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Hub Group Reports Second Quarter 2025 Results

Highlights:

  • GAAP diluted earnings per share (EPS) of $0.42 for the second quarter
  • Second quarter revenue of $905.6 million
  • Non-GAAP adjusted EPS of $0.45, which excludes adjustments for vendor settlements in the quarter
  • Operating income of $34 million or 3.8% of revenue, adjusted operating income (non-GAAP) of $36.9 million or 4.1% of revenue
  • Returned $29 million to shareholders year-to-date through dividend payments of $15 million and stock repurchases of $14 million
  • Strong balance sheet with net debt/EBITDA LTM (non-GAAP) of 0.3x as of June 30, 2025
  • Proposed Union Pacific and Norfolk Southern combination a catalyst for growth

OAK BROOK, Ill., July 31, 2025 (GLOBE NEWSWIRE) -- Hub Group, Inc. (Nasdaq: HUBG) announced second quarter 2025 net income of $25 million and diluted earnings per share of $0.42. Adjusting for vendor settlement expenses of $2.6 million (pre-tax), second quarter 2025 adjusted net income (non-GAAP) of $27.0 million decreased 6.2% from the prior year net income of $29.0 million. Adjusted EPS (non-GAAP) of $0.45 per diluted share decreased $0.02 from $0.47 EPS reported in the second quarter of 2024.

“The team continues to navigate this operating environment with a focus on serving customers, improving productivity, and leveraging growth investments. Intermodal margin performance and new customer wins for the Final Mile business reflect success with our approach. Hub Group has made progress with cost-saving initiatives and remains opportunistic with capital deployment as reflected in the announced agreement to acquire certain assets from Marten Intermodal. Although market conditions remain challenging, higher margin and free cash flow performance from cycle trough-to-trough highlight the benefits of our strategy and execution, and we remain optimistic on the long-term growth opportunity,” said Phil Yeager, Hub Group’s President, Chief Executive Officer and Vice Chairman.

Second Quarter 2025 Results

Consolidated revenue for the second quarter of 2025 was $906 million, an 8% decrease from $986 million reported in the second quarter of 2024. Intermodal volume growth of 2% was offset by lower revenue per unit in intermodal and brokerage, decreased fuel revenue, and sub-seasonal demand across segments.

Purchased transportation and warehousing costs of $656 million were 10% lower than prior year. Salaries and benefits of $143 million were 1% higher than prior year driven by additional warehouse and driver team members and the EASO acquisition. Total legacy headcount, which excludes acquisition employees, drivers and warehouse employees, declined 3% from prior year. Depreciation and amortization of $32 million decreased 14% from prior year. Insurance and claims of $11 million decreased 16% due to lower claims costs in the quarter. General and administrative expenses increased from prior year due to the impact from vendor settlements in the quarter.

GAAP operating income for the second quarter was $34 million or 3.8% of revenue and adjusted operating income (non-GAAP) was $37 million or 4.1% of revenue. Prior year operating income was $39.5 million or 4.0% of revenue. Adjusted EBITDA (non-GAAP) for the second quarter was $85 million. Net debt/EBITDA LTM (non-GAAP) was 0.3x for the second quarter, below the leverage target range of 0.75 to 1.25x.

Intermodal and Transportation Solutions (“ITS”) Segment revenue was $528 million in the second quarter, down from $561 million in the prior year due to intermodal mix, price and fuel impacts, along with lower dedicated revenue. ITS operating income was $14.4 million, or 2.7% of revenue, up from $13.6 million in the prior year.

Second quarter Logistics Segment revenue was $404 million, down from $459 million in the prior year due to lower volume and revenue per load in our brokerage business, exiting of unprofitable business in consolidation and fulfilment, and sub-seasonal demand in managed transportation and final mile businesses. GAAP Logistics operating income was $20 million, or 4.9% of revenue. Adjusted Logistics operating income (non-GAAP) was $23 million, or 5.6% of revenue, down from $26 million in the prior year, due to a lower brokerage margin.

