ARCB 10-Q

Arcbest Corp /Tx/ (ARCB)

10-Q 2026-05-01 For: 2026-03-31

View Original

Added on May 01, 2026


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock $0.01 Par Value	ARCB	Nasdaq


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


Class		Outstanding at April 29, 2026
Common Stock, $0.01 par value		22,263,780 shares


			Page

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Balance Sheets — March 31, 2026 and December 31, 2025		3

	Consolidated Statements of Operations — For the Three Months ended March 31, 2026 and 2025		4

	Consolidated Statements of Comprehensive Income (Loss) — For the Three Months ended March 31, 2026 and 2025		5

	Consolidated Statements of Stockholders’ Equity — For the Three Months ended March 31, 2026 and 2025		6

	Consolidated Statements of Cash Flows — For the Three Months ended March 31, 2026 and 2025		7

	Notes to Consolidated Financial Statements		8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		19

Item 3.	Quantitative and Qualitative Disclosures About Market Risk		32

Item 4.	Controls and Procedures		32

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings		33

Item 1A.	Risk Factors		33

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		33

Item 3.	Defaults Upon Senior Securities		33

Item 4.	Mine Safety Disclosures		33

Item 5.	Other Information		34

Item 6.	Exhibits		35

SIGNATURES			36


	March 31		December 31
	2026		2025
	(Unaudited)
	(in thousands, except share data)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	64,057	$	102,030
Short-term investments		22,390		22,204
Accounts receivable, less allowances (2026 – $8,890; 2025 – $7,763)		425,461		370,969
Other accounts receivable, less allowances (2026 – $718; 2025 – $656)		29,301		26,295
Prepaid expenses		49,284		49,399
Prepaid and refundable income taxes		42,026		45,405
Other		10,713		9,761
TOTAL CURRENT ASSETS		643,232		626,063
PROPERTY, PLANT AND EQUIPMENT
Land and structures		570,752		566,071
Revenue equipment		1,199,648		1,201,386
Service, office, and other equipment		362,080		363,340
Software		194,240		190,673
Leasehold improvements		43,424		41,531
		2,370,144		2,363,001
Less allowances for depreciation and amortization		1,234,588		1,219,564
PROPERTY, PLANT AND EQUIPMENT, net		1,135,556		1,143,437
GOODWILL		304,753		304,753
INTANGIBLE ASSETS, net		66,873		69,391
OPERATING RIGHT-OF-USE ASSETS		215,902		220,157
DEFERRED INCOME TAXES		15,684		9,303
OTHER LONG-TERM ASSETS		76,396		79,558
TOTAL ASSETS	$	2,458,396	$	2,452,662

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	164,240	$	154,487
Income taxes payable		8,508		—
Accrued expenses		388,361		378,125
Current portion of long-term debt		94,091		87,882
Current portion of operating lease liabilities		36,828		36,394
TOTAL CURRENT LIABILITIES		692,028		656,888
LONG-TERM DEBT, less current portion		129,559		135,974
OPERATING LEASE LIABILITIES, less current portion		199,610		204,333
POSTRETIREMENT LIABILITIES, less current portion		13,695		13,696
DEFERRED INCOME TAXES		105,624		111,580
OTHER LONG-TERM LIABILITIES		31,354		34,470
COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY
Common stock, $0.01 par value, authorized 70,000,000 shares; issued 2026: 30,499,361 shares; 2025: 30,489,886 shares		305		305
Additional paid-in capital		340,201		338,083
Retained earnings		1,480,662		1,484,378
Treasury stock, at cost, 2026: 8,225,379 shares; 2025: 8,140,368 shares		(534,028)		(526,606)
Accumulated other comprehensive loss		(614)		(439)
TOTAL STOCKHOLDERS’ EQUITY		1,286,526		1,295,721
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,458,396	$	2,452,662


	Three Months Ended
	March 31
	2026		2025

	(Unaudited)
	(in thousands, except share and per share data)
REVENUES	$	998,786	$	967,077

OPERATING EXPENSES		995,356		960,447

OPERATING INCOME		3,430		6,630

OTHER INCOME (COSTS)
Interest and dividend income		676		1,150
Interest and other related financing costs		(4,288)		(2,755)
Other, net		(1,152)		(851)
		(4,764)		(2,456)

INCOME (LOSS) BEFORE INCOME TAXES		(1,334)		4,174

INCOME TAX PROVISION (BENEFIT)		(297)		1,043

NET INCOME (LOSS)	$	(1,037)	$	3,131

EARNINGS PER COMMON SHARE
Basic	$	(0.05)	$	0.13
Diluted	$	(0.05)	$	0.13

AVERAGE COMMON SHARES OUTSTANDING
Basic		22,338,397		23,198,805
Diluted		22,338,397		23,272,766


	Three Months Ended March 31, 2026 and 2025
												Accumulated
					Additional							Other
	Common Stock				Paid-In		Retained		Treasury Stock			Comprehensive		Total
	Shares		Amount		Capital		Earnings		Shares	Amount		Income (Loss)		Equity

