Second Quarter 2025 Operating Revenues: $393.8 million, down 14.8%
Second Quarter 2025 Operating Income: $19.9 million, down $27.2 million
Second Quarter 2025 Earnings Per Share: $0.32 per share, down $0.85 per share
Declares Quarterly Dividend: $0.105 per share

WARREN, Mich., July 24, 2025 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ:ULH) today reported consolidated second quarter 2025 net income of $8.3 million, or $0.32 per basic and diluted share, on total operating revenues of $393.8 million. This compares to net income of $30.7 million, or $1.17 per basic and diluted share, during the second quarter 2024 on total operating revenues of $462.2 million.

In the second quarter 2025, Universal's operating income decreased $27.2 million to $19.9 million, compared to $47.1 million in the second quarter one year earlier. As a percentage of operating revenue, operating margin for the second quarter 2025 was 5.1%, compared to 10.2% during the same period last year. EBITDA, a non-GAAP measure, decreased $28.6 million during the second quarter 2025 to $56.2 million, compared to $84.8 million one year earlier. As a percentage of operating revenue, EBITDA margin for the second quarter 2025 was 14.3%, compared to 18.4% during the same period last year.

"Universal's results for the second quarter, although muted, were broadly in-line with our previously guided expectations," stated Tim Phillips, Universal's CEO. "Our contract logistics segment continues to deliver solid results and demonstrates the strategic advantage of Universal's diverse service offerings. Our trucking segment also performed well, sequentially growing their results on both the top and bottom lines. While our intermodal franchise continues to underperform, we are making progress on our profitability initiatives, narrowing our losses on a quarter-over-quarter basis. As we continue to navigate a persistently weak freight backdrop, we remain committed to delivering exceptional service to our customers and making strategic investments to drive our long-term growth initiatives."

Segment Information:

Contract Logistics

Second Quarter 2025 Operating Revenues: $260.6 million, 1.1% decrease
Second Quarter 2025 Operating Income: $21.8 million, 8.4% operating margin

In the contract logistics segment, which includes our value-added and dedicated services, operating revenues decreased 1.1% to $260.6 million, compared to $263.6 million for the same period last year. This segment's operating revenues in the quarter included $55.0 million from the recent acquisition of Parsec, while its revenues in the same period last year included $44.6 million attributable to our specialty development project in Stanton, TN, which was completed last year. At the end of the second quarter 2025, we managed 87 value-added programs, including 20 rail terminal operations compared to a total of 68 programs at the end of the second quarter 2024. Included in this segment's revenues were also $7.3 million in separately identified fuel surcharges from dedicated transportation services, compared to $8.0 million during the same period last year. Second quarter 2025 income from operations decreased $31.1 million to $21.8 million, compared to $52.9 million during the same period last year. As a percentage of revenue, operating margin in the contract logistics segment for the quarter was 8.4%, compared to 20.1% during the same period last year.

Intermodal

Second Quarter 2025 Operating Revenues: $68.9 million, 13.5% decrease
Second Quarter 2025 Operating (Loss): $(5.7) million, (8.2)% operating margin

Operating revenues in the intermodal segment decreased 13.5% to $68.9 million in the second quarter, compared to $79.7 million for the same period last year. Included in intermodal segment revenues for the recently completed quarter were $8.2 million in separately identified fuel surcharges, compared to $10.9 million during the same period last year. Intermodal segment revenues also include other accessorial charges such as detention, demurrage and storage, which totaled $9.2 million during the quarter, compared to $8.1 million one year earlier. Load volumes declined 12.9%, while the average operating revenue per load, excluding fuel surcharges, improved slightly on a year-over-year basis. In the second quarter 2025, the intermodal segment experienced an operating loss of $(5.7) million compared to an operating loss of $(8.6) million during the same period last year. As a percentage of revenue, operating margin in the intermodal segment for the second quarter 2025 was (8.2)%, compared to (10.8)% one year earlier.

Trucking

Second Quarter 2025 Operating Revenues: $64.1 million, 29.9% decrease
Second Quarter 2025 Operating Income: $3.3 million, 5.2% operating margin

In the trucking segment, second quarter operating revenues decreased 29.9% to $64.1 million, compared to $91.4 million for the same period last year. This segment's quarterly revenues included $18.4 million of brokerage services this year, compared to $25.5 million during the same period last year. Also included in our trucking segment revenues for the quarter were $3.4 million in separately identified fuel surcharges, compared to $5.7 million in fuel surcharges during the same period last year. On a year-over-year basis, load volumes declined 22.6%, and the average operating revenue per load, excluding fuel surcharges, declined 8.9%. Income from operations in the second quarter decreased to $3.3 million compared to $4.4 million during the same period last year. As a percentage of revenue, operating margin in the trucking segment for the second quarter was 5.2% compared to 4.8% during the same period last year.

