Arcbest Corp 8-K, filed Nov 4, 2026
Arcbest Corp (ARCB)
About this 8-K
Arcbest Corp filed this 8-K on November 4, 2026.
ArcBest reported third-quarter 2026 revenue of $1.2 billion, up 15% year over year, and GAAP net income of $51.7 million, or $2.30 per diluted share, compared with $39.3 million, or $1.72 per diluted share. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 4, 2026 (
(Exact name of registrant as specified in its charter)
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(Address of principal executive offices) | | (Zip Code) |
| ||
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
ITEM 2.02 – RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On November 4, 2026, ArcBest® (Nasdaq: ARCB) (the “Company”) issued a press release announcing its unaudited third quarter 2026 results. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference. Additional supplemental information and presentation slides to be used in connection with the scheduled conference call to discuss the quarterly results are furnished as Exhibit 99.2 and Exhibit 99.3 to this Current Report on Form 8-K and incorporated herein by reference.
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, management believes that certain non-GAAP financial measures and ratios utilized internally to assess core performance offer analysts, investors, and others insights into performance trends by excluding items from operating results that management believes do not reflect ArcBest’s core operating performance.
The press release in Exhibit 99.1, the supplemental information in Exhibit 99.2, and the presentation slides in Exhibit 99.3 include certain non-GAAP information. Certain information discussed in the scheduled conference call could also be considered non-GAAP measures. Reconciliations of non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are included in Exhibit 99.1 herein, including reconciliations of GAAP earnings and earnings per share to non-GAAP financial measures, reconciliations of GAAP to non-GAAP effective tax rates, and calculations of adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). Reconciliations of non-GAAP measures included in the presentation slides to the most directly comparable GAAP financial measures are also included within Exhibit 99.3 herein.
Management believes EBITDA and Adjusted EBITDA to be relevant and useful information as EBITDA is a standard measure commonly reported and widely used by analysts, investors and others to measure financial performance and ability to service debt obligations. Additionally, Adjusted EBITDA is used for business planning and as a key performance measure, particularly because it excludes certain significant expenses resulting from strategic decisions or other factors rather than core daily operations. ArcBest’s calculation of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies as other companies may calculate EBITDA and Adjusted EBITDA differently. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for or a better measurement than operating income (loss) or net income (loss), as determined under GAAP, which are the most directly comparable GAAP measures for the periods presented.
ITEM 9.01 – FINANCIAL STATEMENTS AND EXHIBITS
Exhibit No. | | Description of Exhibit |
| | |
99.1 | | |
99.2 | | |
99.3 | | Earnings conference call presentation dated November 4, 2026 |
104 | | Cover Page Interactive Data File – The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | ARCBEST CORPORATION |
| | | |
| | | (Registrant) |
| | | |
Date: | November 4, 2026 | | /s/ J. Brent Hagy |
| J. Brent Hagy | ||
| Chief Legal Officer and Corporate Secretary | ||
| |||
Exhibit 99.1
Investor Relations Contact: Amy Mendenhall | Media Contact: Autumnn Mahar |
Phone: 479-785-6200 | Phone: 479-494-8221 |
Email: invrel@arcb.com | Email: amahar@arcb.com |
ArcBest Announces Third Quarter 2026 Results
| ● | Third-quarter revenue increased 15% year over year to $1.2 billion, driven by stronger performance across both operating segments |
| ● | Disciplined pricing, productivity initiatives, and cost savings from organizational changes contributed to higher earnings and operating margin |
FORT SMITH, Arkansas, November 4, 2026 — ArcBest® (Nasdaq: ARCB), a leader in supply chain logistics, announced financial results for the third quarter ended September 30, 2026.
Third quarter 2026 revenue totaled $1.2 billion, compared to $1.0 billion in the third quarter of 2025. Net income was $51.7 million, or $2.30 per diluted share, compared to $39.3 million, or $1.72 per diluted share, in the prior-year period.
On a non-GAAP basis, net income was $58.7 million, or $2.62 per diluted share, compared to $33.4 million, or $1.46 per diluted share, in the prior-year period. Non-GAAP results exclude restructuring charges associated with the restructuring plan announced on July 16, 2026, as well as other items described in the attached non-GAAP reconciliation tables.
“The third quarter reflected the progress we’ve been making across ArcBest and the commitment of our people,” said Seth Runser, ArcBest President and CEO. “Stronger earnings and profitability were driven by disciplined execution, continued momentum in Asset-Light and ongoing savings from actions to simplify our organization and improve efficiency. We also continued to invest in technology and innovation to better serve our customers and support long-term profitable growth.”
Results of Operations Comparisons
Asset-Based
Third Quarter 2026 Versus Third Quarter 2025
| ● | Revenue of $798.6 million compared to $726.5 million, a per-day increase of 9.9 percent |
| ● | Tonnage per day increase of 9.6 percent |
| ● | Shipments per day decrease of 3.0 percent |
| ● | Billed revenue per shipment increase of 14.2 percent |
| ● | Billed revenue per hundredweight increase of 1.1 percent |
| ● | Weight per shipment increase of 13.0 percent |
| ● | Operating income of $75.6 million and an operating ratio of 90.5 percent, compared to $70.2 million and 90.3 percent |
| ● | On a non-GAAP basis, operating income of $76.3 million and an operating ratio of 90.4 percent, compared to $54.4 million and 92.5 percent |
Tonnage growth was driven by higher weight per shipment, reflecting a continued shift in freight profile, partially offset by fewer shipments per day. Revenue per shipment benefited from the heavier freight profile and slightly higher revenue per hundredweight, largely reflecting higher fuel surcharge revenue. Excluding fuel surcharge, revenue per hundredweight decreased in the low single digits.
Customer contracts and deferred pricing agreements renewed during the third quarter averaged a 5.1 percent increase, and LTL industry pricing remains rational.
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Operating expenses increased due to annual union wage and benefit adjustments, as well as higher fuel and purchased transportation costs.
Compared to the second quarter of 2026, third quarter daily revenue improved 1.1 percent. Tonnage per day increased 0.6 percent, driven by a 0.6 percent increase in weight per shipment, while daily shipments were flat. Billed revenue per shipment increased 0.9 percent due to the heavier freight profile, while revenue per hundredweight increased less than one percent, both including and excluding fuel surcharge. The non-GAAP operating ratio was in line with second quarter.
Asset-Light
Third Quarter 2026 Versus Third Quarter 2025
| ● | Revenue of $446.3 million compared to $356.0 million, a per-day increase of 25.4 percent |
| ● | Shipments per day increase of 1.2 percent |
| ● | Revenue per shipment increase of 23.8 percent |
| ● | Purchased transportation expense was 85.0 percent of revenue compared to 84.9 percent |
| ● | Operating income of $12.5 million compared to operating loss of $1.6 million |
| ● | On a non-GAAP basis, operating income of $14.4 million compared to $1.6 million |
| ● | Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), as defined in the attached non-GAAP reconciliation tables, of $15.6 million compared to $3.1 million |
Revenue increased primarily due to higher revenue per shipment, reflecting a tightening capacity environment along with modest shipment growth. Revenue growth, combined with disciplined cost management and productivity improvements, drove improved non-GAAP operating income compared to the prior year.
Compared to the second quarter of 2026, third quarter daily revenue increased 0.9 percent, reflecting a 3.8 percent increase in revenue per shipment, partially offset by a 2.7 percent decrease in daily shipments. Higher revenue per shipment and disciplined cost management resulted in improved non-GAAP operating income compared to the previous quarter.
Conference Call
ArcBest will host a conference call with company executives to discuss its quarterly results on Wednesday, November 4, 2026, at 9:00 a.m. ET (8:00 a.m. CT). Interested parties may access the live call by dialing (833) 461-5787 and entering conference ID 500337142, or by accessing the webcast on ArcBest’s website at arcb.com. Presentation slides to accompany the call are included in Exhibit 99.3 of the Form 8-K filed on November 4, 2026. The slides will also be available for download on the company’s website prior to the start of the call and will be included in the webcast. A replay of the webcast will be available on ArcBest’s website following the call.
About ArcBest
ArcBest® (Nasdaq: ARCB) is a multibillion-dollar integrated logistics company delivering end-to-end supply chain solutions designed around how businesses operate. Partnering with 30,000+ customers across the globe, ArcBest combines the reliability and control of an asset-based LTL network, the reach and flexibility of a brokerage network, and innovative technology to help build stronger, more efficient supply chains. ArcBest View™, the company’s digital logistics platform, gives customers greater control and clarity by bringing quoting, booking, shipment visibility and reporting into one connected experience. With 14,000 employees, approximately 240 campuses and service centers, and over a century of expertise, ArcBest delivers a premium experience built on reliable service, clear visibility and responsive support. For more information, visit arcb.com.
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The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: Certain statements and information in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding (i) our expectations about our intrinsic value or our prospects for growth and value creation and (ii) our financial outlook, position, strategies, goals, and expectations, including our expectations with respect to our restructuring plans. Terms such as “anticipate,” “believe,” “could,” “designed,” “estimate,” “expect,” “forecast,” “foresee,” “intend,” “likely,” “may,” “plan,” “predict,” “project,” “scheduled,” “seek,” “should,” “would,” and similar expressions and the negatives of such terms are intended to identify forward-looking statements. These statements are based on management’s beliefs, assumptions, and expectations based on currently available information, are not guarantees of future performance, and involve certain risks and uncertainties (some of which are beyond our control). Although we believe that the expectations reflected in these forward-looking statements are reasonable as and when made, we cannot provide assurance that our expectations will prove to be correct and caution the reader not to place undue reliance on our forward-looking statements. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in these statements due to a number of factors, including, but not limited to: data breaches, cybersecurity incidents, and/or interruptions or failures of our information systems that we depend on, including software programs and applications provided by third parties; untimely or ineffective development and implementation of, or failure to realize the potential benefits associated with new or enhanced technology or processes; the loss or reduction of business from multiple large customers or an overall reduction in our customer base; the timing and performance of growth initiatives and the ability to manage our cost structure; the cost, integration, and performance of future acquisitions and the inability to realize the anticipated benefits of the acquisition; unsolicited takeover proposals, proxy contests, and other proposals or actions by activist investors; maintaining our corporate reputation and intellectual property rights; failure to achieve market acceptance or generate adequate returns through our Vaux® technologies; failure to recognize the benefits associated with our restructuring plans; establishing and maintaining adequate internal controls over financial reporting; disruptions in domestic or global manufacturing activity, supply chains, and related changes in spending, resulting in material reductions in freight volumes; competitive initiatives and pricing pressures; increased prices for and decreased availability of equipment, including new revenue equipment, and higher costs of equipment-related operating expenses such as maintenance, fuel, and related taxes; availability of fuel, the effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates, and the inability to collect fuel surcharges; relationships with employees, including unions, and our ability to attract, retain, and upskill employees; unfavorable terms of, or the inability to reach agreement on, future collective bargaining agreements or a workforce stoppage by our employees covered under ABF Freight’s collective bargaining agreement; union employee wages and benefits, including changes in required contributions to multiemployer plans; availability and cost of reliable third-party services; our ability to secure independent owner-operators and/or operational or regulatory issues related to our use of their services; litigation or claims asserted against us; the effects, costs and potential liabilities related to changes in and compliance with, or violation of, existing or future governmental laws and regulations, including, but not limited to, environmental laws and regulations, such as emissions-control regulations and fuel efficiency regulations; default on covenants of financing arrangements and the availability and terms of future financing arrangements; our ability to generate sufficient cash from operations to support significant ongoing capital expenditure requirements and other business initiatives; self-insurance claims, insurance premium costs, and loss of our ability to self-insure; potential impairment of long-lived assets and goodwill and intangible assets; external events which may adversely affect us or the third parties who provide services for us, for which our business continuity plans may not adequately prepare us, including, but not limited to, the occurrence of natural disasters, public health crises, geopolitical conflicts, acts of terrorism or war, cybersecurity incidents, or trade restrictions; general economic conditions and related shifts in market demand that impact the performance and needs of industries we serve and/or limit our customers’ access to adequate financial resources; seasonal fluctuations, adverse weather conditions, natural disasters, and climate change; and other financial, operational, and legal risks and uncertainties detailed from time to time in ArcBest Corporation’s public filings with the Securities and Exchange Commission (“SEC”).
For additional information regarding known material factors that could cause our actual results to differ from those expressed in these forward-looking statements, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events, or otherwise.
Financial Data and Operating Statistics
The following tables show financial data and operating statistics on ArcBest® and its reportable segments.
