[10-Q] Schneider National, Inc. Quarterly Earnings Report

Rhea-AI Filing Summary

Schneider National (SNDR) reported higher revenue but lower profit in Q3 2025. Operating revenues rose to $1,452.4 million from $1,315.7 million, driven by growth in Truckload and Logistics from the Cowan acquisition and higher Intermodal volumes. Income from operations fell to $35.3 million from $43.1 million as salaries, insurance, equipment, purchased transportation, and depreciation increased. Net income was $19.4 million, or $0.11 diluted EPS, down from $30.6 million, or $0.17.

Adjusted EBITDA increased to $148.9 million from $143.8 million. The operating ratio was 97.6% versus 96.7%. Cash was $194.1 million and total debt was $517.5 million, including a $397.5 million delayed‑draw term loan; in October, the company repaid $70.0 million outstanding under its receivables purchase agreement. Year‑to‑date free cash flow was $193.7 million. Schneider finalized preliminary accounting for its $398.6 million Cowan acquisition, adding customer relationships and trademarks and reducing goodwill through measurement‑period adjustments.

Insights

Transportation equity analyst

Revenue grew, margins compressed; interest expense higher.

Schneider posted Q3 operating revenues of $1,452.4M (up ~10% year over year), with contributions from the Cowan acquisition lifting Truckload and Logistics and higher volumes in Intermodal. However, income from operations declined to $35.3M as labor, insurance, equipment, purchased transportation, and depreciation rose.

Quarterly net income fell to $19.4M and diluted EPS to $0.11, while operating ratio worsened to 97.6%. Adjusted EBITDA improved modestly to $148.9M, indicating underlying capacity utilization and cost pass‑through are partly offsetting inflationary and claim‑related pressures.

Leverage dynamics bear watching: total debt was $517.5M at Sep 30, 2025, anchored by a $397.5M term loan; the company repaid $70.0M under its receivables facility in Oct 2025. Execution on Cowan integration and segment pricing will influence margins in subsequent filings.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________________________________

 FORM 10-Q

___________________________________________________________________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 001-38054 

_____________________________________________________________________________

Schneider National, Inc.

(Exact Name of Registrant as Specified in Its Charter)

_____________________________________________________________________________

Wisconsin

39-1258315

(State of Incorporation)

(IRS Employer Identification No.)

3101 South Packerland Drive

Green Bay

Wisconsin

54313

(Address of Registrant’s Principal Executive Offices and Zip Code)

(920) 592-2000

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Class B common stock, no par value

SNDR

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  ☒           No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  ☒             No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ☐            No ☒  

As of October 23, 2025, the registrant had 83,029,500 shares of Class A common stock, no par value, outstanding and 92,270,093 shares of Class B common stock, no par value, outstanding.

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SCHNEIDER NATIONAL, INC.

QUARTERLY REPORT ON FORM 10-Q

For the Quarter Ended September 30, 2025

TABLE OF CONTENTS

Page

Cautionary Note Regarding Forward-Looking Statements

1

PART I. FINANCIAL INFORMATION

ITEM 1.

Financial Statements

2

Consolidated Statements of Comprehensive Income (Unaudited)

2

Consolidated Balance Sheets (Unaudited)

3

Consolidated Statements of Cash Flows (Unaudited)

4

Consolidated Statements of Shareholders’ Equity (Unaudited)

6

Notes to Consolidated Financial Statements (Unaudited)

8

Page

Note 1

General

8

Note 2

Acquisition

8

Note 3

Revenue Recognition

10

Note 4

Fair Value

10

Note 5

Investments

11

Note 6

Goodwill and Other Intangible Assets

12

Note 7

Debt and Credit Facilities

13

Note 8

Leases

14

Note 9

Income Taxes

15

Note 10

Common Equity

16

Note 11

Share-Based Compensation

17

Note 12

Commitments and Contingencies

17

Note 13

Segment Reporting

17

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

21

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

35

ITEM 4.

Controls and Procedures

35

PART II. OTHER INFORMATION

ITEM 1.

Legal Proceedings

36

ITEM 1A.

Risk Factors

36

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

36

ITEM 3.

Defaults Upon Senior Securities

36

ITEM 4.

Mine Safety Disclosures

36

ITEM 5.

Other Information

36

ITEM 6.

Exhibits

37

Signature

38

i

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GLOSSARY OF TERMS

3PL			Provider of outsourced logistics services. In logistics and supply chain management, it means a company’s use of third-party businesses, the 3PL(s), to outsource elements of the company’s distribution, fulfillment, and supply chain management services.
ASC			Accounting Standards Codification
ASU			Accounting Standards Update
Board			Board of Directors
ChemDirect			Fortem Invenio, Inc.
CODM			Chief Operating Decision Maker
Cowan			Cowan Systems, LLC; Cowan Transport Holdings, LLC; and Cowan Equipment Leasing, LLC
EBITDA			Earnings Before Interest, Taxes, Depreciation, and Amortization
FASB			Financial Accounting Standards Board
GAAP			United States Generally Accepted Accounting Principles
KPI			Key Performance Indicator
M&M			M&M Transport Services, LLC
MLS			Midwest Logistics Systems, Ltd. and affiliated entities holding assets comprising substantially all of its business
MLSI			Mastery Logistics Systems, Inc.
PSU			Performance-based Restricted Stock Unit
RSU			Restricted Stock Unit
rTSR			Relative Total Shareholder Return
SEC			United States Securities and Exchange Commission
SNL			Schneider National Leasing, Inc., a wholly-owned subsidiary of the Company
Term SOFR			The CME Term SOFR Reference Rate administered by CME Group Benchmark Administration Limited
TuSimple			TuSimple Holdings, Inc. (formerly TuSimple (Cayman) Limited)
U.S.			United States

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report 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, 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 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, the following: unfavorable economic and market conditions, including inflation, tariffs, and trade disputes; 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 new technologies and new participants in the truckload and transportation industry; and those risks and uncertainties discussed in (1) our most recently filed Annual Report on Form 10-K in (a) Part I, Item 1A. “Risk Factors,” (b) Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and (c) Part II, Item 8. “Financial Statements and Supplementary Data: Note 13, Commitments and Contingencies,” (2) this Quarterly Report on Form 10-Q in (a) Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” (b) Part I, Item 1. “Financial Statements: Note 12, Commitments and Contingencies,” and (c) Part II, Item 1A. “Risk Factors,” and (3) other factors discussed in filings with the SEC by the Company. 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 Report.

WHERE TO FIND MORE INFORMATION

The SEC maintains a website at www.sec.gov that contains reports, proxy and information statements, and other information that the Company files electronically with the SEC. These documents are also available to the public from commercial document retrieval services and at the “Investors” section of our website at www.schneider.com. Information disclosed or available on our website shall not be deemed incorporated into, or to be a part of, this Report.

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SCHNEIDER NATIONAL, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(in millions, except per share data)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Operating revenues			$	1,452.4					$	1,315.7					$	4,274.7					$	3,951.4
Operating expenses:
Purchased transportation			505.4						491.0						1,482.9						1,493.0
Salaries, wages, and benefits			402.6						347.8						1,201.9						1,055.2
Fuel and fuel taxes			111.5						94.3						326.8						302.7
Depreciation and amortization			112.9						101.9						338.8						307.2
Operating supplies and expenses—net			191.6						169.4						547.2						480.2
Insurance and related expenses			60.1						36.4						143.8						100.7
Other general expenses			33.0						31.8						100.9						89.6
Total operating expenses			1,417.1						1,272.6						4,142.3						3,828.6
Income from operations			35.3						43.1						132.4						122.8
Other expenses (income):
Interest income			(1.3)						(1.0)						(4.4)						(2.7)
Interest expense			9.5						3.6						25.9						11.9
Other expenses—net			0.7						1.2						2.3						2.6
Total other expenses—net			8.9						3.8						23.8						11.8
Income before income taxes			26.4						39.3						108.6						111.0
Provision for income taxes			7.0						8.7						27.1						26.6
Net income			19.4						30.6						81.5						84.4
Other comprehensive income (loss):
Foreign currency translation adjustment—net			—						(0.1)						0.4						(0.5)
Net unrealized gains on marketable securities—net of tax			0.3						1.1						1.1						1.0
Total other comprehensive income—net			0.3						1.0						1.5						0.5
Comprehensive income			$	19.7					$	31.6					$	83.0					$	84.9
Weighted average shares outstanding			175.3						175.2						175.3						175.6
Basic earnings per share			$	0.11					$	0.17					$	0.47					$	0.48
Weighted average diluted shares outstanding			175.9						175.9						175.9						176.1
Diluted earnings per share			$	0.11					$	0.17					$	0.46					$	0.48

See notes to consolidated financial statements (unaudited).

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SCHNEIDER NATIONAL, INC.

CONSOLIDATED BALANCE SHEETS (Unaudited)

(in millions, except share data)

			September 30,						December 31,
			2025						2024
Assets
Current Assets:
Cash and cash equivalents			$	194.1					$	117.6
Marketable securities			41.6						47.9
Trade accounts receivable—net of allowance of $4.5 million and $8.0 million, respectively			612.0						600.0
Other receivables			56.1						54.2
Current portion of lease receivables—net of allowance of $0.8 million			85.8						85.3
Inventories—net			101.4						89.8
Prepaid expenses and other current assets			131.0						120.5
Total current assets			1,222.0						1,115.3
Noncurrent Assets:
Property and equipment:
Transportation equipment			4,201.1						4,162.2
Land, buildings, and improvements			272.2						264.8
Other property and equipment			121.4						111.9
Total property and equipment			4,594.7						4,538.9
Less accumulated depreciation			1,783.3						1,669.5
Net property and equipment			2,811.4						2,869.4
Lease receivables			141.2						133.1
Internal use software and other noncurrent assets			465.5						438.0
Goodwill			338.9						377.9
Total noncurrent assets			3,757.0						3,818.4
Total Assets			$	4,979.0					$	4,933.7
Liabilities and Shareholders’ Equity
Current Liabilities:
Trade accounts payable			$	228.3					$	253.1
Accrued salaries, wages, and benefits			103.6						90.6
Claims accruals—current			123.7						139.6
Current maturities of debt and finance lease obligations			12.4						106.0
Other current liabilities			111.6						115.2
Total current liabilities			579.6						704.5
Noncurrent Liabilities:
Long-term debt and finance lease obligations			509.8						420.8
Claims accruals—noncurrent			180.7						151.2
Deferred income taxes			590.1						565.6
Other noncurrent liabilities			97.8						104.7
Total noncurrent liabilities			1,378.4						1,242.3
Total Liabilities			1,958.0						1,946.8
Commitments and Contingencies (Note 12)
Shareholders’ Equity:
Preferred shares, no par value, 50,000,000 shares authorized, no shares issued or outstanding			—						—
Class A common shares, no par value, 250,000,000 shares authorized, 83,029,500 shares issued and outstanding			—						—
Class B common shares, no par value, 750,000,000 shares authorized, 96,402,481 and 96,031,098 shares issued and 92,270,093 and 92,221,383 shares outstanding, respectively			—						—
Additional paid-in capital			1,615.1						1,605.3
Retained earnings			1,512.9						1,481.8
Accumulated other comprehensive loss			(2.3)						(3.8)
Treasury stock, at cost, 4,132,388 and 3,795,036 shares, respectively			(104.7)						(96.4)
Total Shareholders’ Equity			3,021.0						2,986.9
Total Liabilities and Shareholders’ Equity			$	4,979.0					$	4,933.7

See notes to consolidated financial statements (unaudited).

