Detailed financial statements for ArcBest Corp (ARCB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
ArcBest Corporation, an integrated logistics company, provides ground, air, and ocean transportation solutions worldwide. It operates in two segments, Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellan...
Analysis Summary
ArcBest Corp reported revenue of $4.01B in the most recent fiscal year, growing at a 5-year CAGR of 6.4%. Net income reached $60.1M, with a -3.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 53.8%, operating margin 0.7%, net margin 0.4%. Free cash flow grew at -7.5% CAGR over 5 years.
At $125.44 (closing price, October 30, 2026), ARCB trades at a P/E of 181.80 and an ROE of 1.26%. Market capitalisation stands at $2.8B.
Balance sheet quality for ARCB: current ratio of 1.0, net debt of $340.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $100.8M represents 168% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.70B | $2.83B | $3.09B | $2.99B | $2.94B | $3.77B | $5.03B | $4.43B | $4.18B | $4.01B |
| Cost of Revenue | $2.54B | $2.64B | $2.82B | $2.77B | $2.71B | $3.36B | $4.46B | $4.05B | $3.83B | $3.92B |
| Gross Profit | $162.8M | $188.5M | $272.7M | $216.4M | $228.1M | $406.3M | $573.5M | $378.4M | $350.0M | $90.3M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | $33.7M | $36.7M | $357.9M | $359.7M | $452.2M | $74.6M | $73.7M | 0 | 0 |
| Operating Expenses | $128.7M | $127.1M | $163.6M | $152.7M | $129.8M | $129.4M | $179.0M | $205.8M | $105.6M | 0 |
| Operating Income | $34.1M | $61.3M | $109.1M | $63.8M | $98.3M | $277.0M | $394.5M | $172.6M | $244.4M | $90.3M |
| EBITDA | $136.5M | $161.0M | $202.5M | $175.4M | $222.6M | $406.2M | $536.1M | $341.7M | $376.8M | $265.8M |
| Interest Expense | $5.2M | $6.3M | $9.5M | $11.5M | $11.7M | $8.9M | $7.7M | $9.1M | $9.0M | $12.4M |
| Pre-tax Income | $28.3M | $51.6M | $84.4M | $51.5M | $92.5M | $273.1M | $388.3M | $186.9M | $218.7M | $83.1M |
| Income Tax | $9.6M | -$8.2M | $17.1M | $11.5M | $21.4M | $62.6M | $93.7M | $44.8M | $45.4M | $23.0M |
| Net Income | $18.7M | $59.7M | $67.3M | $40.0M | $71.1M | $213.5M | $298.2M | $195.4M | $174.0M | $60.1M |
| EPS | $0.72 | $2.32 | $2.62 | $1.57 | $2.80 | $8.38 | $12.13 | $8.14 | $7.39 | $2.63 |
| EPS (Diluted) | $0.71 | $2.25 | $2.52 | $1.51 | $2.69 | $7.98 | $11.69 | $7.93 | $7.30 | $2.62 |
| Shares Outstanding (Diluted) | 26.3 M | 26.4 M | 26.7 M | 26.5 M | 26.4 M | 26.8 M | 25.5 M | 24.6 M | 23.8 M | 22.9 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.05B | $972.7M | $998.8M | $1.18B |
| Gross Profit | $86.1M | -$8.3M | $3.4M | $2.18B |
| Operating Income | $54.6M | -$8.3M | $3.4M | -$20.6M |
| EBITDA | $101.2M | $37.8M | $47.3M | $24.5M |
| Net Income | $39.3M | -$8.1M | -$1.0M | -$13.8M |
| EPS | $1.73 | $-0.36 | $-0.05 | $-0.62 |
| EPS (Diluted) | $1.72 | $-0.36 | $-0.05 | $-0.62 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $114.3M | $120.8M | $190.2M | $201.9M | $304.0M | $76.6M | $158.3M | $262.2M | $127.4M | $102.0M |
| Short-term Investments | $56.8M | $56.4M | $106.8M | $116.6M | $65.4M | $48.3M | $167.7M | $67.8M | $29.8M | $22.2M |