	(Unaudited)
	(in thousands)
Balance at December 31, 2025		30,490	$	305	$	338,083	$	1,484,378	8,140	$	(526,606)	$	(439)	$	1,295,721
Net loss								(1,037)							(1,037)
Other comprehensive loss, net of tax													(175)		(175)
Issuance of common stock under share-based compensation plans		9		—		—									—
Share-based compensation expense						2,118									2,118
Purchase of treasury stock									85		(7,422)				(7,422)
Dividends declared on common stock								(2,679)							(2,679)
Balance at March 31, 2026		30,499	$	305	$	340,201	$	1,480,662	8,225	$	(534,028)	$	(614)	$	1,286,526

Balance at December 31, 2024		30,402	$	304	$	329,575	$	1,435,250	7,115	$	(451,039)	$	272	$	1,314,362
Net income								3,131							3,131
Other comprehensive loss, net of tax													(343)		(343)
Shares withheld for employee tax remittance on share-based compensation						(14)									(14)
Share-based compensation expense						2,383									2,383
Purchase of treasury stock									259		(21,990)				(21,990)
Dividends declared on common stock								(2,785)							(2,785)
Balance at March 31, 2025		30,402	$	304	$	331,944	$	1,435,596	7,374	$	(473,029)	$	(71)	$	1,294,744


	December 31, 2025
			Fair Value Measurements Using
			Quoted Prices		Significant		Significant
			In Active		Observable		Unobservable
			Markets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)

	(in thousands)
Assets:
Money market funds⁽¹⁾	$	29,750	$	29,750	$	—	$	—
Equity, bond, and money market mutual funds held in trust related to the Voluntary Savings Plan⁽²⁾		5,166		5,166		—		—
	$	34,916	$	34,916	$	—	$	—


			March 31, 2026									December 31, 2025
	Weighted-Average
	Amortization					Accumulated			Net						Accumulated			Net
	Period		Cost			Amortization			Value				Cost		Amortization			Value

	(in years)		(in thousands)									(in thousands)
Finite-lived intangible assets
Customer relationships	12		$	99,579		$	70,312		$	29,267		$	99,579		$	68,206		$	31,373
Other	9			30,730			18,784			11,946			30,655			18,297			12,358
	11		$	130,309		$	89,096		$	41,213		$	130,234		$	86,503		$	43,731


			Unrecognized		Foreign
			Net Periodic		Currency
	Total		Benefit Credit		Translation

	(in thousands)
Balances at December 31, 2025	$	(439)	$	3,064	$	(3,503)

Other comprehensive loss before reclassifications		(62)		—		(62)
Amounts reclassified from accumulated other comprehensive income (loss)		(113)		(113)		—
Net current-period other comprehensive loss		(175)		(113)		(62)

Balances at March 31, 2026	$	(614)	$	2,951	$	(3,565)

Balances at December 31, 2024	$	272	$	4,203	$	(3,931)

Other comprehensive loss before reclassifications		(187)		—		(187)
Amounts reclassified from accumulated other comprehensive income (loss)		(156)		(156)		—
Net current-period other comprehensive loss		(343)		(156)		(187)

Balances at March 31, 2025	$	(71)	$	4,047	$	(4,118)


	Unrecognized Net Periodic
	Benefit Credit
	Three Months Ended March 31
	2026		2025

	(in thousands)
Amortization of net actuarial gain⁽¹⁾	$	152	$	210
Tax expense		(39)		(54)
Total, net of tax	$	113	$	156


	Year Over Year % Change
	Three Months Ended
	March 31, 2026
Revenue per shipment		(2.6%)
Shipments per day		9.8%
Shipments per employee per day		26.1%


						(c)		(d)
						Total Number of		Maximum
	(a)		(b)			Shares Purchased		Approximate Dollar
	Total Number		Average			as Part of Publicly		Value of Shares that
	of Shares		Price Paid			Announced		May Yet Be Purchased
Period	Purchased		Per Share⁽¹⁾			Plans or Programs		Under the Plans or Programs

	(in thousands, except share and per share data)
1/1/2026-1/31/2026	51,555		$	85.38		51,555		$	100,312
2/1/2026-2/28/2026	4,885			92.09		4,885		$	99,862
3/1/2026-3/31/2026	28,571			89.96		28,571		$	97,292
Total	85,011		$	87.30		85,011


Exhibit No.

2.1		Agreement and Plan of Merger, dated September 29, 2021, by and among the Company, Simba Sub, MoLo Solutions, LLC and Andrew Silver and Matt Vogrich, in their capacity as Sellers’ Representatives (previously filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K, filed with the SEC on September 29, 2021, File No. 000-19969, and incorporated herein by reference).

2.2		Consent and Amendment to the Agreement and Plan of Merger, dated October 25, 2021, by and among the Company, Simba Sub, LLC, MoLo Solutions, LLC and Andrew Silver and Matt Vogrich, in their capacity as Sellers’ Representatives (previously filed as Exhibit 2.2 to the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 25, 2022, File No. 000-19969, and incorporated herein by reference).

2.3		Second Amendment to Agreement and Plan of Merger, dated March 31, 2022, by and among the Company on behalf of itself and MoLo Solutions, LLC, and Andrew Silver and Matt Vogrich, in their capacity as Sellers’ Representatives (previously filed as Exhibit 2.3 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 6, 2022, File No. 000-19969, and incorporated herein by reference).

2.4		Third Amendment to Agreement and Plan of Merger, dated May 6, 2022, by and among the Company on behalf of itself and MoLo Solutions, LLC, and Andrew Silver and Matt Vogrich, in their capacity as Sellers’ Representatives (previously filed as Exhibit 2.4 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on August 5, 2022, File No. 000-19969, and incorporated herein by reference).

3.1		Third Amended and Restated Certificate of Incorporation of the Company (previously filed as Exhibit 3.1 to the Company’s Current Report on Form 10-Q, filed with the SEC on May 3, 2024, File No. 000-19969, and incorporated herein by reference).

3.2		Ninth Amended and Restated Bylaws of the Company dated as of February 20, 2025 (previously filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed with the SEC on February 26, 2025, File No. 000-19969, and incorporated herein by reference).

31.1*		Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32**		Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS*		XBRL Instance Document – the instance document does not appear in the Interactive Data Files because its XBRL tags are embedded within the Inline XBRL document.

101.SCH*		Inline XBRL Taxonomy Extension Schema Document

101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*		Inline XBRL Taxonomy Extension Labels Linkbase Document

101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104*		The Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.


	ARCBEST CORPORATION
	(Registrant)

Date: May 1, 2026	/s/ Seth K. Runser
	Seth K. Runser
	Director, President and Chief Executive Officer
	(Principal Executive Officer)


Date: May 1, 2026	/s/ J. Matthew Beasley
	J. Matthew Beasley
	Chief Financial Officer
	(Principal Financial Officer)


	Three Months Ended
	March 31
	2026		2025

	(Unaudited)
	(in thousands)
OPERATING ACTIVITIES
Net income (loss)	$	(1,037)	$	3,131
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		41,710		36,764
Amortization of intangibles		2,594		3,200
Share-based compensation expense		2,118		2,383
Provision for losses on accounts receivable		736		1,129
Change in deferred income taxes		(12,200)		764
(Gain) loss on sale of property and equipment		68		(49)
Changes in operating assets and liabilities:
Receivables		(58,427)		(9,615)
Prepaid expenses		115		1,194
Other assets		1,970		(920)
Income taxes		11,789		(248)
Operating right-of-use assets and lease liabilities, net		(34)		(11,587)
Accounts payable, accrued expenses, and other liabilities		19,136		(49,543)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		8,538		(23,397)

INVESTING ACTIVITIES
Purchases of property, plant and equipment, net of financings		(9,762)		(14,523)
Proceeds from sale of property and equipment		1,853		3,276
Proceeds from sale of short-term investments		—		5,236
Capitalization of internally developed software		(3,567)		(3,122)
Other investing activities		—		1,076
NET CASH USED IN INVESTING ACTIVITIES		(11,476)		(8,057)

FINANCING ACTIVITIES
Borrowings under credit facilities		—		25,000
Payments on long-term debt		(22,312)		(17,317)
Net change in book overdrafts		(2,605)		(4,762)
Deferred financing costs		(17)		—
Payment of common stock dividends		(2,679)		(2,785)
Purchases of treasury stock		(7,422)		(21,990)


	March 31		December 31
	2026		2025

	(in thousands)
Pre-tax amounts:
Unrecognized net periodic benefit credit	$	3,974	$	4,126
Foreign currency translation		(4,801)		(4,717)

Total	$	(827)	$	(591)

After-tax amounts:
Unrecognized net periodic benefit credit	$	2,951	$	3,064
Foreign currency translation		(3,565)		(3,503)

Total	$	(614)	$	(439)


	Three Months Ended
	March 31
	2026		2025

	(in thousands)
REVENUES
Asset-Based	$	655,007	$	646,294
Asset-Light		377,746		356,012
Other and eliminations		(33,967)		(35,229)
Total consolidated revenues	$	998,786	$	967,077

OPERATING EXPENSES
Asset-Based
Salaries, wages, and benefits	$	355,139	$	344,141
Fuel, supplies, and expenses		81,585		77,642
Operating taxes and licenses		14,468		13,112
Insurance		16,069		17,963
Communications and utilities		5,759		5,810
Depreciation and amortization		36,211		30,590
Rents and purchased transportation		68,660		67,161
Shared services		59,164		62,443
Loss on sale of property and equipment		144		23
Other		331		992
Total Asset-Based		637,530		619,877

Asset-Light
Purchased transportation		325,671		304,614
Salaries, wages, and benefits		22,745		25,549
Supplies and expenses		1,449		1,739
Depreciation and amortization⁽¹⁾		4,010		4,618
Shared services		18,769		17,981
Other		4,871		5,891
Total Asset-Light		377,515		360,392

Other and eliminations		(19,689)		(19,822)
Total consolidated operating expenses	$	995,356	$	960,447

OPERATING INCOME (LOSS)
Asset-Based	$	17,477	$	26,417