Marten Transport, Ltd. (MRTN): Business Model Canvas [Dec-2025 Updated]

You're looking past the headlines to truly understand the engine room of Marten Transport, Ltd. after that recent strategic intermodal sale, and frankly, that's smart analysis. After shedding that piece, the business model centers squarely on specialized, time-sensitive freight, supported by dedicated contracts and brokerage capacity, which together generated operating revenue of $673.5 million through the first nine months of 2025. We need to see how they manage the inherent costs-like driver wages and fleet maintenance-that push their operating ratio near 97.3%-so let's break down the nine essential blocks showing you exactly where their $975.7 million asset base is deployed and how they keep high-volume shippers like food producers satisfied with their high-reliability service.

Marten Transport, Ltd. (MRTN) - Canvas Business Model: Key Partnerships

The Hub Group, Inc. partnership involved a significant divestiture, effective September 30, 2025.

Marten Transport, Ltd. sold assets related to its intermodal business to Hub Group, Inc. for $51.8 million in cash.

The assets included over 1,200 refrigerated containers and contracts serving more than 100 shippers.

This sale price was approximately 1X revenue, as the intermodal group had trailing twelve months revenue of $51.5 million in the 12 months ended June 30, 2025.

Following this, Marten Transport, Ltd. continues to focus on its core platforms, including Brokerage and MRTN de Mexico.

For MRTN de Mexico services, Marten Transport relies on its Mexican partner carriers to provide door-to-door temperature-controlled and dry van service between Mexico, the United States, and Canada.

The cross-border environment shows strong growth, with U.S.-Mexico trade reaching $74 billion in May 2025.

Projections indicate Mexico's exports to the U.S. will grow by another 34% over the next five years.

Specific carrier partnerships announced previously to support the Mexico footprint included Trafico Transportaciones, Grupo Alpenasa, and Sega Carriers.

Partnerships with major truck and trailer manufacturers support the fleet renewal and maintenance necessary for Marten Transport, Ltd.'s operations, which focus heavily on temperature-sensitive freight.

As of December 31, 2024, the fleet included 5,440 trailers.

This trailer count comprised 3,138 refrigerated trailers and 2,302 dry vans.

The company also reported having a fleet of over 3,500 tractors, some equipped with solar panels.

The Brokerage segment develops relationships with third-party carriers to provide capacity and surge flexibility for temperature-controlled and dry van freight.

The Brokerage segment's 2024 operating ratio was 92.6%.

Brokerage revenue was $146.0 million for 2024, with operating income of $10.8 million for that year.

The operating results for MRTN de Mexico are reported within the Truckload and Brokerage segments.

The company's overall financial performance in early 2025 reflected the market conditions, with Q1 2025 net income at $4.3 million on operating revenue of $223.2 million.

Here's a quick look at some relevant financial and operational metrics related to these key areas:

The Brokerage segment's ability to use third-party carriers helps supplement Marten Transport, Ltd.'s capabilities during periods of surge demand.

The company's commitment to its core platforms is highlighted by the fact that its Q1 2025 operating expenses as a percentage of operating revenue, net of fuel surcharges, were 97.0%.

For Finance: review the Q4 2025 projected utilization rates for third-party carriers in the Brokerage segment by October 31.

Marten Transport, Ltd. (MRTN) - Canvas Business Model: Key Activities

You're looking at how Marten Transport, Ltd. actually makes money and keeps the wheels turning, which is all about executing complex logistics reliably. The core of their business is centered on moving freight, especially the kind that needs careful temperature control. This requires constant, high-level execution across their different platforms.

Operating a temperature-sensitive and dry truckload fleet.

This is the bread and butter. Marten Transport, Ltd. is known as a leading temperature-sensitive truckload carrier, moving food and other consumer packaged goods that need that insulated environment. Even in a tough market, this segment is critical. For the first quarter ended March 31, 2025, the Truckload segment generated operating revenue of $104.391 million. To give you context on the type of freight they prioritize, in 2024, approximately 59% of their combined Truckload and Dedicated revenue came from hauling temperature-sensitive products, with the remaining 41% from dry freight. The operational efficiency here is always under the microscope; for Q1 2025, the Truckload segment's operating ratio (OR) was 100.3, up from 99.6 a year prior. That means for every dollar of revenue, it cost them just over a dollar in expenses, net of fuel surcharges, during that quarter.

Managing dedicated contract carriage solutions for customers.

