Schneider National, Inc. (NYSE: SNDR, “Schneider” or the “Company”), announced results for the three months ended June 30, 2026.
“In the second quarter, we delivered strong earnings improvement, driven by the combined impact of the disciplined revenue management, cost reduction, and productivity actions implemented over the past several years which enabled the enterprise to capitalize on improving market conditions,” said Jim Filter, President and Chief Executive Officer of Schneider. “The positive impact of non-compliant capacity exiting the market has been realized more quickly than initially anticipated, and we remain confident that the enterprise will continue to deliver strong operating leverage.”
Results of Operations (unaudited)
See table here
Enterprise Results
Enterprise income from operations for the second quarter of 2026 was $71.4 million, an increase of $16.4 million, or 30%, compared to the same period in 2025. Diluted earnings per share were $0.28 and $0.20 in the second quarter of 2026 and 2025, respectively. Adjusted diluted earnings per share were $0.29 and $0.21 in the second quarter of 2026 and 2025, respectively.
Cash Flow and Capitalization
As of June 30, 2026, the Company had $396.5 million outstanding on total debt and finance lease obligations and cash and cash equivalents of $292.7 million.
Net capital expenditures increased during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to increased purchases of transportation equipment. As a result, free cash flow decreased $35.1 million over the same period.
In January 2026, the Company announced the approval of a new $150.0 million share repurchase program. As of June 30, 2026, the Company had repurchased a total of 0.2 million Class B shares amounting to $5.2 million under the new program.
In January 2026, the Company’s Board of Directors declared a $0.10 dividend payable to shareholders of record as of June 12, 2026, which was paid on July 10, 2026. On July 27, 2026, the Company’s Board of Directors declared a $0.10 dividend payable to shareholders of record as of September 11, 2026, expected to be paid on October 9, 2026. As of June 30, 2026, the Company had returned $34.6 million in the form of dividends to shareholders year to date.
Results of Operations – Reportable Segments
Truckload
Truckload revenues (excluding fuel surcharge) for the second quarter of 2026 were $627.6 million, an increase of $5.4 million, or 1%, compared to the same period in 2025. The increase was driven by improved Network price and productivity, partially offset by lower Dedicated volume. Truckload revenue per truck per week was $4,162, up $198, or 5%, compared to the same quarter of 2025, reflecting improvements in both Network and Dedicated.
Truckload income from operations was $51.4 million in the second quarter of 2026, an increase of $11.3 million, or 28%, compared to the same period in 2025. The improvement was driven by improved Network price and productivity, fuel surcharge recovery, equipment utilization, and higher gains on sales of equipment, partially offset by increased purchased transportation and maintenance costs. Truckload operating ratio was 91.8% in the second quarter of 2026 compared to 93.6% in the second quarter of 2025, an improvement of 180 basis points.
Intermodal
Intermodal revenues (excluding fuel surcharge) for the second quarter of 2026 were $262.0 million, a decrease of $3.1 million, or 1%, compared to the same quarter in 2025. The decline was driven by a 2% decrease in revenue per order, reflecting shorter length of haul, partially offset by an increase in volume.
Intermodal income from operations for the second quarter of 2026 was $18.4 million, an increase of $2.3 million, or 14%, compared to the same quarter in 2025. The increase was driven by fuel surcharge recovery, volume growth, and higher gains on sales of equipment. These favorable impacts were partially offset by higher purchased transportation. Intermodal operating ratio was 93.0% in the second quarter of 2026 compared to 93.9% in the same quarter in 2025, an improvement of 90 basis points.
Logistics
Logistics revenues (excluding fuel surcharge) for the second quarter of 2026 were $376.1 million, an increase of $36.5 million, or 11%, compared to the same quarter in 2025, primarily due to higher revenue per order, partially offset by lower brokerage volume.
Logistics income from operations for the second quarter of 2026 was $12.1 million, an increase of $4.2 million, or 53%, compared to the same quarter in 2025. The increase was driven by higher net revenue per order and cost actions, partially offset by higher purchased transportation expense and lower brokerage volume. Logistics operating ratio was 96.8% in the second quarter of 2026 compared to 97.7% in the second quarter of 2025, an improvement of 90 basis points.
Business Outlook
(in millions, except per share data) | Current Guidance |
Adjusted diluted earnings per share | $0.90 - $1.10 |
Net capital expenditures | $350 - $400 |
“Second quarter benefitted from an improved backdrop as the enterprise effectively executed on market opportunities. These results reinforce our confidence that the actions we have taken to lower our cost to serve and enhance productivity have prepared us to deliver meaningful year-over-year earnings growth,” said Darrell Campbell, Executive Vice President and Chief Financial Officer of Schneider. “We continue to expect capacity rationalization to support freight conditions. At the same time, our guidance incorporates a range of outcomes as it relates to demand and driver capacity for the second half of the year.”
Campbell added, “Based on our second quarter results and these market expectations, our updated full year adjusted diluted earnings per share forecast is $0.90-$1.10, up from our prior guidance of $0.70-$1.00. Our guidance continues to assume a full year effective tax rate of approximately 24.0%. Our full year net capital expenditures are expected to be $350-400 million, compared to our previous expectations of $400-$450 million, primarily related to lower expenditures on trailing equipment.”
Non-GAAP Financial Measures
The Company has presented certain non-GAAP financial measures, including revenues (excluding fuel surcharge); adjusted income from operations; adjusted total operating expenses, net of fuel surcharge revenues; adjusted operating ratio; adjusted net income; adjusted EBITDA; free cash flow; and adjusted diluted earnings per share. Management believes the use of non-GAAP measures assists investors in understanding the business, as further described below. The non-GAAP information provided is used by Company management and may not be comparable to similar measures disclosed by other companies. The non-GAAP measures used herein have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of results as reported under GAAP.
A reconciliation of net income per share to adjusted diluted earnings per share as projected for 2026 is not provided. Schneider does not forecast net income per share as the Company cannot, without unreasonable effort, estimate or predict with certainty various components of net income. The components of net income that cannot be predicted include expenses for items that do not relate to core operating performance, such as costs related to potential future acquisitions, as well as the related tax impact of these items. Further, in the future, other items with similar characteristics to those currently included in adjusted net income, which have a similar impact on the comparability of periods, and which are not known at this time may exist and impact adjusted net income.
