Key Highlights

  • Operating revenues were $394.0 million, against $396.8 million a year earlier.
  • Income from operations was $32.8 million, versus an operating loss of $117.4 million in the prior year quarter.
  • Diluted EPS was $0.69, compared with a loss of $4.48 a year ago.
  • Adjusted EBITDA was $64.7 million, up from $43.3 million.
  • Debt, net fell to $678.1 million, and the Leverage Ratio was 1.98 times.

A swing from loss to profit, driven mostly by last year's impairment

Universal Logistics (NASDAQ:ULH) is a diversified transportation and logistics Holding Company based in Warren, Michigan, with Contract Logistics, Intermodal and Trucking businesses serving customers in the United States, Mexico and Canada. It reported results for the thirteen weeks ended October 3, 2026 on October 29, 2026. Operating revenues were $394.0 million, slightly below $396.8 million a year earlier.

Income from operations was $32.8 million, compared with an operating loss of $117.4 million. The prior year quarter included $124.4 million of non-cash Impairment charges.

Net income was $18.1 million, or $0.69 per share, versus a net loss of $117.9 million, or $4.48 per share. The Operating Margin was 8.3%, compared with 1.8% on an adjusted basis last year, which excludes the impairment charges.

Contract Logistics supplies most of the revenue and the margin gain

Contract Logistics generated $271.9 million, about 69.0% of the total, up 2.8% from $264.4 million. New value-added programs and higher volumes in existing programs and dedicated transportation helped, partly offset by fewer value-added rail programs.

Segment income from operations was $22.9 million, up from $13.7 million, and operating margin improved to 8.4% from 5.2%, mainly on lower direct personnel and Depreciation expense. The company managed 76 active value-added programs at quarter end, compared with 82 a year earlier.

Intermodal turns profitable while Trucking trades Volume for price

Intermodal revenue fell 17.9% to $53.1 million as load volumes dropped 45.7%, though average revenue per load, excluding fuel surcharges, rose 40.4%. The segment Earned income from operations of $2.7 million, against an operating loss of $135.1 million a year earlier. Chief Executive Tim Phillips said the segment made meaningful progress in its turnaround.

Trucking revenue was $69.0 million, up from $67.7 million, with load volumes down 9.6% and revenue per load up 8.7%. Income from operations was $4.4 million, and the margin was 6.3% versus 5.8%.

Adjusted EBITDA reached $64.7 million, compared with $43.3 million a year earlier.

Debt reduction and a revolver extended to 2029

At October 3, 2026, debt, net was $678.1 million, down about $119.5 million from year-end, and cash was $15.3 million. Operating Debt was $500.5 million, and $181.2 million was long-term fixed-rate financing supported primarily by Ford Lease payments.

The Credit Agreement Leverage Ratio was 1.98 times, against a maximum permitted 3.50 times. A revolving Facility amendment cut commitments from $500.0 million to $350.0 million, extended the term from September 30, 2027 to September 30, 2029, and left about $90.1 million unused.

For the thirty-nine weeks, revenue was $1.14 billion, down from $1.17 billion, and Net Income was $40.8 million, or $1.55 per share.

Dividend steady and the next markers to follow

The board declared a cash Dividend of $0.105 per share, payable on January 6, 2027 to stockholders of record on December 1, 2026. Chief Financial Officer Michael Rogers said the company remains focused on further debt reduction while keeping capacity for operations and strategic priorities.

Readers will likely follow whether Intermodal can sustain positive Operating Income on lower volumes, whether Contract Logistics holds its 8.4% margin as the program count drifts lower and how quickly debt, net moves below $678.1 million.