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Sep 30, 2025
Werner Q3 2025 Earnings Report
Werner Enterprises reported its third quarter 2025 results, showing an increase in total revenues but a significant operating loss and diluted loss per share.
Key Takeaways
Werner Enterprises experienced a challenging third quarter in 2025, with total revenues increasing by 3% to $771.5 million. However, the company reported an operating loss of $13.0 million, a substantial decrease from the prior year's operating income. Diluted loss per share was $0.34, compared to diluted earnings per share of $0.11 in the third quarter of 2024. The results were impacted by a more challenging freight environment, particularly in One-Way Truckload, and significant litigation settlement expenses.
Total revenues increased by 3% to $771.5 million, driven by a 12% increase in Werner Logistics revenues, partially offset by a 1% decrease in Truckload Transportation Services revenues.
The company reported an operating loss of $13.0 million, a 174% decrease from the prior year's operating income, primarily due to a $21.4 million litigation settlement and increased insurance and claims expense.
Diluted loss per share was $0.34, a significant decline from diluted earnings per share of $0.11 in the same period last year.
Non-GAAP adjusted operating income decreased by 50% to $10.9 million, and non-GAAP adjusted diluted loss per share was $0.03.
Revenue by Segment
Forward Guidance
Werner Enterprises updated its 2025 guidance, anticipating a decrease in TTS truck count, a revised range for net capital expenditures, and adjusted growth expectations for Dedicated and One-Way Truckload revenues.
Positive Outlook
- Maintaining a strong focus on cost discipline and technology-driven efficiency.
- Continued capital allocation towards safe and modern equipment, technology, and terminal network.
- Strong liquidity with $695 million available borrowing capacity as of September 30, 2025.
- Modern fleet with average truck age of 2.5 years and trailer age of 5.5 years, improving driver experience, maintenance, safety, and fuel efficiency.
- Dedicated average revenues per truck per week, net of fuel surcharge, increased by 1.3% in Q3 2025.
Challenges Ahead
- TTS truck count expected to decrease by 2% to 0% annually.
- Dedicated RPTPW growth guidance lowered to 0% to 1.5% annually.
- One-Way Truckload RPTM growth for Q4 2025 expected to be between -1% to 1% year-over-year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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