# EDGAR Filing Document

**Accession Number:** 0001308208
**File Stem:** 0001193125-26-106206
**Filing Date:** 2026-3
**Character Count:** 27297
**Document Hash:** 7e9cc2bbff29ed409e291de19b6a6451
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-106206.hdr.sgml**: 20260313

**ACCESSION NUMBER**: 0001193125-26-106206

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260313

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260313

**DATE AS OF CHANGE**: 20260313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNIVERSAL LOGISTICS HOLDINGS, INC.
- **CENTRAL INDEX KEY:** 0001308208
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRUCKING (NO LOCAL) [4213]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 383640097
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51142
- **FILM NUMBER:** 26752713

**BUSINESS ADDRESS:**
- **STREET 1:** 12755 EAST NINE MILE ROAD
- **CITY:** WARREN
- **STATE:** MI
- **ZIP:** 48089
- **BUSINESS PHONE:** (586) 920-0100

**MAIL ADDRESS:**
- **STREET 1:** 12755 EAST NINE MILE ROAD
- **CITY:** WARREN
- **STATE:** MI
- **ZIP:** 48089

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Universal Truckload Services, Inc.
- **DATE OF NAME CHANGE:** 20041109

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

------

## FORM 8-K

------

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** March 13, 2026<br>

------

Universal Logistics Holdings, Inc.

**(Exact name of Registrant as Specified in Its Charter)**

------

---

| | | |
|:---|:---|:---|
| Nevada | 0-51142 | 38-3640097 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 12755 E. Nine Mile Road |  |  |
| Warren**,** Michigan |  | 48089 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** 586 920-0100<br>

**(Former Name or Former Address, if Changed Since Last Report)**

------

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, no par value | ULH | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On March 13, 2026, the Company issued a press release announcing our financial and operating results for the thirteen weeks and year ended December 31, 2025, a copy of which is furnished as Exhibit 99.1 to this Form 8-K.

**Item 7.01 Regulation FD Disclosure.**

On March 13, 2026, the Company issued a press release announcing that our Board declared a cash dividend of $0.105 per share of common stock. The dividend is payable on April 3, 2026 to shareholders of record on March 23, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.

## Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.

99.1 [<u>Press Release dated March 13, 2026</u>](ulh-ex99_1.htm). <br> 104 Cover Page Interactive Data File (formatted as Inline XBRL)

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | UNIVERSAL LOGISTICS HOLDINGS, INC. |
| Date: | March 13, 2026 | By:  | */s/ Steven Fitzpatrick* |
|  |  |  | Steven Fitzpatrick<br>Secretary |

---

------

## Exhibit 99.1

**Exhibit 99.1**

![img73119764_0.gif](img73119764_0.gif)

**Universal Logistics Holdings, Inc. Reports Fourth Quarter 2025 Financial Results; Declares Dividend**

-**Fourth Quarter 2025 Operating Revenues: $385.4 million**

-**Fourth Quarter 2025 Operating Income: $17.5 million**

-**Fourth Quarter 2025 Earnings Per Share: $0.14 per share**

-**Declares Quarterly Dividend: $0.105 per share**

Warren, MI – March 13, 2026 — Universal Logistics Holdings, Inc. (NASDAQ: ULH) today reported consolidated fourth quarter 2025 net income of $3.7 million, or $0.14 per basic and diluted share, on total operating revenues of $385.4 million.

For comparative purposes, Universal reported total operating revenues of $465.1 million, net income of $20.2 million, and $0.77 earnings per basic and diluted share for the corresponding period last year.

In the fourth quarter 2025, Universal's operating income was $17.5 million, compared to $38.3 million in the fourth quarter one year earlier. As a percentage of operating revenue, operating margin for the fourth quarter 2025 was 4.5%, compared to 8.2% during the same period last year.

The Company's EBITDA, a non-GAAP measure, during the fourth quarter 2025 was $57.1 million, compared to $73.5 million one year earlier. As a percentage of operating revenue, EBITDA margin for the fourth quarter 2025 was 14.8%, compared to 15.8% during the same period last year.

The Company provides reconciliations of each non-GAAP financial measure used in this release to the most directly comparable financial measures calculated and presented in accordance with GAAP. These quantitative reconciliations, together with management's explanation of the purposes for which the non-GAAP measures are used, are presented in the accompanying tables and related disclosures.