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SCHNEIDER NATIONAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in millions)

			Nine Months Ended September 30,
			2025						2024
Operating Activities:
Net income			$	81.5					$	84.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			338.8						307.2
Gains on sales of property and equipment—net			(9.6)						(2.8)
Proceeds from lease receipts			46.1						46.3
Deferred income taxes			4.3						(27.0)
Long-term incentive and share-based compensation expense			13.1						9.3
Losses on investments in equity securities—net			0.5						0.2
Other noncash items—net			0.6						1.7
Changes in operating assets and liabilities:
Receivables			(1.8)						71.0
Other assets			(14.1)						(22.7)
Claims reserves and receivables—net			1.3						24.3
Payables			(22.8)						(42.7)
Other liabilities			13.5						37.4
Net cash provided by operating activities			451.4						486.6
Investing Activities:
Purchases of transportation equipment			(311.5)						(328.1)
Purchases of other property and equipment			(25.1)						(27.8)
Proceeds from sale of property and equipment			78.9						81.3
Proceeds from sale of off-lease inventory			14.2						27.5
Purchases of lease equipment			(62.4)						(45.5)
Proceeds from government grants			—						2.2
Proceeds from marketable securities			7.6						7.8
Purchases of marketable securities			—						(1.9)
Investments in equity securities and equity method investment			(0.2)						(0.1)
Investments in notes receivable			(13.0)						(2.5)
Net cash used in investing activities			(311.5)						(287.1)
Financing Activities:
Proceeds under revolving credit agreements			50.0						65.0
Payments under revolving credit agreements			(50.0)						(100.0)
Proceeds from long-term debt			100.0						—
Payments of debt and finance lease obligations			(100.5)						(3.4)
Dividends paid			(50.3)						(49.9)
Repurchases of common stock			(8.3)						(29.5)
Other financing activities			(4.3)						(5.1)
Net cash used in financing activities			(63.4)						(122.9)
Net increase in cash and cash equivalents			76.5						76.6
Cash and Cash Equivalents:
Beginning of period			117.6						102.4
End of period			$	194.1					$	179.0

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Additional Cash Flow Information:
Noncash investing and financing activity:
Transportation and lease equipment purchases in accounts payable			$	21.9					$	18.7
Dividends declared but not yet paid			17.5						17.3
Sale of assets in exchange for notes receivable			—						1.5
Cash paid (refunded) during the period for:
Interest			26.1						12.3
Income taxes—net of refunds			5.0						(1.9)

See notes to consolidated financial statements (unaudited).

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SCHNEIDER NATIONAL, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)

(in millions, except per share data)

						Common Stock						Additional Paid-In Capital						Retained Earnings						Accumulated Other Comprehensive Loss						Treasury Stock						Total
Balance—December 31, 2024									$	—											$	1,605.3											$	1,481.8								$	(3.8)					$	(96.4)					$	2,986.9
Net income						—						—						26.1						—						—						26.1
Other comprehensive income						—						—						—						0.5						—						0.5
Share-based compensation expense						—						4.9						—						—						—						4.9
Dividends declared at $0.095 per share of Class A and Class B common shares						—						—						(16.8)						—						—						(16.8)
Repurchases of common stock						—						—						—						—						(8.3)						(8.3)
Shares withheld for employee taxes						—						(5.1)						—						—						—						(5.1)
Balance—March 31, 2025						—						1,605.1						1,491.1						(3.3)						(104.7)						2,988.2
Net income						—						—						36.0						—						—						36.0
Other comprehensive income						—						—						—						0.7						—						0.7
Share-based compensation expense						—						4.9						—						—						—						4.9
Dividends declared at $0.095 per share of Class A and Class B common shares						—						—						(16.9)						—						—						(16.9)
Balance—June 30, 2025						—						1,610.0						1,510.2						(2.6)						(104.7)						3,012.9
Net income						—						—						19.4						—						—						19.4
Other comprehensive income						—						—						—						0.3						—						0.3
Share-based compensation expense						—						4.3						—						—						—						4.3
Dividends declared at $0.095 per share of Class A and Class B common shares						—						—						(16.7)						—						—						(16.7)
Exercise of employee stock options						—						0.8						—						—						—						0.8
Balance—September 30, 2025						$	—					$	1,615.1					$	1,512.9					$	(2.3)					$	(104.7)					$	3,021.0

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						Common Stock						Additional Paid-In Capital						Retained Earnings						Accumulated Other Comprehensive Loss						Treasury Stock						Total
			Balance—December 31, 2023												$	—											$	1,595.2											$	1,431.9					$	(3.4)					$	(66.9)					$	2,956.8
Net income						—						—						18.5						—						—						18.5
Other comprehensive loss						—						—						—						(0.2)						—						(0.2)
Share-based compensation expense						—						1.5						—						—						—						1.5
Dividends declared at $0.095 per share of Class A and Class B common shares						—						—						(16.7)						—						—						(16.7)
Repurchases of common stock						—						—						—						—						(13.0)						(13.0)
Exercise of employee stock options						—						1.5						—						—						—						1.5
Shares withheld for employee taxes						—						(6.4)						—						—						—						(6.4)
Balance—March 31, 2024						—						1,591.8						1,433.7						(3.6)						(79.9)						2,942.0
Net income						—						—						35.3						—						—						35.3
Other comprehensive loss						—						—						—						(0.3)						—						(0.3)
Share-based compensation expense						—						4.3						—						—						—						4.3
Dividends declared at $0.095 per share of Class A and Class B common shares						—						—						(16.9)						—						—						(16.9)
Repurchases of common stock						—						—						—						—						(12.8)						(12.8)
Balance—June 30, 2024						—						1,596.1						1,452.1						(3.9)						(92.7)						2,951.6
Net income						—						—						30.6						—						—						30.6
Other comprehensive income						—						—						—						1.0						—						1.0
Share-based compensation expense						—						4.4						—						—						—						4.4
Dividends declared at $0.095 per share of Class A and Class B common shares						—						—						(16.7)						—						—						(16.7)
Repurchases of common stock						—						—						—						—						(3.7)						(3.7)
Balance—September 30, 2024						$	—					$	1,600.5					$	1,466.0					$	(2.9)					$	(96.4)					$	2,967.2

See notes to consolidated financial statements (unaudited).

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SCHNEIDER NATIONAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1. GENERAL

Nature of Operations

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 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 U.S., Canada, and Mexico.

Principles of Consolidation and Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared in conformity with GAAP and the rules and regulations of the SEC applicable to quarterly reports on Form 10-Q. Therefore, these consolidated financial statements and footnotes do not include all disclosures required by GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2024. Financial results for an interim period are not necessarily indicative of the results for a full year. All intercompany transactions have been eliminated in consolidation.

In the opinion of management, these statements reflect all adjustments (consisting only of normal, recurring adjustments) necessary for the fair presentation of our financial results for the interim periods presented.

New Accounting Pronouncements

On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. This ASU expands the disclosures related to rate reconciliations by requiring entities to disclose items meeting a quantitative threshold and eight categories. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We believe this standard will expand our disclosures but will not have a material effect on our consolidated financial statements. We will adopt this standard in the fourth quarter of 2025.

On November 4, 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). This ASU expands disclosures for certain costs and expenses included within each relevant expense caption presented on the face of the income statement. We believe this standard will require us to expand our disclosures but will not have a material effect on our consolidated financial statements. This standard will be effective for fiscal years beginning after December 15, 2026, with early adoption permitted. We will adopt this standard in the fourth quarter of 2027.

On September 18, 2025, the FASB released ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40). This ASU modernizes accounting for internal use software, removing references to prescriptive and sequential software development stages. Rather, entities will be required to start capitalizing software costs when management has authorized and committed to funding the software project and the probable-to-complete recognition threshold has been met. The provisions of this standard are effective for annual reports beginning after December 15, 2027 and subsequent interim periods, with early adoption permitted. The standard may be applied prospectively, retrospectively, or a modified approach. We are currently evaluating the impact and will adopt this standard in the first quarter of 2028.

2. ACQUISITION

Cowan

On December 2, 2024, we acquired 100% of the membership interest of Cowan and affiliated entities holding assets comprising substantially all of Cowan’s business for approximately $398.6 million inclusive of cash and other working capital adjustments. On December 30, 2024, we paid $31.1 million for select Cowan real estate assets in a separate transaction. The acquisition was financed through a combination of cash on hand and borrowings under our $400.0 million delayed-draw term loan facility. See Note 7, Debt and Credit Facilities for more information on the delayed-draw term loan facility.

Cowan is primarily a dedicated carrier based in Baltimore, MD with a portfolio of services including brokerage, drayage, and warehousing with operations predominantly in the Eastern and Mid-Atlantic regions of the U.S. which we believe complements our dedicated operations.

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The acquisition of Cowan was accounted for under the acquisition method of accounting, which requires that assets acquired and liabilities assumed be recognized on the consolidated balance sheets at their fair values as of the acquisition date. Fair value estimates of acquired property and equipment were based on an independent appraisal, giving consideration to the highest and best use of the assets. Key assumptions used in the transportation equipment appraisals were based on the market approach, while key assumptions used in the land, buildings and improvements, and other property and equipment appraisals were based on a combination of the income (direct capitalization) and sales comparison approaches, as appropriate. These inputs represent Level 3 measurements in the fair value hierarchy and required significant judgments and estimates at the time of valuation. The assistance of an independent third-party valuation firm was used to determine the estimated fair values and useful lives of finite-lived intangible assets including customer relationships and trademarks. Valuation methods used were the multi-period excess earnings method and relief from royalty method for customer relationships and trademarks, respectively.

The excess of the purchase price over preliminary estimates of the fair values of assets acquired and liabilities assumed was recorded as goodwill within the Truckload segment. The goodwill is attributable to expected synergies and growth opportunities within our dedicated business and is expected to be deductible for tax purposes.

Acquisition-related costs consisting of fees incurred for advisory, legal, and accounting services were not material and were included in other general expenses in the Company’s consolidated statements of comprehensive income for the three and nine months ended September 30, 2025.

Certain amounts recorded in connection with the acquisition are still considered preliminary as we continue to gather the necessary information to finalize our fair value estimates and provisional amounts. Provisional amounts include items related to working capital adjustments and deferred taxes.

During the measurement period, which is up to one year from the acquisition date, we may adjust provisional amounts that were recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date. We anticipate finalizing the determination of fair values no later than November 30, 2025.

