Schneider National, Inc. Announces Third Quarter 2026 Results
Schneider National, Inc. (SNDR) filed an SEC Form 8-K — Results of Operations and Financial Condition. Schneider National, Inc. Announces Third Quarter 2026 Results • Operating Revenues $1.6 billion; $1.5 billion in 2025 • Income from Operations $62.1 million; $35.3 million in 2025 • Diluted Earnings per Share $0.28; $0.11 in 2025 • Adjusted Diluted Earnings per Share $0.29; $0.12
How this was made
The 30-second read
Why it matters
The company delivered double‑digit earnings growth and lifted its full‑year EPS outlook, indicating improved operating leverage.
Market read
Strong Q3 results and raised guidance could drive short‑term upside for SNDR and influence peers in the logistics space.
What to watch
Potential headwinds from higher claim costs in the Logistics segment and fuel price volatility.
Schneider National, Inc. Announces Third Quarter 2026 Results
Third-quarter operating revenues rose 9%, income from operations increased 76%, adjusted diluted earnings per share increased 142%, and the Company raised full-year adjusted diluted earnings per share guidance to $1.00 - $1.10.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Operating revenues, three months ended September 30GAAP | $1.59B | – | 9% |
| Operating revenues, nine months ended September 30GAAP | $4.55B | – | 6% |
| Revenues (excluding fuel surcharge), three months ended September 30non-GAAP | $1.35B | – | 3% |
| Revenues (excluding fuel surcharge), nine months ended September 30non-GAAP | $3.92B | – | 2% |
| Income from operations, three months ended September 30GAAP | $62.1M | – | 76% |
| Income from operations, nine months ended September 30GAAP | $166.9M | – | 26% |
| Adjusted income from operations, three months ended September 30non-GAAP | $63.8M | – | 66% |
| Adjusted income from operations, nine months ended September 30non-GAAP | $172.1M | – | 23% |
| Operating ratio, three months ended September 30GAAP | 96.1% | – | 150 bps |
| Operating ratio, nine months ended September 30GAAP | 96.3% | – | 60 bps |
| Adjusted total operating expenses, net of fuel surcharge revenue, three months ended September 30non-GAAP | $1.28B | – | 2% |
| Adjusted total operating expenses, net of fuel surcharge revenue, nine months ended September 30non-GAAP | $3.74B | – | 1% |
| Adjusted operating ratio, three months ended September 30non-GAAP | 95.3% | – | 170 bps |
| Adjusted operating ratio, nine months ended September 30non-GAAP | 95.6% | – | 80 bps |
| Net income, three months ended September 30GAAP | $49.5M | – | 155% |
| Net income, nine months ended September 30GAAP | $119.6M | – | 47% |
| Adjusted net income, three months ended September 30non-GAAP | $50.8M | – | 134% |
| Adjusted net income, nine months ended September 30non-GAAP | $123.5M | – | 42% |
| Adjusted EBITDA, three months ended September 30non-GAAP | $168.8M | – | 13% |
| Adjusted EBITDA, nine months ended September 30non-GAAP | $492.4M | – | 5% |
| Diluted earnings per share, three months ended September 30GAAP | $0.28 | – | 155% |
| Diluted earnings per share, nine months ended September 30GAAP | $0.68 | – | 48% |
| Adjusted diluted earnings per share, three months ended September 30non-GAAP | $0.29 | – | 142% |
| Adjusted diluted earnings per share, nine months ended September 30non-GAAP | $0.70 | – | 43% |
| Weighted average diluted shares outstanding, three months ended September 30GAAP | 176.3M | – | 0.4 million |
| Weighted average diluted shares outstanding, nine months ended September 30GAAP | 176M | – | 0.1 million |
| Purchased transportation expense, three months ended September 30GAAP | $590.4M | – | – |
| Salaries, wages, and benefits, three months ended September 30GAAP | $396M | – | – |
| Fuel and fuel taxes, three months ended September 30GAAP | $165M | – | – |
| Depreciation and amortization, three months ended September 30GAAP | $107.7M | – | – |
| Operating supplies and expenses—net, three months ended September 30GAAP | $179.8M | – | – |
| Insurance and related expenses, three months ended September 30GAAP | $49.4M | – | – |
| Other general expenses, three months ended September 30GAAP | $34.9M | – | – |
| Total operating expenses, three months ended September 30GAAP | $1.52B | – | – |
| Net cash provided by operating activities, nine months ended September 30GAAP | $403.2M | – | – |
| Net capital expenditures, nine months ended September 30other | −$208.7M | – | – |