"The fourth quarter of 2025 yielded mixed results within our service portfolio," stated Tim Phillips, Universal's CEO. "Our contract logistics and trucking segments performed in line with expectations, while underperformance in intermodal remained a meaningful headwind to our overall results. We remain focused on driving efficiencies in our operations and executing cost-saving initiatives across the organization to support profitable growth. While market conditions remain muted, we believe the strength and resilience of Universal's business model will drive our long-term success."

------

**Segment Information:**

**Contract Logistics**

-**Fourth Quarter 2025 Operating Revenues: $268.6 million**

-**Fourth Quarter 2025 Operating Income: $23.2 million**

In the contract logistics segment, which includes our value-added and dedicated services, fourth quarter 2025 operating revenues decreased 12.6% to $268.6 million, compared to $307.4 million for the same period last year. The year-over-year decrease primarily reflects the absence of revenues associated with our specialty development project in Stanton, Tennessee, which contributed $51.3 million to operating revenues in the fourth quarter of 2024 and was completed in that period.

Included in contract logistics segment revenues were $7.4 million in separately identified fuel surcharges from dedicated transportation services, compared to $8.3 million in the same period last year. At the end of the fourth quarter 2025, we managed 78 value-added programs, compared to a total of 90 programs at the end of the fourth quarter 2024.

Income from operations in the contract logistics segment during the fourth quarter 2025 was $23.2 million, compared to $39.1 million during the same period last year. As a percentage of revenue, operating margin for the segment was 8.6% for the fourth quarter 2025, compared to 12.7% in the prior-year period.

**Intermodal**

-**Fourth Quarter 2025 Operating Revenues: $52.7 million**

-**Fourth Quarter 2025 Operating (Loss): $(10.6) million**

Operating revenues in the intermodal segment decreased 27.9% to $52.7 million in the fourth quarter 2025, compared to $73.1 million for the same period last year. The year-over-year decline reflects lower load volumes and reduced pricing.

Included in intermodal segment revenues for the fourth quarter 2025 were $6.5 million in separately identified fuel surcharges, compared to $9.1 million in the prior-year period. Intermodal segment revenues also included other accessorial charges, such as detention, demurrage and storage, totaling $7.1 million, compared to $8.6 million one year earlier.

Load volumes declined 19.1% year-over-year, while average operating revenue per load, excluding fuel surcharges, declined an additional 8.9%. Operating losses in the intermodal segment for the fourth quarter 2025 were $(10.6) million, compared to an operating loss of $(9.7) million in the same period last year. As a percentage of revenue, operating margin for the segment was (20.0)% in the fourth quarter 2025, compared to (13.2)% in the prior-year period.

**Trucking**

-**Fourth Quarter 2025 Operating Revenues: $64.1 million**

-**Fourth Quarter 2025 Operating Income: $4.5 million**

In the trucking segment, fourth quarter 2025 operating revenues decreased 23.6% to $64.1 million, compared to $83.8 million for the same period last year.

Fourth quarter 2025 trucking segment revenues included $15.3 million of brokerage services, compared to $22.8 million in the prior-year period. Also included in our trucking segment revenues were $3.1 million in separately identified fuel surcharges, compared to $4.1 million one year earlier.

------

On a year-over-year basis, load volumes declined 25.9%, while average operating revenue per load, excluding fuel surcharges, increased 6.7%. Income from operations in the trucking segment during the fourth quarter 2025 was $4.5 million, compared to $5.8 million in the same period last year. As a percentage of revenue, operating margin in the segment was 7.0% in the fourth quarter 2025, compared to 6.9% in the prior-year period.

**Cash Dividend**

Universal Logistics Holdings, Inc. also announced today that its Board of Directors has declared a cash dividend of $0.105 per share of common stock. The dividend is payable to shareholders of record at the close of business on March 23, 2026 and is currently expected to be paid on April 3, 2026.

**Other Matters**

As of December 31, 2025, Universal held $26.8 million in cash and cash equivalents and $10.4 million in marketable securities. Outstanding debt at the end of the fourth quarter 2025 was $802.3 million, and capital expenditures during the quarter totaled $32.9 million.

Universal calculates and reports certain financial metrics, in addition to those prepared in accordance with GAAP, for purposes of its lending arrangements and to assist management in evaluating operating performance by isolating and excluding the impact of certain non-operating expenses associated with corporate development activities. These measures are described in more detail below in the section captioned "Non-GAAP Financial Measures."

