US Market News
5月前
ArcBest Announces Fourth Quarter and Full Year 2025 ResultsJanuary 30, 2026 6:00 AM
Business Wire
Increased Asset-Based shipments and tonnage
Achieved record Asset-Light productivity for full-year 2025
Returned more than $86 million to shareholders through share repurchases and dividends in 2025
ArcBest® (Nasdaq: ARCB), a leader in supply chain logistics, today announced financial results for the fourth quarter and full year ended December 31, 2025.
Fourth quarter 2025 revenue totaled $972.7 million, compared to $1.0 billion in the prior-year period. Net loss from continuing operations was $8.1 million, or $0.36 per diluted share, versus net income of $29.0 million, or $1.24 per diluted share, in the fourth quarter of 2024. Included in the fourth quarter 2025 net loss is a $9.1 million after-tax, noncash charge associated with impairments. On a non-GAAP basis, net income was $8.2 million, or $0.36 per diluted share, compared to $31.2 million, or $1.33 per diluted share, in the prior year.
ArcBest’s full year 2025 revenue totaled $4.0 billion, compared to $4.2 billion in the prior year. Net income from continuing operations in 2025 was $60.1 million, or $2.62 per diluted share, versus $173.4 million, or $7.28 per diluted share, in 2024, which included a $67.9 million after-tax benefit from the reduction in the fair value of contingent consideration related to the MoLo acquisition. On a non-GAAP basis, net income was $84.8 million, or $3.70 per diluted share, compared to $149.7 million, or $6.28 per diluted share, in the prior year.
“2025 was a year of strong execution and meaningful progress for ArcBest,” said Seth Runser, ArcBest President and CEO. “Amid a challenging freight environment, our team delivered growth in LTL shipments and tonnage, restored profitability in Asset-Light, and achieved record Asset-Light productivity as customers increasingly embraced our integrated, technology-driven solutions. These results are a testament to the resilience and dedication of our people and the trust our customers place in us every day. We are advancing our strategic plan and remain confident we are taking the right steps to achieve our objectives and drive long-term value.”
Results of Operations Comparisons
Asset-Based
Fourth Quarter 2025 Versus Fourth Quarter 2024
Revenue of $648.8 million compared to $656.2 million, a per-day decrease of 0.3 percent
Tonnage per day increase of 2.6 percent
Shipments per day increase of 2.4 percent
Billed revenue per hundredweight decrease of 2.7 percent
Billed revenue per shipment decrease of 2.5 percent
Weight per shipment increase of 0.2 percent
Operating income of $24.4 million and an operating ratio of 96.2 percent, compared to $52.3 million and 92.0 percent
Tonnage growth was driven by an increase in daily shipments, largely attributable to newly onboarded core LTL customers. Average weight per shipment was slightly higher due to the heavier profile of new business; however, this was partially offset by lower weight per shipment from existing customers, reflecting continued softness in the manufacturing sector.
Customer contract renewals and deferred pricing agreements averaged a 5.0 percent increase during the fourth quarter. However, billed revenue per hundredweight, including and excluding fuel, declined approximately 3 percent year-over-year as pricing gains were offset by changes in freight mix. Overall, LTL industry pricing remains rational.
Operating expenses increased due to additional labor supporting shipment growth, annual union wage adjustments, and higher equipment depreciation.
Compared sequentially to the third quarter of 2025, fourth quarter daily revenue decreased 6.3 percent. Shipments per day declined 4.4 percent while weight per shipment increased 2.7 percent, resulting in a 1.8 percent decrease in tonnage per day. Billed revenue per hundredweight both including and excluding fuel, decreased approximately four percent, reflecting the heavier-weighted shipments. Billed revenue per shipment decreased 1.9 percent, due primarily to the seasonal step down in U-Pack moving shipments. The non-GAAP operating ratio increased by 370 basis points, due in part to three fewer revenue days.
Asset-Light
Fourth Quarter 2025 Versus Fourth Quarter 2024
Revenue of $353.5 million compared to $375.4 million, a per-day decrease of 5.1 percent
Shipments per day increase of 0.8 percent
Revenue per shipment decrease of 5.8 percent
Purchased transportation expense was 86.4 percent of revenue compared to 86.6 percent
Operating loss of $9.9 million compared to operating loss of $1.6 million
On a non-GAAP basis, breakeven operating results compared to operating loss of $5.9 million
Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), as defined in the attached non-GAAP reconciliation tables, of $1.4 million compared to negative $4.2 million
Revenue declined primarily due to lower revenue per shipment in a soft-rate environment and a higher mix of managed transportation business, which typically involves smaller, lower-revenue shipments. Shipments per day were up slightly, as growth in managed solutions offset a strategic reduction in less profitable truckload volumes. Despite revenue declines, disciplined cost management and productivity gains enabled breakeven non-GAAP operating results.
Compared sequentially to the third quarter of 2025, fourth quarter daily revenue increased 4.2 percent despite a 3.0 percent decrease in shipments per day, reflecting a 7.4 percent increase in revenue per shipment. The increase in revenue per shipment was driven by higher spot rates, which raised customer pricing but also elevated purchased transportation costs and pressured margins. Operating expenses were lower, but the impact of three fewer revenue days resulted in breakeven non-GAAP operating results, compared to profit in the third quarter.
