Revenue growth has turned negative with a 3.9% year-over-year contraction in 2026Q1, while gross margins have deteriorated to 9.5% from a 20.8% peak in 2024Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 1.54B | 1.56B | 1.85B | 1.66B | 2.02B | 1.75B | 1.39B | 1.51B | 1.46B | 1.22B | 1.07B | 1.13B | 1.19B | 1.03B | 1.04B | 699.77M | 605.94M | 503.23M | 759.52M | 680.36M | 641.63M | 531.34M | 362.02M | 277.7M | 252.81M | 0 | 0 |
| Revenue Growth % | -11.11% | -15.58% | 11.06% | -17.53% | 15.1% | 25.87% | -8% | 3.44% | 20.14% | 13.42% | -4.96% | -5.27% | 15.29% | -0.34% | 48.19% | 15.48% | 20.41% | -33.74% | 11.63% | 6.04% | 20.76% | 46.77% | 30.36% | 9.84% | - | - | - |
| Cost of Goods Sold | 1.39B | 1.39B | 1.53B | 1.41B | 1.66B | 1.54B | 1.23B | 1.25B | 1.28B | 1.08B | 841.06M | 850.09M | 880.8M | 857.46M | 864.19M | 538.31M | 426.63M | 343.31M | 592.98M | 562.42M | 523.5M | 441.63M | 294.16M | 222.92M | 202.59M | 0 | 0 |
| COGS % of Revenue | - | 89.5% | 82.89% | 84.61% | 82.52% | 87.7% | 88.53% | 82.59% | 87.47% | 89.17% | 78.4% | 75.31% | 73.92% | 82.97% | 83.34% | 76.93% | 70.41% | 68.22% | 78.07% | 82.67% | 81.59% | 83.12% | 81.26% | 80.28% | 80.13% | - | - |
| Gross Profit | 156.28M | 163.62M | 315.88M | 255.82M | 352.4M | 215.33M | 159.54M | 263.26M | 183.17M | 131.83M | 231.69M | 278.69M | 310.72M | 176.03M | 172.81M | 161.46M | 179.31M | 159.92M | 166.53M | 117.94M | 118.13M | 89.71M | 67.86M | 54.77M | 50.22M | 0 | 0 |
| Gross Margin % | 10.12% | 10.5% | 17.11% | 15.39% | 17.48% | 12.3% | 11.47% | 17.41% | 12.53% | 10.84% | 21.6% | 24.69% | 26.08% | 17.03% | 16.66% | 23.07% | 29.59% | 31.78% | 21.93% | 17.33% | 18.41% | 16.88% | 18.74% | 19.72% | 19.87% | - | - |
| Gross Profit Growth % | - | -48.2% | 23.48% | -27.41% | 63.65% | 34.97% | -39.4% | 43.72% | 38.95% | -43.1% | -16.86% | -10.31% | 76.51% | 1.86% | 7.03% | -9.96% | 12.13% | -3.97% | 41.2% | -0.16% | 31.68% | 32.2% | 23.89% | 9.06% | - | - | - |
| Operating Expenses | 188.37M | 103.56M | 112.77M | 110.37M | 111.96M | 112.37M | 79.18M | 197.88M | 99.38M | 106.61M | 185.11M | 205.29M | 229.88M | 91.54M | 103.66M | 137.07M | 129.53M | 116.2M | 732.89M | 132.27M | 116.7M | 503.67M | 343.46M | 29.5M | 28.1M | 204.93M | 157.59M |
| OpEx % of Revenue | - | 6.65% | 6.11% | 6.64% | 5.56% | 6.42% | 5.69% | 13.09% | 6.8% | 8.76% | 17.26% | 18.19% | 19.29% | 8.86% | 10% | 19.59% | 21.38% | 23.09% | 96.49% | 19.44% | 18.19% | 94.79% | 94.88% | 10.62% | 11.12% | - | - |
| Selling, General & Admin | 78.72M | 54.17M | 55.32M | 79M | 109.56M | 114.76M | 52.52M | 70.6M | 62M | 64.73M | 61.72M | 58.92M | 112.13M | 90.81M | 61.5M | 111.25M | 105.26M | 95.53M | 73.42M | 48.42M | 46.14M | 37.35M | 27.64M | 22.57M | 21.58M | 23.82M | 18.84M |
| SG&A % of Revenue | - | 3.48% | 3% | 4.75% | 5.44% | 6.55% | 3.78% | 4.67% | 4.24% | 5.32% | 5.75% | 5.22% | 9.41% | 8.79% | 5.93% | 15.9% | 17.37% | 18.98% | 9.67% | 7.12% | 7.19% | 7.03% | 7.63% | 8.13% | 8.53% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 49.39M | 57.45M | 31.37M | 2.4M | -2.39M | 26.66M | 127.28M | 188K | 1.37M | 934K | 790K | 447K | 459K | 2.78M | 25.81M | 24.27M | 20.67M | 19.15M | 83.85M | 70.56M | 466.32M | 315.82M | 6.93M | 6.53M | 181.11M | 138.75M |
| Operating Income | -32.08M | 60.06M | 203.11M | 145.44M | 240.44M | 102.96M | 80.36M | 65.38M | 83.79M | 25.21M | 46.58M | 73.39M | 80.83M | 84.49M | 69.16M | 24.39M | 15.37M | 9.02M | 26.63M | 28.03M | 33.09M | 27.67M | 18.55M | 25.27M | 22.12M | 8.37M | 6.32M |
