Revenue has stabilized near $1.0B to $1.2B per quarter with contraction over the trailing year, while operating margins swung from 12.7% in Q3 2024 to negative 1.7% in Q2 2026 before recovering to 6.1% in Q3 2026, indicating high cyclical sensitivity.
ArcBest Corp (ARCB) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 4.37B | 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 % | 8.11% | -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 | 980.95M | 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 | 3.39B | 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 % | 77.53% | 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 | 3.34B | 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 | 0 | 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 | 2M | 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 | 47.88M | 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 % | 1.1% | 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 | 225.09M | 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 % | 5.15% | 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 % | -25.32% | -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) | 177.2M | 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 | 47.87M | 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 | -3.55M | -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 | 2.94M | 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 | 6.49M | 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 | -9.86M | -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 | 38.03M | 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 % | 0.87% | 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 | 9.35M | 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 % | 24.58% | 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 | 28.68M | 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 % | 0.66% | 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 % | -70.51% | -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) | 28.68M | 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) | 1.28 | 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 % | -69.83% | -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 | 22.43M | 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 | 22.32M | 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% | - |
Quick answers to the most common questions about buying ARCB stock.
For fiscal year 2025, ArcBest Corp (ARCB) reported total revenue of $4.01B. This represents a 150.0% increase compared to $1.60B in 1996.
ArcBest Corp (ARCB) is profitable, generating $60.1M in net income for the fiscal year ending 2025 with a net profit margin of 1.5%.
ArcBest Corp (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 Corp (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.
Key Metrics
Top Statement Risk
Freight cycle margin compression
Metrics are mathematically derived from official filings.
Revenue Contraction Persists Despite Quarterly Recovery
According to the reported income statement, ArcBest's trailing revenue of $4.01B reflects year-over-year contraction of roughly 4.0%, with quarterly revenue stabilizing near $1.0B to $1.2B since early 2025 and showing only modest sequential recovery.
The reported figures suggest top-line weakness has not yet reversed, with revenue declining across most of the trailing period. The stabilization near $1.0B per quarter may indicate that volume losses have plateaued rather than that demand has turned, and investors should monitor tonnage trends to separate pricing from volume. Without forward guidance, the durability of the recent revenue lift remains difficult to assess.
Thin Margins Leave Little Cyclical Cushion
Based on reported figures, ArcBest's operating margin of roughly 2.3% trails non-union peers such as Old Dominion at 24.8% and Saia at 10.9%, highlighting limited pricing power and a high fixed cost base.
The margin gap appears structural, consistent with a unionized labor cost base and terminal network that cannot be shed quickly when tonnage softens. Quarterly operating margins have swung from roughly 8% in mid-2025 to negative in the most recent periods, suggesting high sensitivity to freight cycle conditions. Analysts should treat the current margin as a function of cycle position rather than a stable run rate.
Q3 EPS Beat Driven by Mix and Cost Discipline
As reported in financial statements, ArcBest's Q3 diluted EPS of $2.30 versus consensus near $1.82 came with revenue largely flat, implying that margin improvement rather than volume drove the earnings upside.
The gap between EPS growth of 33.7% and revenue growth of 15.5% in the same quarter suggests operating leverage or favorable mix contributed materially. Given a net margin of only 4.3% in that quarter, a small change in cost or tax items could move reported EPS meaningfully. Investors should verify whether this earnings strength is repeatable before extrapolating it.
Operating Income Volatility Signals Weak Operating Leverage
According to recent SEC filings, ArcBest's operating income swung from $135.0M in Q3 2024 to negative $20.6M in Q2 2026, indicating that gross profit movements are translating into highly unstable operating results.
The reported quarterly pattern suggests that operating income is not scaling predictably with revenue, pointing to a high fixed-cost structure. The direction of operating leverage appears to flip with tonnage and pricing conditions, which may indicate limited ability to protect profitability during downturns. Further investigation into SG&A and terminal cost trends would clarify the source of this volatility.
Earnings Upside May Not Survive Cycle Reversal
Based on reported figures, ArcBest's Q3 EPS beat of $2.30 against $1.82 consensus rests on a single quarter with a 4.3% net margin, while trailing revenue still contracted 4.0%, leaving the thesis exposed to reversal.
Short-side scrutiny would likely focus on the fact that the Q3 improvement follows several quarters of losses and near-zero operating margins, so one strong print may reflect timing or non-recurring items rather than a durable inflection. The absence of forward guidance in the latest report heightens this uncertainty, and investors should monitor whether the next quarter confirms the margin recovery. Until that confirmation arrives, the more conservative reading is that profitability remains cyclically depressed.