UNIVERSAL LOGISTICS HOLDINGS, INC. Segments Disclosure
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 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 fiscal years ended December 31, 2025, 2024 and 2023 (in thousands):
|
|
2025 |
|
|||||||||||||||||
|
|
Contract Logistics |
|
|
Intermodal |
|
|
Trucking |
|
|
Other (2) |
|
|
Total |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total operating revenues (1) |
|
$ |
1,049,484 |
|
|
$ |
257,017 |
|
|
$ |
251,422 |
|
|
$ |
474 |
|
|
$ |
1,558,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Purchased transportation and equipment rent |
|
|
8,571 |
|
|
|
106,803 |
|
|
|
183,315 |
|
|
|
11,746 |
|
|
|
310,435 |
|
Direct personnel and related benefits |
|
|
610,034 |
|
|
|
67,929 |
|
|
|
7,573 |
|
|
|
4 |
|
|
|
685,540 |
|
Operating supplies and expenses |
|
|
162,162 |
|
|
|
41,761 |
|
|
|
13,031 |
|
|
|
(11,590 |
) |
|
|
205,364 |
|
Commission expense |
|
|
23 |
|
|
|
2,671 |
|
|
|
14,406 |
|
|
|
— |
|
|
|
17,100 |
|
Occupancy expense |
|
|
30,995 |
|
|
|
21,189 |
|
|
|
209 |
|
|
|
(3,002 |
) |
|
|
49,391 |
|
Depreciation and amortization |
|
|
88,500 |
|
|
|
25,977 |
|
|
|
9,766 |
|
|
|
22,004 |
|
|
|
146,247 |
|
Other segment expenses (3) |
|
|
66,673 |
|
|
|
152,742 |
|
|
|
9,192 |
|
|
|
(19,940 |
) |
|
|
208,667 |
|
Total operating expenses |
|
|
966,958 |
|
|
|
419,072 |
|
|
|
237,492 |
|
|
|
(778 |
) |
|
|
1,622,744 |
|
Income (loss) from operations |
|
$ |
82,526 |
|
|
$ |
(162,055 |
) |
|
$ |
13,930 |
|
|
$ |
1,252 |
|
|
$ |
(64,347 |
) |
(1) Eliminated intersegment revenues in the contract logistics, intermodal and trucking segments were $4.2 million, $0.5 million, and $0.1 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.
|
|
2024 |
|
|||||||||||||||||
|
|
Contract Logistics |
|
|
Intermodal |
|
|
Trucking |
|
|
Other (2) |
|
|
Total |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total operating revenues (1) |
|
$ |
1,129,658 |
|
|
$ |
308,744 |
|
|
$ |
331,982 |
|
|
$ |
75,651 |
|
|
$ |
1,846,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Purchased transportation and equipment rent |
|
|
13,024 |
|
|
|
134,107 |
|
|
|
251,567 |
|
|
|
84,250 |
|
|
|
482,948 |
|
Direct personnel and related benefits |
|
|
497,870 |
|
|
|
73,557 |
|
|
|
4,385 |
|
|
|
7,439 |
|
|
|
583,251 |
|
Operating supplies and expenses |
|
|
249,090 |
|
|
|
37,984 |
|
|
|
12,453 |
|
|
|
(5,644 |
) |
|
|
293,883 |
|
Commission expense |
|
|
93 |
|
|
|
1,889 |
|
|
|
25,303 |
|
|
|
— |
|
|
|
27,285 |
|
Occupancy expense |
|
|
29,440 |
|
|
|
17,646 |
|
|
|
265 |
|
|
|
(3,142 |
) |
|
|
44,209 |
|
Depreciation and amortization |
|
|
53,521 |
|
|
|
32,944 |
|
|
|
7,146 |
|
|
|
30,577 |
|
|
|
124,188 |
|
Other segment expenses (3) |
|
|
67,536 |
|
|
|
38,358 |
|
|
|
9,900 |
|
|
|
(28,635 |
) |
|
|
87,159 |
|
Total operating expenses |
|
|
910,574 |
|
|
|
336,485 |
|
|
|
311,019 |
|
|
|
84,845 |
|
|
|
1,642,923 |
|
Income (loss) from operations |
|
$ |
219,084 |
|
|
$ |
(27,741 |
) |
|
$ |
20,963 |
|
|
$ |
(9,194 |
) |
|
$ |
203,112 |
|
(1) Eliminated intersegment revenues in the contract logistics, intermodal and trucking segments were $0.2 million, $3.0 million, and $0.1 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.
