Earnings

Werner Raises 2026 Capital Spending After Fleet Turn

The Tip Desk · July 29, 2026 · 3 min read

Second-quarter revenue reached $933.9 million and non-GAAP adjusted operating income was $27.6 million as the company lifted full-year net capital expenditures to $215 million to $250 million.

Werner Enterprises (WERN), a transportation and logistics provider, reported second-quarter revenue of $933.9 million, up $180.8 million, or 24%, from a year earlier, as sequential growth accelerated after a slower first quarter.

GAAP operating income was $16.9 million, down 74% from a year earlier, when the company recorded $53.6 million of favorable liability reversals tied to a 2014 accident and a Baylor Trucking settlement. Operating margin was 1.8%.

On a non-GAAP basis, adjusted operating income was $27.6 million, up 67%, and adjusted operating margin was 3.0%. Adjusted diluted earnings were $0.22 a share, up 178%. GAAP diluted earnings were $0.11.

Truckload Transportation Services carried the top line. Segment revenue was $702.6 million, up 36%, including $65.4 million of higher fuel surcharge. Trucking revenue net of fuel surcharge rose 27%.

TTS GAAP operating income was $27.1 million. Non-GAAP adjusted operating income was $32.3 million, up 153%, driven by FirstFleet, lower insurance and claims excluding FirstFleet, and One-Way profitability, partly offset by smaller used-equipment gains. Adjusted operating margin net of fuel surcharge was 5.5%.

Average trucks in service were 8,712, up 16.3% year over year. Quarter-end trucks were up 15.2%, driven by the FirstFleet acquisition closed Jan. 27, 2026, and a smaller One-Way fleet.

Dedicated unit trucks at quarter end totaled 6,960, or 80% of the TTS fleet, versus 4,890, or 65%, a year earlier. Dedicated average trucks in service were up 43.7% year over year and 644 sequentially. Dedicated average revenue per truck per week net of fuel surcharge rose 5.4%.

One-Way Truckload average trucks in service fell 34.1% to 1,736. One-Way trucking revenue net of fuel surcharge was $137.9 million. Average revenue per truck per week rose 27.7%, reflecting restructuring over the last two quarters, higher spot rates and contractual increases. Revenue per total mile net of fuel surcharge rose 10.4%.

Werner Logistics revenue was $211.7 million, down 4%. The segment posted a $3.9 million operating loss. Truckload Logistics, 72% of the segment, fell 10% on a 29% drop in shipments, partly offset by a 26% rise in revenue per shipment. Intermodal rose 18% and Final Mile rose 14%.

Cash flow from operations was $84.7 million. Net capital proceeds were $9.7 million, versus net capital expenditures of $65.6 million a year earlier, reflecting equipment sales after One-Way restructuring, more operating leases and lower technology spending.

The company did not repurchase shares. Cash was $57.0 million, total debt including finance leases was $841.3 million, and available liquidity was $657.0 million.

Werner raised full-year 2026 net capital expenditures guidance to $215 million to $250 million from $185 million to $225 million, increasing spending to reduce the average age of the tractor fleet. It cut TTS average truck count growth guidance to 16% to 18% from 23% to 28%. Dedicated revenue-per-truck-per-week growth guidance was raised to 3% to 5% from flat to 3%. One-Way revenue-per-total-mile growth for the third quarter versus a year earlier is guided at 10% to 13%.

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