Revenue growth remains under pressure with a 2026Q1 gross margin of only 0.3%, down significantly from the 10.6% peak observed in 2023Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 4.04B | 4.01B | 4.18B | 4.43B | 5.03B | 3.77B | 2.94B | 2.99B | 3.09B | 2.83B | 2.7B | 2.67B | 2.61B | 2.3B | 2.07B | 1.91B | 1.66B | 1.47B | 1.83B | 1.84B | 1.88B | 1.86B | 1.72B | 1.44B | 1.33B | 1.55B | 1.84B | 1.72B | 1.61B | 1.59B | 1.6B |
| Revenue Growth % | -1.65% | -4.04% | -5.61% | -11.96% | 33.53% | 28.09% | -1.61% | -3.41% | 9.46% | 4.68% | 1.25% | 2.07% | 13.62% | 11.3% | 8.3% | 15.06% | 12.56% | -19.65% | -0.21% | -2.37% | 1.14% | 8.42% | 19.06% | 8.38% | -14.25% | -15.71% | 6.85% | 7.1% | 0.89% | -0.69% | 14.14% |
| Cost of Goods Sold | 3.88B | 3.92B | 3.83B | 4.05B | 4.46B | 3.36B | 2.71B | 2.77B | 2.82B | 2.64B | 2.54B | 2.47B | 2.43B | 2.18B | 1.98B | 1.44B | 1.4B | 1.29B | 1.51B | 1.48B | 202.42M | 755.67M | 690.47M | 485.59M | 556.7M | 1.45B | 764.76M | 738.55M | 1.49B | 1.48B | 1.56B |
| COGS % of Revenue | - | 97.75% | 91.62% | 91.45% | 88.6% | 89.21% | 92.24% | 92.76% | 91.19% | 93.33% | 93.97% | 92.72% | 92.83% | 94.59% | 95.92% | 75.51% | 84.49% | 87.47% | 82.24% | 80.63% | 10.76% | 40.62% | 40.24% | 33.7% | 41.87% | 93.53% | 41.57% | 42.9% | 92.48% | 92.62% | 97.09% |
| Gross Profit | 165.4M | 90.31M | 350M | 378.43M | 573.52M | 406.33M | 228.13M | 216.43M | 272.67M | 188.46M | 162.77M | 194.08M | 187.36M | 124.48M | 84.39M | 467.15M | 257.12M | 184.53M | 325.55M | 355.85M | 1.66B | 1.1B | 1.03B | 1.04B | 772.94M | 100.39M | 1.07B | 983.03M | 120.8M | 117.6M | 46.7M |
| Gross Margin % | 4.09% | 2.25% | 8.38% | 8.55% | 11.4% | 10.79% | 7.76% | 7.24% | 8.81% | 6.67% | 6.03% | 7.28% | 7.17% | 5.41% | 4.08% | 24.49% | 15.51% | 12.53% | 17.76% | 19.37% | 88.12% | 59.38% | 59.76% | 72.3% | 58.13% | 6.47% | 58.43% | 57.1% | 7.52% | 7.38% | 2.91% |
| Gross Profit Growth % | - | -74.2% | -7.51% | -34.02% | 41.15% | 78.11% | 5.41% | -20.63% | 44.69% | 15.78% | -16.13% | 3.59% | 50.51% | 47.5% | -81.93% | 81.69% | 39.34% | -43.32% | -8.51% | -78.54% | 50.1% | 7.74% | -1.59% | 34.79% | 669.95% | -90.66% | 9.34% | 713.75% | 2.72% | 151.82% | 33.81% |
| Operating Expenses | 78.29M | 0 | 105.57M | 205.81M | 179M | 129.35M | 129.85M | 152.66M | 163.57M | 127.11M | 128.7M | 118.59M | 118.12M | 105.41M | 98.96M | 457.39M | 311.66M | 353.24M | 277.03M | 271M | 1.55B | 950.42M | 901M | 869.15M | 702.32M | 24.45M | 934.65M | 873.33M | 50.83M | 54.69M | 69.03M |
| OpEx % of Revenue | - | - | 2.53% | 4.65% | 3.56% | 3.43% | 4.42% | 5.11% | 5.29% | 4.5% | 4.77% | 4.45% | 4.52% | 4.58% | 4.79% | 23.98% | 18.8% | 23.98% | 15.11% | 14.75% | 82.62% | 51.09% | 52.51% | 60.31% | 52.82% | 1.58% | 50.81% | 50.73% | 3.16% | 3.43% | 4.3% |
| Selling, General & Admin | 31.48M | 0 | 0 | 73.74M | 74.59M | 452.24M | 359.73M | 357.86M | 36.7M | 33.73M | 0 | 0 | 0 | 0 | 0 | 386.58M | 33.43M | 34.75M | 36.47M | 37.56M | 451.77M | 171.23M | 175.38M | 16.14M | 137.87M | 134.98M | 225.06M | 232.79M | 50.9M | 101.4M | 103.2M |
| SG&A % of Revenue | - | - | - | 1.67% | 1.48% | 12.01% | 12.23% | 11.98% | 1.19% | 1.19% | - | - | - | - | - | 20.27% | 2.02% | 2.36% | 1.99% | 2.04% | 24.01% | 9.2% | 10.22% | 1.12% | 10.37% | 8.7% | 12.23% | 13.52% | 3.17% | 6.36% | 6.43% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 105.57M | 132.08M | 104.41M | -322.89M | -229.88M | -205.2M | 126.88M | 93.38M | 128.7M | 118.59M | 118.12M | 105.41M | 98.96M | 70.81M | 278.23M | 318.49M | 240.56M | 233.44M | 1.1B | 779.19M | 725.62M | 853.01M | 564.45M | -110.53M | 709.59M | 640.53M | -74K | -46.71M | -34.17M |
| Operating Income | 87.11M | 90.31M | 244.43M | 172.62M | 394.53M | 276.98M | 98.28M | 63.77M | 109.1M | 61.35M | 34.06M | 75.5M | 69.24M | 19.07M | -14.57M | 9.76M | -54.55M | -168.71M | 48.52M | 84.84M | 124.68M | 154.19M | 124.3M | 86.3M | 70.62M | 75.93M | 140.15M | 109.71M | 69.98M | 62.91M | -22.33M |
| Operating Margin % | 2.16% | 2.25% | 5.85% | 3.9% | 7.85% | 7.35% | 3.34% | 2.13% | 3.53% | 2.17% | 1.26% | 2.83% | 2.65% | 0.83% | -0.71% | 0.51% | -3.29% | -11.45% | 2.65% | 4.62% | 6.63% | 8.29% | 7.24% | 5.99% | 5.31% | 4.9% | 7.62% | 6.37% | 4.35% | 3.95% | -1.39% |
| Operating Income Growth % | - | -63.05% | 41.6% | -56.25% | 42.44% | 181.83% | 54.11% | -41.55% | 77.83% | 80.09% | -54.88% | 9.04% | 263.08% | 230.9% | -249.28% | 117.89% | 67.67% | -447.68% | -42.81% | -31.95% | -19.14% | 24.04% | 44.03% | 22.21% | -7% | -45.82% | 27.75% | 56.78% | 11.24% | 381.74% | 4.82% |
| EBITDA | 217M | 260.64M | 393.52M | 318.35M | 534.57M | 401.2M | 216.67M | 176.24M | 217.73M | 164.42M | 137.12M | 168.54M | 155.46M | 107.46M | 73.19M | 83.5M | 17.02M | -92.2M | 125.69M | 162.42M | 192.41M | 216.28M | 179.35M | 138.56M | 119.84M | 130.48M | 196.61M | 159.47M | 117.59M | 116.01M | 42.37M |
| EBITDA Margin % | 5.37% | 6.5% | 9.42% | 7.19% | 10.63% | 10.65% | 7.37% | 5.9% | 7.04% | 5.82% | 5.08% | 6.32% | 5.95% | 4.67% | 3.54% | 4.38% | 1.03% | -6.26% | 6.86% | 8.84% | 10.23% | 11.63% | 10.45% | 9.62% | 9.01% | 8.41% | 10.69% | 9.26% | 7.32% | 7.28% | 2.64% |
| EBITDA Growth % | -43.02% | -33.77% | 23.61% | -40.45% | 33.24% | 85.17% | 22.94% | -19.06% | 32.43% | 19.91% | -18.64% | 8.41% | 44.67% | 46.83% | -12.35% | 390.61% | 118.46% | -173.36% | -22.62% | -15.58% | -11.04% | 20.59% | 29.44% | 15.62% | -8.16% | -33.63% | 23.29% | 35.62% | 1.36% | 173.78% | 44.41% |
| D&A (Non-Cash Add-back) | 130.37M | 170.34M | 149.09M | 145.73M | 140.04M | 124.22M | 118.39M | 112.47M | 108.64M | 103.07M | 103.05M | 93.04M | 86.22M | 88.39M | 87.75M | 73.74M | 71.56M | 76.5M | 77.17M | 77.58M | 67.73M | 62.1M | 55.05M | 52.26M | 49.22M | 54.55M | 56.45M | 49.76M | 47.61M | 53.1M | 64.7M |
| EBIT | 91.48M | 95.46M | 227.69M | 196.01M | 396.03M | 282M | 104.19M | 62.94M | 93.85M | 57.92M | 33.44M | 77.13M | 73.8M | 23.64M | -11.72M | 13.45M | -50.95M | -163.13M | 51.09M | 91.98M | 124.68M | -751.92M | -719.72M | 86.3M | 343.05M | -1.38B | -772.11M | -775.05M | -1.43B | -1.41B | -1.58B |
| Net Interest Income | -9.62M | -7.61M | 2.64M | 5.63M | -3.85M | -7.69M | -8.08M | -5.01M | -5.55M | -5.05M | -3.63M | -3.12M | -2.34M | -3.5M | -4.46M | -2.88M | -1.66M | 464K | 4.76M | 4.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.28M | 4.75M | 11.62M | 14.73M | 3.87M | 1.23M | 3.62M | 6.45M | 3.91M | 1.29M | 1.52M | 1.28M | 851K | 681K | 808K | 1.07M | 1.19M | 2.85M | 5.94M | 5.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 13.9M | 12.36M | 8.98M | 9.09M | 7.73M | 8.91M | 11.7M | 11.47M | 9.47M | 6.34M | 5.15M | 4.4M | 3.19M | 4.18M | 5.27M | 3.95M | 2.85M | 2.39M | 1.18M | 1.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -9.52M | -7.21M | -25.72M | 14.3M | -6.22M | -3.89M | -5.78M | -12.3M | -24.71M | -9.77M | -5.78M | -2.76M | 1.37M | 391K | -2.42M | -266K | 748K | 3.19M | 1.39M | 5.95M | 6.84M | 17.32M | 1.67M | -13.52M | -3.21M | -9.21M | -11.03M | -22.07M | -15.53M | -20.61M | -30.67M |
| Pretax Income | 77.59M | 83.09M | 218.71M | 186.91M | 388.3M | 273.09M | 92.5M | 51.47M | 84.39M | 51.58M | 28.29M | 72.73M | 70.61M | 19.46M | -16.99M | 9.49M | -53.8M | -165.52M | 49.91M | 90.79M | 131.52M | 171.51M | 125.97M | 72.78M | 67.41M | 66.72M | 129.12M | 87.64M | 54.44M | 42.3M | -53M |
| Pretax Margin % | 1.92% | 2.07% | 5.23% | 4.22% | 7.72% | 7.25% | 3.15% | 1.72% | 2.73% | 1.82% | 1.05% | 2.73% | 2.7% | 0.85% | -0.82% | 0.5% | -3.25% | -11.24% | 2.72% | 4.94% | 6.99% | 9.22% | 7.34% | 5.05% | 5.07% | 4.3% | 7.02% | 5.09% | 3.39% | 2.66% | -3.3% |
| Income Tax | 21.66M | 23M | 45.35M | 44.75M | 93.66M | 62.63M | 21.4M | 11.49M | 17.12M | -8.15M | 9.63M | 27.88M | 24.43M | 3.65M | -9.26M | 3.16M | -21.38M | -38M | 20.74M | 33.97M | 51.02M | 66.88M | 50.44M | 27.99M | 27.88M | 25.32M | 52.97M | 36.45M | 23.19M | 20.1M | -18.8M |
| Effective Tax Rate % | 27.91% | 27.68% | 20.74% | 23.94% | 24.12% | 22.93% | 23.13% | 22.32% | 20.29% | -15.8% | 34.06% | 38.33% | 34.6% | 18.76% | 54.5% | 33.29% | 39.73% | 22.96% | 41.56% | 37.41% | 38.79% | 39% | 40.04% | 38.46% | 41.36% | 37.94% | 41.02% | 41.6% | 42.6% | 47.52% | 35.47% |
| Net Income | 55.93M | 60.1M | 173.96M | 195.43M | 298.21M | 213.52M | 71.1M | 39.98M | 67.26M | 59.73M | 18.65M | 44.85M | 46.18M | 15.81M | -7.73M | 6.33M | -32.42M | -127.89M | 29.17M | 56.83M | 84.09M | 104.63M | 75.53M | 46.11M | 16.82M | 44.81M | 76.16M | 50.4M | 28.68M | 15.4M | -36.6M |
| Net Margin % | 1.38% | 1.5% | 4.16% | 4.41% | 5.93% | 5.67% | 2.42% | 1.34% | 2.17% | 2.11% | 0.69% | 1.68% | 1.77% | 0.69% | -0.37% | 0.33% | -1.96% | -8.68% | 1.59% | 3.09% | 4.47% | 5.62% | 4.4% | 3.2% | 1.26% | 2.89% | 4.14% | 2.93% | 1.78% | 0.97% | -2.28% |
| Net Income Growth % | -68.82% | -65.45% | -10.99% | -34.46% | 39.66% | 200.31% | 77.82% | -40.55% | 12.62% | 220.21% | -58.42% | -2.87% | 192.06% | 304.49% | -222.09% | 119.53% | 74.65% | -538.46% | -48.67% | -32.43% | -19.62% | 38.52% | 63.8% | 174.14% | -62.47% | -41.15% | 51.11% | 75.75% | 86.2% | 142.08% | -11.59% |