| Operating Margin % | -2.08% | 3.85% | 11% | 8.75% | 11.93% | 5.88% | 5.78% | 4.32% | 5.73% | 2.07% | 4.34% | 6.5% | 6.78% | 8.18% | 6.67% | 3.49% | 2.54% | 1.79% | 3.51% | 4.12% | 5.16% | 5.21% | 5.12% | 9.1% | 8.75% | - | - |
| Operating Income Growth % | - | -70.43% | 39.65% | -39.51% | 133.52% | 28.13% | 22.91% | -21.98% | 232.33% | -45.87% | -36.54% | -9.2% | -4.33% | 22.18% | 183.53% | 58.72% | 70.38% | -66.13% | -4.98% | -15.3% | 19.61% | 49.13% | -26.59% | 14.25% | 164.36% | 32.33% | - |
| EBITDA | 114.32M | 206.31M | 327.3M | 222.48M | 317.09M | 170.5M | 154.5M | 140.14M | 138.22M | 72.21M | 83.28M | 108.27M | 113.89M | 104.18M | 87.39M | 36.03M | 26.36M | 19.37M | 36.27M | 36.19M | 38.82M | 32.01M | 22.46M | 22.41M | 19.71M | 8.68M | 6.38M |
| EBITDA Margin % | 7.41% | 13.24% | 17.73% | 13.39% | 15.73% | 9.74% | 11.11% | 9.27% | 9.46% | 5.93% | 7.76% | 9.59% | 9.56% | 10.08% | 8.43% | 5.15% | 4.35% | 3.85% | 4.78% | 5.32% | 6.05% | 6.02% | 6.21% | 8.07% | 7.8% | - | - |
| EBITDA Growth % | -59.56% | -36.97% | 47.11% | -29.84% | 85.98% | 10.35% | 10.24% | 1.39% | 91.42% | -13.3% | -23.08% | -4.93% | 9.32% | 19.21% | 142.58% | 36.66% | 36.08% | -46.58% | 0.22% | -6.78% | 21.27% | 42.49% | 0.25% | 13.7% | 127.17% | 35.88% | - |
| D&A (Non-Cash Add-back) | 146.4M | 146.25M | 124.19M | 77.04M | 76.66M | 67.54M | 74.14M | 74.77M | 54.42M | 46.99M | 36.7M | 34.87M | 33.05M | 19.69M | 18.24M | 11.64M | 11M | 10.35M | 9.64M | 8.16M | 5.73M | 4.34M | 3.91M | -2.86M | -2.41M | 309K | 62K |
| EBIT | -65.41M | 60.06M | 208.22M | 148.51M | 241.71M | 110.22M | 78.54M | 95.28M | 94.29M | 40.81M | 46.58M | 74.24M | 80.83M | 85.22M | 72.18M | 67.89M | 21.47M | 8.38M | 24.39M | 29.03M | 33.09M | 27.67M | 18.66M | -208.86M | -190.41M | 0 | 0 |
| Net Interest Income | -39.29M | -37.81M | -30.21M | -22.75M | -16.16M | -11.6M | -14.58M | -17.01M | -14.59M | -9.45M | -8.11M | -9.18M | -8.18M | -4.04M | -3.98M | -2.16M | -1.39M | -266K | 12K | 322K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 8.28M | 0 | 4.27M | 1.45M | 132K | 43K | 47K | 0 | 0 | 0 | 157K | 0 | 0 | 130K | 241K | 58K | 136K | 90K | 150K | 379K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 47.57M | 37.81M | 34.48M | 24.21M | 16.29M | 11.64M | 14.63M | 17.01M | 14.59M | 9.45M | 8.27M | 9.18M | 8.18M | 4.17M | 4.22M | 22K | 16K | 356K | 138K | 57K | 0 | 0 | 777K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -80.6M | -160.08M | -29.37M | -21.14M | -15.01M | -4.38M | -16.45M | -15.19M | -14.4M | -8.07M | -7.17M | -8.39M | -7.74M | -3.58M | -1.21M | -415K | -31M | -999K | -2.38M | 944K | 1.04M | 425K | -777K | -11.45M | -10.12M | 30K | 60K |
| Pretax Income | -112.68M | -100.01M | 173.74M | 124.3M | 225.42M | 98.58M | 63.91M | 50.19M | 69.39M | 17.14M | 39.41M | 65M | 73.1M | 80.92M | 67.95M | 26.23M | 21.46M | 8.02M | 24.25M | 28.97M | 34.13M | 28.09M | 17.77M | 13.82M | 12M | 8.4M | 6.38M |
| Pretax Margin % | -7.3% | -6.42% | 9.41% | 7.48% | 11.18% | 5.63% | 4.59% | 3.32% | 4.75% | 1.41% | 3.67% | 5.76% | 6.13% | 7.83% | 6.55% | 3.75% | 3.54% | 1.59% | 3.19% | 4.26% | 5.32% | 5.29% | 4.91% | 4.98% | 4.75% | - | - |
| Income Tax | -3.28M | -139K | 43.84M | 31.4M | 56.79M | 24.85M | 15.78M | 12.6M | 17.21M | -11.01M | 15.16M | 25M | 27.73M | 30.34M | 20.26M | 10.41M | 8.71M | 3.12M | 9.37M | 11.13M | 13.12M | 10.92M | 6.66M | 5.1M | 4.53M | -210.06M | -161.46M |
