- Fourth Quarter 2025 Operating Revenues:$385.4 million
- Fourth Quarter 2025 Operating Income:$17.5 million
- Fourth Quarter 2025 Earnings Per Share:$0.14 per share
- Declares Quarterly Dividend:$0.105 per share
WARREN, Mich., March 13, 2026 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH) today reported consolidated fourth quarter 2025 net income of $3.7 million, or $0.14 per basic and diluted share, on total operating revenues of $385.4 million.
For comparative purposes, Universal reported total operating revenues of $465.1 million, net income of $20.2 million, and $0.77 earnings per basic and diluted share for the corresponding period last year.
In the fourth quarter 2025, Universal's operating income was $17.5 million, compared to $38.3 million in the fourth quarter one year earlier. As a percentage of operating revenue, operating margin for the fourth quarter 2025 was 4.5%, compared to 8.2% during the same period last year.
The Company's EBITDA, a non-GAAP measure, during the fourth quarter 2025 was $57.1 million, compared to $73.5 million one year earlier. As a percentage of operating revenue, EBITDA margin for the fourth quarter 2025 was 14.8%, compared to 15.8% during the same period last year.
The Company provides reconciliations of each non-GAAP financial measure used in this release to the most directly comparable financial measures calculated and presented in accordance with GAAP. These quantitative reconciliations, together with management's explanation of the purposes for which the non-GAAP measures are used, are presented in the accompanying tables and related disclosures.
"The fourth quarter of 2025 yielded mixed results within our service portfolio," stated Tim Phillips, Universal's CEO. "Our contract logistics and trucking segments performed in line with expectations, while underperformance in intermodal remained a meaningful headwind to our overall results. We remain focused on driving efficiencies in our operations and executing cost-saving initiatives across the organization to support profitable growth. While market conditions remain muted, we believe the strength and resilience of Universal's business model will drive our long-term success."
Segment Information:
Contract Logistics
- Fourth Quarter 2025 Operating Revenues:$268.6 million
- Fourth Quarter 2025 Operating Income:$23.2 million
In the contract logistics segment, which includes our value-added and dedicated services, fourth quarter 2025 operating revenues decreased 12.6% to $268.6 million, compared to $307.4 million for the same period last year. The year-over-year decrease primarily reflects the absence of revenues associated with our specialty development project in Stanton, Tennessee, which contributed $51.3 million to operating revenues in the fourth quarter of 2024 and was completed in that period.
Included in contract logistics segment revenues were $7.4 million in separately identified fuel surcharges from dedicated transportation services, compared to $8.3 million in the same period last year. At the end of the fourth quarter 2025, we managed 78 value-added programs, compared to a total of 90 programs at the end of the fourth quarter 2024.
Income from operations in the contract logistics segment during the fourth quarter 2025 was $23.2 million, compared to $39.1 million during the same period last year. As a percentage of revenue, operating margin for the segment was 8.6% for the fourth quarter 2025, compared to 12.7% in the prior-year period.
Intermodal
- Fourth Quarter 2025 Operating Revenues:$52.7 million
- Fourth Quarter 2025 Operating (Loss):$(10.6) million
Operating revenues in the intermodal segment decreased 27.9% to $52.7 million in the fourth quarter 2025, compared to $73.1 million for the same period last year. The year-over-year decline reflects lower load volumes and reduced pricing.
Included in intermodal segment revenues for the fourth quarter 2025 were $6.5 million in separately identified fuel surcharges, compared to $9.1 million in the prior-year period. Intermodal segment revenues also included other accessorial charges, such as detention, demurrage and storage, totaling $7.1 million, compared to $8.6 million one year earlier.
Load volumes declined 19.1% year-over-year, while average operating revenue per load, excluding fuel surcharges, declined an additional 8.9%. Operating losses in the intermodal segment for the fourth quarter 2025 were $(10.6) million, compared to an operating loss of $(9.7) million in the same period last year. As a percentage of revenue, operating margin for the segment was (20.0)% in the fourth quarter 2025, compared to (13.2)% in the prior-year period.
Trucking
- Fourth Quarter 2025 Operating Revenues:$64.1 million
- Fourth Quarter 2025 Operating Income:$4.5 million
In the trucking segment, fourth quarter 2025 operating revenues decreased 23.6% to $64.1 million, compared to $83.8 million for the same period last year.
Fourth quarter 2025 trucking segment revenues included $15.3 million of brokerage services, compared to $22.8 million in the prior-year period. Also included in our trucking segment revenues were $3.1 million in separately identified fuel surcharges, compared to $4.1 million one year earlier.
On a year-over-year basis, load volumes declined 25.9%, while average operating revenue per load, excluding fuel surcharges, increased 6.7%. Income from operations in the trucking segment during the fourth quarter 2025 was $4.5 million, compared to $5.8 million in the same period last year. As a percentage of revenue, operating margin in the segment was 7.0% in the fourth quarter 2025, compared to 6.9% in the prior-year period.
