Werner Q3 Revenue Up 23% to $950.5M; Adjusted EPS $0.16, 2026 Capex Guidance Cut
WERN sits 27% above its 52-week low of $23.06.
Summary
Werner reported Q3 revenue of $950.5 million (up 23%) and adjusted EPS of $0.16 versus a $0.03 adjusted loss a year ago, with truckload adjusted operating income up 172%. It also cut 2026 net capex guidance to $190-$205 million.
Key Events · Earnings and Guidance · WERN
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Q3 Revenue Jumps 23% to $950.5M
Total revenues rose $179.0 million to $950.5 million, driven by a 37% increase in Truckload Transportation Services revenue to $714.0 million, partly offset by a 7% decline in Werner Logistics to $215.8 million.
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Adjusted Operating Income Nearly Doubles
GAAP operating income was $17.0 million versus a $13.0 million loss a year ago; non-GAAP adjusted operating income rose 92% to $21.0 million and adjusted diluted EPS was $0.16 versus an adjusted loss of $0.03.
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Truckload Segment Drives the Turnaround
TTS adjusted operating income rose 172% to $24.3 million on 15.5% more average trucks (8,668) after the FirstFleet acquisition; Werner Logistics swung to a $0.4 million operating loss from $3.0 million of income.
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2026 Capex Guidance Cut to $190M-$205M
Net capital expenditures guidance was lowered from $215M-$250M, TTS truck count growth narrowed to 16%-17% from 16%-18%, and the GAAP tax rate assumption fell to 24.5%-25.5%.
Analysis · WERN · Energy & Transportation
The freight upcycle has finally reached Werner's income statement: revenue rose 23% to $950.5 million and adjusted operating income nearly doubled to $21.0 million, flipping a prior-year loss. Truckload did the heavy lifting, with adjusted operating income up 172% to $24.3 million on FirstFleet-driven fleet growth and better used-equipment gains, while the logistics brokerage arm slipped to a small adjusted profit of $0.8 million. Quality of earnings is the catch: GAAP EPS of $0.11 includes $8.0 million of equipment sale gains ($0.10 per share), so core trucking profitability is thinner than the headline, and operating cash flow fell 51% to $21.5 million. Management trimmed 2026 net capex to $190-$205 million from $215-$250 million, a caution on fleet spending even as it talks up demand.
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At the time of this filing, WERN was trading at $29.38 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $1.8B. The 52-week trading range was $23.06 to $47.49. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.