Mullen Revenue Rises 16.3% in Third Quarter, Beats Estimates; Shares Gain
Key Facts
Mullen Group reported a 16.3% year-on-year increase in third-quarter 2026 revenue to C$653.2 million, beating market estimates, as its shares rose following the earnings release on October 22. Revenue in the corresponding period of 2025 was about C$561.8 million, according to the company's official quarterly report. The group's figures compared with revenue expectations of C$614.90 million, according to the earnings table published by Investing.com. Adjusted earnings per share rose to C$0.52 from C$0.38 a year earlier, an increase of 36.8%. That exceeded earnings expectations of C$0.410 per share, according to the same website. Investing.com's coverage of the reaction to the report said the shares rose 7.22% to C$31.04 during trading on the day of the announcement.
On earnings, the official results announcement showed Mullen's net income rose to C$51.5 million in the third quarter. Net income was C$33.2 million in the same period a year earlier, bringing the annual increase to 55.1%. Adjusted operating income before depreciation and amortization reached C$118.6 million, compared with C$96.4 million a year earlier. The measure grew 23.0% year on year, outpacing revenue growth during the period. By contrast, net cash from operating activities fell to C$78.2 million, according to the quarterly report. Operating cash flow was C$102.7 million in the corresponding quarter, representing a year-on-year decline of 23.9% alongside higher earnings.
Mullen attributed the revenue expansion to organic growth in its business, higher fuel surcharge revenue and incremental revenue from acquisitions. The company said in its earnings announcement that performance was driven by "organic growth, higher fuel surcharge revenue and incremental revenue from acquisitions." Sales growth during the quarter thus combined expansion in existing businesses and contributions from acquired operations, as well as fuel-related surcharges. The results followed a second quarter in which the group reported revenue of C$609.30 million, according to Investing.com's earnings table. Revenue expectations for that quarter were C$590.42 million, meaning actual sales also exceeded estimates in the preceding quarter.
Mullen Group operates in transportation and warehousing, both of which the company lists among its business activities on its official website. The group's services also include customs brokerage, alongside specialized services for several economic sectors. These specialized operations serve the energy, mining, forestry and construction sectors in western Canada. Its business scope thus combines freight transportation, warehousing, customs services and services for those industries. The company presents amounts in its financial report in Canadian dollars unless otherwise stated, which is also its functional currency.
In its earnings schedule, the group set its conference call to discuss third-quarter performance for October 22, 2026, at 10:00 a.m. Eastern Time. On expansion, Mullen expected to complete the acquisition of Wilson International during the fourth quarter, according to the deal announcement. Wilson operates in customs brokerage and trade compliance in Canada and the United States, expanding the group's presence in these services. Mullen expects the target company to contribute annual revenue of approximately C$80.0 million after the acquisition. It also expects Wilson's operating margins to be broadly consistent with those of its logistics and warehousing segment. Alongside monitoring completion of the deal, management said it would present the core business plan for 2027 to the board on December 2, according to Investing.com's coverage of the earnings call.