- Second Quarter 2026 Operating Revenues:$379.3 million
- Second Quarter 2026 Operating Income:$45.1 million
- Second Quarter 2026 GAAP Earnings Per Share:$0.99 per share
- Second Quarter 2026 Adjusted Earnings Per Share:$0.16 per share
- Declares Quarterly Dividend:$0.105 per share
WARREN, Mich., July 31, 2026 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH) today reported consolidated operating revenues of $379.3 million, income from operations of $45.1 million, net income of $26.2 million, and $0.99 GAAP earnings per basic and diluted share for the second quarter 2026.
Universal's operating results for the second quarter 2026 include a $45.3 million gain on the sale of certain real property located in Kearny, New Jersey, a $3.9 million non-cash impairment charge related to a group of tractors that are no longer expected to be utilized in operations and $12.3 million of charges related to developments in outstanding legal matters during the period. In the aggregate, these items increased operating income by $29.1 million and are included in our other non-reportable segment.
For comparative purposes, Universal reported total operating revenues of $393.8 million, income from operations of $19.9 million, net income of $8.3 million, and $0.32 earnings per basic and diluted share for the corresponding period last year.
Universal's operating margin, calculated using GAAP income from operations, was 11.9% for the second quarter of 2026, compared with 5.1% during the same period last year. Excluding the gain recognized in connection with the Kearny sale, non-cash impairment charge and legal charges, the Company's adjusted income from operations in the second quarter 2026, a non-GAAP measure, was $16.0 million. As a percentage of total operating revenue, Universal's adjusted operating margin, a non-GAAP measure, for the second quarter 2026 was 4.2%, compared to an adjusted operating margin of 5.1% during the same period last year. The Company's second quarter 2026 adjusted earnings, a non-GAAP measure, was $0.16 per diluted share.
The Company's adjusted EBITDA, a non-GAAP measure, during the second quarter 2026 was $49.2 million, compared to adjusted EBITDA of $56.2 million one year earlier. As a percentage of total operating revenue, Universal's adjusted EBITDA margin, a non-GAAP measure, for the second quarter 2026 was 13.0%, compared to adjusted EBITDA margin of 14.3% 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 presented in the accompanying tables and related disclosures.
"Our second quarter results reflect improved execution within our portfolio of transportation and logistics services," stated Tim Phillips, Universal's CEO. "Our contract logistics and trucking segments delivered solid results, reflecting our disciplined operating approach and commitment to providing best-in-class service. We also made meaningful progress within our intermodal segment, positioning the business to benefit from a continued recovery in freight markets. While we recognize that the recovery remains in its early stages and market conditions continue to evolve, we believe the freight cycle is moving in a favorable direction. We remain committed to executing our long-term strategy, investing in our people and operations, and creating sustainable value for our customers and stockholders."
Contract Logistics
- Second Quarter 2026 Operating Revenues:$271.4 million
- Second Quarter 2026 Operating Income:$24.6 million
In the contract logistics segment, which includes our value-added and dedicated services, second quarter 2026 operating revenues increased 4.2% to $271.4 million, compared to $260.6 million for the same period last year.
Contract logistics segment revenues included $10.5 million in separately identified fuel surcharges from dedicated transportation services, compared to $7.3 million during the same period last year. At the end of the second quarter 2026, we managed 79 value-added programs, compared to 87 programs at the end of the second quarter 2025.
Income from operations in the contract logistics segment during the second quarter 2026 was $24.6 million, compared to $21.8 million during the same period last year. As a percentage of revenue, operating margin in the contract logistics segment for the quarter was 9.1%, compared to 8.4% during the same period last year.
Intermodal
- Second Quarter 2026 Operating Revenues:$44.1 million
- Second Quarter 2026 Operating (Loss):$(10.4) million
Operating revenues in the intermodal segment decreased 36.0% to $44.1 million in the second quarter, compared to $68.9 million for the same period last year. The year-over-year decline reflects lower load volumes and continued softness in demand and pricing pressures.
Intermodal segment revenues included $7.1 million in separately identified fuel surcharges, compared to $8.2 million during the same period last year. Intermodal segment revenues also include other accessorial charges such as detention, demurrage and storage, which totaled $5.2 million during the quarter, compared to $9.2 million one year earlier.
Load volumes declined 34.0%, and the average operating revenue per load, excluding fuel surcharges, declined an additional 6.3% on a year-over-year basis. In the second quarter 2026, the intermodal segment incurred an operating loss of $(10.4) million compared to an operating loss of $(5.7) million during the same period last year. As a percentage of revenue, operating margin in the intermodal segment for the second quarter 2026 was (23.7)%, compared to (8.2)% one year earlier.
