Schneider National Inc

Latest Results (20.05.2026):

Schneider National, Inc. reported fourth quarter 2025 results: operating revenues rose to $1.3996 billion (+5% year-over-year) but profitability softened as income from operations fell to $36.5 million and diluted earnings per share declined to $0.13 for Q4 2025. Management cited weaker demand beginning in November, a truncated peak season, higher third-party carrier costs and other disruptions, and provided full-year 2026 guidance of $0.70–$1.00 adjusted diluted EPS and $400–$450 million of net capital expenditures.

Q4 2025 headline results

For the three months ended December 31, 2025, Schneider National, Inc. reported operating revenues of $1,399.6M (+5% vs Q4 2024), income from operations $36.5M (down 14%), net income $22.1M (down 32%), diluted EPS $0.13 (vs $0.18), adjusted diluted EPS $0.13 (vs $0.20), and adjusted EBITDA $147.0M (down 3%).

Profitability and margins

Q4 2025 GAAP operating ratio was 97.4% (vs 96.8% a year earlier). The adjusted operating ratio was 97.0% (vs 96.3%), reflecting higher adjusted operating expenses (net of fuel surcharge) and pressure on margin in Logistics and parts of Truckload.

Segment performance — Truckload

Truckload revenues excluding fuel surcharge were $610.0M in Q4 2025 (+9%). Truckload income from operations rose to $23.0M (+16%), driven by higher Dedicated volume (Dedicated average truck count grew ~18% largely from the Cowan acquisition). Revenue per truck per week was $4,004 (down ~2%).

Segment performance — Intermodal

Intermodal revenues excluding fuel surcharge were $268.2M in Q4 2025 (down 3%). Intermodal income from operations increased to $18.0M (+5%) due to volume growth (+3%) and lower purchased transportation costs, though revenue per order declined ~5%.

Segment performance — Logistics

Logistics revenues excluding fuel surcharge were $329.3M in Q4 2025 (+2%), but logistics income from operations fell sharply to $2.6M (down 69%), with the segment operating ratio deteriorating to 99.2% (up 180 bps) because of weaker brokerage volume and lower net revenue per order in Power Only.

Balance sheet, cash flow and capital return

As of December 31, 2025, Schneider National, Inc. had cash and cash equivalents of $201.5M and total debt and finance lease obligations outstanding of ~$402.5M. Free cash flow for the year improved (yearly free cash flow $348.2M, up $60.7M vs prior year). Net capital expenditures for 2025 were ~$289.2M (lower than 2024). The company repurchased 4.4M Class B shares for $110.1M under its prior program and authorized a new $150M repurchase program in January 2026; dividends of $0.095 and a subsequent $0.10 declaration were also announced.

Management commentary & drivers

Management attributed the Q4 shortfall to softer-than-expected market demand from November (truncated peak season), accelerated capacity attrition, spiking third‑party carrier costs, unplanned auto production shutdowns and higher healthcare costs. They emphasized completed 2025 cost-savings targets, planned $40M more in 2026 savings, and initiatives including Intermodal Fast Track, Dedicated start-ups and network productivity actions.

2026 outlook

Schneider National, Inc. set full‑year 2026 guidance of adjusted diluted EPS $0.70–$1.00 (assuming ~24% effective tax rate) and net capital expenditures of $400–$450M, with management expecting gradual market improvement as capacity exits the industry and regulatory impacts are realized over several quarters.