Schneider National Inc

Latest Results (09.04.2026):

Schneider National, Inc. reported fourth quarter 2025 results: operating revenues of $1,399.6 million (up 5% year‑over‑year) and income from operations of $36.5 million (down 14% YoY). Net income was $22.1 million (down 32% YoY) with diluted earnings per share of $0.13 (vs. $0.18 in Q4 2024) and adjusted diluted EPS of $0.13 (vs. $0.20). Adjusted EBITDA for the quarter was $147.0 million (down 3% YoY). Management cited softer demand beginning in November, cost pressures, and regulatory-driven capacity shifts, and provided full‑year 2026 guidance of $0.70–$1.00 adjusted diluted EPS and $400–$450 million net capital expenditures.

Revenue and Margins

Q4 2025 operating revenues were $1.40 billion (+5% vs. Q4 2024). GAAP operating ratio was 97.4% (worse by 60 bps YoY); adjusted operating ratio was 97.0% (worse by 70 bps). Adjusted total operating expenses (net of fuel surcharge) rose 5% for the quarter.

Profitability & EPS

Income from operations: $36.5 million (-14% YoY). Net income: $22.1 million (-32% YoY). Diluted EPS: $0.13 (Q4 2024: $0.18). Adjusted diluted EPS: $0.13 (Q4 2024: $0.20). Adjusted EBITDA: $147.0 million (-3% YoY).

Segment performance

Truckload (ex fuel): $610.0M (+9% YoY) with segment income $23.0M (+16%). Intermodal (ex fuel): $268.2M (-3%) with segment income $18.0M (+5%). Logistics (ex fuel): $329.3M (+2%) but segment income fell to $2.6M (-69%), and the Logistics operating ratio widened to 99.2%.

Cash, debt and capital returns

As of Dec. 31, 2025 Schneider had $201.5M cash and $402.5M outstanding on total debt and finance lease obligations. Free cash flow increased by $60.7M YoY. The company repurchased 4.4M Class B shares for $110.1M under the prior $150M program and the board authorized a new $150M repurchase program. Dividends: $0.095/share paid in Jan 2026 and $0.10/share declared in Jan 2026 for payment in April; $67.0M returned in dividends year to date.

Outlook & management actions

Full‑year 2026 guidance: adjusted diluted EPS $0.70–$1.00 (assumes ~24% effective tax rate) and net capital expenditures $400–$450M (primarily replacement). Management is pursuing cost savings (targeting an additional $40M in 2026), Intermodal Fast Track, Dedicated start‑ups, and network productivity improvements to drive structural earnings improvement as market conditions normalize.

Near‑term headwinds

Management attributed Q4 weakness to a truncated peak season and softer demand starting in November, rising third‑party carrier capacity costs, unplanned customer auto production shutdowns, and higher healthcare costs. They expect regulatory actions to drive continued capacity rationalization over several quarters, which could influence the recovery pace.