Capital expenditures for the second quarter of 2025 totaled $11 million and decreased sequentially due to lower tractor fleet investment. As of June 30, 2025, we had cash and restricted cash of $164 million. Year-to-date the company returned $29 million to shareholders through dividend payments of $15 million and stock repurchases of $14 million.

Proposed Union Pacific and Norfolk Southern Combination

We are supportive of our rail partners Union Pacific and Norfolk Southern in their announced plan to form America’s first transcontinental railroad. Throughout Hub Group’s history, we have remained committed to serving customers and realizing the potential of intermodal transportation. The announced transaction would further accelerate our long-term growth opportunity. Specifically, a transcontinental network removes friction in gateways, reduces transit times, provides access to new markets, and increases competition with truck volume through new single-line service. We remain focused on executing our strategy and will stay in close communication with our rail partners.

2025 Outlook

We expect 2025 diluted earnings per share will range from $1.80 to $2.05. We estimate revenue of approximately $3.6 billion to $3.8 billion for the full year. We project an effective tax rate of approximately 24.5% and capital expenditures in the range of $40 million to $50 million for the full year.

Non-GAAP Financial Measures

In this press release, we present certain non-GAAP financial measures, including adjusted EPS, adjusted operating income, adjusted EBITDA, and net debt/EBITDA. As required by the rules of the Securities and Exchange Commission (“SEC”), we have provided herein a reconciliation of these non-GAAP financial measures to the most directly comparable measures under GAAP, along with an explanation why management believes these non-GAAP financial measures provide relevant and useful information. These non-GAAP financial measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP and are not necessarily comparable to non-GAAP measures that may be presented by other companies.

Certain Forward-Looking Statements:

Statements in this press release that are not historical facts are forward-looking statements, provided pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that might cause the actual performance of Hub Group to differ materially from those expressed or implied by this discussion and, therefore, should be viewed with caution. Further information on the risks that may affect Hub Group’s business is included in filings it makes with the SEC from time to time, including those discussed under the “Risk Factors” section in Hub Group’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. Hub Group assumes no obligation to update any such forward-looking statements.

Conference Call

Hub Group, Inc. will hold a conference call at 5:00 p.m. Eastern Time on July 31, 2025, to discuss our Second quarter 2025 results. Hosting the conference call will be Phil Yeager, President, CEO and Vice Chairman and Kevin Beth, Executive Vice President, Chief Financial Officer and Treasurer.

This call is being webcast and can be accessed through the Investors link on Hub Group’s web site at www.hubgroup.com. The webcast is listen-only. Those interested in participating in the question-and-answer session should follow the telephone dial-in instructions below.

To participate in the conference call by telephone, please pre-register https://register-conf.media-server.com/register/BI812532441b224285a8849232f987af30  to receive the dial-in number and unique PIN. On the day of the call, dial in approximately ten minutes prior to the scheduled call time and enter the unique participant PIN received during registration. The call will be limited to 60 minutes, including questions and answers. An audio replay will be available through the Investors link on the Company's web site at www.hubgroup.com. This replay will be available for 30 days.

About Hub Group

Hub Group offers comprehensive transportation and logistics management solutions. Keeping our customers’ needs in focus, Hub Group designs, continually optimizes, and applies industry-leading technology to our customers’ supply chains for better service, greater efficiency, and total visibility. As an award-winning, publicly traded company (Nasdaq: HUBG) with approximately $4 billion in revenue, our nearly 6,000 employees and drivers across the globe are always in pursuit of “The Way Ahead” – a commitment to service, integrity and innovation. For more information, visit hubgroup.com.

SOURCE: Hub Group, Inc.
CONTACT: Garrett Holland, GHolland@hubgroup.com


 
HUB GROUP, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands, except per share amounts)
(unaudited)
               
      Three Months Ended June 30,
        2025       2024  
        % of     % of
      Amount Revenue   Amount Revenue
Operating revenue   $ 905,648   100.0 %   $ 986,495   100.0 %
               
Operating expenses:            
  Purchased transportation and warehousing     655,904   72.4 %     727,236   73.7 %
  Salaries and benefits     143,310   15.8 %     141,856   14.4 %
  Depreciation and amortization     32,387   3.6 %     37,772   3.8 %
  Insurance and claims     10,644   1.2 %     12,639   1.3 %
  General and administrative     28,925   3.2 %     27,877   2.8 %
  Loss (gain) on sale of assets, net     130   0.0 %     (413 ) -0.0 %
Total operating expenses     871,300   96.2 %     946,967   96.0 %
               
Operating income     34,348   3.8 %     39,528   4.0 %
               
Other income (expense):            
  Interest expense, net     (2,129 ) -0.2 %     (1,881 ) -0.2 %
  Other, net     728   -0.0 %     (66 ) -0.0 %
Total other expense, net     (1,401 ) -0.2 %     (1,947 ) -0.2 %
               
Income before provision for income taxes     32,947   3.6 %     37,581   3.8 %
               
Provision for income taxes     7,916   0.9 %     8,566   0.9 %
               
Net income     25,031         29,015    
               
Less: Net loss attributable to non-controlling interests     (216 )       -    
               
Net income attributable to Hub Group, Inc.   $ 25,247       $ 29,015    
               
Earnings per share            
  Basic   $ 0.42       $ 0.48    
  Diluted   $ 0.42       $ 0.47    
               
Basic weighted average number of shares outstanding     60,002         60,710    
Diluted weighted average number of shares outstanding     60,210         61,108    
               


HUB GROUP, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands, except per share amounts)
(unaudited)
               
      Six Months Ended June 30,
        2025       2024  
        % of     % of
      Amount Revenue   Amount Revenue
Operating revenue   $ 1,820,864   100.0 %   $ 1,985,988   100.0 %
               
Operating expenses:            
  Purchased transportation and warehousing     1,313,827   72.2 %     1,467,408   73.9 %
  Salaries and benefits     292,723   16.1 %     286,352   14.4 %
  Depreciation and amortization     64,966   3.5 %     76,103   3.8 %
  Insurance and claims     21,526   1.2 %     25,257   1.3 %
  General and administrative     56,070   3.1 %     55,111   2.8 %
  Loss (gain) on sale of assets, net     65   0.0 %     (910 ) -0.1 %
Total operating expenses     1,749,177   96.1 %     1,909,321   96.1 %
               
Operating income     71,687   3.9 %     76,667   3.9 %
               
Other income (expense):            
  Interest expense, net     (4,121 ) -0.2 %     (4,387 ) -0.2 %
  Other, net     1,023   0.1 %     (236 ) -0.0 %
Total other expense, net     (3,098 ) -0.1 %     (4,623 ) -0.2 %
               
Income before provision for income taxes     68,589   3.8 %     72,044   3.7 %
               
Provision for income taxes     16,363   0.9 %     15,976   0.8 %
               
Net income     52,226         56,068    
               
Less: Net income attributable to non-controlling interests     131         -    
               
Net income attributable to Hub Group, Inc.   $ 52,095       $ 56,068    
               
Earnings per share            
  Basic   $ 0.87       $ 0.92    
  Diluted   $ 0.86       $ 0.91    
               
Basic weighted average number of shares outstanding     60,096         61,018    
Diluted weighted average number of shares outstanding     60,314         61,387    
               


HUB GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
 
            June 30,   December 31,
              2025       2024  
            (unaudited)    
ASSETS          
  CURRENT ASSETS:        
    Cash and cash equivalents   $ 137,048     $ 98,248  
    Restricted cash     26,553       28,700  
    Accounts receivable trade, net     541,554       581,516  
    Accounts receivable other     11,887       10,880  
    Prepaid taxes     11,060       15,115  
    Prepaid expenses and other current assets   17,337       33,870  
        TOTAL CURRENT ASSETS     745,439       768,329  
                 
