Revenue and Segment Gains
Enterprise revenues excluding fuel surcharge of $1.2B (down 1% YoY) with Truckload revenues ex-fuel of $618M (up 1% YoY); Network revenues grew 4% YoY and revenue per truck per week increased 7% YoY and 2% sequentially.
Schneider National
· SNDR
April 30th, 2026
Summary
- Earnings Call Date:
- 2026-04-30
- Change Since:
- +12.77%
- Next Earnings Date:
- 2026-07-30
Earnings Call Sentiment
NeutralThe call balanced near-term financial weakness (Q1 adjusted operating income down 21%, EPS down 25%, and higher operating ratios) with multiple constructive operational and market signals: productivity-led Network improvement, sustained intermodal volume growth (notably double-digit Mexico growth), successful cost-savings actions, a strong balance sheet, and early benefits from AI. Management maintained full-year guidance but emphasized demand uncertainty as the key swing factor. Overall, positives around capacity rationalization, execution on cost/productivity, and forward-looking commercial momentum are countered by quarter-specific weather/fuel disruptions and earnings compression, leaving the outlook cautious but constructive.
Company Guidance
Schneider maintained 2026 guidance, reiterating EPS of $0.70–$1.00 (assumes ~24% effective tax rate) and CapEx of $400–$450 million (primarily replacement), while noting the guide is second‑half weighted and demand is the primary swing factor; this follows Q1 results of enterprise revenues ex‑fuel of $1.2B, adjusted income from operations of $35M, adjusted diluted EPS of $0.12, net CapEx of $45M (vs. $97M LY), free cash flow +$54M YoY, $399M of debt & lease obligations, $228M cash and 0.3x net leverage. Management highlighted $40M (and growing) in cost savings, returned >$22M to shareholders (dividend +5%) and an opportunistic repurchase program, expects Network 2026 rate renewals in the mid‑ to high‑single digits (with double‑digit increases for some shippers), cited Network revenue per truck per week +7% YoY (+2% sequential), increased spot exposure to low double digits, sold >150 new Dedicated trucks YTD, and sees capacity to support double‑digit Intermodal growth.
Productivity-led Improvement in Network
Network revenue-per-truck-per-week improvement (7% YoY) driven primarily by productivity gains (price was a small part), increased spot exposure enabling capture of higher spot rates, and strongest March Network productivity outside peak holidays since 2023.
Intermodal Volume Momentum and Mexico Growth
Intermodal posted year-over-year volume growth (eighth consecutive quarter of load growth) with Mexico growth in Intermodal expanding double digits, offsetting softer transcon volumes and inventory pull-forward comparisons.
Cost Savings and Operational Actions
Traction on a $40M cost-savings program (implemented additional headcount actions and Cowen integration synergies) and AI-driven headcount/productivity actions contributing to reduced costs and improved efficiency.
Improved Cash Flow and Capital Discipline
Net CapEx of $45M vs $97M prior year (timing-driven) and free cash flow increased by $54M YoY; balance sheet strength with $228M cash, $399M debt and lease obligations, and net debt leverage of 0.3x.
Shareholder Returns and Capital Allocation Optionality
Returned over $22M to shareholders in the quarter, raised the dividend by 5%, and initiated opportunistic share repurchases under a new repurchase program while maintaining $400M–$450M CapEx guidance for 2026.
Maintained Full-Year EPS Guidance
Management maintained 2026 adjusted EPS guidance of $0.70 to $1.00 (assumes ~24% effective tax rate) reflecting confidence in cost programs and anticipated supply rationalization despite macro uncertainty.
Early Benefits from AI and Technology Investment
Early-stage AI deployments (driver communication triage, voice capabilities, brokerage and core asset friction removal) reported to reduce friction, improve driver/customer experience and begin delivering operating leverage.
Commercial Wins and Fleet Actions
Sold over 150 new Dedicated trucks in 2026 to date and seeing customers request fleet expansions; Network strategically increased spot exposure (from mid-single digits historically to low double digits) to capture improved spot pricing.
Operator
Thank you for standing by and welcome to the Schneider National, Inc. First Quarter 2026 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. Thank you. I would now like to turn the call over to Christyne McGarvey, Vice President of Investor Relations. You may begin.
Christyne McGarvey
Thank you, operator, and good afternoon, everyone. Joining me on the call today are Mark B. Rourke, president and chief executive officer; Darrell G. Campbell, executive vice president and chief financial officer; and James S. Filter, executive vice president and group president of transportation and logistics. Earlier today, the company issued an earnings press release. This release and our investor presentation are available on the Investor Relations section of our website at schneider.com. Our call will include remarks about future expectations, forecasts, plans, and prospects for Schneider National, Inc.
These constitute forward-looking statements for the purpose of the safe harbor provisions under applicable federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from current expectations. The company urges investors to review the risks and uncertainties discussed in our SEC filings including, but not limited to, our most recent annual report on Form 10-K, and those risks identified in today’s earnings release. All forward-looking statements are made as of the date of this call, and Schneider National, Inc. discla...
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