Hub Group warns of Nasdaq delisting notice; flags H1 operating loss

Hub Group warns of Nasdaq delisting notice; flags H1 operating loss

Todd Maiden

Mon, September 14, 2026 at 5:26 PM GMT+3 4 min read

• HUBG +1.33%

Hub Group anticipates receiving a delisting notification from Nasdaq following delays in submitting its financial reports, which stemmed from an accounting error identified earlier this year. The company missed a Monday deadline to comply with Nasdaq's financial reporting requirements. It will ask for a hearing to keep its stock listing intact and plans to seek a further extension of the filing requirements.

The company said receipt of the letter doesn't mean shares will immediately stop trading, and that the hearing request will automatically stay a delisting for 15 calendar days. It will also ask for shares not to be delisted during the hearing process, which can take approximately 30 to 45 days to commence following the request.

"While there can be no assurances, the Company expects that the Company's Class A common stock will continue to trade on the Nasdaq Global Select Market during the hearing process," a Monday news release stated. "In addition, the Company expects to present to the Nasdaq Hearings Panel a compelling plan to regain full compliance with Nasdaq's continued listing requirements and to secure sufficient time to execute such plan."

Hub Group (NASDAQ: HUBG) announced in February that it had identified a $77-million understatement in purchased transportation expenses during the first three quarters of 2025, and that it was delaying fourth-quarter and full-year 2025 financial reporting. It said in May that "prematurely or incorrectly recognized" transactions were also discovered during 2023 and 2024, and that those periods, along with the first three quarters of 2025, would need to be restated.

It plans to complete the restatement process and file results for the outstanding periods during the fourth quarter. Shares of HUBG were off 6.2% in early trading on Monday compared to the S&P 500, which was down 0.6%.

More leadership changes

A separate news release said Dave Yeager has returned as chairman and CEO. The CEO role was previously held by Phil Yeager, who will continue as president and vice chairman.

Patrick O'Donnell will become chief financial officer once the restatement process is complete and full-year 2025 results are filed. O'Donnell joined Hub Group as a special advisor last month. He has 20 years of experience in finance and accounting.

Interim CFO Todd Heeter will continue in his current role through the restatement process.

Hub Group announced the departure of its former CFO and chief operating officer in May.

2026 guidance lowered

The company lowered its full-year 2026 revenue guidance range to $3.6 billion to $3.8 billion, down 3% from its prior outlook of $3.65 billion to $3.95 billion. It also said it expects an operating loss for the 2026 first half before one-time charges.

It said first-half revenue was likely in a range of $1.7 billion to $1.8 billion, and that Intermodal and Transportation Solutions results were negatively impacted year-over-year by higher fuel, rail and drayage costs. Further, excess consolidation-and-fulfillment capacity has weighed on results in its logistics segment.

Hub Group has expanded its cost-reduction program to include "incremental initiatives focused on yield management across all services, consolidation of warehousing space, productivity enhancements with drivers and warehouse team members, targeted cost reductions and enhanced order to cash processes." The intermodal unit implemented rate increases at the beginning of the third quarter.

"Hub Group was founded by the Yeager family more than 55 years ago with a commitment to service, integrity and innovation," said Dave Yeager. "I am confident that this leadership team will help drive the business forward into its next phase of growth. I look forward to partnering with Phil and Pat to deliver excellent results for our shareholders, customers and team members."

Why it matters? As one of North America's largest intermodal marketing companies, Hub Group's financial restatements, accounting crisis, potential Nasdaq delisting and executive departures introduce operational and partnership uncertainty for shippers and rail partners who rely on its network.

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