Trucking
- Second Quarter 2026 Operating Revenues:$63.8 million
- Second Quarter 2026 Operating Income:$2.9 million
Operating revenues in the trucking segment decreased slightly to $63.8 million, compared to $64.1 million during the same period last year.
Trucking segment revenues included $18.8 million from brokerage services, compared to $18.4 million during the same period last year. Also included in our trucking segment revenues for the quarter were $5.6 million in separately identified fuel surcharges, compared to $3.4 million in fuel surcharges during the same period last year.
On a year-over-year basis, load volumes declined 15.7%; however, the average operating revenue per load, excluding fuel surcharges, increased 15.5%. Income from operations in the trucking segment was to $2.9 million compared to $3.3 million during the same period last year. As a percentage of revenue, the segment's operating margin was 4.5% compared to 5.2% during the same period last year.
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 stockholders of record at the close of business on September 1, 2026 and is expected to be paid on October 1, 2026.
Other Matters
As of July 4, 2026, Universal held cash and cash equivalents totaling $20.3 million and had total outstanding borrowings of $695.5 million, a decrease of $59.2 million during the quarter and $106.8 million since December 31, 2025. At July 4, 2026, the Company had approximately $238.8 million available under its $500 million revolving credit facility and was in compliance with its financial covenants. Capital expenditures during the quarter totaled $67.7 million, including a $55.0 million non-cash expenditure related to the previously disclosed property exchange.
Universal also reports selected non-GAAP financial measures to supplement its financial results presented in accordance with GAAP. These measures and the corresponding reconciliations to GAAP 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
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. Statements regarding freight-market conditions and recovery, future demand and pricing, operating initiatives and the Company's strategies and objectives are forward-looking statements.
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 Twenty-six Weeks Ended
July 4, June 28, July 4, June 28,
2026 2025 2026 2025
Operating revenues:
Truckload services $
45,039 $
45,922 $
79,017 $
83,700
Brokerage services 19,449 19,571 36,201 39,836
Intermodal services 43,411 67,745 90,723 136,199
Dedicated services 88,106 81,828 172,224 166,835
Value-added services 183,318 178,728 368,733 349,613
Total operating revenues 379,323 393,794 746,898 776,183
Operating expenses:
Purchased transportation and equipment rent 67,014 81,508 127,692 161,251
Direct personnel and related benefits 164,798 168,032 341,002 332,533
Operating supplies and expenses 56,287 50,358 104,614 101,669
Commission expense 4,468 4,395 8,653 8,651
Occupancy expense 16,264 11,803 31,823 23,056
General and administrative 16,019 14,026 31,088 27,203
Insurance and claims 17,523 7,599 25,121 14,563
Depreciation and amortization 33,184 36,203 68,827 71,691
(Gain) on disposal of property and equipment (45,257) (23) (45,722) (7)
Impairment expense 3,886 3,886
Total operating expenses 334,186 373,901 696,984 740,610
Income from operations 45,137 19,893 49,914 35,573
Interest expense, net (10,560) (8,852) (20,266) (17,075)
Other non-operating income (expense) (2) 149 293 727
Income before income taxes 34,575 11,190 29,941 19,225
Provision for income taxes 8,389 2,874 7,266 4,895
Net income $
26,186 $
8,316 $
22,675 $
14,330
Earnings per common share:
Basic $
0.99 $
0.32 $
0.86 $
0.54
Diluted $
0.99 $
0.32 $
0.86 $
0.54
Weighted average number of common shares outstanding:
Basic 26,370 26,331 26,361 26,325
Diluted 26,370 26,341 26,361 26,341
Dividends declared per common share: $
0.105 $
0.105 $
0.210 $
0.210
UNIVERSAL LOGISTICS HOLDINGS, INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
July 4, December 31,
2026 2025
Assets
Cash and cash equivalents $
20,311 $
26,846
Marketable securities 10,351
Accounts receivable - net 267,374 261,337
Other current assets 90,052 84,308
Total current assets 377,737 382,842
Property and equipment - net 779,747 819,495
Other long-term assets - net 525,530 569,651
Total assets $
1,683,014 $
1,771,988
Liabilities and stockholders' equity
Current liabilities, excluding current maturities of debt $
217,482 $
203,245
Debt - net 692,582 797,571
Other long-term liabilities 211,904 230,817
Total liabilities 1,121,968 1,231,633
Total stockholders' equity 561,046 540,355
Total liabilities and stockholders' equity $
1,683,014 $
1,771,988
UNIVERSAL LOGISTICS HOLDINGS, INC.