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ARCBEST CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
| | Three Months Ended | | Nine Months Ended | | ||||||||
| | September 30 | | September 30 | | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 |
| ||||
| | (Unaudited) | | ||||||||||
| | ($ thousands, except share and per share data) | | ||||||||||
REVENUES | | $ | 1,210,503 | | $ | 1,048,137 | | $ | 3,393,822 | | $ | 3,037,470 | |
| | | | | | | | | | | | | |
OPERATING EXPENSES | |
| 1,137,169 | | | 993,510 | |
| 3,337,681 | | | 2,938,904 | |
| | | | | | | | | | | | | |
OPERATING INCOME | |
| 73,334 | |
| 54,627 | |
| 56,141 | |
| 98,566 | |
| | | | | | | | | | | | | |
OTHER INCOME (COSTS) | | | | | | | | | | | | | |
Interest and dividend income | |
| 1,745 | |
| 1,368 | |
| 3,327 | |
| 3,555 | |
Interest and other related financing costs | |
| (3,176) | |
| (3,334) | |
| (10,855) | |
| (9,045) | |
Other, net | |
| (1,030) | |
| 847 | |
| (30) | |
| 574 | |
| |
| (2,461) | |
| (1,119) | |
| (7,558) | |
| (4,916) | |
| | | | | | | | | | | | | |
INCOME BEFORE INCOME TAXES | |
| 70,873 | |
| 53,508 | |
| 48,583 | |
| 93,650 | |
| | | | | | | | | | | | | |
INCOME TAX PROVISION | |
| 19,214 | |
| 14,234 | |
| 11,785 | |
| 25,436 | |
| | | | | | | | | | | | | |
NET INCOME | | $ | 51,659 | | $ | 39,274 | | $ | 36,798 | | $ | 68,214 | |
| | | | | | | | | | | | | |
EARNINGS PER COMMON SHARE | | | | | | | | | | | | | |
Basic | | $ | 2.31 | | $ | 1.73 | | $ | 1.65 | | $ | 2.97 | |
Diluted | | $ | 2.30 | | $ | 1.72 | | $ | 1.64 | | $ | 2.96 | |
| | | | | | | | | | | | | |
AVERAGE COMMON SHARES OUTSTANDING | | | | | | | | | | | | | |
Basic | |
| 22,319,874 | |
| 22,718,292 | |
| 22,336,454 | |
| 22,952,014 | |
Diluted | |
| 22,428,317 | |
| 22,811,670 | |
| 22,477,448 | |
| 23,037,638 | |
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ARCBEST CORPORATION
| | September 30 | | December 31 | | ||
| | 2026 | | 2025 |
| ||
| | (Unaudited) | | Note | | ||
| | ($ thousands, except share data) | | ||||
ASSETS | | | | | | | |
CURRENT ASSETS | | | | | | | |
Cash and cash equivalents | | $ | 184,924 | | $ | 102,030 | |
Short-term investments | |
| 22,355 | |
| 22,204 | |
Accounts receivable, less allowances (2026 - $8,484; 2025 - $7,763) | |
| 488,940 | |
| 370,969 | |
Other accounts receivable, less allowances (2026 - $698; 2025 - $656) | |
| 9,541 | |
| 26,295 | |
Prepaid expenses | |
| 34,485 | |
| 49,399 | |
Prepaid and refundable income taxes | |
| 10,354 | |
| 45,405 | |
Other | |
| 9,350 | |
| 9,761 | |
TOTAL CURRENT ASSETS | |
| 759,949 | |
| 626,063 | |
| | | | | | | |
PROPERTY, PLANT AND EQUIPMENT | | | | | | | |
Land and structures | |
| 575,045 | |
| 566,071 | |
Revenue equipment | |
| 1,206,174 | |
| 1,201,386 | |
Service, office, and other equipment | |
| 313,053 | |
| 363,340 | |
Software | |
| 192,488 | |
| 190,673 | |
Leasehold improvements | |
| 44,819 | |
| 41,531 | |
| | | 2,331,579 | | | 2,363,001 | |
Less accumulated depreciation and amortization | |
| 1,259,823 | |
| 1,219,564 | |
PROPERTY, PLANT AND EQUIPMENT, net | |
| 1,071,756 | |
| 1,143,437 | |
| | | | | | | |
GOODWILL | |
| 304,753 | |
| 304,753 | |
INTANGIBLE ASSETS, net | |
| 35,926 | |
| 69,391 | |
OPERATING RIGHT-OF-USE ASSETS | | | 208,303 | | | 220,157 | |
DEFERRED INCOME TAXES | |
| 18,237 | |
| 9,303 | |
OTHER LONG-TERM ASSETS | | | 74,436 | | | 79,558 | |
TOTAL ASSETS | | $ | 2,473,360 | | $ | 2,452,662 | |
| | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | |
CURRENT LIABILITIES | | | | | | | |
Accounts payable | | $ | 198,882 | | $ | 154,487 | |
Income taxes payable | |
| 18,368 | |
| — | |
Accrued expenses | |
| 420,658 | |
| 378,125 | |
Current portion of long-term debt | |
| 88,264 | |
| 87,882 | |
Current portion of operating lease liabilities | | | 36,180 | | | 36,394 | |
TOTAL CURRENT LIABILITIES | |
| 762,352 | |
| 656,888 | |
| | | | | | | |
LONG-TERM DEBT, less current portion | |
| 106,257 | |
| 135,974 | |
OPERATING LEASE LIABILITIES, less current portion | | | 200,715 | | | 204,333 | |
POSTRETIREMENT LIABILITIES, less current portion | |
| 13,661 | |
| 13,696 | |
DEFERRED INCOME TAXES | |
| 65,302 | |
| 111,580 | |
OTHER LONG-TERM LIABILITIES | |
| 32,959 | |
| 34,470 | |
| | | | | | | |
STOCKHOLDERS’ EQUITY | | | | | | | |
Common stock, $0.01 par value, authorized 70,000,000 shares; | |
| 306 | |
| 305 | |
Additional paid-in capital | |
| 341,135 | |
| 338,083 | |
Retained earnings | |
| 1,513,128 | |
| 1,484,378 | |
Treasury stock, at cost, 2026: 8,424,105 shares; 2025: 8,140,368 shares | |
| (561,388) | |
| (526,606) | |
Accumulated other comprehensive loss | |
| (1,067) | |
| (439) | |
TOTAL STOCKHOLDERS’ EQUITY | |
| 1,292,114 | |
| 1,295,721 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | $ | 2,473,360 | | $ | 2,452,662 | |
Note: The balance sheet at December 31, 2025 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.
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ARCBEST CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
| | Nine Months Ended | | ||||
| | September 30 | | ||||
| | 2026 | | 2025 |
| ||
| | (Unaudited) | | ||||
| | ($ thousands) | | ||||
OPERATING ACTIVITIES | | | | | | | |
Net income | | $ | 36,798 | | $ | 68,214 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | |
Depreciation and amortization | |
| 125,280 | |
| 115,690 | |
Amortization of intangibles | |
| 6,877 | |
| 9,600 | |
Share-based compensation expense | |
| 7,222 | |
| 8,904 | |
Provision for losses on accounts receivable | |
| 3,128 | |
| 2,386 | |
Change in deferred income taxes | |
| (55,018) | |
| 37,117 | |
Gain on sale of property and equipment | |
| (1,523) | |
| (15,684) | |
Asset impairment charges | | | 85,266 | |
| — | |
Change in fair value of contingent consideration | | | — | | | (2,650) | |
Changes in operating assets and liabilities: | | | | | | | |
Receivables | |
| (104,667) | |
| (2,931) | |
Prepaid expenses | |
| 14,914 | |
| 12,495 | |
Other assets | |
| (2,011) | |
| (4,994) | |
Income taxes | |
| 53,343 | |
| (17,320) | |
Operating right-of-use assets and lease liabilities, net | |
| (341) | |
| (11,194) | |
Accounts payable, accrued expenses, and other liabilities | |
| 85,980 | |
| (15,342) | |
NET CASH PROVIDED BY OPERATING ACTIVITIES | |
| 255,248 | |
| 184,291 | |
| | | | | | | |
INVESTING ACTIVITIES | | | | | | | |
Purchases of property, plant and equipment, net of financings | |
| (36,022) | |
| (107,005) | |
Proceeds from sale of property and equipment | |
| 7,096 | |
| 32,518 | |
Purchases of short-term investments | |
| (12,000) | |
| (12,000) | |
Proceeds from sale of short-term investments | |
| 12,000 | |
| 30,226 | |
Capitalization of internally developed software | |
| (10,589) | |
| (9,958) | |
Other investing activities | | | 5,242 | | | 8,756 | |
NET CASH USED IN INVESTING ACTIVITIES | |
| (34,273) | |
| (57,463) | |
| | | | | | | |
FINANCING ACTIVITIES | | | | | | | |
Borrowings under credit facilities | |
| — | |
| 25,000 | |
Payments on long-term debt | |
| (89,175) | |
| (87,275) | |
Net change in book overdrafts | |
| (1,890) | |
| (2,887) | |
Deferred financing costs | |
| (17) | | | (112) | |
Payment of common stock dividends | |
| (8,048) | |
| (8,270) | |
Purchases of treasury stock | | | (34,782) | | | (58,130) | |
Payments for tax withheld on share-based compensation | |
| (4,169) | |
| (1,994) | |
NET CASH USED IN FINANCING ACTIVITIES | |
| (138,081) | |
| (133,668) | |
| | | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |
| 82,894 | |
| (6,840) | |
Cash and cash equivalents at beginning of period | |
| 102,030 | |
| 127,444 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | | $ | 184,924 | | $ | 120,604 | |
| | | | | | | |
NONCASH INVESTING ACTIVITIES | | | | | | | |
Equipment financed | | $ | 59,840 | | $ | 87,241 | |
Accruals for equipment received | | $ | 1,391 | | $ | 1,333 | |
Lease liabilities arising from obtaining right-of-use assets | | $ | 23,983 | | $ | 47,306 | |
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ARCBEST CORPORATION
FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS
| Three Months Ended | | | Nine Months Ended |
| ||||||||||||||||||
| September 30 | | | September 30 |
| ||||||||||||||||||
| 2026 | | | 2025 | | | 2026 | | | 2025 |
| ||||||||||||
| (Unaudited) |
| |||||||||||||||||||||
| ($ thousands, except percentages) |
| |||||||||||||||||||||
REVENUES | | | | | | | | | | | | | | | | | | | | | | | |
Asset-Based | $ | 798,613 |
| |
|
| $ | 726,475 |
| |
|
| $ | 2,237,291 |
| |
|
| $ | 2,086,081 |
| | |
Asset-Light |
| 446,291 | | | | |
| 355,969 | | | | |
| 1,262,742 | | | | |
| 1,053,903 | | | |
Other and eliminations |
| (34,401) | | | | |
| (34,307) | | | | |
| (106,211) | | | | |
| (102,514) | | | |
Total consolidated revenues | $ | 1,210,503 |
| |
|
| $ | 1,048,137 | | |
|
| $ | 3,393,822 |
| |
|
| $ | 3,037,470 |
| | |
| | | | | | | | | | | | | | | | | | | | | | | |
OPERATING EXPENSES | | | | | | | | | | | | | | | | ||||||||
Asset-Based | | | | | | | | | | | | | | | | | | | | | | | |
Salaries, wages, and benefits | $ | 383,778 | | 48.1 | % | | $ | 370,164 | | 51.0 | % | | $ | 1,113,018 | | 49.7 | % | | $ | 1,080,234 | | 51.8 | % |
Fuel, supplies, and expenses |
| 102,169 | | 12.8 | | |
| 81,861 | | 11.3 | | |
| 281,586 | | 12.6 | | |
| 239,337 | | 11.5 | |
Operating taxes and licenses |
| 15,851 | | 2.0 | | |
| 13,373 | | 1.8 | | |
| 44,455 | | 2.0 | | |
| 40,330 | | 1.9 | |
Insurance |
| 17,031 | | 2.1 | | |
| 18,560 | | 2.5 | | |
| 49,605 | | 2.2 | | |
| 54,176 | | 2.6 | |
Communications and utilities |
| 5,383 | | 0.7 | | |
| 5,166 | | 0.7 | | |
| 16,412 | | 0.7 | | |
| 16,126 | | 0.8 | |
Depreciation and amortization |
| 35,590 | | 4.5 | | |
| 35,054 | | 4.8 | | |
| 108,433 | | 4.9 | | |
| 97,308 | | 4.7 | |
Rents and purchased transportation |
| 92,792 | | 11.6 | | |
| 81,142 | | 11.2 | | |
| 251,564 | | 11.2 | | |
| 224,501 | | 10.8 | |
Shared services |
| 68,939 | | 8.6 | | |
| 66,892 | | 9.2 | | |
| 202,455 | | 9.1 | | |
| 199,203 | | 9.5 | |
Restructuring charges(1) | | 733 | | 0.1 | | | | — | | — | | | | 1,686 | | 0.1 | | | | — | | — | |
(Gain) loss on sale of property and equipment(2) |
| 358 | | — | | |
| (15,874) | | (2.2) | | |
| (1,994) | | (0.1) | | |
| (16,010) | | (0.8) | |
Other |
| 433 | | — | | |
| (25) | | — | | |
| 2,786 | | 0.1 | | |
| 3,268 | | 0.1 | |
Total Asset-Based | | 723,057 | | 90.5 | % | | | 656,313 | | 90.3 | % | | | 2,070,006 | | 92.5 | % | | | 1,938,473 | | 92.9 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
Asset-Light | | | | | | | | | | | | | | | | | | | | | | | |
Purchased transportation | $ | 379,242 | | 85.0 | % | | $ | 302,309 | | 84.9 | % | | $ | 1,084,226 | | 85.9 | % | | $ | 895,503 | | 85.0 | % |
Salaries, wages, and benefits | | 24,646 | | 5.5 | | | | 24,913 | | 7.0 | | |
