Schneider National, Inc.
For the period ended Sep 30, 2025. Filed Oct 30, 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.
Sep 30, 2025 · Filed Oct 30, 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 2025-06-30; filed 2025-07-31.
0001692063-25-000054
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001692063-25-000068
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 190 previous paragraphs and 190 current paragraphs.
121 unchanged; 51 reworded; 18 added; 18 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 19 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 (18)
Current report
(3)Severance related to workforce rightsizing.
Current report
Adjusted net income decreased $9.8 million, approximately 31%, for the same reasons discussed above.
Current report
Enterprise operating revenues increased $136.7 million, approximately 10%, in the third quarter of 2025 compared to the same quarter in 2024.
Current report
•a $14.6 million increase in fuel surcharge revenues due primarily to the volume effects related to Cowan.
Current report
Adjusted income from operations decreased $5.9 million, approximately 13%.
Current report
•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.
Current report
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.
Current report
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%.
Current report
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.
Current report
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.
Current report
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Current report
Adjusted net income decreased $0.5 million, approximately 1%, for the same reasons discussed above.
Current report
Enterprise operating revenues increased $323.3 million, approximately 8%, in the nine months ended September 30, 2025 compared to the same period in 2024.
Current report
Adjusted income from operations increased $12.8 million, approximately 10%.
Current report
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 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.
Current report
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.
Current report
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.
Current report
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Removed paragraphs (18)
Previous report
Adjusted net income increased $1.1 million, approximately 3%, for the same reasons discussed above.
Previous report
Enterprise operating revenues increased $103.8 million, approximately 8%, in the second quarter of 2025 compared to the same quarter in 2024.
Previous report
•a $10.3 million decrease in fuel surcharge revenues related to lower fuel prices in 2025.
Previous report
Adjusted income from operations increased $4.5 million, approximately 9%.
Previous 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.
Previous report
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 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.
Previous 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.
Previous report
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Previous report
Adjusted net income increased $9.3 million, approximately 17%, for the same reasons discussed above.
Previous 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.
Previous report
Increases were partially offset by:
Previous report
Adjusted income from operations increased $18.7 million, approximately 23%.
Previous 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.
Previous 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%.
Previous 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.
Previous report
Other income from operations decreased $9.9 million in the six months ended June 30, 2025 compared to the same period in 2024. Changes consisted of inflationary cost pressures combined with decreased income from our other service offerings.
Previous report
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Reworded paragraphs (51)
Previous wording
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 wording
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.
Previous 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;
Current wording
•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;
Previous 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;
Current wording
•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;
Previous wording
•and a $12.0 million increase in Intermodal revenues (excluding fuel surcharge) due to an increase in volume.
Current wording
•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
Previous wording
Enterprise revenues (excluding fuel surcharge) increased $114.1 million, for the same reasons discussed above, excluding fuel surcharge.
Current wording
Enterprise revenues (excluding fuel surcharge) increased $122.1 million, for the same reasons discussed above, excluding fuel surcharge.
Previous 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).
Current wording
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.
Previous 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.
Current wording
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.
Previous wording
Key operating expense fluctuations are described below.
Current wording
Key operating expense fluctuations quarter over quarter are described below.
Previous 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).
Current wording
•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.
Previous 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.
Current wording
•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.
Previous 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).
Current wording
•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).
Previous 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).
Current wording
•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).
Previous 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.
Current wording
•Insurance and related expenses increased $23.7 million, or 65%, driven by increased premiums (inclusive of Cowan) and prior year claims development.
Previous 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.
Current wording
•Other general expenses increased $1.2 million, or 4%, primarily related to higher driver onboarding costs (primarily within Truckload, inclusive of Cowan).
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous 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.
Current wording
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.
Previous wording
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 wording
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.
Previous wording
•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 wording
•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;
Previous wording
•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 wording
•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
Previous wording
•and a $25.2 million increase in Intermodal segment revenues (excluding fuel surcharge) due to increased volume and revenue per order.
Current wording
•a $41.9 million increase in Intermodal segment revenues (excluding fuel surcharge) due to increased volume.
Previous wording
•a $22.7 million decrease in fuel surcharge revenues due to decreased fuel prices.
Current wording
•an $8.1 million reduction in fuel surcharge revenues due to decreased fuel prices.
Previous wording
Enterprise revenues (excluding fuel surcharge) increased $209.3 million, approximately 9%.
Current wording
Enterprise revenues (excluding fuel surcharge) increased $331.4 million, approximately 9%.
Previous wording
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 wording
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.
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 same period of 2024.
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 same period in 2024.
Previous wording
Key operating expense fluctuations are described below.
Current wording
Key operating expense fluctuations year over year are described below.
Previous 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.
Current wording
•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.
Previous wording
•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 wording
•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.
Previous wording
•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.
Current wording
•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.
Previous wording
•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 wording
•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).
Previous wording
•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 wording
•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.
Previous wording
•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 wording
•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.
Previous wording
•Other general expenses increased $10.1 million, or 17%, period over period, largely related to driver onboarding costs.
Current wording
•Other general expenses increased $11.3 million, or 13%, largely related to driver onboarding costs and rent expense.
Previous wording
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.
Current wording
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.
Previous wording
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 wording
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.
Previous 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.
Current wording
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%.
Previous wording
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 wording
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.
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