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Schneider National (SNDR - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 30. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis trucking company is expected to post quarterly earnings of $0.22 per share in its upcoming report, which represents a year-over-year change of +4.8%.

Revenues are expected to be $1.51 billion, up 6.3% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.34% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Schneider National?For Schneider National, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +1.50%.

On the other hand, the stock currently carries a Zacks Rank of #2.

So, this combination indicates that Schneider National will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Schneider National would post earnings of $0.11 per share when it actually produced earnings of $0.12, delivering a surprise of +9.09%.

Over the last four quarters, the company has beaten consensus EPS estimates just once.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Schneider National appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsAmong the stocks in the Zacks Transportation - Services industry, C.H. Robinson Worldwide (CHRW - Free Report) , is soon expected to post earnings of $1.51 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +17.1%. This quarter's revenue is expected to be $4.42 billion, up 6.8% from the year-ago quarter.

The consensus EPS estimate for C.H. Robinson has been revised 0.5% higher over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -1.23%.

When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that C.H. Robinson will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Schneider National (SNDR - Free Report) , which currently has a Momentum Style Score of A. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Schneider National currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market?Let's discuss some of the components of the Momentum Style Score for SNDR that show why this trucking company shows promise as a solid momentum pick.

A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.

For SNDR, shares are up 1.68% over the past week while the Zacks Transportation - Services industry is down 0.34% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 3.11% compares favorably with the industry's 0.98% performance as well.

Considering longer term price metrics, like performance over the last three months or year, can be advantageous as well. Shares of Schneider National have increased 22.12% over the past quarter, and have gained 44.89% in the last year. In comparison, the S&P 500 has only moved 8.13% and 22.65%, respectively.

Investors should also pay attention to SNDR's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. SNDR is currently averaging 834,653 shares for the last 20 days.

Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with SNDR.

Over the past two months, 3 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost SNDR's consensus estimate, increasing from $0.90 to $0.91 in the past 60 days. Looking at the next fiscal year, 3 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom LineGiven these factors, it shouldn't be surprising that SNDR is a #2 (Buy) stock and boasts a Momentum Score of A. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep Schneider National on your short list.

GREEN BAY, Wis.--(BUSINESS WIRE)--Schneider (NYSE: SNDR), a premier multimodal provider of transportation, intermodal and logistics services, today announced it will report its second quarter 2026 results after market close on Thursday, July 30, 2026. The Company will hold a conference call to discuss results at 4:30 p.m. Eastern Time that day. Conference call details: Date: July 30, 2026 Time: 4:30 p.m. ET Dial-In-Numbers: 833-461-5787 (toll-free) 585-542-9983 Conference ID: 851962867 The Comp.

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Company known for reliable service and flexible capacity enacts leadership changes for continuation of outstanding service under next President and CEO Jim Filter

GREEN BAY, Wis.--(BUSINESS WIRE)--As Jim Filter transitions into the role of President and Chief Executive Officer, Schneider National, Inc. (NYSE: SNDR), a premier multimodal provider of transportation, intermodal and logistics services, is also announcing leadership and structural changes designed to reinforce the company’s focus on delivering outstanding customer service and operational efficiency.

Filter, who has more than 27 years at Schneider, is taking the helm as a trusted leader deeply integrated with the leadership team and customers. Effective July 1, two Executive Vice Presidents will each lead a core portfolio with end-to-end accountability for both the services and the key supporting functions that drive their success.

“As we look ahead to a new chapter, I am confident the tightly aligned structure we are announcing today will help us remain nimble, maintain close relationships with our customers and continue building a stronger, more agile Schneider for the future,” said incoming President and Chief Executive Officer Jim Filter. “Our strategy empowers accountable leaders and engaged teams to accelerate growth and drive efficiency.”

These changes will closely align support services with their related service offerings. Effective July 1:

Michael Baumgardt has been named Executive Vice President of Intermodal & Logistics and will report to Filter. Since joining Schneider in 2001, Baumgardt has demonstrated strong leadership in roles spanning customer service, sales, network management and operations. Steve Wells will join Schneider as Executive Vice President of Truckload, also reporting to Filter. Wells joins Schneider from his role as President at Cowan Systems LLC, a Schneider subsidiary. He became Chief Operating Officer in 2019 and was then promoted to President at the time of Schneider’s acquisition, where he worked with Schneider leaders to ensure the acquisition successfully integrated teams and brought new differentiated advantages to both companies’ customers. With more than 27 years of industry experience, Wells previously held increasing leadership roles in fleet management, operations and sales at Cowan. On Baumgardt’s team, Angela Prill was promoted to Senior Vice President of Intermodal Operations. With more than 15 years of supply chain experience, Prill is known for building strong teams and delivering results through operational discipline. At Schneider, she has developed extensive leadership expertise in roles of Vice President of Intermodal Network Management and Operations, Senior Director of Enterprise Accounts and Director of Revenue Management within the Intermodal business. In making these decisions, the executive team and full Board of Directors thoughtfully evaluated how to set the company up for continued and long-term success.

As previously announced, Mark Rourke, who has served as Schneider President and Chief Executive Officer since 2019, will assume the role of Executive Chairman of the Board of Directors and continue to contribute to Schneider’s strategic direction.

Leadership statements:

“I’m excited to lead our Intermodal and Logistics teams and continue leveraging their expertise and collaboration to unlock more value for our customers. With one of the largest networks in North America, Schneider Intermodal seamlessly combines rail and intermodal trucking for truck-like reliability, while our experienced Logistics teams help customers navigate network planning and operations with ease,” said incoming Schneider Executive Vice President of Intermodal & Logistics Michael Baumgardt.

“This opportunity to join the Schneider leadership team allows me to bring my expertise and add a competitive edge to the Truckload portfolio. In this ever-changing supply chain environment, my focus remains on providing customer-driven solutions that move freight forward every day,” said incoming Schneider Executive Vice President of Truckload Steve Wells.

“As shippers look for solutions that deliver faster and more efficiently, I am committed to building and empowering a team that will make doing business easier. Schneider’s Intermodal offerings are centered around designing solutions to meet shippers’ requirements, help them grow, and unlock efficiency and opportunity,” said incoming Schneider Senior Vice President of Intermodal Operations Angela Prill.

About Schneider

Schneider is a premier multi-modal provider of transportation and logistics services. Offering one of the broadest portfolios in the industry, Schneider’s solutions include Regional and Long-Haul Truckload, Expedited, Dedicated, Bulk, Intermodal, Brokerage, Warehousing, Supply Chain Management, Port Logistics and Logistics Consulting.

Schneider has been delivering superior customer experiences and investing in innovation for over 90 years. The company’s digital marketplace, Schneider FreightPower®, is revolutionizing the industry giving shippers access to an expanded, highly flexible capacity network and provides carriers with unmatched access to quality drop-and-hook freight – Always Delivering, Always Ahead.

For more information about Schneider, visit Schneider.com or follow the company socially on Facebook, LinkedIn and X: @WeAreSchneider.

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GREEN BAY, Wis.--(BUSINESS WIRE)--Schneider National, Inc. (NYSE: SNDR), a premier multimodal provider of transportation, intermodal and logistics services, today announced company driver Greg Smith, a U.S. Air Force veteran, has been selected as this year’s Ride of Pride driver.

Recognizing military veterans is a longstanding tradition at the carrier. Ride of Pride is an annual initiative started by Daimler Truck North America to honor military service and sacrifice. Daimler's Cleveland, North Carolina manufacturing plant produces specially decorated Freightliner Cascadia trucks that serve as rolling tributes across the country. Since the program began in 2001, Schneider has received 15 Ride of Pride trucks from Freightliner, the most of any carrier.

Smith received his new truck on May 23 and has already represented Schneider at an event in Washington, D.C. This year’s truck honors all those affected by the events of September 11, 2001, serving as a tribute to their memory and the sacrifice that followed.

