Proficient Auto Logistics (PAL) Q2 2026 earnings summary

Executive summary

• Announced definitive agreement to acquire Hansen & Adkins for $130 million, positioning the company as North America's largest auto hauler and finished vehicle logistics platform, expanding scale, network, and customer reach.

• Q2 2026 operating revenue was $109.4 million, down 5.3% year-over-year, with sequential improvement from Q1 2026; net loss was $3.9 million, and total units delivered decreased 8.0%.

• Adjusted EBITDA for Q2 2026 was $7.7 million, up from $4.5 million in Q1 2026 but down from $11.3 million in Q2 2025; margin improvement noted as pricing actions took effect.

• Several acquisitions completed, including Brothers Auto Transport and PVT Truck & Trailer Repair, further expanding capabilities.

• Both companies share a strong safety and service culture, supporting smooth integration.

Financial highlights

• Q2 2026 operating revenue: $109.4 million (down from $115.5 million in Q2 2025); net loss: $3.9 million; adjusted EBITDA: $7.7 million; adjusted EBITDA margin: 7.0%.

• Adjusted operating ratio for Q2 2026 was 99.5%, up from 96.7% in Q2 2025.

• Cash and equivalents at June 30, 2026: $8.1 million; net debt at quarter end: $62.3 million; net leverage ratio: 2.1x trailing 12-month adjusted EBITDA.

• Equipment CapEx remained light at under $5 million year-to-date; property & equipment, net, decreased to $102.9 million.

• Q2 2026 basic and diluted loss per share: $(0.14); effective tax rate: 17.9%.

Outlook and guidance

• Second half 2026 revenue expected between $350 million and $370 million, with operating ratios near 97% and EBITDA margins of 8%-9%.

• Synergies from the Hansen & Adkins acquisition anticipated to begin in 2027, with further margin improvement expected.

• Q3 2026 revenue projected to be flat to slightly up sequentially, with improved profitability.

• Combined entity expected to generate over $800 million in revenue and $60-$65 million in EBITDA on a trailing 12-month basis.

• Management is reassessing equipment CAPEX for the remainder of 2026, leveraging combined resources.