Schneider National, Inc. Announces Third Quarter 2025 Results

• Operating Revenues $1.5 billion; $1.3 billion in 2024
• Income from Operations $35.3 million; $43.1 million in 2024
• Diluted Earnings per Share $0.11; $0.17 in 2024
• Adjusted Diluted Earnings per Share $0.12; $0.18 in 2024
• Full year 2025 Adjusted Diluted Earnings per Share guidance of approximately $0.70
• Full year 2025 Net Capital Expenditures guidance of approximately $300 million

GREEN BAY, Wis.–(BUSINESS WIRE)–Schneider National, Inc. (NYSE: SNDR, “Schneider” or the “Company”), a leading transportation and logistics services company, today announced results for the three months ended September 30, 2025.

“Our third quarter results benefitted from our acquisition of Cowan Systems, as well as ongoing cost, productivity, and revenue initiatives, though these were offset by claims costs that were $16.0 million, or $0.07 earnings per share, greater than our previous guidance,” said Mark Rourke, President and Chief Executive Officer of Schneider. “During the quarter, the market strength experienced in the latter half of July faded as the quarter progressed with August and September trends largely sub-seasonal.”

“More tempered market conditions were felt across the enterprise, though we remain encouraged by the traction we are seeing in several of our key initiatives. In Truckload, Dedicated wins with new customers accelerated versus the first half of the year, and Network finished bid season achieving low-to-mid single digit percentage increases. In Intermodal, volume growth remains strong, especially in Mexico where the growth rate accelerated quarter-over-quarter. Logistics saw year-over-year improvement in productivity, and Power Only volumes remained resilient. While we look forward to transitioning to a more supportive market, we continue to press on our efforts to drive ongoing structural improvements in our business including leveraging our differentiated capabilities, driving productivity gains, and strategically deploying of our strong balance sheet.”

Results of Operations (unaudited)

The following table summarizes the Company’s results of operations for the periods indicated.

Enterprise Results

Enterprise income from operations for the third quarter of 2025 was $35.3 million, a decrease of $7.8 million, or 18%, compared to the same quarter in 2024. Diluted earnings per share were $0.11 and $0.17 in the third quarter of 2025 and 2024, respectively. Adjusted diluted earnings per share were $0.12 and $0.18 in the third quarter of 2025 and 2024, respectively.

Cash Flow and Capitalization

As of September 30, 2025, the Company had $522.8 million outstanding on total debt and finance lease obligations and cash and cash equivalents of $194.1 million.

Net capital expenditures increased compared to the same period a year ago resulting from the timing of purchases of transportation equipment, partially offset by an increase in proceeds from sale of property and equipment. Free cash flow decreased $37.3 million compared to the same period in 2024.

In February 2023, the Company announced the approval of a $150.0 million stock repurchase program. As of September 30, 2025, the Company had repurchased a total of 4.1 million Class B shares amounting to $103.9 million under the program. In July 2025, the Company’s Board of Directors declared a $0.095 dividend payable to shareholders of record as of September 12, 2025, which was paid on October 9, 2025. On October 27, 2025, the Company’s Board of Directors declared a $0.095 dividend payable to shareholders of record as of December 12, 2025, expected to be paid on January 12, 2026. As of September 30, 2025, the Company had returned $50.3 million in the form of dividends to shareholders year to date.

Results of Operations – Reportable Segments

Truckload

Truckload revenues (excluding fuel surcharge) for the third quarter of 2025 were $624.5 million, an increase of $92.3 million, or 17%, compared to the same quarter in 2024 driven by a 22% increase in Dedicated volume primarily due to the acquisition of Cowan Systems. Truckload revenue per truck per week was $3,923, a decrease of $48, or 1%, compared to the same quarter in 2024 primarily because of a decrease in productivity and friction associated with new Dedicated business startups. Dedicated average truck count grew 28% year over year, and Network average truck count grew slightly.

Truckload income from operations was $19.8 million in the third quarter of 2025, a decrease of $3.9 million, or 16%, compared to the same quarter in 2024 driven by increases in salaries and wages expense (primarily related to increased headcount from the Cowan acquisition), insurance related costs primarily due to prior year claims development, friction costs related to new business startups, and depreciation and equipment related costs primarily driven by increased equipment counts from the Cowan acquisition. Truckload operating ratio was 96.8% in the third quarter of 2025 compared to 95.5% in the third quarter of 2024, an increase of 130 basis points.

Intermodal

Intermodal revenues (excluding fuel surcharge) for the third quarter of 2025 were $281.4 million, an increase of $16.7 million, or 6%, compared to the same quarter in 2024 largely related to volume growth of 10%, partially offset by a decrease in revenue per order of 2%, primarily due to shorter length of haul.

Intermodal income from operations for the third quarter of 2025 was $16.8 million, an increase of $1.1 million, or 7%, compared to the same quarter in 2024 primarily due to the volume growth cited above, partially offset by a decrease in length of haul, and increased insurance related costs driven by prior year claims development and maintenance costs. Intermodal operating ratio was 94.0% compared to 94.1% in the same quarter in 2024, an improvement of 10 basis points.

Logistics

Logistics revenues (excluding fuel surcharge) for the third quarter of 2025 were $332.1 million, an increase of $18.4 million, or 6%, compared to the same quarter in 2024 primarily due to the acquisition of Cowan Systems, partially offset by lower brokerage volume.

Logistics income from operations for the third quarter of 2025 was $6.4 million, a decrease of $1.2 million, or 16%, compared to the same quarter in 2024 driven by lower brokerage volume, partially offset by the Cowan revenue impacts listed above and growth in Power Only net revenue per order. Logistics operating ratio was 98.1% in the third quarter of 2025, compared to 97.6% in the third quarter of 2024, an increase of 50 basis points.

