Capital expenditures were $4 million in the first half of 2025; dividends paid totaled $97 million and share repurchases approximately $102 million.
Cash and short-term investments ended at $426 million; cash flow from operations was $63 million for the first half of 2025.
Depreciation and amortization decreased to $12.1 million from $14.5 million, primarily due to lower software application depreciation.
Gross profit was $109.3 million in Q2 2025 compared to $120 million in Q2 2024, with gross profit margin at 9% versus 9.8% prior year.
Heavy haul revenue grew 9% year-over-year to approximately $138 million, driven by a 5% increase in revenue per load and 4% increase in volume.
Insurance and claims costs increased to $30.4 million from $27.2 million, representing 6.6% of BCO revenue versus 5.8% prior year, driven by increased severity of accidents and cargo claims.
Non-truck transportation service revenue declined 22% or $21 million year-over-year, mainly due to decreases in ocean and intermodal revenue and volume.
Operating income declined as a percentage of gross profit and variable contribution due to fixed cost infrastructure and increased selling, general and administrative costs.
Overall revenue was down 1% year-over-year in Q2 2025, but truck revenue was up year-over-year for the first time since Q3 2022.
Selling, general and administrative costs were $55.7 million in Q2 2025, up from $54.9 million in Q2 2024, excluding a $4.8 million reclassification impact.
Truck revenue per load increased 2.6% in Q2 2025 compared to Q2 2024, with a 3.2% increase on unsided platform equipment and 1.2% on van equipment.
Variable contribution margin was 14.1% of revenue in Q2 2025, slightly down from 14.3% in Q2 2024, mainly due to higher rates paid to truck brokerage carriers.
Dafinchi