ULH · Universal Logistics Holdings, Inc.

Universal Logistics Holdings reported disappointing Q1 2026 results with a net loss of $3.5 million or $(0.13) per share, down from $6.0 million net income or $0.23 per share in Q1 2025, on operating revenues of $367.6 million versus $382.4 million last year. Operating income fell sharply to $4.8 million (1.3% margin) from $15.7 million (4.1% margin), driven primarily by weakness in the intermodal segment, which posted a $13.1 million operating loss on $47.9 million revenue, down 32.3% YoY amid 23.3% lower load volumes and 10.4% drop in revenue per load excluding fuel. Contract logistics provided some offset with $269.5 million revenue (up 5.3%) and $17.5 million operating income, while trucking saw revenues decline 9.7% to $50.2 million with slim $0.6 million profit. CEO Tim Phillips noted a slow start due to intermodal softness in the first two months, despite later momentum, and emphasized operational improvements for recovery. EBITDA of $40.7 million (11.1% margin) was down from $51.7 million (13.5%). Balance sheet shows $17.9 million cash and $754.7 million debt as of April 4. Despite results, the board declared a $0.105 per share dividend. Leadership transition includes Michael H. Rogers' CFO appointment effective June 1 with competitive pay package including base salary rising to $500,000 by 2027, guaranteed 2026 bonus, and equity. Annual meeting results affirm governance continuity with all directors elected and strong auditor ratification.