Dedicated contract carriage involves setting up tailored transportation solutions specifically for one customer, which usually means more stable, predictable revenue. In the first quarter of 2025, the Dedicated division brought in $73.625 million in revenue, a year-over-year drop of 14.8%. Despite the revenue dip, the segment's operating income was $5.43 million for Q1 2025, though this represented an 18.4% drop compared to the prior year. Dedicated is historically a profit driver; for example, in 2024, this platform contributed about one-third of Marten Transport, Ltd.'s total operating revenue and more than two-thirds of its operating income. Their dedicated OR for Q1 2025 was 93.4 (net of fuel surcharges), which is better than the Truckload OR, showing better cost control on those committed routes.

Brokerage of freight to third-party carriers.

The Brokerage segment is Marten Transport, Ltd.'s way to add surge capacity and handle overflow using third-party carriers, retaining the customer billing relationship. This activity provides flexibility when their own assets are fully utilized or for lanes outside their core competency. The Brokerage segment posted an operating income of $2.7 million for Q1 2025, which was a 6.8% decrease year-over-year. This segment is key for balancing the network. Here's a quick look at the segment performance for the first quarter of 2025:

Maintaining a high-quality driver workforce and equipment.

The quality of the driver and the condition of the specialized equipment-especially the refrigerated trailers-are non-negotiable for premium service. Marten Transport, Ltd. actively works to keep its driver base stable; as of March 31, 2025, independent contractors provided 82 tractors to the fleet. The company's commitment to its workforce earned it recognition as a TCA Elite Fleet - 2025 Best Place to Drive. On the equipment side, as of the end of 2024, the fleet included 3,138 refrigerated trailers and 2,302 dry vans, totaling 5,440 trailers. Financially, this activity is supported by a very strong balance sheet; as of June 30, 2025, Marten Transport, Ltd. reported ZERO total debt. That debt-free status lets them invest in newer, better equipment without the pressure of financing costs eating into operating margins. Finance: draft 13-week cash view by Friday.

Marten Transport, Ltd. (MRTN) - Canvas Business Model: Key Resources

You're looking at the core assets Marten Transport, Ltd. relies on to execute its specialized, temperature-sensitive and dry truck-based transportation model across the US, Mexico, and Canada. These aren't just line items; they represent the physical and financial foundation of their operations.

Here's a look at the hard numbers as of the close of the third quarter, September 30, 2025.

The physical infrastructure supporting their service delivery is substantial, built around a network designed for expedited, time-sensitive movements. These tangible assets are critical for maintaining service quality in their core segments.

• Network of 15 regional service centers across the US.
• Fleet comprising modern tractors and specialized refrigerated/dry trailers.
• Proprietary information systems used for logistics and real-time tracking.
• Five distinct business platforms: Temperature-Sensitive and Dry Truckload, Dedicated, Brokerage, and MRTN de Mexico.

Finance: draft 13-week cash view by Friday

Marten Transport, Ltd. (MRTN) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Marten Transport, Ltd. over the competition, which boils down to specialization, reliability, and a flexible service structure. Marten Transport, Ltd. is definitely one of the premier suppliers for goods needing a controlled environment.

Specialization in time and temperature-sensitive (Reefer) freight is a huge part of the value. Marten Transport, Ltd. is one of the leading temperature-sensitive truckload carriers in the United States, focusing on food, beverages, and other consumer packaged goods requiring insulation or temperature control. Looking at the 2024 figures, approximately 59% of the Truckload and Dedicated revenue came from hauling temperature-sensitive products, with the remaining 41% from dry freight. This focus means specialized equipment and expertise are built into the service offering.

The business model is multifaceted, offering distinct service platforms to cover different customer needs. As of late 2025, the core structure centers on Truckload, Dedicated, and Brokerage, following the recent sale of the Intermodal assets for $51.8 million in the third quarter of 2025. Here's a quick look at the scale of the main segments based on 2024 revenue:

The Dedicated platform historically delivers strong profitability, contributing one-third of Marten Transport, Ltd.'s 2024 operating revenue but more than two-thirds of the operating income from that year. The company's overall financial stability, being ZERO debt since 2017, is a value proposition in itself, especially when the TTM Revenue as of June 30, 2025, was $920.9M.

You get high service reliability and on-time delivery, which is critical for demanding deadlines. For instance, in 2024, Marten Transport, Ltd. achieved an on-time delivery rate of 99% on specialty chemical truckloads with a major customer, Chemours. More broadly, the on-time service to delivery metric stood at 97.0% for the full year 2024, improving slightly to 97.5% for the first half of 2025 (1H 2025).

