Schneider National, Inc. announces first quarter 2026 results

Schneider National, Inc. announced results for the three months ended March 31, 2026.

“In the first quarter, we saw the impact of structural supply rationalization which is driving the market toward more normal conditions,” said Mark Rourke, President and Chief Executive Officer of Schneider. “Strong execution on our cost and productivity actions, as well as the benefits of operating a diverse, nimble portfolio, allowed us to capitalize on opportunities and effectively navigate a quarter marked by disruptive weather and fuel volatility.”

Rourke continued, “As freight fundamentals return to more rational cycle dynamics, we expect the benefits of our efforts to structurally improve the business through this downcycle will be increasingly evident. These efforts are now being complemented by measures we are taking to capitalize on early cycle tailwinds, such as leveraging our elevated spot exposure in Truckload Network and Logistics, maintaining a disciplined approach to contract acceptance and rate recovery, and growing over-the-road conversion opportunities for Intermodal.”

Enterprise results

Enterprise income from operations for the first quarter of 2026 was $33.4 million, a decrease of $8.7 million, or 21%, compared to the same period in 2025. Diluted earnings per share were $0.12 and $0.15 in the first quarter of 2026 and 2025, respectively. Adjusted diluted earnings per share were $0.12 and $0.16 in the first quarter of 2026 and 2025, respectively.

Cash flow and capitalization

As of March 31, 2026, the Company had $399.2 million outstanding on total debt and finance lease obligations and cash and cash equivalents of $227.8 million. Net capital expenditures decreased compared to the same period a year ago, primarily due to reduced purchases of transportation equipment. As a result, free cash flow increased $53.5 million compared to the same period in 2025.

In January 2026, the Company announced the approval of a new $150.0 million share repurchase program. As of March 31, 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 March 13, 2026, which was paid on April 8, 2026. On April 29, 2026, the Company’s Board of Directors declared a $0.10 dividend payable to shareholders of record as of June 12, 2026, expected to be paid on July 10, 2026. As of March 31, 2026, the Company had returned $17.1 million in the form of dividends to shareholders year to date.

Results of operations – Reportable segments

Truckload

Truckload revenues (excluding fuel surcharge) for the first quarter of 2026 were $618.0 million, an increase of $4.3 million, or 1%, compared to the same period in 2025. The increase was driven by improved Network productivity and, to a lesser extent, an increase in price for both Network and Dedicated, partially offset by lower Dedicated volume. Truckload revenue per truck per week was $4,051, up $98, or 2%, compared to the same quarter of 2025, reflecting improvements in both Network and Dedicated.

Truckload income from operations was $20.2 million in the first quarter of 2026, a decrease of $4.9 million, or 20%, compared to the same period in 2025. The decline was driven by higher maintenance costs, lower gains on sale of assets, and increased fuel expense, partially offset by improved productivity within Network and price. Truckload operating ratio was 96.7% in the first quarter of 2026 compared to 95.9% in the first quarter of 2025, an increase of 80 basis points.

Intermodal

Intermodal revenues (excluding fuel surcharge) for the first quarter of 2026 were $253.5 million, a decrease of $6.9 million, or 3%, compared to the same quarter in 2025. The decline was driven by a 4% decrease in revenue per order, reflecting shorter length of haul, partially offset by an increase in volume.

Intermodal income from operations for the first quarter of 2026 was $10.9 million, a decrease of $2.9 million, or 21%, compared to the same quarter in 2025. The decrease was driven by lower revenue per order and higher maintenance costs, partially offset by volume growth and reduced purchased transportation, salaries and wages related to headcount actions, and equipment costs. Intermodal operating ratio was 95.7% compared to 94.7% in the same quarter in 2025, an increase of 100 basis points.

Logistics

Logistics revenues (excluding fuel surcharge) for the first quarter of 2026 were $312.3 million, a decrease of $19.7 million, or 6%, compared to the same quarter in 2025, primarily due to lower brokerage volume, partially offset by higher revenue per order.

Logistics income from operations for the first quarter of 2026 was $6.5 million, a decrease of $1.6 million, or 20%, compared to the same quarter in 2025. The decline was driven by lower brokerage volume, partially offset by higher net revenue per order and lower salaries and wages resulting from headcount actions. Logistics operating ratio was 97.9% in the first quarter of 2026, compared to 97.6% in the first quarter of 2025, an increase of 30 basis points.

Business outlook

“First quarter results ended in-line with our expectations despite some challenges in the form of fuel volatility and weather disruption. As market conditions improve, we continue to be focused on executing on our long-term strategic priorities. The actions already taken have positioned us to deliver strong operating leverage,” said Darrell Campbell, Executive Vice President and Chief Financial Officer of Schneider. “We remain confident that 2026 will see the benefits of our initiatives and the positive impact of supply rationalization. While demand trends have been relatively stable to-date, macro uncertainty has grown. Demand remains a critical swing factor for the pace and magnitude of market improvement from here.”

Campbell added, “As such, our 2026 full year adjusted diluted earnings per share guidance is unchanged at $0.70 to $1.00, which assumes a full year effective tax rate of approximately 24.0%. Our full year net capital expenditures are expected to remain at approximately $400-450 million.”