Hub Group has delayed reporting its Q1 2026 earnings as it continues to sort through a previously disclosed accounting error that held up filing its 2025 full-year results and has now led to restating year-end financials for 2023 and 2024, the company announced May 12.
The company has now missed two consecutive earnings filing deadlines. Previously, it did not meet a March 2 deadline to submit its 2025 end-of-year financials over misstated results from prior quarters that year, which led Hub Group to receiving a delinquency notice from Nasdaq.
However, despite missing its latest quarterly earnings filing deadline, the stock exchange granted Hub Group a 180-day extension or until Sept. 14 to regain compliance with Nasdaq’s listing requirements, per the release. The company added it, “expects to file the Form 10-Q for the quarter ended March 31, 2026 as soon as practicable.”
Hub Group in February announced a $77 million accounting error, which led to understatement of purchased transportation costs and accounts payable the first nine months of 2025. The company intends to restate and include its quarterly financial information for all of 2025 when it files its end-of-year results.
But further investigation by the company led to a decision to restate financial statements for the years ended Dec. 31, 2023 and Dec. 31, 2024, according to the release.
“This determination follows a review, conducted under the direction of the Audit Committee of the Board of Directors, that identified certain transactions that were prematurely or incorrectly recognized or not adequately supported within those financial statements,” per the release. Hub Group noted restating its end-of-year 2023 and 2024 financials will not impact total cash and cash equivalents or operating cash flow for any periods of those years.
Hub Group said it is working diligently to complete its financial statement restatements and intends to meet all requirements to file periodic financial reports with the Securities and Exchange Commission and Nasdaq.
Meanwhile, while not disclosing any financial information, Hub Group noted its Q1 intermodal volume reflected steady demand with pricing outlook continuing to improve due to truckload capacity exiting the market and fuel price volatility.
The company said it onboarded “significant new business” in its managed transportation and final mile segments in Q1.
“The Company continues to take actions to drive growth, improve profitability and increase operating cash flows, which along with its balance sheet strength and strong service, positions Hub Group well for long-term growth,” the firm said.