“In my wildest dreams, I never thought I would be selected to drive a Ride of Pride truck,” said Smith. “Schneider has been given a great responsibility to honor all those affected by September 11th, our military, the civilians who lost their lives that day, the surviving family members, firefighters, police officers, and our nation.”

Smith served more than 21 years in the U.S. Air Force before transitioning to a career as a truck driver. He joined Schneider in 2017, where he hauls on a Dedicated account and is a driver instructor. During his military career, Smith held a variety of leadership roles, including serving as a First Sergeant responsible for more than 500 airmen, and he spent years supporting military honors programs that left a lasting impact on him.

Smith said Schneider’s strong alignment with military values helped make the transition to civilian life easier.

“When I saw Schneider’s focus on safety and integrity, it felt familiar,” he said. “You’re surrounded by people who understand where you come from. You’re not just a number here, you belong.”

Schneider is consistently recognized as a top military-friendly employer in the trucking industry. Today, 24% of the company’s associates have military experience.

“Ride of Pride reflects our responsibility to honor those who have worn the uniform and support them as they build meaningful careers at Schneider,” said Schneider Executive Vice President and Group President of Transportation and Logistics and U.S. Marine Corps veteran Jim Filter. “With driver and veteran Greg Smith behind the wheel, we’re proud to carry that legacy forward while recognizing the leadership, discipline and sense of purpose veterans bring to our organization every day.”

Smith will participate in major events across the country, including Wreaths Across America, Fourth of July celebrations and observances tied to the 25th anniversary of September 11, 2001, using the truck as a platform to connect with survivors, first responders, veterans, Gold Star families and communities nationwide.

More information

For more information on career opportunities with Schneider and the company’s commitment to those who have served in the military, please visit https://schneiderjobs.com/company-drivers/military.

About Schneider

Schneider is a premier multi-modal provider of transportation and logistics services. Offering one of the broadest portfolios in the industry, Schneider’s solutions include Regional and Long-Haul Truckload, Expedited, Dedicated, Bulk, Intermodal, Brokerage, Warehousing, Supply Chain Management, Port Logistics and Logistics Consulting.

Schneider has been delivering superior customer experiences and investing in innovation for over 90 years. The company’s digital marketplace, Schneider FreightPower®, is revolutionizing the industry giving shippers access to an expanded, highly flexible capacity network and providing carriers with unmatched access to quality drop-and-hook freight – Always Delivering, Always Ahead.

For more information about Schneider, visit Schneider.com or follow the company socially on Facebook, LinkedIn and X: @WeAreSchneider.

Source: Schneider SNDR

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Hundreds of drivers celebrated for safe driving milestones, demonstrating how the company’s continuous training and support help drivers build thriving, long-term careers

GREEN BAY, Wis.--(BUSINESS WIRE)--Schneider National, Inc. (NYSE: SNDR), a premier multimodal provider of transportation, intermodal and logistics services, is celebrating hundreds of drivers for reaching new safety milestones while delivering reliable performance for shippers. Beyond these remarkable individuals, the awards also reflect Schneider’s responsible leadership in investing in drivers for the long haul and providing them with training, equipment and tools to be successful.

This year’s recipients help reinforce safe practices across Schneider’s fleet, supporting the company’s responsible operations and reliable service for customers.

“These milestones represent thousands of decisions made the right way,” said Schneider President and CEO Mark Rourke. “We celebrate the accomplishments of these award-earning professionals whose experience, determination and skill help push our safety performance forward.”

Schneider is committed to helping its associates and the industry operate more safely. The company’s hands-on onboarding, safety analytics and innovative virtual reality tools help prepare drivers to handle challenging scenarios with confidence. Additionally, Schneider equips trucks with features like collision mitigation sensors, speed limiters, side guard assist for blind spots and lane departure warnings. Taken together, these technological innovations can help improve safety for drivers and those with whom they share the road.

Schneider’s approach reflects what drivers value most, a company that equips them to help do the job the right way and lives up to the promises it makes. It also supports shippers’ need for reliable service, helping ensure freight is delivered on time and supply chains continue moving.

Schneider drivers stay for decades and can achieve these milestones because of the mentorship and support fostered at the company. This year, the transportation leader proudly recognizes the outstanding drivers who have helped keep the roads safe and inspire others:

85 drivers received the Consecutive Safe Driving Award, celebrating 10 or more consecutive years without a preventable accident or significant lost-time injury. Ira Kelley was recognized for achieving 40 years of consecutive safe driving in 2025, following his accomplishment in 2022 of reaching 4 million safe miles without a preventable accident. 84 drivers earned the Million Mile Award for transporting freight over 1 million miles accident-free or achieving a new million-mile milestone above their previous achievement. Four drivers reached the incredible milestone of 30 years of consecutive safe driving. 29 drivers were honored in the prestigious Haul of Fame event on June 11, either being inducted or having their plaques updated with new milestones. The Haul of Fame honors drivers for 3 million safe driving miles or 20 consecutive years of preventable accident-free driving. With this year’s class, the Haul of Fame now includes 448 total inductees. To permanently honor the recipients, plaques displaying their names are installed on the Haul of Fame wall at the company’s headquarters in Green Bay, Wisconsin. Schneider driving careers are shaped by a culture that values experience, accountability and safety leadership. For drivers who want stability, dependable paychecks and room to grow, the carrier is consistently recognized as one of the best places to work. To learn more about growing your career at Schneider, visit: https://schneiderjobs.com/.

About Schneider

Schneider is a premier multi-modal provider of transportation and logistics services. Offering one of the broadest portfolios in the industry, Schneider’s solutions include Regional and Long-Haul Truckload, Expedited, Dedicated, Bulk, Intermodal, Brokerage, Warehousing, Supply Chain Management, Port Logistics and Logistics Consulting.

Schneider has been delivering superior customer experiences and investing in innovation for over 90 years. The company’s digital marketplace, Schneider FreightPower®, is revolutionizing the industry giving shippers access to an expanded, highly flexible capacity network and provides carriers with unmatched access to quality drop-and-hook freight – Always Delivering, Always Ahead.

For more information about Schneider, visit Schneider.com or follow the company socially on Facebook, LinkedIn and X: @WeAreSchneider.

Source: Schneider SNDR

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Expeditors International (EXPD - Free Report) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis logistics services provider is expected to post quarterly earnings of $1.33 per share in its upcoming report, which represents a year-over-year change of -9.5%.

Revenues are expected to be $2.58 billion, down 3.4% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.67% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Expeditors International?For Expeditors International, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +1.25%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that Expeditors International will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Expeditors International would post earnings of $1.46 per share when it actually produced earnings of $1.49, delivering a surprise of +2.05%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Expeditors International appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerAmong the stocks in the Zacks Transportation - Services industry, Schneider National (SNDR - Free Report) , is soon expected to post earnings of $0.11 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of -31.3%. This quarter's revenue is expected to be $1.41 billion, up 0.6% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Schneider National has been revised 0.8% down to the current level. Nevertheless, the company now has an Earnings ESP of -5.59%, reflecting a lower Most Accurate Estimate.

When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that Schneider National will beat the consensus EPS estimate. Over the last four quarters, the company surpassed EPS estimates just once.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

GREEN BAY, Wis.--(BUSINESS WIRE)--Schneider National, Inc. (NYSE: SNDR, “Schneider” or the “Company”), a leading transportation and logistics services company, today announced results for the three months ended March 31, 2026.

“In the first quarter, we saw the impact of structural supply rationalization which is driving the market toward more normal conditions,” said Mark Rourke, President and Chief Executive Officer of Schneider. “Strong execution on our cost and productivity actions, as well as the benefits of operating a diverse, nimble portfolio, allowed us to capitalize on opportunities and effectively navigate a quarter marked by disruptive weather and fuel volatility.”

Rourke continued, “As freight fundamentals return to more rational cycle dynamics, we expect the benefits of our efforts to structurally improve the business through this downcycle will be increasingly evident. These efforts are now being complemented by measures we are taking to capitalize on early cycle tailwinds, such as leveraging our elevated spot exposure in Truckload Network and Logistics, maintaining a disciplined approach to contract acceptance and rate recovery, and growing over-the-road conversion opportunities for Intermodal.”

