ptsi20260331

ptsi20260331_10q.htm

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2026

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________to__________

PAMT CORP

(Exact name of registrant as specified in its charter)

Nevada	0-1507	71-0633135
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification no.)

297 West Henri De Tonti, Tontitown, Arkansas 72770

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (479) 361-9111

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	PAMT	NASDAQ Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐				Accelerated filer ☑
Non-accelerated filer ☐				Smaller reporting company ☑
				Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☑ No ☐

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Class		Outstanding at April 22, 2026
Common Stock, $.01 Par Value		20,943,237

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PAMT CORP

Form 10-Q

For the Quarter Ended March 31, 2026

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Part I. Financial Information

Item 1.	Financial Statements (unaudited).	3

	Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	3

	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025	4

	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025	5

	Condensed Consolidated Statement of Stockholders’ Equity for the Three Months Ended March 31, 2026 and 2025	6

	Notes to Condensed Consolidated Financial Statements as of March 31, 2026	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	16

Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	20

Item 4.	Controls and Procedures.	21

Part II. Other Information

Item 1.	Legal Proceedings.	22

Item 1A.	Risk Factors.	22

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	22

Item 5.	Other Information.	23

Item 6.	Exhibits.	24

Signatures		25

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

PAMT CORP AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands, except share and per share data)

	March 31,			December 31,
	2026			2025
ASSETS
Current assets:
Cash and cash equivalents	$	40,525		$	35,234
Accounts receivable-net:
Trade, less current estimated credit loss of $6,723 and $8,415, respectively		79,802			66,882
Other		7,113			6,757
Inventories		2,561			2,332
Prepaid expenses and deposits		8,591			9,807
Marketable equity securities		40,756			48,488
Income taxes refundable		1,643			1,732
Total current assets		180,991			171,232

Property and equipment:
Land		26,176			30,064
Structures and improvements		52,188			58,458
Revenue equipment		664,908			687,291
Office furniture and equipment		16,724			16,578
Total property and equipment		759,996			792,391
Accumulated depreciation		(269,633	)		(275,554	)
Net property and equipment		490,363			516,837

Other assets		9,671			9,843

TOTAL ASSETS	$	681,025		$	697,912

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	27,981		$	32,752
Accrued expenses and other liabilities		42,424			41,078
Current maturities of long-term debt		68,675			65,542
Total current liabilities		139,080			139,372

Long-term debt - less current portion		251,976			268,327
Deferred income taxes		73,686			73,689
Other long-term liabilities		5,857			6,040
Total liabilities		470,599			487,428
COMMITMENTS AND CONTINGENCIES (Note L)

STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued		-			-
Common stock, $.01 par value, 100,000,000 shares authorized; 22,395,994 and 22,377,606 shares issued; 20,943,237 and 20,926,020 shares outstanding at March 31, 2026 and December 31, 2025, respectively		224			224
Additional paid-in capital		41,643			41,682
Treasury stock, at cost; 1,452,757 and 1,451,586 shares at March 31, 2026 and December 31, 2025, respectively		(28,935	)		(28,924	)
Retained earnings		197,494			197,502
Total stockholders’ equity		210,426			210,484

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	681,025		$	697,912

See notes to condensed consolidated financial statements.

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PAMT CORP AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(unaudited)

(in thousands, except per share data)

	Three Months Ended
	March 31,

	2026			2025
OPERATING REVENUES:
Revenue, before fuel surcharge	$	122,662		$	136,701
Fuel surcharge		19,218			18,641
Total operating revenues		141,880			155,342

OPERATING EXPENSES AND COSTS:
Salaries, wages and benefits		39,082			40,814
Operating supplies and expenses		30,546			31,385
Rent and purchased transportation		56,604			62,973
Depreciation		19,244			22,595
Insurance and claims		5,208			4,781
Other		6,613			4,999
Gain on sale or disposition of assets		(15,146	)		(3,014	)
Total operating expenses and costs		142,151			164,533

OPERATING LOSS		(271	)		(9,191	)

NON-OPERATING INCOME		4,797			2,485
INTEREST EXPENSE		(4,536	)		(4,042	)

LOSS BEFORE INCOME TAXES		(10	)		(10,748	)

FEDERAL AND STATE INCOME TAX BENEFIT:
Current		-			8,698
Deferred		(2	)		(11,304	)
Total federal and state income tax benefit		(2	)		(2,606	)

NET LOSS	$	(8	)	$	(8,142	)

LOSS PER COMMON SHARE:
Basic	$	(0.00	)	$	(0.37	)
Diluted	$	(0.00	)	$	(0.37	)

AVERAGE COMMON SHARES OUTSTANDING:
Basic		20,936			21,787
Diluted		20,936			21,787

See notes to condensed consolidated financial statements.

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PAMT CORP AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

(in thousands)

	Three Months Ended
	March 31,
	2026			2025
OPERATING ACTIVITIES:
Net loss	$	(8	)	$	(8,142	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		19,244			22,595
Bad debt expense		362			363
Stock compensation-net of excess tax benefits		98			266
Provision for deferred income tax benefit		(2	)		(11,304	)
Recognized gain on marketable equity securities		(3,931	)		(1,313	)
Gain on sale or disposition of assets		(15,146	)		(3,014	)
Changes in operating assets and liabilities:
Accounts receivable		(13,637	)		(4,572	)
Prepaid expenses, deposits, inventories, and other assets		984			1,203
Income taxes refundable		89			8,698
Trade accounts payable		8,058			5
Accrued expenses and other liabilities		1,200			211
Net cash (used for) provided by operating activities		(2,689	)		4,996

INVESTING ACTIVITIES:
Purchases of property and equipment		(14,399	)		(11,801	)
Sales of equity investments		11,663			1
Purchases of equity investments/return of capital		-			(1,652	)
Proceeds from disposition of equipment		31,389			13,812
Net cash provided by investing activities		28,653			360

FINANCING ACTIVITIES:
Borrowings under line of credit		144,983			152,333
Repayments under line of credit		(144,983	)		(152,333	)
Repayments of long-term debt		(20,662	)		(16,344	)
Repurchases of common stock		(11	)		-
Net cash used for financing activities		(20,673	)		(16,344	)

NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		5,291			(10,988	)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH -Beginning of period		35,234			68,060

CASH, CASH EQUIVALENTS AND RESTRICTED CASH -End of period	$	40,525		$	57,072

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	4,002		$	3,963

NONCASH INVESTING AND FINANCING ACTIVITIES:
Purchases of property and equipment included in accounts payable	$	444		$	92
Purchases of property and equipment utilizing noncash (vendor-direct) financing	$	7,400			-

See notes to condensed consolidated financial statements.

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PAMT CORP AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity

(unaudited)

(in thousands)


	Common Stock Shares / Amount					Additional Paid-In Capital			Treasury Stock			Retained Earnings			Total

Balance at January 1, 2026		20,926		$	224	$	41,682		$	(28,924	)	$	197,502		$	210,484

Net loss		-			-		-			-			(8	)		(8	)

Restricted stock issued		18			-		-			-			-			-

Treasury stock repurchases		(1	)		-		-			(11	)		-			(11	)

Restricted stock net settlement		-			-		(137	)		-			-			(137	)

Share-based compensation		-			-		98			-			-			98

Balance at March 31, 2026		20,943		$	224	$	41,643		$	(28,935	)	$	197,494		$	210,426


	Common Stock Shares / Amount				Additional Paid-In Capital			Treasury Stock			Retained Earnings			Total

Balance at January 1, 2025		21,783	$	224	$	41,171		$	(13,996	)	$	250,109		$	277,508

Net loss		-		-		-			-			(8,142	)		(8,142	)

Restricted stock issued		8		-		(37	)		-			-			(37	)

Share-based compensation		-		-		266			-			-			266

Balance at March 31, 2025		21,791	$	224	$	41,400		$	(13,996	)	$	241,967		$	269,595

See notes to condensed consolidated financial statements.

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PAMT CORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (unaudited)

March 31, 2026

NOTE A: BASIS OF PRESENTATION

In accordance with generally accepted accounting principles (“GAAP”) and applicable rules of the Securities and Exchange Commission, the information reported in this Quarterly Report on Form 10-Q for PAMT CORP and its legally distinct subsidiaries, unless otherwise indicated, is presented on a consolidated basis. Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “our,” or “us” mean PAMT CORP and its consolidated subsidiaries.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In management’s opinion, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The consolidated balance sheet at December 31, 2025 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. Operating results for the three-month period ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. For further information, refer to the consolidated financial statements and the footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2025.

NOTE B: RECENT ACCOUNTING PRONOUNCEMENTS

In November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03 (“ASU 2024-03”), Disaggregation of Income Statement Expenses. ASU 2024-03 was issued to enhance the transparency of financial reporting by requiring public business entities to provide more detailed disclosures about certain operating expenses. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company has evaluated the new guidance and does not expect it to have a material impact on its financial condition, results of operations, or cash flows.

The Company considered the applicability and impact of the above-referenced ASU and all other accounting standard updates issued by the Financial Accounting Standards Board to the Accounting Standards Codification (“ASC”) and determined there are not any ASUs that have not already been adopted which require significant consideration for disclosure as of March 31, 2026.

NOTE C: REVENUE RECOGNITION

The Company has a single performance obligation to transport our customers’ freight from a specified origin to a specified destination. The Company has the discretion to choose to self-transport or to arrange for alternate transportation to fulfill the performance obligation. Where the Company decides to self-transport the freight, the Company classifies the service as truckload services, and where the Company arranges for alternate transportation of the freight, the Company classifies the service as brokerage and logistics services. In either case, the Company is paid a rate to transport freight from its origin location to a specified destination. Because the primary factors influencing revenue recognition, including performance obligation, customer base, and timing of revenue recognition are the same for both of its service categories, the Company utilizes the same revenue recognition method throughout its operations.

Company revenue is generated from freight transportation services performed utilizing heavy truck trailer combinations. While various ownership arrangements may exist for the equipment utilized to perform these services, including Company-owned or leased, owner-operator owned, and third-party carriers, revenue is generated from the same base of customers. Contracts with these customers establish rates for services performed, which are predominantly rates that will be paid to pick up, transport and drop off freight at various locations. In addition to transportation, revenue is also awarded for various accessorial services performed in conjunction with the base transportation service. The Company also has other revenue categories that are not discussed in this note or broken out in our consolidated statements of operations due to their immaterial amounts.

In fulfilling the Company’s obligation to transport freight from a specified origin to a specified destination, the control of freight is transferred to the Company at the point it has been loaded into the driver’s trailer, the doors are sealed and the driver has signed a bill of lading, which is the basic transportation agreement that establishes the nature, quantity and condition of the freight loaded, responsibility for invoice payment, and pickup and delivery locations. The Company’s revenue is generated, and our customer receives benefit, as the freight progresses towards delivery locations. In the event the Company’s customer cancels the shipment at some point prior to the final delivery location and re-consigns the shipment to an alternate delivery location, the Company is entitled to receive payment for services performed for the partial shipment. Shipments are generally conducted over a relatively short time span, generally one to three days; however, freight is sometimes stored temporarily in our trailer at one of our drop yard locations or at a location designated by a customer. The Company’s revenue is categorized as either Freight Revenue or Fuel Surcharge Revenue, and both are earned by performing the same freight transportation services, as discussed further below.

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Freight Revenue – revenue generated by the performance of the freight transportation service, including any accessorial service, provided to customers.

Fuel Surcharge Revenue – revenue designed to adjust freight revenue rates to an agreed-upon base cost for diesel fuel. Diesel fuel prices can fluctuate widely during the term of a contract with a customer. At the point that freight revenue rates are negotiated with customers, a sliding scale is agreed upon that systematically adjusts diesel fuel costs to an agreed-upon base amount. In general, as fuel prices increase, revenue from fuel surcharge increases, so that diesel fuel cost is adjusted to the approximate agreed upon base amount.

Revenue is recognized over time as the freight progresses towards its destination and the transportation service obligation is fulfilled. For loads picked up during the reporting period, but delivered in a subsequent reporting period, revenue is allocated to each period based on the transit time in each period as a percentage of total transit time. The contract asset, or the amount of remaining performance obligation relating to loads in process, at March 31, 2026 was $3.2 million compared to $2.4 million at December 31, 2025. Recorded contract assets are included in the accounts receivable line item of the balance sheet. Corresponding liabilities are recorded in the accrued expenses and other liabilities line items for the estimated expenses on these same in-process loads. The Company had no contract liabilities associated with our operations as of March 31, 2026 and December 31, 2025, respectively. The Company’s contracts with customers generally have original expected durations less than one year. Accordingly, the Company has elected the practical expedient and does not disclose information about remaining unsatisfied performance obligations.

The Company recognizes operating lease revenue from leasing tractors and related equipment to third parties, including independent contractors. Operating lease revenue from rental operations is recognized in revenue as it is earned. Upon lease termination, losses may be incurred in the recovery of leased equipment which are recognized as an expense in the period in which they are incurred.

NOTE D: MARKETABLE EQUITY SECURITIES

The Company’s investments in marketable securities consist of equity securities with readily determinable fair values. The cost of securities sold is based on the specific identification method, and interest and dividends on securities are included in non-operating income (expense).

Marketable equity securities are carried at fair value, with gains and losses in fair market value included in the determination of net income. The fair value of marketable equity securities is determined based on quoted market prices in active markets, as described in Note J.

The following table sets forth market value, cost, and unrealized gains on equity securities as of March 31, 2026 and December 31, 2025.

	March 31, 2026		December 31, 2025
	(in thousands)
Fair market value	$	40,756	$	48,488
Cost		22,104		28,211
Unrealized gain	$	18,652	$	20,277

The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities as of March 31, 2026 and December 31, 2025.

	March 31, 2026			December 31, 2025
	(in thousands)
Gross unrealized gains	$	19,591		$	21,362
Gross unrealized losses		(939	)		(1,085	)
Net unrealized gain	$	18,652		$	20,277

The following table shows the Company’s net realized gains during the three months ending on March 31, 2026 and 2025, respectively, on certain marketable equity securities.

	Three Months Ended March 31,
	2026		2025
	(in thousands)
Sales Proceeds	$	11,663	$	1
Cost of securities sold		6,106		4
Realized gains / (losses)	$	5,557	$	(3	)

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For the quarter ended March 31, 2026, the Company recognized dividends received of approximately $426,000 in non-operating income in its condensed consolidated statements of operations. For the quarter ended March 31, 2025, the Company recognized dividends received of approximately $443,000 in non-operating income in its condensed consolidated statements of operations.

The Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of March 31, 2026, the Company had no outstanding borrowings under its margin account, which is no change from December 31, 2025, when the Company had no outstanding borrowings under the same account. Margin account borrowings, when utilized, are used for the purchase of marketable equity securities and as a source of short-term liquidity and are included in accrued expenses and other liabilities on our condensed consolidated balance sheets.

Our marketable equity securities portfolio had a net unrealized pre-tax loss in market value of approximately $1,626,000 during the first quarter of 2026, and a net unrealized pre-tax gain in market value of approximately $1,316,000 during the first quarter of 2025, which were reported as non-operating income in its condensed consolidated statements of operations for the respective periods.

NOTE E: STOCK-BASED COMPENSATION

The Company maintains a stock incentive plan under which incentive and nonqualified stock options and other stock awards may be granted. On February 15, 2024, the Company’s Board of Directors adopted, and on October 31, 2024, our shareholders approved, the 2024 Equity Incentive Plan (the “2024 Plan”). Under the 2024 Plan, 1,600,000 shares are reserved for the issuance of stock awards to employees, officers, directors, consultants and advisors of the Company. The stock option exercise price and the restricted stock purchase price under the 2024 Plan shall not be less than 100% of the fair market value of the Company’s common stock on the date the award is granted. The fair market value is determined by the closing price of the Company’s common stock, on its primary exchange, on the same date that the option or award is granted.

The Company did not grant any shares of common stock during the first three months of 2026.

During the first three months of 2025, the Company granted awards of restricted stock units representing 100,000 shares of common stock to certain key employees under the 2024 Plan. These stock awards had grant date fair values of $16.10 per share, based on the closing price of the Company’s stock on the date of grant. 52,500 of the awarded share units vest on the four-year anniversary date of the award. The remaining 47,500 of the awarded share units vest on the five-year anniversary date of the award.