| Effective Tax Rate % | 2.91% | 0.14% | 25.23% | 25.26% | 25.19% | 25.21% | 24.69% | 25.11% | 24.8% | -64.24% | 38.47% | 38.46% | 37.93% | 37.5% | 29.82% | 39.71% | 40.6% | 38.9% | 38.63% | 38.43% | 38.45% | 38.89% | 37.45% | 36.92% | 37.74% | -2501.63% | -2529.45% |
| Net Income | -109.4M | -99.87M | 129.91M | 92.9M | 168.63M | 73.73M | 48.13M | 37.59M | 52.18M | 28.15M | 24.24M | 40M | 45.37M | 50.57M | 47.69M | 15.81M | 12.74M | 4.9M | 14.89M | 17.84M | 21.01M | 17.17M | 11.12M | 8.72M | 7.47M | 5.17M | 3.92M |
| Net Margin % | -7.09% | -6.41% | 7.04% | 5.59% | 8.37% | 4.21% | 3.46% | 2.49% | 3.57% | 2.31% | 2.26% | 3.54% | 3.81% | 4.89% | 4.6% | 2.26% | 2.1% | 0.97% | 1.96% | 2.62% | 3.27% | 3.23% | 3.07% | 3.14% | 2.96% | - | - |
| Net Income Growth % | -231.07% | -176.88% | 39.83% | -44.91% | 128.71% | 53.19% | 28.06% | -27.97% | 85.34% | 16.12% | -39.39% | -11.83% | -10.29% | 6.05% | 201.57% | 24.08% | 160.08% | -67.08% | -16.54% | -15.1% | 22.38% | 54.41% | 27.53% | 16.66% | 44.69% | 31.63% | - |
| Net Income (Continuing) | -109.4M | -99.87M | 129.91M | 92.9M | 168.63M | 73.73M | 48.13M | 37.59M | 52.18M | 28.15M | 24.24M | 40M | 45.37M | 50.57M | 47.69M | 51.45M | 12.74M | 4.9M | 14.89M | 17.84M | 21.01M | 17.17M | 11.12M | 8.72M | 7.47M | 5.17M | 3.92M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.15 | -3.79 | 4.93 | 3.53 | 6.37 | 2.74 | 1.78 | 1.34 | 1.84 | 0.99 | 0.85 | 1.37 | 1.51 | 1.68 | 1.59 | 1.01 | 0.80 | 0.31 | 0.93 | 1.11 | 1.30 | 1.12 | 1.11 | 0.87 | 0.71 | 0.49 | 0.37 |
| EPS Growth % | -230.5% | -176.88% | 39.66% | -44.58% | 132.48% | 53.93% | 32.84% | -27.17% | 85.86% | 16.47% | -37.96% | -9.27% | -10.12% | 5.66% | 57.43% | 26.25% | 158.06% | -66.67% | -16.22% | -14.62% | 16.07% | 0.9% | 27.59% | 22.54% | 44.9% | 32.43% | - |
| EPS (Basic) | - | -3.79 | 4.94 | 3.53 | 6.37 | 2.74 | 1.78 | 1.34 | 1.84 | 0.99 | 0.85 | 1.37 | 1.51 | 1.68 | 1.59 | 1.01 | 0.80 | 0.31 | 0.93 | 1.11 | 1.30 | 1.12 | 1.11 | 0.87 | 0.71 | 0.49 | 0.37 |
| Diluted Shares Outstanding | 26.35M | 26.34M | 26.35M | 26.31M | 26.49M | 26.93M | 27M | 28.07M | 28.39M | 28.43M | 28.41M | 29.23M | 30.04M | 30.16M | 30.04M | 15.59M | 15.92M | 15.98M | 16.08M | 16.12M | 16.16M | 15.37M | 10.55M | 10.02M | 10.58M | 10.55M | 10.55M |
| Basic Shares Outstanding | 26.35M | 26.33M | 26.32M | 26.28M | 26.47M | 26.92M | 27M | 28.07M | 28.38M | 28.43M | 28.41M | 29.23M | 30.01M | 30.06M | 30.03M | 15.59M | 15.92M | 15.98M | 16.07M | 16.11M | 16.12M | 15.37M | 10.02M | 10.02M | 10.55M | 10.55M | 10.55M |
| Dividend Payout Ratio | - | - | 8.51% | 11.88% | 8.27% | 15.33% | 11.91% | 40.02% | 20.95% | 28.27% | 32.81% | 20.43% | 18.53% | 8.32% | 233.78% | 438.53% | 245.73% | 326.18% | - | - | - | - | 28.73% | - | - | - | - |
Automotive production volume sensitivity
As reported in recent financial filings, Universal Logistics Holdings has experienced a sustained revenue decline, with the most recent quarter showing a 3.9% year-over-year contraction, following a series of double-digit percentage drops that highlight the company's vulnerability to broader industrial and automotive production cycles.
