Universal Logistics (ULH) investor relations material

Executive summary

• Q3 revenue was $394.0 million, down 0.7% YoY; net income was $18.1 million versus a $117.9 million loss, with the prior-year quarter including a $124.4 million impairment.

• 9M revenue was $1.141 billion, down 2.7% YoY; net income was $40.8 million versus a $103.6 million loss, including a $45.3 million Kearny-sale gain.

• Q3 diluted EPS was $0.69 versus a $4.48 loss; adjusted EBITDA was $64.7 million versus $43.3 million a year earlier.

Financial highlights

• Q3 operating income was $32.8 million versus an operating loss of $117.4 million; excluding the prior-year impairment, Q3 2025 adjusted operating income was $7.0 million.

• 9M operating income was $82.7 million versus an $81.8 million loss; net interest expense rose to $29.0 million from $27.1 million as higher average rates outweighed lower borrowings.

• 9M operating cash flow was $113.3 million versus $135.9 million; investing provided $4.1 million versus $181.8 million used, and financing used $130.8 million versus $56.0 million provided.

Outlook and guidance

• Remaining 2026 capital expenditures are expected to be $43.7 million; 9M capital expenditures were $55.1 million, excluding the property exchange.

• Cash from operations, available cash and borrowing capacity are expected to cover working capital, planned capex, debt service and dividends for at least 12 months.

• Priorities include debt reduction, productivity, cost controls, pricing initiatives, contract renewals and intermodal improvement amid uncertain demand.