Prior to the 2024 Plan, the Company maintained the 2014 Amended and Restated Stock Option and Incentive Plan (the “2014 Plan”), which was adopted by the Company’s Board of Directors in March 2014 and approved by the Company’s shareholders in May 2014. Under the 2014 Plan, 3,000,000 shares (as adjusted for the Company’s 2-for-1 forward splits of its common stock paid in August 2021 and March 2022, respectively) were reserved for the issuance of stock awards to directors, officers, key employees, and others. The stock option exercise price and the restricted stock purchase price under the 2014 Plan were not to be less than 85% of the fair market value of the Company’s common stock on the date the award is granted. The fair market value was determined by the closing price of the Company’s common stock, on its primary exchange, on the same date that the option or award was granted. The 2014 Plan expired on March 13, 2024, and no further grants may be made under this plan. All outstanding unvested awards granted under the 2014 Plan, however, remain subject to the terms and conditions of the 2014 Plan.

The total grant date fair value of stock vested during the first three months of 2026 was approximately $468,000. Total pre-tax stock-based compensation expense, recognized in salaries, wages and benefits during the first three months of 2026, was approximately $98,000. The recognition of stock-based compensation expense did not materially affect basic or diluted earnings per common share (less than $0.01 per share) during the first three months of 2026. As of March 31, 2026, the Company had stock-based compensation plans with total unvested stock-based compensation expense of approximately $1,391,000, which is being amortized on a straight-line basis over the remaining vesting period. As a result, the Company expects to recognize approximately $361,000 in additional compensation expense related to unvested stock awards during the remainder of 2026 and to recognize approximately $454,000, $449,000, $122,000 and $5,000 in additional compensation expense related to unvested stock-based awards during the years 2027, 2028, 2029, and 2030, respectively.

The total grant date fair value of stock vested during the first three months of 2025 was approximately $354,000. The total pre-tax stock-based compensation expense, recognized in salaries, wages and benefits during the first three months of 2025, was approximately $266,000. The recognition of stock-based compensation expense decreased both diluted and basic earnings per common share by approximately $0.01 during the first three months of 2025. As of March 31, 2025, the Company had stock-based compensation plans with total unvested stock-based compensation expense of approximately $2,659,000, which was being amortized on a straight-line basis over the remaining vesting period.

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A summary of the status of the Company’s non-vested stock-based awards as of March 31, 2026, and changes during the three months ended March 31, 2026, is as follows:

	Stock-Based Awards
	Number of Shares/Units			Weighted- Average Grant Date Fair Value
Non-vested at January 1, 2026		174,105		$	13.79
Granted		-			-
Canceled/forfeited/expired		(28,103	)		16.36
Vested		(29,742	)		15.74
Non-vested at March 31, 2026		116,260		$	13.68

NOTE F: SEGMENT INFORMATION

The Company follows the guidance provided by ASC Topic 280, Segment Reporting, in its identification of operating segments. The Company has determined that it has a total of two operating segments whose primary operations can be characterized as either Truckload Services or Brokerage and Logistics Services; however, in accordance with the aggregation criteria provided by FASB ASC Topic 280, the Company has determined that the operations of the two operating segments can be aggregated into a single reportable segment. Both our truckload operations and our brokerage/logistics operations have similar qualitative and quantitative economic characteristics and are impacted by virtually the same economic factors. Based on the Company’s segment identification, interpretation of the aggregation criteria outlined in ASC 280-10-50-11, and the similar qualitative and quantitative economic characteristics of the Company’s operating segments, the operations of the Company are aggregated into a single motor carrier segment. The Company’s chief operating decision maker, the Chief Executive Officer, utilizes the metrics of net income and operating ratio to evaluate company performance and in competitive analysis when comparing to competing companies.

Truckload Services revenues and Brokerage and Logistics Services revenues, each before fuel surcharges, were as follows:

	Three Months Ended March 31,
	2026				2025
	Amount		%		Amount		%
	(in thousands, except percentage data)

Truckload Services revenue	$	78,257		63.8	$	92,429		67.6
Brokerage and Logistics Services revenue		44,405		36.2		44,272		32.4
Total revenues	$	122,662		100.0	$	136,701		100.0

The Company provides truckload transportation services as well as brokerage and logistics services to customers throughout the United States and portions of Canada and Mexico. The table below presents revenues, including fuel surcharges, by geographic area, expressed in both dollars and as a percentage of total revenue.

	Three Months Ended March 31,
	2026				2025
	Amount		%		Amount		%
	(in thousands, except percentage data)

United States - domestic shipments	$	79,448		56.0	$	83,917		54.0
Shipments to or from Mexico		62,110		43.8		71,025		45.7
Shipments to or from Canada		322		0.2		400		0.3
Total	$	141,880		100.0	$	155,342		100.0

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NOTE G: TREASURY STOCK

The Company’s stock repurchase program has been extended and expanded several times, most recently in July 2023, when the Board of Directors reauthorized 500,000 shares of common stock for repurchase under the initial September 2011 authorization. During the three months ended March 31, 2026, the Company repurchased 1,171 shares of its common stock at an aggregate cost of approximately $11,300 under this program. As of March 31, 2026, there remain 472,845 shares of common stock authorized for repurchase under this plan.

The Company accounts for treasury stock using the cost method. As of March 31, 2026, 1,452,757 shares were held in the treasury at an aggregate cost of approximately $28,935,000.