The consistent top-line erosion suggests that the company's reliance on automotive-linked logistics is currently a significant headwind as OEM production volumes fluctuate. Investors should monitor whether this trend reflects a structural loss of market share or merely a cyclical trough in the North American light vehicle production environment.
Based on the provided income statement data, gross margins have deteriorated significantly from a peak of 20.8% in 2024Q1 to just 9.5% in 2026Q1, indicating that the company's ability to pass through costs or maintain pricing power has been severely compromised by current market conditions.
The sharp decline in gross profitability suggests that the company's variable cost model is failing to insulate the bottom line from volume-driven inefficiencies. This margin compression appears to be a direct consequence of the company's inability to adjust its fixed facility costs in alignment with the rapid decline in freight demand.
According to the company's quarterly income statements, net income has shifted into negative territory, with a net loss of $3.5 million reported in 2026Q1, following a massive $74.8 million loss in 2025Q3 that underscores significant volatility in the company's underlying operational performance.
The transition to persistent net losses suggests that non-operating items or significant operational impairments are masking the company's core earnings potential. Analysts should investigate whether these losses are driven by one-time restructuring charges or if they represent a more permanent deterioration in the company's ability to generate positive net income.
As indicated by the historical income statement data, SG&A expenses have fluctuated between $13.0 million and $22.6 million, suggesting that management has struggled to maintain consistent expense discipline while revenue has faced significant downward pressure over the last ten quarters.
The lack of a clear downward trend in SG&A relative to the sharp revenue contraction implies that the company's cost structure remains relatively rigid. This rigidity warrants further investigation into the company's ability to right-size its administrative and operational overhead in the face of a prolonged industrial downturn.
While the company is often characterized as asset-light, the recent financial performance suggests that its reliance on specialized warehousing and fixed-cost infrastructure creates a significant burden, as evidenced by the negative net margins that have persisted through several recent reporting periods.
The market may be mispricing the company by viewing it as a pure-play brokerage, ignoring the fixed-cost nature of its value-added services. This structural reality suggests that the company's earnings are far more sensitive to volume declines than a traditional asset-light logistics provider, posing a risk to current valuation multiples.
Quick answers to the most common questions about buying ULH stock.
For fiscal year 2025, Universal Logistics Holdings, Inc. (ULH) reported total revenue of $1.56B.
Universal Logistics Holdings, Inc. (ULH) reported a net loss of $99.9M for the fiscal year ending 2025.
Universal Logistics Holdings, Inc. (ULH) reported an operating income of $60.1M, resulting in an operating profit margin of 3.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Universal Logistics Holdings, Inc. (ULH) generated $163.6M in gross profit for the year, representing a gross profit margin of 10.5%. This demonstrates the company's core pricing power and production efficiency.