Results of Operations (unaudited)

The following table summarizes the Company’s results of operations for the periods indicated.

Three Months Ended

March 31,

(in millions, except ratios & per share amounts)

2026

2025

Change

Operating revenues

$

1,398.5

$

1,401.8

—

%

Revenues (excluding fuel surcharge)

1,243.1

1,258.3

(1

)%

Income from operations

33.4

42.1

(21

)%

Adjusted income from operations

35.1

44.2

(21

)%

Operating ratio

97.6

%

97.0

%

(60) bps

Adjusted total operating expenses, net of fuel surcharge revenue

$

1,208.0

$

1,214.1

(1

)%

Adjusted operating ratio

97.2

%

96.5

%

(70) bps

Net income

$

20.4

$

26.1

(22

)%

Adjusted net income

21.7

27.7

(22

)%

Adjusted EBITDA

143.6

154.8

(7

)%

Diluted earnings per share

0.12

0.15

(20

)%

Adjusted diluted earnings per share

0.12

0.16

(25

)%

Weighted average diluted shares outstanding

175.9

176.0

(0.1

)

Enterprise Results

Enterprise income from operations for the first quarter of 2026 was $33.4 million, a decrease of $8.7 million, or 21%, compared to the same period in 2025. Diluted earnings per share were $0.12 and $0.15 in the first quarter of 2026 and 2025, respectively. Adjusted diluted earnings per share were $0.12 and $0.16 in the first quarter of 2026 and 2025, respectively.

Cash Flow and Capitalization

As of March 31, 2026, the Company had $399.2 million outstanding on total debt and finance lease obligations and cash and cash equivalents of $227.8 million.

Net capital expenditures decreased compared to the same period a year ago, primarily due to reduced purchases of transportation equipment. As a result, free cash flow increased $53.5 million compared to the same period in 2025.

In January 2026, the Company announced the approval of a new $150.0 million share repurchase program. As of March 31, 2026, the Company had repurchased a total of 0.2 million Class B shares amounting to $5.2 million under the new program.

In January 2026, the Company’s Board of Directors declared a $0.10 dividend payable to shareholders of record as of March 13, 2026, which was paid on April 8, 2026. On April 29, 2026, the Company’s Board of Directors declared a $0.10 dividend payable to shareholders of record as of June 12, 2026, expected to be paid on July 10, 2026. As of March 31, 2026, the Company had returned $17.1 million in the form of dividends to shareholders year to date.

Results of Operations – Reportable Segments

Truckload

Truckload revenues (excluding fuel surcharge) for the first quarter of 2026 were $618.0 million, an increase of $4.3 million, or 1%, compared to the same period in 2025. The increase was driven by improved Network productivity and, to a lesser extent, an increase in price for both Network and Dedicated, partially offset by lower Dedicated volume. Truckload revenue per truck per week was $4,051, up $98, or 2%, compared to the same quarter of 2025, reflecting improvements in both Network and Dedicated.

Truckload income from operations was $20.2 million in the first quarter of 2026, a decrease of $4.9 million, or 20%, compared to the same period in 2025. The decline was driven by higher maintenance costs, lower gains on sale of assets, and increased fuel expense, partially offset by improved productivity within Network and price. Truckload operating ratio was 96.7% in the first quarter of 2026 compared to 95.9% in the first quarter of 2025, an increase of 80 basis points.

Intermodal

Intermodal revenues (excluding fuel surcharge) for the first quarter of 2026 were $253.5 million, a decrease of $6.9 million, or 3%, compared to the same quarter in 2025. The decline was driven by a 4% decrease in revenue per order, reflecting shorter length of haul, partially offset by an increase in volume.

Intermodal income from operations for the first quarter of 2026 was $10.9 million, a decrease of $2.9 million, or 21%, compared to the same quarter in 2025. The decrease was driven by lower revenue per order and higher maintenance costs, partially offset by volume growth and reduced purchased transportation, salaries and wages related to headcount actions, and equipment costs. Intermodal operating ratio was 95.7% compared to 94.7% in the same quarter in 2025, an increase of 100 basis points.

Logistics

Logistics revenues (excluding fuel surcharge) for the first quarter of 2026 were $312.3 million, a decrease of $19.7 million, or 6%, compared to the same quarter in 2025, primarily due to lower brokerage volume, partially offset by higher revenue per order.

Logistics income from operations for the first quarter of 2026 was $6.5 million, a decrease of $1.6 million, or 20%, compared to the same quarter in 2025. The decline was driven by lower brokerage volume, partially offset by higher net revenue per order and lower salaries and wages resulting from headcount actions. Logistics operating ratio was 97.9% in the first quarter of 2026, compared to 97.6% in the first quarter of 2025, an increase of 30 basis points.

Business Outlook

“First quarter results ended in-line with our expectations despite some challenges in the form of fuel volatility and weather disruption. As market conditions improve, we continue to be focused on executing on our long-term strategic priorities. The actions already taken have positioned us to deliver strong operating leverage,” said Darrell Campbell, Executive Vice President and Chief Financial Officer of Schneider. “We remain confident that 2026 will see the benefits of our initiatives and the positive impact of supply rationalization. While demand trends have been relatively stable to-date, macro uncertainty has grown. Demand remains a critical swing factor for the pace and magnitude of market improvement from here.”

Campbell added, “As such, our 2026 full year adjusted diluted earnings per share guidance is unchanged at $0.70 to $1.00, which assumes a full year effective tax rate of approximately 24.0%. Our full year net capital expenditures are expected to remain at approximately $400-450 million.”

Non-GAAP Financial Measures

The Company has presented certain non-GAAP financial measures, including revenues (excluding fuel surcharge); adjusted income from operations; adjusted total operating expenses, net of fuel surcharge revenues; adjusted operating ratio; adjusted net income; adjusted EBITDA; free cash flow; and adjusted diluted earnings per share. Management believes the use of non-GAAP measures assists investors in understanding the business, as further described below. The non-GAAP information provided is used by Company management and may not be comparable to similar measures disclosed by other companies. The non-GAAP measures used herein have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of results as reported under GAAP.

A reconciliation of net income per share to adjusted diluted earnings per share as projected for 2026 is not provided. Schneider does not forecast net income per share as the Company cannot, without unreasonable effort, estimate or predict with certainty various components of net income. The components of net income that cannot be predicted include expenses for items that do not relate to core operating performance, such as costs related to potential future acquisitions, as well as the related tax impact of these items. Further, in the future, other items with similar characteristics to those currently included in adjusted net income, which have a similar impact on the comparability of periods, and which are not known at this time may exist and impact adjusted net income.

About Schneider National, Inc.

Schneider National, Inc. and its subsidiaries (together “Schneider,” the “Company,” “we,” “us,” or “our”) are among the largest providers of surface transportation and logistics solutions in North America. We offer a multimodal portfolio of services and an array of capabilities and resources that leverage artificial intelligence, data science, and analytics to provide innovative solutions that coordinate the timely, safe, and effective movement of customer products. The Company offers truckload, intermodal, and logistics services to a diverse customer base throughout the continental United States, Canada, and Mexico. We were founded in 1935 and have been a publicly held holding company since our IPO in 2017. Our stock is publicly traded on the NYSE under the ticker symbol SNDR.

Our diversified portfolio of complementary service offerings enables us to serve the varied needs of our customers and to allocate capital that maximizes returns across all market cycles and economic conditions. Our service offerings include transportation of full-truckload freight, which we directly transport utilizing either our company-owned transportation equipment and company drivers, owner-operators, or third-party carriers under contract with us. We have arrangements with most of the major North American rail carriers to transport freight in containers. We also provide customized freight movement, transportation equipment, labor, systems, and delivery services tailored to meet individual customer requirements, which typically involve long-term contracts. These arrangements are generally referred to as dedicated services and may include multiple pickups and drops, local deliveries, freight handling, specialized equipment, and freight network design. In addition, we provide comprehensive logistics services with a network of thousands of qualified third-party carriers. We also lease equipment to third parties through our wholly owned subsidiary Schneider Finance, Inc., which is primarily engaged in leasing trucks to owner-operators, including, but not limited to, owner-operators with whom we contract, and we provide insurance for both company drivers and owner-operators through our wholly owned insurance subsidiary.

