Marten Transport MRTN

Marten Transport Ltd is a multifaceted transportation company providing time and temperature-sensitive and dry truck-based transportation and distribution capabilities across five distinct business platforms. The company specializes in transporting food and other consumer packaged goods requiring temperature-controlled or insulated environments, as well as dry freight, throughout the United States and into parts of Mexico and Canada. Its core operations focus on regional truckload carrier services in the Southeast, West Coast, Midwest, South Central, and Northeast regions, with primary traffic lanes connecting the Midwest to the West Coast, Southwest, Southeast, and East Coast, as well as California to the Pacific Northwest.

Marten Transport Ltd generates revenue primarily through its transportation and logistics services, including full-load truckload, dedicated, and brokerage operations. In 2025, the company reported $883.7 million in operating revenue, with approximately 59% of its Truckload and Dedicated revenue derived from temperature-sensitive products and 41% from dry freight. Revenue is predominantly generated within the United States, serving shippers that offer consistent freight volumes in preferred lanes and are willing to pay for high service levels, including up to 99% on-time performance and delivery within narrow time windows required for perishable commodities.

The company operates through the following segments: Truckload, Dedicated, and Brokerage.

• Truckload: This segment provides a combination of regional short-haul and medium-to-long-haul full-load transportation services, moving temperature-controlled and dry freight across the United States and into and out of Mexico and Canada. Customer agreements in this segment are typically for one year. The Truckload segment also includes the operating results of MRTN de Mexico, which offers door-to-door service between the United States and Mexico through Mexican partner carriers.
• Dedicated: This segment delivers customized transportation solutions tailored to individual customer requirements, utilizing temperature-controlled trailers, dry vans, and other specialized equipment within the United States. Customer agreements in the Dedicated segment range from three to five years and are subject to annual rate reviews. The segment focuses on building long-term partnerships by aligning equipment and service levels with specific shipper needs.
• Brokerage: This segment develops contractual relationships with third-party carriers to arrange freight transportation for customers in temperature-controlled trailers and dry vans within the United States and into and out of Mexico. Operations are conducted through Marten Transport Logistics, LLC, established in 2007 and operating under brokerage authority granted by the United States Department of Transportation. Marten Transport Ltd retains billing, collection, and customer management responsibilities for this segment.

Marten Transport Ltd is one of the leading temperature-sensitive truckload carriers in the United States, competing in a highly competitive market against other truckload carriers, less-than-truckload providers, railroads, and other transportation companies. The company believes its competitive advantages lie in service quality, freight rates, capacity, use of technology, and financial stability, which together enable it to effectively compete for customers and driver talent in the industry.

Marten Transport Ltd serves food and consumer packaged goods companies that require temperature-sensitive services and ship multiple truckloads per week. In 2025, its largest customer was Walmart, with the top ten customers accounting for 50% of revenue and the top 30 customers representing approximately 71% of revenue excluding fuel surcharges. The company has worked to increase customer diversity over time, reducing reliance on its largest accounts compared to prior years.