Adjusted earnings per share were $1.36, down from $1.98 in the second quarter of 2024.
ArcBest generated just over $1 billion in revenue and $45 million in non-GAAP operating income for the second quarter of 2025.
Asset-Based segment revenue was $713 million, with a 1% per day increase; operating ratio was 92.8%, up 300 basis points year-over-year but improved 310 basis points sequentially.
Asset-Light non-GAAP operating income was $1 million, an improvement from a loss of $2.5 million last year, driven by margin improvements and reduced operating costs.
Asset-Light segment revenue was $342 million, a daily decrease of 13% year-over-year, with shipments per day down 7% due to strategic reduction of less profitable Truckload volumes.
Consolidated revenue was $1 billion, down 5% year-over-year, with non-GAAP operating income from continuing operations at $45 million compared to $64 million in the prior year.
Daily shipments in Asset-Based grew by 6%, weight per shipment decreased by 1%, resulting in a 4% increase in tons per day compared to the previous year.
July 2025 trends showed Asset-Based daily shipments grew 2% year-over-year with flat daily tonnage levels, while Asset-Light daily revenue was down 7% year-over-year.
Revenue per hundredweight declined 3% year-over-year, driven by growth in easier to handle freight and softness in manufacturing and household goods verticals.
The Asset-Based segment saw a $22 million decrease in operating income, while the Asset-Light segment's non-GAAP operating income of $1 million was an improvement of nearly $4 million over last year.
Adjusted earnings per share were $0.89, up 7% as reported and 10% on a constant currency basis.
Adjusted EBITDA was $293 million, up 3% on a constant currency basis, with a margin of 22%, up 70 basis points year-over-year.
Food segment net sales were $896 million, flat year-over-year, with adjusted EBITDA of $210 million, up 3%, and margin at 23.4%.
Free cash flow for the first six months was $81 million, down from $207 million in the prior year period, driven by increased incentive compensation and tax payments.
Net leverage ratio stood at 3.6x, with a target to reduce to approximately 3.0x by end of 2026.
Net sales for Q2 2025 were $1.34 billion, down 1% on a constant currency basis.
Protective segment net sales were $439 million, down 3% reported and 4% constant currency, with adjusted EBITDA of $78 million, down 5%, and margin at 17.8%.
Volumes declined 2% overall, with Food volume weakness primarily due to softer industrial food processing volumes in North America.
Dafinchi