Werner Enterprises (WERN) Q3 2026 Earnings
Non-GAAP adjustments include $2.2 million amortization of acquired intangible assets, $1.8 million acquisition expenses, $0.03 million loss on equity securities, offset by $0.3 million earnings from equity method investment, with ($0.8 million) net tax effect
How Did WERN Stock React to Q3 2026 Earnings?
Did WERN Beat Earnings? Q3 2026 Results
Yes. Werner Enterprises reported Q3 2026 earnings of $0.16 a share on Oct 27, 2026, beating the $0.16 consensus estimate by 2.3%. Revenue was $950.5M against a $948.1M estimate.
Werner Enterprises delivered a narrow but clean beat in Q3 2026, posting adjusted EPS of $0.16 against the $0.16 consensus estimate, a 2.30% beat, even as a preliminary profit warning issued ahead of results had already tempered expectations. Revenue climbed 23.2% year over year to $950.51 million, edging past the $948.09 million estimate, with the company's January 2026 acquisition of FirstFleet serving as the single most consequential driver, adding roughly 2,130 dedicated trucks and propelling the Truckload Transportation Services segment 37% higher. Margins remain the central challenge, with adjusted operating income of $20.98 million translating to a thin 2.2% adjusted operating margin, as rising fuel costs, elevated insurance claims, and front-loaded driver investment weighed on profitability. CEO Derek Leathers framed those pressures as transitory, positioning the fleet expansion as preparation for a freight upcycle. Looking ahead, Werner narrowed its 2026 TTS average truck count growth guidance to 16%-17% and reduced net capital expenditure guidance to $190 million-$205 million, signaling measured confidence in its recovery trajectory.
- FirstFleet acquisition added 2,130 average Dedicated trucks, driving 43.8% Dedicated truck count growth
- One-Way Truckload average revenues per truck per week increased 34.3% from miles-per-truck production gains of 22.4% plus rate improvement and spot-vs-contract mix changes
- TTS revenue per truck per week increased 11.0% year over year
- Trucking fuel surcharge revenues increased $65.8 million or 111% year over year
- Higher gains from sale of used equipment ($8.0 million vs $4.5 million)
- Non-recurrence of $21.4 million litigation settlement costs from prior year
- One-Way revenues per total mile, net of fuel surcharge, increased 9.7%
“Werner's third-quarter results demonstrate strong top-line momentum, highlighted by a 28% increase in freight revenue and double-digit Truckload Transportation Services revenue per truck growth. While rapidly rising fuel costs and elevated claims temporarily impacted near-term margins, our underlying strategy is working, driving a near-doubling of adjusted operating income.”
Werner Enterprises CEO, on the earnings call
What Is Werner Enterprises's Outlook?
Werner updated its 2026 guidance: TTS average truck count growth narrowed to 16%-17% (from 16%-18%); Dedicated revenue per truck per week growth maintained at 4%-5%; One-Way Truckload revenue per total mile growth of 10%-13% for Q4 2026 vs Q4 2025; net capital expenditures reduced to $190M-$205M (from $215M-$250M); effective income tax rate updated to 24.5%-25.5% (from 25.5%-26.5%). The company plans to accelerate tractor purchases in Q4 2026 and expects further reduction in average truck age. Management expressed confidence in capitalizing on what it described as the early stages of a freight upcycle.
WERN YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $950.5M | $771.5M | +23.2% |
| Operating Income | $17.0M | $5.1M | +230.5% |
| Net Income | $6.6M | $2.8M | +132.1% |
WERN Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.