| Free cash flow, three months ended September 30non-GAAP | $58.5M | – | – |
| Free cash flow, nine months ended September 30non-GAAP | $194.5M | – | – |
| Cash and cash equivalents, September 30GAAP | $326.2M | – | – |
| Total debt and finance lease obligations, September 30GAAP | $393.6M | – | – |
| Truckload revenue per truck per week, three months ended September 30other | $4,252 | – | 8% |
| Intermodal revenue per order, three months ended September 30other | $2,486 | – | 3% |
| Intermodal orders, three months ended September 30other | 114,619 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| TruckloadImproved Network price and productivity were partially offset by lower volume within both Network and Dedicated. | $624.8M | – | – |
| IntermodalA 3% increase in revenue per order reflecting an increase in price was partially offset by a decrease in volume. | $287.7M | – | 2% |
| LogisticsHigher revenue per order was partially offset by lower brokerage volume. | $372.5M | – | 12% |
| OtherNo driver was provided. | $109M | – | – |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
Full year 2026 outlook
- Tax rateapproximately 22%
- NoteAdjusted diluted earnings per share $1.00 - $1.10
- NoteNet capital expenditures $325-$350 million
Capital returns
- In January 2026, the Company announced the approval of a new $150.0 million share repurchase program.
- As of September 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 declared in July 2026 was paid on October 9, 2026.
- A $0.10 dividend declared on October 26, 2026 is payable to shareholders of record as of December 11, 2026 and expected to be paid on January 12, 2027.
- As of September 30, 2026, the Company had returned $52.1 million in the form of dividends to shareholders year to date.
What drove it
- Truckload income from operations was $43.7 million, up $23.9 million, or 121%, driven by improved Network price and productivity, acquisition-related cost synergies, higher gains on sales of equipment, and improved equipment utilization.
- Intermodal income from operations was $22.6 million, up $5.8 million, or 35%, driven by freight mix and higher revenue per order, partly offset by higher purchased transportation expenses.
- Fuel surcharge revenue was $240.2 million in the third quarter of 2026, compared with $152.7 million in 2025.
- The operating ratio improved to 96.1% from 97.6%, while the adjusted operating ratio improved to 95.3% from 97.0%.
- The Company stated that its outlook anticipates continued contract rate recovery and further benefits from productivity and cost initiatives.
Concerns
- Logistics income from operations decreased $6.4 million, or 100%, compared with the third quarter of 2025, driven by higher purchased transportation costs and increased insurance expense related to a specific prior year claim.
- Logistics operating ratio was 100.0%, compared with 98.1% in the same quarter in 2025.
- Truckload volume was lower within both Network and Dedicated.
- Intermodal volume decreased and Logistics brokerage volume was lower.
- The Company identified peak season demand and driver capacity as important variables for the remainder of the year.
What to watch
- Execution of continued contract rate recovery and productivity and cost initiatives assumed in full-year guidance.
- Truckload Network profitability and Dedicated portfolio actions.
- Intermodal price, freight mix, purchased transportation expenses, and volume.
- Logistics purchased transportation costs, insurance expense, claim costs, brokerage volume, and net revenue per order.
- Net capital expenditures against the full-year range of $325-$350 million.
Balance sheet and cash flow
- Cash and cash equivalents were $326.2 million as of September 30, 2026, compared with $201.5 million as of December 31, 2025.
- Total debt and finance lease obligations outstanding were $393.6 million as of September 30, 2026.
- Net cash provided by operating activities was $403.2 million for the nine months ended September 30, 2026, compared with $451.4 million in 2025.
- Net capital expenditures were $(208.7) million for the nine months ended September 30, 2026, compared with $(257.7) million in 2025.
- Free cash flow was $194.5 million for the nine months ended September 30, 2026, compared with $193.7 million in 2025.
- Net capital expenditures for the third quarter were $(80.4) million, compared with $(108.1) million, primarily due to increased proceeds from the sale of equipment.
