ArcBest's second-quarter results demonstrate meaningful operational improvements in both its asset-based less-than-truckload (LTL) and asset-light brokerage segments, according to FreightWaves.
The company reported a headline net loss of $13.8 million, or $0.62 per share, for the second quarter of 2026. However, after excluding restructuring, impairment, technology and other nonrecurring costs, adjusted earnings per share came in at $2.38 — $0.12 ahead of consensus and $1.02 higher year over year. Consolidated revenue increased 16% year over year to $1.18 billion, slightly above the $1.17 billion consensus estimate, FreightWaves reported.
LTL Segment Performance
The asset-based unit, which includes ABF Freight, generated $784 million in revenue, up 10% year over year. Tonnage per day rose 5%, even as shipments declined 3%; weight per shipment increased 8%. Revenue per hundredweight, or yield, was 4% higher year over year. Gross yield growth was supported by higher fuel surcharge revenue, as diesel prices were 50% higher year over year in the quarter. Excluding fuel, yield was flat year over year, but higher shipment weights acted as a drag.
Contractual rate increases averaged 5.8% in the period (up 9.8% on a two-year-stacked basis). On June 22, ArcBest implemented a 5.9% general rate increase for LTL services in both business units — six weeks ahead of the 11-month cadence followed in prior years.
The asset-based unit booked an adjusted operating ratio of 90.8% (inverse of operating margin), which improved 200 basis points year over year and 650 basis points sequentially from the first quarter. The result was in line with management's guidance for 600 to 700 basis points of sequential improvement. For the third quarter, the company expects no material sequential change to adjusted operating ratio, in line with historical seasonal patterns, implying 170 basis points of year-over-year improvement.
Asset-Light and Brokerage
The asset-light segment, which includes truck brokerage, reported a 28% year-over-year increase in revenue to $439 million. Daily shipments were up 15%, and revenue per shipment rose 12%. Adjusted operating income came in at $6.3 million, exceeding recently raised guidance of $3 million to $5 million. Purchased transportation expense increased 210 basis points year over year to 86.5% of revenue, reflecting capacity tightening and rising spot rates. The company guided for $6 million to $8 million in adjusted operating income in the third quarter.
Operational Changes and Outlook
Earlier this month, ArcBest announced a brand restructuring and a workforce reduction of approximately 2%. The actions also included the closure of 10 LTL terminals, representing 1% of dock doors. The company will host a conference call at 9:30 a.m. EDT on Wednesday to discuss second-quarter results.
The quarterly results offer rare insight into a subsegment of trucking where few public datasets exist, FreightWaves noted. For logistics operators, the key takeaways include a tightening LTL capacity environment (reflected in the early GRI and contract rate increases), rising spot rates in brokerage, and continued yield improvement despite flat ex-fuel pricing. Shippers should anticipate further rate actions as carriers seek to offset cost pressures from fuel and purchased transportation.
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