Cash Dividend
Universal Logistics Holdings, Inc. also announced today that its Board of Directors has declared a cash dividend of $0.105 per share of common stock. The dividend is payable to shareholders of record at the close of business on March 23, 2026 and is currently expected to be paid on April 3, 2026.
Other Matters
As of December 31, 2025, Universal held $26.8 million in cash and cash equivalents and $10.4 million in marketable securities. Outstanding debt at the end of the fourth quarter 2025 was $802.3 million, and capital expenditures during the quarter totaled $32.9 million.
Universal calculates and reports certain financial metrics, in addition to those prepared in accordance with GAAP, for purposes of its lending arrangements and to assist management in evaluating operating performance by isolating and excluding the impact of certain non-operating expenses associated with corporate development activities. These measures are described in more detail below in the section captioned "Non-GAAP Financial Measures."
About Universal:
Universal Logistics Holdings, Inc. ("Universal") is a holding company whose subsidiaries provide a variety of customized transportation and logistics solutions throughout the United States and in Mexico and Canada. Our operating subsidiaries provide our customers with supply chain solutions that can be scaled to meet their changing demands. We offer our customers a broad array of services across their entire supply chain, including value-added, dedicated, intermodal and trucking services. In this press release, the terms "us," "we," "our," or the "Company" refer to Universal and its consolidated subsidiaries.
Forward Looking Statements
Some of the statements contained in this press release might be considered forward-looking statements. These statements identify prospective information. Forward-looking statements can be identified by words such as "expect," "anticipate," "intend," "plan," "goal," "prospect," "seek," "believe," "targets," "project," "estimate," "future," "likely," "may," "should" and similar references to future periods.
Forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. These risks and uncertainties include, but are not limited to, market conditions; customer demand; pricing and competitive pressures; the timing, execution, and effectiveness of cost-reduction, efficiency, or restructuring initiatives; operating costs; labor availability; and other factors affecting operating income and margins.
Additional information about the factors that may adversely affect these forward-looking statements is contained in Universal's reports and filings with the Securities and Exchange Commission. Universal assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws.
UNIVERSAL LOGISTICS HOLDINGS, INC.
Unaudited Condensed Consolidated Statements of Income
(In thousands, except per share data)
Thirteen Weeks Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
Operating revenues:
Truckload services $
48,786 $
61,850 $
182,905 $
234,397
Brokerage services 16,066 25,545 73,913 181,259
Intermodal services 51,929 70,379 252,095 300,721
Dedicated services 84,912 77,821 337,919 344,210
Value-added services 183,734 229,536 711,565 785,448
Total operating revenues 385,427 465,131 1,558,397 1,846,035
Operating expenses:
Purchased transportation and equipment rent 69,121 100,320 310,435 482,948
Direct personnel and related benefits 176,436 174,871 685,540 583,251
Operating supplies and expenses 46,178 76,291 205,364 293,883
Commission expense 4,179 4,800 17,100 27,285
Occupancy expense 12,597 12,020 49,391 44,209
General and administrative 13,337 16,434 54,166 56,998
Insurance and claims 7,033 5,719 30,090 26,441
Depreciation and amortization 39,056 36,393 146,247 124,188
Impairment expense 124,411 3,720
Total operating expenses 367,937 426,848 1,622,744 1,642,923
Income from operations 17,490 38,283 (64,347) 203,112
Interest expense, net (10,747) (9,828) (37,807) (30,207)
Other non-operating income (expense) 582 (1,171) 2,142 837
Income before income taxes 7,325 27,284 (100,012) 173,742
Provision for income taxes 3,590 7,109 (139) 43,835
Net income $
3,735 $
20,175 $
(99,873) $
129,907
Earnings per common share:
Basic $
0.14 $
0.77 $
(3.79) $
4.94
Diluted $
0.14 $
0.77 $
(3.79) $
4.93
Weighted average number of common shares outstanding:
Basic 26,330 26,318 26,328 26,315
Diluted 26,330 26,358 26,339 26,348
Dividends declared per common share: $
0.105 $
0.105 $
0.420 $
0.420
UNIVERSAL LOGISTICS HOLDINGS, INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
December 31, December 31,
2025 2024
Assets
Cash and cash equivalents $
26,846 $
19,351
Marketable securities 10,351 11,590
Accounts receivable - net 261,337 293,646
Other current assets 84,308 85,226
Total current assets 382,842 409,813
Property and equipment - net 819,495 742,366
Other long-term assets - net 569,651 634,658
Total assets $
1,771,988 $
1,786,837
Liabilities and shareholders' equity
Current liabilities, excluding current maturities of debt $
203,245 $
215,756
Debt - net 797,571 759,085
Other long-term liabilities 230,817 164,973
Total liabilities 1,231,633 1,139,814
Total stockholders' equity 540,355 647,023
Total liabilities and stockholders' equity $
1,771,988 $
1,786,837
UNIVERSAL LOGISTICS HOLDINGS, INC.
