Werner Enterprises, Inc. (Nasdaq: WERN), a premier transportation and logistics provider, today reported results for the second quarter ended June 30, 2025.

“Second quarter results showed significant improvement over the first quarter, with operational and strategic progress across our business. Strength in Dedicated continued as we implemented new fleets. One-Way Truckload revenue per total mile increased for the fourth consecutive quarter, driven by recent contractual rate changes and consistent mix. Logistics posted year-over-year revenue growth, solid operating income and margin expansion through disciplined cost management and increased volumes,” said Derek Leathers, Chairman and CEO. “Our cost containment actions in the second quarter delivered measurable savings. We remain committed to growing our core business, expanding margins, and leveraging our investments in technology to enhance productivity and maintain strong operating cash flow."

Total revenues for the quarter were $753.1 million, a decrease of $7.7 million compared to the prior year, due to a $19.4 million, or 4%, decrease in Truckload Transportation Services (“TTS”) revenues, partially offset by an increase in Logistics revenues of $12.3 million, or 6%. A portion of the TTS revenue decline was due to $14.8 million lower fuel surcharge revenues. Net of trucking fuel surcharge revenues, consolidated total revenues increased $7.1 million, or 1%, during the quarter.

Operating income of $66.3 million increased $46.7 million, or 238%, while operating margin of 8.8% increased 620 basis points from 2.6%. On a non-GAAP basis, adjusted operating income of $16.6 million decreased $4.7 million, or 22%. Adjusted operating margin of 2.2% declined 60 basis points from 2.8%.

During the quarter, non-GAAP adjustments to operating income included the following:

  • A reversal of a $45.7 million net liability related to the Texas Supreme Court’s ruling in Werner’s favor, reversing and dismissing a $90 million truck accident verdict from 2018. The reversal included Werner's uninsured portion (retention) and accrued interest. The reversal benefit is included in insurance and claims expense.
  • A reversal of a $7.9 million liability related to an earnout provision for our acquisition of Baylor Trucking in October 2022, which was based on a range of outcomes. During the quarter, we settled on a final payout, resulting in the reversal of the majority of previously accrued amounts. Although the accrued earnout has been included in GAAP results since the date of acquisition, the reversal was classified as a non-GAAP adjustment in the quarter due to the large, one-time nature of the reversal. This reversal benefit is included in other operating expenses.
  • Severance expense of $1.3 million from recent cost actions was also treated as a non-GAAP adjustment. Severance is included in salaries wages and benefits expense.

TTS had operating income of $64.1 million, an increase of $43.1 million, and TTS had non-GAAP adjusted operating income of $12.8 million, a decrease of $10.6 million. Logistics had operating income of $4.3 million, an increase of $3.8 million, and Logistics had non-GAAP adjusted operating income of $5.9 million, an increase of $4.2 million. Corporate and Other (including driving schools) had an operating loss of $2.1 million compared to a $1.9 million operating loss for the same quarter last year, which included a net $1.8 million gain on the sale of two parcels of real estate in second quarter 2024.

Net interest expense of $7.9 million increased $0.6 million primarily due to an increase in average debt outstanding. The effective income tax rate during the quarter increased to 26.2%, compared to 24.2% in second quarter 2024 due to differences in discrete income tax items.

During second quarter 2025 we had net gains on our strategic investments of $0.7 million compared to losses of $0.2 million in prior year. Consistent with prior reporting, increases or decreases to the values of these strategic investments are adjusted out for determining non-GAAP adjusted net income and non-GAAP adjusted earnings per share.

Net income attributable to Werner of $44.1 million increased 366%. On a non-GAAP basis, adjusted net income attributable to Werner was $6.6 million decreased 38%. Diluted EPS was $0.72, an increase of 380%. On a non-GAAP basis, adjusted diluted EPS of $0.11 decreased 36%.

Key Consolidated Financial Metrics

Three Months Ended

June 30,

Six Months Ended

June 30,

(In thousands, except per share amounts)

2025

2024

Y/Y

Change

2025

2024

Y/Y

Change

Total revenues

$

753,148

$

760,798

(1

)%

$

1,465,262

$

1,529,878

(4

)%

Truckload Transportation Services revenues

$

517,647

$

537,069

(4

)%

$

1,019,522

$

1,088,195

(6

)%

Werner Logistics revenues

$

221,177

$

208,912

6

%

$

416,735

$

411,394

1

%

Operating income

$

66,321

$

19,611

238

%

$

60,489

$

35,199

72

%

Operating margin

8.8

%

2.6

%

620 bps

4.1

%

2.3

%

180 bps

Net income attributable to Werner

$

44,062

$

9,465

366

%

$

33,964

$

15,777

115

%

Diluted earnings per share

$

0.72

$

0.15

380

%

$

0.55

$

0.25

121

%

Adjusted operating income (1)

$

16,555

$

21,269

(22

)%

$

14,752

$

39,860

(63

)%

Adjusted operating margin (1)

2.2

%

2.8

%

(60) bps

1.0

%

2.6

%

(160) bps

Adjusted net income (loss) attributable to Werner (1)

$

6,600

$

10,668

(38

)%

$

(733

)

$

19,203

(104

)%

Adjusted diluted earnings (loss) per share (1)

$

0.11

$

0.17

(36

)%

$

(0.01

)

$

0.30

(104

)%

(1) See attached Reconciliation of Non-GAAP Financial Measures - Consolidated.

