Earnings release
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Exhibit 99.1 MARTEN TRANSPORT ANNOUNCES THIRD QUARTER RESULTS MONDOVI, Wis., October 22, 2026 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 30.7% improvement in net income to $2.9 million, or 4 cents per diluted share, for the third quarter ended September 30, 2026, from $2.2 million, or 3 cents per diluted share, for the third quarter of 2025. For the nine-month period ended September 30, 2026, net income was $9.6 million, or 12 cents per diluted share, compared with $13.7 million, or 17 cents per diluted share, for the 2025 nine-month period. Operating revenue was $223.2 million for the third quarter of 2026 compared with $220.5 million for the third quarter of 2025. Our intermodal operations, which were sold in 2025, had operating revenue of $9.9 million in the 2025 quarter. Excluding fuel surcharges, operating revenue was $184.2 million for the 2026 quarter compared with $194.0 million for the 2025 quarter. Fuel surcharge revenue increased to $39.0 million for the 2026 quarter from $26.5 million for the 2025 quarter. Operating revenue was $650.3 million for the first nine months of 2026 compared with $673.5 million for the first nine months of 2025. Our intermodal operations had operating revenue of $33.7 million in the first nine months of 2025. Excluding fuel surcharges, operating revenue was $546.6 million for the 2026 period compared with $593.5 million for the 2025 period. Fuel surcharge revenue increased to $103.7 million for the 2026 period from $80.0 million for the 2025 period. Operating income improved 11.9% to $3.1 million for the third quarter of 2026 from $2.7 million for the third quarter of 2025. Operating income was $11.6 million for the first nine months of 2026 compared with $18.3 million for the first nine months of 2025. Operating expenses as a percentage of operating revenue improved to 98.6% for the 2026 quarter from 98.8% for the 2025 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 98.3% for the 2026 quarter from 98.6% for the 2025 quarter. Operating expenses as a percentage of operating revenue were 98.2% for the first nine months of 2026 and 97.3% for the first nine months of 2025. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 97.9% for the 2026 period and 96.9% for the 2025 period. Chairman of the Board and Chief Executive Officer Randolph L. Marten stated, “The truckload freight market has sharply tightened since earlier this year as renewed and enhanced enforcement of federal and state law is removing a meaningful amount of noncompliant and unqualified driver capacity from the marketplace. We are securing higher pricing from our customers for our premium services while enhancing freight quality across our network within these early stages of the freight market upcycle. Our Truckload average rate per total mile, net of fuel surcharges, increased 14.1% over the third quarter of 2025.” “Despite these positive trends, our earnings were negatively affected by unusually high net fuel and health insurance costs. Relative to our average quarterly levels during the first half of the year, net fuel increased by $3.5 million and health insurance, within salaries, wages and benefits, increased by $2.0 million in the third quarter. Over the same period, the increase in our rate of driver pay negatively impacted results by $1.0 million, while a larger gain on sale of revenue equipment provided a $1.5 million benefit. Collectively, these factors reduced our third quarter net income by $3.7 million, or 4.5 cents per share.” “We are focused on mitigating the impact of the recent rise in diesel fuel prices to record levels through disciplined fuel expense and fuel surcharge management initiatives. The margin pressure results primarily from the timing lag inherent in truckload industry fuel surcharge programs relative to rapidly rising diesel fuel costs, as well as the higher fuel consumption associated with our temperature-controlled operations.”
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“As we continue through our 80th year, our priorities remain unchanged: delivering safe, premium service, driving operating efficiencies through data and technology, and maintaining rigorous cost discipline. Our strong, debt-free balance sheet provides the financial flexibility to continue investing in our technology and modern fleet, while positioning the Company to capitalize on attractive opportunities for profitable organic growth.” Current Investor Presentation Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of time and temperature-sensitive and dry truck-based transportation and distribution capabilities across Marten’s five distinct business platforms – Temperature-Sensitive and Dry Truckload, Dedicated, Brokerage and MRTN de Mexico. Marten’s Intermodal operations were sold effective September 30, 2025. Marten is one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food, beverages and other consumer packaged goods that require a temperature-controlled or insulated environment. The Company offers service in the United States, Mexico and Canada, concentrating on expedited movements for high-volume customers. Marten’s common stock is traded on the Nasdaq Global Select Market under the symbol MRTN. This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include a discussion of Marten’s prospects for future growth, including the impact on the freight market of renewed and enhanced enforcement of federal and state law that is removing a meaningful amount of noncompliant and unqualified driver capacity from the marketplace, and by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward- looking statements. Important factors known to the Company that could cause actual results to differ materially from those discussed in the forward-looking statements are discussed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and in Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise. CONTACTS: Randy Marten, Chairman of the Board and Chief Executive Officer, Doug Petit, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.
