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Werner Enterprises

Werner Enterprises (WERN) Q2 2026 Earnings

Reported Jul 28, 2026 at 4:08 PM ET · SEC Source

Q2 26 EPS

$0.22

MISS 4.43%

Est. $0.23

Q2 26 Revenue

$933.9M

BEAT +0.20%

Est. $932.1M

vs S&P Since Q2 26

-13.2%

TRAILING MARKET

WERN -7.2% vs S&P +6.0%

Market Reaction

Did WERN Beat Earnings? Q2 2026 Results

Werner Enterprises delivered a mixed second quarter for fiscal 2026, nudging past revenue expectations while falling short on the bottom line as investors weighed the costs of a sweeping fleet transformation. Revenue climbed 24.0% year over year to $… Read more Werner Enterprises delivered a mixed second quarter for fiscal 2026, nudging past revenue expectations while falling short on the bottom line as investors weighed the costs of a sweeping fleet transformation. Revenue climbed 24.0% year over year to $933.93 million, edging above the $932.07 million consensus, but adjusted diluted EPS of $0.22 trailed the $0.23 estimate by 4.43%, pressured by acquisition-related expenses and restructuring charges tied to the January 2026 FirstFleet deal. That acquisition is reshaping Werner's profile rapidly, lifting Dedicated contracts to 80% of the Truckload Transportation Services fleet from 65% a year ago, a shift that analysts had flagged as central to the company's ability to capitalize on a tightening freight market. Adjusted operating income rose 67% to $27.58 million, with adjusted operating margin improving 80 basis points to 3.0%. Looking ahead, Werner narrowed its TTS average truck count growth guidance to 16-18% and raised its net capital expenditures outlook to $215 million-$250 million, signaling continued investment as management cited confidence in accelerating earnings power through the remainder of the year.

Key Takeaways

  • • FirstFleet acquisition driving margin improvement ahead of schedule
  • • One-Way Truckload strategic restructuring delivered 27.7% revenue per truck per week growth
  • • One-Way revenues per total mile, net of fuel surcharge, increased 10.4% YoY
  • • Dedicated average revenues per truck per week, net of fuel surcharge, increased 5.4%
  • • Safety metrics and insurance and claims costs trended favorably for second consecutive quarter
  • • Cash flow from operations increased 84% to $84.7 million
  • • Fuel surcharge revenues increased $65.4 million
  • • Intermodal revenues increased 18% driven by 17% shipment growth
  • • Final Mile revenues increased 14%

WERN Forward Guidance & Outlook

Werner updated its full-year 2026 guidance: TTS average truck count growth narrowed to 16-18% (from prior 23-28%); net capital expenditures raised to $215M-$250M (from $185M-$225M) to reduce tractor fleet age; Dedicated revenue per truck per week growth raised to 3-5% (from flat to 3%); One-Way Truckload revenue per total mile growth guided at 10-13% for Q3 2026 vs Q3 2025; effective income tax rate maintained at 25.5-26.5%. The company noted it is well-positioned to drive accelerated earnings power throughout the year in a capacity tightening market.

24/7 Wall St

WERN YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

WERN Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“Werner's strong second-quarter results reflect the strategic efforts implemented over the last few quarters and our decisive actions to adapt to a capacity tightening market. Our organic Dedicated business is growing, and the FirstFleet acquisition is driving margin improvement ahead of schedule. The strategic restructuring in One-Way Truckload has delivered the strongest revenue per truck growth in a decade. Safety metrics and insurance and claims costs trended favorably for a second consecutive quarter, demonstrating the impact of quality hiring and training combined with cutting edge technologies. Werner is well-positioned to drive accelerated earnings power throughout the year.”

— Derek Leathers, Q2 2026 Earnings Press Release

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