Second quarter 2026
Filed Aug 10, 2026Total Operating Revenue of $109.4 million decreased (5.3%) from Q2 2025, while Total Operating (Loss) Income was ($3.2) million and Adjusted Operating Income was $0.5 million.
Revenue and unit deliveries declined from Q2 2025, Total Operating (Loss) Income moved to a loss, and Adjusted Operating Ratio increased to 99.5% from 96.7%, reflecting cost inflation, capacity limitations, and higher-than-expected claims expense.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total Operating RevenueGAAP | $109.4 million | – | decreased (5.3%) |
| Total Operating (Loss) IncomeGAAP | ($3.2) million | – | – |
| Adjusted Operating Income (Loss)non-GAAP | $0.5 million | – | – |
| Adjusted Operating Rationon-GAAP | 99.5% | – | – |
| Total Units deliveredother | 580,962 | – | a decrease of 8.0% |
| Loss before income taxesGAAP | ($4,710) ($000s) | – | – |
| Amortization of Intangiblesother | 2,415 ($000s) | – | – |
| Stock Compensation expenseother | 1,346 ($000s) | – | – |
| Depreciation & Amortizationother | 9,586 ($000s) | – | – |
| Interest Expenseother | 1,432 ($000s) | – | – |
| Adjusted EBITDAnon-GAAP | 7,654 ($000s) | – | – |
| Adjusted EBITDA Marginnon-GAAP | 7.0% | – | – |
| Unit Volume - Company Deliveriesother | 204,778 | – | (7.2)% |
| Revenue / Unit - Company Deliveriesother | 179.17 | – | 0.2% |
| Unit Volume - Subhaulersother | 376,184 | – | (8.4)% |
| Revenue / Unit - Subhaulersother | 157.70 | – | (5.3)% |
| Percent Revenue, Company Deliveriesother | 38% | – | – |
| Percent Revenue, Subhaulersother | 62% | – | – |
| Six months Total Operating RevenueGAAP | $203,089 ($000s) | – | – |
| Six months Total Operating (Loss) IncomeGAAP | (10,170) ($000s) | – | – |
| Six months Adjusted Operating Income (Loss)non-GAAP | (2,642) ($000s) | – | – |
| Six months Adjusted Operating Rationon-GAAP | 101.3% | – | – |
| Six months Loss before income taxesGAAP | (13,008) ($000s) | – | – |
| Six months Amortization of Intangiblesother | 4,830 ($000s) | – | – |
| Six months Stock Compensation expenseother | 2,698 ($000s) | – | – |
| Six months Depreciation & Amortizationother | 19,608 ($000s) | – | – |
| Six months Stock Compensation Expenseother | 2,698 ($000s) | – | – |
| Six months Interest Expenseother | 2,829 ($000s) | – | – |
| Six months Adjusted EBITDAnon-GAAP | 12,127 ($000s) | – | – |
| Six months Adjusted EBITDA Marginnon-GAAP | 6.0% | – | – |
| Six months Unit Volume - Company Deliveriesother | 391,895 | – | 2.0% |
| Six months Revenue / Unit - Company Deliveriesother | 180.57 | – | (0.6)% |
| Six months Unit Volume - Subhaulersother | 690,917 | – | (6.8)% |
| Six months Revenue / Unit - Subhaulersother | 161.30 | – | (4.8)% |
| Six months Percent Revenue, Company Deliveriesother | 39% | – | – |
| Six months Percent Revenue, Subhaulersother | 61% | – | – |
Capital returns
- On March 2, 2026, the Board of Directors authorized a share repurchase program under which the Company may repurchase up to $15 million of its common stock.
- As of the end of the second quarter, the Company had repurchased 82,877 shares of common stock at an average price of $6.25.
What drove it
- Second quarter revenue decreased $6.1 million, or 5.3%, compared to the same quarter of 2025, while higher fuel surcharge recoveries partially offset lower volumes.
- Company delivery volume declined 7.2%, while subhauler delivery volume declined 8.4%.
- Company-delivery revenue per unit increased 0.2%, while subhauler revenue per unit decreased 5.3%.
- Management said industry seasonally adjusted annual rate trends improved sequentially and were down less than 1% versus the comparable period of 2025.
- Management attributed its constrained unit deliveries to reduced available capacity following market exits driven by several quarters of sub-seasonal demand and rate pressure that impacted compensation.
- Rate adjustments began to take effect and management said margins improved each month during the quarter.
Concerns
- Higher fuel, equipment, and driver-related costs increased expenses, while pricing actions generally lagged cost inflation.
- Adjusted Operating Ratio increased to 99.5% from 96.7%, with revenue near fixed-cost coverage levels.
- Claims expense, a portion of which is self-insured, was higher than expected during the quarter.
