What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-14 compared with 2025-11-06 · 187 added, 382 removed, 340 unchanged (63% of the section changed)

3 unchanged sentences

(In thousands, except share data)

September 27,

Current assets:

6 unchanged sentences

Prepaid expenses and other

Prepaid income taxes

Due from affiliates

27 unchanged sentences

26,336,137 shares issued;

26,330,058 and 26,317,326 shares outstanding, respectively

26,369,691 and 26,330,058 shares outstanding,

Paid-in capital

Treasury stock, at cost;

6,079 and 2,428 shares

Retained earnings

Accumulated other comprehensive income (loss):

Accumulated other comprehensive (loss):

Interest rate swaps, net of income taxes of $ 114 and $ 96 , respectively

7 unchanged sentences

Thirteen Weeks Ended

Thirty-nine Weeks Ended

September 27,

September 28,

September 27,

September 28,

Operating revenues:

14 unchanged sentences

Depreciation and amortization

Impairment expense

Total operating expenses

Income (loss) from operations

Income from operations

Interest income

1 unchanged sentence

Other non-operating income

Income (loss) before income taxes

Income tax expense (benefit)

Net income (loss)

(Loss) income before income taxes

Income tax (benefit) expense

Net (loss) income

Earnings per common share:

6 unchanged sentences

Thirteen Weeks Ended

Thirty-nine Weeks Ended

September 27,

September 28,

September 27,

September 28,

Net income (loss)

Net (loss) income

Other comprehensive income (loss):

Unrealized changes in fair value of interest rate swaps,

net of income taxes of $( 43 ), $( 480 ), $( 274 ) and $( 296 ), respectively

Unrealized changes in fair value of interest rate swaps, net of income taxes of

$ 17 and $( 158 ), respectively

Foreign currency translation adjustments

Total other comprehensive income (loss)

Total comprehensive income (loss)

Total comprehensive income

See accompanying notes to consolidated financial statements.

2 unchanged sentences

(In thousands)

Thirty-nine Weeks Ended

September 27,

September 28,

Thirteen Weeks Ended

Cash flows from operating activities:

Net income (loss)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Net (loss) income

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Depreciation and amortization

Noncash lease expense

Impairment expense

Gain on marketable equity securities

Loss on disposal of property and equipment

(Gain) loss on disposal of property and equipment

Amortization of debt issuance costs

4 unchanged sentences

Trade and other accounts receivable

Contract receivable, prepaid income taxes, prepaid expenses and other assets

Contract receivable, prepaid expenses and other assets

Principal reduction in operating lease liabilities

8 unchanged sentences

Proceeds from the sale of marketable securities

Acquisition of business

Net cash used in investing activities

Net cash provided by (used in) investing activities

Cash flows from financing activities:

4 unchanged sentences

Dividends paid

Purchases of treasury stock

Net cash provided by financing activities

Net cash used in financing activities

Effect of exchange rate changes on cash and cash equivalents

Net increase (decrease) in cash

Net (decrease) increase in cash

Cash and cash equivalents – beginning of period

4 unchanged sentences

Non-cash operating and financing activities:

During the thirty-nine week period ended September 27, 2025, the Company had non-cash activities resulting from the $ 2.8 million of declared dividends that were unpaid as of the end of the period.

During the thirteen-week period ended March 29, 2025, the Company had non-cash activities resulting from the $ 2.8 million of declared dividends that were unpaid as of the end of the period.

See accompanying notes to consolidated financial statements.

5 unchanged sentences

Balances – December 31, 2024

Comprehensive income (loss)

Comprehensive loss

Dividends ($ 0.105 per share)

Stock based compensation

Retirement of treasury stock

Balances – March 29, 2025

Comprehensive income (loss)

Dividends ($ 0.105 per share)

Stock based compensation

Purchases of treasury stock

Balances - June 29, 2024

Comprehensive income (loss)

Dividends ($ 0.105 per share)

Stock based compensation

Balances – September 28, 2024

Balances – December 31, 2025

Comprehensive income (loss)

Dividends ($ 0.105 per share)

Stock based compensation

Balances – March 29, 2025

Comprehensive income (loss)

Dividends ($ 0.105 per share)

Stock based compensation

Purchases of treasury stock

Balances - June 28, 2025

Comprehensive income (loss)

Comprehensive income

Dividends ($ 0.105 per share)

Stock based compensation

Balances – September 28, 2024

Balances – April 4, 2026

See accompanying notes to consolidated financial statements.

10 unchanged sentences

The preparation of the consolidated financial statements requires the use of management’s estimates.

Actual results could differ from those estimates.

Actual results could differ from those estimates, and operating results for the thirteen weeks ended April 4, 2026 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2026.

Our fiscal year ends on December 31 and consists of four quarters, each with thirteen weeks.

The Company made certain immaterial reclassifications to items in its prior financial statements so that their presentation is consistent with the format in the financial statements for the period ended September 27, 2025.

There were no material changes in significant accounting policies from those described in the Form 10-K, other than as otherwise disclosed in these notes to unaudited consolidated financial statements.

These reclassifications, however, had no effect on reported consolidated net income, comprehensive income, earnings per common share, cash flows, total assets or stockholders’ equity as previously reported.

During the third quarter of 2025, the Company completed its annual goodwill impairment tests noting no impairment.

Subsequently, in August 2025, the Company identified certain triggering events related to its intermodal reporting segment.

In accordance with FASB Accounting Standards Codification (“ASC”) 350 Intangibles—Goodwill and Other and ASC 360 Property, Plant, and Equipment, the Company evaluated certain indefinite and long lived tangible and intangible assets for impairment and concluded that an impairment was present.

As a result, during the thirteen weeks ended September 27, 2025 we recognized impairment charges totaling $ 81.2 million which consisted of a $ 58.0 million of goodwill impairment charge and $ 23.2 million of impairment charges related to certain customer-relationship intangible assets.

The valuation of the intermodal reporting unit reflected a reduced demand forecast, lower margins due to the high fixed costs associated with this segment, and a higher discount rate to reflect the company specific risk associated with this reporting unit.

In August 2024, the Company closed its company-managed brokerage operations in Nashville, TN.

In connection with the closure, the Company recorded pre-tax losses of approximately $ 8.6 million ($ 6.4 million net of tax, or $ 0.24 per basic and diluted share) during the quarter ended September 28, 2024, including $ 2.8 million of non-cash impairment charges.

During the third quarter of 2024, the Company identified certain triggering events related to a component of its former company-managed brokerage reporting segment.

Total goodwill impairment charges recorded during the third quarter of 2024 were $ 3.5 million, including $ 2.6 million of goodwill impairment charges related to our former company-managed brokerage operations in Nashville, TN.

In June 2024, the Company revised the estimated useful life and salvage values of certain equipment.