Analysis
Schneider reported a stronger third quarter, with operating revenues of $1,585.3 million, up 9%, and revenues excluding fuel surcharge of $1,345.1 million, up 3%. Income from operations increased 76% to $62.1 million, while adjusted income from operations increased 66% to $63.8 million. Diluted earnings per share were $0.28 compared with $0.11, and adjusted diluted earnings per share were $0.29 compared with $0.12. The operating ratio improved 150 basis points to 96.1%, and the adjusted operating ratio improved 170 basis points to 95.3%.
Truckload was the principal earnings contributor. Segment revenue excluding fuel surcharge was $624.8 million, essentially unchanged from $624.5 million, but income from operations rose 121% to $43.7 million and operating ratio improved to 93.0% from 96.8%. Management attributed the result to improved Network price and productivity, acquisition-related cost synergies, gains on equipment sales, and utilization. Total Truckload revenue per truck per week increased 8% to $4,252, although average trucks were lower and management cited lower volume in both Network and Dedicated.
Intermodal revenue excluding fuel surcharge increased 2% to $287.7 million and income from operations increased 35% to $22.6 million. The segment's revenue per order increased 3% to $2,486, while orders declined to 114,619 from 116,592. Intermodal operating ratio improved to 92.1% from 94.0%, with freight mix and pricing outweighing higher purchased transportation expenses. Logistics revenue excluding fuel surcharge rose 12% to $372.5 million, but income from operations fell $6.4 million to break-even and operating ratio increased to 100.0%, reflecting higher purchased transportation costs and insurance expense related to a specific prior year claim.
Cash generation was stable on a year-to-date basis despite lower operating cash flow. Net cash provided by operating activities was $403.2 million versus $451.4 million, while net capital expenditures decreased to $(208.7) million from $(257.7) million, resulting in free cash flow of $194.5 million versus $193.7 million. Cash and cash equivalents were $326.2 million and total debt and finance lease obligations were $393.6 million as of September 30, 2026. The Company repurchased $5.2 million of Class B shares under its new $150.0 million program and had returned $52.1 million in dividends year to date.
Management raised full-year 2026 adjusted diluted earnings per share guidance to $1.00 - $1.10 and set net capital expenditures guidance at $325-$350 million. The outlook assumes continued contract rate recovery and benefits from productivity and cost initiatives, while explicitly identifying peak season demand and driver capacity as important variables. The guidance also assumes a full-year effective tax rate of approximately 22%.
Management, verbatim
Our third-quarter performance demonstrates how our strategy has positioned the enterprise to convert improving market conditions into stronger earnings and margins.
Jim Filter, President and Chief Executive Officer of Schneider
Truckload earnings more than doubled year-over-year, reflecting Network’s return to profitability and continued progress on Dedicated portfolio actions. Intermodal delivered strong earnings growth supported by our differentiated offering and proactive price actions. While Logistics results were impacted by higher claim costs, the underlying business continued to improve including positive net revenue per order trends.
Jim Filter, President and Chief Executive Officer of Schneider
Based on our year-to-date performance and expectations for the remainder of the year, we are raising our full-year adjusted diluted earnings per share guidance to $1.00 to $1.10 and now expect net capital expenditures to be in a range of $325 million to $350 million.
Darrell Campbell, Executive Vice President and Chief Financial Officer of Schneider
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so comparison of reported results with prior guidance is unavailable.
- Revenue guidance was not provided.
- Gross margin and gross-margin guidance were not provided.
- Prior-quarter figures and sequential changes were not provided for the reported quarterly metrics.
- A reconciliation of projected 2026 adjusted diluted earnings per share to GAAP diluted earnings per share was not provided.
- A prior-year comparator for total debt and finance lease obligations was not provided.
AlphAI 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, a NYSE‑listed transportation and logistics provider, filed its Form 8‑K earnings release.
Ticker impact
Schneider National reported Q3 2026 results and raised full‑year adjusted diluted EPS guidance to $1.00‑$1.10.
likely upward pressure as investors price in higher earnings outlook
Revenue and operating income jumped year‑over‑year, and the company lifted its EPS guidance, which typically supports the stock.
Market effects
Transportation and logistics sector may see a modest rally on Schneider's strong freight market trends.
U.S. logistics stocks could benefit from perceived demand recovery.
Limited to North American logistics; no broad global impact.
Counterpoint
Higher guidance may already be priced in; focus on rising capital expenditures and debt levels.
Key entities
- companySchneider National, Inc.
Transportation and logistics services provider
- executiveJim Filter
President and CEO of Schneider