**Source:** Universal Logistics Holdings, Inc.

For Further Information:

Steven Fitzpatrick, Investor Relations

SFitzpatrick@UniversalLogistics.com

**About Universal:**

Universal Logistics Holdings, Inc. ("Universal") is a holding company whose subsidiaries provide a variety of customized transportation and logistics solutions throughout the United States and in Mexico and Canada. Our operating subsidiaries provide our customers with supply chain solutions that can be scaled to meet their changing demands. We offer our customers a broad array of services across their entire supply chain, including value-added, dedicated, intermodal and trucking services. In this press release, the terms "us," "we," "our," or the "Company" refer to Universal and its consolidated subsidiaries.

***Forward Looking Statements***

*Some of the statements contained in this press release might be considered forward-looking statements. These statements identify prospective information. Forward-looking statements can be identified by words such as "expect," "anticipate," "intend," "plan," "goal," "prospect," "seek," "believe," "targets," "project," "estimate," "future," "likely," "may," "should" and similar references to future periods.* 

*Forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. These risks and uncertainties include, but are not limited to, market conditions; customer demand; pricing and competitive pressures; the timing, execution, and effectiveness of cost-reduction, efficiency, or restructuring initiatives; operating costs; labor availability; and other factors affecting operating income and margins.*

*Additional information about the factors that may adversely affect these forward-looking statements is contained in Universal's reports and filings with the Securities and Exchange Commission. Universal assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws.*

------

**UNIVERSAL LOGISTICS HOLDINGS, INC.**

Unaudited Condensed Consolidated Statements of Income

(In thousands, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Operating revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Truckload services | $48786 | $61850 | $182905 | $234397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokerage services | 16066 | 25545 | 73913 | 181259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intermodal services | 51929 | 70379 | 252095 | 300721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dedicated services | 84912 | 77821 | 337919 | 344210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Value-added services | 183734 | 229536 | 711565 | 785448 |
| Total operating revenues | 385427 | 465131 | 1558397 | 1846035 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased transportation and equipment rent | 69121 | 100320 | 310435 | 482948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct personnel and related benefits | 176436 | 174871 | 685540 | 583251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating supplies and expenses | 46178 | 76291 | 205364 | 293883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commission expense | 4179 | 4800 | 17100 | 27285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy expense | 12597 | 12020 | 49391 | 44209 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 13337 | 16434 | 54166 | 56998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance and claims | 7033 | 5719 | 30090 | 26441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 39056 | 36393 | 146247 | 124188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment expense |  |  | 124411 | 3720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 367937 | 426848 | 1622744 | 1642923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from operations | 17490 | 38283 | (64347) | 203112 |
| Interest expense, net | (10747) | (9828) | (37807) | (30207) |
| Other non-operating income (expense) | 582 | (1171) | 2142 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 7325 | 27284 | (100012) | 173742 |
| Provision for income taxes | 3590 | 7109 | (139) | 43835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $3735 | $20175 | $(99873) | $129907 |
| Earnings per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.14 | $0.77 | $(3.79) | $4.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.14 | $0.77 | $(3.79) | $4.93 |
| Weighted average number of common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 26330 | 26318 | 26328 | 26315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 26330 | 26358 | 26339 | 26348 |
| Dividends declared per common share: | $0.105 | $0.105 | $0.420 | $0.420 |

---

------

**UNIVERSAL LOGISTICS HOLDINGS, INC.**

Unaudited Condensed Consolidated Balance Sheets

(In thousands)

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2025** | **December 31, <br>2024** |
| Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $26846 | $19351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 10351 | 11590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - net | 261337 | 293646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 84308 | 85226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 382842 | 409813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment - net | 819495 | 742366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets - net | 569651 | 634658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1771988 | $1786837 |
| Liabilities and shareholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities, excluding current maturities of debt | $203245 | $215756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt - net | 797571 | 759085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 230817 | 164973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1231633 | 1139814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 540355 | 647023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $1771988 | $1786837 |

---

------

**UNIVERSAL LOGISTICS HOLDINGS, INC.**

Unaudited Summary of Operating Data

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Contract Logistics Segment:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average number of value-added direct employees | 7392 | 7337 | 7411 | 5809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average number of value-added full-time equivalents | 56 | 57 | 46 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of active value-added programs | 78 | 90 | 78 | 90 |
| **Intermodal Segment:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of loads (a) | 81275 | 100457 | 379100 | 417790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average operating revenue per load, excluding fuel surcharges (a) | $489 | $537 | $513 | $554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average number of tractors | 1246 | 1451 | 1350 | 1585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of depots | 8 | 8 | 8 | 8 |
| **Trucking Segment:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Number of loads | 26737 | 36068 | 116541 | 155288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average operating revenue per load, excluding fuel surcharges | $2330 | $2183 | $2069 | $1993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average number of tractors | 552 | 699 | 595 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Average length of haul | 382 | 394 | 378 | 334 |

---

(a) Excludes operating data from freight forwarding division in order to improve the relevance of the statistical data related to our intermodal segment and improve the comparability to our peer companies.