The change resulted in additional depreciation expense of $ 11.3 million recorded during the quarter ended June 29, 2024 ($ 8.5 million net of tax, or $ 0.32 per basic and diluted share).

On July 4, 2025, the One Big Beautiful Bill Act was signed into law.

The legislation makes permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025 and other changes to certain U.S.

corporate tax provisions.

The effects of the enactment of the legislation during the third quarter for the provisions currently enacted did not have a material impact on our total tax expense.

UNIVERSAL LOGISTICS HOLDINGS, INC.

Notes to Unaudited Consolidated Financial Statements - Continued

(1) Basis of Presentation – continued

During the first quarter of 2026, the Company identified certain triggering events related to a component of the contract logistics reporting segment.

The results of those procedures concluded that no impairments were present.

Current Economic Conditions

The Company makes estimates and assumptions that affect reported amounts and disclosures included in its financial statements and accompanying notes and assesses certain accounting matters that require consideration of forecasted financial information.

The Company's assumptions about future conditions important to these estimates and assumptions are subject to uncertainty, including disruptions to the global supply chain resulting from new or additional tariffs and the negative impact inflationary pressures can have on our operating costs.

Prolonged periods of inflation could cause interest rates, equipment, maintenance, labor and other operating costs to continue to increase.

New or increased tariffs on imported goods could also impose additional costs on our business or cause disruption in global supply chains.

Such disruptions could lead to a decrease in shipping volumes, which would have an adverse impact on our revenues and results of operations.

The Company's assumptions about future conditions important to these estimates and assumptions are subject to uncertainty, including softness in freight demand, continuing weakness in certain industrial and automotive end markets, labor availability and wage pressures, elevated interest rates and borrowing costs, and volatility in fuel, insurance, equipment and maintenance costs These factors may adversely affect customer demand, operating margins, capital expenditures, asset utilization, liquidity and the valuation of certain long-lived assets.

Actual results could differ materially from the Company’s estimates and assumptions .

(2) Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures (Topic 740).

The ASU modifies income tax disclosures by requiring greater disaggregation of information in the rate reconciliations and disclosure of income taxes paid disaggregated by jurisdiction.

This ASU is effective for fiscal years beginning after December 31, 2024, using a prospective approach.

Early adoption and retrospective application are permitted.

We are currently evaluating the impact of the new standard, which is limited to financial statement disclosures.

In July 2025, the FASB issued Accounting Standards Update (“ASU”) 2025‑05 , Financial Instruments—Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets .

The update provides a practical expedient that permits entities to assume that current conditions as of the balance sheet date do not change for the remaining life of current accounts receivable and current contract assets when estimating expected credit losses.

The Company adopted ASU 2025‑05 effective January 1, 2026 and elected the practical expedient.

Adoption of the standard did no t have a material impact on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40).

Disaggregation of Income Statement Expenses, which expands disclosures about certain categories of expenses.

This ASU is effective for fiscal years beginning after December 15, 2026.

We are currently evaluating the impact of the new standard on our consolidated financial statements and disclosures.

The ASU requires new tabular disclosures disaggregating prescribed expense categories within relevant income statement captions.

In addition, the ASU requires disclosure of the total amount of selling expenses and, in annual periods, an entity’s definition of selling expenses, among other disclosure requirements.

This ASU is effective for annual periods beginning in 2027, and for interim periods beginning January 1, 2028.

Early adoption is permitted.

We are currently evaluating the impact of the new standard, which is limited to financial statement disclosures .

Since the impact is expected to be limited to expanded disclosures, management does not expect the standard to have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

UNIVERSAL LOGISTICS HOLDINGS, INC.

Notes to Unaudited Consolidated Financial Statements - Continued

(3) Revenue Recognition

The Company recognizes revenue in accordance with ASU 2014-09, Revenue from Contracts with Customers.

The Company broadly groups its services into the following categories:

truckload services, brokerage services, intermodal services, dedicated services and value-added services.

We disaggregate these categories and report our service lines separately on the Consolidated Statements of Income.

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers.

The Company generates revenue primarily from truckload, brokerage, intermodal, dedicated, and value-added logistics services, which are reported separately in the Consolidated Statements of Income.

Truckload services include dry van, flatbed, heavy-haul and refrigerated operations.

5 unchanged sentences

Our dedicated services are primarily short-run or round-trip moves within a defined geographic area.

Transportation services are short-term in nature;

agreements governing their provision generally have a term of one year or less.

They do not contain significant financing components.

The Company recognizes revenue over the period transportation services are provided to the customer, including service performed as of the end of the reporting period for loads currently in-transit, in order to recognize the value that is transferred to a customer over the course of the transportation service.

We determine revenue in-transit using the input method, under which revenue is recognized based on the duration of time that has lapsed from the departure date (start of transportation services) to the arrival date (completion of transportation services).

4 unchanged sentences

Major factors that affect value-added service revenue include changes in manufacturing supply chain requirements and production levels in specific industries, particularly the North American automotive and Class 8 heavy-truck industries.

UNIVERSAL LOGISTICS HOLDINGS, INC.

Notes to Unaudited Consolidated Financial Statements - Continued

(3) Revenue Recognition – continued

Revenue is recognized as control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration the Company expects to receive in exchange for its services.

3 unchanged sentences

Value-added service contracts typically have terms that extend beyond one year, and they do not include financing components.

In 2024, value-added services included a specialty project development for a specific customer.

The specialty project development service was accounted for as a single unit of account (i.e., as a single performance obligation), which was completed in 2024.

Revenue was recognized over time as the Company transferred control of the project to the customer.

Because we transferred control of the project over time, we recognized revenue to the extent of our progress towards completion of our performance obligations.

We use the cost-to-cost method for these contracts, which measures progress towards completion for each performance obligation based on the ratio of costs incurred to date to the total estimated costs at completion for the applicable performance obligation.

Incurred cost represented work performed, which corresponds with and thereby best represents the transfer of control to the customer.

Revenue, including estimated fees or profits, was recorded proportionately as costs were incurred.

Cost of operations consists of labor, materials, subcontractor costs, and other direct and indirect costs, and we included them in operating supplies and expenses on the consolidated statements of income.

The following table provides information related to contract balances associated with our contracts with customers (in thousands):

September 27,

Prepaid expenses and other - contract assets

Contract assets in the table above relates to revenue in-transit at the end of the reporting period.

We generally receive payment for performance obligations within 45 days of completion of transportation services and 65 days for completion of value-added services.

As it relates to our specialty development project contract receivable, we will receive payments in 120 equal monthly installments.

During the thirteen-week periods ended September 27, 2025 and September 28, 2024, we recorded $ 2.8 million and $ 1.1 million of interest income, respectively, related to the specialty development project contract receivable.

During the thirty-nine week periods ended September 27, 2025 and September 28, 2024, we recorded $ 8.5 million and $ 2.1 million of interest income, respectively, related to the same project.