NOTE H: EARNINGS PER SHARE

Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by adjusting the weighted average number of shares of common stock outstanding by common stock equivalents attributable to dilutive restricted stock. The computation of diluted earnings per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on earnings per share. The computations of basic and diluted earnings per share were as follows:

	Three Months Ended
	March 31,
	2026			2025
	(in thousands, except per share data)

Net loss	$	(8	)	$	(8,142	)

Basic weighted average common shares outstanding		20,936			21,787
Dilutive effect of common stock equivalents		-			-
Diluted weighted average common shares outstanding		20,936			21,787

Basic loss per share	$	(0.00	)	$	(0.37	)
Diluted loss per share	$	(0.00	)	$	(0.37	)

NOTE I: INCOME TAXES

The Company and its subsidiaries are subject to U.S. and Canadian federal income tax laws as well as the income tax laws of multiple state jurisdictions. The major tax jurisdictions in which the Company operates generally provide for a deficiency assessment statute of limitations period of three years, and as a result, the Company’s tax years 2022 and forward remain open to examination in those jurisdictions.

In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740-10-30, Accounting for Income Taxes, weighs all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance is necessary. If negative conditions exist which indicate a valuation allowance might be necessary, consideration is then given to what effect the future reversals of existing taxable temporary differences and the availability of tax strategies might have on future taxable income to determine the amount, if any, of the required valuation allowance. As of March 31, 2026, management determined that the future reversals of existing taxable temporary differences and available tax strategies would generate sufficient future taxable income to realize its tax assets and therefore a valuation allowance was not necessary.

The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the position will be sustained on examination by taxing authorities, based on the technical merits of the position. As of March 31, 2026, an adjustment to the Company’s condensed consolidated financial statements for uncertain tax positions has not been required as management believes that the Company’s tax positions taken in income tax returns filed or to be filed are supported by clear and unambiguous income tax laws. The Company recognizes interest and penalties related to uncertain income tax positions, if any, in income tax expense. During the three months ended March 31, 2026 and 2025, the Company has not recognized or accrued any interest or penalties related to uncertain income tax positions.

The Company’s effective income tax rates were 23.3% and 24.2% for the three months ended March 31, 2026 and 2025, respectively. Our effective tax rate for the three months ended March 31, 2026 differs from amounts computed by applying the United States federal statutory rates to pre-tax income primarily due to state income taxes. The Company’s income tax provision for interim periods is based on an estimated annual effective tax rate, adjusted for discrete items, if any. There were no material discrete tax items recorded during the three months ended March 31, 2026.

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NOTE J: FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company’s financial instruments consist of cash and cash equivalents, marketable equity securities, accounts receivable, trade accounts payable, and borrowings.

The Company follows the guidance for financial assets and liabilities measured on a recurring basis. This guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date and also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1:		Quoted market prices in active markets for identical assets or liabilities.

Level 2:		Inputs other than Level 1 inputs that are either directly or indirectly observable such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable; or other inputs not directly observable, but derived principally from, or corroborated by, observable market data.

Level 3:		Unobservable inputs that are supported by little or no market activity.

The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

At March 31, 2026, the following items are measured at fair value on a recurring basis:

	Total		Level 1		Level 2		Level 3
	(in thousands)

Marketable equity securities	$	40,756	$	40,756		-		-

The Company’s investments in marketable securities are recorded at fair value based on quoted market prices. The carrying value of other financial instruments, including cash, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their short maturities.

The carrying amount for the line of credit approximates fair value because the line of credit interest rate is adjusted frequently.

For long-term debt other than the lines of credit, the fair values are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The carrying value and estimated fair value of this other long-term debt at March 31, 2026 was as follows:

	Carrying Value		Estimated Fair Value
	(in thousands)

Long-term debt	$	320,651	$	317,724

The Company has not elected the fair value option for any of its financial instruments.

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NOTE K: NOTES PAYABLE

During the first three months of 2026, the Company’s subsidiaries entered into installment obligations totaling approximately $7.4 million for the purpose of purchasing revenue equipment and other assets. These obligations are payable in monthly installments over a term of 60 months and are recorded in long-term debt and current maturities on the condensed consolidated balance sheets.

NOTE L: LITIGATION

We are involved in certain claims and pending litigation arising from the ordinary conduct of business. We also provide accruals for claims within our self-insured retention amounts. Since September 1, 2020, we have been self-insured for certain layers of auto liability claims in excess of $2.0 million. We currently specifically reserve for claims that are expected to exceed $2.0 million when fully developed, based on the facts and circumstances of those claims. Based on our knowledge of the facts, and in certain cases, opinions of outside counsel, we believe the resolution of such claims and pending litigation will not have a material effect on our financial position, results of operations or cash flows. However, if we experience claims that are not covered by our insurance or that exceed our estimated claim reserve, it could increase the volatility of our earnings and have a materially adverse effect on our financial condition, results of operations or cash flows.

We were previously a defendant in a motor vehicle accident lawsuit filed on January 10, 2025 in the State Court of Gwinnett County, Georgia, arising from a December 29, 2024 accident between a Company tractor-trailer and a passenger vehicle. During the three months ended March 31, 2026, the Company finalized a settlement agreement with the plaintiff for a total settlement amount of $30.0 million, of which $26.5 million represents the Company’s net exposure after consideration of applicable insurance coverage. The settlement agreement was executed by all parties on March 30, 2026 and resolves all claims related to this matter.

As of March 31, 2026, the Company has paid $1.5 million related to this settlement. The remaining payments are expected to be made in accordance with the settlement agreement, with approximately $18.0 million due during the remainder of 2026 and approximately $7.0 million due in 2027.

The Company had previously recorded a liability of $26.5 million as of December 31, 2025. As of March 31, 2026, the remaining liability was $25.0 million. This amount is recorded in accrued expenses and other liabilities on the condensed consolidated balance sheets. No adjustments to the previously recorded liability were required during the three months ended March 31, 2026. There is no remaining material exposure related to this matter as of March 31, 2026.

