Werner Enterprises (WERN) investor relations material

Executive summary

• Revenues rose 14% year-over-year to $809 million, driven by the FirstFleet acquisition, dedicated fleet expansion, and operational improvements.

• FirstFleet integration is ahead of schedule, contributing to revenue growth, synergy realization, and customer retention rates of 95%-98%.

• Strategic restructuring of the One-Way Truckload business improved production, margins, and freight quality, with further benefits expected.

• Technology investments and operational discipline are driving cost reductions and efficiency gains.

• Focus on safety, cost control, and disciplined execution is enhancing results and future earnings power.

Financial highlights

• Q1 2026 revenues reached $809 million, up 14% year-over-year, with TTS revenue up 18% to $594 million.

• Adjusted operating income was $11.9 million (up 762% YoY); adjusted operating margin 1.5%; adjusted EPS $0.02.

• Operating cash flow was $89 million, up over 200% year-over-year; free cash flow $87 million.

• Net loss attributable to shareholders improved to $4.3 million from $10.1 million loss prior year.

• Gains on sale of property and equipment increased to $3.8 million year-over-year.

Outlook and guidance

• Full-year 2026 TTS average truck count growth guidance reaffirmed at 23%-28%.

• Dedicated revenue per truck per week guidance updated to flat to +3% for 2026; One-Way Truckload revenue per total mile growth expected 1%-4%.

• Net capital expenditures for 2026 expected at $185 million-$225 million.

• Effective tax rate guidance for 2026 is 25.5%-26.5%.