Universal Logistics (ULH) Q1 2026 earnings summary

Executive summary

• Operating revenues declined 3.9% year-over-year to $367.6 million due to lower freight demand, especially in intermodal and trucking, and continued softness in industrial and automotive end markets.

• Net loss for the quarter was $3.5 million, compared to net income of $6.0 million in the prior year period, reflecting margin pressure from higher labor, insurance, equipment, and borrowing costs.

• Operating income dropped to $4.8 million from $15.7 million year-over-year.

• EPS was $(0.13) versus $0.23 in Q1 2025.

• Contract logistics segment showed revenue growth, but intermodal and trucking segments experienced significant declines in both revenue and operating margin.

Financial highlights

• Operating revenues: $367.6 million, down from $382.4 million year-over-year.

• Net loss: $3.5 million, compared to net income of $6.0 million in the prior year.

• Operating income: $4.8 million, down from $15.7 million year-over-year.

• EBITDA was $40.7 million, down from $51.7 million year-over-year; EBITDA margin fell to 11.1% from 13.5%.

• Cash and cash equivalents: $17.9 million as of April 4, 2026; total outstanding borrowings: $754.7 million.

Outlook and guidance

• Management expects continued uneven freight demand and elevated costs for labor, insurance, equipment, and interest rates.

• Capital expenditures for the remainder of 2026 are expected to be approximately $75 million.

• Liquidity is expected to be sufficient for working capital, capital expenditures, and debt service over the next twelve months.

• Operational improvements are being implemented to restore intermodal profitability.

• Confidence expressed in the business model’s long-term resilience and strategy execution.