As of December 31, 2023, the contract asset balance was $ 0.7 million.

During each of the thirteen week periods ended April 4, 2026 and March 29, 2025, two original equipment manufacturers in the automotive industry accounted for approximately 31 % of our total operating revenues.

In 2024, the Company completed a specialty project development arrangement for a customer that was accounted for as a single performance obligation.

The Company has a related contract receivable with amounts payable in 120 equal monthly installments, including interest.

During the thirteen-week periods ended April 4, 2026 and March 29, 2025, the Company recorded interest income of $ 2.6 million and $ 2.9 million, respectively.

As of April 4, 2026, the remaining impact of this arrangement relates primarily to the collection of the related contract receivable and associated interest income.

UNIVERSAL LOGISTICS HOLDINGS, INC.

Notes to Unaudited Consolidated Financial Statements - Continued

(4) Marketable Securities

Marketable equity securities are carried at fair value, with gains and losses in fair market value included in the determination of net income.

The fair value of marketable equity securities is determined based on quoted market prices in active markets, as described in Note 8.

During the first quarter of 2026, the Company sold its remaining marketable securities portfolio.

Historically, marketable equity securities were carried at fair value, with gains and losses in fair market value included in the determination of net income.

The fair value of marketable equity securities was determined based on quoted market prices in active markets, as described in Note 9.

The following table sets forth market value, cost basis, and unrealized gains on equity securities (in thousands):

September 27,

Unrealized gain

The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities (in thousands):

September 27,

Gross unrealized gains

1 unchanged sentence

Net unrealized gains

UNIVERSAL LOGISTICS HOLDINGS, INC.

Notes to Unaudited Consolidated Financial Statements - Continued

(4) Marketable Securities – continued

The following table shows the Company's net realized gains on marketable equity securities (in thousands):

The following table sets forth the Company's net realized gains (losses) on marketable securities (in thousands):

Thirteen Weeks Ended

Thirty-nine Weeks Ended

September 27,

September 28,

September 27,

September 28,

Realized gain

Sale proceeds

Cost basis of securities sold

Basis of securities sold

Realized gain

Realized gain, net of taxes

During the thirteen-week and thirty-nine week periods ended September 27, 2025, our marketable equity securities portfolio experienced a net unrealized pre-tax gain (loss) in market value of approximately $ 484,000 and $ 748,000 , respectively, which was reported in other non-operating income for the period.

During the thirteen-week and thirty-nine week periods ended September 28, 2024, our marketable equity securities portfolio experienced a net unrealized pre-tax gain (loss) in market value of approximately $ 139,000 and $ 934,000 , respectively, which was reported in other non-operating income for the period.

The changes in the carrying amount of goodwill during the year ended December 31, 2024 and the thirty-nine weeks ended September 27, 2025 are as follows (in thousands):

Balance as of January 1, 2024

Acquisition of business

Goodwill impairment

Balance as of December 31, 2024

Goodwill impairment

Balance as of September 27, 2025

As described in Note 1, “Basis of Presentation”, we recorded goodwill impairment charges of $ 58.0 million during the thirteen weeks ended September 27, 2025 related to the intermodal reporting segment and $ 3.5 million during the thirteen weeks ended September 28, 2024 related to the former company-managed brokerage segment.

At both September 27, 2025 and December 31, 2024, $ 95.8 million of goodwill was recorded in our contract logistics segment and $ 9.8 million in our trucking segment, respectively.

At September 27, 2025 and December 31, 2024, $ 43.2 million and $ 101.1 million of goodwill was recorded in our intermodal segment, respectively.

During the thirteen-week period ended March 29, 2025, the Company recognized a net unrealized pre-tax gain of approximately $ 518,000 on its marketable equity securities portfolio, which was recorded in other non-operating income .

(5) Allowance for Credit Losses

The allowance for credit losses is our best estimate of the amount of probable credit losses in our existing accounts receivable.

We determine the allowance based on historical write-off experience, specific customer collection issues, the aging of our outstanding accounts receivable, and the credit quality of our customers.

In determining our allowance for credit losses, we also consider current conditions and forecasts of future economic conditions and their expected impact on collections.

Balances are considered past due based on invoiced terms.

Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

Following is a summary of the activity in the allowance for credit losses during the thirteen weeks ended April 4, 2026 and March 29, 2025(in thousands):

Thirteen Weeks Ended

Balance at beginning of year

Provision (reversals) for credit losses

Uncollectible accounts written off

Balance at end of period

UNIVERSAL LOGISTICS HOLDINGS, INC.

Notes to Unaudited Consolidated Financial Statements - Continued

(6) Inventories

Included in prepaid expenses and other is inventory used in a portion of our value-added service operations.

Inventories are stated at the lower of cost or net realizable value.

Cost is determined using the first-in, first-out method.

Provisions for excess and obsolete inventories are based on our assessment of excess and obsolete inventory on a product-by-product basis.

At April 4, 2026 and December 31, 2025, inventory consists of the following (in thousands):

Finished goods

Raw materials and supplies

(7) Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities are comprised of the following (in thousands):

September 27,

Accrued payroll

3 unchanged sentences

Commissions, other taxes and other

UNIVERSAL LOGISTICS HOLDINGS, INC.

Notes to Unaudited Consolidated Financial Statements - Continued

Debt is comprised of the following (in thousands):

Interest Rates

at September 27, 2025

September 27,

at April 4, 2026

Outstanding Debt:

Revolving Credit Facility (1)

UACL Credit Agreement (2)

CTL Financing (2)

Equipment Financing (3)

1 unchanged sentence

Real Estate Facility (4)

Margin Facility (5)

Unamortized debt issuance costs

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The Revolving Credit Facility includes customary affirmative and negative covenants and events of default, as well as financial covenants requiring minimum fixed charge coverage and leverage ratios, and customary mandatory prepayments provisions .

At September 27, 2025, we were in compliance with all covenants under the facility, and $ 20.4 million was available for borrowing on the revolver.

(2) Our UACL Credit Agreement provides for maximum borrowings of $ 90 million in the form of an $ 80 million term loan and a $ 10 million revolver.

The term loan matures on September 30, 2027 and is repaid in consecutive quarterly installments.

The remaining term loan balance is due at maturity.

We may borrow under the revolving credit facility until maturity on September 30, 2027 .

Borrowings bear interest at index-adjusted SOFR, or a base rate, plus an applicable margin based on the borrowers’ leverage ratio.

The UACL Credit Agreement is secured by a first-priority pledge of the capital stock of applicable subsidiaries, as well as first-priority perfected security interest in cash, deposits, accounts receivable, and selected other assets of the applicable borrowers.

The UACL Credit Agreement includes customary affirmative and negative covenants and events of default, as well as financial covenants requiring minimum fixed charge coverage and leverage ratios, and customary mandatory prepayments provisions.