| Receivables | $292.6M | $310.9M | $317.9M | $310.8M | $346.6M | $605.1M | $547.7M | $506.6M | $459.5M | $397.3M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $491.1M | $522.3M | $649.2M | $664.4M | $758.2M | $776.1M | $989.8M | $884.8M | $675.6M | $626.1M |
| Property, Plant & Equipment | $532.5M | $591.2M | $631.2M | $752.1M | $793.9M | $802.6M | $966.7M | $1.08B | $1.26B | $1.36B |
| Goodwill | $108.9M | $108.3M | $108.3M | $88.3M | $88.3M | $300.3M | $304.8M | $304.8M | $304.8M | $304.8M |
| Intangible Assets | $80.5M | $73.5M | $68.9M | $58.8M | $55.0M | $126.6M | $113.7M | $101.2M | $88.6M | $69.4M |
| Total Assets | $1.28B | $1.37B | $1.54B | $1.65B | $1.78B | $2.11B | $2.49B | $2.49B | $2.43B | $2.45B |
| Accounts Payable | $133.3M | $129.1M | $143.8M | $134.4M | $170.9M | $311.4M | $269.9M | $214.0M | $172.8M | $154.5M |
| Short-term Debt | $64.1M | $61.9M | $54.1M | $57.3M | $67.1M | $50.6M | $66.3M | $66.9M | $64.0M | $124.3M |
| Total Current Liabilities | $396.2M | $402.6M | $451.3M | $444.3M | $506.5M | $702.7M | $768.5M | $701.6M | $666.0M | $656.9M |
| Long-term Debt | $179.5M | $207.0M | $237.6M | $266.2M | $217.1M | $174.9M | $198.4M | $162.0M | $125.2M | $136.0M |
| Total Liabilities | $683.0M | $714.2M | $821.5M | $888.2M | $950.4M | $1.18B | $1.34B | $1.24B | $1.12B | $1.16B |
| Retained Earnings | $386.9M | $438.4M | $501.4M | $533.2M | $595.9M | $801.3M | $1.09B | $1.27B | $1.44B | $1.48B |
| Total Equity | $599.1M | $651.5M | $717.7M | $763.0M | $828.6M | $929.1M | $1.15B | $1.24B | $1.31B | $1.30B |
| Total Debt | $243.7M | $268.9M | $291.7M | $396.1M | $403.5M | $337.1M | $438.7M | $437.7M | $413.5M | $464.6M |
| Net Debt | $72.6M | $91.7M | -$5.3M | $77.6M | $34.2M | $212.1M | $112.8M | $107.7M | $256.3M | $340.3M |
| Working Capital | $94.9M | $119.8M | $197.9M | $220.1M | $251.6M | $73.4M | $221.3M | $183.2M | $9.7M | -$30.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $120.6M | $102.0M | $64.1M | $145.9M |
| Total Assets | $2.50B | $2.45B | $2.46B | $2.45B |
| Total Liabilities | $1.18B | $1.16B | $1.17B | $1.18B |
| Total Equity | $1.32B | $1.30B | $1.29B | $1.27B |
| Total Debt | $460.5M | $464.6M | $460.1M | $459.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $18.7M | $59.7M | $67.3M | $40.0M | $71.1M | $213.5M | $298.2M | $195.4M | $173.4M | $60.1M |
| Depreciation & Amortization | $103.1M | $103.1M | $108.6M | $112.5M | $118.4M | $124.2M | $140.0M | $145.7M | $149.1M | $170.3M |
| Stock-based Compensation | $7.6M | $7.0M | $8.4M | $9.5M | $10.5M | $11.4M | $12.8M | $11.4M | $11.4M | $10.6M |
| Change in Working Capital | -$36.3M | -$15.6M | $55.9M | -$28.0M | -$1.5M | -$4.1M | $31.1M | $29.6M | -$13.0M | -$42.8M |
| Operating Cash Flow | $110.3M | $151.9M | $255.3M | $170.4M | $206.0M | $323.5M | $470.8M | $322.2M | $285.8M | $229.0M |
| Capital Expenditure | -$78.7M | -$75.6M | -$54.1M | -$102.4M | -$57.5M | -$78.5M | -$165.5M | -$232.0M | -$240.0M | -$128.2M |
| Acquisitions | -$22.0M | $2.5M | $4.7M | $11.5M | $14.2M | -$230.4M | $2.8M | 0 | 0 | $34.5M |
