4 million light of the consensus estimate. The 2025 sale of its intermodal unit to Hub Group (NASDAQ: HUBG) was an $11.7-million revenue headwind during the quarter. Marten reported earnings per share of 7 cents (net income of $5.3 million), which was 2 cents lower year-over-year and a penny light of consensus. Earnings per share faced a 3-cent headwind due to a $3.5 million year-over-year drop in gains on equipment sales.
The company maintained a debt-free balance sheet in the quarter and saw a 2.5-year average age of its tractor fleet, compared to 2.1 years in the year-ago period. Cash flow from operations was $61 million for the first half of 2026, a 12% year-over-year decline.
Marten Transport’s second-quarter results serve as a bellwether for the industry, as it is the only public carrier in the reefer market. The company’s improving fundamentals in the refrigerated freight market are a positive signal for the industry as a whole.
