Arcbest Corporation · NASDAQ:ARCB
Arcbest — Q3 2025 Earnings Presentation
50 slides from Arcbest's earnings presentation, Nov 5, 2025
Slide 1: Earnings Presentation 3Q'25
Earnings Presentation 3Q’25
Slide 2: Forward-Looking Statements
Forward-Looking Statements The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995: Certain statements and information in this presentation may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of
Slide 3: At a Glance
AT A GLANCE NASDAQ: ARCB We are a leading integrated logistics company that leverages technology and a full suite of solutions to meet customers’ supply chain needs 1923 ~$400B 99% 14K EMPLOYEES Founded Addressable United States Market* Coverage 30K CUSTOMERS ~240 ~40K TOP 15 70K+ Asset-Based Owned
Slide 4: Motto: We'll Find a Way
M O T T O : “We’ll find a way” MISSION VISION STRATEGY To connect and To be the leading To drive long-term positively impact logistics partner and value by delivering a the world through innovator, working with premium experience solving logistics customers to build and growing informed, challenges
Slide 5: ArcBest Is a Strategic Partner to Customers
ARCBEST IS A STRATEGIC PARTNER TO CUSTOMERS CUSTOMERS PARTNERING WANT WITH CUSTOMERS TO AND NEED PROVIDE ArcBest Actionable Supply Chain Insights Seamlessly Flexibility Efficiency Connects Operational Efficiencies Customers & Resiliency Reliability Capacity Cost Savings EARNINGS PRESENTATION | 3Q’25
Slide 6: ArcBest Solves Customers' Needs Through Multiple Services
ARCBEST SOLVES CUSTOMERS’ NEEDS THROUGH MULTIPLE SERVICES Managed Less-than- Truckload Expedite and Truckload Other Services Customers use an average of 4 services EARNINGS PRESENTATION | 3Q’25 6
Slide 7: Customer-Led Strategy Yields Results
CUSTOMER-LED STRATEGY YIELDS RESULTS > 70% Asset-Light + 3x > Revenue 5% Higher Asset-Based & Profit Customer Retention Over 70% of Revenue & Profit per Retention rates are 5 customers who use account is over 3X higher percentage points higher on Asset-Light services also utilize on cross-sold accou
Slide 8: 2028 Financial Targets
2028 FINANCIAL TARGETS Margin Expansion and Growth 87%-90% Strong EPS Growth $12-$15 Asset-Based Non-GAAP Operating Ratio (1) $40M-$70M Non-GAAP Diluted EPS (1)(2) Asset-Light Non-GAAP Operating Income (1) $400M-$500M Annual Operating Cash Flow 16-19% Non-GAAP Return on Capital Employed (1) 1) See R
Slide 9: Strategic Pillars
STRATEGIC PILLARS ✓ Refined Go-to-Market Approach Accelerating ✓ Maintaining Yield Discipline PROFITABLE GROWTH ✓ Expanding Quote Pool ✓ Enhancing Customer Service and Visibility Tools Increasing ✓ Network Capacity EFFICIENCY ✓ Fleet Optimization ✓ Continuous Improvement Training Driving ✓ Innovatio
Slide 10: Refined Go-To-Market Approach
ACCELERATING PROFITABLE GROWTH REFINED GO-TO-MARKET APPROACH Aligned Growth Engine Teams Customer Obsessed Revenue Engine Growing Core LTL Business Accelerating Managed Opportunities Customer Marketing Yield Sales Growing Truckload Service Business & Optimizing Mix Enhancing Expedite Growth EARNINGS
Slide 11: Growing Core LTL Business
ACCELERATING PROFITABLE GROWTH GROWING CORE LTL BUSINESS Clear Prioritization Focused Sales Campaign Narrowing the focus on new core Shipments per Day Growth LTL shipment growth 2,500 Focused Sales Campaign 2,000 Launched in 2024, resulted in ~2,000 new core LTL shipments per day and growing 1,500 R
