Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2025. ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to . Commission file number 0-19969 ARCBEST CORPORATION (Exact name of registrant as specified in its charter) Delaware 71-0673405 (State or other jurisdictio ...

Company Overview - ArcBest Corporation is a century-old logistics operator with a unionized less-than-truckload (LTL) network and an asset-light brokerage and managed transportation business, operating 239 service centers across North America [2] - Approximately 56% of its ~15,000 employees are represented by the Teamsters, making it the last publicly traded predominantly unionized LTL carrier [2] Financial Performance - For 2024, ArcBest's revenue is projected at $4.53 billion, with the asset-based LTL segment contributing $3.33 billion (74% of total revenue) and the asset-light logistics segment contributing $1.20 billion [3] - The LTL segment has a 10.2% EBITDA margin, while the logistics segment has a 3-4% EBITDA margin [3] - The company has a collective bargaining agreement that ensures predictable 4.2% annual labor cost escalations through mid-2028 [3] Market Dynamics - The North American LTL market is valued at $85 billion, with the top 10 carriers controlling 75% of the revenue [4] - The liquidation of Yellow in 2023 removed approximately 9-10% of national capacity, benefiting ArcBest by redistributing assets to more rational operators and improving rate discipline [4] Industry Outlook - Despite a freight recession from 2023-2025, industry pricing has remained rational, and a modest manufacturing rebound could quickly normalize volumes [5] - ArcBest's higher-cost structure due to unionization creates significant operating leverage, with potential for earnings recovery if tonnage or oversized freight mix improves [5] Investment Thesis - ArcBest's shares are trading near their liquidation value of $50-$84 per share, based on terminal, fleet, and brokerage assets, presenting asymmetric upside potential [6] - A mid-cycle recovery could drive 2028 EPS to $10-12, while normalization in shipment weights could push EPS to $18-20, indicating a potential 2-3x upside [6] - Catalysts for growth include industrial recovery, tonnage normalization, terminal monetization, and potential mergers and acquisitions [6]

Core Viewpoint - ArcBest Corporation (ARCB) has received a buy rating due to positive trends in fundamentals, including a rebound in volume, favorable pricing trends, and effective management solutions [1] Group 1: Company Performance - The volume for ArcBest Corporation showed a rebound in November, indicating a positive shift in demand [1] - Pricing trends for the company are also moving in a favorable direction, contributing to its overall performance [1] - The effectiveness of Managed Solutions is highlighted as a key factor in the company's positive outlook [1]

Core Insights - ArcBest Corp reported mixed fourth-quarter 2025 results with revenue of $972.7 million, down from $1.0 billion a year earlier, and adjusted earnings of 36 cents per share, missing the analyst estimate of 41 cents [1] - The results included a $9.1 million after-tax, noncash impairment charge [1] Group 1: Financial Performance - Revenue for the fourth quarter was $972.7 million, exceeding expectations of $966.361 million [1] - Adjusted earnings per share were 36 cents, which fell short of the analyst estimate of 41 cents [1] - The company faced a $9.1 million after-tax, noncash impairment charge impacting overall financial results [1] Group 2: Management Commentary - The President and CEO highlighted 2025 as a year of strong execution and meaningful progress despite a challenging freight environment [2] - The company achieved growth in LTL shipments and tonnage, restored profitability in Asset-Light, and reached record productivity levels [2] Group 3: Stock Performance and Analyst Ratings - ArcBest shares increased by 6.4% to trade at $96.01 following the earnings announcement [2] - Analysts have adjusted their price targets, with Jefferies raising it from $95 to $110 while maintaining a Buy rating [4] - JP Morgan maintained a Neutral rating and raised the price target from $76 to $81, and Wells Fargo maintained an Equal-Weight rating with a price target increase from $74 to $85 [4]

Core Insights - ArcBest Corp reported mixed fourth-quarter 2025 results with revenue of $972.7 million, down from $1.0 billion a year earlier, and adjusted earnings of 36 cents per share, missing the analyst estimate of 41 cents [1] - Despite the challenges in the freight environment, the company achieved growth in LTL shipments and tonnage, restored profitability in Asset-Light, and reached record productivity in Asset-Light services [2] Financial Performance - Revenue for the fourth quarter was $972.7 million, exceeding expectations of $966.361 million, but down from $1.0 billion year-over-year [1] - Adjusted earnings per share were 36 cents, which fell short of the analyst estimate of 41 cents [1] - The results included a $9.1 million after-tax, noncash impairment charge [1] Analyst Ratings and Price Targets - Jefferies analyst Stephanie Moore maintained a Buy rating and raised the price target from $95 to $110 [4] - JP Morgan analyst Brian Ossenbeck maintained a Neutral rating and increased the price target from $76 to $81 [4] - Wells Fargo analyst Christian Wetherbee maintained an Equal-Weight rating and raised the price target from $74 to $85 [4]

Core Viewpoint - ArcBest Corporation continues to demonstrate resilience in the logistics and freight transportation sector, despite facing challenges in earnings performance [1][6]. Financial Performance - The company reported quarterly revenue of $972.69 million for the period ending December 2025, reflecting a slight decline of 2.9% year-over-year but surpassing the Zacks Consensus Estimate of $968.81 million by 0.4% [2]. - ArcBest's earnings per share (EPS) for the same quarter was $0.36, significantly down from $1.33 a year earlier and below the Zacks Consensus Estimate of $0.45, resulting in a negative surprise of 19.1% [3]. Stock Market Reaction - Following the earnings report, ArcBest's stock price increased by approximately 5.76%, or $4.91, reaching $90.22, despite the earnings miss [4][6]. - The stock exhibited volatility, trading between a low of $79.67 and a high of $90.69 on the day of the announcement, with a yearly range of $55.19 to $99.99 [4]. Market Position - ArcBest has a market capitalization of around $2.03 billion and a trading volume of 884,139 shares on the NASDAQ exchange, indicating a degree of investor confidence in the company's long-term prospects despite recent earnings challenges [5].

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Financial Data and Key Metrics Changes - Consolidated revenue for the fourth quarter was $973 million, down 3% year-over-year [15] - Non-GAAP operating income from continuing operations was $14 million, compared to $41 million last year [15] - Adjusted non-GAAP earnings per share were $0.36, down from $1.33 in the fourth quarter of 2024 [15] Business Line Data and Key Metrics Changes - Asset-based LTL shipments increased 2% year-over-year, averaging about 20,000 shipments per day [8] - Revenue per hundredweight declined approximately 3% year-over-year, driven by reduced shipment activity in the manufacturing vertical [16] - Asset-Light segment achieved break-even non-GAAP operating results, an improvement of $6 million over last year [15] Market Data and Key Metrics Changes - Daily shipments in January increased 3% year-over-year, with weight per shipment increasing 5% [17] - In January, Asset-Light daily revenue increased 6% year-over-year, with shipment growth of 13% led by managed business [20] Company Strategy and Development Direction - The company focuses on three pillars: growth, efficiency, and innovation, aiming to deliver premium service and maintain strong customer relationships [5][7] - The company is committed to maintaining yield discipline and managing costs for sustainable long-term profitability [21] - Investments in technology and optimization projects are expected to enhance operational efficiency and customer service [10][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing market volatility and a prolonged freight recession but expressed confidence in the company's strategic direction and ability to navigate challenges [5][21] - The company anticipates a gradual recovery in the freight market but remains focused on what it can control, such as productivity and cost management [21][56] Other Important Information - The company welcomed new independent directors to strengthen its board and thanked outgoing members for their service [8] - The company has made significant investments in real estate and technology to enhance operational capacity and efficiency [22][77] Q&A Session Questions and Answers Question: Follow-up on January trends and tonnage - Management explained that January's tonnage increase was influenced by a heavier mix of dynamic shipments, despite a lower mix of truckload shipments [30] Question: Insights on the mix and competitive dynamics - Management noted that the mix has been affected by the ongoing freight recession, with a focus on maintaining profitability through disciplined pricing [34][35] Question: Clarification on January trends and competitive dynamics - Management indicated that January's dynamics were influenced by specific company factors, while the overall competitive environment remains rational [41] Question: Thoughts on AI initiatives and productivity investments - Management emphasized the importance of leveraging technology, including AI, to improve efficiency and scale operations without adding incremental costs [81][83] Question: Pricing dynamics in the market - Management stated that pricing discipline remains stable, with less bid activity from customers, which is seen as a positive sign [86][88]

Financial Data and Key Metrics Changes - Consolidated revenue for the fourth quarter was $973 million, down 3% year-over-year [14] - Non-GAAP operating income from continuing operations was $14 million, compared to $41 million last year [14] - Adjusted non-GAAP earnings per share were $0.36, down from $1.33 in the fourth quarter of 2024 [14] Business Line Data and Key Metrics Changes - Asset-Based LTL shipments increased 2% year-over-year, averaging about 20,000 shipments per day [7] - Revenue for the Asset-Based segment was $649 million, flat on a per-day basis [15] - Asset-Light segment revenue was $354 million, a daily decrease of 5% year-over-year [17] - Non-GAAP operating results for Asset-Light were break-even for the quarter, an improvement from a $17 million loss in 2024 [18] Market Data and Key Metrics Changes - Daily shipments in January increased 3% year-over-year, with weight per shipment increasing 5% [16] - In January, Asset-Light daily revenue increased 6% year-over-year, with shipment growth of 13% led by Managed Solutions [19] Company Strategy and Development Direction - The company focuses on three pillars: growth, efficiency, and innovation, aiming to deliver premium service and maintain a customer-first mindset [5][6] - The company is advancing initiatives outlined at the Investor Day to achieve long-term targets and deliver greater shareholder value [6] - Investments in technology and optimization projects are expected to enhance operational efficiency and customer service [10][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the ongoing freight recession and market volatility but expressed confidence in the company's strategic direction and ability to navigate challenges [5][20] - The company anticipates a typical seasonal increase in operating ratio but expects it to be better than historical averages due to a softer fourth quarter [17] - Management remains focused on maintaining yield discipline and managing costs to position the company for sustainable long-term profitability [20] Other Important Information - The company welcomed new independent directors to strengthen its board [7] - The company returned over $86 million to shareholders through share repurchases and dividends in 2025 [22] - The balance sheet remains strong with approximately $400 million in available liquidity [22] Q&A Session Questions and Answers Question: Follow-up on January trends and tonnage - Management noted that January was impacted by strong winter storms, affecting shipment dynamics and tonnage levels [25][27] Question: Mix normalization and competitive dynamics - Management indicated that the mix of business has been influenced by the ongoing freight recession and that they are focused on managing profitability [32][33] Question: January trends and industry-wide dynamics - Management clarified that January trends were influenced by specific dynamics within the company, but the overall industry is experiencing similar weather impacts [38] Question: Competitive pricing environment - Management stated that pricing discipline remains rational in the market, with less bid activity from customers being a positive sign [85] Question: Insights from new COO on Asset-Light business - The new COO expressed confidence in the growth of the Asset-Light business and the company's strong foundation in Managed Solutions [88]

Core Insights - ArcBest reported revenue of $972.69 million for Q4 2025, a year-over-year decline of 2.9%, with EPS of $0.36 compared to $1.33 a year ago, indicating a significant drop in profitability [1] - The revenue exceeded the Zacks Consensus Estimate of $968.81 million by 0.4%, but the EPS fell short of the consensus estimate of $0.45 by 19.1% [1] Financial Performance Metrics - The Asset-Based Operating Ratio was reported at 96.2%, slightly better than the average estimate of 96.5% [4] - The Asset-Light Operating Ratio was 102.8%, worse than the estimated 100.8% [4] - Asset-Based Pounds per Shipment was 1,095.00 lbs, exceeding the average estimate of 1,081.23 lbs [4] - Asset-Based Tons per Day reached 11,036.00 tons, surpassing the average estimate of 10,871.55 tons [4] - Asset-Based Shipments per Day were 20,163.00 tons, slightly above the average estimate of 20,109.68 tons [4] - Billed revenue per CWT was $47.94, lower than the average estimate of $48.71 [4] - Revenues from Asset-Based operations were $648.79 million, marginally below the average estimate of $649 million, reflecting a year-over-year change of -1.1% [4] - Revenues from Asset-Light operations were $353.53 million, slightly below the average estimate of $354.38 million, with a year-over-year decline of 5.8% [4] - Revenues from Other and eliminations were reported at -$29.64 million, better than the average estimate of -$31.01 million, with a year-over-year change of -1.2% [4] - Non-GAAP Operating Income for Asset-Based operations was $24.39 million, exceeding the average estimate of $23.19 million [4] - Non-GAAP Operating Income for Other and eliminations was -$10.6 million, worse than the average estimate of -$7.06 million [4] Stock Performance - ArcBest shares have returned +15% over the past month, outperforming the Zacks S&P 500 composite, which saw a +0.9% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]