The preliminary purchase price allocation for Cowan, which may be adjusted as we finalize our fair value estimates and provisional amounts, was as follows:

Recognized amounts of identifiable assets acquired and liabilities assumed (in millions)						December 2, 2024 Opening Balance Sheet						Adjustments						Adjusted December 2, 2024 Opening Balance Sheet
Cash and cash equivalents						$	5.4					$	—					$	5.4
Trade accounts receivable—net of allowance						81.0						—						81.0
Prepaid expenses and other current assets						30.5						1.4						31.9
Net property and equipment						297.9						6.8						304.7
Internal use software and other noncurrent assets (1)						1.5						29.0						30.5
Goodwill						46.2						(39.9)						6.3
Total assets acquired						462.5						(2.7)						459.8
Trade accounts payable						11.1						—						11.1
Accrued salaries, wages, and benefits						10.6						—						10.6
Claims accruals—current						20.2						—						20.2
Other current liabilities						17.6						(4.0)						13.6
Other noncurrent liabilities						4.4						1.3						5.7
Total liabilities assumed						63.9						(2.7)						61.2
Net assets acquired						$	398.6					$	—					$	398.6

(1)Includes customer relationships and trademarks.

The above adjustments made during the measurement period were primarily related to working capital, fixed assets, and intangible assets.

The following unaudited pro forma operating revenues give effect to the acquisition had it been effective January 1, 2024. Combined unaudited pro forma operating revenues of the Company and Cowan would have been approximately $1,471.9 million for the three months ended September 30, 2024 and $4,429.3 million for the nine months ended September 30, 2024; our earnings for the same period would not have been materially different.

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3. REVENUE RECOGNITION

Disaggregated Revenues

The majority of our revenues are related to transportation and have similar characteristics. Beginning on December 2, 2024, Cowan revenues are included in Transportation revenues, consistent with our other Truckload and Logistics segments.

The following table summarizes our revenues by type of service.

						Three Months Ended September 30,												Nine Months Ended September 30,
Disaggregated Revenues (in millions)						2025						2024						2025						2024
Transportation						$	1,337.1					$	1,196.7					$	3,943.1					$	3,625.8
Logistics Management						53.7						53.2						161.9						155.1
Other						61.6						65.8						169.7						170.5
Total operating revenues						$	1,452.4					$	1,315.7					$	4,274.7					$	3,951.4

Quantitative Disclosure

The following table provides information related to transactions and expected timing of revenue recognition for performance obligations that are fixed in nature and relate to contracts with terms greater than one year as of the date shown.

Remaining Performance Obligations (in millions)						September 30, 2025
Expected to be recognized within one year
Transportation						$	96.4
Logistics Management						18.8
Expected to be recognized after one year
Transportation						151.7
Logistics Management						18.2
Total						$	285.1

This disclosure does not include revenues related to performance obligations that are part of a contract with an original expected duration of one year or less, nor does it include expected consideration related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice (e.g., usage-based pricing terms).

Information related to contract balances associated with our contracts with customers as of the dates shown is as follows:

Contract Balances (in millions)						September 30, 2025						December 31, 2024
Other current assets—Contract assets						$	26.3					$	22.2

We generally receive payment within 40 days of completion of performance obligations. Contract assets in the table above relate to revenue in transit at the end of the reporting period. We had no contract liabilities related to amounts customers paid in advance of the associated services as of September 30, 2025 and December 31, 2024.

4. FAIR VALUE

Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability. Inputs to valuation techniques used to measure fair value fall into three broad levels (Levels 1, 2, and 3) as follows:

Level 1—Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that we have the ability to access at the measurement date.

Level 2—Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities.

Level 3—Unobservable inputs reflecting the reporting entity’s estimates of the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).

Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

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The table below sets forth the Company’s financial assets that are measured at fair value on a recurring, monthly basis in accordance with ASC 820.

												Fair Value
(in millions)						Level in Fair  Value Hierarchy						September 30, 2025						December 31, 2024
Equity investment in TuSimple (1)						1						$	0.1					$	0.1
Marketable securities (2)						2						41.6						47.9

(1)Our equity investment in TuSimple is classified as Level 1 in the fair value hierarchy as shares of TuSimple’s Class A common stock are traded on an Over the Counter (“OTC”) market. See Note 5, Investments, for additional information.

(2)Marketable securities are classified as Level 2 in the fair value hierarchy as they are valued based on quoted prices for similar assets in active markets or quoted prices for identical or similar assets in markets that are not active. See Note 5, Investments, for additional information.

The fair value of the Company’s unsecured senior notes was $51.0 million and $145.9 million as of September 30, 2025 and December 31, 2024, respectively. The carrying value of the Company’s unsecured senior notes was $50.0 million and $145.0 million as of September 30, 2025 and December 31, 2024, respectively. The fair value of our debt was calculated using a fixed rate debt portfolio with similar terms and maturities, which is based on the borrowing rates available to us in the applicable period. This valuation used Level 2 inputs.

The recorded values of cash, trade accounts receivable, lease receivables, trade accounts payable, and amounts outstanding under revolving credit agreements and the delayed-draw term loan facility approximate fair values.

5. INVESTMENTS

Marketable Securities

Our marketable securities are classified as available-for-sale and carried at fair value in current assets on the consolidated balance sheets. While our intent is to hold our securities to maturity, sudden changes in the market or our liquidity needs may cause us to sell certain securities in advance of their maturity date.

Any unrealized gains and losses, net of tax, are included as a component of accumulated other comprehensive income on the consolidated balance sheets, unless we determine that the amortized cost basis is not recoverable. If we determine that the amortized cost basis of the impaired security is not recoverable, we recognize the credit loss by increasing the allowance for those losses. We did not have an allowance for credit losses on our marketable securities as of September 30, 2025 or December 31, 2024. Cost basis is determined using the specific identification method.

The following table presents the remaining maturities and values of our marketable securities as of the dates shown.

						September 30, 2025																		December 31, 2024
(in millions, except maturities in months)						Remaining Maturities						Amortized Cost						Fair Value						Amortized Cost						Fair Value
U.S. treasury and government agencies						5 to 65 months						$	18.0					$	16.9					$	21.0					$	19.2
Corporate debt securities						4 to 91 months						11.2						11.1						15.3						14.9
State and municipal bonds						6 to 157 months						13.6						13.6						14.2						13.8
Total marketable securities												$	42.8					$	41.6					$	50.5					$	47.9

Equity Investments without Readily Determinable Fair Values

The Company’s primary strategic equity investments without readily determinable fair values include Platform Science, Inc., a provider of telematics and fleet management tools, and MLSI, a transportation technology development company. The Company previously had an investment in ChemDirect, a business-to-business digital marketplace for the chemical industry. In February 2025, ChemDirect’s Board approved the dissolution of the company, and we recorded a $4.9 million loss in other expense—net on the consolidated statements of comprehensive income for the nine months ended September 30, 2025. In the first quarter of 2025, the Company funded a $13.0 million short term note receivable for MLSI which bore interest at 7.5%. In May 2025, the note receivable, plus accrued interest of $0.4 million, was converted to shares of preferred stock totaling $13.4 million in a noncash transaction.

These investments are being accounted for under ASC 321, Investments - Equity Securities, using the measurement alternative, and their combined values as of September 30, 2025 and December 31, 2024 were $137.3 million and $124.4 million, respectively. If the Company identifies observable price changes for identical or similar securities of the same issuer, the equity

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security is measured at fair value as of the date the observable transaction occurred using Level 3 inputs. As of September 30, 2025, our cumulative upward and downward adjustments were $78.9 million and $4.9 million, respectively.

In addition to our investment in MLSI, we hold a $10.0 million note receivable from MLSI as of September 30, 2025 which was funded during the first quarter of 2023, is subject to interest over its term, and matures in March 2030. We also hold a $2.5 million note receivable from Platform Science, Inc. as of September 30, 2025 which was executed and funded during the second quarter of 2024, is subject to interest over its term, and matures in March 2027.

The following table summarizes the activity related to these equity investments during the periods presented.

						Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)						2025						2024						2025						2024
Investment in equity securities						$	—					$	0.2					$	13.4					$	0.2
Upward adjustments (1)						—						—						4.4						—
Downward adjustments						—						—						4.9						—

(1)     Our updated investment value in 2025 related to Platform Science, Inc. and was determined using a combination of the discounted cash flow and guideline public company methods.

Equity Investments with Readily Determinable Fair Values

In 2021, the Company purchased a $5.0 million non-controlling interest in TuSimple, a Chinese autonomous trucking start-up. Upon completion of its initial public offering in April 2021, our investment in TuSimple was converted into Class A common shares and is being accounted for under ASC 321, Investments - Equity Securities. Our net investment and activity were not material for the three and nine months ended September 30, 2025 and 2024, nor at December 31, 2024. See Note 4, Fair Value, for additional information on the fair value of our investment in TuSimple.

Equity Method Investment

In the second quarter of 2023, the Company invested $5.0 million consisting primarily of internal use software and cash in exchange for a 50% non-controlling ownership interest in Scope 23 LLC, a technology company that designs supply chain and logistics solutions to help companies manage their carbon emissions. Our interest is being accounted for under ASC 323, Investments - Equity Method and Joint Ventures. For the three and nine months ended September 30, 2025 and 2024, activity was not material. The carrying value of our investment was $4.2 million and $4.5 million as of September 30, 2025 and December 31, 2024, respectively.

All of our equity investments and notes receivable are included in internal use software and other noncurrent assets on the consolidated balance sheets. Gains or losses on our equity investments are recognized within other expenses—net on the consolidated statements of comprehensive income.

6. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill represents the excess of the purchase price of acquisitions over the fair value of the identifiable net assets acquired.

The following table shows the changes to our accumulated goodwill by reportable segment.

(in millions)						Truckload						Logistics						Total
Balance on December 31, 2024						$	363.7					$	14.2					$	377.9
Acquisition adjustments (see Note 2)						(39.0)						—						(39.0)
Balance on September 30, 2025						$	324.7					$	14.2					$	338.9

As of September 30, 2025 and December 31, 2024, our Truckload segment had accumulated goodwill impairment charges of $34.6 million.

During the nine months ended September 30, 2025, we recorded $18.5 million of customer relationships and $10.5 million of trademarks related to the acquisition of Cowan. These identifiable, finite-lived intangible assets are being amortized over their weighted-average amortization period of 15.0 years. Refer to Note 2, Acquisitions, for further details.

The identifiable, finite-lived intangible assets listed below are included in internal use software and other noncurrent assets on the consolidated balance sheets and relate to the acquisitions of Cowan, MLS, and M&M.

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						September 30, 2025																		December 31, 2024
(in millions)						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
Customer relationships						$	62.0					$	8.1					$	53.9					$	43.5					$	4.8					$	38.7
Trademarks						21.4						3.7						17.7						10.9						2.4						8.5
Non-compete agreements						5.4						2.3						3.1						5.4						1.5						3.9
Total intangible assets						$	88.8					$	14.1					$	74.7					$	59.8					$	8.7					$	51.1

Amortization expense for intangible assets was $1.7 million and $1.2 million for the three months ended September 30, 2025 and 2024, respectively, and $5.4 million and $3.8 million for the nine months ended September 30, 2025 and 2024, respectively.