Conference Call and Webcast Information

The Company will host an earnings conference call today at 4:30 p.m. Eastern Time. The conference call can be accessed by dialing 800-715-9871 toll-free or 646-307-1963 (conference ID: 2793697). A webcast of the conference call can also be accessed on the Investor Relations section of the Company’s website, Schneider.com, along with the current quarterly investor presentation.

SCHNEIDER NATIONAL, INC.

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(in millions, except per share data)

Three Months Ended

March 31,

2026

2025

Operating revenues

$

1,398.5

$

1,401.8

Operating expenses:

Purchased transportation

477.6

485.4

Salaries, wages, and benefits

395.3

400.0

Fuel and fuel taxes

124.1

111.3

Depreciation and amortization

110.9

113.6

Operating supplies and expenses—net

187.8

175.1

Insurance and related expenses

40.0

41.2

Other general expenses

29.4

33.1

Total operating expenses

1,365.1

1,359.7

Income from operations

33.4

42.1

Other expenses (income):

Interest income

(1.5

)

(1.6

)

Interest expense

7.0

7.8

Other expenses—net

0.7

1.1

Total other expenses—net

6.2

7.3

Income before income taxes

27.2

34.8

Provision for income taxes

6.8

8.7

Net income

$

20.4

$

26.1

Weighted average shares outstanding

175.1

175.3

Basic earnings per share

$

0.12

$

0.15

Weighted average diluted shares outstanding

175.9

176.0

Diluted earnings per share

$

0.12

$

0.15

SCHNEIDER NATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in millions)

March 31,
2026

December 31,
2025

Assets

Cash and cash equivalents

$

227.8

$

201.5

Trade accounts receivable—net

639.7

578.3

Other current assets

460.1

401.4

Net property and equipment

2,699.8

2,719.6

Other noncurrent assets

895.6

939.3

Total Assets

$

4,923.0

$

4,840.1

Liabilities and Shareholders’ Equity

Trade accounts payable

$

271.9

$

208.6

Current maturities of debt and finance lease obligations

10.7

11.1

Other current liabilities

399.2

336.1

Long-term debt and finance lease obligations

388.1

390.9

Deferred income taxes

594.1

593.8

Other noncurrent liabilities

238.6

274.9

Shareholders’ equity

3,020.4

3,024.7

Total Liabilities and Shareholders’ Equity

$

4,923.0

$

4,840.1

SCHNEIDER NATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in millions)

Three Months Ended

March 31,

2026

2025

Net cash provided by operating activities

$

92.9

$

91.7

Net cash used in investing activities

(34.8

)

(126.7

)

Net cash (used in) provided by financing activities

(31.8

)

23.6

Net increase (decrease) in cash and cash equivalents

$

26.3

$

(11.4

)

Net capital expenditures

$

(44.8

)

$

(97.1

)

Schneider National, Inc.

Revenues and Income (Loss) from Operations by Segment

(unaudited)

Revenues by Segment

  Three Months Ended

March 31,

(in millions)

2026

2025

Truckload

$

618.0

$

613.7

Intermodal

253.5

260.4

Logistics

312.3

332.0

Other

99.6

88.7

Fuel surcharge

155.4

143.5

Inter-segment eliminations

(40.3

)

(36.5

)

Operating revenues

$

1,398.5

$

1,401.8

Income (Loss) from Operations by Segment

  Three Months Ended

March 31,

(in millions)

2026

2025

Truckload

$

20.2

$

25.1

Intermodal

10.9

13.8

Logistics

6.5

8.1

Other

(4.2

)

(4.9

)

Income from operations

$

33.4

$

42.1

Schneider National, Inc.
Key Performance Indicators by Segment
(unaudited)

We monitor and analyze a number of KPIs in order to manage our business and evaluate our financial and operating performance.

Truckload

The following table presents our Truckload segment KPIs for the periods indicated and is consistent with how revenues and expenses are reported internally for segment purposes. Our Truckload segment is comprised of two operating units:

Dedicated - Transportation services utilizing equipment dedicated to customers under long-term contracts. Network - Transportation services primarily consisting of one-way shipments. Three Months Ended

March 31,

2026

2025

Dedicated

Revenues (excluding fuel surcharge) (1)

$

434.0

$

435.5

Average trucks (2) (3)

8,495

8,543

Revenue per truck per week (4)

$

4,055

$

4,034

Network

Revenues (excluding fuel surcharge) (1)

$

185.3

$

177.9

Average trucks (2) (3)

3,639

3,736

Revenue per truck per week (4)

$

4,041

$

3,767

Total Truckload

Revenues (excluding fuel surcharge) (5)

$

618.0

$

613.7

Average trucks (2) (3)

12,134

12,279

Revenue per truck per week (4)

$

4,051

$

3,953

Average company trucks (3)

10,814

10,973

Average owner-operator trucks (3)

1,320

1,306

Trailers (6)

51,227

53,479

Operating ratio (7)

96.7

%

95.9

%

(1)

Revenues (excluding fuel surcharge), in millions, exclude revenue in transit.

(2)

Includes company and owner-operator trucks.

(3)

Calculated based on beginning and end of month counts and represents the average number of trucks available to haul freight over the specified timeframe.

(4)

Calculated excluding fuel surcharge and revenue in transit, consistent with how revenue is reported internally for segment purposes, using weighted workdays.

(5)

Revenues (excluding fuel surcharge), in millions, include revenue in transit at the operating segment level and, therefore, amounts presented above do not sum to total.

(6)

Includes entire fleet of owned trailers, including trailers with leasing arrangements between Truckload and Logistics.

(7)

Calculated as segment operating expenses divided by segment revenues (excluding fuel surcharge) including revenue in transit and related expenses at the operating segment level.

Intermodal

The following table presents the KPIs for our Intermodal segment for the periods indicated.

Three Months Ended

March 31,

2026

2025

Orders (1)

104,873

104,440

Containers

26,357

26,505

Trucks

1,314

1,419

Revenue per order (2)

$

2,366

$

2,467

Operating ratio (3)

95.7

%

94.7

%

Logistics

The following table presents the KPI for our Logistics segment for the periods indicated.

Three Months Ended

March 31,

2026

2025

Operating ratio (1)

97.9

%

97.6

%

Schneider National, Inc.
Reconciliation of Non-GAAP Financial Measures
(unaudited)

In this earnings release, we present the following non-GAAP financial measures: (1) revenues (excluding fuel surcharge), (2) adjusted income from operations, (3) adjusted operating expenses, net of fuel surcharge revenues, (4) adjusted operating ratio, (5) adjusted net income, (6) adjusted EBITDA, (7) free cash flow, and (8) adjusted diluted earnings per share. We also provide reconciliations of these measures to the most directly comparable financial measures calculated and presented in accordance with GAAP.

Management believes the use of each of these non-GAAP measures assists investors in understanding our business by (1) removing the impact of items from our operating results that, in our opinion, do not reflect our core operating performance, (2) providing investors with the same information our management uses internally to assess our core operating performance, and (3) presenting comparable financial results between periods. In addition, in the case of revenues (excluding fuel surcharge), we believe the measure is useful to investors because it isolates volume, price, and cost changes directly related to industry demand and the way we operate our business from the external factor of fluctuating fuel prices and the programs we have in place to manage such fluctuations. Fuel-related costs and their impact on our industry are important to our results of operations, but they are often independent of other, more relevant factors affecting our results of operations and our industry. Free cash flow is used as a measure to assess overall liquidity and does not represent residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt.

