Schneider National, Inc.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
SNDR$29.05+0.4%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS(in millions)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating Activities: | |||
| Net income | $103.6 | $117.0 | $238.5 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 450.0 | 413.7 | 382.5 |
| Gains on sales of property and equipment—net | (10.6) | (3.5) | (28.7) |
| Proceeds from lease receipts | 61.5 | 62.0 | 74.9 |
| Deferred income taxes | (3.2) | 3.9 | 55.8 |
| Long-term incentive and share-based compensation expense | 17.1 | 12.6 | 15.8 |
| Loss (gains) on investments in equity securities—net | 0.5 | (2.3) | (19.7) |
| Other noncash items—net | 1.6 | 2.3 | 0.5 |
| Changes in operating assets and liabilities: | |||
| Receivables | 17.9 | 70.1 | 42.4 |
| Other assets | 6.5 | (6.5) | (21.2) |
| Claims reserves and receivables—net | 8.8 | 38.0 | 9.4 |
| Payables | (20.7) | (32.7) | (32.6) |
| Other liabilities | 4.4 | 11.5 | (37.6) |
| Net cash provided by operating activities | 637.4 | 686.1 | 680.0 |
| Investing Activities: | |||
| Purchases of transportation equipment | (352.0) | (414.0) | (660.1) |
| Purchases of other property and equipment | (32.8) | (65.1) | (42.3) |
| Proceeds from sale of property and equipment | 95.6 | 98.8 | 128.6 |
| Proceeds from sale of off-lease inventory | 18.4 | 32.7 | 34.6 |
| Purchases of lease equipment | (69.8) | (60.2) | (105.2) |
| Proceeds from government grants | — | 2.2 | 14.6 |
| Proceeds from marketable securities | 7.6 | 11.8 | 6.2 |
| Purchases of marketable securities | — | (1.9) | (16.2) |
| Investments in equity securities and equity method investment | (0.2) | (0.1) | (17.6) |
| Investments in notes receivable | (13.0) | (2.5) | (10.0) |
| Business acquisitions, net of cash acquired | — | (393.2) | (240.2) |
| Net cash used in investing activities | (346.2) | (791.5) | (907.6) |
| Financing Activities: | |||
| Proceeds under revolving credit agreements | 50.0 | 65.0 | 186.0 |
| Payments under revolving credit agreements | (120.0) | (100.0) | (81.0) |
| Proceeds from long-term debt | 100.0 | 300.0 | 50.0 |
| Payments of debt and finance lease obligations | (151.4) | (44.5) | (73.9) |
| Dividends paid | (67.0) | (66.6) | (63.6) |
| Repurchases of common stock | (14.6) | (29.5) | (66.9) |
| Other financing activities | (4.3) | (3.8) | (6.3) |
| Net cash (used in) provided by financing activities | (207.3) | 120.6 | (55.7) |
| Net increase (decrease) in cash and cash equivalents | 83.9 | 15.2 | (283.3) |
| Cash and Cash Equivalents: | |||
| Beginning of period | 117.6 | 102.4 | 385.7 |
| End of period | $201.5 | $117.6 | $102.4 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Additional Cash Flow Information: | |||
| Noncash investing and financing activity: | |||
| Transportation and lease equipment purchases in accounts payable | $0.1 | $5.2 | $8.7 |
| Dividends declared but not yet paid | 17.6 | 17.4 | 16.9 |
| Noncash equity method investment | — | — | 3.3 |
| Sale of assets in exchange for notes receivable | — | 4.0 | — |
| Cash paid during the period for: | |||
| Interest | 32.0 | 14.3 | 10.2 |
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