Estimated future amortization expense related to intangible assets is as follows:

(in millions)						September 30, 2025
Remaining 2025						$	1.7
2026						7.0
2027						7.0
2028						6.5
2029						5.9
2030 and thereafter						46.6
Total						$	74.7

7. DEBT AND CREDIT FACILITIES

As of September 30, 2025 and December 31, 2024, debt included the following:

(in millions)						September 30, 2025						December 31, 2024
Unsecured senior notes: principal matures August 2028; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 5.70% and 4.36% for 2025 and 2024, respectively.						$	50.0					$	145.0
Receivables purchase agreement: matures May 2027; variable rate interest payments due monthly based on the Term SOFR; weighted-average interest rate of 5.43% and 6.12% for 2025 and 2024, respectively.						70.0						70.0
Delayed-draw term loan facility: matures November 2029; variable rate interest payments due quarterly based on the Term SOFR; weighted-average interest rate of 5.49% and 5.61% for 2025 and 2024, respectively.						397.5						300.0
Total debt and credit facilities						517.5						515.0
Current maturities						(9.8)						(98.7)
Debt issuance costs						(0.6)						—
Long-term debt						$	507.1					$	416.3

Our Revolving Credit Agreement (the “2022 Credit Facility”) provides borrowing capacity of $250.0 million and allows us to request an additional increase in total commitment by up to $150.0 million, for a total potential commitment of $400.0 million through November 2027. We had no outstanding borrowings as of both September 30, 2025 and December 31, 2024. The 2022 Credit Facility also provides a sublimit of $100.0 million to be used for the issuance of letters of credit. Standby letters of credit under this agreement amounted to $0.4 million as of both September 30, 2025 and December 31, 2024 and were primarily related to the requirements of certain of our real estate leases.

Our Receivables Purchase Agreement (the “2024 Receivables Purchase Agreement”) allows us to borrow funds against qualifying trade receivables up to $200.0 million through May 2027. During the third quarter of 2025, we executed an amendment that increased the sublimit to be used for the issuance of letters of credit to $150.0 million from $100.0 million. As of September 30, 2025 and December 31, 2024, standby letters of credit under these agreements amounted to $102.7 million and $97.8 million, respectively, and were primarily related to the requirements of certain of our insurance obligations.

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During the fourth quarter of 2024, SNL entered into a delayed-draw term loan facility with capacity up to $400.0 million and Bank of America as the administrative agent. Borrowings are unsecured, subject to interest over their term based on the either the Term SOFR or the ABR (“Alternate Base Rate”) at the election of the Company for each borrowing, and mature in November 2029. Quarterly principal payments of .625% of the outstanding balance began in September 2025 and will continue until the agreement matures in November 2029.

Subsequent event - Payoff of Receivables Purchase Agreement

In October 2025, the Company repaid the $70.0 million outstanding balance on its Receivables Purchase Agreement at September 30, 2025 using cash on hand.

8. LEASES

As Lessee

We lease real estate and equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our non-real estate operating and finance leases include transportation, office, yard, warehouse, and other equipment, in addition to truck washes. Most leases include an option to extend the lease, and a small number include an option to terminate the lease early, which may include a termination payment.

In conjunction with our acquisition of M&M, the Company entered into nine related party leases. The leases are for the use of shop, warehouse, office, and drop yard locations throughout the country. The leases run through 2026, and the related lease payments are not material.

Additional information related to our leases is as follows:

						Nine Months Ended September 30,
(in millions)						2025						2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases						$	31.5					$	29.4
Operating cash flows for finance leases						0.2						0.4
Financing cash flows for finance leases						3.0						3.4
Right-of-use assets obtained in exchange for new lease liabilities
Operating leases						$	23.6					$	19.2
Finance leases						—						0.1

As of September 30, 2025, we had two leases that were signed but not yet commenced totaling $3.0 million. They will commence in the fourth quarter of 2025 and have a term of three to five years.

As Lessor

We finance various types of transportation-related equipment for independent third parties under lease contracts, which are generally for one to three years and are accounted for as sales-type leases with fully guaranteed residual values. Our leases contain an option for the lessee to return, extend, or purchase the equipment at the end of the lease term for the guaranteed contract residual amount. This contract residual amount is estimated to approximate the fair value of the equipment. Lease payments primarily include base rentals and guaranteed residual values.

As of September 30, 2025 and December 31, 2024, investments in lease receivables were as follows:

(in millions)						September 30, 2025						December 31, 2024
Future minimum payments to be received on leases						$	176.0					$	166.2
Guaranteed residual lease values						98.7						96.7
Total minimum lease payments to be received						274.7						262.9
Unearned income						(47.7)						(44.5)
Net investment in leases						$	227.0					$	218.4

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Prior to entering a lease contract, we assess the credit quality of the potential lessee using credit checks and other relevant factors, ensuring that the inherent credit risk is consistent with our existing lease portfolio. Given our leases have fully guaranteed residual values and we can take possession of the transportation-related equipment in the event of default, we do not categorize net investment in leases by different credit quality indicators upon origination. We monitor our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including performing subsequent credit checks as needed.

Our net investment in leases with any portion past due as of September 30, 2025 was $56.4 million, which includes both current and future lease payments. Lease payments on our lease receivables are generally due on a weekly basis and are classified as past due when the weekly payment is not received by its due date. As of September 30, 2025, our lease payments past due were $2.5 million.

The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses—net in the consolidated statements of comprehensive income, respectively.

						Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)						2025						2024						2025						2024
Revenue						$	68.0					$	70.2					$	187.2					$	188.2
Cost of goods sold						(61.2)						(63.5)						(168.2)						(168.5)
Operating profit						$	6.8					$	6.7					$	19.0					$	19.7
Interest income on lease receivables						$	8.3					$	8.1					$	24.4					$	23.7

9. INCOME TAXES

Our effective income tax rate was 26.5% and 22.1% for the three months ended September 30, 2025 and 2024, respectively, and 25.0% and 24.0% for the nine months ended September 30, 2025 and 2024, respectively. In determining the quarterly provision for income taxes, we use an estimated annual effective tax rate adjusted for discrete items. This rate is based on our expected annual income, statutory tax rates, and best estimates of nontaxable and nondeductible income and expense items.

On July 4, 2025, the U.S. enacted a budget reconciliation package known as the One Big Beautiful Bill Act (“OBBBA”) which includes significant provisions such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act and restoration of favorable tax treatments for certain business provisions. ASC 740 requires entities to recognize the effects of new income tax legislation on deferred tax balances in the reporting period in which the legislation is enacted. Our deferred income tax liabilities as of September 30, 2025 and December 31, 2024 were $590.1 million and $565.6 million, respectively. The increase was primarily driven by the bonus depreciation provision of the new legislation. The Company is continuing to evaluate the impact of the new legislation but does not expect it to have a material impact on our results of operations.

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10. COMMON EQUITY

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2025 and 2024, respectively.

						Three Months Ended September 30,												Nine Months Ended September 30,
(in millions, except per share data)						2025						2024						2025						2024
Numerator:
Net income available to common shareholders						$	19.4					$	30.6					$	81.5					$	84.4
Denominator:
Weighted average common shares outstanding						175.3						175.2						175.3						175.6
Dilutive effect of share-based awards and options outstanding						0.6						0.7						0.6						0.5
Weighted average diluted common shares outstanding (1)						175.9						175.9						175.9						176.1
Basic earnings per common share (2)						$	0.11					$	0.17					$	0.47					$	0.48
Diluted earnings per common share (2)						0.11						0.17						0.46						0.48

(1)Weighted average diluted common shares outstanding may not sum due to rounding.

(2)Earnings per share were calculated on full precision amounts.

The calculation of diluted earnings per share excluded no share-based awards and options that had an anti-dilutive effect for the three months ended September 30, 2025 and 0.1 million share-based awards and options that had an anti-dilutive effect for the nine months ended September 30, 2025. The calculation excluded 0.1 million share-based awards and options that had an anti-dilutive effect for the three months ended September 30, 2024 and no share-based awards and options that had an anti-dilutive effect for the nine months ended September 30, 2024.

Common Shares Outstanding

As of September 30, 2025 and December 31, 2024, we had 83,029,500 shares of Class A common stock outstanding. There were no changes to the number of shares of Class A common stock outstanding for the three and nine months ended September 30, 2025 and 2024.

Changes to our Class B common shares outstanding for the three and nine months ended September 30, 2025 and 2024 are as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Outstanding at beginning of period						92,233,497						92,301,573						92,221,383						92,931,242
Repurchases of common stock						—						(145,896)						(337,352)						(1,289,769)
Share issuances						—						—						528,653						698,133
Exercise of employee stock options						36,596						—						36,596						71,529
Shares withheld for employee taxes						—						—						(179,187)						(255,458)
Outstanding at end of period						92,270,093						92,155,677						92,270,093						92,155,677

In January 2023, our Board approved a share repurchase program under which the Company is authorized to repurchase up to $150.0 million of its Class A and/or Class B common shares. The program does not obligate the Company to repurchase a minimum number of shares and is intended to help offset the dilutive effect of equity grants to employees over time. Under this program, the Company may repurchase shares in privately negotiated and/or open market transactions. As of September 30, 2025, the Company had repurchased $103.9 million of its Class B common shares under the share repurchase program.

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Subsequent Event - Dividends Declared

In October of 2025, the Board declared a quarterly cash dividend for the fourth fiscal quarter of 2025 in the amount of $0.095 per share to holders of our Class A and Class B common stock. The dividend is payable to shareholders of record at the close of business on December 12, 2025 and will be paid on January 12, 2026.

11. SHARE-BASED COMPENSATION

We grant various equity-based awards relating to Class B common stock to employees under our 2017 Omnibus Incentive Plan. These awards have historically consisted of restricted shares, RSUs, performance-based restricted shares (“performance shares”), PSUs, and non-qualified stock options. Performance shares and PSUs granted are earned based on attainment of threshold performance of earnings and return on capital targets, in addition to a multiplier applied based on rTSR against peers over the performance period.

Share-based compensation expense was $3.8 million and $4.1 million for the three months ended September 30, 2025 and 2024, respectively, and $13.0 million and $9.2 million for the nine months ended September 30, 2025 and 2024, respectively. We recognize share-based compensation expense over the awards’ vesting period. As of September 30, 2025, we had $19.5 million of pre-tax unrecognized compensation cost related to outstanding share-based compensation awards expected to be recognized over a weighted average period of 1.7 years.

12. COMMITMENTS AND CONTINGENCIES

In the ordinary course of conducting our business, we become involved in certain legal matters and investigations including liability claims, taxes other than income taxes, contract disputes, employment, and other litigation matters. We accrue for anticipated costs to resolve matters that are probable and estimable. We believe the outcomes of these matters will not have a material impact on our business or our consolidated financial statements.

