{"id":"north-america-mullen-logistics-q3-oct-22-2026","canonicalSlug":"north-america-mullen-logistics-q3-oct-22-2026","url":"https://wellficent.com/en/news/north-america-mullen-logistics-q3-oct-22-2026","language":"en","title":"Mullen Group revenue rises 16% as fuel surcharges, acquisitions lift logistics sales","summary":"The Canadian carrier reported record Q3 revenue of C$653.2 million; fuel surcharges and acquisitions contributed to growth, while operating cash flow declined year over year.","body":["Mullen Group reported record third-quarter revenue of C$653.2 million for the three months ended September 30, up 16.3% from C$561.8 million a year earlier. It also reported net income of C$51.5 million, a 55.1% increase. The Okotoks, Alberta-based transportation and logistics company released the results on October 22. Its release attributes the revenue increase to internal growth, higher fuel-surcharge revenue and acquisitions; the figures do not represent freight volumes alone.","Fuel surcharges accounted for a significant part of the increase. Mullen said fuel-surcharge revenue rose C$37.7 million across the business, as higher diesel prices flowed through customer charges. The company said its Less-Than-Truckload (LTL) segment’s fuel surcharge revenue increased C$18.6 million, while Logistics & Warehousing (L&W) added C$16.4 million. In LTL, underlying business-unit revenue excluding fuel surcharges rose only C$1.9 million, while some units stopped pursuing lower-rate customers. This distinction matters: a surcharge can lift reported revenue without representing the same increase in underlying freight demand.","The four operating segments all reported higher revenue. LTL reached C$218.3 million, up 10.4%; L&W rose 13.5% to C$236.2 million; Specialized & Industrial Services (S&I) increased 24.7% to C$131.1 million; and U.S. & International Logistics grew 30.4% to C$70.3 million. Mullen said L&W benefited from mining-related freight demand, cross-border shipments and freight forwarding. S&I reported stronger demand for pipeline hauling, water-management services and drilling-related work, partly offset by lower civil-construction and some production-services demand. These are the company’s segment explanations, not a broad measure of Canadian mining, pipeline or drilling activity.","Mullen’s adjusted operating income before depreciation and amortization (OIBDA) was C$118.6 million, up 23% year over year, and its margin on consolidated revenue increased to 18.2% from 17.2%. The company defines adjusted OIBDA as a supplementary, non-IFRS measure; it excludes specified foreign-exchange effects and should not replace net income or be compared uncritically with similarly named measures at other carriers. Net cash from operating activities, by contrast, fell to C$78.2 million from C$102.7 million despite higher earnings, underscoring that quarterly profit and cash generation moved differently.","At quarter end, Mullen reported C$213.9 million in cash and C$381.3 million in working capital. It also disclosed a long-term lease for a 411,000-square-foot warehouse and cross-dock facility in Richmond, British Columbia, intended to create a logistics hub in the Port of Vancouver distribution corridor. That is a lease announcement, not evidence that the facility is already operating at full capacity. The company’s interim report says results are unaudited and notes that non-IFRS measures have no standardized meaning under IFRS."],"keyPoints":[],"sections":[],"text":"Mullen Group revenue rises 16% as fuel surcharges, acquisitions lift logistics sales\n\nThe Canadian carrier reported record Q3 revenue of C$653.2 million; fuel surcharges and acquisitions contributed to growth, while operating cash flow declined year over year.\n\nMullen Group reported record third-quarter revenue of C$653.2 million for the three months ended September 30, up 16.3% from C$561.8 million a year earlier. It also reported net income of C$51.5 million, a 55.1% increase. The Okotoks, Alberta-based transportation and logistics company released the results on October 22. Its release attributes the revenue increase to internal growth, higher fuel-surcharge revenue and acquisitions; the figures do not represent freight volumes alone.