Slide 1: Earnings Presentation 4Q'25
Earnings Presentation 4Q’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 Market* United States Coverage 30K CUSTOMERS ~240 Asset-Based ~40K Owned Top 15 U.S.
Slide 4: Motto, Mission, Vision, Strategy and Values
M O T T O : “We’ll find a way” M I S S I O N V I S I O N S T R A T E G Y To connect and To be the leading To drive long-term positively impact the logistics partner and value by delivering a world through innovator, working with premium experience solving logistics customers to build and growing inf
Slide 5: ArcBest Is a Strategic Partner to Customers
ARCBEST IS A STRATEGIC PARTNER TO CUSTOMERS CUSTOMERS PARTNERING WANT WITH CUSTOMERS AND NEED TO PROVIDE ArcBest Actionable Supply Chain Insights Flexibility Efficiency Seamlessly Connects Operational Efficiencies Customers & Resiliency Reliability Capacity Cost Savings EARNINGS PRESENTATION | 4Q'25
Slide 6: ArcBest Solves Customer Needs Through Multiple Solutions
ARCBEST SOLVES CUSTOMER NEEDS THROUGH MULTIPLE SOLUTIONS Managed Less-than- Truckload Expedite and Truckload Other Services Customers use an average of 4 services EARNINGS PRESENTATION | 4Q'25 6
Slide 7: Customer-Led Strategy Yields Results
CUSTOMER-LED STRATEGY YIELDS RESULTS > 70% Asset-Light >3x Revenue 5% Higher Customer + Asset-Based & Profit Retention Over 70% of customers who use Revenue & Profit per Retention rates are 5 Asset-Light services also utilize account is over 3X higher percentage points higher on Asset-Based services
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 n
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 Service Growing Truckload 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 LTL Shipments per Day Growth shipment growth 2,500 Focused Sales Campaign 2,000 Launched in 2024, resulted in ~2,000 new core LTL shipments per day 1,500 Removing Barr
Slide 12: Accelerating Managed Opportunities
ACCELERATING PROFITABLE GROWTH ACCELERATING MANAGED OPPORTUNITIES As Managed Solutions Grows, It Benefits All Solutions 40% CAGR ‘17-25 $1B Managed feeds LTL, Truckload and Expedite PIPELINE & GROWING 90% Retention as of 4Q 2025 Growth initiatives, digital advertising and Customers shipped in ArcBes
Slide 13: Maintaining Yield Discipline Through Centralized Pricing Strategy
ACCELERATING MAINTAINING YIELD DISCIPLINE PROFITABLE GROWTH 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 ~1.6x ~1.4x
Slide 14: 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 | 4Q'25 14
Slide 15: Dynamic Price Improves as Quotes Grow
ACCELERATING DYNAMIC PRICE IMPROVES PROFITABLE GROWTH AS QUOTES GROW Daily Dynamic Quotes 250K More quotes, more choices 200K 150K ~50% More 100K Rev/Ship Drives additional Since 2020 incremental profit 50K K 2020 2021 2022 2023 2024 2025 EARNINGS PRESENTATION | 4Q'25 15
Slide 16: Network Capacity
INCREASING EFFICIENCY NETWORK CAPACITY ENABLES: Strategically Adding Capacity ~800 Net Door Expansion Since 2021 Revenue Growth 9,600+ 9,497 100+ IMPROVES: 9,254 243 8,955 299 Efficiency 8,820 135 9,254 9,497 8,955 Productivity 8,820 8,820 2021 2022 2023 2024 2025 Service Existing Doors New Doors Di
Slide 17: 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 18: Continuous Improvement Training