We record liabilities for claims against the Company based on our best estimate of expected losses. Claims lodged against the Company generally arise out of its trucking, intermodal, and logistics operations and consist primarily of personal injury, unpaid wages and benefits, workers’ compensation, property damage, and cargo claims. For certain claims, we maintain excess liability insurance with licensed insurance carriers for liability in excess of amounts we self-insure, which serves to largely offset the Company’s liability associated with these claims, with the exception of wage and benefit claims for which we self-insure. We review our accruals periodically to ensure that the aggregate amounts of our accruals are appropriate at any period after consideration of available insurance coverage. Although we expect our claims accruals will continue to vary based on future developments, assuming that we are able to continue to obtain and maintain excess liability insurance coverage for such claims, we do not anticipate that such accruals will, in any period, materially impact our operating results.

As of September 30, 2025, our firm commitments to purchase transportation equipment totaled $24.1 million.

Prior to 2024, the Company recorded charges resulting from adverse tax assessments by a state tax authority over the applicability of sales tax on rolling stock equipment used within that state. After filing an appeal with the state Appellate Tax Board in January 2024, the Company received an assessment for additional periods which were audited by the state tax authority and filed a request for appeal of that assessment with the state tax authority. The adjustment recorded as a result of the audit, including additional interest and penalties, was not material. These tax assessments and related interest and penalties have been recorded within operating supplies and expenses—net on the consolidated statements of comprehensive income.

13. SEGMENT REPORTING

We have three reportable segments – Truckload, Intermodal, and Logistics – which are based primarily on the services each segment provides.

The CODM reviews revenues for each segment without the inclusion of fuel surcharge revenues. For segment purposes, any fuel surcharge revenues earned are recorded as a reduction of the segment’s fuel expenses. Income from operations at the segment level reflects the measure presented to the CODM for each segment.

Separate balance sheets are not prepared by segment, and as a result, assets are not separately identifiable by segment. All transactions between reportable segments are eliminated in consolidation.

Substantially all of our revenues and assets were generated or located within the U.S.

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The following tables summarize our segment information. Inter-segment revenues within Other include revenues from insurance premiums charged to other segments for workers’ compensation, auto, and other types of insurance. Inter-segment revenues included in Other revenues below were $39.2 million and $23.9 million for the three months ended September 30, 2025 and 2024, respectively, and $87.2 million and $73.5 million for the nine months ended September 30, 2025 and 2024, respectively.

Segment Revenues and Expenses						Three Months Ended September 30, 2025
(in millions)						Truckload						Intermodal						Logistics						Total
Revenues (excluding fuel surcharge)						$	624.5					$	281.4					$	332.1					$	1,238.0
Fuel surcharge revenues						105.9						46.5						1.5						153.9
Segment operating revenues						730.4						327.9						333.6						1,391.9
Other revenues																								117.8
Elimination of inter-segment revenues																								(56.1)
Elimination of inter-segment fuel surcharge revenues																								(1.2)
Operating revenues																								1,452.4
Salaries, wages, and benefits						274.8						44.0						27.4
Purchased transportation, fuel, and fuel taxes						159.8						212.3						263.8
Depreciation and amortization						85.5						13.2						0.3
Operating supplies and expenses-net						86.5						17.5						15.3
Other segment expenses(1)						104.0						24.1						20.4
Segment income from operations						$	19.8					$	16.8					$	6.4					43.0
Corporate and other loss from operations—net																								(7.7)
Income from operations																								35.3
Total other expenses—net																								8.9
Income before income taxes																								$	26.4

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Segment Revenues and Expenses						Nine Months Ended September 30, 2025
(in millions)						Truckload						Intermodal						Logistics						Total
Revenues (excluding fuel surcharge)						$	1,860.4					$	806.9					$	1,003.7					$	3,671.0
Fuel surcharge revenues						304.4						129.3						4.4						438.1
Segment operating revenues						2,164.8						936.2						1,008.1						4,109.1
Other revenues																								303.3
Elimination of inter-segment revenues																								(134.3)
Elimination of inter-segment fuel surcharge revenues																								(3.4)
Operating revenues																								4,274.7
Salaries, wages, and benefits						812.9						131.9						86.7
Purchased transportation, fuel, and fuel taxes						474.5						595.3						793.4
Depreciation and amortization						255.3						39.6						0.8
Operating supplies and expenses-net						248.8						53.7						44.2
Other segment expenses(1)						288.3						69.0						60.6
Segment income from operations						$	85.0					$	46.7					$	22.4					154.1
Corporate and other loss from operations—net																								(21.7)
Income from operations																								132.4
Total other expenses—net																								23.8
Income before income taxes																								$	108.6

Segment Revenues and Expenses						Three Months Ended September 30, 2024
(in millions)						Truckload						Intermodal						Logistics						Total
Revenues (excluding fuel surcharge)						$	532.2					$	264.7					$	313.7					$	1,110.6
Fuel surcharge revenues						92.8						44.9						1.7						139.4
Segment operating revenues						625.0						309.6						315.4						1,250.0
Other revenues																								105.2
Elimination of inter-segment revenues																								(38.2)
Elimination of inter-segment fuel surcharge revenues																								(1.3)
Operating revenues																								1,315.7
Salaries, wages, and benefits						230.8						43.6						24.8
Purchased transportation, fuel, and fuel taxes						149.3						198.0						252.3
Depreciation and amortization						74.3						13.3						0.1
Operating supplies and expenses-net						67.2						16.3						11.0
Other segment expenses(1)						79.7						22.7						19.6
Segment income from operations						$	23.7					$	15.7					$	7.6					47.0
Corporate and other loss from operations—net																								(3.9)
Income from operations																								43.1
Total other expenses—net																								3.8
Income before income taxes																								$	39.3

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Segment Revenues and Expenses						Nine Months Ended September 30, 2024
(in millions)						Truckload						Intermodal						Logistics						Total
Revenues (excluding fuel surcharge)						$	1,610.6					$	765.0					$	957.4					$	3,333.0
Fuel surcharge revenues						302.5						140.6						4.8						447.9
Segment operating revenues						1,913.1						905.6						962.2						3,780.9
Other revenues																								295.1
Elimination of inter-segment revenues																								(119.5)
Elimination of inter-segment fuel surcharge revenues																								(5.1)
Operating revenues																								3,951.4
Salaries, wages, and benefits						700.6						131.5						74.0
Purchased transportation, fuel, and fuel taxes						485.1						581.9						774.1
Depreciation and amortization						224.6						40.2						0.1
Operating supplies and expenses-net						192.3						48.4						31.9
Other segment expenses(1)						241.2						66.3						57.9
Segment income from operations						$	69.3					$	37.3					$	24.2					130.8
Corporate and other loss from operations—net																								(8.0)
Income from operations																								122.8
Total other expenses—net																								11.8
Income before income taxes																								$	111.0

(1)For each reportable segment, other segment expenses include insurance and related expenses and other general expenses.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with the accompanying consolidated financial statements and related notes and our Annual Report on Form 10-K for the year ended December 31, 2024.

INTRODUCTION

Company Overview

We are a transportation and logistics services company providing a multimodal portfolio of truckload, intermodal, and logistics solutions. Our diversified portfolio of complementary service offerings enables us to serve our customers’ varied transportation needs and to allocate capital in a manner that seeks to maximize returns across all market cycles and economic conditions. We continually monitor our performance and market conditions to ensure appropriate allocation of capital and resources to grow our businesses, while optimizing returns across reportable segments. Our strong balance sheet, scalable platform, and experienced operations team are supportive of our acquisition strategy, which includes acquiring high-quality businesses that meet our disciplined selection criteria to enhance our service offerings and broaden our customer base.

Our truckload services consist of over-the-road freight transportation via dry van, bulk, temperature-controlled, and flat-bed trailers across either network or dedicated configurations. Freight is transported and delivered by our company-employed drivers in company trucks and by owner-operators with company-owned trailers and executed through long-haul or regional services, including customized solutions for high-value and time-sensitive loads throughout North America.

Our intermodal services consist of door-to-door container on flat car service through a combination of rail and dray transportation, in association with our rail providers. Our intermodal business uses company-owned containers, chassis, and trucks with primarily company dray drivers, augmented by third-party dray capacity.

Our logistics services consist of asset-light freight brokerage (including both traditional brokerage and Power Only services which leverage our nationwide company-owned trailer pools to match third-party capacity with customer demand), supply chain (including 3PL), warehousing, and import/export services. Our logistics business provides value-added services using both our assets and third-party capacity, augmented by our trailing assets, to manage and move our customers’ freight.

Our success depends on our ability to balance our transportation network and efficiently and effectively manage our resources in the delivery of truckload, intermodal, and logistics services to our customers. Resource requirements vary with customer demand, which may be subject to seasonal or general economic conditions. We believe that our ability to properly select freight and adapt to changes in customer transportation needs allows us to efficiently deploy resources and make capital investments in trucks, trailers, containers, and chassis or obtain qualified third-party capacity at reasonable prices.

Consistent with the transportation industry, our business can be seasonal across each of our segments, which generally translates to our reported revenues being the lowest in the first quarter and highest in the fourth quarter. Operating expenses tend to be higher in the winter months, primarily due to colder weather, which causes higher maintenance expense and higher fuel consumption from increased idle time.

RESULTS OF OPERATIONS

Non-GAAP Financial Measures

In this section of our report, we present the following non-GAAP financial measures: (1) revenues (excluding fuel surcharge), (2) adjusted income from operations, (3) adjusted total operating expenses, net of fuel surcharge revenues, (4) adjusted operating ratio, (5) adjusted net income, (6) adjusted EBITDA, and (7) free cash flow. 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) and adjusted total operating expenses, net of fuel surcharge revenues, we believe these measures are useful to investors because they isolate 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.

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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 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.

Enterprise Summary

The following table includes key GAAP and non-GAAP financial measures for the consolidated enterprise. 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.

						Three Months Ended September 30,												Nine Months Ended September 30,
(in millions, except ratios)						2025						2024						2025						2024
Operating revenues						$	1,452.4					$	1,315.7					$	4,274.7					$	3,951.4
Revenues (excluding fuel surcharge) (1)						1,299.7						1,177.6						3,840.0						3,508.6
Income from operations						35.3						43.1						132.4						122.8
Adjusted income from operations (2)						38.4						44.3						139.4						126.6
Operating ratio						97.6		%				96.7		%				96.9		%				96.9		%
Adjusted total operating expenses, net of fuel surcharge revenues (3)						$	1,261.3					$	1,133.3					$	3,700.6					$	3,382.0
Adjusted operating ratio (4)						97.0		%				96.2		%				96.4		%				96.4		%
Net income						$	19.4					$	30.6					$	81.5					$	84.4
Adjusted net income (5)						21.7						31.5						86.8						87.3
Adjusted EBITDA (6)						148.9						143.8						470.5						427.4
Cash flow from operations						184.2						206.4						451.4						486.6
Free cash flow (7)						76.1						113.4						193.7						212.0

(1)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).

(2)We define “adjusted income from operations” as income from operations, adjusted to exclude certain items that do not reflect our core operating performance. Included below is a reconciliation of income from operations, which is the most directly comparable GAAP measure, to adjusted income from operations. Excluded items for the periods shown are explained in the table and notes below. 

(3)We define “adjusted total operating expenses, net of fuel surcharge revenues” as total operating expenses, adjusted to exclude fuel surcharge revenues and certain expenses that do not reflect our core operating performance. Excluded expenses for the periods shown are explained below under our explanation of “adjusted income from operations.”