Full Year Results of Operations Comparisons
Asset-Based
Full Year 2025 Versus Full Year 2024
Revenue of $2.7 billion, compared to $2.8 billion, a per-day decrease of 0.2 percent
Tonnage per day increase of 1.2 percent
Shipments per day increase of 3.0 percent
Billed revenue per hundredweight decrease of 1.3 percent
Billed revenue per shipment decrease of 3.0 percent
Weight per shipment decrease of 1.7 percent
Operating income of $172.0 million and an operating ratio of 93.7 percent, which includes $15.7 million of net gains on asset sales, compared to $242.6 million and 91.2 percent
Non-GAAP operating income of $156.3 million and an operating ratio of 94.3 percent, compared to $242.6 million and 91.2 percent
Asset-Light
Full Year 2025 Versus Full Year 2024
Revenue of $1.4 billion compared to $1.6 billion, a per-day decrease of 9.0 percent
Shipments per day decrease of 1.8 percent
Revenue per shipment decrease of 7.4 percent
Purchased transportation expense was 85.3 percent of revenue compared to 86.3 percent
Operating loss of $15.3 million, compared to operating income of $58.4 million, which included a $90.3 million pre-tax change in the fair value of contingent earnout consideration related to the MoLo earnout
On a non-GAAP basis, operating income of $1.5 million compared to operating loss of $17.1 million
Adjusted EBITDA of $7.2 million compared to negative $9.8 million
Achieved record employee productivity, measured by shipments per person per day
Capital Expenditures
In 2025, total net capital expenditures, including equipment financed, were $198 million. This included $133 million of revenue equipment and $31 million in real estate, net of $25 million in proceeds from real estate sales. The majority of these investments supported ArcBest’s Asset-Based operation. Depreciation and amortization costs on property, plant and equipment were $158 million in 2025.
Share Repurchase and Quarterly Dividend Programs
ArcBest returned more than $86 million to shareholders in 2025 through both share repurchases and dividends, while continuing to make organic capital investments in the business. As of January 28, 2026, ArcBest had $100.8 million of repurchase authorization remaining under its current stock repurchase program. Management plans to continue acting opportunistically on repurchases based on share price, balanced against prioritizing high-return organic capital investments while maintaining prudent leverage levels.
Conference Call
ArcBest will host a conference call with company executives to discuss its quarterly results today, Friday, January 30, 2026, at 9:30 a.m. ET (8:30 a.m. CT). Interested parties may listen by dialing (800) 715-9871 and entering conference ID 6423434, or by accessing the webcast on ArcBest’s website at arcb.com. Presentation slides to accompany the call are included in Exhibit 99.3 of the Form 8-K filed on January 30, 2026, will be available for download on the company’s website prior to the start of the call, and will be included in the webcast. A replay of the call will be available through February 13, 2026, by dialing (800) 770-2030 and entering conference ID 6423434. The webcast replay will also be accessible on ArcBest’s website.
About ArcBest
ArcBest® (Nasdaq: ARCB) is a multibillion-dollar integrated logistics company that helps keep the global supply chain moving. Founded in 1923 and now with 14,000 employees across 250 campuses and service centers, the company is a logistics powerhouse, using its technology, expertise and scale to connect shippers with the solutions they need — from ground, air and ocean transportation to fully managed supply chains. ArcBest has a long history of innovation that is enriched by deep customer relationships. With a commitment to helping customers navigate supply chain challenges now and in the future, the company is developing ground-breaking technology like Vaux™, one of the TIME Best Inventions of 2023. For more information, visit arcb.com.
The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: Certain statements and information in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding (i) our expectations about our intrinsic value or our prospects for growth and value creation and (ii) our financial outlook, position, strategies, goals, and expectations. Terms such as “anticipate,” “believe,” “could,” “designed,” “estimate,” “expect,” “forecast,” “foresee,” “intend,” “likely,” “may,” “plan,” “predict,” “project,” “scheduled,” “seek,” “should,” “would,” and similar expressions and the negatives of such terms are intended to identify forward-looking statements. These statements are based on management’s beliefs, assumptions, and expectations based on currently available information, are not guarantees of future performance, and involve certain risks and uncertainties (some of which are beyond our control). Although we believe that the expectations reflected in these forward-looking statements are reasonable as and when made, we cannot provide assurance that our expectations will prove to be correct and caution the reader not to place undue reliance on our forward-looking statements. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in these statements due to a number of factors, including, but not limited to: data privacy breaches, cybersecurity incidents, and/or failures of our information systems, including disruptions or failures of services essential to our operations or upon which our information technology platforms rely; interruption or failure of third-party software or information technology systems, including but not limited to licensed software; untimely or ineffective development and implementation of, or failure to realize the potential benefits associated with, new or enhanced technology or processes; the loss or reduction of business from large customers or an overall reduction in our customer base; the timing and performance of growth initiatives and the ability to manage our cost structure; the cost, integration, and performance of acquisitions and the inability to realize the anticipated benefits of the acquisition within the expected time period or at all; unsolicited takeover proposals, proxy contests, and other proposals or actions by activist investors; maintaining our corporate reputation and intellectual property rights; establishing and maintaining adequate internal controls over financial reporting; nationwide or global disruption in the supply chain resulting in increased volatility in freight volumes; competitive initiatives and pricing pressures; increased prices for and decreased availability of equipment, including new revenue equipment, and higher costs of equipment-related operating expenses such as maintenance, fuel, and related taxes; availability of fuel, the effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates, and the inability to collect fuel surcharges; relationships with employees, including unions, and our ability to attract, retain, and upskill employees; unfavorable terms of, or the inability to reach agreement on, future collective bargaining agreements or a workforce stoppage by our employees covered under ABF Freight’s collective bargaining agreement; union employee wages and benefits, including changes in required contributions to multiemployer plans; availability and cost of reliable third-party services; our ability to secure independent owner-operators and/or operational or regulatory issues related to our use of their services; litigation or claims asserted against us; the effects, costs and potential liabilities related to changes in and compliance with, or violation of, existing or future governmental laws and regulations, including, but not limited to, environmental laws and regulations, such as emissions-control regulations and fuel efficiency regulations; default on covenants of financing arrangements and the availability and terms of future financing arrangements; our ability to generate sufficient cash from operations to support significant ongoing capital expenditure requirements and other business initiatives; self-insurance claims, insurance premium costs, and loss of our ability to self-insure; potential impairment of long-lived assets and goodwill and intangible assets; the effects of a widespread outbreak of an illness or disease or any other public health crisis, as well as regulatory measures implemented in response to such events; external events which may adversely affect us or the third parties who provide services for us, for which our business continuity plans may not adequately prepare us, including, but not limited to, the occurrence of natural disasters, health epidemics, geopolitical conflicts, acts of war, cybersecurity incidents, or trade restrictions; general economic conditions and related shifts in market demand that impact the performance and needs of industries we serve and/or limit our customers’ access to adequate financial resources; seasonal fluctuations, adverse weather conditions, natural disasters, and climate change; and other financial, operational, and legal risks and uncertainties detailed from time to time in ArcBest Corporation’s public filings with the Securities and Exchange Commission (“SEC”).
