Canada's Mullen revenue rises 16.3% as shares hit 52-week high
Key Facts
Canadian logistics services company Mullen Group's revenue rose to C$653.2 million in the third quarter of 2026, according to its official quarterly report, as profit improved and results exceeded market expectations. Revenue grew 16.3% from the third quarter of 2025, when the group reported C$561.8 million. Net income increased to C$51.5 million from C$33.2 million in the same period a year earlier. The annual increase in net income was 55.1%, outpacing revenue growth during the period. Revenue also rose from C$609.30 million in the immediately preceding second quarter of 2026, according to Investing's results table.
The improvement extended to adjusted earnings per share, which reached C$0.52 in the third quarter, compared with C$0.38 a year earlier, an increase of 36.8%, according to the official report. According to Investing's table, earnings per share exceeded market expectations of C$0.410 by 26.83%. Revenue also exceeded expectations of C$614.90 million by 6.23%. On the operating front, adjusted operating income before depreciation and amortization rose to C$118.6 million from C$96.4 million, an annual increase of 23.0%. Its ratio to revenue rose to 18.2% in the third quarter of 2026, compared with 17.2% in the corresponding period a year earlier.
Mullen attributed the record results to expansion in its existing business, using the phrase "organic growth drives record quarterly financial results" in its announcement. Organic growth added C$44.3 million to quarterly revenue from a year earlier, according to the company's breakdown of the drivers of the increase. Higher fuel surcharge revenue contributed C$37.7 million to revenue growth in the third quarter of 2026. Acquisitions made a further contribution, adding C$9.4 million in quarterly revenue. The annual increase was thus split between organic growth, fuel surcharges and revenue from acquired companies, with existing operations making the largest contribution.
Net cash from operations, meanwhile, declined in the third quarter despite higher net income and adjusted operating income before depreciation and amortization. Cash from operations totaled C$78.2 million, according to the group's quarterly report. The comparable figure in the third quarter of 2025 was C$102.7 million. That represented an annual decline of 23.9% in operating cash flow. Cash and cash equivalents at the end of the third quarter of 2026 stood at C$213.9 million, supporting the group's ability to fund acquisitions and investment.
Mullen is a Canadian logistics services group, according to its official corporate profile. It is listed on the Toronto Stock Exchange under the ticker MTL. Its operations include transportation services in North America. The group also provides customs brokerage services as part of its logistics activities. Its service portfolio also includes warehousing and distribution, alongside transportation and customs brokerage, across the region.
Mullen Group shares rose 11.50% in trading on 22 October 2026, according to Investing's historical price data. The stock closed at C$32.28 at the end of the session. During trading, it reached an intraday high of C$32.47. The trading page showed the upper end of the stock's 52-week range at the same level. The shares thus touched the top of that range during the session following the quarterly results announcement.
The group is set to expand its business through the acquisition of Wilson International, according to the deal announcement published via GlobeNewswire. Mullen expects to complete the transaction in the fourth quarter, making the closing the next step in this expansion. The group said the acquisition would be funded from its existing cash resources. It expects Wilson to add approximately C$80.0 million in annual revenue after the acquisition is completed. The company described the expected contribution as "approximately $80.0 million in annual revenue," with that revenue contingent on completing the deal within the specified period.