Schneider National, Inc. (SNDR): Results of Operations and Financial Condition
Schneider National, Inc. (SNDR) filed an SEC Form 8-K — Results of Operations and Financial Condition. Schneider National, Inc. Announces Second Quarter 2026 Results • Operating Revenues $1.6 billion; $1.4 billion in 2025 • Income from Operations $71.4 million; $55.0 million in 2025 • Diluted Earnings per Share $0.28; $0.20 in 2025 • Adjusted Diluted Earnings per Share $0.29; $0.2
How this was made
The 30-second read
Why it matters
Traders can update models using the reported Q2 EPS and operating ratio improvements, then stress-test the full-year adjusted EPS and net capex ranges against freight pricing and capacity rationalization assumptions.
Market read
Fresh guidance and Q2 operating metrics are actionable for SNDR positioning, especially for traders tracking freight pricing momentum and cost productivity.
What to watch
Segment mix matters: Truckload improved on network price and productivity, while Intermodal revenue per order declined, which could cap upside if trends reverse.
Schneider National, Inc. Announces Second Quarter 2026 Results
Second-quarter operating revenues rose 10%, income from operations increased 30%, net income increased 38%, and adjusted diluted earnings per share increased 38%. All three reportable segments improved operating income and operating ratio, while full-year adjusted diluted earnings per share guidance was increased.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Operating revenuesGAAP | $1,568.7 million | – | 10% |
| Revenues (excluding fuel surcharge)non-GAAP | $1,328.3 million | – | 4% |
| Income from operationsGAAP | $71.4 million | – | 30% |
| Adjusted income from operationsnon-GAAP | $73.2 million | – | 29% |
| Operating ratioother | 95.4% | – | 70 bps |
| Adjusted total operating expenses, net of fuel surcharge revenuenon-GAAP | $1,255.1 million | – | 2% |
| Adjusted operating rationon-GAAP | 94.5% | – | 110 bps |
| Net incomeGAAP | $49.7 million | – | 38% |
| Adjusted net incomenon-GAAP | $51.0 million | – | 36% |
| Adjusted EBITDAnon-GAAP | $180.0 million | – | 8% |
| Diluted earnings per shareGAAP | $0.28 | – | 40% |
| Adjusted diluted earnings per sharenon-GAAP | $0.29 | – | 38% |
| Weighted average diluted shares outstandingGAAP | 176.0 million | – | 0.3 |
| Operating revenues, six months ended June 30GAAP | $2,967.2 million | – | 5% |
| Revenues (excluding fuel surcharge), six months ended June 30non-GAAP | $2,571.4 million | – | 1% |
| Income from operations, six months ended June 30GAAP | $104.8 million | – | 8% |
| Adjusted income from operations, six months ended June 30non-GAAP | $108.3 million | – | 7% |
| Operating ratio, six months ended June 30other | 96.5% | – | 10 bps |
| Adjusted total operating expenses, net of fuel surcharge revenue, six months ended June 30non-GAAP | $2,463.1 million | – | 1% |
| Adjusted operating ratio, six months ended June 30non-GAAP | 95.8% | – | 20 bps |
| Net income, six months ended June 30GAAP | $70.1 million | – | 13% |
| Adjusted net income, six months ended June 30non-GAAP | $72.7 million | – | 12% |
| Adjusted EBITDA, six months ended June 30non-GAAP | $323.6 million | – | 1% |
| Diluted earnings per share, six months ended June 30GAAP | $0.40 | – | 14% |
| Adjusted diluted earnings per share, six months ended June 30non-GAAP | $0.41 | – | 11% |
| Weighted average diluted shares outstanding, six months ended June 30GAAP | 175.9 million | – | 0.1 |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| TruckloadImproved Network price and productivity, partially offset by lower Dedicated volume. Revenue per truck per week was $4,162, up $198, or 5%, reflecting improvements in both Network and Dedicated. Income from operations was $51.4 million, an increase of $11.3 million, or 28%, and operating ratio was 91.8% compared to 93.6%, an improvement of 180 basis points. | $627.6 million | – | 1% |
| IntermodalA 2% decrease in revenue per order, reflecting shorter length of haul, partially offset by an increase in volume. Income from operations was $18.4 million, an increase of $2.3 million, or 14%, and operating ratio was 93.0% compared to 93.9%, an improvement of 90 basis points. | $262.0 million | – | 1% decrease |
| LogisticsHigher revenue per order, partially offset by lower brokerage volume. Income from operations was $12.1 million, an increase of $4.2 million, or 53%, and operating ratio was 96.8% compared to 97.7%, an improvement of 90 basis points. | $376.1 million | – | 11% |
Full year 2026 outlook
- Tax rateapproximately 24.0%
- NoteAdjusted diluted earnings per share $0.90 - $1.10
- NoteNet capital expenditures $350 - $400 million
Capital returns
- In January 2026, the Company announced the approval of a new $150.0 million share repurchase program.