The Brokerage segment provides flexible capacity to handle volume surges, supplementing the core fleet capabilities. In 2024, this segment maintained a solid operating ratio of 92.6%. This flexibility is supported by the mix of freight handled:

• Dry vans accounted for 21% of Brokerage freight in 2024.
• The Brokerage platform generated $10.8 million in operating income in 2024.
• The Q3 2025 operating income for the Brokerage segment was $2.7 million.

Finally, Marten Transport, Ltd. offers cross-border service to Mexico and Canada through MRTN de México. This service provides customers with door-to-door temperature-controlled and dry van options between Mexico, the United States, and Canada by using established Mexican partner carriers within Mexico. This extends the reach beyond the primary U.S. operations, which generated $223.2 million in total operating revenue in Q1 2025.

Finance: draft 13-week cash view by Friday.

Marten Transport, Ltd. (MRTN) - Canvas Business Model: Customer Relationships

You're looking at how Marten Transport, Ltd. (MRTN) locks in its business, especially with its high-value customers. The relationship strategy is clearly segmented by service offering, which makes sense given their focus on temperature-sensitive freight.

Dedicated Long-Term Contracts for the Dedicated Segment

The Dedicated segment is where Marten Transport, Ltd. builds its deepest ties. These aren't spot-market deals; they are structured commitments. Agreements with Dedicated segment customers typically range from three to five years and include provisions for annual rate reviews. This structure provides revenue stability, which is key when you are dedicating specific assets and drivers to a single customer's requirements. For context on the segment's recent performance, Dedicated division revenue in the first quarter of 2025 fell to $73.625 million, down from $86.46 million in the year-ago period. Operating income for the Dedicated segment in the second quarter of 2025 was $5.43 million, an 18.4% drop year-over-year. The operating ratio for the Dedicated segment in 2024 was 92.8%, or 91.4% when excluding fuel surcharges.

The value proposition here is customization and reliability, which is reflected in the table below:

High-Touch, Direct Sales Relationships with Large Shippers

Marten Transport, Ltd. emphasizes a direct approach, especially for the customized solutions in the Dedicated segment. They manage all the details of a customer's transportation budget with custom solutions designed around business needs. This involves a high level of engagement to manage elements like:

• Tractor/Trailer procurement
• Maintenance protocol and cost management
• Customized KPI's (Key Performance Indicators)
• Insurance and risk mitigation
• Costly licensing and operating permits

This level of integration suggests a focus on large shippers needing consistent, specialized service, rather than transactional, one-off loads. The company's overall Trailing Twelve Months (TTM) Revenue as of June 30, 2025, was $920.9M, indicating a substantial base of business that requires this level of relationship management.

Automated Tracking and Communication via Proprietary Systems

The operational side of customer relationships is heavily supported by technology. Marten Transport, Ltd. depends on its management information and communication systems for efficient operations. Their proprietary information systems are used for receiving, planning, and optimizing loads, as well as communicating with and monitoring drivers, tractors, and trailers. This technology enables real-time tracking, improved efficiency, and greater transparency for the customer. The company highlights Load tracking capabilities as a feature available through its logistics arm, Marten Transport Logistics, LLC. This digital backbone supports the high-touch sales relationships by providing the data needed for performance reporting and proactive issue resolution.

Focus on Retaining High-Volume, Core Customers

The entire structure points toward customer retention. By offering customized solutions and securing multi-year contracts, Marten Transport, Ltd. is clearly targeting high-volume, core customers whose supply chains depend on their specialized, temperature-controlled network. The Executive Chairman noted a focus on capitalizing on profitable organic growth opportunities, with fair compensation for their premium services across all segments. This commitment to premium service, backed by a debt-free balance sheet (Total Debt: ZERO as of June 30, 2025) and strong Operating Cash Flow of $122.6M (TTM June 30, 2025), is positioned as the ultimate retention tool-stability in turbulent times. For instance, Q1 2025 Net Income was $4.3 million, or 5 cents per diluted share, showing continued profitability even in a challenging freight market.

The company's financial strength is a relationship asset.

Marten Transport, Ltd. (MRTN) - Canvas Business Model: Channels

You're looking at how Marten Transport, Ltd. (MRTN) gets its services-temperature-sensitive and dry freight-to the customer, which is a mix of direct relationship building and technology use. For a company with trailing twelve-month revenue hitting $920.9M as of June 30, 2025, the channel strategy is clearly focused on high-touch service backed by significant owned assets.

The primary channel for securing high-volume, consistent business involves a direct sales force. This team targets large food and consumer goods shippers, which aligns perfectly with Marten Transport, Ltd.'s specialization in temperature-sensitive freight. This direct approach is key for establishing the dedicated and long-haul contracts that provide revenue stability, especially when the broader freight market faces headwinds, like the recessionary pressures noted earlier in 2025.

Core capacity delivery relies heavily on the company-owned fleet and driver network. This is the physical channel through which the value proposition is executed. As of December 31, 2024, the scale of this operation included:

• 2,915 directly employed drivers.
• A total fleet of 5,440 trailers.
• Independent contractors provided only 2.9% of the fleet at that time, showing a strong preference for company control over capacity.

Here's a quick look at the asset base supporting these channels as of year-end 2024:

Geographically, the physical reach is managed through 15 regional operating centers. These centers serve as the key hubs for the Truckload segment, supporting both regional short-haul and medium-to-long-haul operations. This structure allows Marten Transport, Ltd. to maintain its regional focus while still achieving national scope and international reach across the US, Canada, and Mexico.

Finally, Marten Transport, Ltd. uses digital interfaces to streamline interactions for both customers and drivers. These systems are critical for efficiency in a high-volume environment. You can see this in their customer-facing options and internal tools:

• Customer access via Load Tracking for visibility on shipments.
• Driver engagement through the Driver Portal for managing assignments and resources.

Honestly, having a dedicated portal for drivers and load tracking for customers shows they are investing in making the transaction smooth, which helps keep that service premium intact. Finance: draft 13-week cash view by Friday.

Marten Transport, Ltd. (MRTN) - Canvas Business Model: Customer Segments

Marten Transport, Ltd. serves customers whose freight demands specialized handling, primarily time and temperature-sensitive goods, alongside standard dry freight needs across North America.

Food and beverage producers requiring temperature control.

• Marten Transport, Ltd. is one of the leading temperature-sensitive truckload carriers in the United States.
• Approximately 59% of Truckload and Dedicated revenue in 2024 resulted from hauling temperature-sensitive products.
• The company specializes in transporting and distributing food, beverages, and other consumer packaged goods that require a temperature-controlled or insulated environment.

Consumer packaged goods (CPG) companies with high-volume needs.

• The remaining portion of the core business handles dry freight.
• Approximately 41% of Truckload and Dedicated revenue in 2024 was from hauling dry freight.
• The company concentrates on expedited movements for high-volume customers.

The scale of Marten Transport, Ltd.'s operations as of late 2025 provides context for the customer base size:

Customers needing customized, dedicated fleet solutions.

The Dedicated platform provides customized solutions tailored to individual customer requirements, using refrigerated trailers, dry vans, and specialized equipment within the United States.

• The Dedicated platform contributed one-third of Marten Transport, Ltd.'s 2024 operating revenue.
• The Dedicated platform generated more than two-thirds of Marten Transport, Ltd.'s 2024 operating income.
• Dedicated revenue, excluding fuel surcharges, was $267.1 million for 2024.
• The Dedicated segment reported an operating income of $23.0 million for 2024.
• Marten Transport, Ltd. maintains a ZERO total debt position as of June 30, 2025, offering a stable partnership base for dedicated contracts.

Shippers requiring US, Mexico, and Canada cross-border service.

Marten Transport, Ltd. offers services in the United States, Mexico, and Canada, utilizing its MRTN de México platform for door-to-door temperature-controlled and dry van services within Mexico via partner carriers.

• Marten Transport, Ltd.'s revenue is primarily generated from within the United States.
• The North America cross border road freight transport market size is valued at $247.6 billion in 2025.
• In March 2025, trucks moved $94.2 billion of freight across the US borders with Canada and Mexico.
• Of that March 2025 truck freight, $67.5 billion was with Canada and $77.3 billion was with Mexico.

Marten Transport, Ltd. (MRTN) - Canvas Business Model: Cost Structure

The Cost Structure for Marten Transport, Ltd. is heavily weighted toward variable operating expenses tied directly to miles driven and driver compensation, though fixed costs like depreciation on the fleet remain a significant component. The pressure on profitability in 2025 is evident in the overall efficiency metric.