------

**UNIVERSAL LOGISTICS HOLDINGS, INC.**

Unaudited Summary of Operating Data - Continued

(Dollars in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operating Revenues by Segment:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract logistics | $268646 | $307357 | $1049484 | $1129658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intermodal | 52727 | 73095 | 257017 | 308744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trucking | 64054 | 83840 | 251422 | 331982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | 839 | 474 | 75651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $385427 | $465131 | $1558397 | $1846035 |
| **Income from Operations by Segment:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract logistics | $23177 | $39094 | $82526 | $219084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intermodal | (10554) | (9683) | (162055) | (27741) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trucking | 4487 | 5788 | 13930 | 20963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 380 | 3084 | 1252 | (9194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $17490 | $38283 | $(64347) | $203112 |

---

------

**Non-GAAP Financial Measures**

This press release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures include adjusted income from operations, adjusted operating margin, adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"), and adjusted EBITDA margin.

The Company believes these non-GAAP financial measures provide useful supplemental information to investors by facilitating comparisons of operating performance across periods and by excluding certain items and impairment charges that may not be indicative of our core operating results. These measures are used internally by management to analyze operating performance, develop budgets, and forecast future periods. However, these non-GAAP measures should not be considered in isolation or as a substitute for GAAP financial measures, and other companies may calculate similarly titled measures differently.

**Reconciliation to GAAP Measures**

Reconciliations of each non-GAAP measure to the most directly comparable GAAP measure are included in the accompanying tables in this press release. Set forth below is a reconciliation of income from operations, the most comparable GAAP measure, to adjusted income from operations; and of net income, the most comparable GAAP measure, to adjusted EBITDA for each of the periods indicated. The Company encourages investors to review these reconciliations in conjunction with our GAAP results.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Thirteen Weeks Ended** | **Thirteen Weeks Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (in thousands, except percentages and per share data) | (in thousands, except percentages and per share data) | (in thousands, except percentages and per share data) | (in thousands, except percentages and per share data) |
| &nbsp;&nbsp;**Adjusted income from operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from operations | $17490 | $38283 | $(64347) | $203112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment expense |  |  | 124411 | 3720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted income from operations | $17490 | $38283 | $60064 | $206832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating margin (a) | 4.5% | 8.2% | -4.1% | 11.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating margin (b) | 4.5% | 8.2% | 3.9% | 11.2% |
| &nbsp;&nbsp;**Adjusted EBITDA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $3735 | $20175 | $(99873) | $129907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 3590 | 7109 | (139) | 43835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 10747 | 9828 | 37807 | 30207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 36258 | 29198 | 129562 | 102688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 2798 | 7195 | 16685 | 21500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | 57128 | 73505 | 84042 | 328137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment expense |  |  | 124411 | 3720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $57128 | $73505 | $208453 | $331857 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA margin (c) | 14.8% | 15.8% | 5.4% | 17.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA margin (d) | 14.8% | 15.8% | 13.4% | 18.0% |

---

(a) Operating margin is computed by dividing income from operations by total operating revenues for each of the periods indicated.

(b) Adjusted operating margin is computed by dividing adjusted income from operations by total operating revenues for each of the periods indicated.

(c) EBITDA margin is computed by dividing EBITDA by total operating revenues for each of the periods indicated.

(d) Adjusted EBITDA margin is computed by dividing adjusted EBITDA by total operating revenues for each of the periods indicated.

------

We present adjusted income from operations, adjusted operating margin, adjusted EBITDA, and adjusted EBITDA margin because we believe they assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.

Adjusted income from operations and adjusted EBITDA have limitations as an analytical tool. Some of these limitations are:

• Adjusted income from operations and adjusted EBITDA do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;

• Adjusted income from operations and adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs;

• Adjusted income from operations and adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debts;

• Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and adjusted EBITDA does not reflect any cash requirements for such replacements; and

• Other companies in our industry may calculate adjusted income from operations and adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, adjusted income from operations, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and only supplementally adjusted income from operations, adjusted operating margin, adjusted EBITDA and adjusted EBITDA margin.

------