- As of June 30, 2026, the Company had repurchased a total of 0.2 million Class B shares amounting to $5.2 million under the new program.
- A $0.10 dividend payable to shareholders of record as of June 12, 2026, was paid on July 10, 2026.
- On July 27, 2026, the Board of Directors declared a $0.10 dividend payable to shareholders of record as of September 11, 2026, expected to be paid on October 9, 2026.
- As of June 30, 2026, the Company had returned $34.6 million in the form of dividends to shareholders year to date.
What drove it
- Enterprise earnings improvement reflected disciplined revenue management, cost reduction, and productivity actions, according to management.
- Management cited the positive impact of non-compliant capacity exiting the market and improving market conditions.
- Truckload benefited from Network price and productivity, fuel surcharge recovery, equipment utilization, and higher gains on sales of equipment.
- Intermodal operating income benefited from fuel surcharge recovery, volume growth, and higher gains on sales of equipment.
- Logistics operating income benefited from higher net revenue per order and cost actions.
Concerns
- Truckload Dedicated volume was lower.
- Intermodal revenue per order decreased 2%, reflecting shorter length of haul.
- Logistics brokerage volume was lower.
- Higher purchased transportation affected Truckload, Intermodal, and Logistics, while higher maintenance costs affected Truckload.
- Management stated that guidance incorporates a range of outcomes related to demand and driver capacity for the second half of the year.
What to watch
- Whether capacity rationalization continues to support freight conditions.
- Pricing improvement in the parts of the business where the industry is most capacity constrained.
- Truckload Dedicated volume, Intermodal length of haul and revenue per order, and Logistics brokerage volume.
- Purchased transportation and maintenance costs.
- Full-year adjusted diluted earnings per share guidance of $0.90 - $1.10 and net capital expenditures guidance of $350 - $400 million.
Balance sheet and cash flow
- As of June 30, 2026, total debt and finance lease obligations outstanding were $396.5 million.
- As of June 30, 2026, cash and cash equivalents were $292.7 million.
- Free cash flow decreased $35.1 million over the same period, as net capital expenditures increased primarily due to increased purchases of transportation equipment.
Analysis
Schneider reported a materially improved second quarter. Operating revenues were $1,568.7 million, up 10%, while income from operations increased 30% to $71.4 million. Net income rose 38% to $49.7 million, diluted earnings per share were $0.28 versus $0.20, and adjusted diluted earnings per share were $0.29 versus $0.21. The operating ratio improved to 95.4% from 96.1%, and the adjusted operating ratio improved to 94.5% from 95.6%.
Revenue excluding fuel surcharge increased 4% to $1,328.3 million, below the 10% increase in operating revenues. Management attributed the earnings improvement to revenue management, cost reduction, productivity actions, improving market conditions, and capacity exiting the market. Adjusted total operating expenses, net of fuel surcharge revenue, increased 2%, compared with the 4% increase in revenue excluding fuel surcharge, supporting the adjusted operating-ratio improvement.
