Refrigerated carrier Marten Transport noted a significant firming in truckload fundamentals when it reported second-quarter results Thursday after the market closed. A much tighter capacity backdrop is allowing the company to improve its freight selection and raise rates.
“The freight market has sharply tightened in recent months and is now breaking out from the longest freight market recession on record,” stated CEO Randy Marten in a news release. He said the regulatory crackdown is “contracting meaningful levels of freight capacity by removing noncompliant and unqualified drivers.”
(The Mondovi, Wisconsin-based company does not host a quarterly call.)
Revenue from Marten’s (NASDAQ: MRTN) non-dedicated TL fleet increased 9% y/y to $116 million, but was flat at $93 million excluding fuel surcharges. An 8% decline in average tractors in service was offset by a 9% increase in revenue per tractor.
Like most large carriers, Marten has been managing truck counts to improve asset utilization. Revenue per loaded mile increased 6% y/y to $2.81. The unit booked a 97.4% operating ratio (ex-fuel), which was 10 basis points better y/y.
The company’s smaller dedicated segment saw a 14% y/y 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% y/y to $2.36. The unit posted a 95.4% OR (ex-fuel), 430 bps worse y/y.
Brokerage revenue was flat y/y at $40 million, as a 2% increase in loads was offset by a 2% decline in revenue per load. The segment’s OR worsened 160 bps 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 y/y and $4 million light of the consensus estimate. (Revenue excluding fuel surcharges was 9% lower y/y.) The 2025 sale of its intermodal unit to Hub Group (NASDAQ: HUBG) presented 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 y/y drop in gains on equipment sales.
Cash flow from operations was $61 million for the first half of 2026, a 12% y/y decline. The company maintained a debt-free balance sheet in the quarter.
The average age of its tractor fleet is 2.5 years compared to 2.1 years in the year-ago period.
Shares of MRTN were off 2% in early trading on Friday compared to the S&P 500, which was off 0.1%.
Why it matters? Marten Transport is viewed as a “refrigerated pure play.” It is the only public carrier in the reefer market and its quarterly results serve as a bellwether for the industry. The company’s second quarter provided a signal for improving fundamentals in the refrigerated freight market.
More FreightWaves articles by Todd Maiden:
Brokerage Compliance Symposium
The day before F3. Every compliance issue you face – fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps – navigated by attorneys and operators defining best practices in a changing industry.
October 26, 2026
The Signal at Chattanooga Choo Choo • Chattanooga, TN
F3 Awards Dinner
The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music – 300 industry leaders in one purpose-built room.
October 26, 2026
The Signal at Chattanooga Choo Choo • Chattanooga, TN
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga – plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
October 27, 2026 – October 28, 2026
The Signal at Chattanooga Choo Choo • Chattanooga, TN
Compliance Brokerage Compliance Symposium
The day before F3. Every compliance issue you face – fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps – navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowAwards F3 Awards Dinner
The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music – 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowFreightTech F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga – plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now
