Pamt Corp.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 3 November 2026: press release. The quarter’s numbers.

Key takeaways

Revenue up 8.2%, net loss higher: Operating revenues rose 8.2% to $162.5 million. Net loss was $8.1 million, or $0.38 per diluted share, against $5.6 million, or $0.27, in the third quarter of 2025. Source
Logistics operating ratio improved: Logistics Operations revenue was $44.8 million, up from $41.8 million. Its operating ratio was 92.6%, against 99.1%. Nine-month logistics revenue was $140.0 million, against $127.0 million. Source
Rate per mile up 11% sequentially: Management said rate per mile rose 11% sequentially and 6% against the third quarter of 2025, as the exit of industry capacity tightened market conditions. Source
Cost increases still exceed pricing: Management described the rate gain as a positive step toward aligning customer rates with inflationary costs of the past four years. It said cumulative cost increases still outpace the pricing gains. Source
Net fuel costs rose on surcharge lag: Management attributed higher net fuel costs to timing between weekly diesel price increases and customer surcharge adjustments, which typically lag price changes by one week or more. Source
Driver costs expected to stay pressured: Management anticipates continued pressure on driver recruitment and retention costs, as enforcement and regulatory requirements further limit the pool of qualified drivers. Source
Liquidity of $102.0 million: Total available liquidity was $102.0 million, made up of cash, marketable equity securities and line-of-credit availability. Stockholders' equity was $195.0 million. Source

“While I am disappointed that the progress achieved in customer pricing was offset by these cost pressures, I am encouraged by the continued sequential improvement in our operating performance.”
Lance Stewart, President of the Company

Results and growth drivers

Revenue up 8.2%, net loss higher: Operating revenues rose 8.2% to $162.5 million. Net loss was $8.1 million, or $0.38 per diluted share, against $5.6 million, or $0.27, in the third quarter of 2025. Source
Revenue before fuel surcharge rose: Revenue before fuel surcharge was $136.0 million, up from $132.9 million a year earlier. Fuel surcharge revenue is reported separately in the same table. Source
Operating loss and ratio reported: Operating loss was $5.0 million, against $5.7 million a year earlier. Consolidated operating ratio was 103.1%, and the nine-month operating loss was $15.7 million. Source
Nine-month loss smaller year over year: Nine-month revenue was $469.1 million, up 2.7%. Nine-month net loss was $15.5 million, or $0.74 per diluted share, against $23.4 million, or $1.10, a year earlier. Source

Segments and operating ratios

Logistics operating ratio improved: Logistics Operations revenue was $44.8 million, up from $41.8 million. Its operating ratio was 92.6%, against 99.1%. Nine-month logistics revenue was $140.0 million, against $127.0 million. Source
Truckload ratio rose in the quarter: The truckload operating ratio rose year over year in the quarter and fell over nine months. The release says the ratio is computed net of fuel surcharge. Source
Nine-month truckload ratio lower: Over nine months the truckload operating ratio was lower than a year earlier, while the third-quarter ratio was higher than the same quarter of 2025. Source

“I remain confident that our ongoing initiatives, combined with improving market conditions, will contribute to stronger financial results as we move forward.”
Lance Stewart, President of the Company

Customer rates and pricing

Rate per mile up 11% sequentially: Management said rate per mile rose 11% sequentially and 6% against the third quarter of 2025, as the exit of industry capacity tightened market conditions. Source
Cost increases still exceed pricing: Management described the rate gain as a positive step toward aligning customer rates with inflationary costs of the past four years. It said cumulative cost increases still outpace the pricing gains. Source
Capacity exit tightens the market: Management attributed tightening market conditions to the ongoing exit of industry capacity, which it said was influenced partly by heightened enforcement and evolving legal and regulatory developments. Source

Fuel, driver and other costs

Net fuel costs rose on surcharge lag: Management attributed higher net fuel costs to timing between weekly diesel price increases and customer surcharge adjustments, which typically lag price changes by one week or more. Source
Driver costs expected to stay pressured: Management anticipates continued pressure on driver recruitment and retention costs, as enforcement and regulatory requirements further limit the pool of qualified drivers. Source
Operating supplies expense rose: Operating supplies and expenses were $41.2 million, against $29.1 million a year earlier, an increase of $12.1 million. Salaries, wages and benefits were $41.7 million. Source
Rent and purchased transport fell: Rent and purchased transportation was $54.7 million, against $61.5 million. Depreciation was $19.5 million, against $19.8 million, and insurance and claims was $5.1 million. Source
Equipment sale gains lower, may fluctuate: Gain on disposition of assets was $0.3 million, against $4.0 million a year earlier. Management said gains will continue to fluctuate with the timing, type and market values of equipment sold. Source

Fleet, loads and productivity

Loads fell as miles rose: Total loads fell year over year, while total miles rose and the empty miles factor declined. The release gives no explanation for the change in load count. Source
Revenue per truck per workday higher: Revenue per truck per workday was higher than a year earlier in the quarter, while the nine-month figure was lower than the nine months of 2025. Source
Average truck count lower: The average truck count was lower than a year earlier in the quarter and over the nine months. Source

Cash, liquidity and debt

Liquidity of $102.0 million: Total available liquidity was $102.0 million, made up of cash, marketable equity securities and line-of-credit availability. Stockholders' equity was $195.0 million. Source
Operating cash use reported: Net cash used in operating activities was $1.0 million for the third quarter and $17.7 million for the nine months. Source
Debt down $10.7 million: Total outstanding debt was $323.1 million, a decrease of $10.7 million from December 31, 2025. Cash and cash equivalents were $5.4 million at September 30, 2026. Source
Receivables higher than year-end: Trade accounts receivable, net, rose to $94.0 million from $66.9 million at December 31, 2025, while cash fell to $5.4 million from $35.2 million. Source

Management commentary and initiatives

Network cost removal continuing: In the second quarter, management said it continued removing costs, including underutilized equipment, from the network, tied to its well-defined freight network.
Cost offsets to rate gains: Management said rate gains were offset by higher net fuel costs, higher driver expenses and reduced gains on equipment sales. Source
Employees thanked for commitment: Management thanked employees for their continued commitment and contributions during the quarter. Source

Coming up, as management said on 3 November 2026

Rate gains expected to continue: Management said it remains optimistic that rates will continue to improve as the market adjusts to cost pressures and reduced industry capacity. Source

Figures management reported

Figure	Reported
Total loads Source	89,066 vs 93,853 a year earlier
Total miles (thousands) Source	41,700 vs 41,521
Truckload operating ratio Source	109.1% vs 106.7%
Empty miles factor Source	7.73% vs 8.07%
Revenue per truck per workday Source	$698 vs $689
Average truck count Source	2,010 vs 2,069
Fuel surcharge revenue Source	$26.6 million vs $17.3 million
Rate per mile change Source	up 11% sequentially and 6% year over year

Risks management discussed

Operational: Driver recruitment and retention costs are expected to remain under pressure as the qualified driver pool is constrained. Source
Regulatory: Heightened enforcement and evolving legal and regulatory developments are linked to the exit of industry capacity and tighter market conditions. Source
External: Fuel surcharges lag weekly diesel price increases, which raised net fuel costs in the quarter. Source
Financial: Cumulative cost increases continue to outpace the pricing gains achieved so far. Source
Financial: Gains on equipment sales vary with timing, equipment type and market values, and gains fell year over year. Source

Earlier plans management reported on

Not stated: The second-quarter release said management believed opportunities for further rate correction remained and that progress had continued after quarter end.
Not stated: The second-quarter release said management expected its freight network focus to continue supporting operational efficiencies. The third-quarter release does not restate this.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

PAMT CORP

ANNOUNCES RESULTS FOR THE THIRD QUARTER

ENDED SEPTEMBER 30, 2026

Third Quarter 2026 Summary Results

Total revenues of $162.5 million, up 8.2% YoY
Operating loss of $5.0 million
Operating ratio of 103.1%
Net loss of $8.1 million
Diluted loss per share of $0.38

Nine months ended September 30, 2026 Summary Results

Total revenues of $469.1 million, up 2.7% YoY
Operating loss of $15.7 million
Operating ratio of 103.3%
Net loss of $15.5 million
Diluted loss per share of $0.74

Tontitown, Arkansas, November 2, 2026...... PAMT CORP (NASDAQ: PAMT) (“we” or the “Company”) today reported consolidated net loss of $8.1 million, or diluted and basic loss per share of $0.38, for the quarter ended September 30, 2026 and a consolidated net loss of $15.5 million, or diluted and basic loss per share of $0.74, for the nine months ended September 30, 2026. These results compare to a consolidated net loss of $5.6 million, or diluted and basic loss per share of $0.27 for the quarter ended September 30, 2025, and a consolidated net loss of $23.4 million, or diluted and basic loss per share of $1.10 for the nine months ended September 30, 2025.