Unaudited Summary of Operating Data
Thirteen Weeks Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
Contract Logistics Segment:
Average number of value-added direct employees 7,392 7,337 7,411 5,809
Average number of value-added full-time equivalents 56 57 46 88
Number of active value-added programs 78 90 78 90
Intermodal Segment:
Number of loads (a) 81,275 100,457 379,100 417,790
Average operating revenue per load, excluding fuel surcharges (a) $
489 $
537 $
513 $
554
Average number of tractors 1,246 1,451 1,350 1,585
Number of depots 8 8 8 8
Trucking Segment:
Number of loads 26,737 36,068 116,541 155,288
Average operating revenue per load, excluding fuel surcharges $
2,330 $
2,183 $
2,069 $
1,993
Average number of tractors 552 699 595 767
Average length of haul 382 394 378 334
(a) Excludes operating data from freight forwarding division in order to improve the relevance of the statistical data related to our intermodal segment and
improve the comparability to our peer companies.
UNIVERSAL LOGISTICS HOLDINGS, INC.
Unaudited Summary of Operating Data - Continued
(Dollars in thousands)
Thirteen Weeks Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
Operating Revenues by Segment:
Contract logistics $
268,646 $
307,357 $
1,049,484 $
1,129,658
Intermodal 52,727 73,095 257,017 308,744
Trucking 64,054 83,840 251,422 331,982
Other 839 474 75,651
Total $
385,427 $
465,131 $
1,558,397 $
1,846,035
Income from Operations by Segment:
Contract logistics $
23,177 $
39,094 $
82,526 $
219,084
Intermodal (10,554) (9,683) (162,055) (27,741)
Trucking 4,487 5,788 13,930 20,963
Other 380 3,084 1,252 (9,194)
Total $
17,490 $
38,283 $
(64,347) $
203,112
Non-GAAP Financial Measures
This press release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures include adjusted income from operations, adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"), and adjusted EBITDA margin.
The Company believes these non-GAAP financial measures provide useful supplemental information to investors by facilitating comparisons of operating performance across periods and by excluding certain items and impairment charges that may not be indicative of our core operating results. These measures are used internally by management to analyze operating performance, develop budgets, and forecast future periods. However, these non-GAAP measures should not be considered in isolation or as a substitute for GAAP financial measures, and other companies may calculate similarly titled measures differently.
Reconciliation to GAAP Measures
Reconciliations of each non-GAAP measure to the most directly comparable GAAP measure are included in the accompanying tables in this press release. Set forth below is a reconciliation of income from operations, the most comparable GAAP measure, to adjusted income from operations; and of net income, the most comparable GAAP measure, to adjusted EBITDA for each of the periods indicated. The Company encourages investors to review these reconciliations in conjunction with our GAAP results.
Thirteen Weeks Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
( in thousands, except ( in thousands, except
percentages and per share percentages and per share
data) data)
Adjusted income from operations
Income (loss) from operations $
17,490 $
38,283 $
(64,347) $
203,112
Impairment expense 124,411 3,720
Adjusted income from operations $
17,490 $
38,283 $
60,064 $
206,832
Operating margin (a) 4.5 8.2 -4.1 11.0
% % % %
Adjusted operating margin (b) 4.5 8.2 3.9 11.2
% % % %
Adjusted EBITDA
Net income (loss) $
3,735 $
20,175 $
(99,873) $
129,907
Income tax expense (benefit) 3,590 7,109 (139) 43,835
Interest expense, net 10,747 9,828 37,807 30,207
Depreciation 36,258 29,198 129,562 102,688
Amortization 2,798 7,195 16,685 21,500
EBITDA 57,128 73,505 84,042 328,137
Impairment expense 124,411 3,720
Adjusted EBITDA $
57,128 $
73,505 $
208,453 $
331,857
EBITDA margin (c) 14.8 15.8 5.4 17.8
% % % %
Adjusted EBITDA margin (d) 14.8 15.8 13.4 18.0
% % % %
(a) Operating margin is computed by dividing income from operations by total operating revenues for each of the periods
indicated.
(b) Adjusted operating margin is computed by dividing adjusted income from operations by total operating revenues for
each of the periods indicated.
(c) EBITDA margin is computed by dividing EBITDA by total operating revenues for each of the periods indicated.
(d) Adjusted EBITDA margin is computed by dividing adjusted EBITDA by total operating revenues for each of the periods
indicated.
We present adjusted income from operations, adjusted operating margin, adjusted EBITDA, and adjusted EBITDA margin because we believe they assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.
Adjusted income from operations and adjusted EBITDA have limitations as an analytical tool. Some of these limitations are:
- Adjusted income from operations and adjusted EBITDA do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;
- Adjusted income from operations and adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs;
- Adjusted income from operations and adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debts;
- Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and adjusted EBITDA does not reflect any cash requirements for such replacements; and
- Other companies in our industry may calculate adjusted income from operations and adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.
Because of these limitations, adjusted income from operations, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and only supplementally adjusted income from operations, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin.
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SOURCE Universal Logistics Holdings, Inc.
For Further Information: Steven Fitzpatrick, Investor Relations, SFitzpatrick@UniversalLogistics.com