Cash Dividend

Universal Logistics Holdings, Inc. also announced today that its Board of Directors has declared a cash dividend of $0.105 per share of common stock. The dividend is payable to shareholders of record at the close of business on September 1, 2025 and is expected to be paid on October 1, 2025.

Other Matters

As of June 28, 2025, Universal held cash and cash equivalents totaling $24.3 million, and $9.9 million in marketable securities. Outstanding debt at the end of the second quarter 2025 was $798.6 million and capital expenditures totaled $84.3 million.

Universal calculates and reports selected financial metrics not only for purposes of our lending arrangements but also in an effort to isolate and exclude the impact of non-operating expenses related to our corporate development activities. These statistics are described in more detail below in the section captioned "Non-GAAP Financial Measures."

Conference call:

We invite investors and analysts to our quarterly earnings conference call.

Quarterly Earnings Conference Call Dial-in Details:

Time:	10:00 a.m. Eastern Time
Date:	Friday, July 25, 2025
Call Toll Free:	(800) 836-8184
International Dial-in:	+1 (646) 357-8785

A replay of the conference call will be available through August 1, 2025, by calling (888) 660-6345 (toll free) or +1 (646) 517-4150 (toll) and using replay entry code 54416#. The call will also be available on investors.universallogistics.com.

About Universal:

Universal Logistics Holdings, Inc. ("Universal") is a holding company whose subsidiaries provide a variety of customized transportation and logistics solutions throughout the United States and in Mexico, Canada and Colombia. Our operating subsidiaries provide our customers with supply chain solutions that can be scaled to meet their changing demands. We offer our customers a broad array of services across their entire supply chain, including truckload, brokerage, intermodal, dedicated and value-added services. In this press release, the terms "us," "we," "our," or the "Company" refer to Universal and its consolidated subsidiaries.

Forward Looking Statements

Some of the statements contained in this press release might be considered forward-looking statements. These statements identify prospective information. Forward-looking statements can be identified by words such as: "expect," "anticipate," "intend," "plan," "goal," "prospect," "seek," "believe," "targets," "project," "estimate," "future," "likely," "may," "should" and similar references to future periods. Forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. These forward-looking statements are subject to a number of factors that may cause actual results to differ materially from the expectations described. Additional information about the factors that may adversely affect these forward-looking statements is contained in Universal's reports and filings with the Securities and Exchange Commission. Universal assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws.

UNIVERSAL LOGISTICS HOLDINGS, INC. Unaudited Condensed Consolidated Statements of Income (In thousands, except per share data)
‌
	Thirteen Weeks Ended				Twenty-six Weeks Ended
	June 28,		June 29,		June 28,		June 29,
	2025		2024		2025		2024
Operating revenues:
Truckload services	$	45,922	$	66,876	$	83,700	$	108,906
Brokerage services		19,571		53,661		39,836		113,274
Intermodal services		67,745		78,069		136,199		154,784
Dedicated services		81,828		90,715		166,835		179,031
Value-added services		178,728		172,843		349,613		398,075
Total operating revenues		393,794		462,164		776,183		954,070
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Operating expenses:
Purchased transportation and equipment rent		81,508		137,295		161,251		261,928
Direct personnel and related benefits		168,032		135,495		332,533		276,300
Operating supplies and expenses		50,335		63,558		101,662		156,382
Commission expense		4,395		8,890		8,651		15,500
Occupancy expense		11,803		10,442		23,056		21,010
General and administrative		14,026		14,699		27,203		28,205
Insurance and claims		7,599		7,873		14,563		15,041
Depreciation and amortization		36,203		36,809		71,691		57,510
Total operating expenses		373,901		415,061		740,610		831,876
Income from operations		19,893		47,103		35,573		122,194
Interest expense, net		(8,852)		(6,883)		(17,075)		(12,962)
Other non-operating income		149		898		727		2,003
Income before income taxes		11,190		41,118		19,225		111,235
Provision for income taxes		2,874		10,384		4,895		28,044
Net income	$	8,316	$	30,734	$	14,330	$	83,191
‌
Earnings per common share:
Basic	$	0.32	$	1.17	$	0.54	$	3.16
Diluted	$	0.32	$	1.17	$	0.54	$	3.16
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Weighted average number of common shares outstanding:
Basic		26,331		26,317		26,325		26,312
Diluted		26,341		26,352		26,341		26,341
‌
Dividends declared per common share:	$	0.105	$	0.105	$	0.210	$	0.210

