Quarterly report [Sections 13 or 15(d)]

Segment Reporting

v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Our chief operating decision-maker, who is our Chief Executive Officer, analyzes the results of our business through the following reportable segments: Expedited Freight, Omni Logistics, and Intermodal. Our chief operating decision-maker regularly reviews the operating results and performance of our segments through segment profit to manage operations and make decisions regarding resource allocations. These financial metrics are used to view operating trends, perform analytical comparisons and benchmark performance between periods and to monitor budget-to-actual variances on a monthly basis. Our chief operating decision-maker does not utilize information on segment assets.

The accounting policies applied to each segment are the same as those described in the Operations and Summary of Significant Accounting Policies as disclosed in Note 1 to the Annual Report on Form 10-K for the year ended December 31, 2025, except for certain self-insurance loss reserves related to vehicle liability and workers’ compensation. Each segment is allocated an insurance premium and deductible that corresponds to the self-insured retention limit for that particular segment. Any self-insurance loss exposure beyond the deductible allocated to each segment is recorded in Corporate.

Segment results from operations for the three months ended March 31, 2026 and 2025 are as follows:

For the Three Months Ended
March 31, 2026		 Expedited Freight Omni Logistics Intermodal Corporate Consolidated
External revenues $ 227,173  $ 302,418  $ 52,455  $ —  $ 582,046 
Intersegment revenues 45,534  —  637  —  46,171 
272,707  302,418  53,092  —  628,217 
Reconciliation of revenue
Elimination of intersegmental revenues (46,171)
Total consolidated revenues $ 582,046 
Less:
Purchased transportation 141,683  168,923  19,342  — 
Salaries, wages and employee benefits 55,650  53,396  13,663  (7,133)
Operating leases 15,528  27,702  5,781  702 
Depreciation and amortization 8,312  24,491  4,153  1,565 
Insurance and claims 10,160  468  2,771  99 
Fuel expense 2,053  504  2,370  — 
Other operating expenses 19,275  26,204  3,788  6,326 
Segment profit (loss) 20,046  730  1,224  (1,559) 20,441 
Reconciliation of segment profit or loss
Interest expense, net (43,587)
Foreign exchange gain (loss) 1,698 
Other (expense) income, net (16,957)
Loss before income taxes $ (38,405)
For the Three Months Ended
March 31, 2025		 Expedited Freight Omni Logistics Intermodal Corporate Consolidated
External revenues $ 227,196  $ 323,470  $ 62,473  $ 142  $ 613,281 
Intersegment revenues 22,185  —  19  —  22,204 
249,381  323,470  62,492  142  635,485 
Reconciliation of revenue
Elimination of intersegmental revenues (22,204)
Total consolidated revenues $ 613,281 
Less:
Purchased transportation 120,680  185,734  20,176  (124)
Salaries, wages and employee benefits 52,577  56,783  15,931  16,624 
Operating leases 15,433  27,090  5,778  491 
Depreciation and amortization 10,379  22,230  4,720  31 
Insurance and claims 10,308  2,615  2,791  (707)
Fuel expense 2,471  1,017  2,155  6 
Other operating expenses 21,899  24,626  5,399  3,609 
Segment profit (loss) 15,634  3,375  5,542  (19,788) 4,763 
Reconciliation of segment profit or loss
Interest expense, net (45,547)
Foreign exchange gain (loss) (922)
Other (expense) income, net 104 
Loss before income taxes $ (41,602)

Disaggregated external revenues by segment for the three months ended March 31, 2026 and 2025 are as follows:

For the Three Months Ended
March 31, 2026		 Expedited Freight Omni Logistics Intermodal Consolidated
Ground $ 227,173  $ 135,987  $ —  $ 363,160 
Contract Logistics —  104,166  —  104,166 
Air and Ocean —  62,265  —  62,265 
Intermodal —  —  52,455  52,455 
Total operating revenues $ 227,173  $ 302,418  $ 52,455  $ 582,046 
For the Three Months Ended
March 31, 2025		 Expedited Freight Omni Logistics Intermodal Corporate Consolidated
Ground $ 227,196  $ 172,094  $ —  $ 142  $ 399,432 
Contract Logistics —  80,128  —  —  80,128 
Air and Ocean —  71,248  —  —  71,248 
Intermodal —  —  62,473  —  62,473 
Total operating revenues $ 227,196  $ 323,470  $ 62,473  $ 142  $ 613,281 
Operating revenues from the individual services within the Expedited Freight segment are further sub-disaggregated for the three months ended March 31, 2026 and 2025 in the table below:
Three Months Ended
March 31, 2026 March 31, 2025
Operating revenues:
Network1
$ 188,177  $ 190,162 
Truckload 62,544  39,255 
Other 21,986  19,964 
Total operating revenues $ 272,707  $ 249,381 
1 Network revenue is comprised of all revenue, including linehaul, pickup and/or delivery, and fuel surcharge revenue, excluding accessorial and Truckload revenue.
Within the Omni Logistics segment, Ground operating revenues include domestic freight forwarding and time-definite transportation services; Air and Ocean operating revenues include air and ocean freight consolidation and customs brokerage; and Contract Logistics operating revenues include warehousing and value-added services, and other supply chain solutions.