Schneider National (SNDR) Q4 2025 earnings summary

Executive summary

• Fourth quarter 2025 results missed expectations due to a shortened peak season, poor Midwest weather, unplanned auto production shutdowns, higher third-party carrier and healthcare costs, but momentum improved late in the year as industry supply attrition accelerated.

• Structural cost reductions, strategic investments in Dedicated, Intermodal, and asset-light solutions, and operational discipline have increased business resilience and differentiation.

• Leadership transition announced: Mark Rourke to become Executive Chairman, Jim Filter appointed as next CEO effective July 1, 2026.

Financial highlights

• Q4 2025 operating revenues were $1.4 billion, up 5% year-over-year; revenues excluding fuel surcharge rose 4% to $1.3 billion.

• Adjusted income from operations was $38 million, down 15% year-over-year.

• Adjusted diluted EPS for Q4 was $0.13, compared to $0.20 a year ago.

• Adjusted EBITDA for Q4 was $147 million, down 3% year-over-year.

• Free cash flow improved by $60.7 million year-over-year; net CapEx for 2025 was $289 million.

Outlook and guidance

• 2026 adjusted EPS guidance is $0.70–$1.00, assuming a 24% tax rate.

• Net CapEx for 2026 expected at $400–$450 million, primarily for fleet replacement.

• $40 million in additional cost savings targeted for 2026, building on $40 million achieved in 2025.

• Anticipates stronger second half of 2026 as supply-driven market improvement and cost savings take effect.

• Market conditions expected to improve as capacity exits due to regulatory actions, but demand variability remains a key uncertainty.