The company-wide operating ratio (OR) for the first nine months of 2025 was reported at 97.3%, meaning operating expenses consumed 97.3 cents of every revenue dollar earned. When fuel surcharges are excluded from both revenue and expenses, the OR for the first nine months of 2025 stood at 96.9%. This high ratio reflects the cumulative impact of inflationary operating costs and freight rate reductions experienced through the third quarter of 2025.

Driver-related expenses are a primary cost driver. Variable costs generally include fuel expense, driver-related expenses such as wages, benefits, training, and recruitment, and independent contractor costs recorded under purchased transportation. For the first quarter of 2025, Salaries, wages and benefits totaled $78,800 thousand. For the six months ended June 30, 2025, this expense was $157.4 million. This focus on driver compensation is critical, as Marten Transport, Ltd. has been recognized as a 2025 TCA Elite Fleet, suggesting competitive pay structures are in place, with OTR Truck Driver annual earnings estimated between $70,200 and $91,500+.

Fuel expenses are managed through fuel surcharge revenue, but the net cost remains a major factor. For the first nine months of 2025, fuel surcharge revenue decreased to $80.0 million compared to $96.1 million in the prior year period. This reduction in surcharge revenue, alongside other pressures, contributed to the higher operating ratio.

Fixed costs are dominated by the capital-intensive nature of the fleet. The main fixed costs relate to the acquisition and subsequent depreciation of long-term assets, such as revenue equipment. For the first quarter of 2025, Depreciation expense was $27,470 thousand. Expenses that have both fixed and variable components include maintenance and tire expense, which generally vary with miles traveled but also have a controllable component based on safety and fleet age.

Insurance and claims, including auto liability, also fall into the category with both fixed and variable elements, varying with miles driven. For the first quarter of 2025, Insurance and claims expense was $13,377 thousand. Management noted that higher insurance and claims, along with depreciation costs, impacted the 2025 period operating ratio.

Here is a breakdown of key operating expenses for the first quarter ended March 31, 2025, in thousands of USD:

The structure of these costs highlights the sensitivity to market conditions, as seen by the pressure on the operating ratio when freight rates decline relative to fixed and semi-fixed costs like driver compensation and equipment ownership.

• Variable costs include:
• Driver-related expenses like wages and benefits.
• Fuel expense.
• Independent contractor costs (purchased transportation).

• Costs with fixed/variable components:
• Maintenance and tire expense.
• Cost of insurance and claims.

• Main fixed costs relate to:
• Acquisition of long-term assets.
• Subsequent depreciation of revenue equipment and terminals.

The company expects its annual cost of tractor and trailer ownership, which includes depreciation, will increase in future periods due to higher prices for new equipment.

Marten Transport, Ltd. (MRTN) - Canvas Business Model: Revenue Streams

You're looking at the core ways Marten Transport, Ltd. brings in cash as of late 2025. It's all about moving freight, but they slice that revenue in a few distinct ways.

The total top-line number for the first nine months of 2025 was $673.5 million in operating revenue. That's the gross amount before we start peeling back the layers of how they earn it.

Here's a quick look at the major components making up that total for the nine-month period ending September 30, 2025:

The revenue streams from the core service segments show how the $593.5 million (revenue net of fuel surcharges) is generated. While the exact dollar split isn't public in the latest filings, we know the performance trends for the first nine months of 2025 compared to the prior year's nine-month period.

Marten Transport, Ltd. generates revenue across its primary service offerings:

• Revenue from Truckload (Temperature-Sensitive and Dry) services.
• Revenue from Dedicated contract carriage.
• Revenue from Brokerage services.

The performance of these core segments, net of fuel surcharges, for the first nine months of 2025 compared to the first nine months of 2024 showed some shifts:

• Truckload segment revenue, net of fuel surcharges, decreased 4.1%.
• Dedicated segment revenue, net of fuel surcharges, decreased 10.7%.
• Brokerage segment revenue decreased 0.7%.

Also, remember that Marten Transport, Ltd. had an Intermodal segment, though they sold those assets for $51.8 million recently, allowing a stronger focus on the core truckload operations. For the first nine months of 2025, Intermodal segment revenue, net of fuel surcharges, decreased 24.8% from the comparable 2024 period. That sale definitely cleans up the revenue mix going forward. The fuel surcharge revenue itself was $80.0 million for the first nine months of 2025, down from $96.1 million in the first nine months of 2024. That's a big swing component.