  Restricted investments     20,005       21,642  
  Property and equipment, net     725,200       739,896  
  Right-of-use assets - operating leases     219,925       233,651  
  Right-of-use assets - financing leases     731       1,062  
  Other intangibles, net     259,300       267,357  
  Goodwill     804,019       814,309  
  Other non-current assets     25,432       22,097  
        TOTAL ASSETS   $ 2,800,051     $ 2,868,343  
                 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY      
  CURRENT LIABILITIES:        
    Accounts payable trade   $ 235,295     $ 279,982  
    Accounts payable other     31,260       29,069  
    Accrued payroll     26,820       32,833  
    Accrued other     90,337       91,441  
    Lease liability - operating leases     44,006       45,492  
    Lease liability - financing leases     569       663  
    Current portion of long-term debt     97,641       100,001  
        TOTAL CURRENT LIABILITIES   525,928       579,481  
                 
  Deferred consideration     28,356       30,639  
  Long-term debt     134,279       164,361  
  Other non-current liabilities     51,551       51,004  
  Lease liability - operating leases     186,033       197,664  
  Lease liability - financing leases     96       330  
  Deferred taxes     147,600       152,913  
                 
  STOCKHOLDERS' EQUITY:        
    Preferred stock, $.01 par value; 2,000,000 shares authorized;      
      no shares issued or outstanding in 2025 and 2024.   -       -  
    Common stock        
      Class A: $.01 par value; 97,337,700 shares authorized; 72,303,228      
        shares issued in both 2025 and 2024; 60,641,237 shares outstanding in 2025      
        and 60,746,745 shares outstanding in 2024.   723       723  
      Class B: $.01 par value; 662,300 shares authorized; 574,903 shares issued and      
        outstanding in both 2025 and 2024.   6       6  
    Additional paid-in capital     216,107       222,039  
    Retained earnings     2,059,244       2,022,265  
    Accumulated other comprehensive loss   2,672       (1,453 )
    Treasury stock; at cost, 11,661,991 shares in 2025 and 11,556,483 shares in 2024   (603,793 )     (598,583 )
      Total Hub Group, Inc. equity     1,674,959       1,644,997  
    Non-controlling interests     51,249       46,954  
      TOTAL STOCKHOLDERS' EQUITY   1,726,208       1,691,951  
        TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,800,051     $ 2,868,343  
                 


HUB GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
                 
            Six Months Ended June 30,
              2025       2024  
                 
                 
Cash flows from operating activities:        
  Net income   $ 52,226     $ 56,068  
  Adjustments to reconcile net income        
    to net cash provided by operating activities:      
      Depreciation and amortization of intangibles and right-of-use assets   94,448       99,100  
      Deferred taxes     (4,191 )     (9,249 )
      Non-cash share-based compensation expense   9,345       9,433  
      Loss (gain) on sale of assets, net     65       (910 )
  Changes in operating assets and liabilities, net of acquisitions:      
      Restricted investments     640       (281 )
      Accounts receivable, net     41,251       15,784  
      Prepaid taxes     4,191       4,537  
      Prepaid expenses and other current assets   16,910       19,697  
      Other non-current assets     (4,445 )     (1,503 )
      Accounts payable     (43,705 )     (14,270 )
      Accrued expenses     (13,552 )     (6,542 )
      Non-current liabilities     (21,647 )     (21,399 )
        Net cash provided by operating activities   131,536       150,465  
                 
Cash flows from investing activities:        
  Proceeds from sale of equipment     4,056       5,750  
  Purchases of property and equipment     (30,480 )     (31,255 )
  Acquisitions, net of cash acquired     -       3,701  
        Net cash used in investing activities   (26,424 )     (21,804 )
                 
Cash flows from financing activities:        
  Repayments of long term debt     (51,729 )     (53,233 )
  Purchase of treasury stock     (13,814 )     (32,938 )
  Dividends paid     (15,000 )     (15,230 )
  Stock withheld for payments of withholding taxes   (6,673 )     (8,664 )
  Finance lease payments     (328 )     (1,217 )
  Proceeds from issuance of debt     19,103       15,618  
        Net cash used in financing activities   (68,441 )     (95,664 )
                 
                 
  Effect of exchange rate changes on cash and cash equivalents   (18 )     (20 )
                 