Consolidated operating revenues increased 8.2% to $162.5 million for the third quarter of 2026 when compared to $150.3 million for the third quarter of 2025.

Lance Stewart, President of the Company, commented, “The ongoing exit of industry capacity, influenced in part by heightened enforcement and evolving legal and regulatory developments, continues to contribute to tightening market conditions. This shift has provided us with opportunities to improve our rate per mile by 11% sequentially and 6% compared to the third quarter of 2025.

“While this rate improvement represents a positive step toward aligning customer rates with the inflationary cost increases experienced over the past four years, cumulative cost increases continue to outpace the pricing improvements achieved to date. We remain optimistic that rates will continue to improve as the market adjusts to ongoing cost pressures and reduced industry capacity.

“Unfortunately, the improvements achieved in customer rates during the quarter were offset by higher net fuel costs, increased expenses associated with attracting and retaining qualified drivers, and reduced gains on the sale of used equipment. Higher net fuel costs were primarily attributable to the timing difference between significant weekly increases in national diesel fuel prices and the corresponding adjustments to customer fuel surcharges, which typically lag changes in fuel prices by one week or more. We anticipate continued pressure on driver recruitment and retention costs as heightened enforcement and regulatory requirements further constrain the pool of qualified drivers. Gains on the sale of used equipment will continue to fluctuate based on the timing, type, and market values of equipment sold.

“While I am disappointed that the progress achieved in customer pricing was offset by these cost pressures, I am encouraged by the continued sequential improvement in our operating performance. I remain confident that our ongoing initiatives, combined with improving market conditions, will contribute to stronger financial results as we move forward.

“As always, the success of our efforts is attributable to the hard work and dedication of our employees. I want to thank them for their continued commitment and contributions throughout the quarter.”

Liquidity, Capitalization, and Cash Flow

As of September 30, 2026, the Company had total available liquidity of $102.0 million, consisting of cash, marketable equity securities, and available borrowing capacity under its line of credit, and stockholders’ equity of $195.0 million. Total outstanding debt was $323.1 million as of September 30, 2026, a decrease of $10.7 million from December 31, 2025. Net cash used in operating activities was $1.0 million for the third quarter of 2026 and $17.7 million for the nine months ended September 30, 2026.

About PAMT CORP

PAMT CORP is a holding company that owns subsidiaries engaged in providing truckload dry van carrier services transporting general commodities throughout the continental United States, as well as in the Canadian provinces of Ontario and Quebec. The Company’s consolidated operating subsidiaries also provide transportation services in Mexico through its gateways in Laredo and El Paso, Texas, under agreements with Mexican carriers.

Forward-Looking Statements

Forward-looking statements notice

Certain information included in this document constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may relate to expected future financial and operating results, prospects, plans or events, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, increases in compensation for and difficulty in attracting and retaining qualified drivers and owner-operators, including as a result of recent regulatory initiatives impacting driver capacity, to meet available freight demand; general inflation, recessionary economic cycles and downturns in customers' business cycles; a significant reduction in or termination of the Company's trucking service by a key customer, including as a result of labor or international trade disruptions; increases or rapid fluctuations in fuel prices, interest rates, fuel taxes, tolls, and license and registration fees; excess capacity in the trucking industry; surplus inventories; the resale value of the Company's used equipment; the price and availability of new equipment consistent with anticipated acquisitions and replacement plans; increases in insurance premiums and deductible amounts relating to accident, cargo, workers' compensation, health, and other claims; increases in the number or amount of claims for which the Company is self-insured; inability of the Company to continue to secure acceptable financing arrangements; seasonal factors such as harsh weather conditions that increase operating costs; competition from trucking, rail, and intermodal competitors including reductions in rates resulting from competitive bidding; our ability to develop, implement and govern suitable information technology systems and prevent failures in or breaches, disruptions or unauthorized use of such systems; the impact of pending or future litigation; general risks associated with doing business in Mexico, including, without limitation, exchange rate fluctuations, inflation, import duties, tariffs, quotas, political and economic instability and terrorism; the potential impact of new laws, regulations or policy, including, without limitation, rules regarding the classification of independent contractors as employees, tariffs, import/export, trade and immigration regulations or policies; the impacts of ongoing or future military conflicts and other major domestic or international events; the ability to identify acceptable acquisition candidates, consummate acquisitions, and integrate acquired operations; potential economic, business or operational disruptions or uncertainties that may result from any future public health crises; and other factors, including risk factors, included from time to time in filings made by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise forward-looking statements, whether due to new information, future events or otherwise. Considering these risks and uncertainties, the forward-looking events and circumstances discussed above and in company filings might not transpire.