Although we believe these non-GAAP measures are useful to investors, they have limitations as analytical tools and may not be comparable to similar measures disclosed by other companies. You should not consider the non-GAAP measures in this report in isolation or as substitutes for, or alternatives to, analysis of our results as reported under GAAP. The exclusion of unusual or infrequent items or other adjustments reflected in the non-GAAP measures should not be construed as an inference that our future results will not be affected by unusual or infrequent items or by other items similar to such adjustments. Our management compensates for these limitations by relying primarily on our GAAP results in addition to using the non-GAAP measures.

Adjustments to arrive at non-GAAP measures are made at the enterprise level, with the exception of fuel surcharge revenues, which are not included in segment revenues.

Revenues (excluding fuel surcharge)

We define “revenues (excluding fuel surcharge)” as operating revenues less fuel surcharge revenues, which are excluded from revenues at the segment level. Included below is a reconciliation of operating revenues, the most closely comparable GAAP financial measure, to revenues (excluding fuel surcharge).

Three Months Ended

March 31,

(in millions)

2026

2025

Operating revenues

$

1,398.5

$

1,401.8

Less: Fuel surcharge revenues

155.4

143.5

Revenues (excluding fuel surcharge)

$

1,243.1

$

1,258.3

Adjusted income from operations

We define “adjusted income from operations” as income from operations adjusted to exclude certain items that do not reflect our core operating performance. A reconciliation of income from operations, the most directly comparable GAAP measure, to adjusted income from operations is provided below. The items excluded for the periods presented are described in the table and notes below.

Three Months Ended

March 31,

(in millions)

2026

2025

Income from operations

$

33.4

$

42.1

Acquisition-related costs (1)

—

0.2

Intangible asset amortization (2)

1.7

1.9

Adjusted income from operations

$

35.1

$

44.2

Adjusted operating ratio

We define “adjusted operating ratio” as total operating expenses, net of fuel surcharge revenues, divided by revenues (excluding fuel surcharge). A reconciliation of operating ratio, the most directly comparable GAAP measure, to adjusted operating ratio is provided below.

Three Months Ended

March 31,

(in millions, except ratios)

2026

2025

GAAP Presentation

Operating revenues

$

1,398.5

$

1,401.8

Total operating expenses

1,365.1

1,359.7

Income from operations

$

33.4

$

42.1

Operating ratio (1)

97.6

%

97.0

%

Non-GAAP Presentation

Operating revenues

$

1,398.5

$

1,401.8

Less: Fuel surcharge revenues

155.4

143.5

Revenues (excluding fuel surcharge)

$

1,243.1

$

1,258.3

Total operating expenses

$

1,365.1

$

1,359.7

Adjusted for:

Fuel surcharge revenues

(155.4

)

(143.5

)

Acquisition-related costs

—

(0.2

)

Intangible asset amortization

(1.7

)

(1.9

)

Adjusted total operating expenses, net of fuel surcharge revenues (2)

$

1,208.0

$

1,214.1

Adjusted operating ratio (3)

97.2

%

96.5

%

Adjusted net income

We define “adjusted net income” as net income, adjusted to exclude certain items that do not reflect our core operating performance. A reconciliation of net income, the most directly comparable GAAP measure, to adjusted net income is provided below.

Three Months Ended

March 31,

(in millions)

2026

2025

Net income

$

20.4

$

26.1

Acquisition-related costs

—

0.2

Intangible asset amortization

1.7

1.9

Income tax effect of non-GAAP adjustments (1)

(0.4

)

(0.5

)

Adjusted net income

$

21.7

$

27.7

Adjusted EBITDA

We define “adjusted EBITDA” as net income, adjusted to exclude net interest expense, provision for income taxes, depreciation and amortization, and certain items that do not reflect our core operating performance. A reconciliation of net income, which is the most directly comparable GAAP measure, to adjusted EBITDA is provided below.

Three Months Ended

March 31,

(in millions)

2026

2025

Net income

$

20.4

$

26.1

Interest expense, net

5.5

6.2

Provision for income taxes

6.8

8.7

Depreciation and amortization

110.9

113.6

Acquisition-related costs

—

0.2

Adjusted EBITDA

$

143.6

$

154.8

Free cash flow

We define “free cash flow” as net cash provided by operating activities less net cash used for capital expenditures.

Three Months Ended

March 31,

(in millions)

2026

2025

Net cash provided by operating activities

$

92.9

$

91.7

Purchases of transportation equipment

(40.9

)

(114.4

)

Purchases of other property and equipment

(27.0

)

(6.8

)

Proceeds from sale of property and equipment

23.1

24.1

Net capital expenditures

(44.8

)

(97.1

)

Free cash flow

$

48.1

$

(5.4

)

Adjusted diluted earnings per share (1)

Three Months Ended

March 31,

2026

2025

Diluted earnings per share

$

0.12

$

0.15

Non-GAAP adjustments, tax effected

0.01

0.01

Adjusted diluted earnings per share

$

0.12

$

0.16

Special Note Regarding Forward-Looking Statements

This earnings release contains forward-looking statements, within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company’s current expectations, beliefs, plans, or forecasts with respect to, among other things, future events and financial performance and trends in the business and industry. The words “may,” “will,” “could,” “should,” “would,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “prospects,” “potential,” “budget,” “forecast,” “continue,” “predict,” “seek,” “objective,” “goal,” “guidance,” “outlook,” “effort,” “target,” and similar words, expressions, terms, and phrases among others, generally identify forward-looking statements, which speak only as of the date the statements were made. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks, and uncertainties. Readers are cautioned that a forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement.

The statements in this news release are based on currently available information and the current expectations, forecasts, and assumptions of the Company’s management concerning risks and uncertainties that could cause actual outcomes or results to differ materially from those outcomes or results that are projected, anticipated, or implied in these statements. Such risks and uncertainties include, among others, those discussed in Part I, Item 1A, “Risk Factors,” of the Company’s most recently filed Annual Report on Form 10-K, subsequent Reports on Form 10-Q and 8-K, and other filings we make with the U.S. Securities and Exchange Commission. In addition to any such risks, uncertainties, and other factors discussed elsewhere herein, risks, uncertainties, and other factors that could cause or contribute to actual results differing materially from those expressed or implied by the forward-looking statements include, but are not limited to: unfavorable economic and market conditions, including inflation; tariff volatility or trade disputes resulting in increasing input costs; our ability to successfully manage operational challenges and disruptions, as well as related federal, state, and local government responses arising from future pandemics; economic and business risks inherent in the truckload and transportation industry, including competitive pressures pertaining to pricing, capacity, and service; our ability to effectively manage truck capacity brought about by cyclical driver shortages and successfully execute our yield management strategies; our ability to maintain key customer and supply arrangements (including dedicated arrangements) and to manage disruption of our business due to factors outside of our control, such as natural disasters, acts of war or terrorism, disease outbreaks, or pandemics; volatility in the market valuation of our investments in strategic partners and technologies; our ability to manage and effectively implement our growth and diversification strategies and cost saving initiatives; our dependence on our reputation and the Schneider brand and the potential for adverse publicity, damage to our reputation, and the loss of brand equity; risks related to demand for our service offerings; risks associated with the loss of a significant customer or customers; capital investments that fail to match customer demand or for which we cannot obtain adequate funding; fluctuations in the price or availability of fuel, the volume and terms of diesel fuel purchase agreements, our ability to recover fuel costs through our fuel surcharge programs, and potential changes in customer preferences (e.g. truckload vs. intermodal services) driven by diesel fuel prices; fluctuations in the value and demand for our used Class 8 heavy-duty tractors and trailers; our ability to attract and retain qualified drivers, owner-operators, and third-party carriers in sufficient numbers to support our service offerings; our dependence on railroads in the operation of our intermodal business; changes in the outsourcing practices of our third-party logistics customers; difficulty in obtaining fuel, equipment, goods, and services from our vendors and suppliers; variability in insurance and claims expenses and the risks of insuring claims through our captive insurance company; the impact of laws and regulations that apply to our business, including those that relate to the environment, taxes, associates, owner-operators, and our captive insurance company; changes to those laws and regulations and the increased costs of compliance with existing or future federal, state, and local regulations; political, economic, and other risks from cross-border operations and operations in multiple countries; risks associated with financial, credit, and equity markets, including our ability to service indebtedness and fund capital expenditures and strategic initiatives; negative seasonal patterns generally experienced in the trucking industry during traditionally slower shipping periods and winter months; risks associated with severe weather and similar events; significant systems disruptions, including those caused by cybersecurity events and firmware defects; exposure to claims and lawsuits in the ordinary course of business; our ability to adapt to technological advancements impacting the trucking industry, including artificial intelligence, automated vehicles, and other technologies that improve cash flow, deliver the visibility customers expect, and maximize asset utilization.

