Cost per shipment increased 7.7% year-over-year but decreased 4% sequentially from the first quarter due to cost management and reduced headcount by 4.2%.
Diluted earnings per share were $2.67, down from $3.83 in the second quarter of the prior year.
Fuel surcharge revenue declined 5.8% and represented 14.6% of total revenue compared to 15.4% a year ago.
Operating ratio improved sequentially by 330 basis points to 87.8%, outperforming the historical average improvement of 250 to 300 basis points.
Revenue per shipment excluding fuel surcharge increased 2.7%, and including fuel surcharge increased 1.8% compared to the prior year.
Second quarter revenue was $817.1 million, a decrease of 0.7% year-over-year due to muted volume trends amid the macroeconomic landscape.
Shipments per workday declined 2.8% year-over-year, while tonnage per workday increased 1.1%, driven by a 4% increase in average weight per shipment.
Total operating expenses increased 4.7% year-over-year, driven by a 5% increase in salaries, wages, and benefits, and a 21.2% increase in claims and insurance expense.
Capital expenditures were $170 million, dividends $112 million, and federal income tax payments $109 million.
Cash provided by operations was $300 million and free cash flow was $130 million in the quarter.
Packaging segment EBITDA excluding special items was $453 million on $2 billion sales with a 22.6% margin versus $400 million on $1.9 billion sales or 21% margin in 2024.
Paper segment EBITDA excluding special items was $30 million on $146 million sales or 20.8% margin compared to $31 million on $150 million sales or 20.4% margin in 2024.
Quarter end cash balance including marketable securities was $956 million with revolver availability liquidity of approximately $1.3 billion.
Second quarter net income was $242 million or $2.67 per share, excluding special items net income was $224 million or $2.48 per share compared to $199 million or $2.20 per share in Q2 2024.
Second quarter net sales were $2.2 billion in 2025 versus $2.1 billion in 2024.
Total company EBITDA excluding special items was $451 million in 2025 compared to $404 million in 2024.
Aftermarket operations accounted for approximately 63% of total gross profit with parts, service, and collision center revenues reaching $636.3 million, a 1.4% increase year-over-year.
Board of Directors approved a $0.19 per share cash dividend, a 1% increase over the prior quarterly dividend and the ninth increase since July 2018.
Medium-duty Class 4-7 commercial vehicle sales increased 1% year-over-year with 3,626 units sold in the U.S. and 177 units in Canada.
New Class 8 truck sales in the U.S. were 3,178 units, a 20% year-over-year decrease primarily due to timing of large fleet deliveries in the prior year.
Repurchased $83.9 million of common stock during the quarter and paid $14.5 million in cash dividends.
Rush Truck Leasing achieved record revenues of $93.1 million, up 6.3% year-over-year.
Second quarter revenues were $1.9 billion with net income of $72.4 million or $0.90 per diluted share.
Technician turnover reached a 12-month low and aftermarket revenues reached their highest level in the past 12 months.
Used commercial vehicle sales were flat year-over-year at 1,715 units.
Dafinchi