Net increase in cash and cash equivalents   36,653       32,977  
Cash and cash equivalents beginning of period   126,948       187,270  
Cash and cash equivalents end of period   $ 163,601     $ 220,247  
                 


HUB GROUP, INC.
FINANCIAL INFORMATION BY SEGMENT (NON-GAAP)
(in thousands)
(unaudited)
           
  Three Months Ended June 30,
      NON-GAAP  
    NON-GAAP Adjusted    
Operating Revenue   2025   Adjustments (1)   2025       2024  
Intermodal and Transportation Services $ 528,184   $ - $ 528,184     $ 561,033  
Logistics   404,310     -   404,310       459,088  
Inter-segment eliminations   (26,846 )   -   (26,846 )     (33,626 )
Total operating revenue $ 905,648   $ - $ 905,648     $ 986,495  
           
  Three Months Ended June 30,
      NON-GAAP  
    NON-GAAP Adjusted    
Operating Income   2025   Adjustments (1)   2025       2024  
Intermodal and Transportation Services $ 14,407     $ 14,407     $ 13,639  
Logistics   19,941     2,575   22,516       25,889  
Total operating income $ 34,348   $ 2,575 $ 36,923     $ 39,528  
           
  Three Months Ended June 30,
      NON-GAAP  
    NON-GAAP Adjusted    
Depreciation and Amortization   2025   Adjustments (1)   2025       2024  
Intermodal and Transportation Services $ 22,043   $ - $ 22,043     $ 27,270  
Logistics   10,344     -   10,344       10,502  
Total depreciation and amortization $ 32,387   $ - $ 32,387     $ 37,772  
           
(1) See Reconciliation of GAAP to Non-GAAP Financial Measures for further discussion.


 
HUB GROUP, INC.
FINANCIAL INFORMATION BY SEGMENT (NON-GAAP)
(in thousands)
(unaudited)
           
  Six Months Ended June 30,
Operating Revenue   2025    Non-GAAP
Adjustments (1)
 Non-GAAP
Adjusted
2025
    2024  
Intermodal and Transportation Services $ 1,058,206     -   1,058,206     $ 1,113,066  
Logistics   815,311     -   815,311       939,312  
Inter-segment eliminations   (52,653 )   -   (52,653 )     (66,390 )
Total operating revenue $ 1,820,864     -   1,820,864     $ 1,985,988  
           
  Six Months Ended June 30,
      Non-GAAP    
    Non-GAAP Adjusted    
Operating Income   2025   Adjustments (1)   2025       2024  
Intermodal and Transportation Services $ 28,457     $ 28,457     $ 26,670  
Logistics   43,230     2,575   45,805       49,997  
Total operating income $ 71,687   $ 2,575 $ 74,262     $ 76,667  
           
  Six Months Ended June 30,
Depreciation and Amortization   2025    Non-GAAP
Adjustments (1)
 Non-GAAP
Adjusted
2025
    2024  
Intermodal and Transportation Services $ 44,068     -   44,068     $ 54,319  
Logistics   20,898     -   20,898       21,784  
Total depreciation and amortization $ 64,966     -   64,966     $ 76,103  
           
           
(1) See Reconciliation of GAAP to Non-GAAP Financial Measures for further discussion.


 
HUB GROUP, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(unaudited)
                         
The following is a reconciliation of GAAP earnings to Non-GAAP Adjusted Earnings, excluding certain items, for income before provision for income taxes (Pre-Tax), net income (After-Tax) and diluted earnings per share (Per Share):
         
    Three Months Ended   Six Months Ended
    June 30, 2025   June 30, 2025
    Pre-Tax   After-Tax   Per Share   Pre-Tax   After-Tax   Per Share
GAAP Earnings   $ 32.9     $ 25.0     $ 0.42     $ 68.6     $ 52.2     $ 0.86  
Vendor settlements (i)     2.6       2.0     $ 0.03       2.6       2.0     $ 0.03  
Non-GAAP Adjusted Earnings   $ 35.5     $ 27.0     $ 0.45     $ 71.2     $ 54.2     $ 0.89  
                         
By providing this measure of Non-GAAP Adjusted Earnings, management intends to provide investors with a useful measure of Hub Group's performance that excludes certain non-ordinary expense items and allowing better evaluation of underlying business performance and period-to-period comparability.
 