Slide 12: Accelerating Managed Opportunities
ACCELERATING PROFITABLE GROWTH ACCELERATING MANAGED OPPORTUNITIES As Managed Solutions grows, it benefits all solutions $1B Managed feeds LTL, PIPELINE 42% CAGR ‘17-25 Truckload and Expedite & GROWING as of 3Q 2025 90% Growth initiatives, digital advertising and ArcBest View drive volume to Managed
Slide 13: Growing Truckload Business and Optimizing Mix
ACCELERATING PROFITABLE GROWTH GROWING TRUCKLOAD BUSINESS AND OPTIMIZING MIX INVESTMENT STRUCTURE FOCUS Sales teams to Restructured Generate higher Revenue Diversification expand presence to accelerate margin revenue % of Total Truckload Revenue in SMB space growth growth 40% Profit per Load TTM ave
Slide 14: Enhancing Expedite Growth
ACCELERATING PROFITABLE GROWTH ENHANCING EXPEDITE GROWTH Best-in-class Expedite service that meets every customer deadline TOP 5 Provider of Expedite 98% S U C C E S S ON-TIME YoY Net Margin Expansion of Services in the U.S. Measured within 15 140 Basis Points minutes of the promised As of 3Q’25 pic
Slide 15: Maintaining Yield Discipline Through Centralized Pricing Strategy
ACCELERATING PROFITABLE GROWTH MAINTAINING YIELD DISCIPLINE THROUGH CENTRALIZED PRICING STRATEGY Cost Market Value How much will it What is the What additional value cost to handle? market price? are we providing? Revenue/CWT Revenue/Shipment Strongest $50 $550 LTL Pricing Metrics Among Competitors
Slide 16: Expanding Quote Pool Drives Profitable Growth
ACCELERATING PROFITABLE GROWTH EXPANDING QUOTE POOL DRIVES PROFITABLE GROWTH ArcBest View TMS Providers Profitable Selectively fill capacity to Growth 3PLs optimize yield and profitability NMFC Changes EARNINGS PRESENTATION | 3Q’25 16
Slide 17: Dynamic Price Improves as Quotes Grow
ACCELERATING PROFITABLE GROWTH DYNAMIC PRICE IMPROVES AS QUOTES GROW Daily Dynamic Quotes 300K More quotes, more choices 250K ~50% More Rev/Ship 200K Since 2020 150K 100K Drives additional incremental profit 50K K 2020 2021 2022 2023 2024 2025 EARNINGS PRESENTATION | 3Q’25 17
Slide 18: Network Capacity
INCREASING EFFICIENCY NETWORK CAPACITY Disciplined investments in our long-term LTL network facility roadmap Strategically Adding Capacity ENABLES: ~800 Net Door Expansion Since 2021 Revenue Growth 9,635 9,497 138 9,254 243 IMPROVES: 8,955 299 Efficiency 8,820 135 9,254 9,497 8,955 Productivity 8,82
Slide 19: Fleet Optimization
INCREASING EFFICIENCY FLEET OPTIMIZATION Disciplined investments in our fleet Fleet Investment Fleet Efficiency Safety Sustainability • $160M annual • Maintaining young • Piloting speed • Testing electric reinvestment cycle and modern fleet limiter and control vehicles technology • 40,000 owned and
Slide 20: Continuous Improvement Training
INCREASING EFFICIENCY CONTINUOUS IMPROVEMENT TRAINING Positioning our people for success Additional Runway to Expand Benefits • Culture of continuous improvement by Training Additional Locations • Deploying training teams • Expanding transfer capacity and performance management $20M IN 2025 COST SAV
Slide 21: Innovation Portfolio
DRIVING INNOVATION INNOVATION PORTFOLIO 70+ 45% 25% Drives growth, ongoing cost savings and service Projects Implemented In Pilot Stages improvements Idea Pilot Learn Refine Expand Operationalize Iterative approach for optimization efforts EARNINGS PRESENTATION | 3Q’25 21
Slide 22: Optimization Example
DRIVING INNOVATION OPTIMIZATION EXAMPLE City Route Optimization Phases 1 & 2 CITY ROUTE OPTIMIZATION TOOLS Realized Annual Savings Optimized Daily Demand Optimized Delivery Routes Projections Pickup Routes $15M Per Year K E Y F E A T U R E S Dynamic route Leverages AI to Integrates with optimization
Slide 23: Technology Roadmap
DRIVING INNOVATION TECHNOLOGY ROADMAP Blending human relationships + tech to support processes and improve productivity 28% Truckload Carrier Portal Adoption Rate 52% Digitally Augmented Truckload Shipments Inbound Call Quote Email Automation Capacity Augmentation Sourcing Augmentation Pricing Enhan
Slide 24: Q3 2025 Key Metrics
Q3 2025 vs Q3 2024 Key $1.0B 1% $1.46 11% Metrics ArcBest Consolidated Revenue Non-GAAP Earnings per Diluted Share (1) ARCBEST CONSOLIDATED $49.8M Asset-Based $10M 9% Asset-Light $6M Non-GAAP Operating Income (1) EARNINGS PRESENTATION | 3Q’25 1) See non-GAAP reconciliation in the Additional Informat
Slide 25: Asset-Based Key Metrics
Q3 2025 vs Q3 2024 $54.4M 15% Key $726M 2% Non-GAAP Operating Income (1) Per Day Metrics Asset-Based Revenue 92.5% Non-GAAP Operating Ratio 150BPS Deterioration (1) ASSET-BASED Tonnage Billed Billed Revenue per Day 2% Rev/CWT 1% per Shipment 3% Shipments Weight per Average Increase per Day 4% Shipme
Slide 26: Asset-Based Operating Ratio Bridge
ASSET-BASED OPERATING RATIO BRIDGE Non-GAAP Operating Ratio YoY Bridge K E Y D R I V E R S : 3Q24 to 3Q25 100 Lower Revenue per Shipment Lower weight per shipment 95 Softness in Manufacturing 90 85 Improved Cost per Shipment 80 Efficiency gains in Linehaul, Street, and Dock 75 Offset by increased co
Slide 27: Labor Planning Aligns Headcount and Shipments
LABOR PLANNING ALIGNS HEADCOUNT AND SHIPMENTS Technology and Training Drives Productivity Gains 8,500 22000 8,000 21000 Linehaul and DSY Headcount 7,500 20000 Shipments/Day 7,000 19000 6,500 18000 6,000 17000 5,500 16000 5,000 15000 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 4
Slide 28: October Preliminary Key Metrics
Oct 2025 vs Oct 2024 OCTOBER PRELIMINARY Key Revenue per Day 1% Shipments per Day 1% Billed Revenue per Shipment 2% Metrics Tonnage per Day 1% Billed Rev/CWT flat Weight per Shipment 2% ASSET-BASED EARNINGS PRESENTATION | 3Q’25 28
Slide 29: Asset-Light Key Metrics
Q3 2025 vs Q3 2024 Key $356M 8% Per Day $1.6M 141% Metrics Asset-Light Revenue Non-GAAP Operating Income (1) ASSET-LIGHT Shipments Revenue per Shipments per per Day 3% Shipment 11% Employee per Day 33% Purchased Transportation as % of Revenue: 85% EARNINGS PRESENTATION | 3Q’25 1) See non-GAAP reconc
Slide 30: October Preliminary Key Metrics
Oct 2025 vs Oct 2024 OCTOBER PRELIMINARY Key Revenue per Day 9% Shipments per Day 1% Revenue per Shipment 10% Metrics Purchased Transportation as % of Revenue: 86% ASSET-LIGHT EARNINGS PRESENTATION | 3Q’25 30
Slide 31: ArcBest Is Delivering Solid Results
ARCBEST IS DELIVERING SOLID RESULTS Operating Earnings Revenues +43% Income +37% Per Share +59% $468 $5.0 $13.52 $4.4 $4.2 $4.0 $314 $3.8 $8.40 $7.88 $258 $6.28 $203 $2.8 $4.72 $2.8 $153 $112 $123 $2.96 $3.28 2019 2020 2021 2022 2023 2024 3Q'25 2019 2020 2021 2022 2023 2024 3Q'25 2019 2020 2021 2022
