Werner Enterprises公布2026年二季度业绩，收入增长但调整后EPS基本贴近预期且物流业务亏损

Second Quarter 2026 Highlights
(all metrics compared to second quarter
2025
)
Total revenues of $933.9 million, increased $180.8 million, or 24%
Operating income of $16.9 million, decreased $49.4 million, or 74%; non-GAAP adjusted operating income of $27.6 million, increased $11.0 million, or 67%
Operating margin of 1.8%, declined 700 basis points from 8.8%; non-GAAP adjusted operating margin of 3.0%, increased 80 basis points from 2.2%
Diluted earnings per share of $0.11, down 85%; non-GAAP adjusted diluted earnings per share of $0.22, up 178.0%
OMAHA, Neb.--(BUSINESS WIRE)--
Werner Enterprises, Inc. (Nasdaq: WERN), a premier transportation and logistics provider, today reported results for the second quarter ended June 30, 2026.
"Werner’s strong second-quarter results reflect the strategic efforts implemented over the last few quarters and our decisive actions to adapt to a capacity tightening market," said Chairman and CEO Derek Leathers. "Our organic Dedicated business is growing, and the FirstFleet acquisition is driving margin improvement ahead of schedule. The strategic restructuring in One-Way Truckload has delivered the strongest revenue per truck growth in a decade. Safety metrics and insurance and claims costs trended favorably for a second consecutive quarter, demonstrating the impact of quality hiring and training combined with cutting edge technologies. Werner is well-positioned to drive accelerated earnings power throughout the year."
Total revenues for the quarter were $933.9 million, an increase of $180.8 million compared to the prior year, due to a $184.9 million, or 36%, increase in Truckload Transportation Services (“TTS”) revenues, partially offset by a decline in Werner Logistics revenues of $9.4 million. A portion of the TTS revenue increase was due to $65.4 million higher fuel surcharge revenues.
Operating income of $16.9 million decreased $49.4 million, or 74%, while operating margin of 1.8% declined 700 basis points from 8.8%. The decrease in operating income is primarily due to the non-recurrence of favorable liability reversals of $53.6 million recorded in the prior year related to the dismissal of litigation arising from a December 2014 accident, and the settlement of our Baylor Trucking, Inc. contingent consideration arrangement. On a non-GAAP basis, adjusted operating income of $27.6 million increased $11.0 million, or 67%. Adjusted operating margin of 3.0% increased 80 basis points from 2.2%.
TTS had operating income of $27.1 million, a decrease of $37.0 million, and TTS had non-GAAP adjusted operating income of $32.3 million, an increase of $19.5 million, or 153%. Werner Logistics had an operating loss of $3.9 million compared to $4.3 million operating income in the prior year, and Werner Logistics had a non-GAAP adjusted operating loss of $2.7 million, compared to non-GAAP adjusted operating income of $5.9 million in the prior year. Corporate and Other (including driving schools) had an operating loss of $6.3 million compared to a $2.1 million operating loss in the prior year driven by acquisition expenses, which were excluded for non-GAAP, partially offset by year-over-year favorability in our driver schools.
Net interest expense of $10.1 million increased $2.2 million primarily due to an increase in average debt outstanding, partially offset by a decrease in average interest rates. The effective income tax rate during the quarter was 27.3%, compared to 26.2% in second quarter 2025.
Net gain on our strategic investments were $0.6 million compared to $0.7 million in the prior year quarter. Consistent with prior reporting, increases or decreases to the values of these strategic investments are adjusted out for determining non-GAAP adjusted net income (loss) and non-GAAP adjusted earnings (loss) per share.
Net income attributable to Werner of $6.4 million decreased 86%. On a non-GAAP basis, adjusted net income attributable to Werner was $13.5 million, an increase of $8.6 million, or 174%. Diluted earnings per share of $0.11 down 85%. On a non-GAAP basis, adjusted diluted earnings per share of $0.22 increased 178.0%.