| Net Income (Continuing) | 55.93M | 60.1M | 173.36M | 142.16M | 294.65M | 210.46M | 71.1M | 39.98M | 67.26M | 59.73M | 18.65M | 44.85M | 46.18M | 15.81M | -7.73M | 6.33M | -32.42M | -127.52M | 29.17M | 56.83M | 80.5M | 104.63M | 75.53M | 44.79M | 40.76M | 41.4M | 76.16M | 51.18M | 31.25M | 22.2M | -34.2M |
| Discontinued Operations | 0 | 0 | 600K | 53.27M | 3.56M | 3.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.59M | 0 | 0 | 1.32M | 714K | 0 | 0 | -1.57M | -2.58M | -6.8M | -2.4M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33.51M | 32.6M | 34M |
| EPS (Diluted) | 2.50 | 2.62 | 7.30 | 7.93 | 11.69 | 7.98 | 2.69 | 1.51 | 2.52 | 2.25 | 0.71 | 1.67 | 1.69 | 0.59 | -0.31 | 0.23 | -1.30 | -5.10 | 1.15 | 2.26 | 3.30 | 4.06 | 2.94 | 1.81 | 0.68 | 1.73 | 3.17 | 2.11 | 1.21 | 0.56 | -2.10 |
| EPS Growth % | -67.86% | -64.11% | -7.94% | -32.16% | 46.49% | 196.65% | 78.15% | -40.08% | 12% | 216.9% | -57.48% | -1.18% | 186.44% | 290.32% | -234.78% | 117.69% | 74.51% | -543.48% | -49.11% | -31.52% | -18.72% | 38.1% | 62.43% | 166.18% | -60.69% | -45.43% | 50.24% | 74.38% | 116.07% | 126.67% | -10.53% |
| EPS (Basic) | - | 2.63 | 7.39 | 8.14 | 12.13 | 8.38 | 2.80 | 1.57 | 2.62 | 2.32 | 0.72 | 1.71 | 1.69 | 0.59 | -0.31 | 0.23 | -1.30 | -5.10 | 1.17 | 2.29 | 3.35 | 4.13 | 3.00 | 1.84 | 0.68 | 1.73 | 3.62 | 2.34 | 1.24 | 0.56 | -2.10 |
| Diluted Shares Outstanding | 22.34M | 22.93M | 23.82M | 24.63M | 25.5M | 26.77M | 26.42M | 26.45M | 26.7M | 26.42M | 26.26M | 26.53M | 25.99M | 25.71M | 25.56M | 25.4M | 25.19M | 25.05M | 25.28M | 25.12M | 25.5M | 25.77M | 25.69M | 25.48M | 25.31M | 24.89M | 22.72M | 21.85M | 20.15M | 19.82M | 17.43M |
| Basic Shares Outstanding | 22.34M | 22.84M | 23.55M | 24.02M | 24.59M | 25.47M | 25.41M | 25.54M | 25.68M | 25.68M | 25.75M | 26.01M | 25.99M | 25.71M | 25.42M | 25.4M | 25.19M | 25.05M | 24.98M | 24.82M | 25.13M | 25.33M | 25.18M | 24.86M | 24.71M | 20.92M | 19.9M | 19.7M | 19.66M | 19.82M | 17.43M |
| Dividend Payout Ratio | - | 18.25% | 6.49% | 5.91% | 3.63% | 3.81% | 11.47% | 20.48% | 12.26% | 13.84% | 44.6% | 15.24% | 8.88% | 20.45% | - | 50.21% | - | - | 52.61% | 26.69% | 18.16% | 13.1% | 15.9% | 17.25% | - | - | - | - | 14.99% | 29.87% | - |
Cyclical margin compression risk
As reported in recent financial statements, ArcBest's revenue growth has remained largely negative over the last ten quarters, with the most recent 2026Q1 figure showing a modest 3.3% increase that follows a prolonged period of contraction, highlighting the company's sensitivity to broader industrial freight demand cycles.
The recent return to positive year-over-year growth in 2026Q1 appears fragile, as it follows several quarters of consistent revenue declines. Investors should monitor whether this shift represents a genuine recovery in tonnage or merely a temporary stabilization in pricing, given the persistent volatility in the underlying industrial economy.
