Universal Logistics (ULH) Q2 2026 earnings summary

Executive summary

• Second quarter 2026 operating revenues were $379.3 million, down from $393.8 million year-over-year.

• GAAP net income was $26.2 million, with GAAP EPS of $0.99 per share; adjusted EPS was $0.16 per share.

• Results included a $45.3 million gain on property sale, $3.9 million impairment charge, and $12.3 million in legal charges.

• Quarterly dividend declared at $0.105 per share.

• Management highlighted improved execution in contract logistics and trucking, with early signs of freight market recovery.

Financial highlights

• Operating income rose to $45.1 million from $19.9 million year-over-year, driven by non-recurring items.

• Adjusted income from operations was $16.0 million, down from $19.9 million year-over-year.

• Adjusted EBITDA was $49.2 million, compared to $56.2 million a year earlier.

• Adjusted operating margin was 4.2%, down from 5.1% year-over-year.

• Adjusted EBITDA margin was 13.0%, compared to 14.3% in the prior year.

Outlook and guidance

• Management expects continued recovery in freight markets but notes that the recovery is in early stages and market conditions remain dynamic.

• Focus remains on long-term strategy, operational discipline, and investment in people and operations.