EX-99.1 2 ex_871983.htm EXHIBIT 99.1

Exhibit 99.1

MARTEN TRANSPORT ANNOUNCES THIRD QUARTER RESULTS

MONDOVI, Wis., October 23, 2025 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $2.2 million, or 3 cents per diluted share, for the third quarter ended September 30, 2025, compared with $3.8 million, or 5 cents per diluted share, for the third quarter of 2024. For the nine-month period ended September 30, 2025, net income was $13.7 million, or 17 cents per diluted share, compared with $21.3 million, or 26 cents per diluted share, for the 2024 nine-month period.

Operating revenue was $220.5 million for the third quarter of 2025 compared with $237.4 million for the third quarter of 2024. Excluding fuel surcharges, operating revenue was $194.0 million for the 2025 quarter compared with $207.9 million for the 2024 quarter. Fuel surcharge revenue decreased to $26.5 million for the 2025 quarter from $29.5 million for the 2024 quarter.

Operating revenue was $673.5 million for the first nine months of 2025 compared with $733.3 million for the first nine months of 2024. Excluding fuel surcharges, operating revenue was $593.5 million for the 2025 period compared with $637.1 million for the 2024 period. Fuel surcharge revenue decreased to $80.0 million for the 2025 period from $96.1 million for the 2024 period.

Operating income was $2.7 million for the third quarter of 2025 compared with $4.3 million for the third quarter of 2024.

Operating income was $18.3 million for the first nine months of 2025 compared with $26.5 million for the first nine months of 2024.

Operating expenses as a percentage of operating revenue were 98.8% for the 2025 quarter and 98.2% for the 2024 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 98.6% for the 2025 quarter and 97.9% for the 2024 quarter.

Operating expenses as a percentage of operating revenue were 97.3% for the first nine months of 2025 and 96.4% for the first nine months of 2024. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 96.9% for the 2025 period and 95.8% for the 2024 period.

Chairman of the Board and Chief Executive Officer Randolph L. Marten stated, “Our earnings have continued to be significantly pressured by the historic duration and depth of the freight market recession’s oversupply and weak demand -- and the cumulative impact of inflationary operating costs, unacceptable freight rate reductions and freight network disruptions. Our unique multifaceted business model’s value continued to be highlighted by the operating results of our dedicated and brokerage operations for the first nine months of this year and throughout last year.”

“We remain focused on minimizing the freight market’s impact with our emphasis on safe, premium service, data-driven operating efficiencies and cost controls. Our strong, debt-free balance sheet enhances our ability to continue investing in our technology and modern fleet and position our operations to capitalize on future profitable organic growth opportunities. We expect the current administration’s recent immigration enforcement efforts including stricter standards for non-domiciled commercial driver’s licenses and increased enforcement of English Language Proficiency and B-1 visa regulations to positively impact such opportunities.”

“We also closed on the previously announced agreement to sell assets related to our intermodal business to Hub Group, Inc. (NASDAQ: HUBG), effective September 30, 2025. The transaction was structured as an asset sale of certain intermodal equipment, including over 1,200 refrigerated containers, and contracts to Hub Group, Inc. for $51.8 million in cash. This transaction clarifies our focus on investing in and positioning our core operations for future expansion.”

Current Investor Presentation

Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of time and temperature-sensitive and dry truck-based transportation and distribution capabilities across Marten’s five distinct business platforms – Temperature-Sensitive and Dry Truckload, Dedicated, Brokerage and MRTN de Mexico. Marten’s Intermodal operations were sold effective September 30, 2025. Marten is one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food, beverages and other consumer packaged goods that require a temperature-controlled or insulated environment. The Company offers service in the United States, Mexico and Canada, concentrating on expedited movements for high-volume customers. Marten’s common stock is traded on the Nasdaq Global Select Market under the symbol MRTN.

This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include a discussion of Marten’s prospects for future growth, including the impact on the freight market of the current administration’s recent immigration enforcement efforts including stricter standards for non-domiciled commercial driver’s licenses and increased enforcement of English Language Proficiency and B-1 visa regulations, and by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward-looking statements. Important factors known to the Company that could cause actual results to differ materially from those discussed in the forward-looking statements are discussed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACTS: Randy Marten, Chairman of the Board and Chief Executive Officer, Doug Petit, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.

MARTEN TRANSPORT, LTD.

