Schneider National, Inc.
For the period ended Jun 30, 2025. Filed Jul 31, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 31, 2025
SNDR$27.81-1.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-01.
0001692063-25-000039
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0001692063-25-000054
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 128 previous paragraphs and 190 current paragraphs.
89 unchanged; 31 reworded; 43 added; 7 removed; 1 previous and 27 current paragraphs rearranged.
Tables are not compared: 14 previous and 19 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (43)
Current report
Enterprise net income increased $0.7 million, approximately 2%, in the second quarter of 2025 compared to the same quarter in 2024, due to a $4.0 million increase in income from operations and a decrease in our provision for income taxes of $0.3 million, partially offset by a $3.6 million increase in other expenses driven by increased interest expense.
Current report
Adjusted net income increased $1.1 million, approximately 3%, for the same reasons discussed above.
Current report
•and a $12.0 million increase in Intermodal revenues (excluding fuel surcharge) due to an increase in volume.
Current report
Adjusted income from operations increased $4.5 million, approximately 9%.
Current report
•Purchased transportation decreased $1.2 million, quarter over quarter, resulting from decreased rail related costs and lower third-party transportation costs, partially offset by increased owner-operator costs due to higher costs per mile due to freight mix.
Current report
Logistics income from operations decreased $3.3 million, approximately 29%, in the second quarter of 2025 compared to the same quarter in 2024, primarily due to lower brokerage volume noted above.
Current report
Other loss from operations increased $3.6 million in the second quarter of 2025 compared to the same quarter in 2024, due to a decrease in income from other services and inflationary cost pressures.
Current report
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Current report
Enterprise Results Summary
Current report
Enterprise net income increased $8.3 million, approximately 15%, in the six months ended June 30, 2025 compared to the same period in 2024, primarily due to a $17.4 million increase in income from operations. Increases were partially offset by a $6.9 million unfavorable change in total other expenses (income)—net largely due to increases of $8.1 million and $2.2 million in interest expense and the provision for income taxes, respectively.
Current report
Adjusted net income increased $9.3 million, approximately 17%, for the same reasons discussed above.
Current report
Components of Enterprise Net Income
Current report
Enterprise Revenues
Current report
Enterprise operating revenues increased $186.6 million, approximately 7%, in the six months ended June 30, 2025 compared to the same period in 2024.
Current report
•a $157.5 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.
Current report
•a $27.9 million increase in Logistics segment revenues (excluding fuel surcharge) resulting from the Cowan acquisition and increased revenue per order, partially offset by reduced volume within brokerage;
Current report
Increases were partially offset by:
Current report
•a $22.7 million decrease in fuel surcharge revenues due to decreased fuel prices.
Current report
Enterprise revenues (excluding fuel surcharge) increased $209.3 million, approximately 9%.
Current report
Enterprise income from operations increased $17.4 million, approximately 22%, in the six months ended June 30, 2025 compared to the same period in 2024, primarily related to increased volume within Dedicated due to the Cowan acquisition, higher rates in Network and Dedicated, an increase in Intermodal volume and revenue per order, and lower purchased transportation costs. These were partially offset by decreased brokerage volume, increased costs from the Cowan acquisition, and increased insurance expense from premiums and claims development.
Current report
Adjusted income from operations increased $18.7 million, approximately 23%.
Current report
Enterprise Operating Expenses
Current report
•Salaries, wages, and benefits increased $91.9 million, or 13%, period over period. Driver pay, office wages, and benefits all increased primarily as a result of the Cowan acquisition.
Current report
•Depreciation and amortization increased $20.6 million, or 10%, period over period, mainly due to additional depreciation expense resulting from tractor and trailer growth within Dedicated, primarily from the Cowan acquisition.
Current report
•Operating supplies and expenses—net increased $44.8 million, or 14%, period over period, driven by equipment related expenses (due to the Cowan acquisition), partially offset by increased gains on sale of equipment.
Current report
•Insurance and related expenses increased $19.4 million, or 30%, period over period, driven by an increase in auto liability insurance costs related to an increase in premiums (largely the result of the Cowan acquisition) and claims development.
Current report
•Other general expenses increased $10.1 million, or 17%, period over period, largely related to driver onboarding costs.
Current report
Total Other Expenses (Income)
Current report
Total other income decreased $6.9 million, approximately 86%, in the six months ended June 30, 2025 compared to the same period in 2024. This change was largely due to increased interest expense on outstanding borrowings, partially offset by an increase in interest income.
