Schneider National, Inc. Reports Fourth Quarter and Full-Year 2025 Results
Schneider National, Inc. (NYSE: SNDR), a leading North American provider of transportation and logistics services, today announced its financial results for the fourth quarter and full year ended December 31, 2025. The company highlighted both challenges and progress across its Truckload, Intermodal, and Logistics segments, reflecting evolving market conditions and ongoing strategic initiatives.
CEO Commentary
Mark Rourke, President and Chief Executive Officer of Schneider, commented on the quarter, saying, “Fourth quarter results fell short of our guidance due to softer than expected market conditions beginning in November, particularly in terms of shipment volumes. The quarter featured a very truncated peak season, which was compounded by heightened third-party carrier costs, unplanned auto production shutdowns with some customers, and increased healthcare expenses. Despite these headwinds, we saw strong improvement in late December, driven by a combination of weather disruptions and positive seasonal factors, met with tighter supply resulting from accelerated capacity attrition in recent months. While this momentum helped, it was insufficient to offset the subdued demand experienced throughout much of the quarter.”
Rourke emphasized the company’s strategic focus, noting, “We anticipate the full impact of recent regulatory actions will unfold over several quarters and may lead to further supply rationalization. While we are not satisfied with our fourth-quarter results, we remain confident in our ability to drive structural improvements. Schneider enters 2026 with enhanced conviction in the importance of operational efficiency, cost discipline, and growth initiatives. We are leveraging momentum from our cost savings program, the Intermodal Fast Track service launch, Dedicated start-up activity, and Network earnings improvement efforts. I also want to recognize and thank our professional drivers and associates, whose dedication continues to improve our enterprise, even in challenging market conditions.”
Financial Performance – Fourth Quarter and Full Year 2025
Schneider’s operating revenues for the fourth quarter of 2025 reached $1.40 billion, an increase of 5% compared with $1.34 billion in the same period of 2024. Excluding fuel surcharges, revenues rose 4% to $1.25 billion from $1.21 billion in the prior-year quarter. For the full year, Schneider reported revenues of $5.67 billion, up 7% from $5.29 billion in 2024, while revenues excluding fuel surcharges grew 8% to $5.09 billion from $4.71 billion.
Income from operations for the fourth quarter was $36.5 million, down 14% from $42.4 million in the fourth quarter of 2024. Adjusted income from operations, which excludes certain non-recurring items, declined 15% to $38.2 million from $45.0 million. The company’s operating ratio for the quarter was 97.4%, up 60 basis points from 96.8% in the prior-year period, while the adjusted operating ratio increased 70 basis points to 97.0%.
Net income for the fourth quarter was $22.1 million, compared with $32.6 million in the same period of 2024, representing a 32% decline. Adjusted net income decreased 32% to $23.4 million from $34.5 million. Diluted earnings per share for the fourth quarter were $0.13, down from $0.18 in 2024, while adjusted diluted earnings per share fell to $0.13 from $0.20.
For the full year, Schneider reported income from operations of $168.9 million, a 2% increase from $165.2 million in 2024. Adjusted income from operations was $177.6 million, up 3% from $172.2 million. Net income for 2025 totaled $103.6 million, down 11% from $117.0 million in 2024, with adjusted net income declining 10% to $110.2 million. Diluted earnings per share for the year were $0.59, compared with $0.66 in 2024, while adjusted diluted earnings per share was $0.63, down from $0.69. Adjusted EBITDA for the year increased 6% to $617.5 million from $580.2 million.
Enterprise Results
Enterprise-wide, Schneider’s income from operations for the fourth quarter was $36.5 million, a decrease of $5.9 million, or 14%, compared to the same quarter in 2024. The decline reflected weaker demand, higher costs, and ongoing market volatility. Diluted earnings per share for the quarter were $0.13, compared with $0.18 in Q4 2024. Adjusted diluted earnings per share were $0.13 in Q4 2025, down from $0.20 in the prior-year period.
Truckload Segment
Truckload revenues (excluding fuel surcharge) for the fourth quarter totaled $610.0 million, a 9% increase from $560.1 million in the fourth quarter of 2024. This growth was largely driven by a 21% increase in Dedicated volume, reflecting the acquisition of Cowan Systems, offset slightly by a decline in Dedicated revenue per truck per week. Revenue per truck per week decreased 2% to $4,004.
Truckload income from operations for the quarter was $23.0 million, up 16% from $19.8 million in Q4 2024, reflecting volume growth partially offset by higher salaries, wages, and depreciation associated with increased headcount and equipment. The Truckload operating ratio improved by 30 basis points to 96.2%, compared to 96.5% in Q4 2024.
Intermodal Segment
Intermodal revenues (excluding fuel surcharge) for the fourth quarter were $268.2 million, down 3% from $276.2 million in the prior-year quarter. The decline resulted from a 5% decrease in revenue per order due to customer rate and freight mix changes, partially offset by 3% volume growth.
Intermodal income from operations increased 5% to $18.0 million from $17.2 million in Q4 2024, reflecting higher volumes and lower purchased transportation costs due to favorable lane mix. The Intermodal operating ratio improved 50 basis points to 93.3%, compared with 93.8% in the prior-year period.
Logistics Segment
Logistics revenues (excluding fuel surcharge) for the fourth quarter were $329.3 million, up 2% from $323.9 million in Q4 2024. The increase was driven primarily by the Cowan Systems acquisition, partially offset by lower legacy brokerage volumes.
Logistics income from operations was $2.6 million, down 69% from $8.5 million in the same period in 2024, driven by weaker brokerage performance and lower net revenue per order in the Power Only offering. The Logistics operating ratio increased 180 basis points to 99.2%, compared with 97.4% in Q4 2024.
Cash Flow and Capitalization
As of December 31, 2025, Schneider had $402.5 million in total debt and finance lease obligations, with cash and cash equivalents of $201.5 million. Net capital expenditures decreased compared to the prior year due to reduced purchases of transportation equipment and other property. Free cash flow increased by $60.7 million compared to the same period in 2024.
Schneider’s stock repurchase program, approved in February 2023 for $150 million and set to expire in January 2026, saw 4.4 million Class B shares repurchased at a total cost of $110.1 million. In January 2026, the Board approved a new $150 million stock repurchase program.
The Company declared a fourth-quarter dividend of $0.095 per share, paid on January 12, 2026. In January 2026, the Board declared a $0.10 dividend payable on April 8, 2026, to shareholders of record as of March 13, 2026. Year-to-date dividends returned $67.0 million to shareholders as of December 31, 2025.
Schneider provided guidance for 2026, projecting adjusted diluted earnings per share in the range of $0.70 to $1.00 and net capital expenditures of $400–450 million. Darrell Campbell, Executive Vice President and Chief Financial Officer, commented, “Our focus in 2026 remains on driving growth through differentiation while maintaining operational and capital discipline. We will continue to expand specialty Dedicated and Intermodal volumes, especially in Mexico, leveraging our multi-modal platform to respond to evolving market conditions. Having achieved our 2025 cost savings target, we aim to deliver an additional $40 million in targeted cost savings in 2026. Our priorities include growing earnings through productivity and asset efficiency, improving the topline without incremental growth investments, and capitalizing on continued market capacity rationalization.”
Campbell added, “Fourth-quarter results highlight the variability in demand, which will play a key role in the pace and extent of recovery in the transportation cycle. Nevertheless, regulatory-driven capacity exits should support improving market conditions over time. Our 2026 adjusted diluted earnings per share guidance assumes a full-year effective tax rate of approximately 24%, with net capital expenditures primarily allocated to replacement capital.”
Non-GAAP Financial Measures
Schneider reported several non-GAAP financial measures, including revenues excluding fuel surcharge, adjusted income from operations, adjusted operating expenses, adjusted operating ratio, adjusted net income, adjusted EBITDA, free cash flow, and adjusted diluted earnings per share. Management believes these measures provide valuable insight into core business performance and facilitate comparability across periods. However, these measures have limitations and should not be considered in isolation from GAAP results.
Overall, Schneider National concluded 2025 with a mixed performance. While the fourth quarter reflected headwinds from weaker-than-expected peak season demand, elevated costs, and regulatory impacts, full-year results showed revenue and adjusted EBITDA growth. The company enters 2026 focused on leveraging structural improvements, cost savings initiatives, and multi-modal capabilities to drive earnings growth and strengthen its market position across Truckload, Intermodal, and Logistics services.
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