ArcBest Corp (ARCB) just wrapped up its fourth quarter dealing with what every logistics company has been battling lately: a freight market that's just not cooperating on pricing. The company reported results that tell a familiar story in the industry right now—volumes are there, but the rates? Not so much.

Revenue came in at $972.7 million for the quarter, down from $1.0 billion a year earlier. The company posted adjusted earnings of 36 cents per share, which missed the analyst estimate of 41 cents, though revenue managed to edge past expectations of $966.361 million. The results included a $9.1 million after-tax, noncash impairment charge that didn't help matters.

Breaking Down the Segments

The asset-based business generated $648.8 million in revenue, compared with $656.2 million in the prior year. Here's where things get interesting: tonnage per day climbed 2.6% and shipments per day rose 2.4%, so the volume story looks decent. But billed revenue per hundredweight declined 2.7% and billed revenue per shipment fell 2.5%, which explains why more freight didn't translate to better results.

Operating income in this segment totaled $24.4 million with an operating ratio of 96.2%, compared with $52.3 million and 92.0% a year earlier. ArcBest noted that shipment growth came from newly onboarded core LTL customers, while pricing gains got eaten up by changes in freight mix. The company did offer one reassuring note: "Overall, LTL industry pricing remains rational."

The asset-light segment had a rougher go of it. Revenue dropped to $353.5 million from $375.4 million, with shipments per day increasing just 0.8% while revenue per shipment tumbled 5.8%. The segment swung to an operating loss of $9.9 million, compared with $1.6 million a year earlier, though non-GAAP results were breakeven.

Adjusted EBITDA for asset-light was $1.4 million compared with negative $4.2 million in the prior year. Lower revenue per shipment in what the company called a "soft-rate environment" and a higher mix of managed transportation business pressured the bottom line.

The Full-Year Picture

For all of 2025, revenue totaled $4.0 billion, down from $4.2 billion in 2024. Net income from continuing operations was $60.1 million, or $2.62 per diluted share, versus $173.4 million, or $7.28 per diluted share, in the prior year. Keep in mind that 2024 included a $67.9 million after-tax benefit tied to the MoLo acquisition, so the comparison isn't entirely apples to apples.

On a non-GAAP basis, net income was $84.8 million, or $3.70 per diluted share, compared with $149.7 million, or $6.28 per diluted share.

President and CEO Seth Runser tried to focus on the positives: "2025 was a year of strong execution and meaningful progress for ArcBest. Amid a challenging freight environment, our team delivered growth in LTL shipments and tonnage, restored profitability in Asset-Light, and achieved record Asset-Light productivity as customers increasingly embraced our integrated, technology-driven solutions."

Net cash provided by operating activities was $228.953 million in 2025, and cash and cash equivalents ended the year at $102.030 million. Total net capital expenditures, including equipment financed, were $198 million. ArcBest returned more than $86 million to shareholders through share repurchases and dividends and had $100.8 million of repurchase authorization remaining as of Jan. 28, 2026.

ARCB Price Action: ArcBest shares were down 0.84% at $84.59 at the time of publication on Friday.