| Stock Repurchased | -$9.5M | -$6.0M | -$9.4M | -$9.1M | -$6.6M | -$83.1M | -$65.0M | -$91.5M | -$75.2M | -$75.6M |
| Dividends Paid | -$8.3M | -$8.3M | -$8.2M | -$8.2M | -$8.2M | -$8.1M | -$10.8M | -$11.5M | -$11.3M | -$11.0M |
| Free Cash Flow | $31.5M | $76.3M | $201.3M | $67.9M | $148.5M | $245.0M | $305.3M | $90.2M | $45.8M | $100.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $98.2M | $44.7M | $8.5M | $129.8M |
| Capital Expenditure | -$58.7M | -$11.2M | -$9.8M | -$9.1M |
| Free Cash Flow | $39.5M | $33.5M | -$1.2M | $120.7M |
| Dividends Paid | -$2.7M | -$2.7M | -$2.7M | -$2.7M |
| Stock-based Compensation | $2.7M | $1.7M | $2.1M | $2.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +4.7% | +9.5% | -3.4% | -1.6% | +28.1% | +33.5% | -12.0% | -5.6% | -4.0% | |
| Net Income Growth (YoY) | +220.2% | +12.6% | -40.6% | +77.8% | +200.3% | +39.7% | -34.5% | -11.0% | -65.5% | |
| EPS Growth (YoY) | +222.2% | +12.9% | -40.1% | +78.3% | +199.3% | +44.7% | -32.9% | -9.2% | -64.4% | |
| Shares Change (YoY) | +0.6% | +1.0% | -0.9% | -0.1% | +1.3% | -4.7% | -3.4% | -3.3% | -3.7% | |
| FCF Growth (YoY) | +142.1% | +163.8% | -66.2% | +118.6% | +65.0% | +24.6% | -70.5% | -49.2% | +119.8% | |
| Gross Margin | 6.0% | 6.7% | 8.8% | 7.2% | 7.8% | 10.8% | 11.4% | 8.5% | 8.4% | 2.3% |
| Operating Margin | 1.3% | 2.2% | 3.5% | 2.1% | 3.3% | 7.4% | 7.8% | 3.9% | 5.8% | 2.3% |
| EBITDA Margin | 5.1% | 5.7% | 6.5% | 5.9% | 7.6% | 10.8% | 10.7% | 7.7% | 9.0% | 6.6% |
| Net Margin | 0.7% | 2.1% | 2.2% | 1.3% | 2.4% | 5.7% | 5.9% | 4.4% | 4.2% | 1.5% |
| FCF Margin | 1.2% | 2.7% | 6.5% | 2.3% | 5.1% | 6.5% | 6.1% | 2.0% | 1.1% | 2.5% |
| Effective Tax Rate | 34.1% | -15.8% | 20.3% | 22.3% | 23.1% | 22.9% | 24.1% | 23.9% | 20.7% | 27.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.20 | $2.89 | $7.54 | $2.57 | $5.62 | $9.15 | $11.97 | $3.66 | $1.92 | $4.39 |
| Dividends Per Share | $0.32 | $0.31 | $0.31 | $0.31 | $0.31 | $0.30 | $0.42 | $0.47 | $0.47 | $0.48 |
| Shares Outstanding (Basic) | 25.8 M | 25.7 M | 25.7 M | 25.5 M | 25.4 M | 25.5 M | 24.6 M | 24.0 M | 23.6 M | 22.8 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 1.26% |
| Return on Invested Capital | 1.24% |
| Return on Assets | 0.66% |
| Gross Margin | 53.78% |
| Operating Margin | 0.69% |
| Net Margin | 0.39% |
Financial Health
| Debt / Equity | 0.36 |
| Current Ratio | 0.97 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 3.47 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 38.40 | 15.41 | 13.08 | 17.58 | 15.24 | 14.30 | 5.77 | 14.77 | 12.63 | 28.21 |
| P/B | 1.19 | 1.41 | 1.23 | 0.92 | 1.31 | 3.29 | 1.50 | 2.32 | 1.67 | 1.31 |
| P/S | 0.26 | 0.32 | 0.28 | 0.24 | 0.37 | 0.81 | 0.34 | 0.65 | 0.53 | 0.42 |
| Gross Margin | 6.0% | 6.7% | 8.8% | 7.2% | 7.8% | 10.8% | 11.4% | 8.5% | 8.4% | 2.3% |
| Operating Margin | 1.3% | 2.2% | 3.5% | 2.1% | 3.3% | 7.4% | 7.8% | 3.9% | 5.8% | 2.3% |
| Net Margin | 0.7% | 2.1% | 2.2% | 1.3% | 2.4% | 5.7% | 5.9% | 4.4% | 4.2% | 1.5% |
Related companies: JBHT · CHRW · SAIA · LSTR · XPO · SNDR
Explore sector: Industrials · Trucking
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