| 76,486 | | 6.1 | | |
| 76,091 | | 7.2 | |
Supplies and expenses | | 1,715 | | 0.4 | | |
| 1,970 | | 0.6 | | |
| 4,834 | | 0.4 | | |
| 5,448 | | 0.5 | |
Depreciation and amortization(3) |
| 3,139 | | 0.7 | | |
| 4,647 | | 1.3 | | |
| 11,030 | | 0.9 | | |
| 13,870 | | 1.3 | |
Shared services | | 18,417 | | 4.1 | | |
| 18,657 | | 5.2 | | |
| 51,111 | | 4.0 | | |
| 55,232 | | 5.2 | |
Asset impairment charges(4) | | — | | — | | | | — | | — | | | | 34,503 | | 2.7 | | | | — | | — | |
Restructuring charges(1) | | 172 | | — | | | | — | | — | | | | 884 | | 0.1 | | | | — | | — | |
Contingent consideration(5) | | — | | — | | | | — | | — | | | | — | | — | | | | (2,650) | | (0.2) | |
Other |
| 6,506 | | 1.5 | | |
| 5,068 | | 1.4 | | |
| 18,331 | | 1.4 | | |
| 15,793 | | 1.5 | |
Total Asset-Light |
| 433,837 | | 97.2 | % | |
| 357,564 | | 100.4 | % | |
| 1,281,405 | | 101.5 | % | |
| 1,059,287 | | 100.5 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
Other and eliminations(6) |
| (19,725) | | | | |
| (20,367) | | | | |
| (13,730) | | | | |
| (58,856) | | | |
Total consolidated operating expenses | $ | 1,137,169 | | 93.9 | % | | $ | 993,510 | | 94.8 | % | | $ | 3,337,681 | | 98.3 | % | | $ | 2,938,904 | | 96.8 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
OPERATING INCOME (LOSS) | | | | | | | | | | | | | | | | | | | | | | | |
Asset-Based | $ | 75,556 | | | | | $ | 70,162 | | | | | $ | 167,285 | | | | | $ | 147,608 | | | |
Asset-Light |
| 12,454 | | | | |
| (1,595) | | | | | | (18,663) | | | | | | (5,384) | | | |
Other and eliminations(6) |
| (14,676) | | | | |
| (13,940) | | | | |
| (92,481) | | | | |
| (43,658) | | | |
Total consolidated operating income | $ | 73,334 | | | | | $ | 54,627 | | | | | $ | 56,141 | | | | | $ | 98,566 | | | |
| 1) | Restructuring charges relate to realignment of the Company’s organizational structure as previously announced. |
| 2) | The nine months ended September 30, 2026 include a gain of $2.9 million on the sale of a service center during the second quarter of 2026. The 2025 periods include a net gain of $15.7 million, primarily related to two service center sales during the third quarter of 2025. |
| 3) | Includes amortization of intangibles associated with acquired businesses. |
| 4) | Represents $25.7 million in noncash asset impairment charges to write off the remaining carrying value of the Panther trade name as part of a strategic brand consolidation decision within Asset‑Light’s operations and $8.8 million in lease-related impairment charges associated with certain office space. |
| 5) | Represents the change in fair value of the contingent earnout consideration recorded for the MoLo acquisition. The Company reduced the contingent consideration for the MoLo acquisition to zero in the second quarter of 2025, reflecting the probability of no earnout payment based on projections of adjusted earnings before interest, taxes, depreciation, and amortization for 2025. |
| 6) | Includes $3.4 million in restructuring charges for the three months ended September 30, 2026. The nine months ended September 30, 2026 include $50.8 million in asset impairment charges recognized during the second quarter of 2026 related to the write-off of certain Freight Movement System assets associated with Vaux and $3.9 million in restructuring charges. “Other” also includes certain unallocated shared service costs which are not attributable to any segment, additional investments to offer comprehensive transportation and logistics services across multiple operating segments, costs related to our customer pilot offering of Vaux, and other investments in ArcBest technology and innovations. |
7
ARCBEST CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
Non-GAAP Financial Measures
We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, management believes that certain non-GAAP financial measures and ratios utilized internally to assess core performance offer analysts, investors, and others insights into performance trends by excluding items from operating results that management believes do not reflect our core operating performance. Our calculations may not be comparable to similarly titled measures of other companies as other companies may calculate non-GAAP measures differently. Certain information discussed in the scheduled conference call could be considered non-GAAP measures. Non-GAAP financial measures should be viewed in addition to, and not as an alternative or a better measurement than operating income, net income or earnings per share, as determined under GAAP, which are the most directly comparable measures for the periods presented.
| | Three Months Ended | | Nine Months Ended | |||||||||
| | September 30 | | September 30 | | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | | ||||
ArcBest Corporation — Consolidated | | (Unaudited) | | ||||||||||
| | ($ thousands, except per share data) | | ||||||||||
Operating Income | | | | | | | | | | | | | |
Amounts on GAAP basis | | $ | 73,334 | | $ | 54,627 | | $ | 56,141 | | $ | 98,566 | |
Innovative technology costs, pre-tax(1) | | | 6,062 | | | 7,713 | | | 21,039 | | | 22,349 | |
Purchase accounting amortization, pre-tax(2) | | | 1,809 | | | 3,192 | | | 6,852 | | | 9,576 | |
Asset impairment charges, pre-tax(3) | | | — | | | — | | | 85,266 | | | — | |
Restructuring charges, pre-tax(4) | | | 4,281 | | | — | | | 6,454 | | | — | |
Gain on sale of certain properties, pre-tax(5) | | | — | | | (15,726) | | | (2,910) | | | (15,726) | |
Change in fair value of contingent consideration, pre-tax(6) | | | — | | | — | | | — | | | (2,650) | |
Non-GAAP amounts | | $ | 85,486 | | $ | 49,806 | | $ | 172,842 | | $ | 112,115 | |
| | | | | | | | | | | | | |
Net Income | | | | | | | | | | | | | |
Amounts on GAAP basis | | $ | 51,659 | | $ | 39,274 | | $ | 36,798 | | $ | 68,214 | |
Innovative technology costs, after-tax (includes related financing costs)(1) | | | 4,559 | | | 5,862 | | | 15,917 | | | 17,014 | |
Purchase accounting amortization, after-tax(2) | | | 1,365 | | | 2,399 | | | 5,169 | | | 7,195 | |
Asset impairment charges, after-tax(3) | | | — | | | — | | | 64,209 | | | — | |
Restructuring charges, after-tax(4) | | | 3,219 | | | — | | | 4,853 | | | — | |
Gain on sale of certain properties, after-tax(5) | | | — | | | (11,778) | | | (2,184) | | | (11,778) | |
Change in fair value of contingent consideration, after-tax(6) | | | — | | | — | | | — | | | (1,991) | |
Changes in cash surrender value and gains on life insurance policies | | | (1,996) | | | (2,348) | | | (3,819) | | | (3,089) | |
Tax expense (benefit) from vested RSUs | | | (140) | | | 8 | | | (1,549) | | | 1,000 | |
Non-GAAP amounts | | $ | 58,666 | | $ | 33,417 | | $ | 119,394 | | $ | 76,565 | |
| | | | | | | | | | | | | |
Diluted Earnings Per Share | | | | | | | | | | | | | |
Amounts on GAAP basis | | $ | 2.30 | | $ | 1.72 | | $ | 1.64 | | $ | 2.96 | |
Innovative technology costs, after-tax (includes related financing costs)(1) | | | 0.20 | | | 0.26 | | | 0.71 | | | 0.74 | |
Purchase accounting amortization, after-tax(2) | | | 0.06 | | | 0.11 | | | 0.23 | | | 0.31 | |
Asset impairment charges, after-tax(3) | | | — | | | — | | | 2.86 | | | — | |
Restructuring charges, after-tax(4) | | | 0.14 | | | — | | | 0.22 | | | — | |
Gain on sale of certain properties, after-tax(5) | | | — | | | (0.52) | | | (0.10) | | | (0.51) | |
Change in fair value of contingent consideration, after-tax(6) | | | — | | | — | | | — | | | (0.09) | |
Changes in cash surrender value and gains on life insurance policies | | | (0.09) | | | (0.10) | | | (0.17) | | | (0.13) | |
Tax expense (benefit) from vested RSUs | | | (0.01) | | | — | | | (0.07) | | | 0.04 | |
Non-GAAP amounts(7) | | $ | 2.62 | | $ | 1.46 | | $ | 5.31 | | $ | 3.32 | |
See “Notes to Non-GAAP Financial Tables” for footnotes to this ArcBest Corporation – Consolidated non-GAAP table.
8
ARCBEST CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES - Continued
| Three Months Ended | | Nine Months Ended | | ||||||||||||||||||||
| September 30 | | September 30 | | ||||||||||||||||||||
| 2026 | | 2025 | | 2026 | | 2025 | | ||||||||||||||||
Segment Operating Income (Loss) Reconciliations | (Unaudited) | | ||||||||||||||||||||||
| | | ||||||||||||||||||||||
Asset-Based Segment | | | | | ||||||||||||||||||||
Operating Income ($) and Operating Ratio (% of revenues) | | | | | | | | | | | | | | | | |||||||||
Amounts on GAAP basis | $ | 75,556 | | 90.5 | % | | $ | 70,162 | | 90.3 | % | | $ | 167,285 | | 92.5 | % | | $ | 147,608 | | 92.9 | % | |
Restructuring charges, pre-tax(4) | | 733 | | (0.1) | | | | — | | — | | | | 1,686 | | (0.1) | | | | — | | — | | |
Gain on sale of certain properties, pre-tax(5) | | — | | — | | | | (15,726) | | 2.2 | | | | (2,910) | | 0.1 | | | | (15,726) | | 0.8 | | |
Non-GAAP amounts(7) | $ | 76,289 | | 90.4 | % | | $ | 54,436 | | 92.5 | % | | $ | 166,061 | | 92.6 | % | | $ | 131,882 | | 93.7 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Asset-Light Segment | | | | | | | | | | | | | | | | | | | | | | | | |
Operating Income (Loss) ($) and Operating Ratio (% of revenues) | | | | | | | | | | | | | | | | |||||||||
Amounts on GAAP basis | $ | 12,454 | | 97.2 | % | | $ | (1,595) | | 100.4 | % | | $ | (18,663) | | 101.5 | % | | $ | (5,384) | | 100.5 | % | |
Purchase accounting amortization, pre-tax(2) | | 1,809 | | (0.4) | | | | 3,192 | | (0.9) | | | | 6,852 | | (0.5) | | | | 9,576 | | (0.9) | | |
Asset impairment charges, pre-tax(3) | | — | | — | | | | — | | — | | | | 34,503 | | (2.7) | | | | — | | — | | |
Restructuring charges, pre-tax(4) | | 172 | | — | | | | — | | — | | | | 884 | | (0.1) | | | | — | | — | | |
Change in fair value of contingent consideration, pre-tax(6) | | — | | — | | | | — | | — | | | | — | | — | | | | (2,650) | | 0.2 | | |
Non-GAAP amounts(7) | $ | 14,435 | | 96.8 | % | | $ | 1,597 | | 99.6 | % | | $ | 23,576 | | 98.1 | % | | $ | 1,542 | | 99.9 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Other and Eliminations | | | | | | | | | | | | | | | | | | | | | | | | |
Operating Loss ($) | | | | | | | | | | | | | | | | | ||||||||
Amounts on GAAP basis | $ | (14,676) | | | | | $ | (13,940) | | | | | $ | (92,481) | | | | | $ | (43,658) | | | | |
Innovative technology costs, pre-tax(1) | | 6,062 | | | | | | 7,713 | | | | | | 21,039 | | | | | | 22,349 | | | | |
Asset impairment charges, pre-tax(3) | | — | | | | | | — | | | | | | 50,763 | | | | | | — | | | | |
Restructuring charges, pre-tax(4) | | 3,376 | | | | | | — | | | | | | 3,884 | | | | | | — | | | | |
Non-GAAP amounts | $ | (5,238) | | | | | $ | (6,227) | | | | | $ | (16,795) | | | | | $ | (21,309) | | | | |
Note: See “Notes to Non-GAAP Financial Tables” for footnotes to this Segment Operating Income (Loss) Reconciliations non-GAAP table.