(4)We define “adjusted operating ratio” as adjusted total operating expenses, net of fuel surcharge revenues, divided by revenues (excluding fuel surcharge). Included below is a reconciliation of operating ratio, which is the most directly comparable GAAP measure, to adjusted operating ratio. Excluded items for the periods shown are explained below under our explanation of “adjusted income from operations.”

(5)We define “adjusted net income” as net income, adjusted to exclude certain items that do not reflect our core operating performance. Included below is a reconciliation of net income, which is the most directly comparable GAAP measure, to adjusted net income. Excluded items for the periods shown are explained below under our explanation of “adjusted income from operations.”

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

(7)We define “free cash flow” as net cash provided by operating activities less net cash used for capital expenditures. Included below is a reconciliation of net cash provided by operating activities, which is the most directly comparable GAAP measure, to free cash flow.

Revenues (excluding fuel surcharge)

						Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)						2025						2024						2025						2024
Operating revenues						$	1,452.4					$	1,315.7					$	4,274.7					$	3,951.4
Less: Fuel surcharge revenues						152.7						138.1						434.7						442.8
Revenues (excluding fuel surcharge)						$	1,299.7					$	1,177.6					$	3,840.0					$	3,508.6

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Adjusted income from operations

						Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)						2025						2024						2025						2024
Income from operations						$	35.3					$	43.1					$	132.4					$	122.8
Acquisition-related costs (1)						—						—						0.2						—
Intangible asset amortization (2)						1.7						1.2						5.4						3.8
Severance (3)						1.4						—						1.4						—
Adjusted income from operations						$	38.4					$	44.3					$	139.4					$	126.6

(1)Advisory, legal, and accounting costs related to the acquisition of Cowan.

(2)Amortization expense related to intangible assets acquired through recent business acquisitions. Although intangible assets contribute to our revenue generation, the amortization of intangible assets does not directly relate to transportation services provided to our customers.

(3)Severance related to workforce rightsizing.

Adjusted operating ratio

						Three Months Ended September 30,												Nine Months Ended September 30,
(in millions, except ratios)						2025						2024						2025						2024
GAAP Presentation
Operating revenues						$	1,452.4					$	1,315.7					$	4,274.7					$	3,951.4
Total operating expenses						1,417.1						1,272.6						4,142.3						3,828.6
Income from operations						$	35.3					$	43.1					$	132.4					$	122.8
Operating ratio (1)						97.6		%				96.7		%				96.9		%				96.9		%
Non-GAAP Presentation
Operating revenues						$	1,452.4					$	1,315.7					$	4,274.7					$	3,951.4
Less: Fuel surcharge revenues						152.7						138.1						434.7						442.8
Revenues (excluding fuel surcharge)						$	1,299.7					$	1,177.6					$	3,840.0					$	3,508.6
Total operating expenses						$	1,417.1					$	1,272.6					$	4,142.3					$	3,828.6
Adjusted for:
Fuel surcharge revenues						(152.7)						(138.1)						(434.7)						(442.8)
Acquisition-related costs						—						—						(0.2)						—
Intangible asset amortization						(1.7)						(1.2)						(5.4)						(3.8)
Severance						(1.4)						—						(1.4)						—
Adjusted total operating expenses, net of fuel surcharge revenues (2)						$	1,261.3					$	1,133.3					$	3,700.6					$	3,382.0
Adjusted operating ratio (3)						97.0		%				96.2		%				96.4		%				96.4		%

(1)    Calculated as total operating expenses divided by operating revenues.

(2)    Adjusted total operating expenses, net of fuel surcharge revenues are defined as total operating expenses, adjusted to exclude fuel surcharge revenues and certain expenses that do not reflect our core operating performance.

(3)     Calculated as adjusted total operating expenses, net of fuel surcharge revenues divided by revenues (excluding fuel surcharge).

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Adjusted net income

						Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)						2025						2024						2025						2024
Net income						$	19.4					$	30.6					$	81.5					$	84.4
Acquisition-related costs						—						—						0.2						—
Intangible asset amortization						1.7						1.2						5.4						3.8
Severance						1.4						—						1.4						—
Income tax effect of non-GAAP adjustments (1)						(0.8)						(0.3)						(1.7)						(0.9)
Adjusted net income						$	21.7					$	31.5					$	86.8					$	87.3

(1)Our estimated tax rate on non-GAAP items is determined annually using the applicable consolidated federal and state effective tax rate, modified to remove the impact of tax credits and adjustments that are not applicable to the specific items. Due to differences in the tax treatment of items excluded from non-GAAP income, as well as the methodology applied to our estimated annual tax rates as described above, our estimated tax rate on non-GAAP items may differ from our GAAP tax rate and from our actual tax liabilities.

Adjusted EBITDA

						Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)						2025						2024						2025						2024
Net income						$	19.4					$	30.6					$	81.5					$	84.4
Interest expense, net						8.2						2.6						21.5						9.2
Provision for income taxes						7.0						8.7						27.1						26.6
Depreciation and amortization						112.9						101.9						338.8						307.2
Acquisition-related costs						—						—						0.2						—
Severance						1.4						—						1.4						—
Adjusted EBITDA						$	148.9					$	143.8					$	470.5					$	427.4

Free cash flow

						Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)						2025						2024						2025						2024
Net cash provided by operating activities						$	184.2					$	206.4					$	451.4					$	486.6
Purchases of transportation equipment						(128.0)						(107.7)						(311.5)						(328.1)
Purchases of other property and equipment						(10.2)						(8.4)						(25.1)						(27.8)
Proceeds from sale of property and equipment						30.1						23.1						78.9						81.3
Net capital expenditures						(108.1)						(93.0)						(257.7)						(274.6)
Free cash flow						$	76.1					$	113.4					$	193.7					$	212.0

Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024

Enterprise Results Summary

Enterprise net income decreased $11.2 million, approximately 37%, in the third quarter of 2025 compared to the same quarter in 2024, due to a $7.8 million decrease in income from operations and a $5.1 million increase in other expenses driven by increased interest expense, partially offset by a decrease in our provision for income taxes of $1.7 million.

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Adjusted net income decreased $9.8 million, approximately 31%, for the same reasons discussed above.

Components of Enterprise Net Income

Enterprise Revenues

Enterprise operating revenues increased $136.7 million, approximately 10%, in the third quarter of 2025 compared to the same quarter in 2024.

Factors contributing to the increase included:

•a $92.3 million increase in Truckload segment revenues (excluding fuel surcharge) due to Dedicated volume growth driven by the Cowan acquisition and increased Dedicated and Network rates;

•an $18.4 million increase in Logistics segment revenues (excluding fuel surcharge) resulting from the Cowan acquisition, partially offset by lower volume (excluding Cowan) within brokerage;

•a $16.7 million increase in Intermodal revenues (excluding fuel surcharge) due to an increase in volume, partially offset by a decrease in revenue per order; and

•a $14.6 million increase in fuel surcharge revenues due primarily to the volume effects related to Cowan.

Enterprise revenues (excluding fuel surcharge) increased $122.1 million, for the same reasons discussed above, excluding fuel surcharge.

Enterprise Income from Operations and Operating Ratio

Enterprise income from operations decreased $7.8 million, approximately 18%, in the third quarter of 2025 compared to the same quarter in 2024 primarily due to increased salaries and wages, insurance related costs driven by prior year claims development, equipment related costs, purchased transportation, and depreciation (largely driven by the Cowan acquisition), partially offset by increased volume in Dedicated and Logistics (both inclusive of the impacts from the Cowan acquisition) and Intermodal.

Adjusted income from operations decreased $5.9 million, approximately 13%.

Enterprise operating ratio (operating expenses as a percentage of operating revenues) increased on both a GAAP and adjusted basis when compared to the third quarter of 2024, for the same reasons listed above.

Enterprise Operating Expenses

Key operating expense fluctuations quarter over quarter are described below.

•Purchased transportation increased $14.4 million driven by the Cowan acquisition and higher third-party purchased transportation and rail-related costs within Intermodal as a result of increased volume, partially offset by decreased third-party transportation within Logistics (excluding the effects of the Cowan acquisition) due to reduced volume.

•Salaries, wages, and benefits increased $54.8 million, or 16%, as a result of increases in Truckload driver pay and office wages and total benefits due to expanded headcount (related to the Cowan acquisition) and increases in healthcare, workers’ compensation, and severance costs, partially offset by headcount reductions in our core business.

•Fuel and fuel taxes for company trucks increased $17.2 million, or 18%, driven by the Cowan acquisition and an increase in cost per gallon. A significant portion of fuel costs are recovered through our fuel surcharge programs.

•Depreciation and amortization increased $11.0 million, or 11%, mainly due to additional depreciation expense incurred as a result of tractor and trailer growth within Dedicated (from the Cowan acquisition).

•Operating supplies and expenses—net increased $22.2 million, or 13%, largely resulting from increased equipment related expenses, including maintenance, (primarily due to the Cowan acquisition).

•Insurance and related expenses increased $23.7 million, or 65%, driven by increased premiums (inclusive of Cowan) and prior year claims development.

•Other general expenses increased $1.2 million, or 4%, primarily related to higher driver onboarding costs (primarily within Truckload, inclusive of Cowan).

Total Other Expenses

Total other expenses increased $5.1 million in the third quarter of 2025 compared to the same quarter in 2024 mainly due to an increase in interest expense of $5.9 million. Increases in interest expense consisted of $4.1 million primarily due to a higher balance of outstanding debt carried during the period relating to the acquisition of Cowan in December 2024. The remainder of the increase in interest expense is due to judgment-related interest accruing for an adverse verdict associated with a 2017 incident. We have filed post-trial motions in this case that are currently pending a ruling by the court. We will continue to incur judgment-related interest expense until resolved and are unable to estimate the timeline for resolution.

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Income Tax Expense

Our provision for income taxes decreased $1.7 million, or 20%, in the third quarter of 2025 compared to the same quarter in 2024 primarily due to lower taxable income, partially offset by a higher effective tax rate. The effective income tax rate was 26.5% and 22.1% for the three months ended September 30, 2025 and 2024, respectively. Our provision for income taxes may fluctuate in future periods to the extent tax laws and regulations change.

Revenues and Income (Loss) from Operations by Segment

The following tables summarize revenues and income (loss) from operations by segment.

						Three Months Ended September 30,
Revenues by Segment (in millions)						2025						2024
Truckload						$	624.5					$	532.2
Intermodal						281.4						264.7
Logistics						332.1						313.7
Other						117.8						105.2
Fuel surcharge						152.7						138.1
Inter-segment eliminations						(56.1)						(38.2)
Operating revenues						$	1,452.4					$	1,315.7

						Three Months Ended September 30,
Income (Loss) from Operations by Segment (in millions)						2025						2024
Truckload						$	19.8					$	23.7
Intermodal						16.8						15.7
Logistics						6.4						7.6
Other						(7.7)						(3.9)
Income from operations						35.3						43.1
Adjustments:
Intangible asset amortization						1.7						1.2
Severance						1.4						—
Adjusted income from operations						$	38.4					$	44.3

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

Truckload

The following table presents our Truckload segment KPIs for the periods indicated, consistent with how revenues and expenses are reported internally for segment purposes. The two operations that make up our Truckload segment are as follows:

•Dedicated - Transportation services with equipment devoted to customers under long-term contracts.