At September 27, 2025, we were in compliance with all covenants under the facility, and $ 5.5 million was available for borrowing on the revolver.

(3) Our Equipment Financing consists of a series of promissory notes issued by wholly owned subsidiaries.

The equipment notes are secured by liens on specific titled vehicles or operating equipment.

The notes are generally payable in 60 monthly installments and bear interest at fixed rates ranging from 2.25 % to 7.31 %.

One equipment note is payable in 72 monthly installment and bears interest at Term SOFR , plus an applicable margin equal to 2.25 %.

(4) Our Real Estate Facility consists of a $ 165.4 million term loan, and the facility matures on April 29, 2032 .

Obligations under the facility are secured by first-priority mortgages on specific parcels of real estate owned by the Company, including all land and real property improvements, and first-priority assignments of rents and related leases of the loan parties.

The credit agreement includes customary affirmative and negative covenants, and principal and interest are payable on the facility on a monthly basis, based on an annual amortization of 10 %.

The facility bears interest at Term SOFR , plus an applicable margin equal to 2.12 %.

At September 27, 2025, we were in compliance with all covenants under the facility.

(5) Our Margin Facility is a short-term line of credit secured by our portfolio of marketable securities.

It bears interest at Term SOFR plus 1.10 %.

The amount available under the line of credit is based on a percentage of the market value of the underlying securities.

At September 27, 2025, the maximum available borrowings under the line of credit were $ 4.9 million.

At April 4, 2026, we were in compliance with all covenants under the facility, and $ 286.1 million was available for borrowing on the revolver.

UNIVERSAL LOGISTICS HOLDINGS, INC.

1 unchanged sentence

(8) Debt – continued

(2) In October 2025, we completed a credit tenant lease (“CTL”) financing transaction by issuing a senior secured promissory note in the principal amount of $ 195.9 million.

We used the net proceeds of the CTL financing to repay existing indebtedness.

The note bears interest at a fixed rate of 6.84 % per annum and matures on November 15, 2034 .

The note is secured primarily by our interests under a long-term composite sublease agreement.

The CTL debt is generally non-recourse to the Company and its subsidiaries, except for customary limited-recourse obligations under indemnity and guaranty agreements relating to environmental matters, lease-term compliance, and certain representations, warranties, and covenants.

At April 4, 2026, we were in compliance with all covenants under the note .

(3) Our Equipment Financing consists of a series of promissory notes issued by wholly owned subsidiaries.

The equipment notes are secured by liens on specific titled vehicles and operating equipment.

The notes are generally payable in monthly installments over terms of approximately 60 months and bear interest at fixed rates ranging from 2.50 % to 7.31 %.

One equipment note is payable over a 72 - month term and bears interest at Term SOFR plus an applicable margin of 2.25 % .

(4) Our Real Estate Facility consists of a $ 165.4 million term loan that matures on April 29, 2032 .

Obligations under the facility are secured by first-priority mortgages on specified parcels of real estate owned by the Company, including related land, buildings and improvements, together with first-priority assignments of rents and related leases of the loan parties.

The credit agreement includes customary affirmative and negative covenants, including financial covenants relating to leverage and fixed charge coverage.

Principal and interest are payable monthly based on an annual amortization rate of 10 %.

The facility bears interest at Term SOFR plus an applicable margin of 2.12 %.

At April 4, 2026, we were in compliance with all covenants under the facility .

The Company is also party to an interest rate swap agreement that qualifies for hedge accounting.

2 unchanged sentences

The swap agreement has an effective date of April 29, 2022, a maturity date of April 30, 2027 , and an amortizing notional amount of $ 60.8 million.

At September 27, 2025, the fair value of the swap agreement was an asset of $ 0.5 million.

Since the swap agreement qualifies for hedge accounting, the changes in fair value are recorded in other comprehensive income (loss), net of tax.

At April 4, 2026, the fair value of the swap agreement was an asset of $ 0.5 million, which is included in other assets on the Consolidated Balance Sheets.

Because the swap agreement qualifies for hedge accounting, changes in fair value are recorded in other comprehensive income (loss), net of tax .

See Note 9 for additional information pertaining to interest rate swaps.

Subsequent Events – Third Amendment Agreement;

Credit Tenant Lease Financing .

On October 1, 2025, subsequent to the quarter-end, we entered into a third amendment agreement to our Revolving Credit Facility.

Furthermore, on October 22, 2025, subsequent to the quarter-end, we completed a credit tenant lease financing transaction, the proceeds of which were used to repay in full the outstanding debt under the UACL Credit Agreement and to prepay in part the outstanding revolving loans under our Revolving Credit Facility.

See Note 16, “Subsequent Events” for additional information regarding these transactions.

(9) Fair Value Measurements and Disclosures

FASB ASC Topic 820, “ Fair Value Measurements and Disclosures, ” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date and expanded disclosures with respect to fair value measurements.

FASB ASC Topic 820 also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value.

This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs.

ASC 820 establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value.

The three levels of inputs used to measure fair value are as follows.

• Level 1 — Quoted prices in active markets for identical assets or liabilities.

• Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets;

quoted prices for identical or similar assets and liabilities in markets that are not active;

or other inputs that are observable or can be corroborated by observable market data.

• Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

We have segregated all financial assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the tables below (in thousands):

September 27,

Fair Value Measurement

Cash equivalents

Marketable securities

Interest rate swap

• Level 2 — Observable inputs other than quoted prices included in Level 1, including quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in inactive markets, and other observable inputs.

• Level 3 — Unobservable inputs supported by little or no market activity that are significant to the fair value measurement.

UNIVERSAL LOGISTICS HOLDINGS, INC.

1 unchanged sentence

(9) Fair Value Measurements and Disclosures – continued

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis at April 4, 2026 and December 31, 2025 (in thousands) :

Fair Value Measurement

Interest rate swap

Fair Value Measurement

Cash equivalents

2 unchanged sentences

The valuation techniques used to measure fair value for the items in the tables above are as follows:

• Cash equivalents – This category consists of money market funds which are listed as Level 1 assets and measured at fair value based on quoted prices for identical instruments in active markets.

• Marketable securities – Marketable securities represent equity securities, which consist of common and preferred stocks, are actively traded on public exchanges and are listed as Level 1 assets.

Fair value was measured based on quoted prices for these securities in active markets.

• Interest rate swap – The fair value of our interest rate swap is determined using a methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments).

The variable cash receipts (or payments) are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves.

The fair value measurement also incorporates credit valuation adjustments to appropriately reflect both the Company’s nonperformance risk and the respective counterparty’s nonperformance risk.

Our Revolving Credit Facility, UACL Credit Agreement, Real Estate Facility and one equipment note consist of variable rate borrowings.

We categorize borrowings under these credit agreements as Level 2 in the fair value hierarchy.

