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Radiant Logistics, Inc.: Q4 FY2026 earnings call

What management said about Q4 FY2026, from the documents filed with the SEC on 14 September 2026: press release. The quarter’s numbers.

Key takeaways

  • Revenue up 18.5% year over year: Revenue was $261.4 million against $220.6 million a year earlier, an increase of $40.8 million or 18.5%. Source
  • Adjusted EBITDA up 31.6%: Adjusted EBITDA was $10.4 million, up $2.5 million or 31.6% from $7.9 million in the prior year quarter. Source
  • U.S. forwarding drove the improvement: Management attributed the improvement principally to U.S. forwarding operations, along with contribution across domestic and international and service offerings. Source
  • Adjusted EBITDA margin up 240 basis points: Adjusted EBITDA margin on adjusted gross profit was 15.5%, against 13.1% a year earlier. Source
  • Domestic truckload capacity continued exiting: Management said capacity has continued to exit North American truckload and intermodal markets through carrier attrition, tightening driver availability and fleet normalization. Source
  • No net debt at June 30: Cash of $25.6 million more than offset $25.0 million drawn under the revolving facility, so the company reported no net debt. Source

“Our fourth fiscal quarter results were strong across the board, with revenue up 18.5%, adjusted gross profit up 10.6%, adjusted net income up 34.5%, adjusted EBITDA up 31.6%”

Bohn Crain, Founder and CEO of Radiant Logistics

What changed from last quarter

  • New: Revolving credit facility amended on August 7, 2026: maturity extended five years to August 7, 2031, accordion raised from $75 million to $100 million, and borrowing pricing modestly improved. Source
  • New: Radiant Road & Rail launched a new independent agent program in truck brokerage and intermodal during the quarter. Source

Results and growth drivers

  • Revenue up 18.5% year over year: Revenue was $261.4 million against $220.6 million a year earlier, an increase of $40.8 million or 18.5%. Source
  • Adjusted EBITDA up 31.6%: Adjusted EBITDA was $10.4 million, up $2.5 million or 31.6% from $7.9 million in the prior year quarter. Source
  • Quarterly net income rose to $7.5 million: Net income attributable to Radiant was $7.5 million, or $0.15 per fully diluted share, against $4.9 million, or $0.10, a year earlier. Source
  • Fiscal year revenue reached $934.4 million: Fiscal 2026 revenues were $934.4 million against $902.7 million; net income attributable to Radiant was $18.8 million, or $0.39 diluted, against $17.3 million, or $0.35. Source
  • Full-year adjusted EBITDA $36.7 million: Adjusted EBITDA for fiscal 2026 was $36.7 million against $38.8 million; excluding the $1.3 million First Brands adjustment it would have been $35.4 million. Adjusted net income was $25.3 million, or $0.52 diluted, against $30.9 million, or $0.64. Source

Segments and regions

  • U.S. forwarding drove the improvement: Management attributed the improvement principally to U.S. forwarding operations, along with contribution across domestic and international and service offerings. Source
  • Airfreight up on typhoon relief work: Airfreight performance was up meaningfully in the quarter, largely from work supporting disaster relief after typhoon activity in the Western Pacific earlier this year. Source
  • Canada may gain cross-border forwarding work: Management said the Canada-U.S. tariff dynamic may create additional international air and ocean forwarding work for Canadian operations as shippers move away from cross-border trucking and rail. Source

“We are entering this next phase of the cycle from a position of real financial strength.”

