Universal Logistics Holdings, Inc. (NASDAQ: ULH)

Universal Logistics Holdings, Inc. is a holding company whose subsidiaries provide customized transportation and logistics solutions across North America and select international markets. Through its operating subsidiaries, the company delivers an integrated portfolio of transportation and logistics services including value added, dedicated, intermodal and trucking solutions that support customers throughout their supply chains.

The company generates revenue by offering value added, dedicated, intermodal and trucking services to manufacturers, retailers and other industrial clients. Revenue is earned through direct sales to large customers, a network of company managed facilities and terminals, and a nationwide group of independent agents who solicit freight from shippers.

The company operates through the following segments.

• Contract Logistics: Provides value added and dedicated transportation services to support inbound and internal logistics requirements of industrial manufacturers and major retailers under contractual arrangements of one year or longer, including material handling, consolidation, sequencing, sub assembly, cross dock operations, kitting, repacking, warehousing, returnable container management and rail lift services.

• Intermodal: Provides local and regional drayage services coordinated through company managed terminals, utilizing a combination of owner operators, company owned equipment and third party capacity providers to move international and domestic containers between ports or railheads and customer facilities, including steamship truck, rail truck and related support services.

• Trucking: Includes dry van, flatbed, heavy haul and refrigerated operations transporting a broad range of commodities such as automotive parts, machinery, building materials, food products, steel and other industrial and consumer goods, coordinated through a mix of agents and company managed terminals using owner operators, company equipment and brokered capacity.

The transportation and logistics industry is highly competitive and fragmented, with competition based on service quality, reliability, pricing, breadth of offerings, technology capabilities and access to capacity. The company competes with asset based and non asset based carriers, integrated logistics providers, railroads and digital freight platforms. Its competitive advantages include an integrated service offering, a network of company managed terminals, long standing customer relationships and a nationwide agent network.

The company serves customers throughout the United States, Mexico and Canada. Revenues are concentrated in automotive, retail and consumer goods, metals, energy and manufacturing industries. For the year ended December 31, 2025, automotive customers represented approximately 45% of total revenues, the top customer General Motors accounted for approximately 25% of revenues and the top ten customers represented approximately 59% of revenues.