MRTN — what changed in the latest 10-Q
A section-by-section comparison of MRTN's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-06 vs the prior 10-Q · 2026-05-08
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +22 | −5 | ~23 | 20 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 2 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-06
Our operating income declined 29.0% to $6.9 million in the 2026 period from $9.7 million in the 2025 period as a result of the foregoing factors. Our operating expenses as a percentage of operating revenue, or “operating ratio,” was 96.9% in the 2026 period and 95.8% in the 2025 period. The operatin…
Our effective income tax rate increased to 30.1% in the 2026 period from 29.3% in the 2025 period primarily due to increases in per diem and other non-deductible expenses as a percentage of earnings.
As a result of the factors described above, net income declined 25.7% to $5.3 million, or $0.07 per diluted share, in the 2026 period from $7.2 million, or $0.09 per diluted share, in the 2025 period.
Comparison of Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025
The following table sets forth for the periods indicated our operating revenue, operating income and operating ratio by segment, along with the change for each component:
Text removed vs the prior filing · source: 10-Q · 2026-05-08
The $2.2 million, or 26.4%, decrease in other operating expenses in the 2026 period was primarily due to decreases in legal costs and chassis rental expense.
Our operating income declined 72.8% to $1.6 million in the 2026 period from $5.9 million in the 2025 period as a result of the foregoing factors. Our operating expenses as a percentage of operating revenue, or “operating ratio,” was 99.2% in the 2026 period and 97.4% in the 2025 period. The operatin…
Our effective income tax rate increased to 32.6% in the 2026 period from 30.2% in the 2025 period primarily due to increases in per diem and other non-deductible expenses as a percentage of earnings.
As a result of the factors described above, net income declined 68.1% to $1.4 million, or $0.02 per diluted share, in the 2026 period from $4.3 million, or $0.05 per diluted share, in the 2025 period.
In the first three months of 2026, net cash flows provided by operating activities of $33.0 million were primarily used to purchase new revenue equipment, net of proceeds from dispositions, in the amount of $2.7 million and to pay cash dividends of $4.9 million, resulting in a $26.5 million increase…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice