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MARTEN TRANSPORT, LTD. 2025 Annual Report
Who We Are Marten Transport, Ltd., with headquarters in Mondovi, Wisconsin, strives to be the premier supplier of time and temperature-sensitive and dry transportation and distribution services to customers in the United States, Mexico and Canada. Our multifaceted business offers a network of truckbased transportation capabilities across each of our distinct business platforms. Truckload regional and over-the-road fleets, both temperature-sensitive and dry van, operating from Marten s 15 regional operating centers. Dedicated customized solutions tailored to each individual customer s requirements utilizing refrigerated trailers, dry vans and other specialized equipment. Brokerage surge flexibility to supplement Marten s capabilities through temperature-controlled and dry van services provided by smaller third-party carriers. MRTN de M xico industry-leading door-to-door temperature-controlled and dry van services between Mexico, the United States and Canada utilizing our Mexican partner carriers within Mexico. Intermodal refrigerated COFC (container on flatcar) services that provided the economies and energy efficiencies of long-haul rail transportation with extended door-to-door support from Marten s truck network. Our Intermodal operations were sold effective September 30, 2025. We will accomplish our mission by exceeding the expectations of our customers, employees, stockholders and society. We serve customers with demanding delivery deadlines, as well as those who ship products requiring modern temperature-controlled trailers to protect goods. Founded in 1946, we have been a public company since 1986. Our common stock trades on the NASDAQ Global Select Market under the symbol MRTN. At December 31, 2025, we employed 3,502 people, including drivers, office personnel and mechanics. Five-Year Financial Summary 2025 (Dollars in thousands, except per share amounts) 2024 Years ended December 31, 2023 2022 2021 For the Year Operating revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Operating income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Operating ratio(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Operating ratio, net of fuel surcharges(2) . . . . . . . . . . . $ 883,652 22,913 17,444 97.4% 97.1% $ 963,708 33,220 26,922 96.6% 96.0% $1,131,455 $1,263,878 $ 973,644 90,110 143,344 111,689 70,373 110,354 85,428 92.0% 88.7% 88.5% 90.7% 86.4% 87.0% Per-Share Data Basic earnings per common share . . . . . . . . . . . . . . . . . . Diluted earnings per common share . . . . . . . . . . . . . . . . Dividends declared per common share . . . . . . . . . . . . . . Book value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.21 0.21 0.24 9.41 0.33 0.33 0.24 9.43 0.87 $ 0.86 0.24 9.31 1.35 1.35 0.24 8.68 1.03 1.02 0.66 7.85 At Year End Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders equity . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 949,767 767,625 $ 968,757 767,922 $ 990,339 $ 965,679 757,386 703,919 (1) Represents operating expenses as a percentage of operating revenue. (2) Represents operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges. $ 870,690 651,677
To Our Stockholders and Employees It s now known as The Great Freight Recession the longest, deepest and most debilitating downturn for our industry since trucks began hauling freight. Challenging times indeed: three consecutive years of intensifying pressure on earnings inflicted by a worst-case combination of industry overcapacity, weak demand, a perilous decline in shipping rates and the cumulative impact of inflationary operating costs. expenses as a percentage of operating revenue) was 97.4% for 2025 and 96.6% for 2024. Excluding fuel surcharges, the ratio was 97.1% for 2025 and 96.0% for 2024. But the worst in operating environments brought out the best in the people of Marten through their disciplined execution of our multifaceted business model. On the strength of their talent and teamwork, we intensified our focus on minimizing the freight recession s impact with data-driven operating efficiencies, aggressive cost controls, and emphasis on fair compensation for the reliable safety of Marten s premium services. Our strong, debt-free balance sheet enhances our ability to invest in our technology and modern fleet and to position our operations to capitalize on profitable organic growth opportunities as the market moves toward equilibrium. In a transition that is still advancing, Marten has transformed itself from a centralized long-haul refrigerated carrier to a network of truck-based transportation capabilities that is regional in structure, national in scope, international in reach. The transformation has been driven and sustained by our unique multifaced business model in the hands of a dedicated and experienced national team supporting the industry s finest professional driver group. For the past dozen years, we have been reporting on our operations in terms of five distinct but complementary truck-based transportation capabilities Truckload, Dedicated, Brokerage, MRTN de M xico and Intermodal. Hints of movement in that direction in early 2025 were quickly erased by tariff uncertainties coupled with rising geopolitical tensions and further inflationary pressures. Through all of this, however, the value of the resilience and collaborative flexibility of our business model continued to be highlighted by the operating results of our Dedicated and Brokerage operations. That lineup has changed going forward with the sale of assets related to our Intermodal business late in the third quarter of 2025 in a transaction that clarifies our focus on the profitable investment in and positioning of our core operations for future expansion. The transaction was structured as an asset sale of certain intermodal equipment, including over 1,200 refrigerated containers, and associated customer contracts to Hub Group, Inc. for $51.8 million in cash. Reflecting the Intermodal sale and the growing volume and potential of our dry van business, Marten now classifies its distinct business platforms as TemperatureSensitive and Dry Truckload, Dedicated, Brokerage and MRTN de M xico. We closed the year with an encouraging sequential improvement in fourth-quarter earnings a 66.1% increase from the 2025 third quarter. We also had fourth-quarter sequential increases in revenue per tractor, rate per total mile and miles per tractor within both our Truckload and Dedicated operations. For the year, an overall improvement in our utilization, driven primarily by continued efficiency improvements and the addition of new customers, contributed to our increased revenue per tractor. We increased customer diversity by 388 new shipper codes and 98 new customers in 2025. 