Universal Logistics (ULH) investor relations material

Executive summary

• Q3 2025 operating revenues were $396.8 million, down 7% year-over-year, with a net loss of $74.8 million compared to net income of $26.5 million in Q3 2024, primarily due to $81.2 million in intermodal impairment charges.

• For the first nine months of 2025, revenues declined 15.1% to $1.17 billion, resulting in a net loss of $60.4 million versus net income of $109.7 million in the prior year period.

• Adjusted income from operations was $7.0 million and adjusted EBITDA was $43.3 million, both down significantly year-over-year.

• The Parsec acquisition contributed to contract logistics revenue growth, with $161.7 million in revenue for the period and $50.2 million in Q3.

• A quarterly dividend of $0.105 per share was declared.

Financial highlights

• Q3 2025 operating revenues: $396.8 million (down 7% year-over-year); Q3 2025 net loss: $74.8 million.

• Nine-month 2025 operating revenues: $1.17 billion (down 15.1% year-over-year); net loss: $60.4 million.

• Q3 2025 included $81.2 million in impairment charges (goodwill and intangibles) in the intermodal segment.

• Cash and cash equivalents at quarter-end: $27.4 million; outstanding debt: $827.0 million.

• Capital expenditures for Q3 2025 were $54.5 million; $191.3 million for the first nine months.

Outlook and guidance

• Management expects available cash, operating cash flows, and access to credit markets to be sufficient for at least the next twelve months.

• Q4 2025 operating revenues are expected between $365 million and $385 million, with operating margins projected at 4% to 6% and EBITDA margins between 12% and 14%.

• Capital expenditures for the remainder of 2025 are expected to be $25–$35 million.