For additional information regarding known material factors that could cause our actual results to differ from those expressed in these forward-looking statements, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events, or otherwise.
Financial Data and Operating Statistics
The following tables show financial data and operating statistics on ArcBest® and its reportable segments.
ARCBEST CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
Year Ended
December 31
December 31
2025
2024
2025
2024
(Unaudited)
($ thousands, except share and per share data)
REVENUES
$
972,688
$
1,001,645
$
4,010,158
$
4,179,019
OPERATING EXPENSES
980,945
963,484
3,919,849
3,934,585
OPERATING INCOME
(8,257
)
38,161
90,309
244,434
OTHER INCOME (COSTS)
Interest and dividend income
1,200
1,932
4,755
11,618
Interest and other related financing costs
(3,318
)
(2,393
)
(12,363
)
(8,980
)
Other, net
(180
)
(240
)
394
(28,358
)
(2,298
)
(701
)
(7,214
)
(25,720
)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(10,555
)
37,460
83,095
218,714
INCOME TAX PROVISION (BENEFIT)
(2,439
)
8,425
22,997
45,353
NET INCOME (LOSS) FROM CONTINUING OPERATIONS
(8,116
)
29,035
60,098
173,361
INCOME FROM DISCONTINUED OPERATIONS, net of tax(1)
—
—
—
600
NET INCOME (LOSS)
$
(8,116
)
$
29,035
$
60,098
$
173,961
BASIC EARNINGS PER COMMON SHARE(2)
Continuing operations
$
(0.36
)
$
1.24
$
2.63
$
7.36
Discontinued operations(1)
—
—
—
0.03
$
(0.36
)
$
1.24
$
2.63
$
7.39
DILUTED EARNINGS PER COMMON SHARE(2)
Continuing operations
$
(0.36
)
$
1.24
$
2.62
$
7.28
Discontinued operations(1)
—
—
—
0.03
$
(0.36
)
$
1.24
$
2.62
$
7.30
AVERAGE COMMON SHARES OUTSTANDING
Basic
22,497,300
23,410,038
22,837,401
23,553,410
Diluted
22,497,300
23,491,715
22,933,107
23,820,175
_____________________________
1)
Represents adjustments related to the gain on sale of FleetNet America® (“FleetNet”), which sold on February 28, 2023.
2)
Earnings per common share is calculated in total and may not equal the sum of earnings per common share from continuing operations and discontinued operations due to rounding.
ARCBEST CORPORATION
CONSOLIDATED BALANCE SHEETS
December 31
2025
2024
(Unaudited)
Note
($ thousands, except share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
102,030
$
127,444
Short-term investments
22,204
29,759
Accounts receivable, less allowances (2025 - $7,763; 2024 - $8,257)
370,969
394,838
Other accounts receivable, less allowances (2025 - $656; 2024 - $648)
26,295
36,055
Prepaid expenses
49,399
47,860
Prepaid and refundable income taxes
45,405
28,641
Other
9,761
11,045
TOTAL CURRENT ASSETS
626,063
675,642
PROPERTY, PLANT AND EQUIPMENT
Land and structures
566,071
520,119
Revenue equipment
1,201,386
1,166,161
Service, office, and other equipment
363,340
351,907
Software
190,673
182,396
Leasehold improvements
41,531
32,263
2,363,001
2,252,846
Less allowances for depreciation and amortization
1,219,564
1,186,800
PROPERTY, PLANT AND EQUIPMENT, net
1,143,437
1,066,046
GOODWILL
304,753
304,753
INTANGIBLE ASSETS, net
69,391
88,615
OPERATING RIGHT-OF-USE ASSETS
220,157
192,753
DEFERRED INCOME TAXES
9,303
9,536
OTHER LONG-TERM ASSETS
79,558
92,386
TOTAL ASSETS
$
2,452,662
$
2,429,731
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable
$
154,487
$
172,763
Accrued expenses
378,125
394,880
Current portion of long-term debt
87,882
63,978
Current portion of operating lease liabilities
36,394
34,364
TOTAL CURRENT LIABILITIES
656,888
665,985
LONG-TERM DEBT, less current portion
135,974
125,156
OPERATING LEASE LIABILITIES, less current portion
204,333
189,978
POSTRETIREMENT LIABILITIES, less current portion
13,696
13,361
DEFERRED INCOME TAXES
111,580
78,649
OTHER LONG-TERM LIABILITIES
34,470
42,240
STOCKHOLDERS’ EQUITY
Common stock, $0.01 par value, authorized 70,000,000 shares; issued 2025: 30,489,886 shares; 2024: 30,401,768 shares
305
304
Additional paid-in capital
338,083
329,575
Retained earnings
1,484,378
1,435,250
Treasury stock, at cost, 2025: 8,140,368 shares; 2024: 7,114,844 shares
(526,606
)
(451,039
)
Accumulated other comprehensive income (loss)
(439
)
272
TOTAL STOCKHOLDERS’ EQUITY
1,295,721
1,314,362
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
2,452,662
$
2,429,731
___________________________
Note: The balance sheet at December 31, 2024 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.
ARCBEST CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended
December 31
2025
2024
(Unaudited)
($ thousands)
OPERATING ACTIVITIES
Net income
$
60,098
$
173,961
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
157,535
136,265
Amortization of intangibles
12,800
12,822
Share-based compensation expense
10,575
11,355
Provision for losses on accounts receivable
3,282
4,834
Change in deferred income taxes
33,372
22,437
Gain on sale of property and equipment
(15,308
)
(2,176
)
Pre-tax gain on sale of discontinued operations
—
(806
)
Asset impairment charges
12,037
1,700
Change in fair value of contingent consideration
(2,650
)
(90,250
)
Change in fair value of equity investment
—
28,739
Changes in operating assets and liabilities:
Receivables
30,938
45,499
Prepaid expenses
(1,540
)
(11,214
)
Other assets
(8,344
)
(4,120
)
Income taxes
(16,579
)
(14,956
)
Operating right-of-use assets and lease liabilities, net
(11,019
)
(7,205
)
Accounts payable, accrued expenses, and other liabilities
(36,244
)
(21,039
)
NET CASH PROVIDED BY OPERATING ACTIVITIES
228,953
285,846
INVESTING ACTIVITIES
Purchases of property, plant and equipment, net of financings
(114,775
)
(223,103
)
Proceeds from sale of property and equipment
34,470
15,373
Purchases of short-term investments
(22,000
)
(29,236
)
Proceeds from sale of short-term investments
29,236
66,584
Capitalization of internally developed software
(13,391
)
(16,897
)
Other investing activities
9,756
—
NET CASH USED IN INVESTING ACTIVITIES
(76,704
)
(187,279
)
FINANCING ACTIVITIES
Borrowings under credit facilities
25,000
—
Payments on long-term debt
(108,133
)
(120,518
)
Net change in book overdrafts
(5,068
)
(3,504
)
Deferred financing costs
(859
)
(62
)
Payment of common stock dividends
(10,970
)
(11,295
)
Purchases of treasury stock
(75,567
)
(75,233
)
Payments for tax withheld on share-based compensation
(2,066
)
(22,737
)
NET CASH USED IN FINANCING ACTIVITIES
(177,663
)
(233,349
)
NET DECREASE IN CASH AND CASH EQUIVALENTS
(25,414
)
(134,782
)
Cash and cash equivalents at beginning of period
127,444
262,226
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
102,030
$
127,444
NONCASH INVESTING ACTIVITIES
Equipment financed
$
117,855
$
80,714
Accruals for equipment received
$
555
$
463
Lease liabilities arising from obtaining right-of-use assets
$
50,195
$
49,452
ARCBEST CORPORATION
FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS
Three Months Ended
Year Ended
December 31
December 31
2025
2024
2025
2024
(Unaudited)
($ thousands, except percentages)
REVENUES FROM CONTINUING OPERATIONS
Asset-Based
$
648,790
$
656,220
$
2,734,871
$
2,750,134
Asset-Light
353,533
375,432
1,407,436
1,552,936
Other and eliminations
(29,635
)
(30,007
)
(132,149
)
(124,051
)
Total consolidated revenues from continuing operations
$
972,688
$
1,001,645
$
4,010,158
$
4,179,019
OPERATING EXPENSES FROM CONTINUING OPERATIONS
Asset-Based
Salaries, wages, and benefits
$
347,991
53.6
%
$
331,345
50.5
%
$
1,428,225
52.2
%
$
1,387,491
50.5
%
Fuel, supplies, and expenses
77,789
12.0
73,374
11.2
317,126
11.6
316,526
11.5
Operating taxes and licenses
13,215
2.0
13,432
2.0
53,545
2.0
54,056
2.0
Insurance
15,945
2.5
21,345
3.3
70,121
2.6
72,610
2.6
Communications and utilities
5,415
0.8
5,332
0.8
21,541
0.8
19,336
0.7
Depreciation and amortization
35,706
5.5
29,401
4.5
133,014
4.8
110,021
4.0
Rents and purchased transportation
67,203
10.4
64,726
9.8
291,704
10.7
274,312
10.0
Shared services
59,768
9.2
63,560
9.7
258,971
9.5
270,182
9.8
(Gain) loss on sale of property and equipment(1)
192
—
827
0.1
(15,818
)
(0.6
)
(803
)
—
Other
1,179
0.2
543
0.1
4,447
0.1
3,800
0.1
Total Asset-Based
624,403
96.2
%
603,885
92.0
%
2,562,876
93.7
%
2,507,531
91.2
%
Asset-Light
Purchased transportation
$
305,619
86.4
%
$
325,307
86.6
%
$
1,201,122
85.3
%
$
1,339,783
86.3
%
Salaries, wages, and benefits
22,969
6.5
27,493
7.3
99,060
7.0
118,983
7.7
Supplies and expenses
1,503
0.4
1,953
0.5
6,951
0.5
10,232
0.6
Depreciation and amortization(2)
4,624
1.3
4,908
1.3
18,494
1.3
20,062
1.3
Shared services
17,860
5.1
17,228
4.6
73,092
5.2
68,346
4.4
Contingent consideration(3)
—
—
(9,510
)
(2.5
)
(2,650
