Financial Analysis

COMMITMENTS AND CONTINGENCIES In the ordinary course of conducting our business, we become involved in certain legal matters and investigations including liability claims, taxes other than income taxes, contract disputes, employment, and other litigation matters. We accrue for anticipated costs to resolve matters that are probable and estimable. We believe the outcomes of these matters will not have a material impact on our business or our consolidated financial statements. We record liabilities for claims against the Company based on our best estimate of expected losses. Claims lodged against the Company generally arise out of its trucking, intermodal, and logistics operations and consist primarily of personal injury, unpaid wages and benefits, workers compensation, property damage, and cargo claims. For certain claims, we maintain excess liability insurance with licensed insurance carriers for liability in excess of amounts we self-insure, which serves to largely offset the Companys liability associated with these claims, with the exception of wage and benefit claims for which we self-insure. We review our accruals periodically to ensure that the aggregate amounts of our accruals are appropriate at any period after consideration of available insurance coverage. Although we expect our claims accruals will continue to vary based on future developments, assuming that we are able to continue to obtain and maintain excess liability insurance coverage for such claims, we do not a …

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DEBT AND CREDIT FACILITIES As of June 30, 2026 and December 31, 2025, debt included the following: (in millions) June 30, 2026 December 31, 2025 Unsecured senior notes: principal matures August 2028; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 5.63% and 6.95% for 2026 and 2025, respectively. $ 50.0 $ 50.0 Delayed-draw term loan facility: matures November 2029; variable rate interest payments due quarterly based on the Term SOFR; weighted-average interest rate of 5.02% and 5.38% for 2026 and 2025, respectively. 342.5 347.5 Total debt and credit facilities 392.5 397.5 Current maturities (8.5) (8.6) Debt issuance costs (0.4) (0.5) Long-term debt $ 383.6 $ 388.4 Our Revolving Credit Agreement (the 2022 Credit Facility) provides borrowing capacity of $250.0 million and allows us to request an additional increase in total commitment by up to $150.0 million, for a total potential commitment of $400.0 million through November 2027. There were no outstanding borrowings under the 2022 Credit Facility as of June 30, 2026 and December 31, 2025. Borrowings, if any, would bear interest at a variable rate based on Term SOFR. The 2022 Credit Facility includes a $100.0 million sublimit for the issuance of letters of credit. Standby letters of credit outstanding under this facility totaled $0.4 million as of both June 30, 2026 and December 31, 2025 and were primarily related to certain real estate lease requirements. Our Receivables …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table summarizes our revenues by type of service. Three Months Ended June 30, Six Months Ended June 30, Disaggregated Revenues (in millions) 2026 2025 2026 2025 Transportation $ 1,440.2 $ 1,310.4 $ 2,717.9 $ 2,606.0 Logistics management 67.2 54.5 129.5 108.2 Other 61.3 55.6 119.8 108.1 Total operating revenues $ 1,568.7 $ 1,420.5 $ 2,967.2 $ 2,822.3

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SHARE-BASED COMPENSATION We grant various equity-based awards relating to Class B common stock to employees under our 2017 Omnibus Incentive Plan. These awards have historically consisted of restricted shares, RSUs, performance-based restricted shares (performance shares), PSUs, and non-qualified stock options. Performance shares and PSUs granted are earned based on attainment of threshold performance of earnings and return on capita l targets, in addition to a multiplier applied based on rTSR against peers over the performance period. Share-based compensation expense was $4.5 million and $4.6 million for the three months ended June 30, 2026 and 2025, respectively, and $8.6 million and $9.2 million for the six months ended June 30, 2026 and 2025, respectively. We recognize share-based compensation expense over the awards vesting period. As of June 30, 2026, we had $26.7 million of pre-tax unrecognized compensation cost related to outstanding share-based compensation awards expected to be recognized over a weighted average period of 2.0 years. …

