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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.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.
- TimeTickerHeadlineOpen
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Q3 revenue up 3% to $1.16B, net income $25M, strong cash flow, Ligado boost, satellite focus.
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