CONSOLIDATED CONDENSED BALANCE SHEETS

|  | September 30, |  |  | December 31, |
(In thousands, except share information) |  | 2025 |  |  | 2024 |
|  | (Unaudited) |  |  |  |  |
ASSETS |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 49,485 |  |  | $ | 17,267 |
Receivables: |  |  |  |  |  |  |  |
Trade, net |  |  | 92,011 |  |  |  | 89,992 |
Other |  |  | 9,201 |  |  |  | 5,364 |
Prepaid expenses and other |  |  | 25,296 |  |  |  | 25,888 |
Total current assets |  |  | 175,993 |  |  |  | 138,511 |
Property and equipment: |  |  |  |  |  |  |  |
Revenue equipment, buildings and land, office equipment and other |  |  | 1,148,269 |  |  |  | 1,198,737 |
Accumulated depreciation |  |  | (355,266 | ) |  |  | (370,124 | )
Net property and equipment |  |  | 793,003 |  |  |  | 828,613 |
Escrow deposit |  |  | 5,000 |  |  |  | - |
Other noncurrent assets |  |  | 1,655 |  |  |  | 1,633 |
Total assets |  | $ | 975,651 |  |  | $ | 968,757 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 39,744 |  |  | $ | 25,781 |
Insurance and claims accruals |  |  | 41,313 |  |  |  | 44,246 |
Accrued and other current liabilities |  |  | 34,527 |  |  |  | 23,492 |
Total current liabilities |  |  | 115,584 |  |  |  | 93,519 |
Deferred income taxes |  |  | 91,617 |  |  |  | 107,034 |
Noncurrent operating lease liabilities |  |  | 250 |  |  |  | 282 |
Total liabilities |  |  | 207,451 |  |  |  | 200,835 |
Stockholders’ equity: |  |  |  |  |  |  |  |
Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding |  |  | - |  |  |  | - |
Common stock, $.01 par value per share; 192,000,000 shares authorized; 81,520,424 shares at September 30, 2025, and 81,463,938 shares at December 31, 2024, issued and outstanding |  |  | 815 |  |  |  | 815 |
Additional paid-in capital |  |  | 54,143 |  |  |  | 52,941 |
Retained earnings |  |  | 713,242 |  |  |  | 714,166 |
Total stockholders’ equity |  |  | 768,200 |  |  |  | 767,922 |
Total liabilities and stockholders’ equity |  | $ | 975,651 |  |  | $ | 968,757 |

MARTEN TRANSPORT, LTD.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

|  | Three Months |  |  | Nine Months |
|  | Ended September 30, |  |  | Ended September 30, |
(In thousands, except per share information) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Operating revenue |  | $ | 220,470 |  |  | $ | 237,366 |  |  | $ | 673,544 |  |  | $ | 733,276 |
Operating expenses (income): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries, wages and benefits |  |  | 78,972 |  |  |  | 83,442 |  |  |  | 236,342 |  |  |  | 258,723 |
Purchased transportation |  |  | 42,284 |  |  |  | 44,862 |  |  |  | 123,063 |  |  |  | 129,911 |
Fuel and fuel taxes |  |  | 33,526 |  |  |  | 35,781 |  |  |  | 99,234 |  |  |  | 114,151 |
Supplies and maintenance |  |  | 15,585 |  |  |  | 16,464 |  |  |  | 46,704 |  |  |  | 49,006 |
Depreciation |  |  | 25,447 |  |  |  | 27,392 |  |  |  | 80,224 |  |  |  | 84,125 |
Operating taxes and licenses |  |  | 2,423 |  |  |  | 2,505 |  |  |  | 7,291 |  |  |  | 7,619 |
Insurance and claims |  |  | 11,382 |  |  |  | 13,759 |  |  |  | 40,611 |  |  |  | 37,975 |
Communications and utilities |  |  | 2,093 |  |  |  | 2,166 |  |  |  | 6,536 |  |  |  | 6,834 |
Gain on disposition of revenue equipment |  |  | (1,903 | ) |  |  | (881 | ) |  |  | (8,750 | ) |  |  | (4,584 | )
Other |  |  | 7,923 |  |  |  | 7,607 |  |  |  | 23,958 |  |  |  | 23,023 |
Total operating expenses |  |  | 217,732 |  |  |  | 233,097 |  |  |  | 655,213 |  |  |  | 706,783 |
Operating income |  |  | 2,738 |  |  |  | 4,269 |  |  |  | 18,331 |  |  |  | 26,493 |
Other |  |  | (213 | ) |  |  | (922 | ) |  |  | (998 | ) |  |  | (2,732 | )
Income before income taxes |  |  | 2,951 |  |  |  | 5,191 |  |  |  | 19,329 |  |  |  | 29,225 |
Income taxes expense |  |  | 725 |  |  |  | 1,437 |  |  |  | 5,582 |  |  |  | 7,936 |
Net income |  | $ | 2,226 |  |  | $ | 3,754 |  |  | $ | 13,747 |  |  | $ | 21,289 |
Basic earnings per common share |  | $ | 0.03 |  |  | $ | 0.05 |  |  | $ | 0.17 |  |  | $ | 0.26 |
Diluted earnings per common share |  | $ | 0.03 |  |  | $ | 0.05 |  |  | $ | 0.17 |  |  | $ | 0.26 |
Dividends declared per common share |  | $ | 0.06 |  |  | $ | 0.06 |  |  | $ | 0.18 |  |  | $ | 0.18 |

