ARCB · ArcBest Corporation

ArcBest's preliminary Q2 2026 update indicates robust revenue growth across both segments. In Asset-Based, daily billed revenue increased 10% year-over-year through May, fueled by a 5% rise in tonnage and a 13% jump in revenue per shipment, reflecting a shift toward heavier freight and higher fuel surcharges. Shipments per day edged down 2%, but weight per shipment expanded 8%, suggesting improved mix. Management cited disciplined pricing, fuel cost pass-through, and cost optimization initiatives driving a forecasted 600-700 basis point sequential improvement in non-GAAP operating ratio from Q1. Asset-Light revenue accelerated sharply, with daily revenue up 28% on 15% shipment growth, led by the Managed business segment. Revenue per shipment increased 11% amid tightening truckload capacity and higher fuel costs. Purchased transportation expense remained elevated at 86% of revenue but stable. For the quarter, Asset-Light non-GAAP operating income is expected between $3 million and $5 million, excluding approximately $2 million in purchase accounting amortization. Sequentially from April to May, Asset-Based saw weight per shipment increase 5% and revenue per shipment improve 5%, while revenue per hundredweight excluding fuel was flat. Asset-Light daily revenue rose 7% sequentially, though shipments dipped 2%. Overall, the update points to improving profitability trends, supported by yield management and cost control, despite mixed volume trends.