Truckload Transportation Services (TTS) Segment

  • Revenues of $517.6 million decreased $19.4 million; trucking revenues, net of fuel surcharge, decreased 2% year over year
  • Operating income of $64.1 million increased $43.1 million; non-GAAP adjusted operating income of $12.8 million decreased $10.6 million due entirely to an $8.5 million increase in insurance and claims expense (excluding expense for the reversal of the aforementioned accident lawsuit and verdict from 2018), net impact of change in fuel (surcharges net of fuel expense), and expense associated with implementation of new fleets in Dedicated, partially offset with an increase in gains on sale of property and equipment. Without the impact from elevated insurance, fuel and Dedicated start-ups, TTS adjusted operating income would have increased $2 million
  • Operating margin of 12.4% increased 850 basis points from 3.9%; non-GAAP adjusted operating margin, net of fuel surcharge, of 2.8% decreased 220 basis points from 5.0% of which 280 basis points of decline is from the increase in adjusted insurance, change in fuel and Dedicated start-ups. Without these impact, TTS adjusted operating margin, net of fuel surcharge, would have increased by 50 basis points
  • Average segment trucks in service totaled 7,489, a decrease of 141 trucks year over year, or 1.8%, while segment trucks at quarter end were up 85 trucks or 1.1%
  • Dedicated unit trucks at quarter end totaled 4,890, or 65% of the total TTS segment fleet, compared to 4,825 trucks, or 65%, a year ago
  • Average revenues per truck per week, net of fuel surcharge increased 0.3% for TTS

During second quarter 2025, Dedicated experienced net reduction in average trucks, down 0.9% year over year and up 72 trucks, or 1.5%, sequentially. Dedicated quarter-end fleet size was up 1.3% year over year and up 1.1% sequentially driven by implementations of new fleets won in Dedicated in the first quarter 2025, which will continue to be implemented into third quarter. Customer retention is 85%. Dedicated average revenues per truck per week, net of fuel surcharge, increased 0.2%. One-Way revenues per total mile, net of fuel surcharge, increased 2.7% year over year.

Key Truckload Transportation Services Segment Financial Metrics

Three Months Ended

June 30,

Six Months Ended

June 30,

(In thousands)

2025

2024

Y/Y

Change

2025

2024

Y/Y

Change

Trucking revenues, net of fuel surcharge

$

450,903

$

458,140

(2

)%

$

883,976

$

928,019

(5

)%

Trucking fuel surcharge revenues

55,201

69,966

(21

)%

112,841

142,949

(21

)%

Non-trucking and other revenues

11,543

8,963

29

%

22,705

17,227

32

%

Total revenues

$

517,647

$

537,069

(4

)%

$

1,019,522

$

1,088,195

(6

)%

Operating income

$

64,089

$

20,998

205

%

$

63,173

$

41,838

51

%

Operating margin

12.4

%

3.9

%

850 bps

6.2

%

3.8

%

240 bps

Operating ratio

87.6

%

96.1

%

(850) bps

93.8

%

96.2

%

(240) bps

Adjusted operating income (1)

$

12,775

$

23,338

(45

)%

$

14,739

$

46,032

(68

)%

Adjusted operating margin (1)

2.5

%

4.3

%

(180) bps

1.4

%

4.2

%

(280) bps

Adjusted operating margin, net of fuel surcharge (1)

2.8

%

5.0

%

(220) bps

1.6

%

4.9

%

(330) bps

Adjusted operating ratio (1)

97.5

%

95.7

%

180 bps

98.6

%

95.8

%

280 bps

Adjusted operating ratio, net of fuel surcharge (1)

97.2

%

95.0

%

220 bps

98.4

%

95.1

%

330 bps

(1) See attached Reconciliation of Non-GAAP Financial Measures - Truckload Transportation Services (TTS) Segment.

Werner Logistics Segment

  • Revenues of $221.2 million increased $12.3 million, or 6%
  • Operating income of $4.3 million increased $3.8 million, or 687%; non-GAAP adjusted operating income of $5.9 million increased $4.2 million, or 246%
  • Operating margin of 2.0% increased 170 basis points from 0.3%; non-GAAP adjusted operating margin of 2.7% increased 190 basis points from 0.8%

Truckload Logistics revenues (77% of Logistics revenues) increased $13.9 million, or 9%, driven by an increase in shipments of 7% with gross margin expansion. Revenue from our PowerLink offering was up 17% while traditional brokerage recorded mid-single digit revenue growth. Higher volume was the driving factor with modest rate improvement.

Intermodal revenues (13% of Logistics revenues) increased $0.7 million, or 3%, due to 7% more shipments, partially offset by a 4% decrease in revenue per shipment. Second quarter 2025 was our highest operating income quarter in two years for intermodal.

Final Mile revenues (10% of Logistics revenues) decreased $2.4 million, or 10%, but increased 7% sequentially.

Key Werner Logistics Segment Financial Metrics

Three Months Ended

June 30,

Six Months Ended

June 30,

(In thousands)

2025

2024

Y/Y

Change

2025

2024

Y/Y

Change

Total revenues

$

221,177

$

208,912

6

%

$

416,735

$

411,394

1

%

Operating expenses:

Purchased transportation expense

188,326

177,066

6

%

355,484

349,553

2

%

Other operating expenses

28,523

31,296

(9

)%

57,398

63,620

(10

)%

Total operating expenses

216,849

208,362

4

%

412,882

413,173

0

%

Operating income (loss)

$

4,328

$

550

687

%

$

3,853

$

(1,779

)

(317

)%

Operating margin

2.0

%

0.3

%

170 bps

0.9

%

(0.4

%)

130 bps

Adjusted operating income (1)

$

5,876

$

1,698

246

%

$

6,550

$

518

1,164

%

Adjusted operating margin (1)

2.7

%

0.8

%

190 bps

1.6

%

0.1

%

150 bps

(1) See attached Reconciliation of Non-GAAP Financial Measures - Werner Logistics Segment.

Cash Flow and Capital Allocation

Cash flow from operations in second quarter 2025 was $46.0 million compared to $109.1 million in second quarter 2024, a decrease of 58%.