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FAIR VALUE Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability. Inputs to valuation techniques used to measure fair value fall into three broad levels (Levels 1, 2, and 3) as follows: Level 1 Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that we have the ability to access at the measurement date. Level 2 Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Level 3 Unobservable inputs reflecting the reporting entitys estimates of the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The table below sets forth the Companys financial assets that are measured at fair value on a recurring, monthly basis in accordance with ASC 820. Fair Value (in millions) Level in Fair Value Hierarchy June 30, 2026 December 31, 2025 Equity investment in TuSimple (1) 1 $ 0.1 $ 0.1 Marketable securities (2) 2 34.4 41.8 (1) Our equity investment in TuSimple is classified as Level 1 in the fair value hierarchy as shares of TuSimples Class A common stock are traded on an Over the Counter (OTC) market. See Note 4 , Investments , for additional information. (2) Marketable securities are classified as Level 2 in …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill represents the excess of the purchase price of acquisitions over the fair value of the identifiable net assets acquired. Our goodwill balance as of June 30, 2026 and December 31, 2025 was $337.4 million and was comprised of $323.2 million and $14.2 million in our Truckload and Logistics segments, respectively. As of June 30, 2026 and December 31, 2025, our Truckload segment had accumulated goodwill impairment charges of $34.6 million. The identifiable, finite-lived intangible assets listed below are included in internal-use software and other noncurrent assets on the consolidated balance sheets and relate to the acquisitions of Cowan, MLS, and M&M. June 30, 2026 December 31, 2025 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 62.0 $ 11.2 $ 50.8 $ 62.0 $ 9.1 $ 52.9 Trademarks 21.4 5.0 16.4 21.4 4.1 17.3 Non-compete agreements 5.4 3.1 2.3 5.4 2.6 2.8 Total intangible assets $ 88.8 $ 19.3 $ 69.5 $ 88.8 $ 15.8 $ 73.0 Amortization expense for intangible assets was $1.8 million for both of the three months ended June 30, 2026 and 2025 and $3.5 million and $3.7 million for the six months ended June 30, 2026 and 2025, respectively. Estimated future amortization expense related to intangible assets is as follows: (in millions) June 30, 2026 Remaining 2026 $ 3.5 2027 7.0 2028 6.5 2029 5.9 2030 5.9 2031 and therea …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES Our effective income tax rate was 24.2% and 24.1% for the three months ended June 30, 2026 and 2025, respectively, and 24.5% for both the six-month periods ended June30, 2026 and 2025. In determining our quarterly provision for income taxes, we use an estimated annual effective tax rate, adjusted for discrete items. This rate is based on expected annual income, applicable statutory tax rates, and our best estimates of nontaxable and nondeductible income and expense items. …

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LEASES As Lessee We lease real estate and equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our non-real estate operating and finance leases include transportation, office, yard, warehouse, and other equipment, in addition to truck washes. Most leases include an option to extend the lease, and a small number include an option to terminate the lease early, which may include a termination payment. In conjunction with the acquisition of M&M, the Company entered into nine related party operating leases. The leases are for shop, warehouse, office, and drop yard locations throughout the U.S. As of June 30, 2026, seven of these leases have been renewed with terms extending through 2029, while the remaining two leases are scheduled to expire later in 2026. The related lease payments are not material. Additional information related to our leases is as follows: Six Months Ended June 30, (in millions) 2026 2025 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for operating leases $ 20.0 $ 20.8 Operating cash flows for finance leases 0.1 0.2 Financing cash flows for finance leases 1.4 2.0 Right-of-use assets obtained in exchange for new lease liabilities Operating leases $ 41.1 $ 10.4 Finance leases 0.4 As of June 30, 2026, we had two leases that were signed but not yet commenced totaling $3.8 million. They will commence in the third qua …

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New Accounting Pronouncements On November 4, 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) . This standard expands required disclosures for certain costs and expenses included within each relevant expense caption presented on the face of the income statement. Adoption of this standard will require incremental disclosures but is not expected to have a material effect on our consolidated financial statements. This standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. We plan to adopt this standard in fiscal year 2027. On September 18, 2025, the FASB issued ASU 2025-06, Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40) . This standard modernizes the accounting for internal use software by eliminating references to prescriptive and sequential software development stages. Under the new guidance, entities will be required to begin capitalizing internal-use software costs when management has authorized and committed to funding the software project and the probable-to-complete recognition threshold has been met. The standard is effective for annual reporting periods beginning after December 15, 2027, and for interim periods within those annual periods, with early adoption permitted. The standard may be applied prospectively, retrospectively, or using a modified tra …