)
(0.2
)
(90,250
)
(5.8
)
Asset impairment charges(4)
6,640
1.9
1,700
0.5
6,640
0.5
1,700
0.1
Legal settlement(5)
—
—
274
0.1
—
—
274
—
Other
4,195
1.2
7,658
2.0
19,988
1.5
25,362
1.6
Total Asset-Light
363,410
102.8
%
377,011
100.4
%
1,422,697
101.1
%
1,494,492
96.2
%
Other and eliminations(6)
(6,868
)
(17,412
)
(65,724
)
(67,438
)
Total consolidated operating expenses from continuing operations
$
980,945
100.8
%
$
963,484
96.2
%
$
3,919,849
97.7
%
$
3,934,585
94.2
%
OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS
Asset-Based
$
24,387
$
52,335
$
171,995
$
242,603
Asset-Light
(9,877
)
(1,579
)
(15,261
)
58,444
Other and eliminations(6)
(22,767
)
(12,595
)
(66,425
)
(56,613
)
Total consolidated operating income (loss) from continuing operations
$
(8,257
)
$
38,161
$
90,309
$
244,434
____________________________
1)
The year ended December 31, 2025 includes a net gain of $15.7 million, primarily related to two service center sales during third quarter 2025.
2)
Includes amortization of intangibles associated with acquired businesses.
3)
Represents the change in fair value of the contingent earnout consideration recorded for the MoLo acquisition. The liability for contingent consideration is remeasured at each quarterly reporting date, and any change in fair value as a result of the recurring assessments is recognized in operating income (loss). The Company reduced the contingent consideration for the MoLo acquisition to zero in second quarter 2025, reflecting the probability of no earnout payment based on projections of adjusted earnings before interest, taxes, depreciation, and amortization for 2025.
4)
The 2025 periods represent a noncash asset impairment charge recognized during fourth quarter 2025 related to the indefinite-lived intangible asset within the Asset-Light segment. The 2024 periods represent noncash asset impairment charges for certain revenue equipment and software recognized during fourth quarter 2024 as part of a strategic decision to adjust capacity within Asset-Light’s operations.
5)
Represents settlement expense related to the classification of certain Asset-Light employees under the Fair Labor Standards Act, which were paid during first quarter 2025.
6)
Includes corporate costs for certain unallocated shared service costs which are not attributable to any segment, additional investments to offer comprehensive transportation and logistics services across multiple operating segments, costs related to our customer pilot offering of Vaux, and other investments in ArcBest technology and innovations. Also includes noncash asset impairment charges recognized during fourth quarter 2025 associated with the write-off of certain assets utilized in the freight handling pilot program.
ARCBEST CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
Non-GAAP Financial Measures
We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, management believes that certain non-GAAP performance measures and ratios utilized for internal analysis provide analysts, investors, and others the same information that we use internally for purposes of assessing our core operating performance and provides meaningful comparisons between current and prior period results, as well as important information regarding performance trends. Accordingly, non-GAAP results are presented on a continuing operations basis, excluding the discontinued operations of FleetNet, which sold on February 28, 2023. The use of certain non-GAAP measures improves comparability in analyzing our performance because it removes the impact of items from operating results that, in management's opinion, do not reflect our core operating performance. Other companies may calculate non-GAAP measures differently; therefore, our calculation may not be comparable to similarly titled measures of other companies. Certain information discussed in the scheduled conference call could be considered non-GAAP measures. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results. These financial measures should not be construed as better measurements than operating income (loss), net income (loss) or earnings per share, as determined under GAAP.
