Schneider National Q2 Earnings Call Highlights

Schneider National reported a stronger second quarter: Adjusted EPS rose to $0.29 from $0.21, adjusted operating income increased 29% to $73 million, and revenue excluding fuel surcharges grew 4% to $1.3 billion. Results benefited from pricing improvements, productivity gains and better asset efficiency.

Management characterized the market as driver-constrained, with spot rates testing prior-cycle highs and contract-rate recovery still in its early stages. Truckload operating income rose 28% and its operating ratio improved to 91.8%.

The company raised its 2026 outlook while lowering planned capital spending: Adjusted EPS guidance increased to $0.90-$1.10 from $0.70-$1.00, while the net capital-expenditure forecast fell to $350 million-$400 million from $400 million-$450 million.

Schneider National reported higher second-quarter earnings and raised its full-year 2026 outlook, citing improving freight-market conditions, pricing gains, productivity initiatives and progress on a $40 million cost-savings program.

Adjusted diluted earnings per share rose to $0.29 from $0.21 a year earlier, while adjusted income from operations increased 29% to $73 million. Revenue excluding fuel surcharge grew 4% year over year to $1.3 billion.

The company’s adjusted operating ratio improved by 110 basis points from the second quarter of 2025.

President and Chief Executive Officer Jim Filter said the company is beginning to see the benefits of actions intended to improve revenue management, asset efficiency and costs.

He described the freight recovery as primarily supply-driven, with regulatory enforcement and attrition removing noncompliant capacity from the market.

“We would now categorize the market as driver-constrained,” Filter said, adding that spot rates were testing prior-cycle highs and remained above contract rates. He said Schneider believes it is still in the early stages of contract-rate recovery, although the pace of supply attrition has also increased pressure on driver recruiting, retention and capacity costs.

Truckload revenue excluding fuel surcharge increased 1% year over year to $628 million. Revenue per truck per week rose 5%, more than offsetting a lower truck count associated with constrained driver availability.

Within truckload, network revenue excluding fuel surcharge grew 8%, and revenue per truck per week increased 16%. Filter said network pricing rose by high single digits year over year, while average network price renewals reached double-digit increases during the quarter.

The company also reported high-single-digit productivity growth, aided by improved freight selection, asset efficiency and efforts to reduce unseated tractors.

Truckload operating income rose 28% to $51 million, while the segment’s operating ratio improved 180 basis points to 91.8%. Campbell said this represented the truckload segment’s strongest profitability since the second quarter of 2023.

Filter said Schneider may shift some capacity toward its network operations in the near term as market opportunities emerge, but said restoring network margins remains the company’s first priority before pursuing driver-fleet growth.

Dedicated pricing improved modestly from a year earlier as Schneider continued to upgrade its portfolio and address lower-performing agreements.

Filter said these actions have created some near-term customer churn, and Campbell said the company expects the loss of a large dedicated customer to become more apparent in the second half of the year.