Hub Group has now missed three filings in a row, and the extension it has three days to ask for cannot run past a deadline that was already set for 14 September

Hub Group has now failed to file three consecutive periodic reports on time.

The annual report for 2025 was late in March. The first quarter report was late in May. On Monday the company told the Securities and Exchange Commission that Nasdaq had written to it on 20 August about the second quarter report, which is late as well.

The press release the company issued alongside the filing uses the word "expected" twice.

The clock that does not restart

Read the notice's arithmetic carefully, because it is the only sentence in the filing that changes anything.

After the first quarter report was missed, Hub Group submitted a plan and Nasdaq granted a 180 day exception, running to 14 September 2026, to file both the delinquent 2025 annual report and the first quarter report. The company now has until 27 August to submit an updated plan covering the second quarter as well.

Here is the catch. Any additional exception, the notice says, "will be limited to a maximum of 180 calendar days from the due date of the 2025 Form 10-K, or September 14, 2026". The cap is measured from a date that has already passed, not from Monday. Adding a third late filing to the plan therefore buys no additional time at all.

Three weeks remain, and a company that has missed three deadlines would have to clear all three in them.

Five sets of accounts, withdrawn in two stages

The underlying problem was disclosed on 5 February and has widened once since.

In preparing the 2025 accounts, the company found an error that understated purchased transportation costs and accounts payable across the first nine months of 2025. Purchased transportation is the line an intermodal company uses for what it pays the railroads and the drayage carriers to move a customer's freight. The audit committee concluded that the quarterly statements for March, June and September 2025 were materially misstated and should no longer be relied upon, along with the earnings releases and investor presentations describing them.

Then it got older. On 11 May the audit committee concluded that the audited statements for 2024 and for 2023 were materially misstated too. That review, the filing says, "identified certain transactions that were prematurely or incorrectly recognized or not adequately supported". The company said it was still reviewing further accounting issues, while adding that it does not expect them to change the conclusion.

The company has said it expects to conclude that its disclosure controls and its internal control over financial reporting were not effective for 2023, for 2024 and for 2025. Ernst & Young is the auditor and has been consulted on both non-reliance determinations.

No filing read for this item puts a dollar figure on any of it.

What Monday's notice does not do

It does not suspend or delist anything. Nasdaq says so in terms, and the company repeats it in the press release: no immediate effect on the listing or trading of the Class A shares on the Nasdaq Global Select Market.

The stock has traded through all of it. What the notice does is exhaust the runway.