Three Months Ended
Year Ended
December 31
December 31
2025
2024
2025
2024
ArcBest Corporation — Consolidated
(Unaudited)
($ thousands, except per share data)
Operating Income (Loss) from Continuing Operations
Amounts on GAAP basis
$
(8,257
)
$
38,161
$
90,309
$
244,434
Innovative technology costs, pre-tax(1)
6,770
7,560
29,119
34,081
Purchase accounting amortization, pre-tax(2)
3,192
3,192
12,768
12,768
Change in fair value of contingent consideration, pre-tax(3)
—
(9,510
)
(2,650
)
(90,250
)
Asset impairment charges, pre-tax(4)
12,037
1,700
12,037
1,700
Gain on sale of certain properties, pre-tax(5)
—
—
(15,726
)
—
Legal settlement, pre-tax(6)
—
274
—
274
Non-GAAP amounts
$
13,742
$
41,377
$
125,857
$
203,007
Net Income (Loss) from Continuing Operations
Amounts on GAAP basis
$
(8,116
)
$
29,035
$
60,098
$
173,361
Innovative technology costs, after-tax (includes related financing costs)(1)
5,146
5,780
22,160
26,111
Purchase accounting amortization, after-tax(2)
2,398
2,401
9,593
9,603
Change in fair value of contingent consideration, after-tax(3)
—
(7,152
)
(1,991
)
(67,875
)
Asset impairment charges, after-tax(4)
9,074
1,278
9,074
1,278
Gain on sale of certain properties, after-tax(5)
—
—
(11,778
)
—
Legal settlement, after-tax(6)
—
206
—
206
Change in fair value of equity investment, after-tax(7)
—
—
—
21,603
Changes in cash surrender value and gains on life insurance policies
(250
)
(311
)
(3,339
)
(3,317
)
Tax expense (benefit) from vested RSUs(8)
(14
)
(38
)
986
(11,311
)
Non-GAAP amounts
$
8,238
$
31,199
$
84,803
$
149,659
Diluted Earnings Per Share from Continuing Operations(9)
Amounts on GAAP basis
$
(0.36
)
$
1.24
$
2.62
$
7.28
Innovative technology costs, after-tax (includes related financing costs)(1)
0.23
0.25
0.97
1.10
Purchase accounting amortization, after-tax(2)
0.11
0.10
0.42
0.40
Change in fair value of contingent consideration, after-tax(3)
—
(0.30
)
(0.09
)
(2.85
)
Asset impairment charges, after-tax(4)
0.40
0.05
0.40
0.05
Gain on sale of certain properties, after-tax(5)
—
—
(0.51
)
—
Legal settlement, after-tax(6)
—
0.01
—
0.01
Change in fair value of equity investment, after-tax(7)
—
—
—
0.91
Changes in cash surrender value and gains on life insurance policies
(0.01
)
(0.01
)
(0.15
)
(0.14
)
Tax expense (benefit) from vested RSUs(8)
—
—
0.04
(0.47
)
Non-GAAP amounts(10)
$
0.36
$
1.33
$
3.70
$
6.28
___________________________
See “Notes to Non-GAAP Financial Tables” for footnotes to this ArcBest Corporation – Consolidated non-GAAP table.
ARCBEST CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued
Three Months Ended
Year Ended
December 31
December 31
2025
2024
2025
2024
Segment Operating Income (Loss) Reconciliations
(Unaudited)
($ thousands, except percentages)
Asset-Based Segment
Operating Income ($) and
Operating Ratio (% of revenues)
Amounts on GAAP basis
$
24,387
96.2
%
$
52,335
92.0
%
$
171,995
93.7
%
$
242,603
91.2
%
Gain on sale of certain properties, pre-tax(5)
—
—
—
—
(15,726
)
0.6
—
—
Non-GAAP amounts(10)
$
24,387
96.2
%
$
52,335
92.0
%
$
156,269
94.3
%
$
242,603
91.2
%
Asset-Light Segment
Operating Income (Loss) ($) and
Operating Ratio (% of revenues)
Amounts on GAAP basis
$
(9,877
)
102.8
%
$
(1,579
)
100.4
%
$
(15,261
)
101.1
%
$
58,444
96.2
%
Purchase accounting amortization, pre-tax(2)
3,192
(0.9
)
3,192
(0.9
)
12,768
(0.9
)
12,768
(0.8
)
Change in fair value of contingent consideration, pre-tax(3)
—
—
(9,510
)
2.5
(2,650
)
0.2
(90,250
)
5.8
Asset impairment charges, pre-tax(4)
6,640
(1.9
)
1,700
(0.5
)
6,640
(0.5
)
1,700
(0.1
)
Legal settlement, pre-tax(6)
—
—
274
(0.1
)
—
—
274
—
Non-GAAP amounts(10)
$
(45
)
100.0
%
$
(5,923
)
101.6
%
$
1,497
99.9
%
$
(17,064
)
101.1
%
Other and Eliminations
Operating Loss ($)
Amounts on GAAP basis
$
(22,767
)
$
(12,595
)
$
(66,425
)
$
(56,613
)
Innovative technology costs, pre-tax(1)
6,770
7,560
29,119
34,081
Asset impairment charges, pre-tax(4)
5,397
—
5,397
—
Non-GAAP amounts
$
(10,600
)
$
(5,035
)
$
(31,909
)
$
(22,532
)
___________________________
Note: See “Notes to Non-GAAP Financial Tables” for footnotes to this Segment Operating Income (Loss) Reconciliations non-GAAP table.
ARCBEST CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued
Effective Tax Rate Reconciliation
ArcBest Corporation - Consolidated
(Unaudited)
($ thousands, except percentages)
Three Months Ended December 31, 2025
Operating
Other
Income (Loss)
Income Tax
Net
CONTINUING OPERATIONS
Income
Income
Before Income
Provision
Income
(Loss)
(Costs)
Taxes
(Benefit)
(Loss)
Tax Rate(11)
Amounts on GAAP basis
$
(8,257
)
$
(2,298
)
$
(10,555
)
$
(2,439
)
$
(8,116
)
(23.1
)
%
Innovative technology costs(1)
6,770
72
6,842
1,696
5,146
24.8
Purchase accounting amortization(2)
3,192
—
3,192
794
2,398
24.9
Asset impairment charges(4)
12,037
—
12,037
2,963
9,074
24.6
Changes in cash surrender value and gains on life insurance policies
—
(250
)
(250
)
—
(250
)
—
Tax benefit from vested RSUs(8)
—
—
—
14
(14
)
—
Non-GAAP amounts
$
13,742
$
(2,476
)
$
11,266
$
3,028
$
8,238
26.9
%
Year Ended December 31, 2025
Other
Income
Income
Operating
Income
Before Income
Tax
Net
Income
(Costs)
Taxes
Provision
Income
Tax Rate(11)
Amounts on GAAP basis
$
90,309
$
(7,214
)
$
83,095
$
22,997
$
60,098
27.7
%
Innovative technology costs(1)
29,119
346
29,465
7,305
22,160
24.8
Purchase accounting amortization(2)
12,768
—
12,768
3,175
9,593
24.9
Change in fair value of contingent consideration(3)
(2,650
)
—
(2,650
)
(659
)
(1,991
)
(24.9
)
Asset impairment charges(4)
12,037
—
12,037
2,963
9,074
24.6
Gain on sale of certain properties(5)
(15,726
)
—
(15,726
)
(3,948
)
(11,778
)
(25.1
)
Changes in cash surrender value and gains on life insurance policies
—
(3,339
)
(3,339
)
—
(3,339
)
—
Tax expense from vested RSUs(8)
—
—
—
(986
)
986
—
Non-GAAP amounts
$
125,857
$
(10,207
)
$
115,650
$
30,847
$
84,803
26.7
%
Three Months Ended December 31, 2024
Other
Income
Income
CONTINUING OPERATIONS
Operating
Income
Before Income
Tax
Net
Income
(Costs)
Taxes
Provision
Income
Tax Rate(11)
Amounts on GAAP basis
$
38,161
$
(701
)
$
37,460
$
8,425
$
29,035
22.5
%
Innovative technology costs(1)
7,560
126
7,686
1,906
5,780
24.8
Purchase accounting amortization(2)
3,192
—
3,192
791
2,401
24.8
Change in fair value of contingent consideration(3)
(9,510
)
—
(9,510
)
(2,358
)
(7,152
)
(24.8
)
Asset impairment charges(4)
1,700
—
1,700
422
1,278
24.8
Legal settlement(6)
274
—
274
68
206
24.8
Life insurance proceeds and changes in cash surrender value
—
(311
)
(311
)
—
(311
)
—
Tax benefit from vested RSUs(8)
—
—
—
38
(38
)
—
Non-GAAP amounts
$
41,377
$
(886
)
$
40,491
$
9,292
$
31,199
22.9
%
Year Ended December 31, 2024
Other
Income
Income
Operating
Income
Before Income
Tax
Net
Income
(Costs)
Taxes
Provision
Income
Tax Rate(11)
Amounts on GAAP basis
$
244,434
$
(25,720
)
$
218,714
$
45,353
$
173,361
20.7
%
Innovative technology costs(1)
34,081
637
34,718
8,607
26,111
24.8
Purchase accounting amortization(2)
12,768
—
12,768
3,165
9,603
24.8
Change in fair value of contingent consideration(3)
(90,250
)
—
(90,250
)
(22,375
)
(67,875
)
(24.8
)
Asset impairment charges(4)
1,700
—
1,700
422
1,278
24.8
Legal settlement(6)
274
—
274
68
206
24.8
Change in fair value of equity investment(7)
—
28,739
28,739
7,136
21,603
24.8
Life insurance proceeds and changes in cash surrender value
—
(3,317
)
(3,317
)
—
(3,317
)
—
Tax benefit from vested RSUs(8)
—
—
—
11,311
(11,311
)
—
Non-GAAP amounts
$
203,007
$
339
$
203,346
$
53,687
$
149,659
26.4
%
___________________________
Note: See “Notes to Non-GAAP Financial Tables” for footnotes to this Effective Tax Rate Reconciliation non-GAAP table.
ARCBEST CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued
Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (Adjusted EBITDA)
Management uses Adjusted EBITDA as a key measure of performance and for business planning. The measure is particularly meaningful for analysis of operating performance because it excludes amortization of acquired intangibles and software of the Asset-Light segment, changes in the fair values of contingent consideration and equity investment, legal settlement, and asset impairment charges, which are significant expenses or gains resulting from strategic decisions or other factors rather than core daily operations. Additionally, Adjusted EBITDA is a primary component of the financial covenants contained in our credit agreement. The calculation of Consolidated Adjusted EBITDA as presented below begins with net income (loss) from continuing operations, which is the most directly comparable GAAP measure. The calculation of Asset-Light Adjusted EBITDA as presented below begins with operating income (loss), as other income (costs), income tax provision (benefit), and net income (loss) from continuing operations are reported at the consolidated level and not included in the operating segment financial information evaluated by management to make operating decisions.
Three Months Ended
Year Ended
December 31
December 31
2025
2024
2025
2024
(Unaudited)
($ thousands)
ArcBest Corporation - Consolidated Adjusted EBITDA from Continuing Operations
Net Income (Loss) from Continuing Operations
$
(8,116
)
$
29,035
$
60,098
$
173,361
Interest and other related financing costs
3,318
2,393
12,363
8,980
Income tax provision (benefit)
(2,439
)
8,425
22,997
45,353
Depreciation and amortization(12)
45,045
39,367
170,335
149,087
Amortization of share-based compensation
1,671
2,315
10,575
11,355
Change in fair value of contingent consideration(3)
—
(9,510
)
(2,650
)
(90,250
)
Asset impairment charges(4)
12,037
1,700
12,037
1,700
Legal settlement(6)
—
274
—
274
Change in fair value of equity investment(7)
—
—
—
28,739
Consolidated Adjusted EBITDA from Continuing Operations
$
51,516
$
73,999
$
285,755
$
328,599
___________________________
Note: See “Notes to Non-GAAP Financial Tables” for footnotes to this ArcBest Corporation – Consolidated Adjusted EBITDA from Continuing Operations non-GAAP table.