Net capital expenditures in second quarter 2025 were $65.6 million compared to $99.2 million in second quarter 2024, a decrease of 34%. We continue to prioritize business reinvestment in safe and modern equipment, including trucks and trailers, as well as in technology, our terminal network and our talent. The average ages of our truck and trailer fleets were 2.4 years and 5.5 years, respectively, as of June 30, 2025. Maintaining a low-age, modern fleet improves our driver experience and results in more effective equipment maintenance, safety and fuel efficiency.

Gains on sales of property and equipment in second quarter 2025 were $5.9 million, or $0.07 per share, compared to $2.7 million, or $0.03 per share, in second quarter 2024. Year over year, we sold 54% and 60% fewer tractors and trailers, respectively, and realized much higher average unit gains on tractors and trailers. Gains on sales of property and equipment are reflected as a reduction of other operating expenses in our income statement.

During the quarter, we repurchased 2.1 million shares of common stock for a total cost of $55.0 million, excluding excise taxes, or an average price of $26.05 per share. As of June 30, 2025, we had 1.8 million shares remaining under our share repurchase authorization.

As of June 30, 2025, we had $51 million of cash and cash equivalents and $1.4 billion of stockholders’ equity. Total debt outstanding was $725 million at June 30, 2025. After considering letters of credit issued, we had available liquidity consisting of cash and cash equivalents and available borrowing capacity as of June 30, 2025 of $695 million.

2025 Guidance Metrics and Assumptions

The following table summarizes our updated 2025 guidance assumptions:

Prior

(as of 4/29/25)

Actual

(as of 6/30/25)

New

(as of 7/29/25)

TTS truck count from beginning of year to end of year

1% to 5%

(annual)

1.3%

(YTD25)

1% to 4%

(annual)

Net capital expenditures

$185M to $235M

(annual)

$58M

(YTD25)

$145M to $185M

(annual)

TTS Guidance

Dedicated RPTPW* growth

0% to 3%

(annual)

(0.1)%

(1H25 vs. 1H24)

0% to 3%

(annual)

One-Way Truckload RPTM* growth

0% to 3%

(2Q25 vs. 2Q24)

2.7%

(2Q25 vs. 2Q24)

0% to 3%

(3Q25 vs. 3Q24)

Assumptions

Effective income tax rate

25.0% to 26.0%

(annual)

26.9%

(YTD25)

25.0% to 26.0%

(annual)

* Net of fuel surcharge revenues

Call Information

Werner Enterprises, Inc. will conduct a conference call to discuss second quarter 2025 earnings today beginning at 4:00 p.m. CT. The news release, live webcast of the earnings conference call, and accompanying slide presentation will be available at werner.com in the “Investors” section under “News & Events” and then “Events Calendar.” To participate in the conference call, please dial (844) 701-1165 (domestic) or (412) 504-9718 (international). Please mention to the operator that you are dialing in for the Werner Enterprises call.

A replay of the conference call will be available on July 29, 2025 at approximately 6:00 p.m. CT through August 29, 2025 by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international) and using the access code 7769458. A replay of the webcast will also be available at werner.com in the “Investors” section under “News & Events” and then “Events Calendar.”

About Werner Enterprises

Werner Enterprises, Inc. (Nasdaq: WERN) delivers superior truckload transportation and logistics services to customers across the United States, Mexico and Canada. With 2024 revenues of $3.0 billion, a modern truck and trailer fleet, nearly 13,000 talented associates and our innovative Werner EDGE® technology, we are an essential solutions provider for customers who value the integrity of their supply chain and require safe and exceptional on-time service. Werner® provides Dedicated and One-Way Truckload services as well as Logistics services that include truckload brokerage, freight management, intermodal and final mile. Werner embraces inclusion as a core value and manages key risks and opportunities through a balanced sustainability strategy.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on information presently available to the Company’s management and are current only as of the date made. Actual results could also differ materially from those anticipated as a result of a number of factors, including, but not limited to, those discussed in the Company’s latest available Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q.

For those reasons, undue reliance should not be placed on any forward-looking statement. The Company assumes no duty or obligation to update or revise any forward-looking statement, although it may do so from time to time as management believes is warranted or as may be required by applicable securities law. Any such updates or revisions may be made by filing reports with the U.S. Securities and Exchange Commission (“SEC”), through the issuance of press releases or by other methods of public disclosure.

Consolidated Financial Information

INCOME STATEMENT

(Unaudited)

(In thousands, except per share amounts)

Three Months Ended

June 30,

Six Months Ended

June 30,

2025

2024

2025

2024

$

%

$

%

$

%

$

%

Operating revenues

$

753,148

100.0

$

760,798

100.0

$

1,465,262

100.0

$

1,529,878

100.0

Operating expenses:

Salaries, wages and benefits

250,451

33.2

259,754

34.1

493,676

33.7

525,157

34.3

Fuel

60,401

8.0

71,998

9.5

123,493

8.4

149,620

9.8

Supplies and maintenance

62,260

8.3

61,988

8.1

122,300

8.3

123,763

8.1

Taxes and licenses

23,100

3.1

25,494

3.3

45,444

3.1

50,658

3.3

Insurance and claims

(6,813

)

(0.9

)

31,897

4.2

36,964

2.5

68,259

4.4

Depreciation and amortization

70,757

9.4

72,672

9.6

140,806

9.6

146,942

9.6

Rent and purchased transportation

228,280

30.3

210,417

27.7

434,422

29.7

414,342

27.1

Communications and utilities

3,730

0.5

4,127

0.5

8,087

0.6

8,833

0.6

Other

(5,339

)

(0.7

)

2,840

0.4

(419

)

—

7,105

0.5

Total operating expenses

686,827

91.2

741,187

97.4

1,404,773

95.9

1,494,679

97.7

Operating income

66,321

8.8

19,611

2.6

60,489

4.1

35,199

2.3

Other expense (income):

Interest expense

9,353

1.3

9,043

1.2

18,890

1.3

16,991

1.1

Interest income

(1,487

)