Unaudited Summary of Operating Data
Thirteen Weeks Ended Twenty-six Weeks
Ended
July 4, June 28, July 4, June 28,
2026 2025 2026 2025
Contract Logistics Segment:
Average number of value-added direct employees 6,792 7,407 7,028 7,329
Average number of value-added full-time equivalents 43 48 46 42
Number of active value-added programs 79 87 79 87
Intermodal Segment:
Number of loads (a) 62,291 94,327 140,121 195,797
Average operating revenue per load, excluding fuel surcharges (a) $
521 $
556 $
489 $
540
Average number of tractors 1,017 1,392 1,079 1,396
Number of depots 8 8 8 8
Trucking Segment:
Number of loads 26,519 31,451 52,595 60,073
Average operating revenue per load, excluding fuel surcharges $
2,226 $
1,927 $
1,996 $
1,902
Average number of tractors 520 602 533 617
Average length of haul 402 369 392 381
(a) Excludes operating data from freight forwarding division in order to improve the relevance of the statistical data related to our brokerage services and
improve the comparability to our peer companies.
UNIVERSAL LOGISTICS HOLDINGS, INC.
Unaudited Summary of Operating Data - Continued
(Dollars in thousands)
Thirteen Weeks Ended Twenty-six Weeks Ended
July 4, June 28, July 4, June 28,
2026 2025 2026 2025
Operating Revenues by Segment:
Contract logistics $
271,424 $
260,556 $
540,957 $
516,448
Intermodal 44,077 68,914 91,931 139,610
Trucking 63,822 64,069 114,010 119,652
Other 255 473
Total $
379,323 $
393,794 $
746,898 $
776,183
Income from Operations by Segment:
Contract logistics $
24,599 $
21,770 $
42,071 $
45,629
Intermodal (10,450) (5,676) (23,566) (16,385)
Trucking 2,855 3,340 3,421 5,530
Other 28,133 459 27,988 799
Total $
45,137 $
19,893 $
49,914 $
35,573
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 net income, adjusted earnings per diluted share, 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 net income, adjusted diluted earnings per share, and 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 Twenty-six Weeks Ended
July 4, June 28, July 4, June 28,
2026 2025 2026 2025
( in thousands, except ( in thousands, except
percentages) percentages)
Adjusted income from operations
Income from operations $
45,137 $
19,893 $
49,914 $
35,573
(Gain) on Kearny sale (45,274) (45,274)
Legal charges 12,250 12,250
Impairment expense 3,886 3,886
Adjusted income from operations $
15,999 $
19,893 $
20,776 $
35,573
Adjusted operating margin (a) 4.2 5.1 2.8 4.6
% % % %
Adjusted net income and adjusted diluted earnings per share
Net income $
26,186 $
8,316 $
22,675 $
14,330
(Gain) on Kearny sale, net of income taxes (b) (34,289) (34,287)
Legal charges, net of income taxes (b) 9,278 9,277
Impairment expense, net of income taxes (b) 2,943 2,943
Adjusted net income $
4,118 $
8,316 $
608 $
14,330
Adjusted diluted earnings per share (c) $
0.16 $
0.32 $
0.02 $
0.54
(a) Adjusted operating margin is computed by dividing adjusted income from operations by total operating revenues for each of the periods indicated.
(b)
For both the thirteen and twenty-six week periods ended July 4, 2026, the Company utilized an effective tax rate of 24.3%.
(c) Adjusted diluted earnings per share is computed by dividing adjusted net income by the weighted average number of diluted common shares outstanding
for each of the periods indicated.
Thirteen Weeks Ended Twenty-six Weeks Ended
July 4, June 28, July 4, June 28,
2026 2025 2026 2025
( in thousands, except ( in thousands, except
percentages) percentages)
Adjusted EBITDA
Net income $
26,186 $
8,316 $
22,675 $
14,330
Income tax expense 8,389 2,874 7,266 4,895
Interest expense, net 10,560 8,852 20,266 17,075
Depreciation 30,359 30,596 63,164 60,585
Amortization 2,825 5,607 5,663 11,106
EBITDA 78,319 56,245 119,034 107,991
(Gain) on Kearny sale (45,274) (45,274)
Legal charges 12,250 12,250
Impairment expense 3,886 3,886
Adjusted EBITDA $
49,181 $
56,245 $
89,896 $
107,991
Adjusted EBITDA margin (d) 13.0 14.3 12.0 13.9
% % % %
(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 net income, adjusted diluted earnings per share, 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, adjusted net income, adjusted diluted earnings per share, and adjusted EBITDA have limitations as an analytical tool. Some of these limitations are:
- Adjusted income from operations, adjusted net income, adjusted diluted earnings per share, and adjusted EBITDA do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;
- Adjusted income from operations, adjusted net income, adjusted diluted earnings per share, and adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs;
- Adjusted income from operations, adjusted net income, adjusted diluted earnings per share, and adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt;
- 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, adjusted net income and adjusted diluted earnings per share, 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 net income, adjusted diluted earnings per share, 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 on adjusted income from operations, adjusted operating margin, adjusted net income, adjusted diluted earnings per share, 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