ARCBEST CORP /TX/

In August, Asset-Based daily tonnage increased 9% year-over-year, driven by a 14% increase in weight per shipment and partially offset by a 4% decrease in shipments per day. The higher weight per shipment continues to reflect changes in freight profile.

Billed revenue per shipment increased 14% year-over-year, primarily reflecting the heavier freight profile, while billed revenue per hundredweight remained flat. Excluding fuel surcharge, revenue per hundredweight declined in the low single digits, primarily due to changes in freight profile.

Compared with July, shipments per day in August were relatively unchanged, while weight per shipment and tonnage per day each declined 3%. Billed revenue per shipment declined approximately 1%, primarily reflecting the lower weight per shipment, partially offset by a 2% increase in billed revenue per hundredweight.

From 2016 through 2025, ABF’s non-GAAP operating ratio generally remained consistent from the second quarter to the third quarter. This trend excludes 2020, which was significantly affected by the COVID-19 pandemic, and 2023, which was significantly affected by the bankruptcy of a major LTL competitor. This analysis is based on non-GAAP operating ratio and excludes the items identified in the Company's historical non-GAAP reconciliations included in previously furnished earnings releases.

Based on current trends, the Company expects ABF’s non-GAAP operating ratio for the third quarter of 2026 to be generally consistent with its non-GAAP operating ratio for the second quarter of 2026. The Company does not currently expect a significant difference between GAAP and non-GAAP operating ratios for the third quarter of 2026.