Three Months Ended
Year Ended
December 31
December 31
2025
2024
2025
2024
(Unaudited)
($ thousands)
Asset-Light Adjusted EBITDA
Operating Income (Loss)
$
(9,877
)
$
(1,579
)
$
(15,261
)
$
58,444
Depreciation and amortization(12)
4,624
4,908
18,494
20,062
Change in fair value of contingent consideration(3)
—
(9,510
)
(2,650
)
(90,250
)
Asset impairment charges(4)
6,640
1,700
6,640
1,700
Legal settlement(6)
—
274
—
274
Asset-Light Adjusted EBITDA
$
1,387
$
(4,207
)
$
7,223
$
(9,770
)
___________________________
Note: See “Notes to Non-GAAP Financial Tables” for footnotes to this Asset-Light Adjusted EBITDA non-GAAP table.
ARCBEST CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued
Notes to Non-GAAP Financial Tables
The following footnotes apply to the non-GAAP financial tables presented in this press release.
1)
Represents costs related to our customer pilot offering of Vaux and initiatives to optimize our performance through technological innovation.
2)
Represents the amortization of acquired intangible assets in the Asset-Light segment.
3)
Represents change in fair value of the contingent earnout consideration recorded for the MoLo acquisition, as previously described in the footnotes to the Financial Statement Operating Segment Data and Operating Ratios table.
4)
For the Asset-Light segment, the 2025 periods represent noncash asset impairment charges recognized during fourth quarter 2025 related to the indefinite-lived intangible assets, and 2024 periods represent noncash asset impairment charges for certain revenue equipment and software recognized during fourth quarter 2024 as part of a strategic decision to adjust capacity within Asset-Light’s operations. For “Other and Eliminations,” the 2025 periods represent the write-off of certain assets utilized in the freight handling pilot program.
5)
Primarily includes gains on two service center sales within the Asset-Based operations.
6)
Represents settlement expenses related to the classification of certain Asset-Light employees under the Fair Labor Standards Act, which were paid during first quarter 2025.
7)
Represents a noncash impairment charge to write off an equity investment in Phantom Auto, a provider of human-centered remote operation software, which ceased operations during first quarter 2024.
8)
Represents recognition of the tax impact for vesting of share-based compensation.
9)
For fourth quarter 2025, ArcBest reported a net loss on a GAAP basis and reported net income on a non-GAAP basis. The average common shares outstanding used to calculate non-GAAP diluted earnings per share for fourth quarter 2025 were adjusted to include unvested restricted stock awards, which were excluded from the calculation of GAAP diluted earnings per share due to the net loss.
Three Months Ended
December 31, 2025
Average Common Shares Outstanding
Diluted shares on GAAP basis
22,497,300
Effect of unvested restricted stock awards
108,321
Non-GAAP diluted shares
22,605,621
10)
Non-GAAP amounts are calculated in total and may not equal the sum of GAAP amounts and non-GAAP adjustments due to rounding.
11)
Tax rate for total “Amounts on GAAP basis” represents the effective tax rate. The tax effects of non-GAAP adjustments are calculated based on the statutory rate applicable to each item based on tax jurisdiction unless the nature of the item requires the tax effect to be estimated by applying a specific tax treatment.
12)
Includes amortization of intangibles associated with acquired businesses.
ARCBEST CORPORATION
OPERATING STATISTICS
Three Months Ended
Year Ended
December 31
December 31
2025
2024
% Change
2025
2024
% Change
(Unaudited)
Asset-Based
Workdays
61.0
61.5
251.5
252.5
Billed Revenue(1) / CWT
$
47.94
$
49.27
(2.7
%)
$
49.02
$
49.68
(1.3
%)
Billed Revenue(1) / Shipment
$
524.75
$
538.20
(2.5
%)
$
532.18
$
548.81
(3.0
%)
Tonnage / Day
11,036
10,758
2.6
%
11,104
10,968
1.2
%
Shipments / Day
20,163
19,698
2.4
%
20,456
19,856
3.0
%
Shipments / DSY hour
0.435
0.441
(1.4
%)
0.445
0.444
0.1
%
Weight / Shipment
1,095
1,092
0.2
%
1,086
1,105
(1.7
%)
Average Length of Haul (Miles)
1,111
1,116
(0.5
%)
1,124
1,126
(0.2
%)
___________________________
1)
Revenue for undelivered freight is deferred for financial statement purposes in accordance with the Asset-Based segment revenue recognition policy. Billed revenue used for calculating revenue per hundredweight measurements has not been adjusted for the portion of revenue deferred for financial statement purposes.
Year Over Year % Change
Three Months Ended
Year Ended
December 31, 2025
December 31, 2025
(Unaudited)
Asset-Light
Revenue / Shipment
(5.8
%)
(7.4
%)
Shipments / Day
0.8
%
(1.8
%)
Shipments / Employee / Day
18.5
%
16.9
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260130954758/en/
Investor Relations Contact: Amy Mendenhall
Phone: 479-785-6200
Email: invrel@arcb.com
Media Contact: Autumnn Mahar
Phone: 479-494-8221
Email: amahar@arcb.com
Original: ArcBest Announces Fourth Quarter and Full Year 2025 Results
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