INCREASING EFFICIENCY CONTINUOUS IMPROVEMENT TRAINING Positioning our people for success • Culture of continuous improvement Additional Runway to Expand Benefits by Training Additional Locations • Deploying training teams • Expanding transfer capacity and performance management $24M IN 2025 COST SAV
Slide 19: Innovation Portfolio
DRIVING INNOVATION INNOVATION PORTFOLIO 70+ 60% 20% Drives growth, ongoing cost savings and Projects Implemented in Pilot Stages service improvements Idea Pilot Learn Refine Expand Operationalize Iterative approach for optimization efforts EARNINGS PRESENTATION | 4Q'25 19
Slide 20: Optimization Example: City Route Optimization
DRIVING INNOVATION OPTIMIZATION EXAMPLE City Route Optimization CITY ROUTE OPTIMIZATION TOOLS Phases 1, 2 & 3 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 reduce Integrates with op
Slide 21: AI Adoption & Impact Across ArcBest
DRIVING INNOVATION AI ADOPTION & IMPACT ACROSS ARCBEST Delivering tangible productivity gains and enabling growth Intelligent Planning & Optimization AI improves route planning, reducing manual work and maximizing asset utilization 15-20% office employees using AI tools in daily work 120K+ Automated
Slide 22: Technology Roadmap
DRIVING INNOVATION TECHNOLOGY ROADMAP Blending human relationships + tech to support processes and improve productivity 32% Truckload Carrier Portal Adoption Rate 59% Digitally Augmented Truckload Shipments Inbound Call Quote Email Automation Capacity Augmentation Sourcing Augmentation Pricing Enhan
Slide 23: Key Metrics: ArcBest Consolidated
Q4 2025 vs Q4 2024 Key $973M 3% $0.36 73% Metrics ArcBest Consolidated Revenue Non-GAAP Earnings per Diluted Share(1) ARCBEST CONSOLIDATED $13.7M 67% Asset-Based $28M Asset-Light $6M Non-GAAP Operating Income (1) EARNINGS PRESENTATION | 4Q'25 1) See non-GAAP reconciliations in the Additional Informa
Slide 24: Key Metrics: Asset-Based
Q4 2025 vs Q4 2024 $24.4M $649M 53% Key FLAT Per Day Non-GAAP Operating Income (1) Metrics Asset-Based Revenue 96.2% 420BPS Increase Non-GAAP Operating Ratio (1) ASSET-BASED Tonnage Billed Billed Revenue per Day 3% Rev/CWT 3% per Shipment 2% Shipments Weight per Average Increase on FLAT per Day 2% S
Slide 25: Operating Ratio Bridge
OPERATING RATIO BRIDGE Asset-Based Non-GAAP Operating Ratio YoY Bridge KEY DRIVERS: 4Q24 to 4Q25 100 Lower Revenue per Shipment 95 Softness in Manufacturing 90 85 Higher Cost per Shipment 80 Increased contracted union labor, rates, and higher depreciation 75 4Q’24 4Q’25 4Q’25 4Q’25 Non-GAAP Rev/Ship
Slide 26: Labor Planning Aligns Headcount and Shipments
LABOR PLANNING ALIGNS HEADCOUNT AND SHIPMENTS Technology and Training Drives Productivity Gains 8,500 22,000 8,000 21,000 7,500 20,000 Linehaul and DSY Headcount Shipments/Day 7,000 19,000 6,500 18,000 6,000 17,000 5,500 16,000 5,000 15,000 3Q'20 4Q'20 2Q'21 4Q'21 3Q'22 4Q'22 4Q'24 3Q'25 4Q'25 3Q'19
Slide 27: January Preliminary: Asset-Based
Jan 2026 vs Jan 2025 JANUARY PRELIMINARY Key Revenue per Day FLAT Shipments per Day 3% Billed Revenue per Shipment 3% Metrics Tonnage 8% Billed 8% Weight per 5% per Day Rev/CWT Shipment ASSET-BASED EARNINGS PRESENTATION | 4Q'25 27
Slide 28: Key Metrics: Asset-Light
Q4 2025 vs Q4 2024 Key $354M 5% per day BREAKEVEN Metrics Asset-Light Revenue Non-GAAP Operating Income(1) ASSET-LIGHT Shipments Revenue per Shipments per per Day 1% Shipment 6% Employee per Day 19% Purchased Transportation as % of Revenue: 86% EARNINGS PRESENTATION | 4Q'25 1) See non-GAAP reconcili