All three reportable segments increased operating income and improved operating ratio. Truckload revenue excluding fuel surcharge increased 1% as improved Network price and productivity were partly offset by lower Dedicated volume. Intermodal revenue excluding fuel surcharge declined 1% due to a 2% decrease in revenue per order associated with shorter length of haul, partly offset by higher volume. Logistics revenue excluding fuel surcharge increased 11% on higher revenue per order, although brokerage volume was lower. Purchased transportation costs were an offset in each segment, and Truckload also cited higher maintenance costs.
Capital allocation included a new $150.0 million repurchase program, with $5.2 million used to repurchase 0.2 million Class B shares through June 30, 2026. The Company also returned $34.6 million in dividends year to date. Cash and cash equivalents were $292.7 million, while total debt and finance lease obligations were $396.5 million. Free cash flow decreased $35.1 million as net capital expenditures increased due primarily to transportation-equipment purchases.
Management raised full-year adjusted diluted earnings per share guidance to $0.90 - $1.10 from $0.70-$1.00 and reduced expected net capital expenditures to $350 - $400 million from $400-$450 million, primarily due to lower trailing-equipment expenditures. Guidance assumes a full-year effective tax rate of approximately 24.0% and incorporates a range of demand and driver-capacity outcomes for the second half of the year.
Management, verbatim
In the second quarter, we delivered strong earnings improvement, driven by the combined impact of the disciplined revenue management, cost reduction, and productivity actions implemented over the past several years which enabled the enterprise to capitalize on improving market conditions.
Jim Filter, President and Chief Executive Officer of Schneider
We are seeing the strongest pricing improvement in the parts of our business where the industry is most capacity constrained.
Jim Filter, President and Chief Executive Officer of Schneider
Based on our second quarter results and these market expectations, our updated full year adjusted diluted earnings per share forecast is $0.90-$1.10, up from our prior guidance of $0.70-$1.00.
Darrell Campbell, Executive Vice President and Chief Financial Officer of Schneider
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported.
- Operating cash flow was not reported.
- Free cash flow amounts for the current and prior-year periods were not reported; only the $35.1 million decrease was reported.
- Quarterly sequential comparisons were not reported for enterprise metrics or segment revenue.
- Segment revenue including fuel surcharge was not reported.
- Prior-period outlook section was not provided, so no actual-versus-prior-guidance comparison is included.
- Revenue, gross margin, and operating-expense guidance were not reported.
- A GAAP diluted earnings per share reconciliation for projected full-year 2026 adjusted diluted earnings per share was not provided.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Schneider National filed an SEC 8-K (Item 2.02) with Q2 2026 operating results, segment performance, capital allocation updates, and full-year guidance.
Ticker impact
Schneider reported Q2 2026 results and guided full-year 2026 adjusted EPS to $0.90-$1.10, plus net capex of $350-$400M.
Likely positive bias if guidance is viewed as credible versus Street expectations, with follow-through tied to freight pricing and capacity rationalization commentary.
The filing includes multiple concrete operating metrics (revenue, operating income, EPS) and forward guidance ranges, but the article does not state consensus or prior guidance changes, limiting certainty on surprise magnitude.
Market effects
Truckload and intermodal peers may see read-across on pricing strength, operating ratio improvement, and capacity rationalization effects.
Primarily US freight/logistics sentiment, with potential spillover to North American transportation demand expectations.
Limited direct global impact, though logistics demand and multimodal capacity dynamics can influence broader industrial transport sentiment.
Counterpoint
Guidance ranges may still be sensitive to freight volumes and fuel/equipment costs; the free cash flow decline highlights potential near-term cash pressure.
Key entities
- companySchneider National, Inc.
NYSE-listed transportation and logistics provider reporting Q2 2026 results and issuing full-year 2026 guidance.
- executiveJim Filter
CEO quoted on pricing improvement, non-compliant capacity exiting the market, and operating leverage expectations.
- executiveDarrell Campbell
CFO quoted on cost-to-serve actions and capacity rationalization supporting freight conditions.