(0.2

)

(1,786

)

(0.2

)

(2,979

)

(0.2

)

(3,471

)

(0.2

)

Loss on investments in equity securities

33

—

52

—

35

—

190

—

Loss (earnings) from equity method investment

(719

)

(0.1

)

141

—

(842

)

(0.1

)

274

—

Other

51

—

30

—

(317

)

—

(231

)

—

Total other expense, net

7,231

1.0

7,480

1.0

14,787

1.0

13,753

0.9

Income before income taxes

59,090

7.8

12,131

1.6

45,702

3.1

21,446

1.4

Income tax expense

15,468

2.0

2,931

0.4

12,301

0.8

5,998

0.4

Net income

43,622

5.8

9,200

1.2

33,401

2.3

15,448

1.0

Net loss attributable to noncontrolling interest

440

0.1

265

—

563

—

329

—

Net income attributable to Werner

$

44,062

5.9

$

9,465

1.2

$

33,964

2.3

$

15,777

1.0

Diluted shares outstanding

61,001

62,860

61,532

63,291

Diluted earnings per share

$

0.72

$

0.15

$

0.55

$

0.25

CONDENSED BALANCE SHEET

(In thousands, except share amounts)

June 30,
2025

December 31,
2024

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

51,420

$

40,752

Accounts receivable, trade, less allowance of $7,542 and $7,169, respectively

420,538

391,684

Other receivables

22,585

26,137

Inventories and supplies

13,228

14,183

Prepaid expenses

34,282

53,690

Other current assets

35,483

15,327

Total current assets

577,536

541,773

Property and equipment

2,944,012

2,941,495

Less – accumulated depreciation

1,065,906

1,007,259

Property and equipment, net

1,878,106

1,934,236

Goodwill

129,104

129,104

Intangible assets, net

71,372

76,407

Other non-current assets (1)

308,311

370,717

Total assets

$

2,964,429

$

3,052,237

LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

129,181

$

112,429

Current portion of long-term debt

—

20,000

Insurance and claims accruals

103,189

93,710

Accrued payroll

53,277

54,560

Accrued expenses

17,954

18,745

Other current liabilities

28,072

56,305

Total current liabilities

331,673

355,749

Long-term debt, net of current portion

725,000

630,000

Other long-term liabilities

54,486

66,173

Insurance and claims accruals, net of current portion (1)

114,716

236,923

Deferred income taxes

280,765

269,516

Total liabilities

1,506,640

1,558,361

Temporary equity - redeemable noncontrolling interest

36,865

37,944

Stockholders’ equity:

Common stock, $.01 par value, 200,000,000 shares authorized; 80,533,536 shares issued; 59,830,317 and 61,850,434 shares outstanding, respectively

805

805

Paid-in capital

139,928

137,889

Retained earnings

1,969,693

1,952,775

Accumulated other comprehensive loss

(17,769

)

(18,437

)

Treasury stock, at cost; 20,703,219 and 18,683,102 shares, respectively

(671,733

)

(617,100

)

Total stockholders’ equity

1,420,924

1,455,932

Total liabilities, temporary equity and stockholders’ equity

$

2,964,429

$

3,052,237

(1) Under the terms of our insurance policies, we were the primary obligor of the damage award in a previously disclosed adverse jury verdict, and as such, we had recorded a $79.2 million receivable from our third-party insurance providers in other non-current assets and a corresponding liability of the same amount in the long-term portion of insurance and claims accruals in the unaudited condensed balance sheets as of December 31,2024. On June 27, 2025, the Texas Supreme Court reversed the verdict and rendered a judgment in our favor, effectively ending the case in our favor. As a result of the Texas Supreme Court’s verdict, we reversed the $79.2 million receivable and corresponding liability of the same amount in June 2025.

SUPPLEMENTAL INFORMATION

(Unaudited)

(In thousands)

Three Months Ended

June 30,

Six Months Ended

June 30,

2025

2024

2025

2024

Capital expenditures (proceeds), net

$

65,628

$

99,161

$

58,062

$

118,196

Cash flow from operations

$

46,025

$

109,072

$

75,395

$

197,657

Return on assets (annualized)

5.9

%

1.2

%

2.2

%

1.0

%

Return on equity (annualized)

11.9

%

2.4

%

4.5

%

2.0

%

Segment Financial and Operating Statistics Information

SEGMENT INFORMATION

(Unaudited)

(In thousands)

Three Months Ended

June 30,

Six Months Ended

June 30,

2025

2024

2025

2024

Revenues

Truckload Transportation Services

$

517,647

$

537,069

$

1,019,522

$

1,088,195

Werner Logistics

221,177

208,912

416,735

411,394

Other (1)

18,439

17,467

36,662

36,420

Corporate

634

613

1,155

1,203

Subtotal

757,897

764,061

1,474,074

1,537,212

Inter-segment eliminations (2)

(4,749

)

(3,263

)

(8,812

)

(7,334

)

Total

$

753,148

$

760,798

$

1,465,262

$

1,529,878

Operating Income (Loss)

Truckload Transportation Services

$

64,089

$

20,998

$

63,173

$

41,838

Werner Logistics

4,328

550

3,853

(1,779

)

Other (1)

(39

)

(966

)

(448

)

(1,175

)

Corporate

(2,057

)

(971

)

(6,089

)

(3,685

)

Total

$

66,321

$

19,611

$

60,489

$

35,199

(1) Other includes our driver training schools, transportation-related activities such as third-party equipment maintenance and equipment leasing, and other business activities.

(2) Inter-segment eliminations represent transactions between reporting segments that are eliminated in consolidation.

