Schneider National, Inc.

Second-quarter 2026 enterprise revenue excluding fuel surcharge was $1.3 billion, up 4% year over year. Adjusted income from operations was $73 million, up 29%, adjusted operating ratio improved 110 basis points, and adjusted diluted EPS was $0.29 versus $0.21 last year. By segment, truckload revenue excluding fuel surcharge was $628 million, up 1%, with operating income of $51 million, up 28%, and OR of 91.8%, an improvement of 180 basis points. Intermodal revenue excluding fuel surcharge was $262 million, down 1%, with operating income of $18 million, up 14%, and OR of 93%, down 90 basis points year over year. Logistics revenue excluding fuel surcharge was $376 million, up 11%, with operating income of $12 million, up $4 million, and OR of 96.8%, improving 90 basis points. For the balance of 2026, management raised EPS guidance to $0.90-$1.10 and said the outlook assumes an effective tax rate of approximately 24%. Net CapEx guidance was reduced to $350 million-$400 million, reflecting lower need for trailing equipment and continued focus on asset efficiency.

Jim Filter framed the quarter as evidence that Schneider’s structural changes are starting to pay off, citing revenue management, better asset productivity, the $40 million cost savings program, and a differentiated multimodal model. He was notably bullish on the freight backdrop, saying the market has moved to driver-constrained, supply attrition is faster than expected, and spot rates now exceed contract rates, which historically has preceded more contract improvement. His tone was confident but disciplined: the company will add capacity selectively, push pricing, and use its multimodal flexibility to move trucks where returns are best.

Darrell Campbell emphasized broad year-over-year improvement across the enterprise and said the company remains on track to hit its $40 million cost savings target. He highlighted stronger profitability in truckload, intermodal, and logistics, plus tech-driven productivity gains that are reducing headcount, improving driver productivity, and lowering third-party spend. On capital allocation, he pointed to $84 million of net CapEx in the quarter versus $53 million last year, nearly $35 million returned via dividends year to date, $293 million of cash and equivalents, $397 million of debt and lease obligations, and net debt leverage of 0.2x; he also noted the CapEx cut to $350 million-$400 million and the raised EPS guide.

Analysts focused on whether demand is truly improving or whether the move has been almost entirely supply-driven. Management said underlying demand is largely stable, but consumers remain resilient while inflation and rates are risks; they reiterated that pricing power is being driven mainly by capacity exiting the market. Questions also probed intermodal, dedicated churn, and logistics profitability: Schneider said it deliberately passed on some volume that required expensive third-party dray, that dray pricing is improving and out-of-cycle bids are appearing, and that logistics benefited from premium project work, revenue management, and AI-driven productivity. Management also flagged that the loss of a large dedicated customer will be more visible in the second half.