Business Outlook

“The challenging insurance dynamics that have pressured the industry in recent years weighed on third quarter results as we saw the impact of adverse development of three claims associated with 2021 and 2023 policy years,” said Darrell Campbell, Executive Vice President and Chief Financial Officer of Schneider. “The timing has masked some of the traction we are seeing on our efforts to lower our cost to serve and deliver on our focused revenue strategies. We expect earnings improvement in the fourth quarter as we continue to execute on these efforts. However, recent sub-seasonal trends are likely to persist for the balance of the year. Several new dynamics have been introduced over the last few months that are definitive catalysts for the removal of excess capacity, including regulatory enforcement actions, which have the potential to significantly change the supply dynamics of the industry. As we continue to grapple with macro uncertainty, we will remain disciplined on capital allocation and are well positioned to act opportunistically to enhance shareholder value including through accretive acquisitions and shareholder returns.”

Campbell added, “Our updated 2025 full year adjusted diluted earnings per share guidance is approximately $0.70, which assumes a full year effective tax rate of approximately 24.0%. Our full year net capital expenditures are expected to be approximately $300 million.”

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 2025 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, that have a similar impact on the comparability of periods, and which are not known at this time may exist and impact adjusted net income.

About Schneider National, Inc.

Schneider National, Inc. and its subsidiaries (together “Schneider,” the “Company,” “we,” “us,” or “our”) are among the largest providers of surface transportation and logistics solutions in North America. We offer a multimodal portfolio of services and an array of capabilities and resources that leverage artificial intelligence, data science, and analytics to provide innovative solutions that coordinate the timely, safe, and effective movement of customer products. The Company offers truckload, intermodal, and logistics services to a diverse customer base throughout the continental United States, Canada, and Mexico. We were founded in 1935 and have been a publicly held holding company since our IPO in 2017. Our stock is publicly traded on the NYSE under the ticker symbol SNDR.

Our diversified portfolio of complementary service offerings enables us to serve the varied needs of our customers and to allocate capital that maximizes returns across all market cycles and economic conditions. Our service offerings include transportation of full-truckload freight, which we directly transport utilizing either our company-owned transportation equipment and company drivers, owner-operators, or third-party carriers under contract with us. We have arrangements with most of the major North American rail carriers to transport freight in containers. We also provide customized freight movement, transportation equipment, labor, systems, and delivery services tailored to meet individual customer requirements, which typically involve long-term contracts. These arrangements are generally referred to as dedicated services and may include multiple pickups and drops, local deliveries, freight handling, specialized equipment, and freight network design. In addition, we provide comprehensive logistics services with a network of thousands of qualified third-party carriers. We also lease equipment to third parties through our wholly owned subsidiary Schneider Finance, Inc., which is primarily engaged in leasing trucks to owner-operators, including, but not limited to, owner-operators with whom we contract, and we provide insurance for both company drivers and owner-operators through our wholly owned insurance subsidiary.

Conference Call and Webcast Information

The Company will host an earnings conference call today at 11:00 a.m. Eastern Time. The conference call can be accessed by dialing 800-715-9871 toll-free or 646-307-1963 (conference ID: 2793697). A webcast of the conference call can also be accessed on the Investor Relations section of the Company’s website, Schneider.com, along with the current quarterly investor presentation.

Source: Schneider SNDR

Schneider National, Inc.

Key Performance Indicators by Segment

(unaudited)

We monitor and analyze a number of KPIs in order to manage our business and evaluate our financial and operating performance.

Truckload

The following table presents our Truckload segment KPIs for the periods indicated, consistent with how revenues and expenses are reported internally for segment purposes.

The two operations that make up our Truckload segment are as follows:

• Dedicated – Transportation services with equipment devoted to customers under long-term contracts.
• Network – Transportation services of one-way shipments.

Cowan Systems’ dedicated operations are included in Dedicated beginning in the fourth quarter of 2024.

Intermodal

The following table presents the KPIs for our Intermodal segment for the periods indicated.

Logistics

The following table presents the KPI for our Logistics segment for the periods indicated. Cowan Systems’ logistics operations are included in Logistics beginning in the fourth quarter of 2024.

Schneider National, Inc.

Reconciliation of Non-GAAP Financial Measures

(unaudited)

In this earnings release, we present the following non-GAAP financial measures: (1) revenues (excluding fuel surcharge), (2) adjusted income from operations, (3) adjusted operating expenses, net of fuel surcharge revenues, (4) adjusted operating ratio, (5) adjusted net income, (6) adjusted EBITDA, (7) free cash flow, and (8) adjusted diluted earnings per share. We also provide reconciliations of these measures to the most directly comparable financial measures calculated and presented in accordance with GAAP.

Management believes the use of each of these non-GAAP measures assists investors in understanding our business by (1) removing the impact of items from our operating results that, in our opinion, do not reflect our core operating performance, (2) providing investors with the same information our management uses internally to assess our core operating performance, and (3) presenting comparable financial results between periods. In addition, in the case of revenues (excluding fuel surcharge), we believe the measure is useful to investors because it isolates volume, price, and cost changes directly related to industry demand and the way we operate our business from the external factor of fluctuating fuel prices and the programs we have in place to manage such fluctuations. Fuel-related costs and their impact on our industry are important to our results of operations, but they are often independent of other, more relevant factors affecting our results of operations and our industry. Free cash flow is used as a measure to assess overall liquidity and does not represent residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt.

Although we believe these non-GAAP measures are useful to investors, they have limitations as analytical tools and may not be comparable to similar measures disclosed by other companies.

Contacts

Christyne McGarvey, Vice President of Investor Relations and Corporate Finance

920-357-SNDR

[email protected]

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