OPERATING STATISTICS BY SEGMENT

(Unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2025

2024

% Chg

2025

2024

% Chg

Truckload Transportation Services segment

Average trucks in service

7,489

7,630

(1.8

)%

7,452

7,783

(4.3

)%

Average revenues per truck per week (1)

$

4,632

$

4,619

0.3

%

$

4,563

$

4,586

(0.5

)%

Total trucks (at quarter end)

Company

7,215

7,180

0.5

%

7,215

7,180

0.5

%

Independent contractor

330

280

17.9

%

330

280

17.9

%

Total trucks

7,545

7,460

1.1

%

7,545

7,460

1.1

%

Total trailers (at quarter end)

24,660

26,965

(8.5

)%

24,660

26,965

(8.5

)%

One-Way Truckload

Trucking revenues, net of fuel surcharge (in 000’s)

$

164,083

$

169,283

(3.1

)%

$

318,504

$

338,120

(5.8

)%

Average trucks in service

2,634

2,730

(3.5

)%

2,633

2,758

(4.5

)%

Total trucks (at quarter end)

2,655

2,635

0.8

%

2,655

2,635

0.8

%

Average percentage of empty miles

15.50

%

14.70

%

5.4

%

15.75

%

14.80

%

6.4

%

Average revenues per truck per week (1)

$

4,787

$

4,770

0.4

%

$

4,650

$

4,716

(1.4

)%

Average % change YOY in revenues per total mile (1)

2.7

%

(2.7

)%

1.5

%

(4.0

)%

Average % change YOY in total miles per truck per week

(2.3

)%

10.8

%

(2.9

)%

11.1

%

Average completed trip length in miles (loaded)

581

589

(1.4

)%

579

590

(1.9

)%

Dedicated

Trucking revenues, net of fuel surcharge (in 000’s)

$

286,820

$

288,857

(0.7

)%

$

565,472

$

589,899

(4.1

)%

Average trucks in service

4,855

4,901

(0.9

)%

4,819

5,025

(4.1

)%

Total trucks (at quarter end)

4,890

4,825

1.3

%

4,890

4,825

1.3

%

Average revenues per truck per week (1)

$

4,542

$

4,534

0.2

%

$

4,512

$

4,516

(0.1

)%

Werner Logistics segment

Average trucks in service

28

22

27.3

%

24

24

—

%

Total trucks (at quarter end)

23

21

9.5

%

23

21

9.5

%

Total trailers (at quarter end)

3,650

3,350

9.0

%

3,650

3,350

9.0

%

Total containers (at quarter end)

200

—

N/A

200

—

N/A

(1) Net of fuel surcharge revenues

Non-GAAP Financial Measures and Reconciliations

To supplement our financial results presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we provide certain non-GAAP financial measures as defined by the SEC Regulation G, including non-GAAP adjusted operating income; non-GAAP adjusted operating margin; non-GAAP adjusted operating margin, net of fuel surcharge; non-GAAP adjusted net income (loss) attributable to Werner; non-GAAP adjusted diluted earnings (loss) per share; non-GAAP adjusted operating revenues, net of fuel surcharge; non-GAAP adjusted operating revenues, less purchased transportation expense; non-GAAP adjusted operating expenses; non-GAAP adjusted operating expenses, net of fuel surcharge; non-GAAP adjusted operating ratio; and non-GAAP adjusted operating ratio, net of fuel surcharge. We believe these non-GAAP financial measures provide a more useful comparison of our performance from period to period because they exclude the effect of items that, in our opinion, do not reflect our core operating performance. Our non-GAAP financial measures are not meant to be considered in isolation or as substitutes for their comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. There are limitations to using non-GAAP financial measures. Although we believe that they improve comparability in analyzing our period to period performance, they could limit comparability to other companies in our industry if those companies define these measures differently. Because of these limitations, our non-GAAP financial measures should not be considered measures of income generated by our business. Management compensates for these limitations by primarily relying on GAAP results and using non-GAAP financial measures on a supplemental basis.

The following tables present reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure as required by SEC Regulation G. In addition, information regarding each of the excluded items as well as our reasons for excluding them from our non-GAAP results is provided below.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED

(unaudited)

(In thousands, except per share amounts)

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

Non-GAAP Adjusted Operating

Income and Non-GAAP
Adjusted Operating Margin(1)

$

% of
Op.
Rev.

$

% of
Op.
Rev.

$

% of
Op.
Rev.

$

% of
Op.
Rev.

Operating income and operating margin – (GAAP)

$

66,321

8.8

%

$

19,611

2.6

%

$

60,489

4.1

%

$

35,199

2.3

%

Non-GAAP adjustments:

Insurance and claims (2)

(45,662

)

(6.1

)%

971

0.1

%

(44,151

)

(3.0

)%

1,456

0.1

%

Amortization of intangible assets (3)

2,517

0.3

%

2,517

0.3

%

5,035

0.3

%

5,035

0.3

%

Contingent consideration adjustment (4)

(7,921

)

(1.0

)%

—

—

%

(7,921

)

(0.5

)%

—

—

%

Severance expense (5)

1,300

0.2

%

—

—

%

1,300

0.1

%

—

—

%

Gain on sale of real estate (6)

—

—

%

(1,830

)

(0.2

)%

—

—

%

(1,830

)

(0.1

)%

Non-GAAP adjusted operating income and non-GAAP adjusted operating margin

$

16,555

2.2

%

$

21,269

2.8

%

$

14,752

1.0

%

$

39,860

2.6

%

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

Non-GAAP Adjusted Net Income (Loss)
Attributable to Werner and Non-GAAP
Adjusted Diluted Earnings (Loss) Per Share (1)

$

Diluted
EPS

$

Diluted
EPS

$

Diluted
EPS

$

Diluted
EPS

Net income attributable to Werner and diluted earnings per share – (GAAP)

$

44,062

$

0.72

$

9,465

$

0.15

$

33,964

$

0.55

$

15,777

$

0.25

Non-GAAP adjustments:

Insurance and claims (2)

(45,662

)

(0.75

)

971

0.02

(44,151

)

(0.72

)