\n\nFuel surcharges accounted for a significant part of the increase. Mullen said fuel-surcharge revenue rose C$37.7 million across the business, as higher diesel prices flowed through customer charges. The company said its Less-Than-Truckload (LTL) segment’s fuel surcharge revenue increased C$18.6 million, while Logistics & Warehousing (L&W) added C$16.4 million. In LTL, underlying business-unit revenue excluding fuel surcharges rose only C$1.9 million, while some units stopped pursuing lower-rate customers. This distinction matters: a surcharge can lift reported revenue without representing the same increase in underlying freight demand.\n\nThe four operating segments all reported higher revenue. LTL reached C$218.3 million, up 10.4%; L&W rose 13.5% to C$236.2 million; Specialized & Industrial Services (S&I) increased 24.7% to C$131.1 million; and U.S. & International Logistics grew 30.4% to C$70.3 million. Mullen said L&W benefited from mining-related freight demand, cross-border shipments and freight forwarding. S&I reported stronger demand for pipeline hauling, water-management services and drilling-related work, partly offset by lower civil-construction and some production-services demand. These are the company’s segment explanations, not a broad measure of Canadian mining, pipeline or drilling activity.\n\nMullen’s adjusted operating income before depreciation and amortization (OIBDA) was C$118.6 million, up 23% year over year, and its margin on consolidated revenue increased to 18.2% from 17.2%. The company defines adjusted OIBDA as a supplementary, non-IFRS measure; it excludes specified foreign-exchange effects and should not replace net income or be compared uncritically with similarly named measures at other carriers. Net cash from operating activities, by contrast, fell to C$78.2 million from C$102.7 million despite higher earnings, underscoring that quarterly profit and cash generation moved differently.\n\nAt quarter end, Mullen reported C$213.9 million in cash and C$381.3 million in working capital. It also disclosed a long-term lease for a 411,000-square-foot warehouse and cross-dock facility in Richmond, British Columbia, intended to create a logistics hub in the Port of Vancouver distribution corridor. That is a lease announcement, not evidence that the facility is already operating at full capacity. The company’s interim report says results are unaudited and notes that non-IFRS measures have no standardized meaning under IFRS.","category":"business","region":"world","topics":["logistics","finance","oil","gas"],"eventDate":"2026-09-30","eventDateBasis":"Mullen Group's financial and operating period ended September 30, 2026; Q3 results released October 22.","publishedAt":"2026-10-25T20:52:18Z","modifiedAt":"2026-10-25T20:52:18Z","publicationBasis":"first-publication","preparedAt":"2026-10-25T20:45:48Z","sourcePublishedAt":"2026-10-22","translatedAt":"2026-10-25T20:42:01Z","sources":[{"url":"https://www.mullen-group.com/news/20261022-mullen-group-ltd-internal-growth-drives-record-quarterly-financial-results/","name":"Mullen Group Ltd.","checkedAt":"2026-10-25","attribution":"Mullen Group, third-quarter financial and operating results news release, October 22, 2026; issuer-reported results.","publishedAt":"2026-10-22"},{"url":"https://www.mullen-group.com/wp-content/uploads/2026.10.21-FINAL-Q3-2026-Interim-Report.pdf","name":"Mullen Group Ltd. — 2026 Third Quarter Interim Report","checkedAt":"2026-10-25","attribution":"Mullen Group management discussion and unaudited interim statements for the three and nine months ended September 30, 2026; report approved October 21."}],"translations":{"en":"https://wellficent.com/en/news/north-america-mullen-logistics-q3-oct-22-2026","tr":"https://wellficent.com/tr/news/north-america-mullen-logistics-q3-oct-22-2026","ar":"https://wellficent.com/ar/news/north-america-mullen-logistics-q3-oct-22-2026","fr":"https://wellficent.com/fr/news/north-america-mullen-logistics-q3-oct-22-2026","es":"https://wellficent.com/es/news/north-america-mullen-logistics-q3-oct-22-2026","ru":"https://wellficent.com/ru/news/north-america-mullen-logistics-q3-oct-22-2026","pt":"https://wellficent.com/pt/news/north-america-mullen-logistics-q3-oct-22-2026"},"corrections":[],"locations":[],"type":"news","classification":{"version":"1","dataKinds":["corporate-results","project-update"],"geographies":[{"role":"issuer-location","countryCode":"CA","subdivisionCode":null}],"evidenceBasis":["reported-observation","agreement"],"measurementPeriod":{"to":"2026-Q3","from":"2026-Q3","precision":"quarter"}}}