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NOTE M: LEASES

The Company currently leases shop, office and parking spaces in various locations in the United States and Mexico. The initial term for the majority of these leases is one year or less, with an option for early cancellation and an option to renew for subsequent one- month periods. These leases can be terminated by either party by providing notice to the other party of the intent to cancel or to not extend. Relatively short lease durations for these properties are intended to provide flexibility to the Company as changing operational needs and shifting opportunities often result in cancellation or non-renewal of these leases by the Company or the lessor.

The initial lease term for certain shop and office locations is for periods ranging from one to five years with early cancellation options. The Company prefers that leases include early cancellation provisions to prevent them from becoming locked into long-term leases that become operationally unjustified and to allow the flexibility to pursue more cost-effective options for similar properties if they become available. These leases often include the option to extend for additional periods, which may or may not be exercised. Based on historical experience, the Company does not always extend these leases, sometimes exercises the option to cancel leases early and sometimes lessors choose to cancel leases or not extend.

The Company leases trucks to owner-operators under our lease-to-own program. Prior to the sale of certain real property located in Laredo, Texas in March 2026, as described in Note O, the Company leased dock space at that facility to a related party. That lease arrangement terminated in connection with the sale of the property.

Right-of-Use Leases

The Company is party to operating leases which include initial terms ranging from three to ten years and which do not include an option for early cancellation. In accordance with the provisions of ASC Topic 842, these leases resulted in the recognition of right-of-use assets and corresponding operating lease liabilities, respectively, valued at $7.0 million as of March 31, 2026. These assets and liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date, using the Company’s incremental borrowing rate as of the respective dates of lease inception, as the rate implicit in each lease is not readily determinable. The right-of-use assets are recorded in other assets, and the lease liability is recorded in accrued expenses and other liabilities and in other long-term liabilities on our condensed consolidated balance sheets. Lease expense is recorded on a straight-line basis over the lease term and is recorded in rent and purchased transportation in our condensed consolidated statements of operations. While these lease agreements may contain provisions to extend for a period of time after the initial term, the Company is not reasonably certain these extension options will be exercised. Therefore, potential lease payments that might occur under this extension period are not included in amounts recorded in our condensed consolidated balance sheets as of March 31, 2026.

Scheduled amounts and timing of cash flows arising from operating lease payments at March 31, 2026, are:

Maturity of Lease Liabilities	(in thousands)
2026 (remaining)	$	849
2027		1,159
2028		952
2029		863
2030 and thereafter		5,048
Total undiscounted operating lease payments	$	8,871
Less: Imputed interest		(1,887	)
Present value of operating lease liabilities	$	6,984

Balance Sheet Classification
Right-of-use assets (recorded in other non-current assets)	$	6,984

Current lease liabilities (recorded in other current liabilities)	$	1,127
Long-term lease liabilities (recorded in other long-term liabilities)		5,857
Total operating lease liabilities	$	6,984

Other Information
Weighted-average remaining lease term for operating leases (in years)		8.32
Weighted-average discount rate for operating leases		5.62	%

Cash Flows

No new right-of-use assets were recognized as a non-cash asset addition that resulted from new operating lease liabilities during the three months ended March 31, 2026. Cash paid for amounts included in the present value of operating lease liabilities was $0.2 million during the three months ended March 31, 2026, and is included in operating cash flows within the condensed consolidated statement of cash flows.

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Operating Lease Costs

	Three Months Ended
	March 31,
	2026		2025
	(in thousands)
Long term	$	174	$	-
Short term		138		779
Total	$	312	$	779

Lease Revenue

The Company's operating lease revenue is disclosed in the table below.

	Three Months Ended
	March 31,
	2026		2025
	(in thousands)
Leased truck revenue (recorded in revenue, before fuel surcharge)	$	2,430	$	2,605
Leased facility space revenue (recorded in non-operating income)		146		203
Total lease revenue	$	2,576	$	2,808

The Company has a lease-purchase program whereby we offer independent contractors the opportunity to lease a Company-owned truck. The terms associated with these leases require weekly lease payments over the terms of the leases, which range from 5 to 60 months. Payments under this program are classified in the Company’s financial statements under the consolidated statement of operations category Revenue.

As of March 31, 2026, the gross carrying value of trucks underlying these leases was $86.7 million and accumulated depreciation was $39.8 million. Depreciation is calculated on a straight-line basis over the estimated useful life of the equipment, down to an estimated salvage value. In most cases, the Company has agreements in place with certain manufacturers whereby salvage values are guaranteed by the manufacturer. In other cases, where salvage values are not guaranteed, estimates of salvage value are based on the expected market values of equipment at the time of disposal. During the quarter ended March 31, 2026, the Company incurred $2.7 million of depreciation expense for these assets.

Lease Receivables

Future minimum operating lease payments receivable at March 31, 2026:

	(in thousands)

2026 (remaining)	$	6,149
2027		5,308
2028		3,832
2029 and thereafter		185
Total future minimum lease payments receivable	$	15,474

NOTE N: RELATED PARTY TRANSACTIONS

In March 2026, the Company sold certain real property located in Laredo, Texas, consisting of land, office space, maintenance shop, and dock facilities, to Crown Enterprises, LLC (the “Buyer”), a related party. The Buyer is an affiliate of the Company due to common control by a significant shareholder. The transaction was not part of a broader arrangement and did not include any continuing involvement by the Company. The Company did not enter into a lease or other ongoing contractual arrangement with the Buyer in connection with the sale.