MARTEN TRANSPORT, LTD.

SEGMENT INFORMATION

(Unaudited)

|  |  |  |  |  |  |  |  |  | Dollar |  |  | Percentage |
|  |  |  |  |  |  |  |  |  | Change |  |  | Change |
|  | Three Months |  |  | Three Months |  |  | Three Months |
|  | Ended |  |  | Ended |  |  | Ended |
|  | September 30, |  |  | September 30, |  |  | September 30, |
(Dollars in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 vs. 2024 |  |  | 2025 vs. 2024 |
Operating revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Truckload revenue, net of fuel surcharge revenue |  | $ | 90,138 |  |  | $ | 93,278 |  |  | $ | (3,140 | ) |  |  | (3.4 | )%
Truckload fuel surcharge revenue |  |  | 14,691 |  |  |  | 15,146 |  |  |  | (455 | ) |  |  | (3.0 | )
Total Truckload revenue |  |  | 104,829 |  |  |  | 108,424 |  |  |  | (3,595 | ) |  |  | (3.3 | )
Dedicated revenue, net of fuel surcharge revenue |  |  | 56,675 |  |  |  | 62,898 |  |  |  | (6,223 | ) |  |  | (9.9 | )
Dedicated fuel surcharge revenue |  |  | 10,335 |  |  |  | 12,123 |  |  |  | (1,788 | ) |  |  | (14.7 | )
Total Dedicated revenue |  |  | 67,010 |  |  |  | 75,021 |  |  |  | (8,011 | ) |  |  | (10.7 | )
Intermodal revenue, net of fuel surcharge revenue |  |  | 8,369 |  |  |  | 12,289 |  |  |  | (3,920 | ) |  |  | (31.9 | )
Intermodal fuel surcharge revenue |  |  | 1,482 |  |  |  | 2,220 |  |  |  | (738 | ) |  |  | (33.2 | )
Total Intermodal revenue |  |  | 9,851 |  |  |  | 14,509 |  |  |  | (4,658 | ) |  |  | (32.1 | )
Brokerage revenue |  |  | 38,780 |  |  |  | 39,412 |  |  |  | (632 | ) |  |  | (1.6 | )
Total operating revenue |  | $ | 220,470 |  |  | $ | 237,366 |  |  | $ | (16,896 | ) |  |  | (7.1 | )%
Operating income/(loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Truckload |  | $ | (2,002 | ) |  | $ | (142 | ) |  | $ | (1,860 | ) |  |  | (1,309.9 | )%
Dedicated |  |  | 3,426 |  |  |  | 3,056 |  |  |  | 370 |  |  |  | 12.1 |
Intermodal |  |  | (293 | ) |  |  | (1,542 | ) |  |  | 1,249 |  |  |  | 81.0 |
Brokerage |  |  | 1,607 |  |  |  | 2,897 |  |  |  | (1,290 | ) |  |  | (44.5 | )
Total operating income |  | $ | 2,738 |  |  | $ | 4,269 |  |  | $ | (1,531 | ) |  |  | (35.9 | )%
Operating ratio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Truckload |  |  | 101.9 | % |  |  | 100.1 | % |  |  |  |  |  |  |  |
Dedicated |  |  | 94.9 |  |  |  | 95.9 |  |  |  |  |  |  |  |  |
Intermodal |  |  | 103.0 |  |  |  | 110.6 |  |  |  |  |  |  |  |  |
Brokerage |  |  | 95.9 |  |  |  | 92.6 |  |  |  |  |  |  |  |  |
Consolidated operating ratio |  |  | 98.8 | % |  |  | 98.2 | % |  |  |  |  |  |  |  |
Operating ratio, net of fuel surcharges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Truckload |  |  | 102.2 | % |  |  | 100.2 | % |  |  |  |  |  |  |  |
Dedicated |  |  | 94.0 |  |  |  | 95.1 |  |  |  |  |  |  |  |  |
Intermodal |  |  | 103.5 |  |  |  | 112.5 |  |  |  |  |  |  |  |  |
Brokerage |  |  | 95.9 |  |  |  | 92.6 |  |  |  |  |  |  |  |  |
Consolidated operating ratio, net of fuel surcharges |  |  | 98.6 | % |  |  | 97.9 | % |  |  |  |  |  |  |  |

MARTEN TRANSPORT, LTD.