Slide 32: Asset-Based Operating Ratio
ASSET-BASED OPERATING RATIO 94.5% 94.2% 93.3% 95% 120BPS 91.2% 90.4% 90% 88.8% 86.4% 85% IMPROVEMENT 80% in Asset-Based OR since 2019 (Non-GAAP) 75% 2019 2020 2021 2022 2023 2024 3Q'25 TTM FREIGHT RECESSION COVID-19 IMPACTS FREIGHT RECESSION Union Pension Impact on Operating Ratio EARNINGS PRESENTAT
Slide 33: Asset-Light Operating Income
ASSET-LIGHT OPERATING INCOME $100 $80 $ 13M $60 $40 $20 IMPROVEMENT $0 in TTM Operating Results -$20 compared to 2024 (Non-GAAP) -$40 2019 2020 2021 2022 2023 2024 3Q'25 TTM FREIGHT RECESSION COVID-19 IMPACTS FREIGHT RECESSION EARNINGS PRESENTATION | 3Q’25 See Reconciliations of GAAP to non-GAAP Fin
Slide 34: Balanced Approach to Capital Allocation
BALANCED APPROACH TO CAPITAL ALLOCATION OPERATING CASH FLOW Sustain & Prioritizing high-return, organic investments in real estate, equipment, Drive Growth and innovative projects $471 Return Returning cash to shareholders through Capital share repurchases and dividends $324 $322 $286 $241 $206 $170
Slide 35: Capital Intensity Decreasing
CAPITAL INTENSITY DECREASING K E Y D R I V E R S : Capital Expenditures % of Revenue Normalization following ‘22-‘25 strategic investments 5% Asset-Light strategy requires minimal capital 4% Efficiency gains from tech, training, Below process improvements 5% Rigorous capital investment evaluation Pr
Slide 36: Return of Capital
RETURN OF CAPITAL Increasing returns to shareholders through dividends and share repurchases $125M New $125M share repurchase program authorized $500M Nearly $500M returned to shareholders since 2019 STRONG OUTLOOK Generates significant free cash flow, enabling opportunistic share repurchases 2019 2
Slide 37: Solid Financial Foundation
SOLID FINANCIAL FOUNDATION Net Debt to EBITDA ~$400M (Non-GAAP)(1) 2 Potential Future 1.5 Debt Capacity(2) ~$400M 1 0.5 Cash and Current Debt Capacity 0 2019 2020 2021 2022 2023 2024 3Q'25 TTM -0.5 ~$800M of Current and S&P 500 Net Debt to EBITDA ArcBest Net Debt to EBITDA Potential Capacity 1) See
Slide 38: Return on Capital Employed
RETURN ON CAPITAL EMPLOYED Return on Capital Employed (Non-GAAP)(1) DRIVES 30% 25% SUSTAINABLE 20% VALUE 15% Disciplined capital allocation and strategic investments 10% that deliver long-term growth 5% 0% 2019 2020 2021 2022 2023 2024 3Q'25 TTM EARNINGS PRESENTATION | 3Q’25 1) See Reconciliations o
Slide 39: Reconciliations of GAAP to Non-GAAP Financial Measures
ADDITIONAL INFORMATION Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited) Note: ArcBest Corporation reports its financial results in accordance with generally accepted accounting principles (“GAAP”). However, management believes that certain non-GAAP performance measures utilized for
Slide 40: Forward-Looking Non-GAAP Financial Measures
ADDITIONAL INFORMATION Forward-Looking Non-GAAP Financial Measures All forward-looking financial targets in this presentation assume a consolidated (Unaudited) tax rate of 25%. RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES 2028 Target Consolidated non-GAAP earnings per share and non-GAAP re
Slide 41: ArcBest Consolidated
