10-Q · May 8, 2026
Werner Enterprises reported Q1 2026 results with revenues of $808.6M, a year-over-year increase of 13.6%, but slightly below the consensus estimate of $812.1M. While operating income improved significantly from a loss…
Earnings analysis · 10-Q
WERN earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
Werner delivered strong reported revenue growth in Q2 2026, with $933.927 million of revenue, up approximately 24% year over year and 15.5% sequentially, helped in part by the FirstFleet acquisition. However, GAAP EPS…
Read full summary
Werner delivered strong reported revenue growth in Q2 2026, with $933.927 million of revenue, up approximately 24% year over year and 15.5% sequentially, helped in part by the FirstFleet acquisition. However, GAAP EPS was only $0.11 versus $0.72 a year earlier and $0.23 consensus, while reported operating income was $16.921 million. Management's operating assumptions were mixed: TTS growth was reduced, Dedicated growth was raised, and net capital-expenditure guidance increased to $215-$250 million. The principal concerns are FirstFleet integration and control risks, higher leverage and interest-rate exposure, and incomplete recovery of fuel-cost inflation.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.11
- Operating margin
- 1.8%
- Segment
- Transportation Services: quantitative segment revenue breakdown was not provided in the supplied filing text; management reduced 2026 TTS average truck-count growth assumptions to 16%-18% from 23%-28%.
- Segment
- Dedicated: management increased 2026 revenue-per-truck-per-week growth assumptions to 3%-5% from flat to 3%.
- Segment
- Logistics: prior-period analysis indicated the segment moved to a loss, but the supplied filing text does not include the segment loss amount.
- Segment
- FirstFleet acquisition: contributed $169.1 million of revenue in Q2 2026 and $277.0 million in the first six months of 2026.
What stood out
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Revenue accelerated sharply
Q2 revenue was $933.927 million, up from $809 million in Q1 2026 and $753 million in Q2 2025, representing approximately 15.5% sequential growth and 24.0% year-over-year growth.
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Adjusted earnings improved
Adjusted operating income increased to $27.578 million, while adjusted EPS was $0.22. Revenue also exceeded the $913.820 million consensus estimate by approximately $20.1 million.
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FirstFleet added material revenue
FirstFleet contributed $169.1 million of Q2 revenue and $277.0 million of six-month revenue following its January 27, 2026 acquisition, providing a material source of reported growth.
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Swap protection limits rate exposure
Management reported $465.0 million of variable-rate debt effectively fixed at 5.84% through interest-rate swaps, reducing exposure on that portion of borrowings.
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Core disclosure controls effective
Disclosure controls were concluded effective at a reasonable-assurance level, although FirstFleet's internal controls remain excluded from the assessment while integration continues.
What to watch
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GAAP earnings remain pressured
GAAP EPS was $0.11 versus $0.72 in Q2 2025 and $0.23 consensus, while reported operating income was $16.921 million despite adjusted operating income of $27.578 million. The comparison was affected by a prior-year litigation-related liability reversal.
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FirstFleet integration risk
FirstFleet's $413.2 million of assets are excluded from management's internal-control assessment as integration continues. The acquisition includes 11 locations and could cause service disruptions, fail to deliver anticipated savings, or increase leverage.
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Floating-rate debt creates exposure
The company had $328.0 million of variable-rate debt not covered by the effectively fixed-rate borrowing described in the filing; a hypothetical one-percentage-point increase in SOFR and commercial-paper rates would raise interest expense by approximately $4.4 million over 12 months.
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Fuel cost recovery is incomplete
Fuel surcharges recover a majority, but not all, of diesel-cost increases, and the company had no derivative financial instruments for fuel-price protection as of June 30, 2026.
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TTS growth outlook was reduced
Management lowered TTS average truck-count growth assumptions to 16%-18% from 23%-28%, signaling a meaningful moderation in the expected pace of the company's principal growth initiative.
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Higher planned capital spending
Net capital-expenditure guidance increased to $215-$250 million from $185-$225 million, raising planned investment by $30 million at the low end and $25 million at the high end.
Management's outlook
No explicit revenue or EPS guidance was provided in the supplied 10-Q text. Quantitative operating assumptions were mixed: TTS average truck-count growth was reduced to 16%-18% from 23%-28%, Dedicated revenue-per-truck-per-week growth was increased to 3%-5% from flat to 3%, net capital-expenditure guidance was increased to $215-$250 million from $185-$225 million, and the tax-rate outlook was maintained at 25.5%-26.5%.
Earlier filings 4
10-K · February 26, 2026
Werner positions itself as one of the largest U.S. truckload carriers with a two-segment strategy (Truckload Transportation Services and Werner Logistics) focused on scale, safety, and a mix of dedicated and one-way…
10-Q · November 7, 2025
Werner reported Q3 2025 revenues of $771,499,000, up versus Q3 2024 ($745,701,000) but recorded an operating loss of $13,021,000 and diluted EPS of $(0.34) for the quarter (Q3 2024 diluted EPS $0.11). Logistics revenue…
10-Q · August 11, 2025
Werner reported Q2 operating revenues of $753,148,000 and delivered a marked profit recovery: operating income rose to $66,321,000 and diluted EPS to $0.72 (vs $0.15 a year ago). Truckload revenue softened while Werner…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.