|
|
2023 |
|
|||||||||||||||||
|
|
Contract Logistics |
|
|
Intermodal |
|
|
Trucking |
|
|
Other (2) |
|
|
Total |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total operating revenues (1) |
|
$ |
829,574 |
|
|
$ |
382,610 |
|
|
$ |
333,211 |
|
|
$ |
116,744 |
|
|
$ |
1,662,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Purchased transportation and equipment rent |
|
|
14,492 |
|
|
|
183,808 |
|
|
|
258,399 |
|
|
|
114,514 |
|
|
|
571,213 |
|
Direct personnel and related benefits |
|
|
447,559 |
|
|
|
80,831 |
|
|
|
5,104 |
|
|
|
9,285 |
|
|
|
542,779 |
|
Operating supplies and expenses |
|
|
124,431 |
|
|
|
45,427 |
|
|
|
8,625 |
|
|
|
(5,839 |
) |
|
|
172,644 |
|
Commission expense |
|
|
151 |
|
|
|
2,252 |
|
|
|
28,967 |
|
|
|
— |
|
|
|
31,370 |
|
Occupancy expense |
|
|
28,530 |
|
|
|
17,590 |
|
|
|
185 |
|
|
|
(2,004 |
) |
|
|
44,301 |
|
Depreciation and amortization |
|
|
40,483 |
|
|
|
25,153 |
|
|
|
2,032 |
|
|
|
9,368 |
|
|
|
77,036 |
|
Other segment expenses (3) |
|
|
46,176 |
|
|
|
25,945 |
|
|
|
12,641 |
|
|
|
(7,410 |
) |
|
|
77,352 |
|
Total operating expenses |
|
|
701,822 |
|
|
|
381,006 |
|
|
|
315,953 |
|
|
|
117,914 |
|
|
|
1,516,695 |
|
Income from operations |
|
$ |
127,752 |
|
|
$ |
1,604 |
|
|
$ |
17,258 |
|
|
$ |
(1,170 |
) |
|
$ |
145,444 |
|
(1) Eliminated intersegment revenues in the contract logistics, intermodal and trucking segments were $0.6 million, $3.0 million, and $0.6 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, and other corporate allocations to reportable segments.
We provide a portfolio of transportation and logistics services to a wide range of customers throughout the United States and in Mexico, Canada and Colombia. Revenues attributed to geographic areas are as follows (in thousands):
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
United States |
|
$ |
1,495,362 |
|
|
$ |
1,791,204 |
|
|
$ |
1,622,993 |
|
Mexico |
|
|
51,238 |
|
|
|
49,275 |
|
|
|
30,462 |
|
Canada |
|
|
10,638 |
|
|
|
3,377 |
|
|
|
5,846 |
|
Colombia |
|
|
1,159 |
|
|
|
2,179 |
|
|
|
2,838 |
|
Total |
|
$ |
1,558,397 |
|
|
$ |
1,846,035 |
|
|
$ |
1,662,139 |
|
Net long-lived assets by geographic area are presented in the table below (in thousands):
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
United States |
|
$ |
866,057 |
|
|
$ |
764,497 |
|
Mexico |
|
|
121,167 |
|
|
|
47,652 |
|
Canada |
|
|
872 |
|
|
|
3,196 |
|
Colombia |
|
|
761 |
|
|
|
1,024 |
|
Total |
|
$ |
988,857 |
|
|
$ |
816,369 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 16, 2026 | Showing above |
| 2024 | Mar 17, 2025 | |
| 2023 | Mar 15, 2024 | |
| 2022 | Mar 16, 2023 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.