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REVENUE RECOGNITION Disaggregated Revenues The majority of our revenues are related to transportation and have similar characteristics. The following table summarizes our revenues by type of service. Three Months Ended June 30, Six Months Ended June 30, Disaggregated Revenues (in millions) 2026 2025 2026 2025 Transportation $ 1,440.2 $ 1,310.4 $ 2,717.9 $ 2,606.0 Logistics management 67.2 54.5 129.5 108.2 Other 61.3 55.6 119.8 108.1 Total operating revenues $ 1,568.7 $ 1,420.5 $ 2,967.2 $ 2,822.3 Quantitative Disclosure The following table provides information about transactions and the expected timing of revenue recognition related to remaining fixed performance obligations for contracts with original terms greater than one year, as of the date shown. Remaining Performance Obligations (in millions) June 30, 2026 Expected to be recognized within one year Transportation $ 105.8 Logistics management 17.6 Expected to be recognized after one year Transportation 111.9 Logistics management 14.7 Total $ 250.0 This disclosure excludes performance obligations that are part of a contract with an original expected duration of one year or less. It also excludes expected consideration related to performance obligations for which the Company elects to recognize revenue in the amount to which it has a right to invoice (e.g., usage-based pricing terms). Information related to contract balances associated with our contracts with customers as of the dates shown is as follows: Contract Balances …

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SEGMENT REPORTING We have three reportable segments Truckload, Intermodal, and Logistics which are based primarily on the services each segment provides. The CODM reviews revenues for each segment without the inclusion of fuel surcharge revenues. For segment purposes, any fuel surcharge revenues earned are recorded as a reduction of the segments fuel expenses. Income from operations at the segment level reflects the measure presented to the CODM for each segment. Separate balance sheets are not prepared by segment, and as a result, assets are not separately identifiable by segment. All transactions between reportable segments are eliminated in consolidation. Substantially all of our revenues and assets were generated or located within the U.S. The following tables summarize our segment information. Inter-segment revenues within Other include revenues from insurance premiums charged to other segments for workers compensation, auto, and other types of insurance. Inter-segment revenues included in Other revenues below were $30.2 million and $25.0 million for the three months ended June 30, 2026 and 2025, respectively, and $59.9 million and $48.1 million for the six months ended June 30, 2026 and 2025, respectively . Segment Revenues and Expenses Three Months Ended June 30, 2026 ( in millions ) Truckload Intermodal Logistics Total Revenues (excluding fuel surcharge) $ 627.6 $ 262.0 $ 376.1 $ 1,265.7 Fuel surcharge revenues 165.7 73.8 2.2 241.7 Segment operating revenues 793.3 335 …

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COMMON EQUITY Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2026 and 2025, respectively. Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share data) 2026 2025 2026 2025 Numerator: Net income available to common shareholders $ 49.7 $ 36.0 $ 70.1 $ 62.1 Denominator: Weighted average common shares outstanding 175.2 175.2 175.2 175.3 Dilutive effect of share-based awards and options outstanding 0.7 0.4 0.8 0.6 Weighted average diluted common shares outstanding (1) 176.0 175.7 175.9 175.8 Basic earnings per common share (2) $ 0.28 $ 0.21 $ 0.40 $ 0.35 Diluted earnings per common share (2) 0.28 0.20 0.40 0.35 (1) Weighted average diluted common shares outstanding may not sum due to rounding. (2) Earnings per share were calculated on full precision amounts. Share-based awards and options excluded from the calculation of diluted earnings per share due to having an anti-dilutive effect for the three and six months ended June 30, 2026 and 2025 were not material. Common Shares Outstanding As of June 30, 2026 and December 31, 2025, we had 83,029,500 shares of Class A common stock outstanding. There were no changes in the number of shares of Class A common stock outstanding for the three and six months ended June 30, 2026 and 2025. Changes to our Class B common shares outstanding for the three and six months ended June 30, 2026 and 2025 are as follows: Thr …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing