Analytics
Where is the revenue coming from — and where is it going? · Apr 2024 – Mar 2025
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Thalen Brief
Twelve months of clean P&L data. Fleet revenue is $1.93M — recovering after a soft December–January. Gross margin holds at ~40%, appropriate for company-driver dry van at your scale. Net income of approximately $340K puts you at 17.6% net margin — above the 14% target for your fleet size. Driver pay and fuel account for 41% of revenue combined. Your biggest expense deviation: fuel at 16.2% vs. the 15% benchmark, driven by Truck #4's low MPG.
Total Revenue (12mo)
$1.93M
Q1 recovery underway
Net Income (12mo)
$340K
17.6% net margin
Gross Margin
40.0%
on track for dry van
Best Month
$178,000
Jun 2024
Revenue + Margin Trend
Is the fleet growing? Are margins improving or compressed?
Monthly Revenue vs. Net Income
Revenue vs. net income — month by month
Margin Waterfall
Where does revenue disappear between top line and bottom line?
Revenue
100%$160,012
minus Cost of Goods Sold (driver pay + fuel as direct cost)−$96,007
Gross Profit
40.0%$64,005
minus Operating Expenses (insurance, maintenance, admin)−$35,203
Net Income
18.0%$28,802
Revenue breakdown
COGS 60.0%
OpEx 22.0%
Net 18.0%
Expense Breakdown
6 expense categories · ranked by annual spend · benchmarks: ATRI trucking industry averages
| Category | Annual Total | % of Revenue | vs Benchmark | Status |
|---|---|---|---|---|
Driver Pay | $486,000 | 25.1% | ~26% | ✓ Under target |
Fuel | $312,000 | 16.1% | ~15% | ⚠ 1.1pp over |
Insurance | $148,000 | 7.6% | ~7% | ⚠ 0.6pp over |
Maintenance & Repairs | $96,000 | 5.0% | ~4% | ⚠ 1.0pp over |
Lease / Payments | $72,000 | 3.7% | ~4% | ✓ Under target |
Admin & Other | $38,000 | 2.0% | ~2% | ✓ Under target |
Benchmarks based on ATRI (American Transportation Research Institute) per-truck cost data for small fleets. % of revenue = annual total ÷ $1,937,576.
Balance Sheet Snapshot
Assets
Current Assets
Cash & Checking$48,600
Accounts Receivable$62,400
Fuel Card Balance$8,200
Current Total$119,200
Fixed Assets
Trucks (8 units, net)$720,000
Trailers (8 units)$184,000
Shop Equipment$22,000
Total Assets$1,045,200
Liabilities & Equity
Current Liabilities
Accounts Payable$18,400
Accrued Driver Pay$38,500
Fuel Cards Payable$26,200
Current Total$83,100
Long-Term Liabilities
Truck Loans (8 units)$486,000
Trailer Financing$92,000
SBA Equipment Loan$48,000
Total Liabilities$709,100
Owner's Equity$336,100
Assets $1,045,200 − Liabilities $709,100 = Equity $336,100
Current Ratio
1.43x
Above 1.0 — you can cover short-term obligations. Trucking fleets typically run 1.2–1.8x. Equipment-heavy balance sheets skew this lower.
Net Equity
$336,100
Ask Thalen about these numbers
What's my cost per mile? How does my fuel expense compare? What's the break-even on a new truck?