The property had a carrying value of $7.1 million and was sold for $19.8 million, resulting in a gain of $12.7 million, which is included in “Gain on sale or disposition of assets” within operating expenses in the consolidated statement of operations. The sales price was based on an independent third-party appraisal.

Cash proceeds from the transaction were $13.6 million, reflecting the $19.8 million sales price less repayment of approximately $6.0 million of outstanding debt secured by the property and transaction costs, which were not material. The purchase price was paid in cash at closing.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

FORWARD-LOOKING INFORMATION

Certain information included in this Quarterly Report on Form 10-Q constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may relate to expected future financial and operating results, prospects, plans or events, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, excess capacity in the trucking industry; surplus inventories; general inflation, recessionary economic cycles and downturns in customers' business cycles; a significant reduction in or termination of the Company's trucking service by a key customer, including as a result of recent or future labor or international trade disruptions; increases or rapid fluctuations in fuel prices, interest rates, fuel taxes, tolls, and license and registration fees; the resale value of the Company's used equipment; the price and availability of new equipment consistent with anticipated acquisitions and replacement plans; increases in compensation for and difficulty in attracting and retaining qualified drivers and owner-operators; increases in insurance premiums and deductible amounts relating to accident, cargo, workers' compensation, health, and other claims; increases in the number or amount of claims for which the Company is self-insured; inability of the Company to continue to secure acceptable financing arrangements; seasonal factors such as harsh weather conditions that increase operating costs; competition from trucking, rail, and intermodal competitors including reductions in rates resulting from competitive bidding; our ability to develop, implement and govern suitable information technology systems and prevent failures in or breaches, disruptions or unauthorized use of such systems; the impact of pending or future litigation; general risks associated with doing business in Mexico, including, without limitation, exchange rate fluctuations, inflation, import duties, tariffs, quotas, political and economic instability and terrorism; the potential impact of new laws, regulations or policy, including, without limitation, rules regarding the classification of independent contractors as employees, tariffs, import/export, trade and immigration regulations or policies; the impacts of ongoing or future military conflicts and other major domestic or international events; the ability to identify acceptable acquisition candidates, consummate acquisitions, and integrate acquired operations; potential economic, business or operational disruptions or uncertainties that may result from any future public health crises; and other factors, including risk factors, included from time to time in filings made by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise forward-looking statements, whether due to new information, future events or otherwise. Considering these risks and uncertainties, the forward-looking events and circumstances discussed above and in company filings might not transpire.

CRITICAL ACCOUNTING ESTIMATES

There have been no material changes to our critical accounting policies and estimates from the information provided in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in our Form 10-K for the fiscal year ended December 31, 2025.

BUSINESS OVERVIEW

The Company is a holding company that owns subsidiaries engaged in providing truckload dry van carrier services transporting general commodities throughout the continental United States, as well as in certain Canadian provinces. The Company’s consolidated operating subsidiaries also provide transportation services in Mexico under agreements with Mexican carriers. Unless the context otherwise requires, this report presents information regarding the Company and its subsidiaries on a consolidated basis. The Company’s administrative headquarters are in Tontitown, Arkansas. From this location we manage operations conducted through our wholly owned subsidiaries based in various locations around the United States and in Mexico and Canada.

The operations of these subsidiaries can generally be classified into either truckload services or brokerage and logistics services. This designation is based primarily on the ownership of the asset that performed the freight transportation service. Truckload services are performed by Company divisions that generally utilize Company-owned trucks, long-term contractors, or single-trip contractors to transport loads of freight for customers, while brokerage and logistics services coordinate or facilitate the transport of loads of freight for customers and generally involve the utilization of single-trip contractors.

The operations of the Company and its subsidiaries are all in the motor carrier segment and are aggregated into a single reporting segment in accordance with the aggregation criteria under Generally Accepted Accounting Principles (“GAAP”). The Company has carefully considered the segment reporting requirements under Accounting Standards Codification (“ASC”) 280 and has determined that both our truckload operations and our brokerage/logistics operations have similar qualitative and quantitative economic characteristics and are impacted by virtually the same economic factors, such as rates per mile, equipment utilization and the percentage of non-compensated miles. Based on the Company’s segment identification, interpretation of the aggregation criteria outlined in ASC 280-10-50-11, and the similar qualitative and quantitative economic characteristics of the Company’s operating segments, the operations of the Company are aggregated into a single motor carrier segment. The Company’s chief operating decision maker, the Chief Executive Officer, utilizes the metrics of net income and operating ratio to evaluate company performance and in competitive analysis when comparing to competing companies.

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Truckload services revenues, excluding fuel surcharges, represented 63.8% and 67.6% of total revenues, excluding fuel surcharges, for the quarters ended March 31, 2026, and 2025, respectively. The remaining operating revenues, before fuel surcharges, for the same periods were generated from brokerage and logistics services, representing 36.2% and 32.4%, respectively.

The main factors that impact our profitability on the expense side are the costs incurred in transporting freight for our customers. Currently, our most challenging costs include fuel, driver recruitment, training, wage and benefits costs, independent broker costs (which we record as purchased transportation), insurance, maintenance and capital equipment costs.

In discussing our results of operations, we use revenue, before fuel surcharge (and fuel expense, net of fuel surcharge), because management believes that eliminating the impact of this sometimes volatile source of revenue allows a more consistent basis for comparing our results of operations from period to period. During the three months ended March 31, 2026 and 2025, approximately $19.2 million and $18.6 million, respectively, of the Company’s total revenue was generated from fuel surcharges. We may also discuss certain changes in our expenses as a percentage of revenue, before fuel surcharge, rather than absolute dollar changes. We do this because we believe the variable cost nature of certain expenses makes a comparison of changes in expenses as a percentage of revenue more meaningful than absolute dollar changes.

