Customer concentration
Top customers account for a large share of revenue, so lost business would quickly reduce utilization and revenue.
- Scope
- Top 30 customers were about 71% of revenue excluding fuel surcharges in 2025.
- Materiality
- high
Marten Transport, Ltd
Marten Transport Ltd. is a U.S.-based truckload carrier focused on temperature-sensitive freight, dry van transportation, dedicated contract carriage, and brokerage services. The company moves food and other consumer packaged goods across the United States, with additional cross-border activity into and out of Mexico and Canada, and it sold its intermodal operations effective September 30, 2025.
14,5 %
2,0 %
−8,3 %
1.86
1.86
| % | |
|---|---|
| Truckload | 55% Regional short-haul and medium-to-long-haul full-load transportation, including temperature-controlled and dry freight. |
| Dedicated | 25% Customized long-term fleet and route solutions for customers with recurring shipping needs. |
| Brokerage | 15% Arranges third-party carrier capacity for customer freight while retaining billing and customer management. |
| Intermodal | 5% Rail-based freight movement using refrigerated containers; operations were sold in 2025. |
Marten primarily serves shippers of food and consumer packaged goods that need temperature control, along with...
- Temperature-sensitive shippersprimary
Buy refrigerated or insulated truckload capacity for food and other perishables because service reliability and temperature control are critical.
- Dry freight shippersprimary
Buy dry van truckload services for consumer and industrial freight as the company expands beyond refrigerated cargo.
- Dedicated contract customerssecondary
Buy customized fleet and route solutions under 3-5 year agreements to secure capacity and service consistency.
- Brokerage customerssecondary
Buy access to third-party carrier capacity when they need flexible coverage within the U.S. and cross-border lanes.
- Cross-border Mexico customersemerging
Buy door-to-door U.S.-Mexico service through Marten's partner-carrier network for integrated logistics coverage.
Marten operates throughout the United States, with regional truckload coverage in the Southeast, West Coast, Midwest,...
- •Revenue is primarily generated in the United States
- •Regional truckload coverage spans the Southeast, West Coast and Midwest
- •Also serves South Central and Northeast lanes
- •Cross-border freight extends into and out of Mexico and Canada
- •Geography matters because lane mix and border traffic affect utilization
Marten's strategy is to grow organically by winning shippers that value service quality, capacity reliability and...
01
Expand service mix beyond refrigerated truckloadmedium-term
Diversifies revenue sources and reduces dependence on a single freight niche.
02
Win and retain high-volume shippersshort-term
Large recurring customers support equipment utilization and network density.
03
Improve operating efficiencyshort-term
Higher tractor productivity and lower empty miles support service and cost competitiveness.
Marten is exposed to cyclical freight demand, excess trucking capacity, fuel and labor volatility, and customer...
Freight rate and capacity pressure
The trucking market is highly competitive and excess capacity can depress pricing and margins.
- Scope
- Truckload and brokerage pricing are sensitive to bid cycles and market capacity.
- Materiality
- high
Fuel and operating cost volatility
Fuel, fuel taxes, repairs and driver-related costs can rise faster than contractual rate resets.
- Scope
- Truckload and Dedicated services are paid largely by the mile and affected by fuel prices.
- Materiality
- high
Regulatory and safety compliance
DOT rules on safety, insurance, drug testing and hours-of-service can increase costs and limit operations.
- Scope
- Company drivers and independent contractors must comply with federal transportation rules.
- Materiality
- medium
Geopolitical and cross-border disruption
North American trade disruptions can affect freight volumes, parts availability and diesel supply.
- Scope
- Mexico/Canada lanes and equipment supply chains.
- Materiality
- medium
Revenue recognition for mileage-based freight services
Operating revenue and segment margins
Seasonality and weather effects
Operating margin and cash flow
Fleet depreciation and capital investment
Depreciation expense and free cash flow
Impairment and disposal accounting
Non-operating items and asset values
: 28.4.2026