•Network - Transportation services of one-way shipments.

Cowan’s dedicated operations are included in Dedicated beginning in the fourth quarter of 2024.

						Three Months Ended September 30,
						2025						2024
Dedicated
Revenues (excluding fuel surcharge) (1)						$	436.5					$	347.5
Average trucks (2) (3)						8,472						6,617
Revenue per truck per week (4)						$	3,982					$	4,070
Network
Revenues (excluding fuel surcharge) (1)						$	187.4					$	185.2
Average trucks (2) (3)						3,819						3,780
Revenue per truck per week (4)						$	3,792					$	3,798
Total Truckload
Revenues (excluding fuel surcharge) (5)						$	624.5					$	532.2
Average trucks (2) (3)						12,291						10,397
Revenue per truck per week (4)						$	3,923					$	3,971
Average company trucks (3)						10,920						8,997
Average owner-operator trucks (3)						1,371						1,400
Trailers (6)						52,323						47,257
Operating ratio (7)						96.8		%				95.5		%

(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 does not sum with amounts presented above.

(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.

Truckload revenues (excluding fuel surcharge) increased $92.3 million, approximately 17%, in the third quarter of 2025 compared to the same quarter in 2024. Dedicated volume increased 22%, largely as a result of the Cowan acquisition, and rate per billed and total mile increased for both Network and Dedicated, respectively.

Truckload income from operations decreased $3.9 million, approximately 16%, in the third quarter of 2025 compared to the same quarter in 2024. Increases in salaries and wages expense due to expanded driver and office headcount (largely attributable to the Cowan acquisition); insurance related costs driven by prior year claims development; and equipment related costs and revenue equipment depreciation (both largely attributable to the Cowan acquisition) were partially offset by the revenue impacts listed above.

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Intermodal

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

						Three Months Ended September 30,
						2025						2024
Orders (1)						116,592						106,345
Containers						26,394						26,603
Trucks (2)						1,377						1,417
Revenue per order (3)						$	2,413					$	2,470
Operating ratio (4)						94.0		%				94.1		%

(1)Based on delivered rail orders.

(2)Includes company and owner-operator trucks at the end of the period.

(3)Calculated using rail revenues excluding fuel surcharge and revenue in transit, consistent with how revenue is reported internally for segment purposes.

(4)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 revenues (excluding fuel surcharge) increased $16.7 million, approximately 6%, in the third quarter of 2025 compared to the same quarter in 2024 primarily due to volume growth of 10%.

Intermodal income from operations increased $1.1 million, approximately 7%, in the third quarter of 2025 compared to the same quarter in 2024. Factors contributing to the increase include the volume growth cited above, partially offset by shorter length of haul; increases in insurance related costs driven by prior year claims development; and maintenance costs.

Logistics

The following table presents the KPI for our Logistics segment for the periods indicated. Cowan’s logistics operations are included in Logistics beginning in the fourth quarter of 2024.

						Three Months Ended September 30,
						2025						2024
Operating ratio (1)						98.1		%				97.6		%

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

Logistics revenues (excluding fuel surcharge) increased $18.4 million, approximately 6%, in the third quarter of 2025 compared to the same quarter in 2024 due to the acquisition of Cowan, partially offset by decreased volume within our brokerage business.

Logistics income from operations decreased $1.2 million, approximately 16%, in the third quarter of 2025 compared to the same quarter in 2024 primarily driven by increased salaries and wages related to expanded headcount from the Cowan acquisition and lower volume within brokerage. This was partially offset by volume from the Cowan acquisition noted above.

Other

Other loss from operations increased $3.8 million in the third quarter of 2025 compared to the same quarter of 2024 due to an increase in insurance related expense driven by prior year claims development.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

Enterprise Results Summary

Enterprise net income decreased $2.9 million, approximately 3%, in the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to a $12.0 million unfavorable change in total other expenses (income)—net driven by an increase of $14.0 million in interest expense, partially offset by a $9.6 million increase in income from operations.

Adjusted net income decreased $0.5 million, approximately 1%, for the same reasons discussed above.

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Components of Enterprise Net Income

Enterprise Revenues

Enterprise operating revenues increased $323.3 million, approximately 8%, in the nine months ended September 30, 2025 compared to the same period in 2024.

Factors contributing to the increase included:

•a $249.8 million increase in Truckload segment revenues (excluding fuel surcharge) driven by increased volume within Dedicated (primarily due to the Cowan acquisition) and increased rates in Dedicated and Network, partially offset by decreased Network volume;

•a $46.3 million increase in Logistics segment revenues (excluding fuel surcharge) resulting from the Cowan acquisition, partially offset by reduced volume and revenue per order within brokerage; and

•a $41.9 million increase in Intermodal segment revenues (excluding fuel surcharge) due to increased volume.

Increases were partially offset by:

•an $8.1 million reduction in fuel surcharge revenues due to decreased fuel prices.

Enterprise revenues (excluding fuel surcharge) increased $331.4 million, approximately 9%.

Enterprise Income from Operations and Operating Ratio

Enterprise income from operations increased $9.6 million, approximately 8%, in the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to increased volume within Dedicated due to the Cowan acquisition, higher rates in Dedicated and Network, an increase in Intermodal volume, and lower purchased transportation costs; partially offset by increases in salaries and wages, equipment related costs, and depreciation and amortization (all largely stemming from the Cowan acquisition), and increased insurance expense from premiums and prior year claims development.

Adjusted income from operations increased $12.8 million, approximately 10%.

Enterprise operating ratio (operating expenses as a percentage of operating revenues) remained flat on both a GAAP and adjusted basis when compared to the same period in 2024.

Enterprise Operating Expenses

Key operating expense fluctuations year over year are described below. 

•Purchased transportation costs decreased $10.1 million, or 1%, primarily resulting from reduced third-party carrier costs within Logistics due to reduced brokerage volume and lower purchased transportation costs per order, and owner-operator purchased transportation costs decreased within Truckload due to a reduction in owner-operator miles, partially offset by the Cowan acquisition.

•Salaries, wages, and benefits increased $146.7 million, or 14%. Driver pay, office wages, and benefits all increased primarily as a result of the Cowan acquisition.

•Fuel and fuel taxes for company trucks increased $24.1 million, or 8%, driven by the Cowan acquisition, partially offset by decreased cost per gallon. A significant portion of fuel costs are recovered through our fuel surcharge programs.

•Depreciation and amortization increased $31.6 million, or 10%, mainly due to additional depreciation expense resulting from tractor and trailer growth within Dedicated (primarily due to the Cowan acquisition).

•Operating supplies and expenses—net increased $67.0 million, or 14%, driven by equipment related expenses (due to the Cowan acquisition), partially offset by increased gains on equipment sales.

•Insurance and related expenses increased $43.1 million, or 43%, driven by an increase in auto liability insurance costs related to an increase in premiums (inclusive of Cowan) and prior year claims development.

•Other general expenses increased $11.3 million, or 13%, largely related to driver onboarding costs and rent expense.

Total Other Expenses (Income)

Total other expenses increased $12.0 million, approximately 102%, in the nine months ended September 30, 2025 compared to the same period in 2024 largely due to a $14.0 million increase in interest expense, partially offset by an increase in interest income. Increases in interest expense consisted of $11.7 million primarily due to a higher balance of outstanding debt carried during the period relating to the acquisition of Cowan in December 2024. The remainder of the increase in interest expense is due to judgment-related interest accruing for an adverse verdict associated with a 2017 incident. We have filed post-trial

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motions in this case that are currently pending a ruling by the court. We will continue to incur judgment-related interest expense until resolved and are unable to estimate the timeline for resolution.

Income Tax Expense

Our provision for income taxes increased $0.5 million, approximately 2%, in the nine months ended September 30, 2025 compared to the same period in 2024 due to a higher effective tax rate, partially offset by lower taxable income. The effective income tax rate was 25.0% for the nine months ended September 30, 2025 compared to 24.0% for the same period in 2024. Our provision for income taxes may fluctuate in future periods to the extent tax laws and regulations change.

Revenues and Income (Loss) from Operations by Segment

The following tables summarize revenues and income (loss) from operations by segment.

						Nine Months Ended September 30,
Revenues by Segment (in millions)						2025						2024
Truckload						$	1,860.4					$	1,610.6
Intermodal						806.9						765.0
Logistics						1,003.7						957.4
Other						303.3						295.1
Fuel surcharge						434.7						442.8
Inter-segment eliminations						(134.3)						(119.5)
Operating revenues						$	4,274.7					$	3,951.4

						Nine Months Ended September 30,
Income (Loss) from Operations by Segment (in millions)						2025						2024
Truckload						$	85.0					$	69.3
Intermodal						46.7						37.3
Logistics						22.4						24.2
Other						(21.7)						(8.0)
Income from operations						132.4						122.8
Adjustments:
Acquisition-related costs						0.2						—
Intangible asset amortization						5.4						3.8
Severance						1.4						—
Adjusted income from operations						$	139.4					$	126.6

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

Truckload

The following table presents our Truckload segment KPIs for the periods indicated, consistent with how revenues and expenses are reported internally for segment purposes. The two operations that make up our Truckload segment are as follows:

•Dedicated - Transportation services with equipment devoted to customers under long-term contracts.

•Network - Transportation services of one-way shipments.

Cowan’s dedicated operations are included in Dedicated beginning in the fourth quarter of 2024.

						Nine Months Ended September 30,
						2025						2024
Dedicated
Revenues (excluding fuel surcharge) (1)						$	1,312.4					$	1,035.3
Average trucks (2) (3)						8,509						6,672
Revenue per truck per week (4)						$	4,015					$	4,020
Network
Revenues (excluding fuel surcharge) (1)						$	547.2					$	575.2
Average trucks (2) (3)						3,760						3,980
Revenue per truck per week (4)						$	3,787					$	3,744
Total Truckload
Revenues (excluding fuel surcharge) (5)						$	1,860.4					$	1,610.6
Average trucks (2) (3)						12,269						10,652
Revenue per truck per week (4)						$	3,945					$	3,917
Average company trucks (3)						10,923						9,083
Average owner-operator trucks (3)						1,346						1,569
Trailers (6)						52,323						47,257
Operating ratio (7)						95.4		%				95.7		%

(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 does not sum with amounts presented above.

(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.

Truckload revenues (excluding fuel surcharge) increased $249.8 million, or 16%, in the nine months ended September 30, 2025 compared to the same period in 2024 driven by a 23% increase in Dedicated volume primarily due to the Cowan acquisition. Rate per billed and total mile increased for both Network and Dedicated, respectively, partially offset by Network’s 6% decrease in volume.

Truckload income from operations increased $15.7 million, approximately 23%, in the nine months ended September 30, 2025 compared to the same period in 2024. Factors contributing to the increase include the revenue impacts noted above, as well as increased gains on equipment sales, partially offset by increased insurance related expenses attributable to the Cowan acquisition and prior year claims development.