ADDITIONAL INFORMATION (Unaudited) ArcBest RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES 3Q’25 3Q’24 Consolidated ArcBest Consolidated – Operating Income ($ millions) (continuing operations) Amounts on a GAAP basis $ 54.6 $ 135.0 Innovative technology costs, pre-tax (1) 7.7 8.5 Purchase acc
Slide 42: ArcBest Consolidated
ADDITIONAL INFORMATION (Unaudited) ArcBest RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES 3Q’25 3Q’24 Consolidated ArcBest Consolidated – Diluted Earnings Per Share ($ millions) (continuing operations) Amounts on a GAAP basis $ 1.72 $ 4.23 Innovative technology costs, after-tax (includes rel
Slide 43: Asset-Based Asset-Light
ADDITIONAL INFORMATION Asset-Based RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES* (Unaudited) Operating Income 3Q’25 3Q’24 Asset-Based – Operating Income ($ millions) Amounts on a GAAP basis $ 70.2 90.3% $ 64.0 91.0% Gain on sale of certain properties, pre-tax (1) (15.7) 2.2 - - Non-GAAP am
Slide 44: ArcBest Consolidated
ADDITIONAL INFORMATION ArcBest RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES* (Unaudited) 2019 2020 2021 2022 2023 2024 3Q’25 TTM Consolidated ArcBest Consolidated – Operating Income ($ millions) (continuing operations)(1) Amounts on a GAAP basis $57.9 $ 93.7 $ 277.0 $ 394.5 $ 172.6 $ 244.4
Slide 45: ArcBest Consolidated
ADDITIONAL INFORMATION (Unaudited) ArcBest RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES* 2019 2020 2021 2022 2023 2024 3Q’25 TTM Consolidated ArcBest Consolidated – Diluted Earnings Per Share (continuing operations)(1) Amounts on a GAAP basis $ 1.33 $ 2.55 $ 7.86 $ 11.56 $ 5.77 $ 7.28 $ 4.
Slide 46: Asset-Based
ADDITIONAL INFORMATION Asset-Based RECONCILIATIONS OF GAAP TO NON-GAAP (Unaudited) FINANCIAL MEASURES* 2019 2020 2021 2022 2023 2024 3Q’25 TTM Asset-Based – Operating Income ($ millions, except percentages) Amounts on a GAAP basis $ 102.1 95.2% $ 98.9 95.3% $ 260.7 89.9% $ 381.1 87.3% $ 253.2 91.2%
Slide 47: Asset-Light
ADDITIONAL INFORMATION (Unaudited) Asset-Light RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES* 2019 2020 2021 2022 2023 2024 3Q’25 TTM Asset-Light – Operating Income (Loss) ($ millions) Amounts on a GAAP basis $ (20.2) $ 9.7 $ 46.4 $ 52.7 $ (12.3) $ 58.4 (7.0) Purchase accounting amortizatio
Slide 48: ArcBest Consolidated
ADDITIONAL INFORMATION ArcBest RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES* 2019 2020 2021 (Unaudited) 2022 2023 2024 3Q’25 TTM Consolidated ArcBest Consolidated – Adjusted EBITDA (21) ($ millions) (continuing operations)(1) Net Income (Amounts on a GAAP basis from continuing operations)
Slide 49: Return on Capital Employed
2019 2020 2021 2022 2023 2024 3Q’25 TTM ADDITIONAL RETURN ON CAPITAL EMPLOYED (ROCE)(18) (Unaudited, $ millions) INFORMATION Net Income (Amounts on a GAAP basis from continuing operations) $ 35.2 $ 67.3 $ 210.5 $ 294.6 $ 142.2 $ 173.4 $ 97.2 Innovative technology costs, after-tax (includes related f
Slide 50: Notes to Non-GAAP Financial Tables
ADDITIONAL INFORMATION Notes to Non-GAAP Financial Tables The following footnotes apply to the non-GAAP financial tables on the previous six slides in this presentation: 1) Historical results of FleetNet have been excluded from results for all periods presented, and reclassifications have been made