Current report
Income Tax Expense
Current report
Truckload
Current report
Truckload revenues (excluding fuel surcharge) increased $157.5 million, or 15%, in the six months ended June 30, 2025 compared to the same period in 2024. Dedicated volume increased 24% primarily due to the Cowan acquisition, rate and productivity improvements in both Dedicated and Network, partially offset by a decrease in Network volume of 9%.
Current report
Truckload income from operations increased $19.6 million, approximately 43%, in the six months ended June 30, 2025 compared to the same period in 2024. Factors contributing to the increase include the revenue impacts listed above, partially offset by an increase in insurance related expenses attributable to the Cowan acquisition and claims development.
Current report
Intermodal
Current report
Intermodal revenues (excluding fuel surcharge) increased $25.2 million, approximately 5%, in the six months ended June 30, 2025 compared to the same period in 2024. Volume increased 5%, and revenue per order increased $12.
Current report
Intermodal income from operations increased $8.3 million, approximately 38%, in the six months ended June 30, 2025 compared to the same period in 2024 mainly resulting from the revenue increases listed above, partially offset by increased maintenance costs.
Current report
Logistics
Current report
Logistics revenues (excluding fuel surcharge) increased $27.9 million, approximately 4%, in the six months ended June 30, 2025 compared to the same period in 2024. This was mainly the result of the Cowan acquisition, partially offset by decreases in both volume and revenue per order within our brokerage business.
Current report
Logistics income from operations decreased $0.6 million, approximately 4%, in the six months ended June 30, 2025 compared to the same period in 2024, primarily due to an increase in salaries and wages from an increase in headcount largely due to the Cowan acquisition, partially offset by the revenue impacts listed above and an increase in net revenue per order.
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Removed paragraphs (7)
Previous report
Enterprise net income increased $7.6 million, approximately 41%, in the first quarter of 2025 compared to the same quarter in 2024, primarily due to a $13.4 million increase in income from operations. Total other expenses increased $3.3 million, driven by increased interest expense, and our provision for income taxes increased $2.5 million.
Previous report
Adjusted net income increased $8.2 million, approximately 42%, for the same reasons discussed above.
Previous report
•and a $5.6 million decrease in Other segment revenues due to less activity in our leasing business.
Previous report
Adjusted income from operations increased $14.2 million, approximately 47%.
Previous report
Logistics income from operations increased $2.7 million, approximately 50%, in the first quarter of 2025 compared to the same quarter in 2024, primarily due to an increase in net revenue per order, offset by the lower brokerage volumes noted above.
Previous report
Other loss from operations increased $6.3 million in the first quarter of 2025 compared to the same quarter in 2024, due to an increase in our performance-based compensation, as well as lower leasing and other services.
Previous report
Net cash provided by financing activities increased $54.2 million, approximately 177%, in the first three months of 2025 compared to the same period in 2024. The increase was due to proceeds of $100.0 million under the delayed-draw term loan and $50.0 million under revolving credit agreements, partially offset by a $95.0 million payment on unsecured senior notes during the first three months of 2025 compared to $5.0 million of net proceeds in the same period in 2024. Additionally, repurchases of treasury stock decreased $4.7 million when compared to the same period in 2024.
Reworded paragraphs (31)
Previous wording
(2)We define “adjusted income from operations” as income from operations, adjusted to exclude material 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.
Current wording
(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.
Previous wording
(5)We define “adjusted net income” as net income, adjusted to exclude material 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.”
Current wording
(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.”
Previous wording
Enterprise operating revenues increased $82.8 million, approximately 6%, in the first quarter of 2025 compared to the same quarter in 2024.
Current wording
Enterprise operating revenues increased $103.8 million, approximately 8%, in the second quarter of 2025 compared to the same quarter in 2024.
Previous wording
•a $75.6 million increase in Truckload segment revenues (excluding fuel surcharge) due to Dedicated volume growth driven by the Cowan acquisition and increased Network and Dedicated rates, offset by decreased Network volumes;
Current wording
•an $81.9 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, partially offset by decreased Network volume;
Previous wording
•and a $7.1 million increase in Logistics segment revenues (excluding fuel surcharge) resulting from the Cowan acquisition, partially offset by lower brokerage revenue per order and volumes (net of Cowan).
Current wording
•a $20.8 million increase in Logistics segment revenues (excluding fuel surcharge) resulting from the Cowan acquisition, partially offset by lower volume (excluding Cowan) and revenue per order within brokerage;
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•a $12.4 million decrease in fuel surcharge revenues related to lower fuel prices in 2025;
Current wording
•a $10.3 million decrease in fuel surcharge revenues related to lower fuel prices in 2025.
Previous wording
Enterprise revenues (excluding fuel surcharge) increased $95.2 million, for the same reasons discussed above, excluding fuel surcharge.
Current wording
Enterprise revenues (excluding fuel surcharge) increased $114.1 million, for the same reasons discussed above, excluding fuel surcharge.
Previous wording
Enterprise income from operations increased $13.4 million, approximately 47%, in the first quarter of 2025 compared to the same quarter in 2024. Increased volumes in Dedicated (inclusive of the impacts from the Cowan acquisition) and Intermodal, increased net revenue per order in Logistics, and increased revenue per order in Intermodal contributed to the change. These were partially offset by increased expenses for salaries and wages and depreciation (both primarily from the Cowan acquisition), decreased fuel surcharge revenues, and decreased volume within Network and Logistics (excluding Cowan).
Current wording
Enterprise income from operations increased $4.0 million, approximately 8%, in the second quarter of 2025 compared to the same quarter in 2024. Increased volume in Dedicated (inclusive of the impacts from the Cowan acquisition) and Intermodal contributed to the change. These were partially offset by increased salaries and wages, depreciation, other equipment related costs (all largely driven by the Cowan acquisition), and decreased volume within Network and Logistics (excluding Cowan).
Previous wording
Enterprise operating ratio (operating expenses as a percentage of operating revenues) decreased on both a GAAP and adjusted basis when compared to the first quarter of 2024, for the same reasons listed above.
Current wording
Enterprise operating ratio (operating expenses as a percentage of operating revenues) remained flat on both a GAAP and adjusted basis when compared to the second quarter of 2024, for the same reasons listed above.
Previous wording
•Salaries, wages, and benefits increased $44.9 million, or 13%, quarter over quarter. Truckload driver pay and office wages increased due to expanded headcount (due to the Cowan acquisition), and incentive-based compensation increased.
Current wording
•Salaries, wages, and benefits increased $47.0 million, or 13%, quarter over quarter. Truckload driver pay and office wages and total benefits increased due to expanded headcount (due to the Cowan acquisition).
Previous wording
•Fuel and fuel taxes for company trucks increased $3.6 million, or 3%, quarter over quarter, due to an increase in company driver miles (due to the Cowan acquisition), offset by a lower cost per gallon. A significant portion of fuel costs are recovered through our fuel surcharge programs.
Current wording
•Fuel and fuel taxes for company trucks increased $3.3 million, or 3%, quarter over quarter, driven by the Cowan acquisition, offset by a lower cost per gallon. A significant portion of fuel costs are recovered through our fuel surcharge programs.
Previous wording
•Depreciation and amortization increased $10.8 million, or 11%, quarter over quarter, mainly due to additional depreciation expense incurred as a result of trailer and tractor growth within Dedicated (from the Cowan acquisition).
Current wording
•Depreciation and amortization increased $9.8 million, or 10%, quarter over quarter, mainly due to additional depreciation expense incurred as a result of tractor and trailer growth within Dedicated (from the Cowan acquisition).
Previous wording
•Operating supplies and expenses—net increased $21.5 million, or 14%, quarter over quarter, largely resulting from increased equipment related expenses (due to the Cowan acquisition).
Current wording
•Operating supplies and expenses—net increased $23.3 million, or 15%, quarter over quarter, largely resulting from increased equipment related expenses (due to the Cowan acquisition).
Previous wording
•Insurance expense increased $10.1 million, or 32%, quarter over quarter, driven by increased premiums (due to the Cowan acquisition) and claims development.
Current wording
•Insurance and related expenses increased $9.3 million, or 28%, quarter over quarter, driven by increased premiums (due to the Cowan acquisition) and claims development.
Previous wording
•Other general expenses increased $1.8 million, or 6%, quarter over quarter, primarily related to higher driver onboarding costs (primarily from the Cowan acquisition), offset by a decrease in bad debt expense.
Current wording
•Other general expenses increased $8.3 million, or 31%, quarter over quarter, primarily related to higher driver onboarding costs (primarily within Truckload), along with an increase in bad debt expense due to a return to normalized level after a decline in 2024.
Previous wording
Total other expenses increased $3.3 million in the first quarter of 2025 compared to the same quarter in 2024 mainly due to an increase in our interest expense, offset by increased interest income.
Current wording
Total other expenses increased $3.6 million in the second quarter of 2025 compared to the same quarter in 2024 mainly due to an increase in interest expense, partially offset by increased interest income.
Previous wording
Our provision for income taxes increased $2.5 million, or 40%, in the first quarter of 2025 compared to the same quarter in 2024, primarily due to higher taxable income. The effective income tax rate was 25.0% for the three months ended March 31, 2025 and 2024. Our provision for income taxes may fluctuate in future periods to the extent tax laws and regulations change.
Current wording
Our provision for income taxes decreased $0.3 million, or 3%, in the second quarter of 2025 compared to the same quarter in 2024, primarily due to a lower effective income tax rate, partially offset by higher taxable income. The effective income tax rate was 24.1% and 25.0% for the three months ended June 30, 2025 and 2024, respectively. Our provision for income taxes may fluctuate in future periods to the extent tax laws and regulations change.
Previous wording
Truckload revenues (excluding fuel surcharge) increased $75.6 million, approximately 14%, in the first quarter of 2025 compared to the same quarter in 2024. Dedicated volumes increased as a result of the Cowan acquisition, and rate per total mile and productivity increased for both Network and Dedicated, partially offset by a decrease in Network volumes.
Current wording
Truckload revenues (excluding fuel surcharge) increased $81.9 million, approximately 15%, in the second quarter of 2025 compared to the same quarter in 2024. Dedicated volume increased 23%, largely as a result of the Cowan acquisition. Rate per total mile and productivity increased for both Network and Dedicated, partially offset by a 6% decrease in Network volume.
Previous wording
Truckload income from operations increased $10.2 million, approximately 68%, in the first quarter of 2025 compared to the same quarter in 2024. The revenue impacts listed above were partially offset by higher insurance premiums, largely attributable to the Cowan acquisition.
Current wording
Truckload income from operations increased $9.4 million, approximately 31%, in the second quarter of 2025 compared to the same quarter in 2024. The revenue impacts listed above were partially offset by increased salary and wages expense due to increased driver and office headcount, higher equipment related costs and revenue equipment depreciation largely attributable to the Cowan acquisition, and insurance premiums driven by claims development.
Previous wording
Intermodal revenues (excluding fuel surcharge) increased $13.2 million, approximately 5%, in the first quarter of 2025 compared to the same quarter in 2024. Volume growth of 4% and an increase in revenue per order of $25, or 1%, primarily due to higher rate per loaded mile, contributed to the increase over prior year.
Current wording
Intermodal revenues (excluding fuel surcharge) increased $12.0 million, approximately 5%, in the second quarter of 2025 compared to the same quarter in 2024 primarily due to 5% growth in volume.
Previous wording
Intermodal income from operations increased $6.8 million, approximately 97%, in the first quarter of 2025 compared to the same quarter in 2024. Factors contributing to the increase include the revenue impacts cited above and a decrease in rail related costs.
Current wording
Intermodal income from operations increased $1.5 million, approximately 10%, in the second quarter of 2025 compared to the same quarter in 2024. Factors contributing to the increase include the volume growth cited above and a decrease in rail related costs.
Previous wording
The following table presents the KPI for our Logistics segment for the periods indicated.
Current wording
The following table presents the KPI for our Logistics segment for the periods indicated. Cowan Systems’ logistics operations are included in Logistics beginning in the fourth quarter of 2024.
Previous wording
Logistics revenues (excluding fuel surcharge) increased $7.1 million, approximately 2%, in the first quarter of 2025 compared to the same quarter in 2024 due to the acquisition of Cowan, offset by decreases in revenue per order and volume within our brokerage business.
Current wording
Logistics revenues (excluding fuel surcharge) increased $20.8 million, approximately 7%, in the second quarter of 2025 compared to the same quarter in 2024 due to the acquisition of Cowan, partially offset by decreases in volume and revenue per order within our brokerage business.
Previous wording
•a $13.2 million increase in Intermodal segment revenues (excluding fuel surcharge) as both volume and revenue per order increased;
Current wording
•and a $25.2 million increase in Intermodal segment revenues (excluding fuel surcharge) due to increased volume and revenue per order.
Previous wording
•Purchased transportation decreased $23.3 million, or 5%, quarter over quarter, resulting from declines in owner-operator capacity within Truckload (partially offset by the impacts of the Cowan acquisition) and lower third-party carrier costs within Logistics driven by lower purchased transportation costs per order and volume, partially offset by the Cowan acquisition.
Current wording
•Purchased transportation costs decreased $24.5 million, or 2%, period over period, primarily resulting from reduced third-party carrier costs within Logistics due to reduced brokerage volume and lower purchased transportation costs per order, a decline in rail related costs, and a reduction in owner-operator purchased transportation costs within Truckload driven by a reduction in owner-operator capacity, partially offset by the Cowan acquisition.
Previous wording
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 March 31, 2025 was $234.5 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.
Current wording
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 June 30, 2025 was $283.6 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.
Previous wording
As of March 31, 2025 cash and cash equivalents decreased $11.4 million when compared to December 31, 2024. Changes in debt for the same period include an additional $100.0 million draw on our delayed-draw term loan facility and a $50.0 million draw on our revolving credit agreement, partially offset by a $95.0 million payment on an unsecured senior note.
Current wording
As of June 30, 2025 cash and cash equivalents increased $43.1 million when compared to December 31, 2024. Changes in debt for the same period include an additional $100.0 million draw on our delayed-draw term loan facility, partially offset by a $95.0 million payment on an unsecured senior note.
Previous wording
Net cash provided by operating activities decreased $5.9 million in the first three months of 2025 compared to the same period in 2024. The increase in cash used by working capital was largely offset by an increase in net income adjusted for various noncash items. Working capital changes were driven by increases in cash used by receivables due to increases in trade receivables, other liabilities related timing of payments for wage and incentive accruals, and claims reserves from changes in claims paid compared to reserve activity. These amounts were partially offset by a decrease in cash used for other assets resulting from changes in prepaid balances and an increase in cash provided by payables.
Current wording
Net cash provided by operating activities decreased $13.0 million in the first six 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 increases in cash used by receivables which corresponds to the increase in operating revenues, as well as claims settlements. These amounts were partially offset by decreases in cash used for payables and other assets.
Previous wording
Net cash used in investing activities increased $24.6 million, approximately 24%, in the first three months of 2025 compared to the same period in 2024. The increase in cash used was primarily related to increases in cash used for the purchase of lease equipment and the issuance of a note receivable, partially offset by a decrease in net capital expenditures.
Current wording
Net cash used in investing activities increased $1.9 million, approximately 1%, in the first six months of 2025 compared to the same period in 2024. The increase in cash used was primarily related to decreased proceeds from sale of off-lease inventory and increased purchases of lease equipment and notes receivable funding, partially offset by a decrease in net capital expenditures.
Previous wording
Net capital expenditures decreased $14.8 million in the first three months of 2025 compared to the same period in 2024. The decrease was driven by an $8.9 million decrease in purchases of transportation equipment and a decrease in other property and equipment spend.
Current wording
Net capital expenditures decreased $32.0 million in the first six months of 2025 compared to the same period in 2024. The decrease was driven by a $36.9 million decrease in purchases of transportation equipment and a decrease in other property and equipment spend.
Previous wording
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 three months ended March 31, 2025.
Current wording
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 six months ended June 30, 2025.
Rearranged current paragraphs (27)
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Factors contributing to the increase included:
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Enterprise Income from Operations and Operating Ratio
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Enterprise operating ratio (operating expenses as a percentage of operating revenues) decreased on both a GAAP and adjusted basis when compared to the same period of 2024.
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Key operating expense fluctuations are described below.
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•Fuel and fuel taxes for company trucks increased $6.9 million, or 3%, period over period, 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.
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Our provision for income taxes increased $2.2 million, approximately 12%, in the six months ended June 30, 2025 compared to the same period in 2024 due to higher taxable income, partially offset by a lower effective tax rate. The effective income tax rate was 24.5% for the six months ended June 30, 2025 compared to 25.0% for the same period in 2024. Our provision for income taxes may fluctuate in future periods to the extent tax laws and regulations change.
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Revenues and Income (Loss) from Operations by Segment
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The following tables summarize revenues and income (loss) from operations by segment.
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We monitor and analyze a number of KPIs to manage our business and evaluate our financial and operating performance.
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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:
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•Dedicated- Transportation services with equipment devoted to customers under long-term contracts.
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•Network - Transportation services of one-way shipments.
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Cowan’s dedicated operations are included in Dedicated beginning in the fourth quarter of 2024.
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(1)Revenues (excluding fuel surcharge), in millions, exclude revenue in transit.
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(2)Includes company and owner-operator trucks.
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(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.
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(4)Calculated excluding fuel surcharge and revenue in transit, consistent with how revenue is reported internally for segment purposes, using weighted workdays.
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(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.
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(6)Includes entire fleet of owned trailers, including trailers with leasing arrangements between Truckload and Logistics.
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(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.
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The following table presents the KPIs for our Intermodal segment for the periods indicated.
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(1)Based on delivered rail orders.
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(2)Includes company and owner-operator trucks at the end of the period.
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(3)Calculated using rail revenues excluding fuel surcharge and revenue in transit, consistent with how revenue is reported internally for segment purposes.
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(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.
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The following table presents the KPI for our Logistics segment for the periods indicated. Cowan Systems’ logistics operations are included in Logistics beginning in the fourth quarter of 2024.
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(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.
Rearranged previous paragraphs (1)
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Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024