Key Financial and Operating Statistics

(unaudited)

	Quarter Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
	(in thousands, except earnings per share)		(in thousands, except earnings per share)
Revenue, before fuel surcharge	$135,982	$132,948	$395,538	$403,455
Fuel surcharge	26,566	17,316	73,542	53,285
Operating Revenue	162,548	150,264	469,080	456,740
Operating expenses and costs:
Salaries, wages and benefits	41,746	39,677	122,179	121,342
Operating supplies and expenses	41,204	29,115	108,266	89,529
Rent and purchased transportation	54,670	61,512	175,919	189,351
Depreciation	19,477	19,805	58,058	64,119
Insurance and claims	5,051	5,047	18,997	14,995
Other	5,738	4,822	17,380	14,806
Gain on disposition of assets	(316)	(4,003)	(16,018)	(11,431)
Total operating expenses and costs	167,570	155,975	484,781	482,711
Operating loss	(5,022)	(5,711)	(15,701)	(25,971)
Interest expense	(4,849)	(4,479)	(14,000)	(12,553)
Non-operating (expense) income	(631)	2,528	9,244	7,277
Loss before income taxes	(10,502)	(7,662)	(20,457)	(31,247)
Income tax benefit	(2,446)	(2,075)	(4,949)	(7,891)
Net loss	$(8,056)	$(5,587)	$(15,508)	$(23,356)
Diluted loss per share	$(0.38)	$(0.27)	$(0.74)	$(1.10)
Average shares outstanding - Diluted	20,939	20,926	20,939	21,305

	Quarter Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Truckload Operations
Total miles (in thousands) (1)	41,700	41,521	125,969	123,092
Operating ratio (2)	109.1%	106.7%	108.9%	110.1%
Empty miles factor	7.73%	8.07%	7.65%	8.66%
Total loads	89,066	93,853	263,738	284,185
Revenue per truck per workday	$698	$689	$665	$686
Revenue per truck per week	$3,490	$3,443	$3,325	$3,428
Average truck count	2,010	2,069	2,003	2,111
Logistics Operations
Total revenue (in thousands)	$44,788	$41,759	$140,013	$127,012
Operating ratio	92.6%	99.1%	94.9%	98.6%

Condensed Consolidated Balance Sheets

(unaudited)

	September 30,	December 31,
	2026	2025
	(in thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$5,427	$35,234
Trade accounts receivable, net	94,013	66,882
Other receivables	4,104	6,757
Inventories	3,287	2,332
Prepaid expenses and deposits	8,966	9,807
Marketable equity securities	36,751	48,488
Income taxes refundable	588	1,732
Total current assets	153,136	171,232
Property and equipment	746,054	792,391
Less: accumulated depreciation	262,977	275,554
Total property and equipment, net	483,077	516,837
Other non-current assets	9,298	9,843
Total Assets	$645,511	$697,912
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$26,938	$32,752
Accrued expenses and other liabilities	26,829	41,078
Current portion of long-term debt	66,281	65,542
Total current liabilities	120,048	139,372
Long-term debt, net of current portion	256,865	268,327
Deferred income taxes	68,167	73,689
Other long-term liabilities	5,461	6,040
Total liabilities	450,541	487,428
STOCKHOLDERS’ EQUITY
Common stock	224	224
Additional paid-in capital	41,934	41,682
Treasury stock, at cost	(29,142)	(28,924)
Accumulated other comprehensive loss	(40)	-
Retained earnings	181,994	197,502
Total stockholders’ equity	194,970	210,484
Total liabilities and stockholders’ equity	$645,511	$697,912

Excludes miles driven by third party power only carriers.
The Truckload Operations operating ratio has been calculated based upon total operating expenses, net of fuel surcharge, as a percentage of revenue, before fuel surcharge. We used revenue, before fuel surcharge, and operating expenses, net of fuel surcharge, because we believe that eliminating this sometimes volatile source of revenue affords a more consistent basis for comparing our results of operations from period to period.

FROM: PAMT CORP

P.O. BOX 188

Tontitown, AR 72770

Daniel C. Kleine

(479) 361-9111