The carrying value of these borrowings approximate fair value because the applicable interest rates are adjusted frequently based on short-term market rates.

For our Equipment Financing with fixed rates, the fair values are estimated using discounted cash flow analyses, based on our current incremental borrowing rates for similar types of borrowing arrangements.

We categorize these borrowings as Level 2 in the fair value hierarchy.

The carrying value and estimated fair value of these promissory notes at September 27, 2025 is summarized as follows (in thousands):

Carrying Value

• Cash equivalents – This category consists primarily of money market funds and is measured at fair value based on quoted prices for identical instruments in active markets.

• Marketable securities – Marketable securities consisted of common and preferred equity securities actively traded on public exchanges and were measured based on quoted prices in active markets.

During the first quarter of 2026, the Company sold its remaining marketable securities portfolio.

• Interest rate swap – The fair value of the Company’s interest rate swap is determined using discounted cash flow methodologies based on observable market inputs, including forward interest rate curves and credit valuation adjustments for both the Company and the counterparty.

The carrying amount of our receivables, prepaid expenses, other current assets, accounts payable, accrued expenses and other current liabilities approximate fair value due to their short maturities.

The Company’s Revolving Credit Facility, Real Estate Facility and one equipment note bear interest at variable rates and are categorized as Level 2 liabilities.

The carrying value of these borrowings approximates fair value because the applicable interest rates are adjusted frequently based on short-term market rates.

The fair values of the Company’s fixed-rate equipment promissory notes and CTL financing are estimated using discounted cash flow analyses based on current incremental borrowing rates for similar borrowing arrangements and are categorized as Level 2 liabilities.

The carrying value and estimated fair value of these promissory notes at April 4, 2026 and December 31, 2025 is summarized as follows:

Estimated Fair

Equipment promissory notes

We have not elected the fair value option for any of our financial instruments.

As of September 27, 2025, our obligations under operating lease arrangements primarily related to the rental of office space, warehouses, freight distribution centers, terminal yards and equipment.

CTL promissory note

The Company has not elected the fair value option for any of its financial instruments .

UNIVERSAL LOGISTICS HOLDINGS, INC.

Notes to Unaudited Consolidated Financial Statements - Continued

As of April 4, 2026, our obligations under operating lease arrangements primarily related to the rental of office space, warehouses, freight distribution centers, terminal yards and equipment.

Right-of-use assets represent our right to use an underlying asset over the lease term and lease liabilities represent the obligation to make lease payments resulting from the lease agreement.

4 unchanged sentences

Options to extend or terminate an agreement are included in the lease term when it becomes reasonably certain the option will be exercised.

As of September 27, 2025, we were not reasonably certain of exercising any renewal or termination options, and as such, no adjustments were made to the right-of-use lease assets or corresponding liabilities.

UNIVERSAL LOGISTICS HOLDINGS, INC.

Notes to Unaudited Consolidated Financial Statements - Continued

(9) Leases – continued

As of April 4, 2026, we were not reasonably certain of exercising any renewal or termination options, and as such, no adjustments were made to the right-of-use lease assets or corresponding liabilities.

Leases with an initial term of 12 months or less, short-term leases, are not recorded on the balance sheet.

2 unchanged sentences

For equipment leases, variable lease costs may include additional fees associated with using equipment in excess of estimated amounts.

The following table summarizes our lease costs for the thirteen weeks and thirty-nine weeks ended September 27, 2025 and September 28, 2024 (in thousands):

Thirteen Weeks Ended September 27, 2025

With Affiliates

With Third Parties

Operating lease cost

Short-term lease cost

Variable lease cost

Total lease cost

Thirteen Weeks Ended September 28, 2024

With Affiliates

With Third Parties

Operating lease cost

Short-term lease cost

Variable lease cost

Total lease cost

Thirty-nine Weeks Ended September 27, 2025

The following table summarizes lease costs for the thirteen weeks ended April 4, 2026 and March 29, 2025 (in thousands):

Thirteen Weeks Ended April 4, 2026

With Affiliates

4 unchanged sentences

Total lease cost

Thirty-nine Weeks Ended September 29, 2024

Thirteen Weeks Ended March 29, 2025

With Affiliates

7 unchanged sentences

(10) Leases – continued

The following table summarizes other lease related information as of and for the thirty-nine week periods ended September 27, 2025 and September 28, 2024 (in thousands):

September 27,

The following table summarizes other lease related information as of and for the thirteen week periods ended April 4, 2026 and March 29, 2025 (in thousands):

Thirteen Weeks Ended April 4, 2026

Other information

Cash paid for amounts included in the measurement of operating leases

Right-of-use asset change due to lease termination

Right-of-use assets obtained in exchange for new operating lease liabilities

Future right-of-use asset change due to a lease signed with a future commencement date

Weighted-average remaining lease term (in years)

Weighted-average discount rate

September 28,

Thirteen Weeks Ended March 29, 2025

Other information

3 unchanged sentences

Weighted-average discount rate

Future minimum lease payments under these operating leases as of September 27, 2025, are as follows (in thousands):

Future minimum lease payments under these operating leases as of April 4, 2026 are as follows (in thousands):

With Affiliates

10 unchanged sentences

Certain Moroun family trusts beneficially own a majority of our outstanding shares.

Moroun is trustee of these trusts with investment authority over the shares, and Frederick P.

Calderone, a member of our Board, is special trustee of these trusts with voting authority over the shares.

Moroun has investment authority over the shares held by such trusts and has the power to appoint and remove the special trustee.

Calderone, a member of our Board, serves as special trustee of such trusts and exercises voting authority over the shares.

The Moroun family also owns or significantly influences the management and operating policies of other businesses engaged in transportation, insurance, business services and real estate development and management.

2 unchanged sentences

The cost of these services is based on the actual or estimated utilization of the specific service.

We also purchase other services from our affiliates.

Following is a schedule of cost incurred and included in operating expenses for services provided by affiliates for the thirteen weeks and thirty-nine weeks ended September 27, 2025 and September 28, 2024, respectively (in thousands):

We also purchase other services from affiliates .

The following is a schedule of cost incurred and included in operating expenses for services provided by affiliates for the thirteen weeks ended April 4, 2026 and March 29, 2025 (in thousands):

Thirteen Weeks Ended

Thirty-nine Weeks Ended

September 27,

September 28,

September 27,

September 28,

Real estate rent and related costs

2 unchanged sentences

Contracted transportation services

We pay the direct variable cost of maintenance, fueling and other operational support costs for services delivered at our affiliate’s trucking terminals that are geographically remote from our own facilities.

We pay the direct variable cost of maintenance, fueling and other operational support costs for services delivered at our affiliates’ trucking terminals that are geographically remote from our own facilities.

Such costs are billed when incurred, paid on a routine basis, and reflect actual labor utilization, repair parts costs or quantities of fuel purchased.

1 unchanged sentence

Our occupancy is based on either month-to-month or contractual multi-year lease arrangements that are billed and paid monthly.

Leasing properties from a related party affords us significant operating flexibility;

Leasing properties from related parties affords us significant operating flexibility;

however, we are not limited to such arrangements.

See Note 10, “Leases,” for further information regarding the cost of leased properties .

We purchase employee medical, workers’ compensation, property and casualty, cargo, warehousing and other general liability insurance from an insurance company controlled by our controlling stockholder.

We also purchase employee medical, workers’ compensation, property and casualty, cargo, warehousing and other general liability insurance from an affiliated insurance company.

In our Consolidated Balance Sheets, we record our insured claims liability and the related recovery in insurance and claims, and other receivables.

At September 27, 2025 and December 31, 2024, there were $ 19.8 million and $ 19.5 million, respectively, included in each of these accounts for insured claims.

At April 4, 2026 and December 31, 2025, there were $ 18.7 million and $ 18.0 million, respectively, included in each of these accounts for insured claims.

Other services from affiliates, including contracted transportation services, are delivered to us on a per-transaction basis or pursuant to separate contractual arrangements provided in the ordinary course of business.

At September 27, 2025 and December 31, 2024, amounts due to affiliates were $ 27.6 million and $ 23.3 million, respectively.

During the thirty-nine weeks ended September 27, 2025, we contracted with an affiliate to provide real property improvements for us totaling $ 4.4 million.

There were no such purchases made during the thirty-nine weeks ended September 28, 2024.

During the thirty-nine weeks ended September 28, 2024, we purchased trailers from an affiliate totaling $ 3.1 million.

There were no such purchases made during the thirty-nine weeks ended September 27, 2025.

At April 4, 2026 and December 31, 2025, amounts due to affiliates were $ 24.9 million and $ 17.2 million, respectively.

During the thirteen weeks ended March 29, 2025, we contracted with an affiliate to provide real property improvements totaling $ 4.4 million.

There were no such purchases made during the thirteen weeks ended April 4, 2026.

UNIVERSAL LOGISTICS HOLDINGS, INC.

2 unchanged sentences

Services provided by Universal to Affiliates

We periodically assist companies that are owned by our controlling stockholder by providing selected transportation and logistics services in connection with their specific customer contracts or purchase orders.

Truck fueling and administrative expenses are presented net in operating expense.

Following is a schedule of services provided to affiliates for the thirteen weeks and thirty-nine weeks ended September 27, 2025 and September 28, 2024 (in thousands):

We periodically provide transportation, logistics and facility-related services to companies affiliated with our controlling stockholder in connection with their customer contracts, purchase orders and operational needs.

Certain truck fueling and administrative costs are netted against the related affiliate revenues in operating expense.

The following table summarizes services provided to affiliates for the thirteen weeks ended April 4, 2026 and March 29, 2025 (in thousands) :

Thirteen Weeks Ended

Thirty-nine Weeks Ended

September 27,

September 28,

September 27,

September 28,

Contracted transportation services

Facilities and related support

During the thirty-nine weeks ended September 27, 2025, we sold used trailers to an affiliate for $ 0.4 million.

There were no such sales made during the thirty-nine weeks ended September 28, 2024.

At September 27, 2025 and December 31, 2024, amounts due from affiliates were $ 2.2 million and $ 1.3 million, respectively.

At April 4, 2026 and December 31, 2025, amounts due from affiliates were $ 0.7 million and $ 1.0 million, respectively.

(12) Stock Based Compensation

In May 2025, we granted 2,802 shares of common stock under our equity plan to non-employee directors.

These restricted stock awards have a fair value of $ 22.47 per share, based on the closing price of our stock on the grant date, and vested immediately.

In February 2025, we granted 24,195 shares of restricted stock under our equity plan to certain employees, including 5,887 shares to our Chief Executive Officer and 7,521 shares to our Chief Financial Officer.

The restricted stock awards have a grant date fair value of $ 29.73 per share, based on the closing price of our stock.

The shares will vest in four equal installments on each March 15 in 2026, 2027, 2028, and 2029, subject to their continued employment with us.

In February 2025, we granted 1,904 shares of restricted stock under our equity plan to one of our employees.

This restricted stock award has a fair value of $ 27.46 per share, based on the closing price of our stock on the grant date.

The shares will vest in four equal installments on each March 15 in 2026, 2027, 2028, and 2029, subject to their continued employment with us.

In May 2024, we granted 1,545 shares of common stock under our equity plan to non-employee directors.

These restricted stock awards have a fair value of $ 45.22 per share, based on the closing price of our stock on the grant date, and vested immediately.

In February 2024, we granted 21,105 shares of restricted stock under our equity plan to certain employees, including 5,160 shares to our Chief Executive Officer and 5,223 shares to our Chief Financial Officer.

The restricted stock awards have a grant date fair value of $ 31.96 per share, based on the closing price of our stock.

The shares will vest in four equal installments on each March 15 in 2025, 2026, 2027, and 2028, subject to their continued employment with us.

In March 2023, we granted 34,611 shares of restricted stock under our equity plan to certain employees, including 9,134 shares to our Chief Executive Officer and 8,441 shares to our Chief Financial Officer.

The restricted stock awards have a grant date fair value of $ 27.59 per share, based on the closing price of our stock.

The shares will vest in four equal installments on each March 15 in 2024, 2025, 2026, and 2027, subject to their continued employment with us.

In September 2021, we granted 2,355 shares of restricted stock under our equity plan to one of our employees.

This restricted stock award has a fair value of $ 20.46 per share, based on the closing price of our stock on the grant date.

The shares will vest in five equal increments on each August 9 in 2022, 2023, 2024, 2025 and 2026, subject to continued employment with us.

In February 2020, we granted 5,000 shares of restricted stock under our equity plan to our Chief Financial Officer.

This restricted stock award has a fair value of $ 17.74 per share, based on the closing price of our stock on the grant date.

The shares vested on February 20, 2024.

UNIVERSAL LOGISTICS HOLDINGS, INC.

Notes to Unaudited Consolidated Financial Statements - Continued

(11) Stock Based Compensation – continued

In January 2020, we granted 60,000 shares of restricted stock under our equity plan to our Chief Executive Officer.

This restricted stock award has a fair value of $ 18.82 per share, based on the closing price of our stock on the grant date.

The shares will vest in installments of 20,000 shares on January 10, 2024 and January 10, 2026, and installments of 10,000 shares on January 10, 2027 and January 10, 2028, subject to his continued employment with us.

A grantee’s vesting of restricted stock awards may be accelerated under certain conditions, including retirement.

