Marten Transport, Ltd.

marten.com

What Do They Do?

Provides temperature-controlled and dry truckload transportation for food and consumer-goods shippers, alongside customized dedicated transport and freight brokerage services.

How Do They Make Money?

Truckload customers pay by the mile, with additional charges for fuel and services; Dedicated follows the same model. Brokerage earns mileage and other charges by arranging carriers, and customers are billed after delivery.

revenue

Segment	Share	How money arrives
Truckload Usage-based	48% FY2022: 40%	Usage-based
Dedicated Usage-based	32% FY2022: 34%	Usage-based
Intermodal Usage-based	3.8% FY2022: 10%	Usage-based
Brokerage Usage-based	17% FY2022: 16%	Usage-based

Who Are Their Customers?

Food and consumer-packaged-goods shippers are the main customers; they work with Marten directly, while Marten arranges third-party carriers for some shipments and retains customer management and billing.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 19% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

3% of revenue

▼ −31% vs FY2024 ($33.2M, 3%)

Net income, FY2025

2% of revenue

▼ −35% vs FY2024 ($26.9M, 3%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −3%; vs $229.9M in Q2 FY2025
Net income: ▼ −26%; vs $7.2M in Q2 FY2025

Truckload share of revenue vs 46.3% in Q2 FY2025

Shrinking. Revenue fell 9% in 4 years, from $973.6M in FY2021 to $883.7M in FY2025, about 2% a year.

Intermodal operations sold The older report described rail-based intermodal freight service; the latest report says those operations were sold.

Revenue over time

Truckload Dedicated Intermodal Brokerage

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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