Slide 29: January Preliminary: Asset-Light
Jan 2025 vs Jan 2024 JANUARY PRELIMINARY Key Revenue Shipments Revenue per Metrics per Day 6% per Day 13% Shipment 7% Purchased Transportation as % of Revenue: 87% ASSET-LIGHT EARNINGS PRESENTATION | 4Q'25 29
Slide 30: ArcBest Is Delivering Solid Results
ARCBEST IS DELIVERING SOLID RESULTS Operating Earnings Revenues +43% Income +12% Per Share +25% $468 $5.0 $13.52 $4.4 $4.2 $4.0 $314 $3.8 $8.40 $7.88 $258 $6.28 $203 $2.8 $2.8 $3.70 $112 $123 $126 $2.96 $3.28 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2
Slide 31: Asset-Based Operating Ratio
ASSET-BASED OPERATING RATIO 95% 94.5% 94.2% 94.3% 90% 90.4% 91.2% 88.8% 85% 86.4% 80% 75% 2019 2020 2021 2022 2023 2024 2025 FREIGHT RECESSION COVID-19 IMPACTS FREIGHT RECESSION Union Pension Impact on Operating Ratio EARNINGS PRESENTATION | 4Q'25 See non-GAAP reconciliations in the Additional Infor
Slide 32: Asset-Light Operating Income
ASSET-LIGHT OPERATING INCOME $100 19M $80 $IMPROVEMENT $60 $40 $20 $0 IN OPERATING RESULTS -$20 compared to 2024 -$40 2019 2020 2021 2022 2023 2024 2025 (Non-GAAP) FREIGHT RECESSION COVID-19 IMPACTS FREIGHT RECESSION EARNINGS PRESENTATION | 4Q'25 See non-GAAP reconciliations in the Additional Inform
Slide 33: 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 $324 $322 Return Returning cash to shareholders through $286 share repurchases and dividends Capital $229 $206 $170
Slide 34: Capital Intensity Decreasing
CAPITAL INTENSITY DECREASING KEY DRIVERS: Normalization following ‘22-‘25 Capital Expenditures % of Revenue strategic investments Asset-Light strategy requires 5% minimal capital 4% Efficiency gains from tech, training, process improvements Below Rigorous capital 5% investment evaluation 2019 - 2021
Slide 35: Return of Capital
RETURN OF CAPITAL Increasing Returns to Shareholders Through Dividends and Share Repurchases 500 $125M 450 New $125M share repurchase 400 program authorized $500M 350 300 250 Nearly $500M returned to shareholders since 2019 200 STRONG 150 100 50 OUTLOOK 0 Generates significant free cash 2019 2020 20
Slide 36: Solid Financial Foundation
SOLID FINANCIAL FOUNDATION Net Debt to EBITDA (Non-GAAP)(1) 2 ~$400M Potential Future 1.5 Debt Capacity(2) ~$400M 1 0.5 Cash and Current Debt Capacity 0 2019 2020 2021 2022 2023 2024 2025 -0.5 ~$800M of Current and S&P 500 Net Debt to EBITDA ArcBest Net Debt to EBITDA Potential Capacity 1) See non-G
Slide 37: Return on Capital Employed Drives Sustainable Value
RETURN ON CAPITAL EMPLOYED Return on Capital Employed (Non-GAAP) 30% DRIVES SUSTAINABLE VALUE 25% 20% 15% Disciplined capital 10% allocation and strategic 5% investments that deliver long-term growth 0% 2019 2020 2021 2022 2023 2024 2025 EARNINGS PRESENTATION | 4Q'25 See non-GAAP reconciliations in
Slide 38: Reconciliations of GAAP to Non-GAAP Financial Measures
Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited) Note: ArcBest Corporation reports its financial results in accordance with generally accepted accounting principles (“GAAP”). However, management believes that certain non-GAAP performance measures utilized for internal analysis prov
Slide 39: Forward-Looking Non-GAAP Financial Measures