UNIVERSAL LOGISTICS HOLDINGS, INC. Unaudited Condensed Consolidated Balance Sheets (In thousands)
‌
	June 28, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	24,338	$	19,351
Marketable securities		9,862		11,590
Accounts receivable - net		254,807		293,646
Other current assets		104,378		85,226
Total current assets		393,385		409,813
Property and equipment - net		814,780		742,366
Other long-term assets - net		701,542		634,658
Total assets	$	1,909,707	$	1,786,837
‌
Liabilities and shareholders' equity
Current liabilities, excluding current maturities of debt	$	212,186	$	215,756
Debt - net		795,487		759,085
Other long-term liabilities		248,341		164,973
Total liabilities		1,256,014		1,139,814
Total shareholders' equity		653,693		647,023
Total liabilities and shareholders' equity	$	1,909,707	$	1,786,837

UNIVERSAL LOGISTICS HOLDINGS, INC. Unaudited Summary of Operating Data
‌
	Thirteen Weeks Ended				Twenty-six Weeks Ended
	June 28,		June 29,		June 28,		June 29,
	2025		2024		2025		2024
Contract Logistics Segment:
Average number of value-added direct employees		7,407		5,230		7,329		5,355
Average number of value-added full-time equivalents		48		168		42		138
Number of active value-added programs		87		68		87		68
‌
Intermodal Segment:
Number of loads (a)		94,327		108,326		195,797		213,363
Average operating revenue per load, excluding fuel surcharges (a)	$	556	$	555	$	540	$	560
Average number of tractors		1,392		1,605		1,396		1,646
Number of depots		8		8		8		8
‌
Trucking Segment:
Number of loads		31,451		40,620		60,073		82,311
Average operating revenue per load, excluding fuel surcharges	$	1,927	$	2,115	$	1,902	$	1,808
Average number of tractors		602		800		617		808
Average length of haul		369		390		381		396

	‌
(a)	Excludes operating data from freight forwarding division in order to improve the relevance of the statistical data related to our brokerage services and improve the comparability to our peer companies.

UNIVERSAL LOGISTICS HOLDINGS, INC. Unaudited Summary of Operating Data - Continued (Dollars in thousands)
‌
	Thirteen Weeks Ended				Twenty-six Weeks Ended
	June 28,		June 29,		June 28,		June 29,
	2025		2024		2025		2024
Operating Revenues by Segment:
Contract logistics	$	260,556	$	263,558	$	516,448	$	577,106
Intermodal		68,914		79,654		139,610		158,017
Trucking		64,069		91,440		119,652		161,095
Other		255		27,512		473		57,852
Total	$	393,794	$	462,164	$	776,183	$	954,070
‌
Income from Operations by Segment:
Contract logistics	$	21,770	$	52,901	$	45,629	$	134,367
Intermodal		(5,676)		(8,639)		(16,385)		(16,931
Trucking		3,340		4,384		5,530		8,053
Other		459		(1,543)		799		(3,295
Total	$	19,893	$	47,103	$	35,573	$	122,194

Non-GAAP Financial Measures

In addition to providing consolidated financial statements based on generally accepted accounting principles in the United States of America (GAAP), we are providing additional financial measures that are not required by or prepared in accordance with GAAP (non-GAAP). We present EBITDA and EBITDA margin, each a non-GAAP measure, as supplemental measures of our performance. We define EBITDA as net income plus (i) interest expense, net, (ii) income taxes, (iii) depreciation, and (iv) amortization. We define EBITDA margin as EBITDA as a percentage of total operating revenues. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis.

In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, we are presenting the most directly comparable GAAP financial measure and reconciling the non-GAAP financial measure to the comparable GAAP measure. Set forth below is a reconciliation of net income, the most comparable GAAP measure, to EBITDA for each of the periods indicated:

	Thirteen Weeks Ended						Twenty-six Weeks Ended
	June 28,			June 29,			June 28,			June 29,
	2025			2024			2025			2024
	( in thousands)						( in thousands)
EBITDA
Net income	$	8,316		$	30,734		$	14,330		$	83,191
Income tax expense		2,874			10,384			4,895			28,044
Interest expense, net		8,852			6,883			17,075			12,962
Depreciation		30,596			32,052			60,585			47,954
Amortization		5,607			4,757			11,106			9,556
EBITDA	$	56,245		$	84,810		$	107,991		$	181,707

EBITDA margin (a)		14.3	%		18.4	%		13.9	%		19.0	%

	‌
(a)	EBITDA margin is computed by dividing EBITDA by total operating revenues for each of the periods indicated.

We present EBITDA and EBITDA margin because we believe they assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.

EBITDA has limitations as an analytical tool. Some of these limitations are:

EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;
EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debts;
Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and
Other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, EBITDA and EBITDA margin should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and only supplementally on EBITDA and EBITDA margin.

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SOURCE Universal Logistics Holdings, Inc.

Universal Logistics Holdings, Inc. Reports Second Quarter 2025 Financial Results; Declares Dividend