Schneider Raises 2026 Earnings Outlook After Truckload Turn

The Tip Desk · November 1, 2026 · 4 min read

Third-quarter operating revenues were $1.585 billion and the company lifted full-year adjusted diluted earnings guidance to $1.00–$1.10 a share.

Schneider National, Inc. (SNDR), a transportation and logistics services company, reported third-quarter operating revenues of $1.585 billion, up 9% from a year earlier, and raised its full-year 2026 adjusted diluted earnings outlook after Truckload earnings more than doubled.

Income from operations was $62.1 million, up 76% from $35.3 million in the third quarter of 2025. Adjusted income from operations was $63.8 million. Diluted earnings were $0.28 a share versus $0.11 a year earlier; adjusted diluted earnings were $0.29 a share versus $0.12. The operating ratio improved to 96.1% from 97.6%; the adjusted operating ratio improved to 95.3% from 97.0%.

President and Chief Executive Officer Jim Filter said Truckload earnings more than doubled year-over-year, reflecting Network’s return to profitability and continued progress on Dedicated portfolio actions. He said Intermodal delivered strong earnings growth from a differentiated offering and proactive price actions, and that Logistics results were impacted by higher claim costs even as the underlying business continued to improve, including positive net revenue per order trends.

Truckload was the quarter’s defining swing. Income from operations in the segment was $43.7 million, up 121% from $19.8 million a year earlier. The Truckload operating ratio improved to 93.0% from 96.8%. Truckload revenues excluding fuel surcharge were $624.8 million, essentially unchanged from $624.5 million a year earlier. The company said the revenue increase was driven by improved Network price and productivity, partially offset by lower volume within both Network and Dedicated. Revenue per truck per week was $4,252, up 8% from $3,923. Network revenue per truck per week was $4,605 versus $3,792 a year earlier; Dedicated was $4,107 versus $3,982. The company attributed the profit improvement to improved Network price and productivity, acquisition-related cost synergies, higher gains on sales of equipment, and improved equipment utilization, partially offset by increased purchased transportation.

Intermodal income from operations was $22.6 million, up 35% from $16.8 million a year earlier. The Intermodal operating ratio improved to 92.1% from 94.0%. Intermodal revenues excluding fuel surcharge were $287.7 million, up 2% from $281.4 million. Revenue per order was $2,486 versus $2,413 a year earlier. The company said the profit increase was driven by freight mix and the revenue-per-order impact, partially offset by higher purchased transportation expenses. Filter said the company announced a new agreement with Norfolk Southern on the day of the release.

Logistics was the offset. Revenues excluding fuel surcharge were $372.5 million, up 12% from $332.1 million a year earlier, primarily due to higher revenue per order, partially offset by lower brokerage volume. Income from operations fell to zero from $6.4 million. The Logistics operating ratio worsened to 100.0% from 98.1%. The company said the decline was driven by higher purchased transportation costs and increased insurance expense related to a specific prior-year claim, partially offset by the revenue impacts.

Cash and cash equivalents were $326.2 million as of September 30, 2026, against $393.6 million outstanding on total debt and finance lease obligations. Net capital expenditures decreased in the quarter versus a year earlier, primarily due to increased proceeds from the sale of equipment. Year-to-date free cash flow was consistent with the prior year. The company had repurchased 0.2 million Class B shares for $5.2 million under a $150.0 million program approved in January 2026. The board declared a $0.10 dividend payable in January 2027.

Chief Financial Officer Darrell Campbell said the company is raising full-year adjusted diluted earnings per share guidance to $1.00 to $1.10 from the prior $0.90 to $1.10 range, and now expects net capital expenditures of $325 million to $350 million, down from the prior $350 million to $400 million range. He said the outlook anticipates continued contract rate recovery and further benefits from productivity and cost initiatives, while recognizing that peak-season demand and driver capacity remain important variables as the company closes the year. The guidance assumes a full-year effective tax rate of approximately 22%.