ArcBest

ARCB · Nasdaq · Industrials · Financials, fiscal 2016 to 2025

ARCB · Last close · November 6, 2026

$127.91

ArcBest's revenue fell 4.0% to $4.0 billion in fiscal 2025. Its operating margin was 2.2%, down from 5.8% a year earlier. Free cash flow was $114 million, up 82.0%. It paid out $87 million in dividends and buybacks, 76% of free cash flow. The diluted share count fell 3.7%.

ARCBEST CORPORATION Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001104659-26-019699 Updated November 5, 2026

Revenue

$4.0B

4.0%

Operating margin

2.2%

3.6 pts

Net income

$60M

65.5%

Free cash flow

$114M

82.0%

Return on capital

4.8%

10.8 pts

Market cap

$2.9B

Nov 6 close

P/E

99.2x

On $1.29 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What ArcBest does

ArcBest is a logistics company that moves freight and runs supply chains for other businesses. It uses trucks, air and ocean services, and says it can act as one partner for a customer's shipping needs. It is based in Fort Smith, Arkansas, and says it has about 14,000 employees across nearly 250 campuses and service centers.

It reports two segments. Asset-Based is the less-than-truckload, or LTL, carrier ABF Freight, which ships freight too small to fill a whole trailer. It made up about 66% of revenue before other revenues and eliminations in 2025. Asset-Light includes MoLo, a truckload broker, and Panther, a fleet for urgent ground shipments, and it also covers managed transportation services. ArcBest also offers household moving under the U-Pack name.

Its revenue is spread out: it says no single customer provided more than 3% of the total in 2025.

Its biggest risks, as it describes them

A weak economy, which cuts shipping demand and price levels.
A strike or contract fight involving the unionized workforce at ABF Freight.
Larger payments into multiemployer pension plans.
Strong competition in a fragmented trucking and logistics industry.
Costs from accidents and claims, and the cost of insurance.

From ArcBest's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 15.6% a year and net income 13.9% a year, as buybacks cut the share count by 13%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	125	326	330	157	124
Debt incl. finance leases	226	265	229	189	224
Net debt (negative means net cash)	100	−61	−101	32	100
Net debt to EBITDA	0.2x	−0.1x	−0.3x	0.1x	0.4x
Debt to equity	0.2x	0.2x	0.2x	0.1x	0.2x
Interest coverage	31.1x	51.1x	19.0x	27.2x	7.3x
Current ratio	1.1x	1.3x	1.3x	1.0x	0.9x
Quick ratio	1.1x	1.3x	1.3x	1.0x	0.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project ArcBest's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open ArcBest's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought ArcBest shares on the open market, and 5 insiders sold $3.2 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 15, 2026	Jason T ParksVP - Controller(1)	Sold	855	$135.09	$115,502	Form 4
Aug 11, 2026	Dennis L Anderson IIChief Innovation Officer	Sold	5,450	$135.16	$736,640	Form 4
Aug 7, 2026	Judy R McReynoldsDirector	Sold	2,857	$138.98	$397,066	Form 4
Aug 6, 2026	Janice E StippDirector	Sold	5,000	$138.71	$693,564	Form 4
Aug 6, 2026	Judy R McReynoldsDirector	Sold	1,443	$139.30	$201,010	Form 4
Aug 4, 2026	Erin K GattisChief Human Resources Officer	Sold	6,163	$140.00	$862,820	Form 4
Aug 4, 2026	Judy R McReynoldsDirector	Sold	1,500	$144.78	$217,170	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	5 of 8	5 of 8	4 of 8
Rule of 40	−9.6%	−4.1%	−1.2%
Altman Z''	3.67	3.87	3.31
Accruals ratio	−5.1%	−4.5%	−6.9%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Fail
F-score	5 of 8	5 of 8	4 of 8

Companies that report no gross profit are scored on the other eight.

Compare

Put ArcBest side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
ArcBest	FY25	−4.0%	2.2%	2.9%	4.8%	0.4x	4
Landstar System	FY25	−1.6%	3.2%	4.5%	24.9%	−1.9x	4	Compare
Saia	FY25	0.8%	10.9%	0.8%	10.2%	0.2x	6	Compare
Werner Enterprises	FY25	−1.8%	0.4%	−2.3%	0.5%	2.3x	5	Compare
Old Dominion	FY25	−5.5%	24.8%	17.4%	24.3%	−0.1x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,700	2,826	3,094	2,988	2,940	3,766	5,029	4,427	4,179	4,010
Revenue growth	—	4.7%	9.5%	−3.4%	−1.6%	28.1%	33.5%	−12.0%	−5.6%	−4.0%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	26	33	41	52	34	29
Operating income	34	61	109	64	98	277	394	173	244	90
Net income	19	60	67	40	71	214	298	195	174	60
Diluted EPS (US$)	0.71	2.25	2.51	1.51	2.69	7.98	11.69	7.93	7.30	2.62
Diluted shares (millions)	26	26	27	26	26	27	26	25	24	23
Cash flow
Cash from operations	112	152	255	170	206	324	471	322	286	229
Capital expenditure	68	66	44	91	43	58	148	219	223	115
Free cash flow	44	86	211	79	163	265	323	103	63	114
Dividends paid	8	8	8	8	8	8	11	12	11	11
Share buybacks	10	6	9	9	7	83	65	92	75	76
Acquisitions	25	0	0	0	0	239	2	0	0	0
Stock-based compensation	8	7	8	10	10	11	13	11	11	11
Balance sheet at fiscal year end
Cash and short-term investments	171	177	297	318	369	125	326	330	157	124
Debt incl. finance leases	244	269	292	324	284	226	265	229	189	224
Total assets	1,282	1,366	1,539	1,651	1,779	2,113	2,494	2,485	2,430	2,453
Total liabilities	683	714	822	888	950	1,184	1,343	1,243	1,115	1,157
Shareholders' equity	599	652	718	763	829	929	1,151	1,242	1,314	1,296
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	1.3%	2.2%	3.5%	2.1%	3.3%	7.3%	7.8%	3.9%	5.8%	2.2%
Net margin	0.7%	2.1%	2.2%	1.3%	2.4%	5.7%	5.9%	4.4%	4.2%	1.5%
Free cash flow margin	1.6%	3.0%	6.8%	2.7%	5.5%	7.0%	6.4%	2.3%	1.5%	2.9%
Rule of 40 (growth + FCF margin)	—	7.7%	16.3%	−0.8%	3.9%	35.1%	40.0%	−9.6%	−4.1%	−1.2%
Return on capital	3.6%	8.7%	11.9%	6.7%	10.0%	24.1%	28.2%	11.8%	15.6%	4.8%
Return on equity	3.1%	9.6%	9.8%	5.4%	8.9%	24.3%	28.7%	16.3%	13.6%	4.6%
Return on assets	1.5%	4.5%	4.6%	2.5%	4.2%	11.0%	12.9%	7.8%	7.1%	2.5%
Net debt to EBITDA	0.5x	0.6x	−0.0x	0.0x	−0.4x	0.2x	−0.1x	−0.3x	0.1x	0.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: ArcBest's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with ArcBest.