Logo: https://www.marten.com/assets/, Non-free logo, via Wikipedia4
American trucking company
Marten Transport, Ltd. is an American trucking company headquartered in Mondovi, Wisconsin. The company offers refrigerated and dry van freight transport services across the United States, Canada, and Mexico.3 Its shares trade on Nasdaq under the symbol MRTN.1Wikipedia text CC BY-SA 4.0
Marten Transport, Ltd. is an American trucking company headquartered in Mondovi, Wisconsin. The company offers refrigerated and dry van freight transport services across the United States, Canada, and Mexico.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue89107$883.7M in 2025+5% since 2019Operating income8910117$22.9M in 2025−70% since 2019Net income8910117$17.4M in 2025−71% since 2019
Revenue1213$223.5M in Q2 FY2026+10% since Q1 FY2026Operating income1213$6.9M in Q2 FY2026+334% since Q1 FY2026Net income1213$5.3M in Q2 FY2026+286% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.7
Period ending
2025-12-31
2024-12-31
2023-12-31
Operating revenue
$883.7M
$963.7M
$1.1B
Salaries, wages and benefits
$312.1M
$341.7M
$378.8M
Purchased transportation
$159.1M
$169.1M
$199.3M
Fuel and fuel taxes
$130.0M
$147.1M
$180.4M
Supplies and maintenance
$61.2M
$63.3M
$67.4M
Depreciation
$105.4M
$111.7M
$116.7M
Operating taxes and licenses
$9.7M
$10.3M
$11.1M
Insurance and claims
$55.6M
$53.1M
$56.0M
Communications and utilities
$8.8M
$9.0M
$10.1M
Gain on disposition of revenue equipment
-$12.1M
-$5.0M
-$13.6M
Other
$30.9M
$30.0M
$35.0M
Total operating expenses
$860.7M
$930.5M
$1.0B
Operating income
$22.9M
$33.2M
$90.1M
Other
-$1.5M
-$3.1M
-$3.8M
Income before income taxes
$24.4M
$36.3M
$93.9M
Income taxes expense
$6.9M
$9.4M
$23.5M
Net income
$17.4M
$26.9M
$70.4M
Basic earnings per common share (in dollars per share)
$0.21
$0.33
$0.87
Diluted earnings per common share (in dollars per share)
$0.21
$0.33
$0.86
Dividends declared per common share (in dollars per share)
$0.24
$0.24
$0.24
No quarter-by-quarter statement was filed.
Total assets148910117$949.8M in 2025+19% since 2019Total liabilities148910117$182.1M in 2025−8% since 2019Shareholders’ equity910117$767.6M in 2025+28% since 2019Cash1489107$43.3M in 2025+38% since 2019
Total assets1213$955.5M in Q2 FY2026+1% since Q1 FY2025Total liabilities1213$189.5M in Q2 FY2026+4% since Q1 FY2025Shareholders’ equity1213$766.0M in Q2 FY2026−0% since Q1 FY2025Cash1213$104.0M in Q2 FY2026+140% since Q1 FY2025
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.7
Period ending
2025-12-31
2024-12-31
2023-12-31
Cash and cash equivalents
$43.3M
$17.3M
$53.2M
Escrow deposit
$5.0M
$0
Trade, less allowances of $400 and $496, respectively
$85.8M
$90.0M
Other
$13.1M
$5.4M
Prepaid expenses and other
$24.5M
$25.9M
Total current assets
$171.7M
$138.5M
Accumulated depreciation
-$352.4M
-$370.1M
Net property and equipment
$776.5M
$828.6M
Other noncurrent assets
$1.6M
$1.6M
Total assets
$949.8M
$968.8M
Accounts payable
$28.8M
$25.8M
Insurance and claims accruals
$43.7M
$44.2M
Accrued and other current liabilities
$19.8M
$23.5M
Total current liabilities
$92.2M
$93.5M
Deferred income taxes
$89.7M
$107.0M
Noncurrent operating lease liabilities
$194.0K
$282.0K
Total liabilities
$182.1M
$200.8M
Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding
$0
$0
Common stock, $.01 par value per share; 192,000,000 shares authorized; 81,542,174 shares at December 31, 2025, and 81,463,938 shares at December 31, 2024, issued and outstanding
$815.0K
$815.0K
Additional paid-in capital
$54.8M
$52.9M
Retained earnings
$712.0M
$714.2M
Total stockholders equity
$767.6M
$767.9M
Total liabilities and stockholders equity
$949.8M
$968.8M
Accounts Receivable, Allowance for Credit Loss, Current
$400.0K
$496.0K
Preferred Stock, Par or Stated Value Per Share (in dollars per share)
$0.01
$0.01
Preferred Stock, Shares Authorized (in shares)
2.0M shares
2.0M shares
Preferred Stock, Shares Issued (in shares)
0 shares
0 shares
Preferred Stock, Shares Outstanding, Ending Balance (in shares)
0 shares
0 shares
Common Stock, Par or Stated Value Per Share (in dollars per share)
$0.01
$0.01
Common Stock, Shares Authorized (in shares)
192.0M shares
192.0M shares
Common Stock, Shares, Outstanding (in shares)
81.5M shares
81.5M shares
Common Stock, Shares, Issued (in shares)
81.5M shares
81.5M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
Cash and cash equivalents
$43.3M
$17.3M
$53.2M
Escrow deposit
$5.0M
$0
Trade, less allowances of $400 and $496, respectively
$85.8M
$90.0M
Other
$13.1M
$5.4M
Prepaid expenses and other
$24.5M
$25.9M
Total current assets
$171.7M
$138.5M
Accumulated depreciation
-$352.4M
-$370.1M
Net property and equipment
$776.5M
$828.6M
Other noncurrent assets
$1.6M
$1.6M
Total assets
$949.8M
$968.8M
Accounts payable
$28.8M
$25.8M
Insurance and claims accruals
$43.7M
$44.2M
Accrued and other current liabilities
$19.8M
$23.5M
Total current liabilities
$92.2M
$93.5M
Deferred income taxes
$89.7M
$107.0M
Noncurrent operating lease liabilities
$194.0K
$282.0K
Total liabilities
$182.1M
$200.8M
Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding
$0
$0
Common stock, $.01 par value per share; 192,000,000 shares authorized; 81,542,174 shares at December 31, 2025, and 81,463,938 shares at December 31, 2024, issued and outstanding
$815.0K
$815.0K
Additional paid-in capital
$54.8M
$52.9M
Retained earnings
$712.0M
$714.2M
Total stockholders equity
$767.6M
$767.9M
Total liabilities and stockholders equity
$949.8M
$968.8M
Accounts Receivable, Allowance for Credit Loss, Current
$400.0K
$496.0K
Preferred Stock, Par or Stated Value Per Share (in dollars per share)
$0.01
$0.01
Preferred Stock, Shares Authorized (in shares)
2.0M shares
2.0M shares
Preferred Stock, Shares Issued (in shares)
0 shares
0 shares
Preferred Stock, Shares Outstanding, Ending Balance (in shares)
0 shares
0 shares
Common Stock, Par or Stated Value Per Share (in dollars per share)
$0.01
$0.01
Common Stock, Shares Authorized (in shares)
192.0M shares
192.0M shares
Common Stock, Shares, Outstanding (in shares)
81.5M shares
81.5M shares
Common Stock, Shares, Issued (in shares)
81.5M shares
81.5M shares
Cash from operations8910117$93.5M in 2025−40% since 2019Dividends paid8910117$19.6M in 2025−54% since 2019Share buybacks891011$0 in 2024
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.7
Marten Transport sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Marten Transport
NUANCE INVESTMENTS, LLC Filed SCHEDULE 13G/A on Marten Transport, latest Jul 6, 2026 (3 filings since May 12, 2025)
VANGUARD GROUP INC Filed SCHEDULE 13G/A on Marten Transport, latest Jan 30, 2026 (3 filings since Feb 9, 2023)
DIMENSIONAL FUND ADVISORS LP Filed SCHEDULE 13G/A on Marten Transport, latest Jan 21, 2026 (4 filings since Feb 8, 2022)
VICTORY CAPITAL MANAGEMENT INC Filed SCHEDULE 13G/A on Marten Transport, latest Aug 8, 2025 (5 filings since Feb 2, 2022)
Marten TransportMondovi
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Marten Transport reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our executive offices and principal terminal are located on approximately seven acres in Mondovi, Wisconsin. This facility consists of 39,000 square feet of office space and 21,000 square feet of equipment repair and maintenance space. We added additional equipment repair and maintenance facilities in 2007 and in 2009 in Mondovi, Wisconsin which consist of 15,000 square feet of space located on approximately 11 acres and 50,000 square feet of space located on approximately three acres, respectively. We own and operate facilities in or near the following cities at which we primarily perform operations and maintenance activities:
● Jurupa Valley, California · ● Kansas City, Kansas · ● Laredo, Texas
● Otay Mesa, California · ● Portland, Oregon · ● Colonial Heights, Virginia
● Tampa, Florida · ● Carlisle, Pennsylvania · ● Rio Grande Valley, Texas
Our Truckload, Dedicated and Brokerage segments operate out of a majority of our facilities while our Intermodal segment operated out of a small number of our locations. We believe the nature, size and location of our properties are suitable and adequate for our current business needs.
Marten Transport was established in 1946 by Roger Marten, who delivered milk and other dairy products in Wisconsin. Marten purchased his first tractor-trailer in 1956 and began hauling petroleum products. The company acquired its first dry van trailers in the 1960s and established its first terminal in 1965 in Mondovi, Wisconsin.
Marten Transport expanded in the 1980s after the deregulation of the trucking industry. The company went public in 1986, with a stock launch on the NASDAQ. In 1989, the company restructured to only focus on refrigerated transport, its most profitable sector.
Company founder Roger Marten died in 1993. His son, Randolph Marten, took over as CEO the same year. Timothy Kohl became CEO in 2021 until 2025, when he retired and Randolph Marten resumed the role.
Marten Transport added an intermodal division in 2005. By 2008, 80% of the company's revenue came from temperature-controlled shipping and 20% of its revenue came from dry goods shipping.
In 2025, Hub Group acquired Marten Transport's intermodal division for $51.8 million.
Marten Transport operates across the contiguous United States, Canada, and Mexico. The company maintains a fleet of dry van and refrigerated trailers and offers truckload shipping services over dedicated, regional, and long-haul routes.
Oct 22, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.03 a share, on Oct 23, 2025.49
When it reported results
Jul 23, 2026Reported quarterly or annual results38
Apr 23, 2026Reported quarterly or annual results41
Jan 27, 2026Reported quarterly or annual results42
Oct 23, 2025Reported quarterly or annual results43
Jul 16, 2025Reported quarterly or annual results46
Apr 16, 2025Reported quarterly or annual results48
Jan 27, 2025Reported quarterly or annual results50
Oct 17, 2024Reported quarterly or annual results51
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
208 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 38 major events, 115 insider forms, 20 large holders, 15 other. The latest 20:
13 open-market trades by officers, directors and large owners since October 2021: 2 buys and 11 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).15
Risk factors and legal proceedings
The risks Marten Transport names in Item 1A of its 10-K filed Feb 27, 2026: 8 risks under these headings, as written.15
Risks Related to Our Industry and Operations
If the growth in our regional operations declines, or if we expand into a market with insufficient economic activity, our results of operations could be adversely affected.
If demand declines for our used revenue equipment, it could result in decreased equipment sales, resale values and gains on sales of assets.
We may be adversely affected by the physical effects of climate change as well as legal, regulatory or market responses to climate change concerns.
We are subject to risks associated with public health crises, such as pandemics and epidemics, which could negatively impact our business and results of operations.
The conflict between Russia and Ukraine, conflicts in the Middle East, potential conflict between China and Taiwan and the expansion of such conflicts to other areas or countries or similar conflicts could adversely impact our business and financial results.
Risks Related to Our Capital Requirements and Financing
We have significant ongoing capital requirements that could harm our financial condition, results of operations and cash flows if we are unable to generate sufficient cash from our operations.
Instability of the credit markets and the resulting effects on the economy could have a material adverse effect on our operating results.
Risks Related to Regulation of Our Operations
Risks Related to Our Human Capital
If we are unable to retain our executive officers and key management employees, our business, financial condition and results of operations could be adversely affected.
Legal proceedings
We are involved in ordinary routine litigation incidental to our operations. These lawsuits primarily involve claims for workers’ compensation, wage and hour law violations, personal injury or property damage incurred in the transportation of freight. Based on our present knowledge of the facts and, in certain cases, advice of outside counsel, management believes the resolution of open claims and pending litigation, taking into account existing reserves, is not likely or probable to have a materially adverse effect on our consolidated financial statements; however, the final disposition of these matters and the impact of such final dispositions cannot be determined at this time. As such, future liability claims or adverse developments in existing claims could have a materially adverse effect on our consolidated financial statements. Information is provided below for such existing claims, with the eventual outcome for each claim dependent on the results of additional discovery, future court rulings, and potentially trial and appeal. Marten intends to continue to vigorously defend itself in each matter.
On July 8, 2020, a lawsuit was filed against Marten Transport, Ltd. on behalf of Raul Martinez, individually and all others similarly situated. The lawsuit, which was filed in and is currently pending in the Superior Court of the State of California for the County of San Diego, alleges that Marten did not properly compensate drivers for sleeper berth time, layover time, meal breaks, rest periods, and personal cell phone usage, did not provide drivers with proper wage statements or final pay in violation of California law, and violated California’s Unfair Competition Law and Labor Code.
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