2025 Financial Results Operating revenue was $883.7 million, compared with $963.7 million for 2024. Excluding fuel surcharges, operating revenue was $779.0 million for 2025, compared with $840.0 million. Fuel surcharge revenue decreased to $104.7 million from $123.7 million for 2024. Operating income was $22.9 million for 2025, compared with $33.2 million for 2024. Our operating ratio (operating Net income for 2025 was $17.4 million, or 21 cents per diluted share, compared with $26.9 million, or 33 cents per diluted share, for 2024. Unique Business Model Truckload Truckload revenue for 2025 declined to $421.7 million from $439.8 million for 2024. Excluding fuel surcharges, Truckload revenue was $363.9 million, compared with $377.5 million for 2024. Operating income was $825,000 versus $3.3 million for 2024. The 2025 Truckload operating ratio was 99.8%, and the operating ratio, net of fuel surcharges, was also 99.8%. Dedicated Dedicated revenue was $278.4 million for 2025, compared with $319.1 million for 2024. Excluding fuel surcharges, 2025 revenue was $236.5 million, compared with $267.1 million for 2024. Operating income was $16.7 million, compared with $23.0 million for 2024. The 2025 Dedicated operating ratio was 94.0%, and the operating ratio, net of fuel surcharges, was 92.9%. MARTEN TRANSPORT 2025 ANNUAL REPORT
Brokerage Brokerage revenue improved to $149.8 million for 2025 from $146.0 million for 2024. Operating income was $7.2 million, compared with $10.8 million for 2024. The 2025 Brokerage operating ratio was 95.2%. MRTN de M xico Operating profitably within our Truckload and Brokerage segments, MRTN de M xico contributed $53.3 million in operating revenue, excluding fuel surcharges, in 2025. We offer our customers door-todoor temperature-controlled and dry van service between the United States, Mexico and Canada, utilizing our Mexican partner carriers within Mexico. We are optimistic that stricter standards for non-domiciled commercial driver s licenses and increased enforcement of the English Language Proficiency and B-1 visa regulations will positively impact our MRTN de M xico business. Intermodal Intermodal revenue declined to $33.7 million for 2025 from $58.8 million for 2024. Excluding fuel surcharges, 2025 revenue was $28.7 million, compared with $49.5 million in 2024. The operating loss was $1.9 million, compared with an operating loss of $3.9 million for 2024. The 2025 Intermodal operating ratio was 105.6%, and the operating ratio, net of fuel surcharges, was 106.6%. Priority No. 1 We are committed to operating in an environmentally friendly and safe manner while making Marten the best carrier in the industry for drivers to work for the best and safest jobs for the best and safest drivers. Safety has long been our No. 1 priority. In line with that, we hire only experienced drivers and provide them with the safest equipment available tractors equipped with radarbased collision avoidance, blind spot detection and lane departure systems, with the addition now of side camera systems. We pay our drivers for shutting down in inclement weather. We also keep an electronic eye on them with the SmartDrive video-based safety system, which provides camera technology focused on driver behavior and flags potential hazardous driving events for our managers. In addition to exceptional compensation and benefits, our regional and dedicated infrastructure offers our drivers more attractive route options and work-life balance. We were pleased to be certified by the Truckload Carriers Association (TCA) as a TCA Elite Fleet 2025 Best Place to Drive, with the same recognition in 2026. The TCA partnered with the University of Denver s Transportation and Supply Chain Institute to recognize North American for-hire truckload carriers that foster exceptional work environments, offer competitive compensation and implement MARTEN TRANSPORT 2025 ANNUAL REPORT innovative practices to support their drivers. TCA also named Marten as one of the division winners in the 50th Annual TCA Fleet Safety Awards competition. To help reduce our carbon footprint and energy costs, we ve installed solar panels on each of our trucks and at all our facilities nationally. These installations produce 3 million kilowatt-hours of generation, or 2,125 metric tons of carbon dioxide offset each year. That s enough energy to power more than 400 homes, and the clean energy offset is equal to the impact of more than 2,500 acres of forest. Solar panels on our tractors improve the efficiency of auxiliary power units and the service lives of batteries and parts on the units. Timothy Kohl retired as our Chief Executive Officer effective September 30, 2025. We are very thankful to Tim for his tenure as our Chief Executive Officer and previously as our President since joining us in 2007. He championed our transformation into a multifaceted business that led to a period of unprecedented growth, often during complex and challenging environments. It has been a privilege to work with Tim, and we wish him the best in his retirement. The Board of Directors named me Chief Executive Officer effective October 1, 2025, returning me to the position I held from 2005 until Tim s appointment in 2021. We are proudly observing Marten s 80th anniversary with a healthy level of optimism that the same strengths that have served us well during challenging times will get us back on track to meet our objective of profitable growth as the freight market stabilizes. We remain focused on minimizing the market s impact on our operations with our emphasis on safe, premium service, data-driven operating efficiencies and aggressive cost controls. We expect to make significant improvements to our profitability once The Great Freight Recession is in our rearview mirror. Sincerely, Randolph L. Marten Chairman of the Board and Chief Executive Officer February 13, 2026 This Annual Report contains forward-looking statements that involve risks and uncertainties that could cause results to differ materially from those projected. Please refer to the Risk Factors section in Item 1A of the attached Form 10-K.
 • shareholder letter icon 3/17/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/15/2023 MRTN Stockholder Letter
 • stockholder letter icon 3/15/2024 MRTN Stockholder Letter
 • stockholder letter icon 3/17/2025 MRTN Stockholder Letter
 • stockholder letter icon More "Trucking" Category Stockholder Letters
 • Benford's Law Stocks icon MRTN Benford's Law Stock Score = 10