(i) Vendor settlements includes vendor disputes related to our network alignment consolidation activities.
                         


HUB GROUP, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(unaudited)
                         
The following is a reconciliation of GAAP Operating Income to Non-GAAP Adjusted Operating Income, excluding certain items.
                         
    Three Months Ended   Six Months Ended
    June 30, 2025   June 30, 2025
    ITS   Logistics   Consolidated   ITS   Logistics   Consolidated
GAAP Operating Income   $ 14.4     $ 19.9     $ 34.3     $ 28.5     $ 43.2     $ 71.7  
Vendor settlements (i)   $ -     $ 2.6     $ 2.6     $ -     $ 2.6     $ 2.6  
Non-GAAP Adjusted Operating Income $ 14.4     $ 22.5     $ 36.9     $ 28.5     $ 45.8     $ 74.3  
                         
By providing this measure of Non-GAAP Adjusted Operating Income, management intends to provide investors with a useful measure of Hub Group's performance that excludes certain non-ordinary expense items and allowing better evaluation of underlying business performance and period-to-period comparability.
 
(i) Vendor settlements includes vendor disputes related to our network alignment consolidation activities.
                         


RECONCILIATION OF NET INCOME TO EBITDA (1) AND NET DEBT / EBITDA LEVERAGE
(in thousands)
(unaudited)
                   
                   
    2024       2024       2025       2025      
  Q3   Q4   Q1   Q2   LTM (3)
Net Income $ 23,603     $ 24,372     $ 27,194     $ 25,031     $ 100,200  
Interest Expense, net   1,333       1,858       1,992       2,129       7,312  
Depreciation and Amortization (2)   46,374       47,088       47,046       47,402       187,910  
Provision for Income Taxes   7,140       5,387       8,447       7,916       28,890  
EBITDA $ 78,450     $ 78,705     $ 84,679     $ 82,478     $ 324,312  
                   
Network Alignment (i) $ 8,381     $ 4,814     $ -     $ -     $ 13,195  
Transaction Related (ii)   947       1,194       -       -       2,141  
Other (iii)   1,061       67       -       -       1,128  
Vendor Settlements (iv)   -       -       -       2,575       2,575  
Adjusted EBITDA $ 88,839     $ 84,780     $ 84,679     $ 85,053     $ 343,351  
                   
EBITDA LTM (3) $ 331,535     $ 332,686     $ 330,791     $ 324,312      
Net Debt (4) $ 102,105     $ 167,106     $ 140,223     $ 95,537      
Net Debt / EBITDA LTM   0.3       0.5       0.4       0.3      
                   
Adjusted EBITDA LTM (3) $ 347,016     $ 349,150     $ 347,255     $ 343,351      
Net Debt / Adjusted EBITDA LTM   0.3       0.5       0.4       0.3      
                   
                   
(1)   By providing this Non-GAAP measure of EBITDA and Net Debt / EBITDA Leverage, management intends to provide investors with a meaningful, consistent comparison of the Company's profitability and leverage for the periods presented.
                   
(2)   Includes depreciation of property and equipment, amortization of intangible assets and amortization of right-of-use assets.
                   
(3)   Last twelve months
                   
(4)   Total debt (including finance leases) less cash and cash equivalents
                   
(i) Network Alignment expenses include transfer costs, legal fees and other expenses related to consolidating from existing warehouses to improve operational efficiency of our cross dock services, Final Mile and Consolidation and Fulfillment lines of business.
                   
(ii) Transaction related expenses are comprised of due diligence costs, legal fees, insurance fees and other professional service fees incurred as part of the forming of a joint venture with EASO in 2024 and the acquisition of Forward Air Final Mile in 2023.
                   
(iii) Other includes non-ordinary expenses related to employee matters.
                   
(iv) Vendor settlements includes vendor disputes related to our network alignment consolidation activities.

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