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Intermodal

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

						Nine Months Ended September 30,
						2025						2024
Orders (1)						329,250						309,927
Containers						26,394						26,603
Trucks (2)						1,377						1,417
Revenue per order (3)						$	2,440					$	2,452
Operating ratio (4)						94.2		%				95.1		%

(1)Based on delivered rail orders.

(2)Includes company and owner-operator trucks at the end of the period.

(3)Calculated using rail revenues excluding fuel surcharge and revenue in transit, consistent with how revenue is reported internally for segment purposes.

(4)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 revenues (excluding fuel surcharge) increased $41.9 million, approximately 5%, in the nine months ended September 30, 2025 compared to the same period in 2024, primarily from an increase in volume of 6%.

Intermodal income from operations increased $9.4 million, approximately 25%, in the nine months ended September 30, 2025 compared to the same period in 2024 mainly resulting from the revenue increases listed above, partially offset by increased dray execution and maintenance costs.

Logistics

The following table presents the KPI for our Logistics segment for the periods indicated. Cowan’s logistics operations are included in Logistics beginning in the fourth quarter of 2024.

						Nine Months Ended September 30,
						2025						2024
Operating ratio (1)						97.8		%				97.5		%

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

Logistics revenues (excluding fuel surcharge) increased $46.3 million, approximately 5%, in the nine months ended September 30, 2025 compared to the same period in 2024 mainly the result of the Cowan acquisition, partially offset by decreases in both volume and revenue per order within our brokerage business.

Logistics income from operations decreased $1.8 million, approximately 7%, in the nine months ended September 30, 2025 compared to the same period in 2024, primarily due to an increase in third party carrier costs and salaries and wages from an increase in headcount largely due to the Cowan acquisition, partially offset by the revenue impacts listed above.

Other

Other loss from operations increased $13.7 million in the nine months ended September 30, 2025 compared to the same period in 2024 due to an increase in insurance related expense driven by prior year claims development.

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LIQUIDITY AND CAPITAL RESOURCES

Our primary uses of cash are working capital requirements, capital expenditures, lease equipment, dividend payments, share repurchases, and debt service requirements. Additionally, we may use cash for acquisitions and other investing and financing activities. Working capital is required principally to ensure we are able to run the business and have sufficient funds to satisfy maturing short-term debt and operational expenses. Our capital expenditures consist primarily of transportation equipment and information technology.

Historically, our primary source of liquidity has been cash flow from operations. In addition, we have a $250.0 million revolving credit facility maturing in November 2027 and a $200.0 million receivables purchase agreement maturing in May 2027, for which our combined available capacity as of September 30, 2025 was $276.9 million. Our revolving credit facility also allows us to request an additional increase in total commitment by up to $150.0 million. We anticipate that cash generated from operations, together with amounts available under our credit facilities, will be sufficient to meet our requirements for the foreseeable future. To the extent additional funds are necessary to meet our long-term liquidity needs as we continue to execute our business strategy, we anticipate that we will obtain these funds through additional borrowings, equity offerings, or a combination of these potential sources of liquidity. Our ability to fund future operating expenses and capital expenditures, as well as our ability to meet future debt service obligations or refinance our indebtedness, will depend on our future operating performance, which will be affected by general economic, financial, and other factors beyond our control.

As of September 30, 2025 cash and cash equivalents increased $76.5 million when compared to December 31, 2024. Changes in debt for the same period included an additional $100.0 million draw on our delayed-draw term loan facility, partially offset by a $95.0 million repayment of an unsecured senior note and the first quarterly principal payment made on the delayed-draw term loan facility of $2.5 million for the nine months ended September 30, 2025.

Debt

As of September 30, 2025, we were in compliance with all financial covenants under our credit agreements and the agreements governing our senior notes. See Note 7, Debt and Credit Facilities, for information about our financing arrangements.

Cash Flows

The following table summarizes the changes to our net cash flows provided by (used in) operating, investing, and financing activities for the periods indicated. 

									Nine Months Ended September 30,
(in millions)									2025						2024
Net cash provided by operating activities									$	451.4					$	486.6
Net cash used in investing activities									(311.5)						(287.1)
Net cash used in financing activities									(63.4)						(122.9)

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

Operating Activities

Net cash provided by operating activities decreased $35.2 million in the first nine months of 2025 compared to the same period in 2024. An increase in cash used by working capital was partially offset by an increase in net income adjusted for various noncash items. Working capital changes included an increase in receivables which corresponds to the increase in operating revenues, a decrease in cash provided by other liabilities related to the timing of tax and wage accruals, and an increase in claims reserve accruals related to specific claims. These amounts were partially offset by decreases in cash used for payables and other assets.

Investing Activities

Net cash used in investing activities increased $24.4 million, approximately 8%, in the first nine months of 2025 compared to the same period in 2024 primarily related to increased purchases of lease equipment, decreased proceeds from sale of off-lease inventory, and increased notes receivable funding; partially offset by a decrease in net capital expenditures.

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Net Capital Expenditures

The following table sets forth our net capital expenditures for the periods indicated.

									Nine Months Ended September 30,
(in millions)									2025						2024
Purchases of transportation equipment									$	311.5					$	328.1
Purchases of other property and equipment									25.1						27.8
Proceeds from sale of property and equipment									(78.9)						(81.3)
Net capital expenditures									$	257.7					$	274.6

Net capital expenditures decreased $16.9 million in the first nine months of 2025 compared to the same period in 2024. The decrease was driven by a $16.6 million decrease in purchases of transportation equipment.

Financing Activities

Net cash used in financing activities decreased $59.5 million, approximately 48%, in the first nine months of 2025 compared to the same period in 2024. The decrease was primarily driven by a $35.0 million decrease in repayments in excess of proceeds on revolving credit arrangements, a $21.2 million decrease in repurchases of common stock, and a $2.5 million increase in debt proceeds in excess of repayments.

Other Considerations that Could Affect Our Results, Liquidity, or Capital Resources

Factors that Could Result in Goodwill Impairment

Goodwill is tested for impairment at least annually using the discounted cash flow, guideline public company, and guideline transaction methods, as applicable, to calculate the fair values of our reporting units. Key inputs used in the discounted cash flow approach include growth rates for sales and operating profit, perpetuity growth assumptions, and discount rates. Key inputs used in the guideline public company and guideline transaction methods include EBITDA valuation multiples of comparable companies and transactions. If interest rates rise or EBITDA valuation multiples of comparable companies and transactions decline, the calculated fair values of our reporting units will decrease, which could impact the results of our goodwill impairment tests.

We will perform our annual evaluation of goodwill for impairment as of October 31, 2025, with such analysis expected to be finalized during the fourth quarter. As part of our annual process of updating our goodwill impairment evaluation, we will assess the impact of current operating results and our resulting management actions to determine whether they have an impact on the long-term valuation of reporting units and the related recoverability of our goodwill.

Off-Balance Sheet Arrangements

As of September 30, 2025, we had no off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our consolidated financial condition, results of operations, liquidity, capital expenditures, or capital resources.

Contractual Obligations

See the disclosure under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Contractual Obligations” in our Annual Report on Form 10-K for the year ended December 31, 2024 for our contractual obligations as of December 31, 2024. There were no material changes to our contractual obligations during the nine months ended September 30, 2025.

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CRITICAL ACCOUNTING ESTIMATES

We have reviewed our critical accounting policies and considered whether new critical accounting estimates or other significant changes to our accounting policies require additional disclosures. We have determined that the disclosures made in our Annual Report on Form 10-K for the year ended December 31, 2024 remain current as there have been no significant changes.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our market risks have not changed significantly from the market risks discussed in the section entitled “Quantitative and Qualitative Disclosures about Market Risk” in Part II, Item 7A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 as filed with the SEC on February 21, 2025.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management, including our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended), as of the end of the period covered by this report. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.

Changes in Internal Control

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended) during the fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company is party to various lawsuits in the ordinary course of its business. For information relating to legal proceedings, see Note 12, Commitments and Contingencies, which is incorporated herein by reference.

ITEM 1A. RISK FACTORS

There have been no material changes from the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The Company did not repurchase any equity securities during the three months ended September 30, 2025.

Limitation Upon Payment of Dividends

The 2022 Credit Facility and the delayed-draw term loan facility include covenants limiting our ability to pay dividends or make distributions on our capital stock if a default exists under the 2022 Credit Facility or the delayed-draw term loan facility, as applicable, or would be caused by giving effect to such dividend.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Plans

During the three months ended September 30, 2025, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6. EXHIBITS

Incorporated by Reference Herein

Exhibit Number

Exhibit Description

Form

Exhibit

File No.

Filing Date

10.1*

Amendment No. 6, dated August 25, 2025, to Amended and Restated Receivables Purchase Agreement dated as of March 31, 2011, as amended and restated as of September 5, 2018, and as further amended on July 30, 2021, June 1, 2023, and May 29, 2024, among Schneider Receivables Corporation, as seller, Schneider National, Inc., as the servicer, Wells Fargo Bank, N.A., as administrative agent, and the purchasers party thereto.

31.1*

Certification pursuant to Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2*

Certification pursuant to Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1**

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2**

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS*

XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.

101.SCH*

XBRL Taxonomy Extension Schema Document

101.CAL*

XBRL Taxonomy Calculation Linkbase Document

101.DEF*

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*

XBRL Taxonomy Extension Labels Linkbase Document

101.PRE*

XBRL Taxonomy Extension Presentation Linkbase Document

104*

The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 formatted in Inline XBRL

*    Filed herewith.

** Furnished herewith.

+ Constitutes a management contract or compensatory plan or arrangement.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant, Schneider National, Inc., has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

						SCHNEIDER NATIONAL, INC.
Date:			October 30, 2025			/s/ Darrell G. Campbell
						Darrell G. Campbell
						Executive Vice President and Chief Financial Officer
						(Duly Authorized Officer and Principal Financial Officer)

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FAQ

How did Schneider (SNDR) perform in Q3 2025?

Operating revenues were $1,452.4 million vs. $1,315.7 million a year ago; net income was $19.4 million vs. $30.6 million.

What was SNDR’s Q3 2025 EPS and operating ratio?

Diluted EPS was $0.11, and the operating ratio was 97.6% compared with 96.7% last year.

How did segments contribute to revenue changes?

Truckload and Logistics rose with the Cowan acquisition and Intermodal volumes increased, lifting revenues (excluding fuel surcharge).

What were key cash flow and liquidity metrics for SNDR?

Year‑to‑date free cash flow was $193.7 million; cash was $194.1 million and total debt was $517.5 million at September 30, 2025.

Did Schneider make any notable debt moves after quarter end?

Yes. In October 2025, it repaid the $70.0 million outstanding under its Receivables Purchase Agreement.

What is the status of the Cowan acquisition accounting?

Preliminary purchase accounting was updated, adding identifiable intangibles and reducing goodwill through measurement‑period adjustments.

What dividend action did SNDR take for Q4 2025?

The Board declared a quarterly cash dividend of $0.095 per share for Class A and Class B common stock.