9
ARCBEST CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued
Effective Tax Rate Reconciliation | | | | | | | | | | | | | | | ||||
ArcBest Corporation - Consolidated | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
(Unaudited) | | | | | | | | | | | | | | | | | | |
($ thousands, except percentages) | | Three Months Ended September 30, 2026 | ||||||||||||||||
| | | | Other | | Income | | Income | | | | | | |||||
| | Operating | | Income | | Before Income | | Tax | | Net | | | ||||||
| | Income | | (Costs) | | Taxes | | Provision | | Income | | Tax Rate(8) | ||||||
Amounts on GAAP basis | | $ | 73,334 | | $ | (2,461) | | $ | 70,873 | | $ | 19,214 | | $ | 51,659 | | 27.1 | % |
Innovative technology costs(1) | | | 6,062 | | | — | | | 6,062 | | | 1,503 | | | 4,559 | | 24.8 | |
Purchase accounting amortization(2) | | | 1,809 | | | — | | | 1,809 | | | 444 | | | 1,365 | | 24.5 | |
Restructuring charges(4) | | | 4,281 | | | — | | | 4,281 | | | 1,062 | | | 3,219 | | 24.8 | |
Changes in cash surrender value and gains on life insurance policies | | | — | | | (1,996) | | | (1,996) | | | — | | | (1,996) | | — | |
Tax benefit from vested RSUs | | | — | | | — | | | — | | | 140 | | | (140) | | — | |
Non-GAAP amounts | | $ | 85,486 | | $ | (4,457) | | $ | 81,029 | | $ | 22,363 | | $ | 58,666 | | 27.6 | % |
| | Nine Months Ended September 30, 2026 | ||||||||||||||||
| | | | Other | | Income | | Income | | | | | | |||||
| | Operating | | Income | | Before Income | | Tax | | Net | | | ||||||
| | Income | | (Costs) | | Taxes | | Provision | | Income | | Tax Rate(8) | ||||||
Amounts on GAAP basis | | $ | 56,141 | | $ | (7,558) | | $ | 48,583 | | $ | 11,785 | | $ | 36,798 | | 24.3 | % |
Innovative technology costs(1) | | | 21,039 | | | 125 | | | 21,164 | | | 5,247 | | | 15,917 | | 24.8 | |
Purchase accounting amortization(2) | | | 6,852 | | | — | | | 6,852 | | | 1,683 | | | 5,169 | | 24.6 | |
Restructuring charges(4) | | | 6,454 | | | — | | | 6,454 | | | 1,601 | | | 4,853 | | 24.8 | |
Asset impairment charges(3) | | | 85,266 | | | — | | | 85,266 | | | 21,057 | | | 64,209 | | 24.7 | |
Gain on sale of certain properties(5) | | | (2,910) | | | — | | | (2,910) | | | (726) | | | (2,184) | | (24.9) | |
Changes in cash surrender value and gains on life insurance policies | | | — | | | (3,819) | | | (3,819) | | | — | | | (3,819) | | — | |
Tax benefit from vested RSUs | | | — | | | — | | | — | | | 1,549 | | | (1,549) | | — | |
Non-GAAP amounts | | $ | 172,842 | | $ | (11,252) | | $ | 161,590 | | $ | 42,196 | | $ | 119,394 | | 26.1 | % |
| | Three Months Ended September 30, 2025 | ||||||||||||||||
| | | | Other | | Income | | Income | | | | | | |||||
| | Operating | | Income | | Before Income | | Tax | | Net | | | ||||||
| | Income | | (Costs) | | Taxes | | Provision | | Income | | Tax Rate(8) | ||||||
Amounts on GAAP basis | | $ | 54,627 | | $ | (1,119) | | $ | 53,508 | | $ | 14,234 | | $ | 39,274 | | 26.6 | % |
Innovative technology costs(1) | | | 7,713 | | | 81 | | | 7,794 | | | 1,932 | | | 5,862 | | 24.8 | |
Purchase accounting amortization(2) | | | 3,192 | | | — | | | 3,192 | | | 793 | | | 2,399 | | 24.9 | |
Gain on sale of certain properties(5) | | | (15,726) | | | — | | | (15,726) | | | (3,948) | | | (11,778) | | (25.1) | |
Changes in cash surrender value and gains on life insurance policies | | | — | | | (2,348) | | | (2,348) | | | — | | | (2,348) | | — | |
Tax expense from vested RSUs | | | — | | | — | | | — | | | (8) | | | 8 | | — | |
Non-GAAP amounts | | $ | 49,806 | | $ | (3,386) | | $ | 46,420 | | $ | 13,003 | | $ | 33,417 | | 28.0 | % |
| | Nine Months Ended September 30, 2025 | ||||||||||||||||
| | | | Other | | Income | | Income | | | | | | | ||||
| | Operating | | Income | | Before Income | | Tax | | Net | | | ||||||
| | Income | | (Costs) | | Taxes | | Provision | | Income | | Tax Rate(8) | ||||||
Amounts on GAAP basis | | $ | 98,566 | | $ | (4,916) | | $ | 93,650 | | $ | 25,436 | | $ | 68,214 | | 27.2 | % |
Innovative technology costs(1) | | | 22,349 | | | 274 | | | 22,623 | | | 5,609 | | | 17,014 | | 24.8 | |
Purchase accounting amortization(2) | | | 9,576 | | | — | | | 9,576 | | | 2,381 | | | 7,195 | | 24.9 | |
Gain on sale of certain properties(5) | | | (15,726) | | | — | | | (15,726) | | | (3,948) | | | (11,778) | | (25.1) | |
Change in fair value of contingent consideration(6) | | | (2,650) | | | — | | | (2,650) | | | (659) | | | (1,991) | | (24.9) | |
Changes in cash surrender value and gains on life insurance policies | | | — | | | (3,089) | | | (3,089) | | | — | | | (3,089) | | — | |
Tax expense from vested RSUs | | | — | | | — | | | — | | | (1,000) | | | 1,000 | | — | |
Non-GAAP amounts | | $ | 112,115 | | $ | (7,731) | | $ | 104,384 | | $ | 27,819 | | $ | 76,565 | | 26.7 | % |
Note: See “Notes to Non-GAAP Financial Tables” for footnotes to this Effective Tax Rate Reconciliation non-GAAP table.
10
ARCBEST CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued
Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (Adjusted EBITDA)
Adjusted EBITDA is used for business planning and as a key performance measure, particularly because it excludes certain significant expenses resulting from strategic decisions or other factors rather than core daily operations, such as amortization of acquired intangibles of the Asset-Light segment, asset impairment charges, and changes in the fair value of contingent consideration. The calculation of Consolidated Adjusted EBITDA as presented below begins with net income, which is the most directly comparable GAAP measure. The calculation of Asset-Light Adjusted EBITDA as presented below begins with operating income (loss), as other income (costs), income tax provision, and net income are reported at the consolidated level and not included in the operating segment financial information evaluated by management to make operating decisions.
| | Three Months Ended | | Nine Months Ended | |||||||||
| | September 30 | | | September 30 | | |||||||
| | 2026 | | 2025 | | 2026 | | 2025 |
| ||||
| | (Unaudited) |
| ||||||||||
| | ($ thousands) |
| ||||||||||
ArcBest Corporation - Consolidated Adjusted EBITDA | | | | | | | | | | | | | |
Net Income | | $ | 51,659 | | $ | 39,274 | | $ | 36,798 | | $ | 68,214 | |
Interest and other related financing costs | |
| 3,176 | |
| 3,334 | |
| 10,855 | |
| 9,045 | |
Income tax provision | |
| 19,214 | |
| 14,234 | |
| 11,785 | |
| 25,436 | |
Depreciation and amortization(9) | |
| 43,172 | |
| 44,400 | |
| 132,157 | |
| 125,290 | |
Share-based compensation expense | |
| 2,502 | |
| 2,742 | |
| 7,222 | |
| 8,904 | |
Asset impairment charges(3) | | | — | |
| — | |
| 85,266 | |
| — | |
Change in fair value of contingent consideration(6) | |
| — | | | — | |
| — | |
| (2,650) | |
Consolidated Adjusted EBITDA | | $ | 119,723 | | $ | 103,984 | | $ | 284,083 | | $ | 234,239 | |
Note: See “Notes to Non-GAAP Financial Tables” for footnotes to this ArcBest Corporation – Consolidated Adjusted EBITDA non-GAAP table.
| | Three Months Ended | | Nine Months Ended | | ||||||||
| | September 30 | | September 30 | | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | | ||||
| | (Unaudited) | | ||||||||||
| | ($ thousands) | | ||||||||||
Asset-Light Adjusted EBITDA | | | | | | | | | | | | | |
Operating Income (Loss) | | $ | 12,454 | | $ | (1,595) | | $ | (18,663) | | $ | (5,384) | |
Depreciation and amortization(9) | | | 3,139 | | | 4,647 | | | 11,030 | | | 13,870 | |
Asset impairment charges(3) | | | — | | | — | | | 34,503 | | | — | |
Change in fair value of contingent consideration(6) | | | — | | | — | | | — | | | (2,650) | |
Asset-Light Adjusted EBITDA | | $ | 15,593 | | $ | 3,052 | | $ | 26,870 | | $ | 5,836 | |
Note: See “Notes to Non-GAAP Financial Tables” for footnotes to this Asset-Light Adjusted EBITDA non-GAAP table.
11
ARCBEST CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES – Continued
Notes to Non-GAAP Financial Tables
The following footnotes apply to the non-GAAP financial tables presented in this press release.
| 1) | Represents costs related to our customer pilot offering of Vaux and initiatives to optimize our performance through technological innovation. |
| 2) | Represents the amortization of acquired intangible assets in the Asset-Light segment. |
| 3) | For other and eliminations, represents $50.8 million in asset impairment charges related to the write-off of certain Freight Movement System assets associated with Vaux. For Asset-Light, represents $25.7 million in noncash asset impairment charges to write off the remaining carrying value of the Panther trade name as part of a strategic brand consolidation decision within Asset-Light’s operations and $8.8 million in lease-related impairment charges associated with certain office space. |
| 4) | Represents restructuring charges for the realignment of the Company’s organizational structure as previously announced. |
| 5) | Primarily represents gains on service center sales within the Asset-Based operations. |
| 6) | Represents the change in fair value of the contingent earnout consideration related to the MoLo acquisition, as previously described in the footnotes to the Financial Statement Operating Segment Data and Operating Ratios table. |
| 7) | Non-GAAP amounts are calculated in total and may not equal the sum of GAAP amounts and non-GAAP adjustments due to rounding. |
| 8) | Tax rate for total “Amounts on GAAP basis” represents the effective tax rate. The tax effects of non-GAAP adjustments are calculated based on the statutory rate applicable to each item based on tax jurisdiction unless the nature of the item requires the tax effect to be estimated by applying a specific tax treatment. |
| 9) | Includes amortization of intangibles associated with acquired businesses. |
12
ARCBEST CORPORATION
OPERATING STATISTICS
| | Three Months Ended | | | Nine Months Ended | | ||||||||||||
| | September 30 | | | September 30 | | ||||||||||||
| | 2026 | | 2025 | | % Change | | | 2026 | | 2025 | | % Change | | ||||
| | (Unaudited) | | |||||||||||||||
Asset-Based | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Workdays |
| | 64.0 |
| | 64.0 | | |
|
| | 190.0 |
| | 190.5 | | | |
| | | | | | | | | | | | | | | | | | |
Tonnage / Day | |
| 12,313 | |
| 11,238 |
| 9.6% | | |
| 11,904 | |
| 11,125 |
| 7.0% | |
| | | | | | | | | | | | | | | | | | |
Shipments / Day | |
| 20,460 | |
| 21,095 |
| (3.0%) | | |
| 20,255 | |
| 20,550 |
| (1.4%) | |
| | | | | | | | | | | | | | | | | | |
Billed Revenue(1) / Shipment | | $ | 610.78 | | $ | 534.80 |
| 14.2% | | | $ | 583.99 | | $ | 534.52 |
| 9.3% | |
| | | | | | | | | | | | | | | | | | |
Billed Revenue(1) / CWT | | $ | 50.75 | | $ | 50.19 |
| 1.1% | | | $ | 49.68 | | $ | 49.37 |
| 0.6% | |
| | | | | | | | | | | | | | | | | | |
Weight / Shipment | |
| 1,204 | |
| 1,065 | | 13.0% | | | | 1,175 | |
| 1,083 | | 8.6% | |
| | | | | | | | | | | | | | | | | | |
Shipments / DSY hour | |
| 0.436 | |
| 0.446 |
| (2.1%) | | |
| 0.438 | |
| 0.448 |
| (2.2%) | |
| | | | | | | | | | | | | | | | | | |
Average Length of Haul (Miles) | |
| 1,112 | |
| 1,129 |
| (1.5%) | | |
| 1,124 | |
| 1,128 |
| (0.4%) | |
| | | | | | | | | | | | | | | | | | |
| 1) | Revenue for undelivered freight is deferred for financial statement purposes in accordance with the Asset-Based segment revenue recognition policy. Billed revenue has not been adjusted for the portion of revenue deferred for financial statement purposes. |
| | | Year Over Year % Change | |||
| | | Three Months Ended | | | Nine Months Ended |
| | | September 30, 2026 | | | September 30, 2026 |
| | | (Unaudited) | |||
Asset-Light | | | | | | |
| | | | | | |
Shipments / Day | | | 1.2% | | | 8.3% |
| | | | | | |
Revenue / Shipment | | | 23.8% | | | 10.9% |
| | | | | | |
Shipments / Person / Day | | | 7.6% | | | 22.2% |
###
13
Exhibit 99.2
ArcBest® is providing this exhibit as supplemental information to its scheduled conference call and the press release announcing the Company’s unaudited third quarter 2026 results furnished as Exhibit 99.1 to the Company’s Current Report on Form 8-K. Certain statements and information in this exhibit may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Refer to the “Forward-Looking Statements” disclosure at the end of this exhibit.
Non-GAAP Financial Measures
ArcBest reports its financial results in accordance with generally accepted accounting principles (“GAAP”); however, this exhibit includes certain non-GAAP information. Refer to the discussion of non-GAAP information included in Item 2.02 of the Current Report on Form 8-K with which this exhibit is furnished for additional information, including the Company’s reconciliations of GAAP to non-GAAP financial measures.