1,456

0.02

Amortization of intangible assets, net of amount attributable to noncontrolling interest (3)

2,345

0.04

2,345

0.04

4,691

0.08

4,691

0.08

Contingent consideration adjustment (4)

(7,921

)

(0.13

)

—

—

(7,921

)

(0.13

)

—

—

Severance expense (5)

1,300

0.02

—

—

1,300

0.02

—

—

Gain on sale of real estate (6)

—

—

(1,830

)

(0.03

)

—

—

(1,830

)

(0.03

)

Loss on investments in equity securities (7)

33

—

52

—

35

—

190

—

Loss (earnings) from equity method investment (8)

(719

)

(0.01

)

141

—

(842

)

(0.01

)

274

—

Income tax effect of above adjustments (9)

13,162

0.22

(476

)

(0.01

)

12,191

0.20

(1,355

)

(0.02

)

Non-GAAP adjusted net income (loss) attributable to Werner and non-GAAP adjusted diluted earnings (loss) per share

$

6,600

$

0.11

$

10,668

$

0.17

$

(733

)

$

(0.01

)

$

19,203

$

0.30

Three Months Ended

June 30,

Six Months Ended

June 30,

2025

2024

2025

2024

Non-GAAP Adjusted Operating Revenues, Net of Fuel Surcharge(1)

$

$

$

$

Operating revenues – (GAAP)

$

753,148

$

760,798

$

1,465,262

$

1,529,878

Non-GAAP adjustment:

Trucking fuel surcharge (10)

(55,201

)

(69,966

)

(112,841

)

(142,949

)

Non-GAAP Operating revenues, net of fuel surcharge

$

697,947

$

690,832

$

1,352,421

$

1,386,929

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – TRUCKLOAD TRANSPORTATION SERVICES (TTS) SEGMENT

(unaudited)

(In thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

Non-GAAP Adjusted Operating Income and
Non-GAAP Adjusted Operating Margin (1)

$

% of
Op.
Rev.

$

% of
Op.
Rev.

$

% of
Op.
Rev.

$

% of
Op.
Rev.

Operating income and operating margin – (GAAP)

$

64,089

12.4

%

$

20,998

3.9

%

$

63,173

6.2

%

$

41,838

3.8

%

Non-GAAP adjustments:

Insurance and claims (2)

(45,662

)

(8.8

)%

971

0.2

%

(44,151

)

(4.3

)%

1,456

0.1

%

Amortization of intangible assets (3)

1,369

0.3

%

1,369

0.2

%

2,738

0.2

%

2,738

0.3

%

Contingent consideration adjustment (4)

(7,921

)

(1.5

)%

—

—

%

(7,921

)

(0.8

)%

—

—

%

Severance expense (5)

900

0.1

%

—

—

%

900

0.1

%

—

—

%

Non-GAAP adjusted operating income and non-GAAP adjusted operating margin

$

12,775

2.5

%

$

23,338

4.3

%

$

14,739

1.4

%

$

46,032

4.2

%

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

Non-GAAP Adjusted Operating Expenses and Non-
GAAP Adjusted Operating Ratio(1)

$

% of
Op.
Rev.

$

% of
Op.
Rev.

$

% of
Op.
Rev.

$

% of
Op.
Rev.

Operating expenses and operating ratio – (GAAP)

$

453,558

87.6

%

$

516,071

96.1

%

$

956,349

93.8

%

$

1,046,357

96.2

%

Non-GAAP adjustments:

Insurance and claims (2)

45,662

8.8

%

(971

)

(0.2

)%

44,151

4.3

%

(1,456

)

(0.1

)%

Amortization of intangible assets (3)

(1,369

)

(0.3

)%

(1,369

)

(0.2

)%

(2,738

)

(0.2

)%

(2,738

)

(0.3

)%

Contingent consideration adjustment (4)

7,921

1.5

%

—

—

%

7,921

0.8

%

—

—

%

Severance expense (5)

(900

)

(0.1

)%

—

—

%

(900

)

(0.1

)%

—

—

%

Non-GAAP adjusted operating expenses and non-GAAP adjusted operating ratio

$

504,872

97.5

%

$

513,731

95.7

%

$

1,004,783

98.6

%

$

1,042,163

95.8

%

Three Months Ended

June 30,

Six Months Ended

June 30,

Non-GAAP Adjusted Operating Revenues, Net of Fuel Surcharge;
Non-GAAP Adjusted Operating Expenses, Net of Fuel Surcharge;
Non-GAAP Adjusted Operating Margin, Net of Fuel Surcharge;
and Non-GAAP Adjusted Operating Ratio, Net of Fuel Surcharge(1)

2025

2024

2025

2024

$

$

$

$

Operating revenues – (GAAP)

$

517,647

$

537,069

$

1,019,522

$

1,088,195

Less: Trucking fuel surcharge (10)

(55,201

)

(69,966

)

(112,841

)

(142,949

)

Operating revenues, net of fuel surcharge – (Non-GAAP)

462,446

467,103

906,681

945,246

Operating expenses – (GAAP)

453,558

516,071

956,349

1,046,357

Non-GAAP adjustments:

Trucking fuel surcharge (10)

(55,201

)

(69,966

)

(112,841

)

(142,949

)

Insurance and claims (2)

45,662

(971

)

44,151

(1,456

)

Amortization of intangible assets (3)

(1,369

)

(1,369

)

(2,738

)

(2,738

)

Contingent consideration adjustment (4)

7,921

—

7,921

—

Severance expense (5)

(900

)

—

(900

)

—

Non-GAAP adjusted operating expenses, net of fuel surcharge

449,671

443,765

891,942

899,214

Non-GAAP adjusted operating income

$

12,775

$

23,338

$

14,739

$

46,032

Non-GAAP adjusted operating margin, net of fuel surcharge

2.8

%

5.0

%

1.6

%

4.9

%

Non-GAAP adjusted operating ratio, net of fuel surcharge

97.2

%

95.0

%

98.4

%

95.1

%

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – WERNER LOGISTICS SEGMENT

(unaudited)

(In thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

Non-GAAP Adjusted Operating Revenues,
Less Purchased Transportation Expense (1)

$

% of
Op.
Rev.