SEGMENT INFORMATION

(Unaudited)

|  |  |  |  |  |  |  |  |  | Dollar |  |  | Percentage |
|  |  |  |  |  |  |  |  |  | Change |  |  | Change |
|  | Nine Months |  |  | Nine Months |  |  | Nine Months |
|  | Ended |  |  | Ended |  |  | Ended |
|  | September 30, |  |  | September 30, |  |  | September 30, |
(Dollars in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 vs. 2024 |  |  | 2025 vs. 2024 |
Operating revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Truckload revenue, net of fuel surcharge revenue |  | $ | 272,728 |  |  | $ | 284,346 |  |  | $ | (11,618 | ) |  |  | (4.1 | )%
Truckload fuel surcharge revenue |  |  | 42,978 |  |  |  | 48,152 |  |  |  | (5,174 | ) |  |  | (10.7 | )
Total Truckload revenue |  |  | 315,706 |  |  |  | 332,498 |  |  |  | (16,792 | ) |  |  | (5.1 | )
Dedicated revenue, net of fuel surcharge revenue |  |  | 180,418 |  |  |  | 202,080 |  |  |  | (21,662 | ) |  |  | (10.7 | )
Dedicated fuel surcharge revenue |  |  | 32,091 |  |  |  | 40,667 |  |  |  | (8,576 | ) |  |  | (21.1 | )
Total Dedicated revenue |  |  | 212,509 |  |  |  | 242,747 |  |  |  | (30,238 | ) |  |  | (12.5 | )
Intermodal revenue, net of fuel surcharge revenue |  |  | 28,730 |  |  |  | 38,230 |  |  |  | (9,500 | ) |  |  | (24.8 | )
Intermodal fuel surcharge revenue |  |  | 4,941 |  |  |  | 7,315 |  |  |  | (2,374 | ) |  |  | (32.5 | )
Total Intermodal revenue |  |  | 33,671 |  |  |  | 45,545 |  |  |  | (11,874 | ) |  |  | (26.1 | )
Brokerage revenue |  |  | 111,658 |  |  |  | 112,486 |  |  |  | (828 | ) |  |  | (0.7 | )
Total operating revenue |  | $ | 673,544 |  |  | $ | 733,276 |  |  | $ | (59,732 | ) |  |  | (8.1 | )%
Operating income/(loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Truckload |  | $ | 42 |  |  | $ | 1,462 |  |  | $ | (1,420 | ) |  |  | (97.1 | )%
Dedicated |  |  | 13,709 |  |  |  | 18,964 |  |  |  | (5,255 | ) |  |  | (27.7 | )
Intermodal |  |  | (1,883 | ) |  |  | (2,420 | ) |  |  | 537 |  |  |  | 22.2 |
Brokerage |  |  | 6,463 |  |  |  | 8,487 |  |  |  | (2,024 | ) |  |  | (23.8 | )
Total operating income |  | $ | 18,331 |  |  | $ | 26,493 |  |  | $ | (8,162 | ) |  |  | (30.8 | )%
Operating ratio: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Truckload |  |  | 100.0 | % |  |  | 99.6 | % |  |  |  |  |  |  |  |
Dedicated |  |  | 93.5 |  |  |  | 92.2 |  |  |  |  |  |  |  |  |
Intermodal |  |  | 105.6 |  |  |  | 105.3 |  |  |  |  |  |  |  |  |
Brokerage |  |  | 94.2 |  |  |  | 92.5 |  |  |  |  |  |  |  |  |
Consolidated operating ratio |  |  | 97.3 | % |  |  | 96.4 | % |  |  |  |  |  |  |  |
Operating ratio, net of fuel surcharges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Truckload |  |  | 100.0 | % |  |  | 99.5 | % |  |  |  |  |  |  |  |
Dedicated |  |  | 92.4 |  |  |  | 90.6 |  |  |  |  |  |  |  |  |
Intermodal |  |  | 106.6 |  |  |  | 106.3 |  |  |  |  |  |  |  |  |
Brokerage |  |  | 94.2 |  |  |  | 92.5 |  |  |  |  |  |  |  |  |
Consolidated operating ratio, net of fuel surcharges |  |  | 96.9 | % |  |  | 95.8 | % |  |  |  |  |  |  |  |

MARTEN TRANSPORT, LTD.