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MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED BALANCE SHEETS September 30, December 31, (In thousands, except share information) 2026 2025 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 91,503 $ 43,278 Escrow deposit 5,000 5,000 Receivables: Trade, net 96,911 85,807 Other 8,403 13,084 Prepaid expenses and other 22,574 24,532 Total current assets 224,391 171,701 Property and equipment: Revenue equipment, buildings and land, office equipment and other 1,086,781 1,128,932 Accumulated depreciation (356,617) (352,426) Net property and equipment 730,164 776,506 Other noncurrent assets 1,411 1,560 Total assets $ 955,966 $ 949,767 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 35,784 $ 28,769 Insurance and claims accruals 42,620 43,700 Accrued and other current liabilities 23,038 19,763 Total current liabilities 101,442 92,232 Deferred income taxes 90,278 89,716 Noncurrent operating lease liabilities 82 194 Total liabilities 191,802 182,142 Stockholders’ equity: Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding - - Common stock, $.01 par value per share; 192,000,000 shares authorized; 81,661,669 shares at September 30, 2026, and 81,542,174 shares at December 31, 2025, issued and outstanding 817 815 Additional paid-in capital 56,364 54,762 Retained earnings 706,983 712,048 Total stockholders’ equity 764,164 767,625 Total liabilities and stockholders’ equity $ 955,966 $ 949,767
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MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) Three Months Nine Months Ended September 30, Ended September 30, (In thousands, except per share information) 2026 2025 2026 2025 Operating revenue $ 223,231 $ 220,470 $ 650,300 $ 673,544 Operating expenses (income): Salaries, wages and benefits 72,970 78,972 217,627 236,342 Purchased transportation 37,917 42,284 110,204 123,063 Fuel and fuel taxes 49,302 33,526 128,976 99,234 Supplies and maintenance 15,639 15,585 46,085 46,704 Depreciation 24,458 25,447 74,226 80,224 Operating taxes and licenses 2,252 2,423 6,770 7,291 Insurance and claims 11,153 11,382 33,704 40,611 Communications and utilities 2,118 2,093 6,375 6,536 Gain on disposition of revenue equipment (3,027) (1,903) (6,120) (8,750) Other 7,385 7,923 20,881 23,958 Total operating expenses 220,167 217,732 638,728 655,213 Operating income 3,064 2,738 11,572 18,331 Other (882) (213) (2,060) (998) Income before income taxes 3,946 2,951 13,632 19,329 Income taxes expense 1,037 725 4,002 5,582 Net income $ 2,909 $ 2,226 $ 9,630 $ 13,747 Basic earnings per common share $ 0.04 $ 0.03 $ 0.12 $ 0.17 Diluted earnings per common share $ 0.04 $ 0.03 $ 0.12 $ 0.17 Dividends declared per common share $ 0.06 $ 0.06 $ 0.18 $ 0.18
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MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited) Dollar Percentage Change Change Three Months Three Months Three Months Ended Ended Ended September 30, September 30, September 30, (Dollars in thousands) 2026 2025 2026 vs. 2025 2026 vs. 2025 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 94,053 $ 90,138 $ 3,915 4.3% Truckload fuel surcharge revenue 23,251 14,691 8,560 58.3 Total Truckload revenue 117,304 104,829 12,475 11.9 Dedicated revenue, net of fuel surcharge revenue 51,442 56,675 (5,233) (9.2) Dedicated fuel surcharge revenue 15,748 10,335 5,413 52.4 Total Dedicated revenue 67,190 67,010 180 0.3 Brokerage revenue 38,737 38,780 (43) (0.1) Intermodal revenue, net of fuel surcharge revenue - 8,369 (8,369) (100.0) Intermodal fuel surcharge revenue - 1,482 (1,482) (100.0) Total Intermodal revenue - 9,851 (9,851) (100.0) Total operating revenue $ 223,231 $ 220,470 $ 2,761 1.3% Operating income/(loss): Truckload $ (192) $ (2,002) $ 1,810 90.4% Dedicated 1,248 3,426 (2,178) (63.6) Brokerage 2,008 1,607 401 25.0 Intermodal - (293) 293 100.0 Total operating income $ 3,064 $ 2,738 $ 326 11.9% Operating ratio: Truckload 100.2% 101.9% Dedicated 98.1 94.9 Brokerage 94.8 95.9 Intermodal - 103.0 Consolidated operating ratio 98.6% 98.8% Operating ratio, net of fuel surcharges: Truckload 100.2% 102.2% Dedicated 97.6 94.0 Brokerage 94.8 95.9 Intermodal - 103.5 Consolidated operating ratio, net of fuel surcharges 98.3% 98.6%