$

% of
Op.
Rev.

$

% of
Op.
Rev.

$

% of
Op.
Rev.

Operating revenues – (GAAP)

$

221,177

100.0

%

$

208,912

100.0

%

$

416,735

100.0

%

$

411,394

100.0

%

Non-GAAP adjustment:

Purchased transportation expense (11)

(188,326

)

(85.1

)%

(177,066

)

(84.8

)%

(355,484

)

(85.3

)%

(349,553

)

(85.0

)%

Non-GAAP adjusted operating revenues, less purchased transportation expense

$

32,851

14.9

%

$

31,846

15.2

%

$

61,251

14.7

%

$

61,841

15.0

%

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

Non-GAAP Adjusted Operating Income and Non-GAAP
Adjusted Operating Margin(1)

$

% of
Op.
Rev.

$

% of
Op.
Rev.

$

% of
Op.
Rev.

$

% of
Op.
Rev.

Operating income (loss) and operating margin – (GAAP)

$

4,328

2.0

%

$

550

0.3

%

$

3,853

0.9

%

$

(1,779

)

(0.4

)%

Non-GAAP adjustments:

Amortization of intangible assets (3)

1,148

0.5

%

1,148

0.5

%

2,297

0.6

%

2,297

0.5

%

Severance expense (5)

400

0.2

%

—

—

%

400

0.1

%

—

—

%

Non-GAAP adjusted operating income and non-GAAP adjusted operating margin

$

5,876

2.7

%

$

1,698

0.8

%

$

6,550

1.6

%

$

518

0.1

%

(1) Non-GAAP adjusted operating income; non-GAAP adjusted operating margin; non-GAAP adjusted operating margin, net of fuel surcharge; non-GAAP adjusted net income (loss) attributable to Werner; non-GAAP adjusted diluted earnings (loss) per share; non-GAAP adjusted operating revenues, net of fuel surcharge; non-GAAP adjusted operating revenues, less purchased transportation expense; non-GAAP adjusted operating expenses; non-GAAP adjusted operating expenses, net of fuel surcharge; non-GAAP adjusted operating ratio; and non-GAAP adjusted operating ratio, net of fuel surcharge should be considered in addition to, rather than as substitutes for, GAAP operating income; GAAP operating margin; GAAP net income (loss) attributable to Werner; GAAP diluted earnings (loss) per share; GAAP operating revenues; GAAP operating expenses; and GAAP operating ratio, which are their most directly comparable GAAP financial measures.

(2) Prior to second quarter 2025, we accrued pre-tax insurance and claims expense for interest related to a previously disclosed excess adverse jury verdict rendered on May 17, 2018 in a lawsuit arising from a December 2014 accident. Additional information about the accident was included in our Current Report on Form 8-K dated May 17, 2018. Under our insurance policies in effect on the date of this accident, our maximum liability for this accident was $10.0 million (plus pre-judgment and post-judgment interest) with premium-based insurance coverage that exceeded the jury verdict amount. We continued to accrue pre-tax insurance and claims expense for interest at $0.5 million per month (excluding months where the plaintiffs requested an extension of time to respond to our petition for review) until our appeal was finalized in second quarter 2025. Management believes excluding the effect of this item provides a more useful comparison of our performance from period to period. This item is included in our Truckload Transportation Services segment.

(3) Amortization expense related to intangible assets acquired in our business acquisitions is excluded because management does not believe it is indicative of our core operating performance. This item is included in our Truckload Transportation Services and Werner Logistics segments.

(4) Contingent consideration, also referred to as earnout, adjustments related to our business acquisitions are excluded because management does not believe these adjustments are indicative of our core operating performance. The adjustments are recorded in other operating expenses in our Income Statement and are included in our Truckload Transportation Services segment.

(5) Severance expense is excluded because management does not believe it is indicative of our core operating performance. This item is included in salaries, wages and benefits in our Income Statement and is included in our Truckload Transportation Services and Werner Logistics segments.

(6) During second quarter 2024, we sold two parcels of real estate which resulted in a $1.8 million net pre-tax gain on sale. Management believes excluding the effect of these unusual and infrequent items provides a more useful comparison of our performance from period to period. These items are included in our Corporate segment.

(7) Represents non-operating mark-to-market adjustments for gains/losses on our minority equity investments, which we account for under Accounting Standards Codification (“ASC”) 321, Investments – Equity Securities. Management believes excluding the effect of gains/losses on our investments in equity securities provides a more useful comparison of our performance from period to period. We record changes in the value of our investments in equity securities in other expense (income) in our Income Statement.

(8) Represents earnings/losses from our equity method investment, which we account for under ASC 323, Investments - Equity Method and Joint Ventures. Management believes excluding the effect of earnings/losses from our equity method investment provides a more useful comparison of our performance from period to period. We record earnings/losses from our equity method investment in other expense (income) in our Income Statement.

(9) The income tax effect of the non-GAAP adjustments is calculated using the incremental income tax rate excluding discrete items, and the income tax effect for 2024 has been updated to reflect the annual incremental income tax rate.

(10) Fluctuating fuel prices and fuel surcharge revenues impact the total company operating ratio and the TTS segment operating ratio when fuel surcharges are reported on a gross basis as revenues versus netting the fuel surcharges against fuel expenses. Management believes netting fuel surcharge revenues, which are generally a more volatile source of revenue, against fuel expenses provides a more consistent basis for comparing the results of operations from period to period.

(11) Management believes excluding purchased transportation expense from Werner Logistics operating revenues provides a useful measurement of our ability to source and sell services provided by third parties.

