Schneider National, Inc.

What they do

Schneider moves freight by truck and intermodal container across the U.S., Canada, and Mexico, using company drivers, owner-operators, and contracted third-party carriers. Its Truckload segment runs dry van, bulk, temperature-controlled, lightweight, and flat-bed trailers in network or dedicated configurations. Intermodal provides door-to-door container-on-flatcar service with company-owned containers, chassis, and trucks, primarily company dray drivers, plus third-party dray capacity. Logistics is asset-light freight brokerage, Power Only, supply chain/3PL, warehousing, and import/export, using a network of over 14,000 qualified third-party carriers.

Revenue drivers

• Truckload — Over-the-road and dedicated freight moved by company-employed drivers in company equipment and by owner-operators with company trailers; a core segment addressed in the company's three reportable segments.
• Intermodal — Door-to-door container-on-flatcar service combining rail with drayage, using company-owned containers, chassis, and trucks with primarily company dray drivers plus third-party capacity.
• Logistics — Asset-light brokerage including traditional brokerage and Power Only, plus supply chain/3PL, warehousing, and import/export, using over 14,000 qualified third-party carriers and a nationwide trailer pool.

Recent performance

Second quarter 2026 operating revenues were $1,568.7 million, up 10% from $1,420.5 million a year earlier. Income from operations rose 30% to $71.4 million and diluted EPS was $0.28 versus $0.20. Adjusted diluted EPS was $0.29 versus $0.21, and adjusted EBITDA was $180.0 million versus $166.3 million. First half 2026 revenues were $2,967.2 million, up 5%, with net income of $70.1 million versus $62.1 million.

Strategy

Management points to disciplined revenue management, cost reduction, and productivity actions taken over several years as the basis for operating leverage in improving market conditions. CEO Jim Filter said non-compliant capacity is exiting the market faster than anticipated, with the strongest pricing improvement where the industry is most capacity constrained. Stated priorities include customer loyalty through consistent execution, profitable growth where Schneider differentiates, a low-cost operating model, and disciplined capital allocation. The company also cites an acquisition strategy targeting high-quality businesses, supported by its balance sheet and scalable platform.

Risks

• Freight market and pricing cyclicality — Results depend on balancing network capacity against customer demand, and management attributes recent pricing gains to capacity exiting the market, which could reverse.
• Fuel price and fuel surcharge exposure — Fuel-related costs are an external factor Schneider isolates through non-GAAP revenue and expense measures, indicating fuel swings affect reported results.
• Third-party capacity reliance — Logistics depends on a network of over 14,000 qualified third-party carriers, and Intermodal uses third-party dray capacity, creating dependence on outside capacity availability and rates.
• Seasonality and weather — The company states revenues and operating expenses are generally lowest in the first quarter and highest in the fourth, with winter raising maintenance and fuel consumption from idle time.

Outlook

Schneider guides full year 2026 adjusted diluted earnings per share of $0.90 to $1.10 and full year 2026 net capital expenditures of $350 to $400 million. Management expects recent allocation events to build pricing momentum and believes the enterprise will continue to deliver strong operating leverage as the market shifts. The company describes its multimodal approach as allowing it to remain nimble across changing market conditions.