Highlights

  • Werner Enterprises reported third quarter 2026 total revenues of $950.5 million, an increase of $179.0 million, or 23%.
  • Operating income was $17.0 million, compared with an operating loss of $13.0 million, and diluted earnings per share were $0.11.
  • Net capital expenditures guidance for 2026 is now $190M to $205M, compared with a prior range of $215M to $250M.
  • A new $1.1 billion unsecured credit facility was entered on October 5, 2026, replacing the existing $1.075 billion facility.

Werner Enterprises, Inc. (NASDAQ:WERN) shares were trading at USD 27.86 on October 28, 2026, down 5.17%, with a relative volume at time of 3.71. The truckload transportation and logistics provider acquired FirstFleet on January 27, 2026, entered a new credit facility on October 5, 2026 and reported third quarter 2026 results on October 27, 2026.

Werner Enterprises is incorporated in Nebraska and is based in Omaha, Nebraska. The company delivers truckload transportation and logistics services to customers across the United States, Mexico and Canada. It reports two segments, Truckload Transportation Services (TTS), which includes Dedicated and One-Way Truckload services, and Werner Logistics, which includes truckload logistics, freight management, intermodal and final mile. The company states that it has more than 14,800 associates and that its 2025 revenues were nearly $3.0 billion.

Third Quarter Results

Werner Enterprises reported total revenues of $950,508 thousand for the quarter ended September 30, 2026, compared with $771,499 thousand a year earlier. TTS revenues were $714,002 thousand, and Werner Logistics revenues were $215,827 thousand. The company said a portion of the TTS increase was due to $65.8 million higher fuel surcharge revenues.

Operating income was $16,988 thousand, compared with an operating loss of $13,021 thousand. Operating margin was 1.8%. The company noted that the prior-year quarter included litigation costs of $21.4 million related to an agreement to settle a class action lawsuit. On a non-GAAP basis, adjusted operating income was $20,983 thousand and adjusted operating margin was 2.2%.

Net income attributable to Werner was $6,595 thousand, or $0.11 per diluted share, compared with a net loss of $20,575 thousand, or $0.34 per share. Non-GAAP adjusted diluted earnings per share were $0.16, compared with an adjusted diluted loss per share of $0.03.

TTS had operating income of $23.2 million, compared with an operating loss of $13.8 million. Werner Logistics had an operating loss of $0.4 million, compared with $3.0 million of operating income. Average segment trucks in service totaled 8,668, and Dedicated trucks at quarter end totaled 7,090.

For the nine months, total revenues were $2,693,045 thousand, operating income was $37,904 thousand and diluted earnings per share were $0.14, compared with $2,236,761 thousand, $47,468 thousand and $0.22.

Balance Sheet, Cash Flow and Capital

Cash flow from operations in the third quarter was $21.5 million, compared with $44.1 million. Net capital expenditures were $37.3 million. The company did not repurchase shares in the quarter and had 5.0 million shares remaining under its repurchase authorization.

At September 30, 2026, Werner had $39.2 million of cash and cash equivalents and $1.4 billion of stockholders' equity. Total debt outstanding, including finance lease liabilities of $44.4 million, was $847.4 million. Available liquidity was $654.3 million.

On October 5, 2026, the company entered into a new $1.1 billion unsecured credit facility, terminated its $1.075 billion facility and borrowed $465 million, using $431.7 million to pay off balances, accrued interest and fees under the prior agreement.

2026 Guidance

Current 2026 guidance, as of October 27, 2026, includes TTS average truck count growth of 16% to 17%, Dedicated revenue per truck per week growth of 4% to 5% and One-Way Truckload revenue per total mile growth of 10% to 13% for the fourth quarter of 2026 compared with the fourth quarter of 2025. It also includes net capital expenditures of $190M to $205M and a GAAP effective income tax rate of 24.5% to 25.5%.

On the call, management said it expects modest sequential improvement from the $0.16 of adjusted EPS in the third quarter. It said driver recruiting investments will continue at a measured pace in the fourth quarter and that it plans to accelerate tractor purchases.