The Company undertakes no obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances which may occur after the date of this earnings release.

Schneider National, Inc. (SNDR) Q1 2026 Earnings Call Transcript

Schneider National reported 1Q26 results showing continued margin compression and revenue declines across all segments, despite management's constructive tone on market tightening. SNDR's operating income fell 20% YoY, with positives like Network productivity and Intermodal volume growth insufficient to offset broad operational weakness. Management maintains full-year EPS guidance of $0.70 to $1.00, citing uncertain demand as a key swing factor despite signs of supply tightening.

Key Takeaways SNDR Q1 EPS of 12 cents beat estimates, while revenue of $1.40B missed and stayed flat year over year. Schneider reported lower operating income across segments due to higher costs and weaker volumes.SNDR raised its dividend 5%, approved a $150M buyback, and guided 2026 EPS at 70 cents-$1.00. Schneider National, Inc. (SNDR - Free Report) reported first-quarter 2026 results, wherein the company’s earnings beat the Zacks Consensus Estimate, but revenues missed the same.

Quarterly earnings per share (EPS) of 12 cents beat the Zacks Consensus Estimate by 9.1% and declined 25% from the year-ago reported quarter figure. Operating revenues of $1.40 billion missed the Zacks Consensus Estimate of $1.41 billion but remained flat on a year-over-year basis.

Income from operations (adjusted) fell 20.7% from the prior-year quarter’s level to $33.4 million.

SNDR’s Q1 Segmental HighlightsTruckload revenues (excluding fuel surcharge) for the first quarter of 2026 totaled $618 million, up 1% year over year, owing to improved Network productivity and an increase in price for both Network and Dedicated, partially offset by lower Dedicated volume. Truckload revenues per truck per week were $4,051 (up 2% year over year).

Truckload income from operations totaled $20.2 million in the first quarter of 2026, down 20% year over year, owing to higher maintenance costs, lower gains on sale of assets and increased fuel expense, partially offset by improved productivity within Network and price. Truckload operating ratio improved to 96.7% in the first quarter of 2026 from 95.9% in the first quarter of 2025.

Intermodal revenues (excluding fuel surcharge) for the first quarter of 2026 came in at $253.5 million, down 3% year over year. The decline was due to a 4% decrease in revenues per order, reflecting a shorter length of haul, partially offset by an increase in volume.

Intermodal income from operations for the first quarter of 2026 was $10.9 million, down 21% year over year. The decrease was due to lower revenues per order and higher maintenance costs, partially offset by volume growth and reduced purchased transportation, salaries and wages related to headcount actions and equipment costs. Intermodal operating ratio fell to 95.7% from 94.7% in the first quarter of 2025.

Logistics revenues (excluding fuel surcharge) for the first quarter of 2026 came in at $312.3 million, down 6% year over year, owing to lower brokerage volume, partially offset by higher revenues per order.

Logistics income from operations for the first quarter of 2026 was $6.5 million, down 20% year over year, due to lower brokerage volume, partially offset by higher net revenues per order and lower salaries and wages resulting from headcount actions. Logistics operating ratio rose to 97.9% in the first quarter of 2026 from 97.6% in the first quarter of 2025.

Liquidity & Cash FlowSchneider National exited the first-quarter with cash and cash equivalents of $227.8 million compared with $201.5 million at the end of the prior quarter. Long-term debt was $388.1 million at the end of the reported quarter compared with $390.9 million at the end of the prior-quarter.

SNDR generated $92.9 million of cash from operations in the reported quarter. Net capital expenditures were $44.8 million.

In January 2026, the company announced the approval of a new $150.0 million share repurchase program. As of March 31, 2026, the company had repurchased a total of 0.2 million Class B shares amounting to $5.2 million under the new program.

On Jan. 26, 2026, SNDR’s board of directors declared a dividend hike of 5%, raising its quarterly cash dividend to 10 cents per share from 9.5 cents. The raised dividend (payable to shareholders of record as of March 13, 2026) is expected to be paid on April 8, 2026. As of March 31, 2026, the company had returned $17.1 million in the form of dividends to shareholders year to date.

SNDR’s 2026 OutlookSchneider National has unveiled its guidance for 2026. The company expects its 2026 adjusted EPS to be in the range of 70 cents to $1.00. The Zacks Consensus Estimate is currently pegged at 22 cents.

Full-year effective tax rate is expected to be 24%. The company expects net capital expenditures to be in the range of $400-$450 million.

Currently, SNDR carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Q1 Performances of Other Transportation CompaniesDelta Air Lines (DAL - Free Report)  reported first-quarter 2026 earnings (excluding $1.08 from non-recurring items) of 64 cents per share, which beat the Zacks Consensus Estimate of 61 cents. Earnings increased 39.1% on a year-over-year basis. Revenues in the March-end quarter were $14.2 billion, beating the Zacks Consensus Estimate of $14 billion and increasing on a year-over-year basis. 

J.B. Hunt Transport Services (JBHT - Free Report) posted first-quarter 2026 earnings per share of $1.49, up 27% from $1.17 a year ago. The result topped the Zacks Consensus Estimate by $0.04, reflecting a 2.8% surprise.

Operating revenues totaled $3.06 billion, rising 4.6% year over year. Revenues beat the consensus mark of $2.94 billion, resulting in a 3.9% surprise, as demand proved resilient across several service offerings, led by Intermodal volume growth and higher revenues per load in select highway-related businesses.

JACKSONVILLE, Fla., May 06, 2026 (GLOBE NEWSWIRE) -- CSX Corp. (NASDAQ: CSX) and Canadian Pacific Kansas City (TSX:CP) (NYSE:CP) (CPKC) today announced upgrades to the Southeast Mexico Express (SMX) premium service featuring faster transit times with more origin and destination options for customers looking to reach new markets.

The new SMX premium service schedule and routing options launched May 4, 2026, offer industry-best, truck-competitive transit times between southeastern markets such as Atlanta, Charlotte or central Florida, and markets in Texas and Mexico, including Dallas and Monterrey. The service improvements have reduced transit times for every previously available SMX option. These reductions range from approximately one-day-faster service between Atlanta and Dallas, and approximately 2.5 days faster between Atlanta and central Mexico. SMX improvements are the result of capital investments in track, bridges and signal infrastructure on the former Meridian & Bigbee Railroad (MNBR) and continued investments across the corridor in Georgia, Alabama, Mississippi, Louisiana, and Texas offering greater speeds and more efficiency.

“These service upgrades, providing approximately 20 to 45 percent improvement to SMX transit times, reflect our ongoing commitment to providing more best-in-class, flexible transportation solutions to our customers looking for innovative ways to reach new markets,” said Keith Creel, CPKC President & CEO. “Together with CSX, the SMX offers a level of speed, flexibility and dependability that reaches additional growing markets in the U.S. Southeast. This is a premium rail solution that cannot be replicated because we have the best route linking shippers to Texas and to Mexico that will move more trucks to rail.”

“The upgraded SMX service demonstrates the long-term investments CSX has made to strengthen this corridor and provide more consistent, reliable service for our customers,” said Steve Angel, president and CEO of CSX. “By working closely with CPKC, we’re expanding access and delivering meaningful improvements for shippers moving freight between the key markets of the Southeast U.S. and Mexico.”

