PAMT Corp. reported another quarterly loss as weak contract pricing and a lighter freight mix continued to pressure margins. For the quarter ended Sept. 30, the Tontitown, Arkansas-based carrier posted operating revenue of $150.3 million, down 17.7% year over year, and a net loss of $5.6 million, or 27 cents per share. The consolidated operating ratio landed at 103.8%, signaling the company remained below breakeven on core operations.
The truckload business bore the brunt. Segment operating ratio deteriorated to 106.7% from 100.5% a year ago as volumes and productivity slipped: total miles fell to 41.5 million from 46.5 million, loads declined to 93,853 from 106,061, and revenue per truck per week slid to $3,443 from $3,757. Revenue per total mile before fuel edged down to $2.06 from $2.10. PAMT’s fleet mix also continued to shift, with average company-driver trucks decreasing to 1,568 (from 1,820) while average owner-operator trucks ticked up to 501 (from 481), a sign of ongoing cost and capacity recalibration.
Brokerage was closer to breakeven but still softer than last year. Logistics revenue fell to $41.8 million and the unit’s operating ratio worsened to 99.1% from 94.3%, reflecting tight margins industrywide and a market that still favors shippers.
On the balance sheet, liquidity remains meaningful but leverage is heavier. As of Sept. 30, PAMT counted $175.4 million in combined cash, marketable equity securities and revolver capacity, alongside $239.5 million of stockholders’ equity. Outstanding debt increased to $342.4 million versus year-end 2024, while the company generated $23.1 million of operating cash flow through the first nine months of 2025. Gains on equipment sales of roughly $4 million provided a partial offset to softer operating metrics in the quarter.
Why it matters for truckload carriers: PAMT’s print is a fresh read on a market that remains challenging for asset-based fleets tied to contract freight, particularly those with exposure to cyclical verticals. The company’s year-over-year declines in miles and loads, and a sub-100 revenue-per-mile trend before fuel, point to persistent yield and utilization headwinds that many midsize TLs will recognize. The near-breakeven performance in logistics also echoes a broader brokerage environment where take-rates remain compressed.
There are tentative signs of relief on the spot side. Industry data for the week of Oct. 19–25 showed national 7‑day average spot linehaul rates rising for vans and reefers, with load posts up and equipment posts down, a dynamic that typically tightens pricing into the holidays. That momentum, while modest, can help carriers with flexible capacity or opportunistic routing guides as peak season progresses.
But contract pricing is still stuck in low gear. As of late October, dry van contract rates have hovered around the $2‑per‑mile neighborhood (including fuel) for roughly two years, an unusually long stretch that has kept bargaining power with shippers and capped margin recovery for carriers dependent on contracted volumes. Until annual bid cycles reflect firmer demand—or carriers’ cost inflation is acknowledged in rate renewals—ORs above 100% will remain a risk for asset-heavy TLs.
Bottom line: PAMT’s quarter shows that even disciplined cost actions and equipment gains can’t fully offset weak freight economics. With liquidity in hand but debt higher and TL OR still well north of 100%, the company—and peers in similar footprints—will be looking to seasonal volumes, careful capacity management, and any late-2025 bid improvements to bend margins back toward breakeven. For shippers, the message is unchanged: service remains abundant and pricing stable, but green shoots in spot could presage a gradually tightening 2026 if capacity attrition continues.
Sources: FreightWaves, StockTitan, Associated Press, AJOT (DAT), Trucking Dive
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