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31 juli, 13:29

Pressat Apple visar korten: "Rivalerna kör förbi i 160 km/h"

Inför kvällens rapport ökar pressen på VD Tim Cook att presentera en trovärdig AI-strategi.

Kjell Inge Røkke i samarbete med OpenAI, vars VD

Igår, 08:45

Røkke i samarbete med Nvidia och OpenAI: "Stargate Norway"

Den norske miljardären Kjell Inge Røkke nöjer sig inte med att utmana Ilija Batljan om makten i SBB. Nu annonserar hans konglomerat Aker "en av de mest betydande investeringarna i europeisk AI-infrastruktur": En gigafabrik i Narvik, i samarbete med några av AI-världens tyngsta namn: OpenAI, Nscale och Nvidia. Som svar rusar aktien på börsen.

Ingeh

31 juli, 10:00

Techförvaltaren: Här är åtta AI-vinnare för långsiktiga portföljen

"Bolagen kan fortsätta växa i många år och då är de inte speciellt dyra."

Analys

Otto Klaar skriver om Stendörren

31 juli, 14:26

Analys: Köp Stendörren

Fastighetsbolaget Stendörren har utvecklats imponerande starkt det senaste året. Samtidigt har aktien under perioden stampat på stället.

Otto Klaar skriver om Bakkafrost

29 juli, 13:09

Laxpriset spökar för Bakkafrost

Ett kraftigt prisfall på lax i kombination med operativa utmaningar i den problemtyngda skotska verksamheten har fått Bakkafrost att falla på börsen. För den som vågar lita på att en vändning väntar runt hörnet är uppsidan stor.

Investtechs analytiker Lars-Göran Westerberg sätter köp på kullagertillverkaren SKF

30 juli, 08:44

Teknisk analys: Köp SKF – sälj denna spelaktie

Investtechs analytiker Lars-Göran Westerberg lyfter fram kullagertillverkaren SKF som ett av tre köpvärda case just nu – men trycker på säljknappen för spelbolaget Stillfront.

Boeing uppåt höjd riktkurs

31 juli, 15:54

Amerikanska bankbjässen höjer riktkursen för Boeing

Bank of America höjer riktkursen för Boeing till 270 dollar (260), upprepar köp.

Swedbanks småbolagsfavoriter OBS se logistea-logga

31 juli, 10:08

Här är Swedbanks nya småbolagsfavorit

Storbanken exkluderar hissbolaget Alimak och plockar in ett fastighetsbolag.

Sebastian Siemiatkowski vd Klarna

31 juli, 13:57

Klarnas aktieägare kan meddelas 48 timmar före IPO:n

"Köp nu betala senare"-jätten Klarna förbereder sig för att återuppta sina börsnoteringsplaner i New York under september eller oktober, enligt Sky News.

Fed kopelman

31 juli, 13:15

Splittrat Fed levererar hökaktigt räntebesked: Ovanligt, menar USA-ekonomen

Federal Reserve låter som väntat styrräntan ligga kvar och böjer sig därmed inte för pressen från Trump. Splittringen inom Fed ökar däremot och framtida sänkningar hänger nu på fredagens jobbrapport. "Ska till ganska kraftiga förändringar på arbetsmarknaden", säger SEB:s Elisabet Kopelman.

Danske Banks chefekonom Susanne Spector om de sjunkande bostadspriserna i Stockholm

31 juli, 13:43

Bopriserna sjönk i huvudstaden: "Läget är skört"

Bostadspriserna i Stockholm sjönk 2,7% i juli jämfört med månaden före. Störst var nedgången för större bostäder på över 100 kvadratmeter.

Times Square i New York, USA

31 juli, 14:52

USA:s inflation steg som väntat

Index för kärninflationen i USA steg 0,3 procent i juni jämfört med föregående månad. Jämfört med samma månad året innan steg den 2,8 procent.

Bistånds- och utrikeshandelsminister Benjamin Dousa

31 juli, 11:04

Regeringen vill att EU fryser handelsavtal med Israel

Sveriges regering vill frysa EU:s handelsavtal med Israel för att öka trycket på landet så att hjälpleveranser kan släppas in i Gaza.

Saab RBS 70 NG.

31 juli, 07:54

Nätmäklarnas sparare säljer Saab – köper rapportförlorare

I rapportsäsongen visade nätmäklarnas kunder ett tydligt mönster: rapportförlorare köptes och vinnare såldes. Handelsbanken och Novo Nordisk toppade köplistan efter kursfall, medan Saab finns bland de mest sålda.

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Stockholmsbörsen nasdaq börs

Igår, 10:01

Börsen lyser rött – Astra Zeneca sjunker

Stockholmsbörsen tappar mark under fredagsmorgonen och handlas tydligt nedåt.

Corem VD Rutger Arnhult

Igår, 09:35

Rutger Arnhult miljonköper aktier i egna bolaget

Rutger Arnhult har den 28 juli genom ägarbolaget M2 Asset Management köpt 300 000 B-aktier i fastighetsbolaget Corem Property där han är vd och storägare.

Börsen aktier

31 juli, 17:56

Tung dag på börsen – Boliden föll efter Trumps tullbesked

Stockholmsbörsen handlades tydligt nedåt på torsdagen i en utveckling som speglar den på ledande europeiska börser.

Trump tullar

31 juli, 17:01

Sista chansen: Länderna som kämpar för att undvika Trump-tullar

Tullpausen är på väg att löpa ut och många av USA:s stora handelspartners står ännu utan avtal. Här är länderna som får hoppas på en sista-minuten deal under torsdagen.

Wall Street

31 juli, 15:32

Starka techrapporter lyfter terminerna på Wall Street

USA-börserna väntas öppna uppåt på torsdagen efter att starka techrapporter från kvällen innan spridit ny optimism på marknaden.