The new SMX dedicated train service provides two-day service between Atlanta and Dallas, with three-day service from Monterrey and four-day service from central Mexico to Atlanta. Customers can extend their reach with new SMX origins and destinations in Charlotte, Jacksonville and Central Florida.

CSX and CPKC debuted the SMX in December 2024 creating rail transportation routing options with available capacity along this east-west corridor for customers looking to reach Texas and Mexico from the U.S. Southeast. The connection came out of the two Class I’s respective acquisitions of portions of the former MNBR. As a result, CPKC and CSX established a direct Class I-to-Class I interchange near Myrtlewood, Alabama.

Schneider National, Inc. (NYSE:SNDR), a premier multimodal provider of transportation, intermodal and logistic services, has already experienced the SMX advantage and looks forward to building on its earlier success in the corridor.

“Schneider has seen firsthand the value of continued collaboration with our railroad partners in bringing new, innovative intermodal products to market,” said Schneider President and CEO Mark Rourke. “The enhanced Southeast Mexico Express delivers more reliable and truck-like service, making it an attractive option for shippers looking to move freight between Texas, Mexico and the Southeastern United States. There is strong demand in these lanes, and the upgrades further strengthen rail’s ability to compete with trucks on speed and consistency while offering customers greater capacity and efficiency.”

SMX gives intermodal, automotive and carload customers truck-competitive transit times, greater capacity, and environmentally sustainable rail solutions.

Advantages of SMX include:

Direct connectivity: Links to Mexico, Texas and U.S. Southeast.Market access: Expanded connectivity to diverse origin points across North America.Faster transit times: Improved time and cost efficiency supported by infrastructure upgrades.Secure transportation: Advanced technology expedites border crossings while enhancing shipment security.Environmental sustainability: Replaces up to 300 semi-trucks per train, reducing emissions. The combined strength of CSX and CPKC through SMX continues to meet evolving customer demands and set new standards in North American freight.

About CSX

CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural and consumer products. For nearly 200 years, CSX has played a critical role in the nation’s economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation’s population resides. It also links more than 240 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike. More information about CSX Corporation and its subsidiaries is available at www.csx.com. Like us on Facebook and follow us on X, formerly known as Twitter.

About CPKC

With its global headquarters in Calgary, Alta., Canada, CPKC is the first and only single-line transnational railway linking Canada, the United States and México, with unrivaled access to major ports from Vancouver to Atlantic Canada to the Gulf Coast to Lázaro Cárdenas, México. Stretching approximately 20,000 route miles and employing approximately 20,000 railroaders, CPKC provides North American customers unparalleled rail service and network reach to key markets across the continent. CPKC is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpkcr.com to learn more about the rail advantages of CPKC. CP-IR

Contact:

CSX

Matthew Korn, CFA, Investor Relations
904-366-4515

Austin Staton, Corporate Communications
[email protected]

CPKC

On May 20, 2026, Schneider National Inc SNDR shares rose 4.5% to $33.60, continuing a strong performance with a year-to-date increase of 27.2%. The stock has traded within a 52-week range of $20.11 to $33.66, indicating significant volatility and investor interest.

GF Value™ verdict: Current price of $33.60 is 29.7% above the GF Value™ of $25.91, indicating the stock is overvalued.GF Score™ of 80/100 suggests a strong position relative to peers, highlighting solid fundamentals.Notable signal: A momentum rank of 10/10 indicates strong recent price performance. Is SNDR Overvalued or Undervalued? With a current price of $33.60 and a GF Value™ of $25.91, Schneider National Inc appears to be overvalued by approximately 29.7%. This discrepancy highlights a potential risk for investors, as overvaluation can lead to price corrections in the future. The GF Valuation label indicates that the stock is modestly overvalued, reinforcing the notion that the current price exceeds the intrinsic value derived from its financial performance and growth prospects.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the significant gap between the current price and the GF Value™, investors should be cautious of the potential for valuation normalization, which could lead to downward pressure on the stock price.

How Does SNDR's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 60.0x 14.9x Forward P/E 37.0x N/A The current P/E (TTM) of 60.0x is significantly above its 5-year median P/E of 14.9x, indicating that the stock is trading at a premium compared to its historical valuation. This analysis aligns with the GF Value™ verdict, suggesting that the stock is overvalued based on its historical earnings performance. The substantial increase in the P/E ratio indicates that investors may be paying more for each dollar of earnings than they have in the past, which could pose risks if earnings do not meet high expectations in the future.

What Does SNDR's GF Score™ Tell Us? Metric Rating GF Score™ 80/100 Financial Strength 8/10 Profitability 7/10 Growth 5/10 Valuation 5/10 Momentum 10/10 The GF Score™ of 80/100 indicates a strong position relative to its peers, particularly marked by a financial strength rating of 8/10, which suggests robust financial health. The momentum score of 10/10 reflects recent positive price trends, indicating that market sentiment is favorable. However, the growth and valuation scores of 5/10 suggest that while the company is performing well currently, there may be concerns regarding its growth potential and valuation sustainability going forward. The combination of strong financial stability and high momentum could provide some support for the stock, but the high valuation remains a concern.

What Are Insiders Doing with SNDR Stock? In the last three months, insiders have sold $0.5 million worth of Schneider National Inc stock, with no reported insider buying during this period. This selling activity may indicate a lack of confidence among insiders regarding the stock's current valuation, as they may be capitalizing on the recent price increases. The absence of insider buying could suggest that insiders do not believe the current price adequately reflects the company's long-term value.

What This Means for Investors Based on the GF Value™ analysis, Schneider National Inc is currently overvalued at $33.60 relative to its intrinsic value of $25.91. This overvaluation, combined with the significant increase in the P/E ratio and insider selling activity, may suggest caution for prospective investors. The strong GF Score™ reflects solid fundamentals, but the high valuation presents potential risks for future price corrections.

For the complete analysis, visit the Schneider National Inc SNDR stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is SNDR's GF Score™?

SNDR has a GF Score™ of 80/100, indicating a strong position relative to its peers based on key financial metrics.

Is SNDR overvalued or undervalued?

SNDR is currently overvalued with a GF Value™ of $25.91, which is 29.7% below its current price of $33.60.

What is SNDR's P/E ratio?

SNDR's P/E (TTM) is 60.0x, which is significantly above its 5-year median P/E of 14.9x, suggesting it is trading at a premium compared to its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Key Takeaways Schneider trades at a discount forward P/S ratio than its industry average, signaling a cheap valuation.SNDR grapples with insurance-related costs, macro-economic uncertainty and lower brokerage volume.Schneider expects its 2026 adjusted earnings per share to be in the range of 70 cents to $1.00. Schneider National, Inc. (SNDR - Free Report) ) looks cheap from a valuation standpoint. Considering the forward 12-month price-to-sales ratio (P/S-F12M), Schneider is trading at a discount compared to the industry.

The stock has a forward 12-month P/S-F12M of 1.01X compared with 1.49X for the industry over the past five years. These factors indicate that the stock’s valuation is attractive. Schneider has a Value Score of B.

Schneider P/S Ratio (Forward 12 Months) Vs. Industry Image Source: Zacks Investment Research

Now, the question is whether it is worth buying, holding, or selling the Schneider stock at current prices. Let us delve deeper to find out.

Tailwinds Working in Favor of Schneider StockSchneider’s management provided upbeat full-year 2026 earnings guidance. The company expects 2026 adjusted earnings per share (EPS) to be in the range of 70 cents to $1.00, which is above the 2025 adjusted EPS of 63 cents. The upside is expected to have been aided by the cost reduction initiatives. With the successful attainment of the cost savings target in 2025, SNDR is hopeful to achieve another $40 million in targeted cost savings in 2026. SNDR aims to boost its earnings by leveraging productivity and asset efficiency actions while improving the topline without incremental growth investments. The Zacks Consensus Estimate is currently pegged at 90 cents per share.