RESULTS OF OPERATIONS – TRUCKLOAD SERVICES

The following table sets forth, for truckload services, the percentage relationship of expense items to operating revenues, before fuel surcharges, for the periods indicated. Fuel costs are reported net of fuel surcharges.

	Three Months Ended
	March 31,
	2026			2025
	(percentages)

Operating revenues, before fuel surcharge		100.0			100.0

Operating expenses:
Salaries, wages and benefits		47.1			41.3
Operating supplies and expenses		14.1			13.5
Rent and purchased transportation		23.5			25.8
Depreciation		23.7			24.0
Insurance and claims		6.5			5.1
Other		7.4			4.5
Gain on sale or disposal of assets		(19.3	)		(3.3	)
Total operating expenses		103.0			110.9
Operating loss		(3.0	)		(10.9	)
Non-operating income		4.3			2.7
Interest expense		(5.4	)		(4.2	)
Loss before income taxes		(4.1	)		(12.4	)

THREE MONTHS ENDED MARCH 31, 2026 VS. THREE MONTHS ENDED MARCH 31, 2025

During the first quarter of 2026, truckload services revenue, before fuel surcharges, decreased 15.3% to $78.3 million, compared to $92.4 million for the first quarter of 2025. The decrease was primarily due to a 7.0% decline in rate per mile, from $2.04 for the quarter ended March 31, 2025 to $1.90 for the quarter ended March 31, 2026, as well as a 5.8% decrease in the average number of manned trucks during the period. The impact of the reduction in manned trucks was partially offset by a 5.8% increase in truck utilization, as measured by miles per truck per day.

Salaries, wages and benefits increased from 41.3% of revenues, before fuel surcharges, in the first quarter of 2025 to 47.1% of revenues, before fuel surcharges, during the first quarter of 2026. The percentage-based increase relates primarily to the interaction of a decrease in operating revenues with the fixed-cost nature of employing human capital.

Rent and purchased transportation decreased from 25.8% of revenues, before fuel surcharges, during the first quarter of 2025 to 23.5% of revenues, before fuel surcharges, during the first quarter of 2026. The decrease was primarily due to a quarter-over-quarter decrease in the percentage of miles driven by third-party owner-operators as opposed to company-employed drivers.

Insurance and claims expense increased from 5.1% of revenues, before fuel surcharges, during the first quarter of 2025 to 6.5% of revenues before fuel surcharges, during the first quarter of 2026. This increase relates primarily to an increase in accident reserves recognized in the first quarter of 2026, as compared to the first quarter of 2025, as well as lower operating revenues, which reduced the leverage of certain fixed-cost elements of insurance and claims expense.

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Other operating expenses increased from 4.5% of revenues, before fuel surcharges, during the first quarter of 2025 to 7.4% of revenues, before fuel surcharges, during the first quarter of 2026. The increase was primarily due to lower operating revenues, which reduced the leverage of certain fixed costs included in other operating expenses, such as supplies and advertising expense, as well as an increase in legal and professional expenses during the first quarter of 2026, primarily associated with general operational support initiatives.

Gain on sale or disposal of assets increased from 3.3% of revenues, before fuel surcharges, for the quarter ended March 31, 2025 to 19.3% of revenues, before fuel surcharges, for the quarter ended March 31, 2026. The increase was primarily due to a $12.7 million gain recognized on the sale of certain real property in Laredo, Texas, to a related party during the first quarter of 2026. The property consisted of land and operating facilities previously used in the Company’s trucking operations and was sold at a value determined based on an independent third-party appraisal. Gain on sale or disposal of assets for the first quarter of 2025 consisted solely of gains on the disposal of used revenue equipment. Excluding this transaction, gain on sale or disposal of assets for the first quarter of 2026 would have been consistent with historical levels.

Non-operating income increased from 2.7% to 4.3% of revenues, before fuel surcharges, for the periods presented. The increase was primarily due to net realized gains on the sale of marketable equity securities during the current quarter, partially offset by unrealized losses from declines in the market value of the Company’s investment portfolio.

Interest expense increased from 4.2% of revenues, before fuel surcharges, during the first quarter of 2025 to 5.4% of revenues, before fuel surcharges, during the first quarter of 2026. The increase is attributed to the Company’s increased weighted-average interest rate on debt from 5.04% during the first quarter of 2025 to 5.38% during the first quarter of 2026, meaning the Company experienced a higher overall cost of new borrowings. The repayment of lower-rate debt and issuance of new debt at higher prevailing interest rates further contributed to the increase in interest expense. The fixed-cost nature of interest expense, combined with lower operating revenues in the first quarter of 2026, also increased interest expense as a percentage of revenue.

The truckload services division operating ratio, which measures the ratio of operating expenses, net of fuel surcharges, to operating revenues, before fuel surcharges, decreased from 110.9% for the first quarter of 2025 to 103.0% for the first quarter of 2026.

RESULTS OF OPERATIONS – LOGISTICS AND BROKERAGE SERVICES

The following table sets forth, for logistics and brokerage services, the percentage relationship of expense items to operating revenues, before fuel surcharges, for the periods indicated. Brokerage service operations occur specifically in certain divisions; however, brokerage operations occur throughout the Company in similar operations having substantially similar economic characteristics.

	Three Months Ended
	March 31,
	2026		2025
	(percentages)

Operating revenues, before fuel surcharge		100.0		100.0

Operating expenses:
Salaries, wages and benefits		5.1		5.9
Rent and purchased transportation		86.0		88.4
Other

SEC Form 10-Q filed by PAMT CORP