Bohn Crain, Founder and CEO of Radiant Logistics

Products and customers

  • Navegate customer managing 1,400 vendors: One enterprise customer is actively managing over 1,400 vendors on the Navegate platform, which management said gives customers visibility and tools for complex supply chains. Source
  • New independent agent program launched: Radiant Road & Rail launched a new independent agent program in truck brokerage and intermodal, giving agents carrier network, technology and back-office access along with a built-in exit strategy. Source
  • Customs brokerage demand from tariff filings: Demand for customs house brokerage continued, driven by complex tariff compliance and elevated IEEPA-related filing activity across the industry. Source

Costs, margins and pricing

  • Adjusted EBITDA margin up 240 basis points: Adjusted EBITDA margin on adjusted gross profit was 15.5%, against 13.1% a year earlier. Source
  • Adjusted gross profit percentage lower: Adjusted gross profit percentage was 25.6% in the quarter against 27.4% a year earlier; for fiscal 2026 it was 26.3% against 26.5%. Source
  • Transportation costs rose with revenue: Cost of transportation and other services was $194.6 million against $160.2 million, and operating partner commissions were $23.0 million against $21.1 million. Source
  • Operating income up on higher revenue: Personnel costs were $22.9 million against $21.9 million and SG&A $11.4 million against $10.2 million, leaving income from operations at $8.5 million against $5.2 million. Source

“we view these developments as constructive for our domestic operations in general and our U.S. Brokerage operations, in particular.”

Bohn Crain, Founder and CEO of Radiant Logistics

Demand and the order book

  • Domestic truckload capacity continued exiting: Management said capacity has continued to exit North American truckload and intermodal markets through carrier attrition, tightening driver availability and fleet normalization. Source
  • Spot rates and tender rejections rose: Spot rates, tender rejections and other cyclical indicators moved higher through spring and into the June quarter, though management said they are not fully reflected in June quarter results. Source
  • Broader recovery if trends continue: If these trends continue, management believes they support a more broad-based and durable recovery for the domestic freight market. Source

Capital, cash and returns

  • No net debt at June 30: Cash of $25.6 million more than offset $25.0 million drawn under the revolving facility, so the company reported no net debt. Source
  • Receivables and payables rose: Accounts receivable were $162.8 million against $134.9 million at June 30, 2025, and accounts payable were $88.1 million against $74.4 million. Source
  • Share repurchases in prior release: The March release reported 585,050 shares bought back for $3.5 million over the nine months to March 31, 2026, at an average $5.97 per share. The June release does not state repurchases.

Strategy and investment

  • Organic growth plus disciplined acquisitions: Management said its strategy is to grow organically where its network gives an advantage and to supplement that growth with disciplined acquisitions. Source
  • Agent program as organic growth avenue: Management said it is pleased with the early response to the agent program and sees it as a new avenue for organic growth, bringing the Radiant model to a new market. Source
  • Capacity to accelerate growth initiatives: No net debt and available capacity were described as enabling Radiant to accelerate its organic and acquisition growth initiatives. Source

Change from the March quarter

  • Revenue above March quarter level: In the March quarter revenue was $214.1 million, up less than 0.1% year over year; the June quarter reached $261.4 million.
  • March quarter cited as seasonally slowest: The March release called that quarter the seasonally slowest of the year. Adjusted EBITDA for the June quarter was $10.4 million against $7.8 million in the March quarter.
  • March quarter margin down year on year: Adjusted EBITDA margin in the March quarter was 13.8%, down 240 basis points from 16.2% a year earlier.

Coming up, as management said on 14 September 2026

  • Cross-border customs demand expected to persist: Management said it expects the U.S.-Canada tariff dynamic to remain a source of demand for customs brokerage and compliance capabilities. Source

Risks management discussed

  • Regulatory: Management said U.S. trade policy keeps a high degree of compliance complexity for shippers, through an evolving tariff structure. Source
  • Regulatory: Escalating tariff actions between the U.S. and Canada add complexity for shippers crossing the shared border; management said it is early to gauge the full impact. Source
  • External: Closure of the Strait of Hormuz and Houthi activity affecting Suez Canal transits were described as keeping ocean capacity tight across key international trade lanes. Source
  • Demand: Management described the downturn in ocean pricing as prolonged, and noted that a late-quarter rate uptick may mean pricing is starting to stabilize. Source

Earlier plans management reported on

  • Not stated: The March release planned to introduce Navegate to current and prospective customers in the quarters ahead; this release does not state a status against that plan.
  • Not stated: The March release said Ray's capabilities would expand and that more AI-powered solutions would be introduced; this release does not mention Ray.

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.