Universal Logistics Q3 EPS Hits $0.69 as Intermodal Turns Positive

Universal Logistics (ULH ) Holdings on October 29, 2026 reported consolidated operating revenues of $394.0 million, income from operations of $32.8 million and net income of $18.1 million, or $0.69 per basic and diluted share, for the thirteen weeks ended October 3, 2026. The Warren, Michigan-based diversified transportation and logistics company also announced that its board of directors declared a quarterly cash dividend of $0.105 per share and that certain of its subsidiaries amended the company’s syndicated revolving credit facility, extending the commitment period through September 30, 2029.

In the corresponding period last year, Universal reported total operating revenues of $396.8 million, an operating loss of $117.4 million, a net loss of $117.9 million and a loss of $4.48 per basic and diluted share. As previously disclosed, the prior-year loss included non-cash impairment charges totaling $124.4 million.

Operating margin was 8.3% for the quarter, compared with negative 29.6% during the same period last year. Excluding the impact of the prior-year impairment charges, adjusted income from operations for the third quarter of 2025 was $7.0 million and adjusted operating margin was 1.8%, according to the company’s third-quarter earnings release. Adjusted EBITDA was $64.7 million for the quarter, compared with $43.3 million one year earlier. Those adjusted figures are non-GAAP measures, with reconciliations to the most directly comparable GAAP measures included in the release.

“Our third quarter results reflect solid execution across our portfolio of transportation and logistics services,” stated Tim Phillips, Universal’s chief executive officer. “Our intermodal segment also made meaningful progress in its turnaround and generated positive income from operations during the quarter.”

Segment Results

Contract Logistics, the company’s largest business, generated third-quarter operating revenues of $271.9 million, up 2.8% from $264.4 million in the prior-year period. The segment generated income from operations of $22.9 million, compared with $13.7 million a year earlier, and operating margin improved to 8.4% from 5.2%, which the company attributed primarily to lower direct personnel and depreciation expense. The segment’s results reflected certain new value-added programs and increased volumes in certain existing value-added programs and dedicated transportation, partially offset by fewer programs in value-added rail services operations. At quarter-end, Universal managed 76 active value-added programs, compared with 82 a year earlier. Segment revenues included $11.8 million of separately identified fuel surcharges from dedicated transportation services, compared with $8.1 million in the prior-year period.

Intermodal operating revenues decreased 17.9% to $53.1 million from $64.7 million in the prior-year period, although revenues increased 20.4% sequentially from the second quarter of 2026. Load volumes declined 45.7%, while average operating revenue per load, excluding fuel surcharges, increased 40.4%. The segment reported income from operations of $2.7 million, compared with an operating loss of $135.1 million a year earlier that included the $124.4 million non-cash impairment charge. Intermodal revenues included $7.4 million of separately identified fuel surcharges and $8.5 million of detention, demurrage and storage charges, compared with $7.6 million and $9.0 million, respectively, in the prior-year period.

Trucking operating revenues were $69.0 million, compared with $67.7 million in the prior-year period. Load volumes declined 9.6%, while average operating revenue per load, excluding fuel surcharges, increased 8.7%. The segment generated income from operations of $4.4 million, compared with $3.9 million a year earlier, and operating margin was 6.3%, compared with 5.8%, reflecting what the company described as an improved pricing environment. Trucking revenues included $20.1 million from brokerage services and $5.8 million of separately identified fuel surcharges, compared with $17.3 million and $3.6 million, respectively, a year earlier.

For the third quarter of 2026, Contract Logistics represented approximately 69.0% of consolidated operating revenues, compared with approximately 13.5% from Intermodal and 17.5% from Trucking.

Balance Sheet and Credit Facility

At October 3, 2026, Universal reported Debt – net of approximately $678.1 million on its consolidated balance sheet and held $15.3 million of cash and cash equivalents. Gross outstanding borrowings were approximately $681.7 million. Of those borrowings, approximately $500.5 million consisted of Operating Debt, representing revolving credit facility borrowings and equipment financing, and approximately $181.2 million consisted of CTL financing, a long-term, fixed-rate financing supported primarily by Ford lease payments and related project collateral. The CTL financing is included in Universal’s consolidated debt for GAAP purposes but is excluded from Net Indebtedness for purposes of the leverage covenant under the revolving credit agreement.

The company’s Credit Agreement Leverage Ratio at October 3, 2026 was 1.98x, against a maximum permitted ratio of 3.50x. The company calculated the ratio using Net Indebtedness of approximately $497.9 million and Combined EBITDA of approximately $251.8 million, each as defined in the credit agreement and each a non-GAAP measure. Capital expenditures during the quarter totaled $32.2 million.

The Fourth Amendment reduced aggregate revolving commitments from $500.0 million to $350.0 million, extended the commitment period from September 30, 2027 to September 30, 2029, and reset the facility’s uncommitted accordion to permit the company to request up to $150.0 million of incremental revolving commitments, subject to lender agreement and satisfaction of the conditions specified in the credit agreement. At October 3, 2026, approximately $90.1 million of revolving commitments remained unused, and the company was in compliance with its financial covenants.

Chief Financial Officer Michael Rogers said Debt – net declined by approximately $119.5 million from year-end to $678.1 million, and that the extension of the revolving credit facility through September 2029 strengthens the company’s debt-maturity profile and preserves financial flexibility. He said the company remains focused on further debt reduction while maintaining the capacity to support its operations and strategic priorities.

For the thirty-nine weeks ended October 3, 2026, total operating revenues were $1,140.9 million, compared with $1,173.0 million in the prior-year period, according to the condensed consolidated statements included in the release. Net income for the nine-month period was $40.8 million, or $1.55 per diluted share, compared with a net loss of $103.6 million, or $3.93 per diluted share, a year earlier.

Universal furnished the earnings release as Exhibit 99.1 to a Form 8-K filed with the Securities and Exchange Commission dated October 29, 2026, reporting the quarterly results under Item 2.02 and the dividend declaration under Item 7.01. The filing was signed by Steven Fitzpatrick, the company’s secretary.

The declared dividend of $0.105 per share of common stock is payable to stockholders of record at the close of business on December 1, 2026 and is expected to be paid on January 6, 2027.