- Total Operating (Loss) Income was ($3.2) million, compared with Total Operating Income of $0.1 million in Q2 2025.
- The Company announced a definitive agreement to acquire Hansen & Adkins and plans a private offering of convertible senior notes.
What to watch
- The pace at which customer rate adjustments take effect relative to fuel, equipment, and driver-related cost inflation.
- Whether capacity availability and unit delivery volumes recover following market exits.
- Claims expense, including the self-insured portion.
- Execution of the Hansen & Adkins acquisition and the planned convertible senior notes offering.
- Adjusted Operating Ratio and Adjusted EBITDA Margin following the reported monthly improvement in margins exiting the quarter.
Balance sheet and cash flow
- The Company ended the second quarter with $8.1 million of cash.
- The Company ended the second quarter with $70.4 million of debt, inclusive of $6.7 million drawn against its line of credit.
- Net debt was approximately $62.3 million as of June 30, 2026.
- Net leverage ratio was 2.1x when compared to Adjusted EBITDA of $30.3 million for the trailing twelve months.
- The Company plans to offer $75.0 million aggregate principal amount of convertible senior notes due 2033. Net proceeds will be used to refinance outstanding indebtedness and to pay premiums for capped call transactions.
Analysis
Proficient reported a weaker second quarter, with Total Operating Revenue of $109.4 million, down (5.3%) from Q2 2025, and Total Units delivered of 580,962, down 8.0%. The company said higher fuel surcharge recoveries partially offset lower volumes. Company delivery volume declined 7.2% and subhauler volume declined 8.4%, while revenue per company delivery increased 0.2% and revenue per subhauler delivery declined 5.3%.
Profitability deteriorated materially. Total Operating (Loss) Income was ($3.2) million versus Total Operating Income of $0.1 million in Q2 2025. Adjusted Operating Income fell to $0.5 million from $3.8 million, Adjusted EBITDA declined to 7,654 ($000s) from 11,279 ($000s), and Adjusted EBITDA Margin decreased to 7.0% from 9.8%. The 99.5% Adjusted Operating Ratio, compared with 96.7% in Q2 2025, indicates that revenue remained near fixed-cost coverage levels.
Management identified higher fuel, equipment, and driver-related costs as the central pressure on the quarter, with pricing actions generally lagging cost inflation. Capacity limitations also constrained deliveries after market exits that followed several quarters of sub-seasonal demand and rate pressure affecting compensation. Higher-than-expected claims expense, including a self-insured portion, was an additional margin headwind. Management stated that rate adjustments began to take effect and margins improved each month exiting the quarter.
The six-month figures show that pressure extended beyond the second quarter. Six months Total Operating Revenue was $203,089 ($000s) versus $210,753 ($000s), Total Operating (Loss) Income was (10,170) ($000s) versus (2,237) ($000s), and Adjusted Operating Income (Loss) was (2,642) ($000s) versus 5,037 ($000s). Six-month Adjusted Operating Ratio was 101.3% and Adjusted EBITDA Margin was 6.0%, compared with 97.6% and 9.0%, respectively, in the prior-year period.
Capital allocation and financing are active considerations. The Company had $8.1 million of cash and $70.4 million of debt, inclusive of $6.7 million drawn against its line of credit, with net debt of approximately $62.3 million and a net leverage ratio of 2.1x. It repurchased 82,877 shares at an average price of $6.25 under its up to $15 million authorization. Separately, the Company announced an agreement to acquire Hansen & Adkins and plans to offer $75.0 million aggregate principal amount of convertible senior notes due 2033 to refinance outstanding indebtedness and fund capped call premiums. The release provided no forward operating guidance.
Management, verbatim
We believe the auto haul industry is at an inflection point. Regulatory pressures, rising operating costs, and the need to attract and retain drivers are reshaping transportation economics and tightening industry capacity. In the second quarter, higher fuel, equipment, and driver-related costs increased expenses, and while our discussions with customers are progressing constructively, pricing actions generally lagged cost inflation. As rate adjustments began to take effect, margins improved each month, strengthening our margin profile exiting the quarter. As a leading asset-based provider, we continue working closely with customers to support OEM supply chains and navigate these evolving market dynamics.
Rick O’Dell, Chief Executive Officer
Not in the filing
stated, not guessed- Forward revenue, gross margin, operating expenses, tax rate, or other operating guidance.
- Prior-quarter financial comparisons for reported quarterly metrics.
- GAAP gross profit or gross margin.
- GAAP net income or net loss.
- GAAP and non-GAAP earnings per share.
- Operating cash flow.
- Free cash flow.
- Dividend amount or dividend declaration.
- Separate reportable segment revenue and profitability.
- Total Units delivered prior-year absolute figure.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.