Research Reports

Prepared Highlights

TTS revenue was $594M, up 18% YoY; revenues net of fuel $516M, up 16% (prepared). TTS adjusted operating margin net of fuel improved 250 bps to 2.9% (CFO).
Dedicated segment: trucking revenue net of fuel $372M, up 33% YoY; average trucks +32% YoY; end-of-period fleet up 46% YoY including FirstFleet; Dedicated now 73% of TTS trucking revenues vs 64% a year ago (prepared). Legacy Dedicated rev/truck/week +1.8%; FirstFleet organic +4%; pro forma combined ~3% growth (CFO).
One-Way Truckload: revenue net of fuel $136M, –12% YoY; average trucks –19% to 2,122; miles/truck +5.7% despite weather, rev per total mile +3.6% (strongest inflection in 3+ years), rev per truck per week +9.6% (CEO). One-Way operating margin improved in Q1 (CEO).
Logistics segment revenue $196M, flat YoY. Truckload Logistics rev –4% (shipments –9%, rev/load +5%); Intermodal rev +18% (volumes +22%); Final Mile rev +8%. Logistics adjusted operating margin –0.4%, down 70 bps (CFO).
FirstFleet acquisition: 98% renewal rate on 2/3 of 2026 portfolio addressed; realized $1M cost savings Q1, actioned $5M of $6M year target; full $18M synergy target on track for mid-2026 (CEO).
CapEx: Q1 net CapEx $2M; full-year 2026 net CapEx guidance reaffirmed $185–$225M (CFO).
Free cash flow Q1 $87M, or 10.8% of total revenues (CFO). Operating cash flow $89M, up >200% YoY.
RPO/backlog: Dedicated pipeline "strong" exiting Q1 (CEO); One-Way bids securing mid-single-digit increases (CEO).
DOT preventable accident rate per million miles down 45% YoY (CEO). Total operating expenses (ex gains, insurance, fuel, PT) down 5% YoY (CEO).

Official Guidance

Full-year 2026 TTS average truck fleet growth: +23% to +28% (reaffirmed) (CFO).
Dedicated rev per truck per week full-year guide updated: flat to +3% (from prior –1% to +2%) (CFO).
One-Way Truckload rev per total mile Q2 2026 guide: +1% to +4% (CFO).
Full-year 2026 effective tax rate: 25.5%–26.5% (maintained) (CFO).
Full-year 2026 net interest expense: $40M–$45M (maintained) (CFO).
Full-year 2026 gains on sale of used equipment: $8M–$18M (maintained) (CFO).

Mgmt Quotes

"Market fundamentals are improving, and we are seeing a positive trajectory in our own numbers." — CEO
"Our integration of FirstFleet is progressing ahead of schedule. At 3 months end, we have already realized over $1 million in savings." — CEO
"Pricing in the quarter departed from seasonal trends as Q1 rates typically declined sequentially after peak season. However, rates were flat sequentially, a pattern we have not seen in the last 10 years." — CEO
"We are reaffirming our full year average truck fleet guidance range of up 23% to 28%." — CFO
"We have taken out approximately $150 million of cost over 3 years and continue advancing our technology transformation." — CEO