OPERATING STATISTICS

(Unaudited)

|  | Three Months |  |  | Nine Months |
|  | Ended September 30, |  |  | Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Truckload Segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue (in thousands) |  | $ | 104,829 |  |  | $ | 108,424 |  |  | $ | 315,706 |  |  | $ | 332,498 |
Average revenue, net of fuel surcharges, per tractor per week(1) |  | $ | 4,129 |  |  | $ | 4,187 |  |  | $ | 4,178 |  |  | $ | 4,090 |
Average tractors(1) |  |  | 1,661 |  |  |  | 1,695 |  |  |  | 1,674 |  |  |  | 1,776 |
Average miles per trip |  |  | 508 |  |  |  | 533 |  |  |  | 523 |  |  |  | 533 |
Non-revenue miles percentage(2) |  |  | 11.0 | % |  |  | 12.2 | % |  |  | 11.1 | % |  |  | 12.1 | %
Total miles (in thousands) |  |  | 38,081 |  |  |  | 39,288 |  |  |  | 115,575 |  |  |  | 119,838 |
Dedicated Segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue (in thousands) |  | $ | 67,010 |  |  | $ | 75,021 |  |  | $ | 212,509 |  |  | $ | 242,747 |
Average revenue, net of fuel surcharges, per tractor per week(1) |  | $ | 3,776 |  |  | $ | 3,693 |  |  | $ | 3,811 |  |  | $ | 3,744 |
Average tractors(1) |  |  | 1,142 |  |  |  | 1,296 |  |  |  | 1,214 |  |  |  | 1,379 |
Average miles per trip |  |  | 292 |  |  |  | 311 |  |  |  | 300 |  |  |  | 321 |
Non-revenue miles percentage(2) |  |  | 1.1 | % |  |  | 1.3 | % |  |  | 1.3 | % |  |  | 1.2 | %
Total miles (in thousands) |  |  | 23,206 |  |  |  | 26,571 |  |  |  | 73,574 |  |  |  | 83,882 |
Intermodal Segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue (in thousands) |  | $ | 9,851 |  |  | $ | 14,509 |  |  | $ | 33,671 |  |  | $ | 45,545 |
Loads |  |  | 2,956 |  |  |  | 4,119 |  |  |  | 10,168 |  |  |  | 13,172 |
Average tractors |  |  | 61 |  |  |  | 104 |  |  |  | 72 |  |  |  | 117 |
Brokerage Segment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue (in thousands) |  | $ | 38,780 |  |  | $ | 39,412 |  |  | $ | 111,658 |  |  | $ | 112,486 |
Loads |  |  | 25,940 |  |  |  | 24,628 |  |  |  | 70,450 |  |  |  | 67,389 |
At September 30, 2025 and September 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total tractors(1) |  |  | 2,823 |  |  |  | 3,080 |  |  |  |  |  |  |  |  |
Average age of company tractors (in years) |  |  | 2.2 |  |  |  | 1.8 |  |  |  |  |  |  |  |  |
Total trailers |  |  | 5,165 |  |  |  | 5,456 |  |  |  |  |  |  |  |  |
Average age of company trailers (in years) |  |  | 4.9 |  |  |  | 5.2 |  |  |  |  |  |  |  |  |
Ratio of trailers to tractors(1) |  |  | 1.8 |  |  |  | 1.8 |  |  |  |  |  |  |  |  |
Total refrigerated containers |  |  | - |  |  |  | 786 |  |  |  |  |  |  |  |  |

|  | Three Months |  |  | Nine Months |
|  | Ended September 30, |  |  | Ended September 30, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net cash provided by operating activities |  | $ | 18,538 |  |  | $ | 29,478 |  |  | $ | 87,906 |  |  | $ | 111,021 |
Net cash provided by/(used for) investing activities |  |  | 5,786 |  |  |  | (59,222 | ) |  |  | (35,742 | ) |  |  | (107,247 | )
Net cash (used for) financing activities |  |  | (4,891 | ) |  |  | (4,465 | ) |  |  | (14,946 | ) |  |  | (13,997 | )
Weighted average shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 81,520 |  |  |  | 81,437 |  |  |  | 81,508 |  |  |  | 81,389 |
Diluted |  |  | 81,527 |  |  |  | 81,492 |  |  |  | 81,516 |  |  |  | 81,460 |

(1) | Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 83 and 94 tractors as of September 30, 2025 and 2024, respectively.
(2) | Represents the percentage of miles for which the company is not compensated.