The following table summarizes the status of the our non-vested shares and related information for the period indicated:

The following table summarizes the status of our non-vested shares and related information for the period indicated:

Average Grant

1 unchanged sentence

Non-vested at January 1, 2026

Balance at September 27, 2025

In the thirty-nine week periods ended September 27, 2025 and September 28, 2024, the total grant date fair value of vested shares recognized as compensation costs was $ 0.5 million and $ 0.8 million, respectively.

Included in compensation cost during both the thirty-nine week periods ended September 27, 2025 and September 28, 2024 was approximately $ 0.1 million recognized as a result shares of stock granted to non-employee directors.

As of September 27, 2025, there was approximately $ 2.5 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements.

Balance at April 4, 2026

In the thirteen week periods ended April 4, 2026 and March 29, 2025, the total grant date fair value of vested shares recognized as compensation costs was $ 1.0 million and $ 0.4 million, respectively.

As of April 4, 2026, there was approximately $ 2.3 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements.

That cost is expected to be recognized on a straight-line basis over the remaining vesting period.

3 unchanged sentences

Diluted earnings per common share include dilutive common stock equivalents determined by the treasury stock method.

For the thirteen weeks and thirty-nine weeks ended September 27, 2025, there were 40,471 and 58,034 weighted average non-vested shares of restricted stock, respectively, included in the denominator for the calculation of diluted earnings per share.

For the thirteen weeks and thirty-nine weeks ended September 28, 2024, we included 35,546 and 31,106 weighted average non-vested shares of restricted stock, respectively, in the denominator for the calculation of diluted earnings per share.

In the thirteen weeks and thirty-nine weeks ended September 27, 2025, we excluded 57,585 and 40,022 shares, respectively, of non-vested restricted stock from the calculation of diluted earnings per share because such shares were anti-dilutive.

No shares of non-vested restricted stock were excluded from the calculation of diluted earnings per share due to anti-dilution during the thirteen weeks or thirty-nine weeks September 28, 2024.

For the thirteen weeks ended April 4, 2026 and March 29, 2025, there were zero and 26,221 weighted average non-vested shares of restricted stock, respectively, included in the denominator for the calculation of diluted earnings per share.

In thirteen weeks ended April 4, 2026, 98,330 were excluded from the calculation of diluted earnings per share because such shares were anti-dilutive.

No such shares were excluded from the calculation of diluted earnings per share for the thirteen weeks ended March 29, 2025 .

(14) Dividends

On July 24, 2025 , our Board of Directors declared a cash dividend of $ 0.105 per share of common stock, payable on October 1, 2025 to stockholders of record at the close of business on September 1, 2025 .

Declaration of future cash dividends is subject to final determination by the Board of Directors each quarter after its review of our financial condition, results of operations, capital requirements, any legal or contractual restrictions on the payment of dividends and other factors the Board of Directors deems relevant.

On March 13, 2026 , our Board of Directors declared the regular quarterly cash dividend of $ 0.105 per share of common stock, payable to stockholders of record at the close of business on March 23, 2026 and was paid on April 3, 2026 .

Declaration of future cash dividends is subject to final determination by the Board each quarter after its review of our financial condition, results of operations, capital requirements, any legal or contractual restrictions on the payment of dividends and other factors the Board of Directors deems relevant .

UNIVERSAL LOGISTICS HOLDINGS, INC.

Notes to Unaudited Consolidated Financial Statements - Continued

(15) Income Taxes

Income tax (benefit) expense for the thirteen weeks ended April 4, 2026 and March 29, 2025 was $( 1.1 ) million and $ 2.0 million representing an effective tax rate of 24.2 % and 25.1 %, respectively.

The effective tax rate is primarily driven by U.S.

state income tax partially offset by income/(losses) earned in foreign jurisdictions with a statutory rate different that the United States.

(16) Segment Reporting

During the third quarter of 2024, we changed the way we aggregate our business units and adopted a new segment reporting structure.

In connection with this change, the historical results of the former company-managed brokerage business is included in other non-reportable segments.

As a result, we report our financial results in three distinct reportable segments:

contract logistics, intermodal and trucking, which are based primarily on the services each segment provides.

This presentation reflects the manner in which management evaluates our operating segments, including an evaluation of economic characteristics and applicable aggregation criteria.

Operations aggregated in our contract logistics segment deliver value-added or dedicated transportation services to support in-bound logistics to industrial customers and major retailers on a contractual basis, generally pursuant to terms of one year or longer.

Our intermodal segment is associated with local and regional drayage moves coordinated by company-managed terminals using a mix of owner-operators, company equipment and third-party capacity providers (broker carriers).

Operations included in our trucking segment are associated with individual freight shipments coordinated by our agents and company-managed terminals using a mix of owner-operators, company equipment and broker carriers.

Other non-reportable segments are comprised of legacy company-managed brokerage operations and the Company’s subsidiaries that provide support services to other subsidiaries.

The Company’s President and Chief Executive Officer serves as our Chief Operating Decision Maker (CODM).

Our CODM is responsible for reviewing segment performance and making decisions regarding the allocation of resources.

The CODM uses income from operations compared to budgeted, forecasted, and prior period amounts to assess segment performance.

Separate balance sheets are not prepared by segment, and we do not provide asset information by segment to the CODM.

The following tables summarize information about our reportable segments for the thirteen week and thirty-nine week periods ended September 27, 2025 and September 28, 2024 (in thousands):

Thirteen Weeks Ended September 27, 2025

Contract Logistics

Total operating revenues (1)

Operating expenses:

Purchased transportation and equipment rent

Direct personnel and related benefits

Operating supplies and expenses

Commission expense

Occupancy expense

Depreciation and amortization

Other segment expenses (3)

Total operating expenses

Income (loss) from operations

(1) Eliminated intersegment revenues in the contract logistics, intermodal and trucking segments were $ 0.2 million, $ 1.3 million, and $ 0.0 million, respectively.

(2) Credits within other non-reportable include allocations and eliminations to the other reportable segments.

(3) Other segment expenses include general and administrative, insurance and claims, impairments, and other corporate allocations to reportable segments.

UNIVERSAL LOGISTICS HOLDINGS, INC.

Notes to Unaudited Consolidated Financial Statements - Continued

(14) Segment Reporting – continued

Thirteen Weeks Ended September 28, 2024 (Recast)

Contract Logistics

Total operating revenues (1)

Operating expenses:

Purchased transportation and equipment rent

Direct personnel and related benefits

Operating supplies and expenses

Commission expense

Occupancy expense

Depreciation and amortization

Other segment expenses (3)

Total operating expenses

Income (loss) from operations

(1) Eliminated intersegment revenues in the contract logistics, intermodal and trucking segments were $ 0.0 million, $ 0.8 million, and $ 0.0 million, respectively.

(2) Credits within other non-reportable include allocations and eliminations to the other reportable segments.

(3) Other segment expenses include general and administrative, insurance and claims, impairments, and other corporate allocations to reportable segments.