ADDITIONAL INFORMATION Forward-Looking Non-GAAP Financial Measures All forward-looking financial targets in this presentation assume a consolidated tax rate of 25%. RECONCILIATIONS OF GAAP TO (Unaudited) NON-GAAP FINANCIAL MEASURES 2028 Target Consolidated non-GAAP earnings per share and non-GAAP re
Slide 40: ArcBest Consolidated
ADDITIONAL (Unaudited) INFORMATION RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES 4Q’25 4Q’24 ArcBest Consolidated – Operating Income (Loss) ($ millions) ArcBest Consolidated Amounts on a GAAP basis $ (8.3) $ 38.2 Innovative technology costs, pre-tax (1) 6.8 7.6 (1) (continuing operations) P
Slide 41: ArcBest Consolidated
ADDITIONAL (Unaudited) RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES INFORMATION 4Q’25 4Q’24 ArcBest Consolidated – Diluted Earnings Per Share (1) ($ millions) ArcBest Amounts on a GAAP basis $ (0.36) $ 1.24 Consolidated Innovative technology costs, after-tax (includes related financing cos
Slide 42: Asset-Light
ADDITIONAL (Unaudited) INFORMATION RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES* 4Q’25 4Q’24 Asset-Light – Operating Loss ($ millions) Asset-Light Amounts on a GAAP basis $ (9.9) $ (1.6) Purchase accounting amortization, pre-tax (1) 3.2 3.2 Change in fair value of contingent consideration,
Slide 43: ArcBest Consolidated
ADDITIONAL RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES* (Unaudited) INFORMATION 2019 2020 2021 2022 2023 2024 2025 ArcBest Consolidated – Operating Income ($ millions) ArcBest Amounts on a GAAP basis $57.9 $ 93.7 $ 277.0 $ 394.5 $ 172.6 $ 244.4 $ 90.3 Consolidated Innovative technology co
Slide 44: ArcBest Consolidated
(Unaudited) ADDITIONAL RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES* INFORMATION 2019 2020 2021 2022 2023 2024 2025 ArcBest Consolidated – Diluted Earnings Per Share ArcBest Amounts on a GAAP basis $ 1.33 $ 2.55 $ 7.86 $ 11.56 $ 5.77 $ 7.28 $ 2.62 Consolidated Innovative technology costs,
Slide 45: Asset-Based
ADDITIONAL INFORMATION Asset-Based RECONCILIATIONS OF GAAP (Unaudited) TO NON-GAAP FINANCIAL MEASURES* 2019 2020 2021 2022 2023 2024 2025 Asset-Based ($ millions, except percentages) Operating Income 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% $ 242.6
Slide 46: Asset-Light
(Unaudited) ADDITIONAL RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES* INFORMATION 2019 2020 2021 2022 2023 2024 2025 Asset-Light – Operating Income (Loss) ($ millions) Asset-Light Amounts on a GAAP basis $ (20.2) $ 9.7 $ 46.4 $ 52.7 $ (12.3) $ 58.4 $ (15.3) Purchase accounting amortization,
Slide 47: ArcBest Consolidated
(Unaudited) ADDITIONAL RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES* INFORMATION 2019 2020 2021 2022 2023 2024 2025 ArcBest Consolidated – Adjusted EBITDA (18) ($ millions) ArcBest Net Income (Amounts on a GAAP basis from continuing operations) $ 35.2 $ 67.3 $ 210.5 $ 294.6 $ 142.2 $ 173.4
Slide 48: ArcBest Consolidated
2019 2020 2021 2022 2023 2024 2025 RETURN ON CAPITAL EMPLOYED (ROCE)(21) (Unaudited, $ millions) Net Income (Amounts on a GAAP basis from continuing operations) $ 35.2 $ 67.3 $ 210.5 $ 294.6 $ 142.2 $ 173.4 $ 60.1 Innovative technology costs, after-tax (includes related financing costs) (2) 15.7 19.
Slide 49: Notes to Non-GAAP Financial Tables
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 to the prior-period fin