Based on the provided income statement data, ArcBest's gross margin has experienced significant volatility, collapsing to a mere 0.3% in 2026Q1 from a peak of 10.6% in 2023Q4, which suggests that the company is struggling to maintain pricing power amidst rising operational costs and competitive pressures.
The dramatic contraction in gross margins indicates that the company's high fixed-cost structure, particularly regarding unionized labor, is failing to scale effectively during periods of lower volume. This trend warrants further investigation into whether the current pricing strategy is sufficient to offset inflationary pressures or if the firm is losing market share to more efficient, non-unionized competitors.
According to the reported figures, ArcBest's operating income has fluctuated wildly, swinging from a high of $135.0M in 2024Q3 to a loss of $8.3M in 2025Q4, demonstrating that the company's operating leverage is currently working against profitability rather than providing the expected scalability during revenue shifts.
The inability to maintain consistent operating margins suggests that the company's cost base is not sufficiently flexible to adapt to cyclical downturns. This lack of operating leverage implies that even minor fluctuations in freight tonnage have an outsized, negative impact on the bottom line, which may continue to pressure earnings until structural efficiencies are realized.
Analysis of the income statement reveals that net income has frequently dipped into negative territory, as evidenced by the -$1.0M result in 2026Q1, raising significant questions about the long-term sustainability of the company's current business model in the face of persistent margin erosion and competitive intensity.
Short-sellers would likely focus on the recurring nature of these quarterly losses and the inability of the firm to achieve consistent profitability despite its established terminal network. The reliance on volatile pricing to cover fixed labor costs appears to be a structural weakness that could lead to further earnings disappointments if the freight cycle does not improve rapidly.
Quick answers to the most common questions about buying ARCB stock.
For fiscal year 2025, ArcBest Corporation (ARCB) reported total revenue of $4.01B. This represents a 150.0% increase compared to $1.60B in 1996.
ArcBest Corporation (ARCB) is profitable, generating $60.1M in net income for the fiscal year ending 2025 with a net profit margin of 1.5%.
ArcBest Corporation (ARCB) reported an operating income of $90.3M, resulting in an operating profit margin of 2.3%. This margin reflects the operational efficiency of the business before interest and taxes.
ArcBest Corporation (ARCB) generated $90.3M in gross profit for the year, representing a gross profit margin of 2.3%. This demonstrates the company's core pricing power and production efficiency.