Thirty-nine Weeks Ended September 27, 2025

We report our financial results in three reportable segments:

contract logistics, intermodal and trucking.

These segments are based primarily on the services provided by each segment and reflect the manner in which management evaluates the Company’s operations, including the economic characteristics and applicable aggregation criteria of the underlying businesses .

Our contract logistics segment includes value-added and dedicated transportation services that support inbound logistics to industrial customers and major retailers, generally pursuant to contracts with terms of one year or longer.

Our trucking segment is associated with individual freight shipments coordinated by our agents and company-managed terminals using a mix of owner-operators, company equipment and third-party capacity providers.

Other non-reportable segments include subsidiaries that provide administrative and support services to other Company subsidiaries.

The Company’s President and Chief Executive Officer serves as the chief operating decision maker (“CODM”).

The CODM evaluates segment performance primarily based on income from operations and reviews segment results against internal budgets, forecasts and prior period performance.

The CODM also regularly reviews significant segment expense categories, including purchased transportation and equipment rent, direct personnel and related benefits, operating supplies and expenses, commission expense, occupancy expense, depreciation and amortization, and other segment expenses.

Separate balance sheet information is not regularly provided to the CODM .

The following tables summarize financial information about our reportable segments for the thirteen weeks ended April 4, 2026 and March 29, 2025 (in thousands):

Thirteen Weeks Ended April 4, 2026

Contract Logistics

9 unchanged sentences

Total operating expenses

Income (loss) from operations

(1) Eliminated intersegment revenues in the contract logistics, intermodal and trucking segments were $ 0.4 million, $ 3.5 million, and $ 0.0 million, respectively.

Income from operations

(1) Total operating revenues are presented net of intersegment revenues eliminated in consolidation.

Intersegment revenues eliminated in consolidation were $ 0.5 million in contract logistics, $ 1.0 million in intermodal and $ 0.1 million in trucking .

(2) Credits within other non-reportable include allocations and eliminations to the other reportable segments.

(3) Other segment expenses include general and administrative, insurance and claims, impairments, and other corporate allocations to reportable segments.

(3) Other segment expenses include general and administrative expense, insurance and claims, and other corporate allocations to reportable segments.

UNIVERSAL LOGISTICS HOLDINGS, INC.

1 unchanged sentence

(16) Segment Reporting – continued

Thirty-nine Weeks Ended September 28, 2024 (Recast)

Thirteen Weeks Ended March 29, 2025

Contract Logistics

9 unchanged sentences

Total operating expenses

Income (loss) from operations

(1) Eliminated intersegment revenues in the contract logistics, intermodal and trucking segments were $ 0.1 million, $ 1.9 million, and $ 0.0 million, respectively.

Income from operations

(1) Total operating revenues are presented net of intersegment revenues eliminated in consolidation.

Intersegment revenues eliminated in consolidation were $ 0.1 million in contract logistics, $ 1.1 million in intermodal and $ 0.0 million in trucking .

(2) Credits within other non-reportable include allocations and eliminations to the other reportable segments.

(3) Other segment expenses include general and administrative, insurance and claims, impairments, and other corporate allocations to reportable segments.

(3) Other segment expenses include general and administrative expense, insurance and claims, and other corporate allocations to reportable segments.

(17) Commitments and Contingencies

2 unchanged sentences

We also provide accruals for claims within our self-insured retention amounts.

Based on the knowledge of the facts, and in certain cases, opinions of outside counsel, in the Company’s opinion the resolution of these claims and pending litigation will not have a material effect on our financial position, results of operations or cash flows.

However, if we experience claims that are not covered by our insurance or that exceed our estimated claim reserve, it could increase the volatility of our earnings and have a materially adverse effect on our financial condition, results of operations or cash flows.

At September 27, 2025, approximately 39 % of our employees were subject to collective bargaining agreements that are renegotiated periodically, less than 10 % of which are subject to contracts that expire in 2025.

The Company records accruals for claims within its self-insured retention amounts when losses are probable and reasonably estimable.

Based on the facts currently known and, in certain cases, the opinions of outside counsel, management believes that the resolution of these matters will not have a material adverse effect on the Company’s financial position, results of operations or cash flows.

However, if the Company experiences claims that are not covered by insurance, exceed policy limits or exceed estimated reserves, it could increase the volatility of earnings and adversely affect the Company’s financial condition, results of operations or cash flows.

At April 4, 2026, approximately 37 % of our employees were subject to collective bargaining agreements that are renegotiated periodically, approximately 26 % of which are subject to contracts that expire in 2026.

While the Company expects to negotiate successor agreements in the ordinary course of business, there can be no assurance that such negotiations will be completed without increased labor costs, work stoppages or other disruptions that could adversely affect the Company’s operations, financial condition or results of operations.

(18) Subsequent Events

On October 1, 2025, we entered into a third amendment agreement to our Revolving Credit Facility.

The amendment modifies the credit agreement by increasing the maximum revolving amount by $ 100.0 million to $ 500.0 million through a partial exercise of the accordion feature set forth in the credit agreement.

The amendment further modifies the credit agreement to permit a subsidiary of Universal to borrow up to $ 200.0 million under a potential credit tenant lease financing transaction, provided that the net proceeds of such financing are used (i) to repay in full all outstanding indebtedness and other obligations owing under the UACL Credit Agreement, and (ii) to prepay in part the outstanding revolving loans under the third amendment agreement.

On October 22, 2025, we completed a credit tenant lease (“CTL”) financing transaction by issuing a senior secured promissory note in the principal amount of approximately $ 195.9 million.

The note bears interest at a fixed rate of 6.84 % per annum and matures on November 15, 2034 .

The note is secured primarily by our interests under a long-term composite sublease agreement.

The CTL debt is non-recourse to the Company and its subsidiaries, except for customary limited-recourse obligations under indemnity and guaranty agreements relating to environmental matters, lease-term compliance, and certain representations, warranties, and covenants.

We used the net proceeds of the CTL financing to (i) repay in full approximately $ 35.3 million of outstanding indebtedness owed under the UACL Credit Agreement and certain subsidiaries, and (ii) prepay in part approximately $ 158.6 million of the outstanding revolving loans under the Revolving Credit Facility.

After giving effect to the repayment, approximately $ 218.8 million remains outstanding under the Revolving Credit Facility.

UNIVERSAL LOGISTICS HOLDINGS, INC.

Notes to Unaudited Consolidated Financial Statements - Continued

(16) Subsequent Events – continued

On November 6, 2025 , our Board of Directors declared a cash dividend of $ 0.105 per share of common stock, payable on January 2, 2026 to stockholders of record at the close of business on December 1, 2025 .

On May 1, 2026 , our Board of Directors declared a cash dividend of $ 0.105 per share of common stock, payable on July 1, 2026 to stockholders of record at the close of business on June 1, 2026 .

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements