Schneider National, Inc. Q2 FY26 Results

In the second quarter, we delivered strong earnings improvement, driven by the combined impact of the disciplined revenue management, cost reduction, and productivity actions implemented over the past several years which enabled the enterprise to capitalize on improving market conditions. The positive impact of non-compliant capacity exiting the market has been realized more quickly than initially anticipated, and we remain confident that the enterprise will continue to deliver strong operating leverage. We are seeing the strongest pricing improvement in the parts of our business where the industry is most capacity constrained. Looking forward, we expect the success of recent allocation events will build momentum in price. As the market shifts, our multimodal approach enables us to remain nimble while advancing our strategic priorities, including earning customer loyalty through consistent execution, growing profitably where we create differentiation, improving on our low-cost operating model, and maintaining disciplined capital allocation.

Second quarter benefitted from an improved backdrop as the enterprise effectively executed on market opportunities. These results reinforce our confidence that the actions we have taken to lower our cost to serve and enhance productivity have prepared us to deliver meaningful year-over-year earnings growth. We continue to expect capacity rationalization to support freight conditions. At the same time, our guidance incorporates a range of outcomes as it relates to demand and driver capacity for the second half of the year. Based on our second quarter results and these market expectations, our updated full year adjusted diluted earnings per share forecast is $0.90-$1.10, up from our prior guidance of $0.70-$1.00. Our guidance continues to assume a full year effective tax rate of approximately 24.0%. Our full year net capital expenditures are expected to be $350-400 million, compared to our previous expectations of $400-$450 million, primarily related to lower expenditures on trailing equipment.