Short answer
PAMT CORP (PAMT) filed its fiscal 2025 10-K annual report with the SEC on Mar 12, 2026. It reported revenue of $598M (−16.3% year over year) and net income of −$53M.
- Top risk flagged: Regulatory risk: EPA 2024-2032 heavy duty truck emission standards increasing equipment costs and depreciation expenses
FY2025 key financial metrics · XBRL
- Revenue
- $598M
- −16.3% YoY
- Net income
- −$53M
- −65.5% YoY
- Operating margin
- -10.7%
- −5.6 pp YoY
- EPS (diluted)
- −$2.48
- −71.0% YoY
- ROE
- -25.0%
- −13.5 pp YoY
- Operating cash flow
- $17M
- −70.6% YoY
Source: XBRL data from the PAMT CORP (PAMT) FY2025 10-K on SEC EDGAR. USD.
PAMT CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Truckload transportation services with significant focus on automotive industry freight
- New emphasized risk: Potential reclassification of independent contractors as employees under new labor rules effective March 2024
- Strategic challenges: Increasing regulatory and customer sustainability demands raising operating costs; intensified competition from larger carriers and logistics brokers
- Quantitative metric: Top 5 customers contributed ~43% revenue in 2025; General Motors alone ~14%; automotive sector ~35% of total revenue
- Noteworthy fact: $26.5 million auto-liability reserve increase in Q4 2025 due to settlement exceeding insurance coverage impacting financial results
Management Discussion & Analysis
- Total revenue before fuel surcharge decreased 14.8% to $359.6M in truckload (vs $422.0M in 2024) and 19.3% to $167.0M in logistics/brokerage (vs $207.0M) in 2025
- Operating margin declined: truckload operating loss (18.4%) in 2025 vs loss (11.2%) in 2024; logistics operating income down to 1.3% in 2025 from 5.1% in 2024
- Truckload segment worst performer: loss $66.0M in 2025 (operating ratio 118.4%); logistics best performer positive operating margin 1.3% despite revenue decline
- Cash from operations $17.3M in 2025, down from $59.0M in 2024; financing activities used $68.6M in 2025 including $91.9M new debt offset by $83.6M repayments; investing generated $18.4M
- Outlook risk: challenging freight market with oversupply of trucks, downward rate pressure affecting revenues and margins, increased insurance claims reserve ($30M settlement) impacting expenses
Risk Factors
- Regulatory risk: EPA 2024-2032 heavy duty truck emission standards increasing equipment costs and depreciation expenses
- Geopolitical risk: 25% U.S. tariffs on Mexico/Canada imports impacting Mexico-heavy automotive supply chain and cross-border freight volumes
- Supply chain risk: Rising purchase prices for new revenue equipment due to EPA mandates and tariffs affecting capital expenditures
- Competitive risk: Driver shortages caused by CSA safety rules and competing industries increasing recruiting and compensation costs
- Financial risk: Significant capital requirements may limit growth or force unfavorable financing if cash flow insufficient
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.