Summary Operating and Financial Impacts
| ● | Statistics for October 2026 are preliminary but are not expected to differ materially from actual results. |
| ● | There were 22.0 workdays in October 2026, and there were 23.0 workdays in October 2025. |
| ● | There will be 61.5 workdays in the fourth quarter of 2026, and there were 61.0 workdays in the fourth quarter of 2025. |
Asset-Based Operating Segment
Average price increase on contract renewals negotiated during the third quarter of 2026: +5.1%
Year-over-Year Business Trends | | | July 2026 | | August 2026 | | September 2026 | | October 2026 | ||||
| | | | | | | | | | | | | |
Billed Revenue(1) / Day | | | +7.7 | % | | +9.1 | % | | +15.8 | % | | +20 | % |
Tonnage / Day | |
| +8.1 | % |
| +9.1 | % |
| +11.6 | % |
| +15 | % |
Shipments / Day | |
| -3.3 | % |
| -4.0 | % |
| -1.6 | % |
| +1 | % |
Billed Revenue(1) / Shipment | | | +11.4 | % | | +13.7 | % | | +17.7 | % |
| +18 | % |
Billed Revenue(1) / CWT | | | -0.4 | % | | flat | | | +3.8 | % |
| +4 | % |
Weight / Shipment | | | +11.8 | % | | +13.7 | % | | +13.5 | % |
| +14 | % |
In October, Asset-Based daily tonnage increased approximately 15% year-over-year, driven by a 14% increase in weight per shipment and a 1% increase in shipments per day. The higher weight per shipment continues to reflect changes in freight profile.
Billed revenue per shipment increased 18% year-over-year, reflecting the heavier freight profile and a 4% increase in billed revenue per hundredweight. Excluding fuel surcharge, revenue per hundredweight declined in the low single digits, primarily due to changes in freight profile.
Compared with September, daily tonnage decreased approximately 1% as shipments per day were down 2%, while weight per shipment increased by 1%. Billed revenue per shipment was flat on a sequential basis, due to the 1% higher weight per shipment that was offset by a 1% lower billed revenue per hundredweight.
From 2016 through 2025, ABF’s non-GAAP operating ratio deteriorated by an average of approximately 180 basis points from the third quarter to the fourth quarter, excluding 2020 and 2023, which were affected by significant market disruptions. This analysis is based on non-GAAP operating ratio and excludes the items identified in the Company's historical non-GAAP reconciliations included in previously furnished earnings releases.
Based on current trends, the Company expects ABF’s fourth quarter 2026 non-GAAP operating ratio to deteriorate by approximately 50 to 150 basis points sequentially from the third quarter of 2026. The Company does not currently expect a significant difference between GAAP and non-GAAP operating ratios for the fourth quarter of 2026.
1
Asset-Light Operating Segment
Business Trends | | | July 2026 | | August 2026 | | September 2026 | | October 2026 | ||||
| | | | | | | | | | | | | |
Revenue / Day (Year-over-Year) | | | +27.0 | % | | +26.1 | % | | +23.1 | % | | +27 | % |
Shipments / Day (Year-over-Year) | | | +6.8 | % | | +0.3 | % | | -3.1 | % | | +8 | % |
Revenue / Shipment (Year-over-Year) | | | +18.9 | % | | +25.7 | % | | +26.9 | % | | +18 | % |
Purchased Transportation Expense as a % of Revenue | |
| 85.6 | % |
| 84.5 | % |
| 84.8 | % |
| 85 | % |
In October, Asset-Light daily revenue increased approximately 27% year over year, driven by an 18% increase in revenue per shipment and an 8% increase in shipments per day. Higher revenue per shipment reflects a stronger pricing environment, including the effects of higher fuel prices and tightening truckload market capacity. Shipment growth was led by the managed logistics business.
Compared with September, Asset-Light daily revenue decreased approximately 1%, driven by a 2% decrease in shipments per day, while revenue per shipment increased 1%.
For the fourth quarter of 2026, the Company expects Asset-Light GAAP operating income of $17 million to $20 million, which includes an estimated $12 million gain from the modification of an office lease used in the Asset-Light operations. Excluding this gain and approximately $2 million of purchase accounting amortization expense, the Company expects Asset-Light non-GAAP operating income to range from $7 million to $10 million. This outlook reflects continued yield discipline and ongoing productivity improvements across the business.
Additional Detailed Information
In October 2026, the Company entered into an agreement to modify an existing office lease used in Asset-Light operations. Under the agreement, during the fourth quarter of 2026, the Company’s right to use two floors of office space will terminate and be replaced by the right to use office space on another floor in the same building. The Company paid $7.5 million upon execution of the agreement and expects to recognize a gain of approximately $12.0 million during the fourth quarter of 2026. The expected gain primarily results from the reduction in the lease liability exceeding the remaining carrying amount of the related right-of-use asset, which had previously been impaired based on conditions existing at the dates of the impairment analyses, including anticipated sublease arrangements.
Projected 2026 Consolidated Capital Expenditures
| ● | Capital Expenditures, net of sales proceeds and including financed equipment: $130 million to $140 million |
| o | Includes net revenue equipment purchases (primarily for Asset-Based) of $75 million to $80 million, of which approximately $75 million will be financed through promissory note arrangements |
| o | Includes net real estate expenditures of $25 million to $35 million |
| o | Remaining capital expenditures primarily relate to technology investments and miscellaneous dock equipment upgrades and enhancements |
| ● | Depreciation and amortization costs on property, plant and equipment: approximately $170 million |
| ● | Intangible asset amortization, primarily related to purchase accounting amortization for the MoLo acquisition: $9 million |
Share Repurchase Program
Based on repurchases settled through October 30, 2026, $56.6 million remained available for future repurchases of the Company’s common stock under the current share repurchase authorization.
2
Tax Rate
ArcBest’s third quarter 2026 effective GAAP tax rate was 27.1%. The “Effective Tax Rate Reconciliation” table of ArcBest’s third quarter 2026 earnings press release, furnished as Exhibit 99.1, provides a reconciliation of GAAP to non-GAAP effective tax rates. The effective non-GAAP tax rate for the third quarter of 2026 was 27.6%. Under the current tax laws, the Company expects its non-GAAP effective tax rate for the fourth quarter and full year 2026 to range from 25.5% to 26.5%. The effective tax rate may be impacted by discrete items that could occur throughout the year.
“Other and eliminations” within Operating Income (Loss) on the Operating Segment Data and Operating Ratios statement
| ● | Includes innovative technology costs related to our human-centered remote and automated operations, which are disclosed as a non-GAAP reconciling item. |
| ● | Includes noncash impairment charges related to certain Freight Movement System assets associated with Vaux, which are disclosed as a non-GAAP reconciling item. |
| ● | Includes charges related to the restructuring plan announced on July 16, 2026, which are disclosed as a non-GAAP reconciling item. |
| ● | Includes certain overhead costs not attributable to other operating segments, including legal, investor relations, and other strategic expenses and investments. |
| ● | Projected operating expenses for fourth quarter and full year 2026 and actual operating expenses for fourth quarter and full year 2025 are included below. |
| | Three Months Ended | | Year Ended | | ||||||||
| | December 31 | | December 31 | | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | | ||||
| | (in millions) | | ||||||||||
Innovative technology costs, pre-tax | | $ | 5 | | $ | 7 | | $ | 26 | | $ | 29 | |
Asset impairment charges, pre-tax | | | — | | | 5 | | | 51 | | | 5 | |
Restructuring charges, pre-tax | | | — | | | — | | | 4 | | | — | |
Other costs, pre-tax | | | 9 | | | 11 | | | 26 | | | 32 | |
Total other and eliminations | | $ | 14 | | $ | 23 | | $ | 107 | | $ | 66 | |
Other Income (Costs) on the Consolidated Statements of Operations
| ● | Other income and costs include separate lines for interest income and interest expense. |
| ● | The “Other, net” line primarily includes changes in cash surrender value of life insurance and expenses associated with non-operating properties. |
| o | Changes in the cash surrender value of life insurance are typically disclosed as non-GAAP reconciling items. Changes in the cash surrender value of life insurance depend on market returns of underlying investments which cannot be reasonably estimated; therefore, ArcBest does not provide forward-looking guidance for “Other, net” on a GAAP basis. |
| ● | Projected amounts for fourth quarter and full year 2026 and actual amounts for fourth quarter and full year 2025 are included below. |
| | Three Months Ended | | Year Ended |
| ||||||||
| | December 31 | | December 31 | | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 |
| ||||
|
| (in millions) | | ||||||||||
Interest and dividend income | | $ | 2 | | $ | 1 | | $ | 6 | | $ | 5 | |
Interest and other related financing costs | | $ | (3) | | $ | (3) | | $ | (14) | | $ | (12) | |
Other, net, excluding non-GAAP reconciling items | | $ | — | | $ | — | | $ | (4) | | $ | (3) | |
3
Restructuring Plan Cost Savings
| ● | On July 16, 2026, the Company announced a restructuring plan designed to realign its operating structure, reduce costs, simplify its go-to-market brand architecture, and better position the Company for long-term growth and profitability. |
| ● | The plan is expected to generate approximately $40 million of annualized run-rate cost savings, as detailed below. |
| ● | Innovative technology costs relate to our human-centered remote and automated operations, which are typically disclosed as a non-GAAP reconciling item. |
| ● | The Company realized approximately $2 million of cost savings during the second quarter of 2026 and $6 million during the third quarter of 2026. Quarterly cost savings are expected to reach approximately $10 million by the first quarter of 2027, representing the full annualized run-rate savings. |
| ● | The $40 million in annualized run-rate cost savings is expected to represent cash savings. These savings support the Company's previously communicated 2028 Investor Day financial targets but are not incremental to those targets. |
| | Cost Savings, pre-tax | |
| | (in millions) | |
Asset-Based | | $ | 30 |
Asset-Light | | | 8 |
Innovative technology costs | | | 2 |
Total | | $ | 40 |
Asset-Based Annual Union Profit-Sharing Bonus
Under ABF Freight’s current Teamster labor contract, eligible Teamster employees may receive an annual profit-sharing bonus for each full year from 2024 through 2027, as shown in the following table. The operating ratio (“OR”) used to calculate the bonus amount is on a GAAP basis. The potential bonus would be based on full-year union employee earnings. While impacted by business and associated labor levels, both of which are subject to change, each one percentage point of the bonus is currently estimated to represent approximately $7.0 million of expense.
During years in which ArcBest’s internal forecasts indicate that a union bonus is expected to be paid, the Company will accrue the expense throughout the year, generally based on quarterly results relative to the full-year projection. As the Company does not provide public updates on its projected full-year GAAP operating ratio or its expectations regarding payment of the union bonus, it does not routinely disclose amounts accrued for the bonus. If financial models reflect an operating ratio that meets the payout thresholds shown below, ArcBest encourages analysts to include expenses for the union bonus in quarterly and annual earnings per share projections for the Company.
ABF Freight Published Annual OR (GAAP basis) | Bonus Amount |
91.1 to 93.0 | 1% |
89.1 to 91.0 | 2% |
87.1 to 89.0 | 3% |
87.0 or below | 4% |
4
Forward-Looking Statements
The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: Certain statements and information in this exhibit may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding (i) our expectations about our intrinsic value or our prospects for growth and value creation and (ii) our financial outlook, position, strategies, goals, and expectations, including our expectations with respect to our restructuring plans. Terms such as “anticipate,” “believe,” “could,” “designed,” “estimate,” “expect,” “forecast,” “foresee,” “intend,” “likely,” “may,” “plan,” “predict,” “project,” “scheduled,” “seek,” “should,” “would,” and similar expressions and the negatives of such terms are intended to identify forward-looking statements. These statements are based on management’s beliefs, assumptions, and expectations based on currently available information, are not guarantees of future performance, and involve certain risks and uncertainties (some of which are beyond our control). Although we believe that the expectations reflected in these forward-looking statements are reasonable as and when made, we cannot provide assurance that our expectations will prove to be correct and caution the reader not to place undue reliance on our forward-looking statements. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in these statements due to a number of factors, including, but not limited to: data breaches, cybersecurity incidents, and/or interruptions or failures of our information systems that we depend on, including software programs and applications provided by third parties; untimely or ineffective development and implementation of, or failure to realize the potential benefits associated with new or enhanced technology or processes; the loss or reduction of business from multiple large customers or an overall reduction in our customer base; the timing and performance of growth initiatives and the ability to manage our cost structure; the cost, integration, and performance of future acquisitions and the inability to realize the anticipated benefits of the acquisition; unsolicited takeover proposals, proxy contests, and other proposals or actions by activist investors; maintaining our corporate reputation and intellectual property rights; failure to achieve market acceptance or generate adequate returns through our Vaux® technologies; failure to recognize the benefits associated with our restructuring plans; establishing and maintaining adequate internal controls over financial reporting; disruptions in domestic or global manufacturing activity, supply chains, and related changes in spending, resulting in material reductions in freight volumes; competitive initiatives and pricing pressures; increased prices for and decreased availability of equipment, including new revenue equipment, and higher costs of equipment-related operating expenses such as maintenance, fuel, and related taxes; availability of fuel, the effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates, and the inability to collect fuel surcharges; relationships with employees, including unions, and our ability to attract, retain, and upskill employees; unfavorable terms of, or the inability to reach agreement on, future collective bargaining agreements or a workforce stoppage by our employees covered under ABF Freight’s collective bargaining agreement; union employee wages and benefits, including changes in required contributions to multiemployer plans; availability and cost of reliable third-party services; our ability to secure independent owner-operators and/or operational or regulatory issues related to our use of their services; litigation or claims asserted against us; the effects, costs and potential liabilities related to changes in and compliance with, or violation of, existing or future governmental laws and regulations, including, but not limited to, environmental laws and regulations, such as emissions-control regulations and fuel efficiency regulations; default on covenants of financing arrangements and the availability and terms of future financing arrangements; our ability to generate sufficient cash from operations to support significant ongoing capital expenditure requirements and other business initiatives; self-insurance claims, insurance premium costs, and loss of our ability to self-insure; potential impairment of long-lived assets and goodwill and intangible assets; external events which may adversely affect us or the third parties who provide services for us, for which our business continuity plans may not adequately prepare us, including, but not limited to, the occurrence of natural disasters, public health crises, geopolitical conflicts, acts of terrorism or war, cybersecurity incidents, or trade restrictions; general economic conditions and related shifts in market demand that impact the performance and needs of industries we serve and/or limit our customers’ access to adequate financial resources; seasonal fluctuations, adverse weather conditions, natural disasters, and climate change; and other financial, operational, and legal risks and uncertainties detailed from time to time in ArcBest Corporation’s public filings with the Securities and Exchange Commission (“SEC”).
For additional information regarding known material factors that could cause our actual results to differ from those expressed in these forward-looking statements, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events, or otherwise.
5
Exhibit 99.3
| 3Q26 Earnings Presentation |
| The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: Certain statements and information in this presentation may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, statements regarding (i) our expectations about our intrinsic value or our prospects for growth and value creation and (ii) our financial outlook, position, strategies, goals, and expectations, including our expectations with respect to our restructuring plans. Terms such as “anticipate,” “believe,” “could,” “designed,” “estimate,” “expect,” “forecast,” “foresee,” “intend,” “likely,” “may,” “plan,” “predict,” “project,” “scheduled,” “seek,” “should,” “would,” and similar expressions and the negatives of such terms are intended to identify forward-looking statements. These statements are based on management’s beliefs, assumptions, and expectations based on currently available information, are not guarantees of future performance, and involve certain risks and uncertainties (some of which are beyond our control). Although we believe that the expectations reflected in these forward-looking statements are reasonable as and when made, we cannot provide assurance that our expectations will prove to be correct and caution the reader not to place undue reliance on our forward-looking statements. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in these statements due to a number of factors, including, but not limited to: data breaches, cybersecurity incidents, and/or interruptions or failures of our information systems that we depend on, including software programs and applications provided by third parties; untimely or ineffective development and implementation of, or failure to realize the potential benefits associated with new or enhanced technology or processes; the loss or reduction of business from multiple large customers or an overall reduction in our customer base; the timing and performance of growth initiatives and the ability to manage our cost structure; the cost, integration, and performance of future acquisitions and the inability to realize the anticipated benefits of the acquisition; unsolicited takeover proposals, proxy contests, and other proposals or actions by activist investors; maintaining our corporate reputation and intellectual property rights; failure to achieve market acceptance or generate adequate returns through our Vaux® technologies; failure to recognize the benefits associated with our restructuring plans; establishing and maintaining adequate internal controls over financial reporting; disruptions in domestic or global manufacturing activity, supply chains, and related changes in spending, resulting in material reductions in freight volumes; competitive initiatives and pricing pressures; increased prices for and decreased availability of equipment, including new revenue equipment, and higher costs of equipment-related operating expenses such as maintenance, fuel, and related taxes; availability of fuel, the effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates, and the inability to collect fuel surcharges; relationships with employees, including unions, and our ability to attract, retain, and upskill employees; unfavorable terms of, or the inability to reach agreement on, future collective bargaining agreements or a workforce stoppage by our employees covered under ABF Freight’s collective bargaining agreement; union employee wages and benefits, including changes in required contributions to multiemployer plans; availability and cost of reliable third-party services; our ability to secure independent owner-operators and/or operational or regulatory issues related to our use of their services; litigation or claims asserted against us; the effects, costs and potential liabilities related to changes in and compliance with, or violation of, existing or future governmental laws and regulations, including, but not limited to, environmental laws and regulations, such as emissions-control regulations and fuel efficiency regulations; default on covenants of financing arrangements and the availability and terms of future financing arrangements; our ability to generate sufficient cash from operations to support significant ongoing capital expenditure requirements and other business initiatives; self-insurance claims, insurance premium costs, and loss of our ability to self-insure; potential impairment of long-lived assets and goodwill and intangible assets; external events which may adversely affect us or the third parties who provide services for us, for which our business continuity plans may not adequately prepare us, including, but not limited to, the occurrence of natural disasters, public health crises, geopolitical conflicts, acts of terrorism or war, cybersecurity incidents, or trade restrictions; general economic conditions and related shifts in market demand that impact the performance and needs of industries we serve and/or limit our customers’ access to adequate financial resources; seasonal fluctuations, adverse weather conditions, natural disasters, and climate change; and other financial, operational, and legal risks and uncertainties detailed from time to time in ArcBest Corporation’s public filings with the Securities and Exchange Commission (“SEC”). For additional information regarding known material factors that could cause our actual results to differ from those expressed in these forward-looking statements, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events, or otherwise. E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 2 F O R W A R D L O O K I N G S T A T E M E N T S |
| We are a leading integrated logistics company that leverages technology and a full suite of solutions to meet customers’ supply chain needs A T A G L A N C E N A S D A Q : A R C B E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 * Armstrong & Associates, US Department of Commerce, management estimates – October 2026. 3 Customers 14K Employees 1923 Founded Addressable Market* 99% United States Coverage ~240 Campuses and Service Centers 40K+ Owned Equipment Top 20 U.S. Truckload Broker ~$400B 30K+ |
| V I S I O N S T R A T E G Y Creativity Integrity Collaboration Growth Excellence Wellness M I S S I O N To connect and positively impact the world through solving logistics challenges To be the leading logistics partner and innovator, working with customers to build better supply chains across the globe To drive long-term value by delivering a premium experience and growing informed, trusted, innovative relationships V A L U E S We create solutions We do the right thing We work together We grow our people and our business We exceed expectations We embrace total health E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 4 MOTTO: “We’ll find a way” |
| E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 5 ARCBEST IS A STRATEGIC PARTNER TO CUSTOMERS Cost Savings Actionable Supply Chain Insights Operational Efficiencies P A R T N E R I N G W I T H C U S T O M E R S T O P R O V I D E C U S T O M E R S W A N T A N D N E E D Resiliency Flexibility Efficiency ArcBest Seamlessly Connects Customers & Reliability Capacity |
| E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 6 ARCBEST SOLVES CUSTOMER NEEDS THROUGH MULTIPLE SOLUTIONS Less-than- Truckload Truckload Managed Logistics Expedite and Other Services Customers use an average of 4services |
| >3x Revenue & Profit per account is over 3X higher on cross-sold accounts Revenue & Profit 70% About 70% of customers who use Asset-Light services also utilize Asset-Based services 5% Higher Customer Retention Asset-Light + Asset-Based Retention rates are 5 percentage points higher on cross-sold accounts than on single-solution accounts Shared resources provide scale and cost efficiencies Sales Technology Financial Services Human Resources 7 CUSTOMER-LED STRATEGY YIELDS RESULTS E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 |
| 2017 2018 2019 2020 2021 2022 2023 2024 2025 3Q26 Average Managed Shipments Per Day E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 8 MANAGED LOGISTICS ArcBest is a 3PL with Assets • Strong network of LTL, truckload & rail capacity providers • ~230 Service Centers • 40K+ pieces of owned equipment Sourcing Customer Benefits • Supply Chain Optimization • Network Design and Pool Distribution • Vendor Consolidations • Technology Enabled Integrations • End-to-End Visibility & Reporting • Supply Chain Efficiency and Reduced Costs Managed feeds ~40% CAGR ‘17-26 LTL, Truckload and Expedite |
| 16%-19% Margin Expansion and Growth Strong EPS Growth 2028 FINANCIAL TARGETS Annual Operating Cash Flow 87%-90% Asset-Based Non-GAAP Operating Ratio(1) $40M-$70M Asset-Light Non-GAAP Operating Income(1) $400M-$500M $12-$15 Non-GAAP Diluted EPS (1)(2) Non-GAAP Return on Capital Employed(1) 1) See non-GAAP reconciliations in the Additional Information section of this presentation E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 2) Assumes consistent outstanding shares 9 |
| Increasing EFFICIENCY Driving INNOVATION Accelerating PROFITABLE GROWTH ✓ Go-to-Market Approach ✓ Maintaining Yield Discipline ✓ Expanding Quote Pool ✓ Enhancing Customer Service and Visibility Tools ✓ Network Capacity ✓ Fleet Optimization ✓ Technology & AI Portfolio STRATEGIC PILLARS E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 10 |
| Marketing Sales Solutions Design Yield Commercial Team E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 11 GO-TO-MARKET APPROACH Accelerating Managed Logistics Opportunities Growing Core LTL Business Growing Truckload Business & Optimizing Mix Enhancing Expedite Growth ACCELERATING PROFITABLE GROWTH Making it easier for customers to choose and grow with ArcBest |
| MAINTAINING YIELD DISCIPLINE THROUGH CENTRALIZED PRICING STRATEGY $0 $25 $50 Revenue/CWT $0 $275 $550 Revenue/Shipment Cost Market Value Strongest LTL Pricing Metrics Among Competitors Peers ABF Legend: ~1.6x ~1.5x Peers as of 2Q26 What is the market price? How much will it cost to handle? What additional value are we providing? ABF 3Q26 Peers as of 2Q26 ABF 3Q26 E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 12 ACCELERATING PROFITABLE GROWTH |
| EXPANDING QUOTE POOL DRIVES PROFITABLE GROWTH Selectively fill capacity to optimize yield and profitability ArcBest View TMS Providers 3PLs NMFC Changes Profitable Growth E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 13 ACCELERATING PROFITABLE GROWTH |
| E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 14 DYNAMIC PRICE IMPROVES AS QUOTES GROW ACCELERATING PROFITABLE GROWTH More quotes, more choices Drives additional incremental profit K 50K 100K 150K 200K 250K 300K 350K 2020 2021 2022 2023 2024 2025 2026 Daily Dynamic Quotes ~70% More Rev/Ship Since 2020 |
| 8,800 9,000 9,300 9,500 9,600 9,500 2021 2022 2023 2024 2025 2026 ~8% Net Door Expansion Since 2021 Strategically Added Capacity Revenue Growth E N A B L E S : Efficiency Productivity Service I M P R O V E S : E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 15 NETWORK CAPACITY Disciplined investments in our long-term LTL network facility roadmap INCREASING EFFICIENCY As part of our previously announced reorganization, we are closing 10 service centers in smaller markets, representing less than 1% of our total door count. |
| E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 16 FLEET OPTIMIZATION Disciplined investments in our fleet FLEET INVESTMENT • Annual reinvestment cycle • Optimized total cost of ownership • 40,000+ owned and operated pieces of equipment FLEET EFFICIENCY • Maintaining young and modern fleet • Piloting and implementing solutions to improve vehicle efficiency SAFETY • Piloting speed limiter and control technology • Implemented advanced safety features SUSTAINABILITY • Testing electric vehicles • EPA SmartWay partner since 2006 INCREASING EFFICIENCY |
| Customer value remains central as we balance digital enablement with human support AI supports our strategy and is integrated into current initiatives DRIVING INNOVATION Governance ensures responsible, secure, and rapid deployment We build where our network and process knowledge create advantage, and we partner where it speeds time-to-value We apply multiple AI techniques aligned to each use case We equip employees with secure generative AI tools and training Our AI portfolio is prioritized to create meaningful value across the business 17 ARCBEST AI APPROACH Delivering tangible productivity gains and enabling growth E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 |
| E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 18 TECHNOLOGY AND AI PORTFOLIO Optimize the Asset-Based Network Asset-Based Optimization Efficiency & Margin Improvements Better & Faster Information for Customers Commercial Optimization * Includes AI components that enhance efficiency and decision support. DRIVING INNOVATION Asset-Light Optimization Spot Price Enhancements* Carrier Portal Digital Tools Capacity Sourcing Augmentation Load Posting Optimization Automated Offer Negotiation* Load Scheduling Automation* Truckload Quote Email Automation* City Route Optimization* Flex Deliveries Linehaul Optimization* Network Simulation Tools* Trailer Close Model Augmented Appointment Scheduling* Augmented Dock Decision Tools* Interaction Categorization & Routing* Phone & Email Tracking Automation* Document Request Email Automation* Enhanced Pickup ETAs and Stops Away Enhanced Delivery ETAs and Stops Away LTL Pickup Request Phone Automation* LTL Quote Email Automation* Conversational Agent for Chat and Email* Invoice Review Email Automation* |
| E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 19 • Quote, book and manage shipments through a single interface • Provides real-time visibility across ArcBest logistics solutions • Delivers integrated reporting on cost and service performance • Aligns workflows with how customers manage daily shipments • Combines self-service convenience with ArcBest expertise Unified platform for shipment execution, visibility and insights “This is the best software we’ve seen. It’s so user friendly.” W H A T W E ’ R E H E A R I N G : – Industrial equipment provider “I have had the easiest time booking and changing arrangements when needed!” – Global defense contractor “Amazing service, very easy to use!” – Healthcare provider |
| $22M 72% $1.2B E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 20 Key Metrics A R C B E S T C O N S O L I D A T E D 3Q26 vs 3Q25 ArcBest Consolidated Revenue $2.62 Non-GAAP Earnings per Diluted Share(1) $85.5M Non-GAAP Operating Income(1) Asset-Based 15% Asset-Light 79% $13M 1) See non-GAAP reconciliations in the Additional Information section of this presentation |
| Billed Rev/CWT Billed Revenue per Shipment 1% 3% 40% Shipments per Day Average Increase on Contract Renewals and Deferred Pricing Agreements Tonnage per Day Weight per Shipment 10% 14% 5.1% E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 21 Key Metrics A S S E T - B A S E D Non-GAAP Operating Income(1) 10% $76.3M Per Day 90.4% Non-GAAP Operating Ratio(1) 210BPS Improvement Asset-Based Revenue $799M 13% 1) See non-GAAP reconciliations in the Additional Information section of this presentation 3Q26 vs 3Q25 |
| Higher Revenue per Shipment Increased weight per shipment Increased revenue per hundredweight, including higher fuel surcharge revenue 5.1% increase on contract renewals during 3Q Higher Cost per Shipment Increased contracted union labor rates Higher fuel and purchased transportation 80 82 84 86 88 90 92 94 96 98 100 Non-GAAP Operating Ratio YoY Bridge Improved Rev/Ship outpaced higher Cost/Ship by 210 bps E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 22 OPERATING RATIO BRIDGE K E Y D R I V E R S : Asset-Based 3Q25 to 3Q26 3Q25 Operating Ratio 3Q26 Rev/Ship 3Q26 Cost/Ship 3Q26 Operating Ratio See non-GAAP reconciliations in the Additional Information section of this presentation |
| E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 23 LABOR PLANNING ALIGNS HEADCOUNT AND SHIPMENTS 15,000 16,000 17,000 18,000 19,000 20,000 21,000 22,000 5,000 5,500 6,000 6,500 7,000 7,500 8,000 8,500 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Shipments/Day Linehaul and DSY Headcount Linehaul, Dock, Street and Yard Headcount Shipments/Day Technology and Training Drives Productivity Gains |
| O C T O B E R P R E L I M I N A R Y 1% E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 24 Key Metrics A S S E T - B A S E D Oct 2026 vs Oct 2025 Billed Revenue per Day Tonnage per Day Shipments per Day Billed Rev/CWT Billed Revenue per Shipment Weight per Shipment 18% 14% 15% 4% 20% |
| E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 25 Key Metrics A S S E T - L I G H T 3Q26 vs 3Q25 $446M Asset-Light Revenue Non-GAAP Operating Income(1) Shipments per Day Revenue per Shipment Shipments per Person per Day Purchased Transportation as % of Revenue: 85% 1% 24% 8% 1) See non-GAAP reconciliations in the Additional Information section of this presentation 25% $14.4M 804% Per Day |
| O C T O B E R P R E L I M I N A R Y Revenue per Shipment E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 26 Key Metrics A S S E T - L I G H T Oct 2026 vs Oct 2025 18% Revenue per Day Shipments per Day Purchased Transportation as % of Revenue: 85% 8% 27% |
| 94.5% 94.2% 88.8% 86.4% 90.4% 91.2% 94.3% 93.4% 75% 80% 85% 90% 95% 2019 2020 2021 2022 2023 2024 2025 3Q26 TTM FREIGHT RECESSION COVID-19 IMPACTS Union Pension Impact on Operating Ratio E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 27 ASSET-BASED ANNUAL OPERATING RATIO FREIGHT RECESSION See non-GAAP reconciliations in the Additional Information section of this presentation |
| 1,000 1,200 1,400 1,600 1,800 2,000 $300 $350 $400 $450 $500 $550 $600 $650 2019 2020 2021 2022 2023 2024 2025 3Q26 TTM Weight Revenue and Cost Rev/Shp Cost/Shp Wgt/Shp E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 28 ASSET-BASED ANNUAL MARGIN Revenue per shipment Reflects disciplined pricing, changes in freight-profile and fuel Impacted by weight per shipment Cost per shipment Reflects union labor contract and other inflationary increases, including fuel Mitigated by technology, training and network design that improves productivity and efficiency Weight per shipment Impacted by heavier weighted shipments from expanding dynamic quote pool Focused on maximizing profitability per shipment through disciplined pricing and cost control See non-GAAP reconciliations in the Additional Information section of this presentation |
| -$40 -$20 $0 $20 $40 $60 $80 $100 2019 2020 2021 2022 2023 2024 2025 3Q26 TTM FREIGHT RECESSION COVID-19 IMPACTS FREIGHT RECESSION E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 29 ASSET-LIGHT ANNUAL OPERATING INCOME compared to 2024 (Non-GAAP) $ IMPROVEMENT 41M IN OPERATING RESULTS See non-GAAP reconciliations in the Additional Information section of this presentation |
| Maintaining solid balance sheet and investment-grade credit metrics E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 30 BALANCED APPROACH TO CAPITAL ALLOCATION Returning cash to shareholders through share repurchases and dividends Prioritizing high-return, organic investments in real estate, equipment, and innovative projects Selectively using mergers & acquisitions to advance strategy Sustain & Drive Growth Return Capital Mergers & Acquisitions $170 $206 $324 $471 $322 $286 $229 $300 2019 2020 2021 2022 2023 2024 2025 3Q26 TTM Operating Cash Flow |
| 2019 - 2021 2022 - 2025 2026 - 2028 Target Normalization following ‘22-‘25 strategic investments Asset-Light strategy requires minimal capital Efficiency gains from tech, training, process improvements Rigorous capital investment evaluation Projected 2026 Net Capital Expenditures: $130M to $140M E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 31 CAPITAL INTENSITY DECREASING K E Y D R I V E R S : Positioned for growth without major new buildouts Capital Expenditures % of Revenue 4% 5% Below 5% |
| E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 32 RETURN OF CAPITAL Increasing Returns to Shareholders Through Dividends and Share Repurchases $57M Remaining share repurchase authorization $500M+ Returned to shareholders since 2019 Generates significant free cash flow, enabling opportunistic share repurchases STRONG OUTLOOK 0 100 200 300 400 500 600 2019 2020 2021 2022 2023 2024 2025 2026 YTD* Cumulative Dividends Cumulative Share Repurchases *Year to date through October 30, 2026 |
| E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 33 SOLID FINANCIAL FOUNDATION ~$760M of Current and Potential Capacity ~$430M Cash and Current Debt Capacity ~$330M Potential Future Debt Capacity(2) 1) See non-GAAP reconciliations in the Additional Information section of this presentation 2) Reflects available amounts under accordion features of the Credit Facility as well as allowable equipment financing borrowings, as of 3Q 2026 -0.5 0 0.5 1 1.5 2 2019 2020 2021 2022 2023 2024 2025 3Q26 TTM Net Debt to EBITDA (Non-GAAP)(1) S&P 500 Net Debt to EBITDA ArcBest Net Debt to EBITDA |
| E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 34 RETURN ON CAPITAL EMPLOYED 0% 5% 10% 15% 20% 25% 30% 2019 2020 2021 2022 2023 2024 2025 3Q26 TTM Return on Capital Employed (Non-GAAP) Disciplined capital allocation and strategic investments that deliver long-term growth DRIVES SUSTAINABLE VALUE See non-GAAP reconciliations in the Additional Information section of this presentation |
| E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 35 Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited) Note: We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, management believes that certain non-GAAP financial measures and ratios utilized internally to assess core performance offer analysts, investors, and others insights into performance trends by excluding items from operating results that management believes do not reflect our core operating performance. Our calculations may not be comparable to similarly titled measures of other companies as other companies may calculate non-GAAP measures differently. Certain information discussed in the scheduled conference call could be considered non-GAAP measures. Non-GAAP financial measures should be viewed in addition to, and not as an alternative or a better measurement than operating income (loss), net income (loss) or earnings per share, as determined under GAAP, which are the most directly comparable measures for the periods presented. |
| All forward-looking financial targets in this presentation assume a consolidated tax rate of 25%. Consolidated non-GAAP earnings per share and non-GAAP return on capital employed are non-GAAP financial measures that are most directly comparable to consolidated earnings per share and return on capital employed. These non-GAAP measures exclude purchase accounting amortization, which is expected to total $7M pre-tax in 2028. We are unable to provide a quantitative reconciliation of these forward-looking non-GAAP measures to the most directly comparable GAAP measures without unreasonable effort because the timing, amount, and nature of the adjustments that would be required to reconcile such measures are inherently uncertain, depend on future events outside of our control, and cannot be reasonably predicted. These items include innovative technology costs, life insurance proceeds, changes in the cash surrender value of life insurance policies, income taxes related to future vesting of restricted stock units, and potential non-recurring or unusual items, any of which could be material. Non-GAAP Asset-Based Operating Ratio is a non-GAAP financial measure that is most directly comparable to Asset-Based Operating Ratio. Non-GAAP Asset-Based OR could be adjusted for non-recurring, infrequent, or unusual items. Because the timing, amount and nature of any adjustments are unknown, and any adjustments could be material in future periods, we are unable to provide quantitative reconciliations to the most directly comparable GAAP measure. Asset-Light non-GAAP operating income range of $40M to $70M excludes GAAP impacts from purchase accounting amortization, which is expected to total $7M in 2028. Including these impacts, the Asset-Light GAAP operating income would range from $33M to $63M in 2028. See reconciliation table to the right. E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 36 Forward-Looking Non-GAAP Financial Measures A D D I T I O N A L I N F O R M A T I O N RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) 2028 Target Asset-Light – Operating Income ($ millions) Amounts on a GAAP basis $ 33 - 63 Purchase accounting amortization, pre-tax (1) 7 Non-GAAP amounts $ 40 - 70 1. Represents the amortization of acquired intangible assets in the Asset-Light segment. |
| RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) 3Q26 3Q25 ArcBest Consolidated – Operating Income ($ millions) Amounts on a GAAP basis $ 73.3 $ 54.6 Innovative technology costs, pre-tax (1) 6.1 7.7 Purchase accounting amortization, pre-tax (2) 1.8 3.2 Restructuring charges, pre-tax (3) 4.3 - Gain on sale of certain properties, pre-tax (4) - (15.7) Non-GAAP amounts $ 85.5 $ 49.8 E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 37 ArcBest Consolidated 1. Represents costs related to our customer pilot offering of Vaux and initiatives to optimize our performance through technological innovation. 2. Represents the amortization of acquired intangible assets in the Asset-Light segment. 3. Represents restructuring charges for the realignment of the Company’s organizational structure as previously announced. 4. Primarily represents gains on service center sales within the Asset-Based operations. A D D I T I O N A L I N F O R M A T I O N |
| E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 38 ArcBest Consolidated RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) 3Q26 3Q25 ArcBest Consolidated – Diluted Earnings Per Share Amounts on a GAAP basis $ 2.30 $ 1.72 Innovative technology costs, after-tax (includes related financing costs) (1) 0.20 0.26 Purchase accounting amortization, after-tax (2) 0.06 0.11 Restructuring charges, after-tax (3) 0.14 - Gain on sale of certain properties, after-tax (4) - (0.52) Changes in cash surrender value and gains on life insurance policies (0.09) (0.10) Tax expense (benefit) from vested RSUs (0.01) - Non-GAAP amounts (5) $ 2.62 $ 1.46 1. Represents costs related to our customer pilot offering of Vaux and initiatives to optimize our performance through technological innovation. 2. Represents the amortization of acquired intangible assets in the Asset-Light segment. 3. Represents restructuring charges for the realignment of the Company’s organizational structure as previously announced. 4. Primarily represents gains on service center sales within the Asset-Based operations. 5. Non-GAAP amounts are calculated in total and may not equal the sum of the GAAP and the non-GAAP adjustments due to rounding. A D D I T I O N A L I N F O R M A T I O N |
| E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 39 Asset-Based A D D I T I O N A L I N F O R M A T I O N RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) 3Q26 3Q25 Asset-Light – Operating Income (Loss) ($ millions) Amounts on a GAAP basis $ 12.5 $ (1.6) Purchase accounting amortization, pre-tax (1) 1.8 3.2 Restructuring charges, pre-tax (2) 0.2 - Non-GAAP amounts (3) $ 14.4 $ 1.6 1. Represents the amortization of acquired intangible assets in the Asset-Light segment. 2. Represents restructuring charges for the realignment of the Company’s organizational structure as previously announced. 3. Non-GAAP amounts are calculated in total and may not equal the sum of the GAAP and the non-GAAP adjustments due to rounding RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) 3Q26 3Q25 Asset-Based – Operating Income ($ millions) Amounts on a GAAP basis $ 75.6 90.5% $ 70.2 90.3% Restructuring charges, pre-tax (1) 0.7 (0.1) - - Gain on sale of certain properties, pre-tax (2) - - (15.7) 2.2 Non-GAAP amounts (3) $ 76.3 90.4% $ 54.4 92.5% 1. Represents restructuring charges for the realignment of the Company’s organizational structure as previously announced. 2. Primarily represents gains on service center sales within the Asset-Based operations. 3. Non-GAAP amounts are calculated in total and may not equal the sum of the GAAP and the non-GAAP adjustments due to rounding. Asset-Light |
| E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 40 Asset-Based A D D I T I O N A L I N F O R M A T I O N RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES* (Unaudited) 2019 2020 2021 2022 2023 2024 2025 3Q26 TTM Asset-Based Operating Income ($ millions, except percentages) Amounts on a GAAP basis $ 102.1 95.2% $ 98.9 95.3% $ 260.7 89.9% $ 381.1 87.3% $ 253.2 91.2% $ 242.6 91.2% $ 172.0 93.7% $ 191.7 93.4% Restructuring charges, pre-tax (1) - - - - - - - - - - - - - - 1.7 0.1 Gain on sale of certain properties, pre-tax (2) - - - - - - - - - - - - (15.7) 0.6 (2.9) (0.1) Innovative technology costs, pre-tax (3) 13.7 (0.6) 22.5 (1.1) 27.6 (1.1) 27.2 (0.9) 21.7 (0.8) - - - - - - Asset impairment charges, pre-tax (4) - - - - - - - - 0.7 - - - - - - - Nonunion vacation policy enhancement, pre-tax (5) - - - - - - 1.2 - - - - - - - - - ELD conversion costs, pre-tax (6) 2.7 (0.1) - - - - - - - - - - - - - - Nonunion pension termination costs, pre-tax (7) 0.3 - - - - - - - - - - - - - - - Non-GAAP amounts (8) $ 118.8 94.5% $ 121.3 94.2% $288.3 88.8% $409.6 86.4% $ 275.5 90.4% $242.6 91.2% $ 156.3 94.3% $ 190.4 93.4% *See “Notes to Non-GAAP Financial Tables” for footnotes to this non-GAAP table |
| E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 41 Asset-Light A D D I T I O N A L I N F O R M A T I O N RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES* (Unaudited) 2019 2020 2021 2022 2023 2024 2025 3Q26 TTM Asset-Light – Operating Income (Loss) ($ millions) Amounts on a GAAP basis $ (20.2) $ 9.7 $ 46.4 $ 52.7 $ (12.3) $ 58.4 $ (15.3) $ (28.5) Purchase accounting amortization, pre-tax (9) 4.2 3.8 5.3 12.9 12.8 12.8 12.8 10.0 Asset impairment charges, pre-tax (4) 26.5 - - - 14.4 1.7 6.6 41.1 Restructuring charges, pre-tax (1) - - - - - - - 0.9 Change in fair value of contingent consideration, pre-tax (10) - - - 18.3 (19.1) (90.3) (2.7) - Legal settlement, pre-tax (11) - - - - 9.5 0.3 - - Gain on sale of subsidiaries, pre-tax (12) - - (6.9) (0.4) - - - - Nonunion vacation policy enhancement, pre-tax (5) - - - 0.3 - - - - Non-GAAP amounts (8) $ 10.5 $ 13.4 $ 44.7 $ 83.8 $ 5.3 $ (17.1) $ 1.5 $ 23.5 *See “Notes to Non-GAAP Financial Tables” for footnotes to this non-GAAP table |
| E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 42 A D D I T I O N A L I N F O R M A T I O N RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES* (Unaudited) 2019 2020 2021 2022 2023 2024 2025 3Q26 TTM ArcBest Consolidated – Adjusted EBITDA (14) ($ millions) Net Income (Amounts on a GAAP basis) $ 35.2 $ 67.3 $ 210.5 $ 294.6 $ 142.2 $ 173.4 $ 60.1 $ 28.7 Interest and other related financing costs 11.5 11.7 8.9 7.7 9.1 9.0 12.4 14.2 Income tax provision 10.1 20.4 62.6 93.7 44.8 45.4 23.0 9.3 Depreciation and amortization (15) 111.1 116.8 122.6 138.2 145.3 149.1 170.3 177.2 Amortization of share-based compensation 9.4 10.3 11.2 12.5 11.4 11.4 10.6 8.9 Change in fair value of contingent consideration (10) - - - 18.3 (19.1) (90.3) (2.7) - Asset impairment charges (4) 26.5 - - - 30.2 1.7 12.0 97.3 Legal settlement (11) - - - - 9.5 0.3 - - Change in fair value of equity investment (16) - - - - (3.7) 28.7 - - Gain on sale of subsidiaries (12) - - (6.9) (0.4) - - - - Transaction costs (17) - - 6.0 - - - - - Amortization of actuarial losses of benefit plans and pension settlement expense (18) 9.8 - - - - - - - Consolidated Adjusted EBITDA (8) $ 213.6 $ 226.5 $ 414.8 $ 564.6 $ 369.6 $ 328.6 $ 285.8 $ 335.6 ArcBest Consolidated *See “Notes to Non-GAAP Financial Tables” for footnotes to this non-GAAP table (continuing operations)(13) |
| RETURN ON CAPITAL EMPLOYED (ROCE)(19) 2019 2020 2021 2022 2023 2024 2025 3Q26 TTM (Unaudited, $ millions) Net Income (Amounts on a GAAP basis) $ 35.2 $ 67.3 $ 210.5 $ 294.6 $ 142.2 $ 173.4 $ 60.1 $ 28.7 Innovative technology costs, after-tax (includes related financing costs) (3) 15.7 19.6 24.9 30.8 39.7 26.1 22.2 21.1 Purchase accounting amortization, after-tax (9) 3.1 2.8 3.9 9.6 9.6 9.6 9.6 7.6 Changes in cash surrender value and gains on life insurance policies (3.7) (2.3) (4.1) 2.7 (4.6) (3.3) (3.3) (4.1) Tax expense (benefit) from vested RSUs (20) 0.5 0.5 (7.6) (8.1) (5.3) (11.3) 1.0 (1.6) Change in fair value of contingent consideration, after-tax (10) - - - 13.6 (14.4) (67.9) (2.0) - Asset impairment charges, after-tax (4) 19.8 - - - 22.6 1.3 9.1 73.3 Legal settlement, after-tax (11) - - - - 7.1 0.2 - - Gain on sale of certain properties, after-tax (2) - - - - - - (11.8) (2.2) Restructuring charges, after-tax (1) - - - - - - - 4.9 Change in fair value of equity investment, after-tax (16) - - - - (2.8) 21.6 - - Gain on sale of subsidiaries, after-tax (12) - - (5.4) (0.3) - - - - Nonunion vacation policy enhancement, after-tax (5) - - - 1.5 - - - - Tax credits (21) (2.5) (1.3) (1.5) 0.2 - - - - Transaction costs, after-tax (17) - - 4.4 - - - - - Nonunion pension expense, including settlement expense, after-tax (22) 8.0 0.1 - - - - - - ELD conversion costs, after-tax (6) 2.0 - - - - - - - Nonunion pension termination costs, after-tax (7) 0.3 - - - - - - - After-tax interest expense (23) 8.7 8.8 6.5 5.7 6.7 6.6 9.1 10.5 ROCE Earnings (8) $ 87.1 $ 95.5 $ 231.5 $ 350.5 $ 200.8 $ 156.3 $ 93.9 $ 138.1 Beginning equity 717.7 763.0 828.6 929.1 1,151.4 1,242.4 1,314.4 1,322.9 Ending equity 763.0 828.6 929.1 1,151.4 1,242.4 1,314.4 1,295.7 1,292.1 Average Total Equity (24) $ 740.4 $ 795.8 $ 878.8 $ 1,040.2 $ 1,196.9 $ 1,278.4 $ 1,305.0 $ 1,307.5 Beginning debt 291.7 323.5 284.2 225.5 264.6 228.9 189.1 214.1 Ending debt 323.5 284.2 225.5 264.6 228.9 189.1 223.9 194.5 Average Total Debt (25) $ 307.6 $ 303.9 $ 254.9 $ 245.1 $ 246.8 $ 209.0 $ 206.5 $ 204.3 Average Capital Employed $ 1,048.0 $ 1,099.7 $ 1,133.7 $ 1,285.3 $ 1,443.7 $ 1,487.4 $ 1,511.5 $ 1,511.8 ROCE (percent) 8% 9% 20% 27% 14% 11% 6% 9% A D D I T I O N A L I N F O R M A T I O N ArcBest Consolidated *See “Notes to Non-GAAP Financial Tables” for footnotes to this non-GAAP table (continuing operations)(13) |
| The following footnotes apply to the non-GAAP financial tables on the previous four slides in this presentation: 1) Represents restructuring charges for the realignment of the Company’s organizational structure as previously announced. 2) Primarily represents gains on service center sales within the Asset-Based operations. 3) Represents costs related to our customer pilot offering of Vaux and initiatives to optimize our performance through technological innovation. The 2019-2023 periods also include costs associated with the freight handling pilot test program at ABF Freight, for which the decision was made to pause the pilot during third quarter 2023. Costs for 2019-2020 have been adjusted to conform to the current-year presentation. 4) The 2026 periods represent $50.8 million in asset impairment charges related to the write-off of certain freight movement system assets associated with Vaux. Also represents $25.7 million in noncash asset impairment charges to write off the Panther trade name as part of a strategic brand consolidation decision within Asset-Light’s operations and $8.8 million in lease-related impairment charges for certain Asset-Light office space. The 2025 periods represent noncash asset impairment charges recognized during fourth quarter 2025 related to the indefinite-lived intangible assets within Asset-Light’s segment and the write-off of certain assets utilized in the freight handling pilot program. The 2024 periods represent noncash asset impairment charges for certain revenue equipment and software recognized during fourth quarter 2024 as part of a strategic decision to adjust capacity within Asset-Light’s operations. The 2023 periods represent noncash lease-related impairment charges for a freight handling pilot facility, an Asset-Based service center, and Asset-Light office spaces that were made available for sublease. The 2019 periods represent a noncash impairment charge recognized in fourth quarter related to a portion of the goodwill, customer relationship intangible assets, and revenue equipment associated with the acquisition of truckload brokerage and truckload dedicated businesses within the Asset-Light segment. 5) Represents a one-time, noncash charge for enhancements to our nonunion vacation policy which were effective third quarter 2022. 6) Impairment charges related to equipment replacement and other one-time costs incurred to comply with the electronic logging device (“ELD”) mandate which became effective in December 2019. 7) Consulting fee incurred in third quarter 2019 associated with the termination of the nonunion defined benefit pension plan. 8) Non-GAAP amounts are calculated in total and may not equal the sum of the GAAP and the non-GAAP adjustments due to rounding. 9) Represents the amortization of acquired intangible assets in the Asset-Light segment. 10) Represents change in fair value of the contingent earnout consideration recorded for the MoLo acquisition. 11) Represents settlement expenses related to the classification of certain Asset-Light employees under the Fair Labor Standards Act, which were paid during first quarter 2025. 12) Gains associated with the April 2021 divestitures of moving services subsidiaries for which the gains were recognized in second quarter 2021, when the contingent consideration was received on the transactions, as well as including the contingent amount recognized in second quarter 2022 when the funds were released to escrow. 13) Historical results of FleetNet have been excluded from results for all periods presented, and reclassifications have been made to the prior-period financial statements to conform to current-year presentation. 14) Adjusted EBITDA is used for business planning and as a key performance measure, particularly because it excludes certain significant expenses resulting from strategic decisions or other factors rather than core daily operations, such as amortization of acquired intangibles and software of the Asset-Light segment, asset impairment charges, and changes in fair value of contingent consideration. The calculation of Consolidated Adjusted EBITDA begins with net income, which is the most directly comparable GAAP measure. 15) Includes amortization of intangibles associated with acquired businesses. 16) For 2024, represents a noncash impairment charge to write off an equity investment in Phantom Auto, a provider of human-centered remote operation software, which ceased operations during first quarter 2024. For 2023, represents the increase in fair value of an investment in Phantom Auto based on observable price changes during second quarter 2023. 17) Represents costs associated with the November 1, 2021, acquisition of MoLo Solutions, LLC. 18) Includes pre-tax pension settlement expense of $4.2 million related to the Company’s nonunion defined benefit pension plan, for which plan termination was completed as of December 31, 2019, and a $4.0 million noncash pension termination expense related to an amount which was stranded in accumulated other comprehensive income until the pension benefit obligation was settled upon plan termination. 19) Management uses Adjusted Return on Capital Employed (ROCE) as a measure of the profitability of the company's capital employed in its business operations. ROCE is a good indicator of long-term company and management performance as it relates to capital efficiency. The calculation of ROCE as presented below begins with the numerator of Net Income from Continuing Operations and the denominator of Average Debt and Average Total Equity. The Net Income from Continuing Operations is adjusted for Non-GAAP items and after-tax interest expense. 20) Represents recognition of the tax impact for the vesting of share-based compensation. 21) Represents tax credits recognized in the tax provision which relate to a prior tax year due to timing of recognition or retroactive reinstatement of the tax credits. Includes amounts related to alternative fuel tax credit in 2018, 2019 and 2022. Includes amounts related to research and development tax credit in 2019, 2020 and 2021. The 2022 period also includes amounts related to the alternative fuel tax credit for the year ended December 31, 2021, which were recorded in third quarter 2022. 22) Represents nonunion pension expense, including pension settlement and termination expense, related to the Company’s nonunion defined benefit pension plan for which plan termination was completed in 2019. Also includes pension settlement expense related to the Company’s supplemental benefit plan. 23) After-tax interest expense is interest and other related financing costs, net of an assumed tax rate reflective of the applicable statutory and/or effective tax rates for the period presented. 24) Average total equity is the average of the beginning and ending total stockholders’ equity. 25) Average total debt is the average of the beginning and ending current portion of long-term debt and long-term debt, less current portion. E A R N I N G S P R E S E N T A T I O N | 3 Q 2 6 44 Notes to Non-GAAP Financial Tables |
