Radiant Logistics (NYSEAMERICAN:RLGT) reported higher net income for its fiscal third quarter ended March 31, 2026, while adjusted earnings measures declined from the prior-year period, as management described a logistics market shaped by improving domestic freight pricing and unusually complex international trade disruptions.
Founder and CEO Bohn Crain said the company delivered $7.8 million in adjusted EBITDA during what he called Radiant’s “seasonally slowest quarter of the year.” He attributed the company’s resilience to the breadth of its service offerings and the quality of its network, even as domestic and international logistics markets moved in different directions.
Quarterly Net Income Rises, Adjusted EBITDA Declines
Macomber said the year-over-year increase in net income was approximately $2.1 million, or 83.8%.
However, adjusted profitability measures fell from the prior-year quarter:
- Adjusted net income: $5.3 million, down from $6.9 million a year earlier, a decrease of 22.4%.
- Adjusted EBITDA: $7.8 million, down from $9.4 million a year earlier, a decrease of 17.5%.
For the first nine months of fiscal 2026, Radiant reported net income attributable to the company of $11.3 million on revenue of $672.9 million, or $0.24 per basic share and $0.23 per diluted share. In the comparable prior-year period, the company reported net income of $12.4 million on revenue of $682.1 million, or $0.26 per basic share and $0.25 per diluted share.
Nine-month adjusted net income was $17.9 million, down 29.8% from $25.5 million a year earlier. Adjusted EBITDA for the nine-month period was $26.3 million, compared with $30.9 million in the prior year, a decline of 14.7%.
Domestic Freight Showing Signs of Improvement
Crain said the North American truckload and intermodal markets are showing “encouraging signs” of a supply-driven recovery as capacity exits the industry through carrier attrition, tighter driver availability and normalization after fleet expansion in prior years.
He said spot rates, tender rejections and other cycle indicators have moved higher, while driver headcount is at multi-year lows. Although those trends were not fully reflected in the March quarter results, Crain said they should create better opportunities for Radiant’s domestic operations.
In response to a question from TD Cowen analyst Jason Seidl, Crain said January and February started slowly, but March was stronger and momentum continued to build sequentially. He said rate increases by asset-based carriers and tender rejections were creating positive effects for both truck brokerage and intermodal operations.
“We’re bullish,” Crain said, adding that Radiant has been able to navigate its limited contracted exposure into “better situations.” Asked about contracted renewals, he said Radiant was not seeing double-digit increases, but expected high single-digit rate improvements.
During the question-and-answer session, Citizens Bank analyst Jeff Kauffman asked whether stronger rates were being accompanied by volume improvement. Crain said the current domestic market recovery has been more capacity-driven than demand-driven. He said Radiant was seeing growth in government services and military-related work, as well as opportunities tied to hurricane and typhoon activity, data center support and some improvement in consumer packaged goods, food and beverage, particularly in Canada. He said traditional retail and luxury goods have not been as strong.
International Markets Pressured by Tariffs and Disruptions
Crain described the international freight environment as “considerably more challenging” and unusually complex. He cited two major forces affecting global trade flows: changes in U.S. tariff policy and physical disruption to shipping routes tied to conflict in the Middle East.
According to Crain, tariff uncertainty has disrupted established trade lanes, particularly the China-to-U.S. corridor, and accelerated customer interest in nearshoring and sourcing diversification. He said near-term volumes on affected lanes have softened, but the complexity of new trade routes, customs rules and compliance requirements increases the value of experienced logistics partners.
Crain also said conflict-related disruption has rerouted global ocean freight, extended transit times, increased fuel costs and driven higher air freight demand from time-sensitive shippers.
In the Q&A, Crain said ocean freight rates, particularly in the Trans-Pacific lane, have remained difficult. He said areas such as customs brokerage and compliance were more constructive, and Radiant has exposure to those parts of the international business.
Technology Initiatives Remain a Focus
Management highlighted continued progress on Navegate, Radiant’s global trade management and collaboration platform, and Ray, its first AI-powered agent.
Crain said Navegate is gaining traction by offering customers supply chain visibility, routing intelligence and cost optimization. He said the platform can be deployed in weeks rather than months or years, which he called a competitive differentiator.
Seidl asked whether Radiant would provide metrics or sizing around Navegate. Crain said the company is considering how to provide more disclosure but is not ready to do so. He said management views Navegate as a potential catalyst for organic growth over time.
Newland Capital analyst Mike Vermut also asked about Navegate’s growth potential. Crain said the company expects it to be significant to organic growth over the next few years, though he noted that reporting the impact may be complicated because some customers may pay separate technology fees while others may bundle technology with transportation costs.
Regarding Ray, Crain said Radiant is still in the early stages and is not yet ready to share key performance indicators. He said the company is initially focused on streamlining international quote administration across its global agent network and is exploring additional workflow automation across domestic and international shipment life cycles.
Balance Sheet Supports Capital Allocation Plans
Crain said Radiant remains “essentially debt-free on a net basis” relative to its $200 million credit facility, giving the company flexibility to pursue operating partner conversions, tuck-in acquisitions and share repurchases.
He also said Radiant has been opportunistic in acquiring NVOCC ocean service businesses during the softer market environment, which he described as buying “on what I believe is a dip.” He cited recent expansion in Hong Kong and a new office in Shenzhen as steps that complement the company’s Shanghai operations.
In closing remarks, Crain said Radiant intends to “thoughtfully relever” its balance sheet through agent station conversions, synergistic tuck-in acquisitions and stock buybacks, while continuing to leverage its technology, North American footprint and global service partner network.
About Radiant Logistics (NYSEAMERICAN:RLGT)
Radiant Logistics, Inc, through its subsidiaries, is a third-party logistics (3PL) provider offering freight brokerage, managed transportation, contract logistics and supply chain solutions. The company arranges full-truckload (FTL), less-than-truckload (LTL), intermodal, ocean and air freight across multiple geographies. Radiant also provides customs brokerage, trade compliance services and warehousing support, serving industries such as manufacturing, retail, energy and automotive.
Founded in 2005 and headquartered in Green Bay, Wisconsin, Radiant Logistics has grown its network of client-facing offices throughout North America, with additional service centers in Europe and the Asia Pacific region.
