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Werner Enterprises
Werner Enterprises (WERN) investor relations material
Werner Enterprises Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Revenues for Q4 2025 were $738 million, down 2% year-over-year; full-year 2025 revenues were $2.97 billion, also down 2%.
Adjusted operating income for Q4 was $11.3 million (1.5% margin), down 8% year-over-year; adjusted EPS was $0.05, down 29%.
Strategic restructuring of One-Way Truckload focused on specialized, expedited, and cross-border Mexico business, with a $44.2 million Q4 charge.
Acquired FirstFleet for $282.8 million, expanding the dedicated fleet, network, and customer diversification; expected to be EPS accretive before synergies.
Dedicated business now represents over half of pro forma revenue, with strong growth momentum and a robust pipeline.
Financial highlights
Q4 2025 revenues were $738 million, down 2% year-over-year; full-year revenues also declined 2%.
Adjusted operating income for Q4 was $11.3 million (1.5% margin); adjusted EPS was $0.05.
TTS Q4 revenue was $513 million, down 3%; adjusted operating income was $12.7 million, down 13%.
Logistics segment Q4 revenue was $208 million, down 3% year-over-year; Intermodal up 24%, Final Mile up 4%.
Free cash flow for 2025 was $19 million, or 0.6% of revenues, down from 3.1% the prior year.
Outlook and guidance
2026 guidance includes FirstFleet: average truck fleet up 23%-28% for the year.
Net CapEx guidance for 2026 is $185-$225 million, with upper range allowing for pre-buy ahead of 2027 EPA changes.
Dedicated revenue per truck per week guidance: down 1% to up 2%; One-Way revenue per total mile (H1) flat to up 3%.
Effective tax rate guidance for 2026: 25.5%-26.5%.
Annual net interest expense projected at $40M–$45M; equipment gains expected at $8M–$18M.
How will One-Way restructuring improve margins?
What was the debt increase from FirstFleet acquisition?
Why the significant increase in 2026 CapEx guidance?
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Next Werner Enterprises earnings date
Stifel Financial Corp. Transportation & Logistics Conference 202610 Feb, 2026
Werner Enterprises
Next Werner Enterprises earnings date
Stifel Financial Corp. Transportation & Logistics Conference 202610 Feb, 2026
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Frequently asked questions
Werner Enterprises, Inc. engages in transporting truckload shipments of general commodities in interstate and intrastate commerce in the United States, Mexico, and internationally. Its National Van Truckload division offers time-sensitive truckload services primarily to customers in the consumer packaged goods, food and beverage, retail, paper products, chemical, industrial manufacturing, automotive parts, machinery and equipment industries.
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