MRTN Shareholder/Stockholder Letter Transcript:

MARTEN TRANSPORT, LTD.
2025 Annual Report

Who We Are
Marten Transport, Ltd., with headquarters in Mondovi,
Wisconsin, strives to be the premier supplier of time and
temperature-sensitive and dry transportation and distribution services to customers in the United States, Mexico and
Canada. Our multifaceted business offers a network of truckbased transportation capabilities across each of our distinct
business platforms.
Truckload     regional and over-the-road fleets, both temperature-sensitive and dry van, operating from Marten   s 15
regional operating centers.
Dedicated     customized solutions tailored to each individual
customer   s requirements utilizing refrigerated trailers, dry
vans and other specialized equipment.
Brokerage     surge flexibility to supplement Marten   s capabilities through temperature-controlled and dry van services
provided by smaller third-party carriers.
MRTN de M  xico     industry-leading door-to-door temperature-controlled and dry van services between Mexico,
the United States and Canada utilizing our Mexican partner
carriers within Mexico.
Intermodal     refrigerated COFC (container on flatcar) services that provided the economies and energy efficiencies of
long-haul rail transportation with extended door-to-door support from Marten   s truck network. Our Intermodal operations
were sold effective September 30, 2025.
We will accomplish our mission by exceeding the expectations of our customers, employees, stockholders and society.
We serve customers with demanding delivery deadlines, as
well as those who ship products requiring modern temperature-controlled trailers to protect goods.
Founded in 1946, we have been a public company since
1986. Our common stock trades on the NASDAQ Global
Select Market under the symbol MRTN. At December 31,
2025, we employed 3,502 people, including drivers, office
personnel and mechanics.
Five-Year Financial Summary
2025
(Dollars in thousands, except per share amounts)
2024
Years ended December 31,
2023
2022
2021
For the Year
Operating revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating ratio(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating ratio, net of fuel surcharges(2) . . . . . . . . . . .
$ 883,652
22,913
17,444
97.4%
97.1%
$ 963,708
33,220
26,922
96.6%
96.0%
$1,131,455 $1,263,878 $ 973,644
90,110
143,344
111,689
70,373
110,354
85,428
92.0%
88.7%
88.5%
90.7%
86.4%
87.0%



Per-Share Data
Basic earnings per common share . . . . . . . . . . . . . . . . . .
Diluted earnings per common share . . . . . . . . . . . . . . . .
Dividends declared per common share . . . . . . . . . . . . . .
Book value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.21
0.21
0.24
9.41
0.33
0.33
0.24
9.43
0.87 $
0.86
0.24
9.31
1.35
1.35
0.24
8.68

1.03
1.02
0.66
7.85
At Year End
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stockholders    equity . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 949,767
767,625
$ 968,757
767,922
$ 990,339 $ 965,679

757,386
703,919
(1) Represents operating expenses as a percentage of operating revenue.
(2) Represents operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges.
$ 870,690
651,677

To Our Stockholders and Employees
It   s now known as The Great Freight Recession   the
longest, deepest and most debilitating downturn for our
industry since trucks began hauling freight. Challenging
times indeed: three consecutive years of intensifying pressure on earnings inflicted by a worst-case combination of
industry overcapacity, weak demand, a perilous decline in
shipping rates and the cumulative impact of inflationary
operating costs.
expenses as a percentage of operating revenue) was 97.4%
for 2025 and 96.6% for 2024. Excluding fuel surcharges,
the ratio was 97.1% for 2025 and 96.0% for 2024.
But the worst in operating environments brought out the
best in the people of Marten through their disciplined execution of our multifaceted business model. On the strength
of their talent and teamwork, we intensified our focus on
minimizing the freight recession   s impact with data-driven
operating efficiencies, aggressive cost controls, and emphasis
on fair compensation for the reliable safety of Marten   s premium services. Our strong, debt-free balance sheet enhances
our ability to invest in our technology and modern fleet
and to position our operations to capitalize on profitable
organic growth opportunities as the market moves toward
equilibrium.
In a transition that is still advancing, Marten has transformed itself from a centralized long-haul refrigerated carrier
to a network of truck-based transportation capabilities that
is regional in structure, national in scope, international in
reach. The transformation has been driven and sustained
by our unique multifaced business model in the hands of
a dedicated and experienced national team supporting the
industry   s finest professional driver group. For the past
dozen years, we have been reporting on our operations in
terms of five distinct but complementary truck-based transportation capabilities   Truckload, Dedicated, Brokerage,
MRTN de M  xico and Intermodal.
Hints of movement in that direction in early 2025 were
quickly erased by tariff uncertainties coupled with rising
geopolitical tensions and further inflationary pressures.
Through all of this, however, the value of the resilience and
collaborative flexibility of our business model continued to
be highlighted by the operating results of our Dedicated and
Brokerage operations.
That lineup has changed going forward with the sale of
assets related to our Intermodal business late in the third
quarter of 2025 in a transaction that clarifies our focus
on the profitable investment in and positioning of our
core operations for future expansion. The transaction was
structured as an asset sale of certain intermodal equipment,
including over 1,200 refrigerated containers, and associated
customer contracts to Hub Group, Inc. for $51.8 million
in cash. Reflecting the Intermodal sale and the growing
volume and potential of our dry van business, Marten now
classifies its distinct business platforms as TemperatureSensitive and Dry Truckload, Dedicated, Brokerage and
MRTN de M  xico.
We closed the year with an encouraging sequential improvement in fourth-quarter earnings   a 66.1% increase from
the 2025 third quarter. We also had fourth-quarter sequential increases in revenue per tractor, rate per total mile
and miles per tractor within both our Truckload and
Dedicated operations. For the year, an overall improvement
in our utilization, driven primarily by continued efficiency
improvements and the addition of new customers, contributed to our increased revenue per tractor. We increased
customer diversity by 388 new shipper codes and 98 new
customers in 2025.
2025 Financial Results
Operating revenue was $883.7 million, compared with
$963.7 million for 2024. Excluding fuel surcharges, operating revenue was $779.0 million for 2025, compared with
$840.0 million. Fuel surcharge revenue decreased to $104.7
million from $123.7 million for 2024.
Operating income was $22.9 million for 2025, compared
with $33.2 million for 2024. Our operating ratio (operating
Net income for 2025 was $17.4 million, or 21 cents per
diluted share, compared with $26.9 million, or 33 cents per
diluted share, for 2024.
Unique Business Model
Truckload     Truckload revenue for 2025 declined to
$421.7 million from $439.8 million for 2024. Excluding
fuel surcharges, Truckload revenue was $363.9 million,
compared with $377.5 million for 2024. Operating income
was $825,000 versus $3.3 million for 2024. The 2025
Truckload operating ratio was 99.8%, and the operating
ratio, net of fuel surcharges, was also 99.8%.
Dedicated     Dedicated revenue was $278.4 million for
2025, compared with $319.1 million for 2024. Excluding
fuel surcharges, 2025 revenue was $236.5 million, compared with $267.1 million for 2024. Operating income was
$16.7 million, compared with $23.0 million for 2024. The
2025 Dedicated operating ratio was 94.0%, and the operating ratio, net of fuel surcharges, was 92.9%.
MARTEN TRANSPORT 2025 ANNUAL REPORT

Brokerage     Brokerage revenue improved to $149.8 million for 2025 from $146.0 million for 2024. Operating
income was $7.2 million, compared with $10.8 million for
2024. The 2025 Brokerage operating ratio was 95.2%.
MRTN de M  xico     Operating profitably within our
Truckload and Brokerage segments, MRTN de M  xico
contributed $53.3 million in operating revenue, excluding
fuel surcharges, in 2025. We offer our customers door-todoor temperature-controlled and dry van service between
the United States, Mexico and Canada, utilizing our
Mexican partner carriers within Mexico. We are optimistic that stricter standards for non-domiciled commercial
driver   s licenses and increased enforcement of the English
Language Proficiency and B-1 visa regulations will positively impact our MRTN de M  xico business.
Intermodal     Intermodal revenue declined to $33.7 million for 2025 from $58.8 million for 2024. Excluding fuel
surcharges, 2025 revenue was $28.7 million, compared with
$49.5 million in 2024. The operating loss was $1.9 million,
compared with an operating loss of $3.9 million for 2024.
The 2025 Intermodal operating ratio was 105.6%, and the
operating ratio, net of fuel surcharges, was 106.6%.
Priority No. 1
We are committed to operating in an environmentally friendly and safe manner while making Marten the
best carrier in the industry for drivers to work for   the
best and safest jobs for the best and safest drivers. Safety
has long been our No. 1 priority. In line with that, we
hire only experienced drivers and provide them with the
safest equipment available   tractors equipped with radarbased collision avoidance, blind spot detection and lane
departure systems, with the addition now of side camera
systems. We pay our drivers for shutting down in inclement weather. We also keep an electronic eye on them with
the SmartDrive video-based safety system, which provides
camera technology focused on driver behavior and flags
potential hazardous driving events for our managers. In
addition to exceptional compensation and benefits, our
regional and dedicated infrastructure offers our drivers
more attractive route options and work-life balance.
We were pleased to be certified by the Truckload Carriers
Association (TCA) as a    TCA Elite Fleet     2025 Best Place
to Drive,    with the same recognition in 2026. The TCA
partnered with the University of Denver   s Transportation
and Supply Chain Institute to recognize North American
for-hire truckload carriers that foster exceptional work environments, offer competitive compensation and implement
MARTEN TRANSPORT 2025 ANNUAL REPORT
innovative practices to support their drivers. TCA also
named Marten as one of the division winners in the 50th
Annual TCA Fleet Safety Awards competition.
To help reduce our carbon footprint and energy costs,
we   ve installed solar panels on each of our trucks and at
all our facilities nationally. These installations produce 3
million kilowatt-hours of generation, or 2,125 metric tons
of carbon dioxide offset each year. That   s enough energy to
power more than 400 homes, and the clean energy offset is
equal to the impact of more than 2,500 acres of forest. Solar
panels on our tractors improve the efficiency of auxiliary
power units and the service lives of batteries and parts on
the units.
Timothy Kohl retired as our Chief Executive Officer effective September 30, 2025. We are very thankful to Tim for
his tenure as our Chief Executive Officer and previously
as our President since joining us in 2007. He championed
our transformation into a multifaceted business that led to
a period of unprecedented growth, often during complex
and challenging environments. It has been a privilege to
work with Tim, and we wish him the best in his retirement.
The Board of Directors named me Chief Executive Officer
effective October 1, 2025, returning me to the position I
held from 2005 until Tim   s appointment in 2021.
We are proudly observing Marten   s 80th anniversary with a
healthy level of optimism that the same strengths that have
served us well during challenging times will get us back
on track to meet our objective of profitable growth as the
freight market stabilizes. We remain focused on minimizing
the market   s impact on our operations with our emphasis
on safe, premium service, data-driven operating efficiencies
and aggressive cost controls. We expect to make significant
improvements to our profitability once The Great Freight
Recession is in our rearview mirror.
Sincerely,
Randolph L. Marten
Chairman of the Board and Chief
Executive Officer
February 13, 2026
This Annual Report contains forward-looking statements that involve risks
and uncertainties that could cause results to differ materially from those
projected. Please refer to the    Risk Factors    section in Item 1A of the attached
Form 10-K.


shareholder letter icon 3/17/2026 Letter Continued (Full PDF)
 

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