Schneider’s solid balance sheet increases financial flexibility. The company ended first-quarter 2026 with cash and cash equivalents of $227.8 million, along with the current debt level of $10.7 million. This implies that the company has sufficient cash to meet its current debt obligations. Further, SNDR’s long-term debt has declined to $388.1 million at first-quarter 2026-end from $565.8 million at the end of first-quarter 2025.

A strong balance sheet enables the company to reward shareholders with dividends and share repurchases. As a reflection of its shareholder-friendly stance, in 2022, 2023 and 2024, SNDR paid dividends of $55.7 million, $63.6 million and $66.6 million, respectively. As of March 31, 2026, the company had returned $17.1 million in the form of dividends to shareholders year to date.

SNDR is also active on the buyback front. In January 2026, SNDR's board of directors approved a new stock repurchase program, effective immediately, under which up to $150 million of the company’s outstanding Class A common stock, and/or Class B common stock, may be acquired over the next three years. This share buyback program supersedes and replaces the $150 million stock repurchase authorization approved by SNDR's board on Jan. 31, 2023 (the “Prior Repurchase Program”), which was scheduled to expire on Jan. 31, 2026, and is substantially similar to the Prior Repurchase Program.

SNDR repurchased 4.4 million shares for a total of $110.1 million under the Prior Repurchase Program. As of March 31, 2026, the company had repurchased a total of 0.2 million Class B shares amounting to $5.2 million under the new program. Buybacks not only reduce the total outstanding share count, thereby increasing earnings per share, but also signal management's belief in the intrinsic value of the stock. Such shareholder-friendly moves instill investor confidence and positively impact the company's bottom line.

What Do Earnings Estimates Say for Schneider?The positive sentiment surrounding Schneider stock is evident from the fact that the Zacks Consensus Estimate for the third quarter of 2026 and full-year 2026 earnings has been revised northward in the past 90 days. The consensus mark for 2027 earnings has also been projected upward in the past 90 days.

Image Source: Zacks Investment Research

The favorable estimate revisions indicate brokers’ confidence in the stock.

Schneider Stock’s Price PerformanceShares of Schneider have gained 54.4% over the past six months, outperforming the transportation-services industry’s 2.8% decrease, as well as that of other industry players, Expeditors International of Washington, Inc. (EXPD - Free Report) and C.H. Robinson Worldwide, Inc. (CHRW - Free Report) .

Schneider Stock’s Six-Month Price Comparison Image Source: Zacks Investment Research

Headwinds Weighing on Schneider StockSchneider is weighed down by an increase in third-party carrier capacity costs, unplanned auto production shutdowns and raised healthcare costs. As a result, despite witnessing a decline in capital expenditures from $573.8 million at the end of 2023 to $380.3 million at the end of 2024 to $289.2 million at the end of 2025, SNDR’s 2026 expectation for capital expenditures is above the prior-year actual figures of 2024 and 2025. For 2026, net capital expenditures are expected to be in the range of $400-$450 million. A rise in capital expenditures does not bode well for the company's bottom-line growth.

Macro-economic uncertainty continues to remain an overhang. The company's bottom line is significantly affected by the ongoing inflationary environment and supply-chain disruptions, which are driving up overall costs, particularly in the insurance domain and directly impacting operating expenses. Increased insurance expense and weakness in the freight market continue to hurt SNDR’s prospects.

Schneider's segmental revenues continue to be hurt by higher maintenance costs, lower gains on the sale of assets, increased fuel expense, lower brokerage volume and lower revenue per order. Market volatility and rising costs continue to challenge SNDR, potentially impacting its growth and earnings in the near term.

Not an Opportune Time to Buy Schneider StockThere is no doubt that the stock is attractively valued, and consistent shareholder-friendly initiatives (in the form of dividends and share buybacks), a solid balance sheet and cost reduction initiatives act as tailwinds for Schneider’s bottom-line growth.

Despite these positives, we advise investors not to buy Schneider stock now, as it continues to be hurt by an increase in third-party carrier capacity costs, unplanned auto production shutdowns, raised healthcare costs, higher maintenance costs, lower gains on sale of assets and increased fuel expense. Lower brokerage volume and lower revenue per order continue to hurt SNDR's logistics segment. The ongoing volatile macro environment marked by economic uncertainty, shifting tariff regulations and geopolitical tensions also clouds Schneider’s prospects.

Considering all these factors, we advise investors to wait for a better entry point and not buy SNDR stock now. For those who already own the stock, it will be prudent to stay invested. The company’s current Zacks Rank #3 (Hold) justifies our analysis. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

On June 08, 2026, Schneider National Inc SNDR shares rose 4.2% today, closing at $38.76. The stock has experienced a notable increase in its price performance, with a 52-week range of $20.11 to $39.03.

GF Value™ verdict: Current price of $38.76 vs GF Value™ of $26.01, indicating the stock is 49.0% overvalued.GF Score™: 76/100, categorized as Above Average, suggesting a relatively strong overall performance.Most notable signal: Insiders sold $0.5M worth of shares in the last three months, indicating potential caution from those closest to the company. Is SNDR Overvalued or Undervalued? According to the GF Value™, Schneider National Inc SNDR is significantly overvalued, with a current market price of $38.76 compared to an estimated fair value of $26.01. This indicates a substantial 49.0% margin of overvaluation. Investors should be aware that purchasing shares at this inflated price carries inherent risks, particularly given the current valuation landscape. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.

The significant discrepancy between the market price and the GF Value™ raises concerns about the sustainability of current stock levels. With the GF Valuation label indicating that the stock is significantly overvalued, it would be prudent for potential investors to exercise caution, as the likelihood of a market correction could impact future returns.

How Does SNDR's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 69.2x 14.9x Forward P/E 42.5x N/A Currently, Schneider National Inc's P/E (TTM) ratio stands at 69.2x, which is 363% above its 5-year median P/E of 14.9x. The forward P/E of 42.5x also indicates that the stock is trading significantly above its historical valuation levels. This P/E analysis aligns with the GF Value™ verdict, reinforcing the notion that SNDR is overvalued at its current price point.

What Does SNDR's GF Score™ Tell Us? Metric Rating GF Score™ 76 Financial Strength 8/10 Profitability 7/10 Growth 5/10 Valuation 3/10 Momentum 10/10 Schneider National Inc's GF Score™ of 76/100 indicates a solid overall performance, driven primarily by its high Financial Strength (8/10) and strong Momentum (10/10) ranks. However, the company's Valuation rank of 3/10 signifies a significant weakness, further supporting the conclusion that the stock is currently overvalued. The Profitability (7/10) and Growth (5/10) scores suggest that while the company is performing well, there are areas that could benefit from enhancement.

What Are Insiders Doing with SNDR Stock? Recent insider activity shows that insiders have sold $0.5M worth of shares in the last three months, with no reported buying. This pattern of selling may indicate a lack of confidence among those with intimate knowledge of the company's operations, potentially signaling caution for outside investors. Insider selling could suggest that those close to the company may believe the stock is overvalued at current levels.

What This Means for Investors Based on the assessment of GF Value™, Schneider National Inc SNDR is considered overvalued at its current market price of $38.76. Investors should be cautious of potential risks associated with this overvaluation, especially in light of the recent insider selling activity.

For the complete analysis, visit the Schneider National Inc SNDR stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is SNDR's GF Score™?

SNDR's GF Score™ is 76/100, indicating an overall Above Average performance based on key aspects of financial strength, profitability, growth, valuation, and momentum.

Is SNDR overvalued or undervalued?

SNDR is considered overvalued, with its current price significantly exceeding the GF Value™ of $26.01, indicating a 49.0% overvaluation.

What is SNDR's P/E ratio?

SNDR's P/E (TTM) ratio is 69.2x, which is substantially higher than its 5-year median P/E of 14.9x, indicating that it is trading above its historical valuation norms.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Schneider National, Inc. (SNDR) Presents at 16th Annual Wells Fargo Industrials & Materials Conference Transcript