Key Consolidated Financial Metrics
Three Months Ended
June 30,
Six Months Ended
June 30,
(In thousands, except per share amounts)
2026
2025
Y/Y
Change
2026
2025
Y/Y
Change
Total revenues
$
933,927
$
753,148
24
%
$
1,742,537
$
1,465,262
19
%
Truckload Transportation Services revenues
$
702,572
$
517,647
36
%
$
1,296,884
$
1,019,522
27
%
Werner Logistics revenues
$
211,732
$
221,177
(4
)%
$
407,568
$
416,735
(2
)%
Operating income
$
16,921
$
66,321
(74
)%
$
20,916
$
60,489
(65
)%
Operating margin
1.8
%
8.8
%
(700) bps
1.2
%
4.1
%
(290) bps
Net income attributable to Werner
$
6,350
$
44,062
(86
)%
$
2,088
$
33,964
(94
)%
Diluted earnings per share
$
0.11
$
0.72
(85
)%
$
0.03
$
0.55
(94
)%
Adjusted operating income
(1)
$
27,578
$
16,555
67
%
$
39,521
$
14,752
168
%
Adjusted operating margin
(1)
3.0
%
2.2
%
80 bps
2.3
%
1.0
%
130 bps
Adjusted net income (loss) attributable to Werner
(1)
$
13,527
$
4,930
174
%
$
15,103
$
(2,280
)
762
%
Adjusted diluted earnings (loss) per share
(1)
$
0.22
$
0.08
178
%
$
0.25
$
(0.04
)
777
%
(1) See attached Reconciliation of Non-GAAP Financial Measures - Consolidated.
Truckload Transportation Services (TTS) Segment
Revenues of $702.6 million increased $184.9 million; trucking revenues, net of fuel surcharge, increased $121.3 million, or 27% year over year
Operating income of $27.1 million decreased $37.0 million; non-GAAP adjusted operating income of $32.3 million increased $19.5 million, or 153%, due to the addition of FirstFleet, lower insurance and claims expense (excluding FirstFleet) and profitability improvement in One-Way Truckload, partially offset with lower gains from sale of used equipment
Operating margin of 3.9%, decreased 850 basis points from 12.4%; non-GAAP adjusted operating margin, net of fuel surcharge, of 5.5% increased 270 basis points from 2.8%
Average segment trucks in service totaled 8,712, an increase of 1,223 trucks year over year, or 16.3%, while segment trucks at quarter end increased by 1,150 trucks, or 15.2%. The increase is driven by the FirstFleet acquisition, partially offset by a smaller One-Way Truckload fleet
Dedicated unit trucks at quarter end totaled 6,960, or 80% of the total TTS segment fleet, compared to 4,890 trucks, or 65%, a year ago
One-Way Truckload average revenues per truck per week increased 27.7% from restructuring efforts over the last two quarters, higher spot rates and contractual rate increases
One-Way revenues per total mile, net of fuel surcharge, increased 10.4% year over year
We acquired FirstFleet on January 27, 2026. FirstFleet financial results are reported in our Dedicated operating segment within Truckload Transportation Services. As a result of this acquisition, Dedicated experienced a net increase in average trucks in service, up 2,121 trucks, or 43.7% year over year, and up 644 trucks sequentially. Dedicated quarter-end fleet size was up 42.3% year over year. Dedicated average revenues per truck per week, net of fuel surcharge, increased 5.4%.
Key Truckload Transportation Services Segment Financial Metrics
Three Months Ended
June 30,
Six Months Ended
June 30,
(In thousands)
2026
2025
Y/Y
Change
2026
2025
Y/Y
Change
Trucking revenues, net of fuel surcharge
$
572,224
$
450,903
27
%
$
1,080,505
$
883,976
22
%
Trucking fuel surcharge revenues
120,569
55,201
118
%
199,037
112,841
76
%
Non-trucking and other revenues
9,779
11,543
(15
)%
17,342
22,705
(24
)%
Total revenues
$
702,572
$
517,647
36
%
$
1,296,884
$
1,019,522
27
%
Operating income
$
27,118
$
64,089
(58
)%
$
41,056
$
63,173
(35
)%
Operating margin
3.9
%
12.4
%
(850) bps
3.2
%
6.2
%
(300) bps
Operating ratio
96.1
%
87.6
%
850 bps
96.8
%
93.8
%
300 bps
Adjusted operating income
(1)
$
32,286
$
12,775
153
%
$
47,111
$
14,739
220
%
Adjusted operating margin
(1)
4.6
%
2.5
%
210 bps
3.6
%
1.4
%
220 bps
Adjusted operating margin, net of fuel surcharge
(1)
5.5
%
2.8