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MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited) Nine Months Ended September 30, Dollar Change Nine Months Ended September 30, Percentage Change Nine Months Ended September 30, (Dollars in thousands) 2026 2025 2026 vs. 2025 2026 vs. 2025 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 276,084 $ 272,728 $ 3,356 1.2% Truckload fuel surcharge revenue 62,930 42,978 19,952 46.4 Total Truckload revenue 339,014 315,706 23,308 7.4 Dedicated revenue, net of fuel surcharge revenue 157,194 180,418 (23,224) (12.9) Dedicated fuel surcharge revenue 40,755 32,091 8,664 27.0 Total Dedicated revenue 197,949 212,509 (14,560) (6.9) Brokerage revenue 113,337 111,658 1,679 1.5 Intermodal revenue, net of fuel surcharge revenue - 28,730 (28,730) (100.0) Intermodal fuel surcharge revenue - 4,941 (4,941) (100.0) Total Intermodal revenue - 33,671 (33,671) (100.0) Total operating revenue $ 650,300 $ 673,544 $ (23,244) (3.5)% Operating income/(loss): Truckload $ 1,281 $ 42 $ 1,239 2,950.0% Dedicated 5,310 13,709 (8,399) (61.3) Brokerage 4,981 6,463 (1,482) (22.9) Intermodal - (1,883) 1,883 100.0 Total operating income $ 11,572 $ 18,331 $ (6,759) (36.9)% Operating ratio: Truckload 99.6% 100.0% Dedicated 97.3 93.5 Brokerage 95.6 94.2 Intermodal - 105.6 Consolidated operating ratio 98.2% 97.3% Operating ratio, net of fuel surcharges: Truckload 99.5% 100.0% Dedicated 96.6 92.4 Brokerage 95.6 94.2 Intermodal - 106.6 Consolidated operating ratio, net of fuel surcharges 97.9% 96.9%
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MARTEN TRANSPORT, LTD. OPERATING STATISTICS (Unaudited) Three Months Nine Months Ended September 30, Ended September 30, 2026 2025 2026 2025 Truckload Segment: Revenue (in thousands) $ 117,304 $ 104,829 $ 339,014 $ 315,706 Average revenue, net of fuel surcharges, per tractor per week(1) $ 4,749 $ 4,129 $ 4,588 $ 4,178 Average tractors(1) 1,507 1,661 1,543 1,674 Average miles per trip 506 508 511 523 Non-revenue miles percentage(2) 10.7% 11.0% 10.7% 11.1% Total miles (in thousands) 34,825 38,081 108,587 115,575 Dedicated Segment: Revenue (in thousands) $ 67,190 $ 67,010 $ 197,949 $ 212,509 Average revenue, net of fuel surcharges, per tractor per week(1) $ 3,862 $ 3,776 $ 3,896 $ 3,811 Average tractors(1) 1,013 1,142 1,035 1,214 Average miles per trip 292 292 295 300 Non-revenue miles percentage(2) 1.1% 1.1% 1.1% 1.3% Total miles (in thousands) 21,559 23,206 65,960 73,574 Brokerage Segment: Revenue (in thousands) $ 38,737 $ 38,780 $ 113,337 $ 111,658 Loads 22,141 25,940 70,613 70,450 Intermodal Segment: Revenue (in thousands) $ - $ 9,851 $ - $ 33,671 Loads - 2,956 - 10,168 Average tractors - 61 - 72 At September 30, 2026 and September 30, 2025: Total tractors(1) 2,501 2,823 Average age of company tractors (in years) 2.5 2.2 Total trailers 5,065 5,165 Average age of company trailers (in years) 5.3 4.9 Ratio of trailers to tractors(1) 2.0 1.8 Three Months Nine Months Ended September 30, Ended September 30, (In thousands) 2026 2025 2026 2025 Net cash provided by operating activities $ 22,567 $ 18,538 $ 83,285 $ 87,906 Net cash provided by/(used for) investing activities (30,144) 5,786 (21,020) (35,742) Net cash used for financing activities (4,900) (4,891) (14,040) (14,946) Weighted average shares outstanding: Basic 81,662 81,520 81,623 81,508 Diluted 81,664 81,527 81,625 81,516 (1) Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 77 and 83 tractors as of September 30, 2026 and 2025, respectively. (2) Represents the percentage of miles for which the company is not compensated.