Schneider National, Inc.
For the period ended Jun 30, 2026. Filed Jul 31, 2026.
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, 2026 · Filed Jul 31, 2026
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 2026-03-31; filed 2026-05-01.
0001692063-26-000025
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-31.
0001692063-26-000039
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 124 previous paragraphs and 184 current paragraphs.
84 unchanged; 24 reworded; 50 added; 14 removed; 2 previous and 26 current paragraphs rearranged.
Tables are not compared: 15 previous and 20 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 (50)
Current report
Adjusted net income increased $13.6 million, approximately 36%, for the same reasons discussed above.
Current report
Enterprise operating revenues increased $148.2 million, approximately 10%, in the second quarter of 2026 compared to the same period in 2025.
Current report
Factors contributing to the increase included:
Current report
•a $5.4 million increase in Truckload segment revenues (excluding fuel surcharge), primarily due to higher Network rates and productivity.
Current report
These increases were partially offset by:
Current report
Enterprise income from operations increased $16.4 million, approximately 30%, in the second quarter of 2026 compared to the same period in 2025. The increase was primarily attributable to increased Network rates and productivity, higher Logistics brokerage net revenue per order, fuel surcharge recovery, and cost-reduction actions. These impacts were partially offset by increased purchased transportation costs and property rents.
Current report
Adjusted income from operations increased $16.4 million, approximately 29%.
Current report
•Purchased transportation increased $74.9 million, or 15%, driven by higher third-party carrier costs within Logistics associated with increased revenue per order, higher purchased transportation expense within Intermodal due to higher fuel rates, and higher owner-operator purchased transportation expense within Truckload resulting from increased Network pricing.
Current report
•Operating supplies and expenses—net increased $5.3 million, or 3%, primarily due to increased tolls, lumper, software, and maintenance expenses, partially offset by higher gains on sales of equipment.
Current report
•Insurance and related expenses decreased $2.0 million, or 5%, driven by lower premiums and claims activity.
Current report
•Other general expenses decreased $2.3 million, or 7%, primarily reflecting reduced professional service costs as a result of cost-containment actions.
Current report
Truckload income from operations increased $11.3 million, approximately 28%, in the second quarter of 2026, compared to the same period in 2025, primarily due to improved Network price and productivity, fuel surcharge recovery, and improved equipment utilization, which contributed to lower depreciation expense, and higher gains on sales of equipment. These favorable impacts were partially offset by increased owner-operator purchased transportation expense and maintenance costs.
Current report
Intermodal revenues (excluding fuel surcharge) decreased $3.1 million, approximately 1%, in the second quarter of 2026 compared to the same period in 2025. The decrease was primarily attributable to a 2% decline in revenue per order, reflecting a shorter average length of haul, partially offset by higher volume.
Current report
Intermodal income from operations increased $2.3 million, approximately 14%, in the second quarter of 2026, compared to the same period in 2025, primarily driven by improved fuel surcharge recovery, volume growth, and increased gains on sales of equipment. These benefits were partially offset by increased purchased transportation expense, resulting from increased fuel costs, and lower revenue per order.
Current report
Logistics income from operations increased $4.2 million, approximately 53%, in the second quarter of 2026, compared to the same period in 2025, driven by higher net revenue per order and cost reduction actions, partially offset by increased purchased transportation expense and lower brokerage volume.
Current report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Current report
Enterprise Results Summary
Current report
Enterprise net income increased $8.0 million, approximately 13%, in the six months ended June 30, 2026, compared to the same period in 2025, primarily due to a $7.7 million increase in income from operations and a $2.9 million favorable change in total other expenses—net, driven by a $2.5 million decrease in interest expense. These favorable impacts were partially offset by a $2.6 million increase in the provision for income taxes.
Current report
Adjusted net income increased $7.6 million, approximately 12%, for the same reasons discussed above.
Current report
Components of Enterprise Net Income
Current report
Enterprise Revenues
Current report
Enterprise operating revenues increased $144.9 million, approximately 5%, in the six months ended June 30, 2026 compared to the same period in 2025.
Current report
Factors contributing to the increase included:
Current report
•a $16.8 million increase in Logistics segment revenues (excluding fuel surcharge), resulting from increased revenue per order within the brokerage business; and
Current report
These increases were partially offset by:
Current report
•a $10.0 million decrease in Intermodal segment revenues (excluding fuel surcharge), primarily due to decreased revenue per order.
Current report
Enterprise income from operations increased $7.7 million, approximately 8%, in the six months ended June 30, 2026, compared to the same period in 2025, primarily due to increased Network rates and productivity, higher net revenue per order within Logistics, fuel surcharge recovery, decreased depreciation and amortization primarily due to improved asset utilization, and cost containment actions. These factors were partially offset by increased purchased transportation costs and operating supplies and expenses.
Current report
Adjusted income from operations increased $7.3 million, approximately 7%.
Current report
Enterprise Operating Expenses
Current report
Key operating expense fluctuations year over year are described below.
Current report
•Purchased transportation costs increased $67.1 million, or 7%, primarily due to higher third-party carrier costs within Logistics consistent with increased revenue per order, increased purchased transportation costs within Intermodal resulting from higher fuel costs, and higher owner-operator purchased transportation costs within Truckload tied to improved network price.
Current report
•Salaries, wages, and benefits decreased $1.6 million, primarily due to lower office wages and driver pay resulting from reduced headcount, largely offset by higher incentive compensation and maintenance wages.
Current report
•Depreciation and amortization decreased $5.5 million, or 2%, mainly due to lower equipment counts and less amortization related to internal-use software.
Current report
•Operating supplies and expenses—net increased $18.0 million, or 5%, driven by tolls, software, maintenance, and lumper expenses, partially offset by increased gains on equipment sales.
Current report
•Insurance and related expenses decreased $3.2 million, or 4%, driven by lower premiums and claims activity.
Current report
•Other general expenses decreased $6.0 million, or 9%, largely related to lower professional service costs as a result of cost-containment actions.
Current report
Total Other Expenses-Net
Current report
Total other expenses decreased $2.9 million, approximately 19%, in the six months ended June 30, 2026, compared to the same period in 2025, largely due to a $2.5 million decrease in interest expense.
Current report
Income Tax Expense
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Removed paragraphs (14)
Previous report
Consistent with industry trends, our business exhibits seasonality across each of our reportable segments. Revenues are typically lowest in the first quarter and highest in the fourth quarter. Operating expenses tend to be higher in the winter months due primarily to colder weather, which increases maintenance costs and fuel consumption associated with increased idle time.
Previous report
Adjusted net income decreased $6.0 million, approximately 22%, for the same reasons discussed above.
Previous report
Enterprise operating revenues decreased $3.3 million in the first quarter of 2026 compared to the same period in 2025.
Previous report
Factors contributing to the decrease included:
Previous report
Enterprise income from operations decreased $8.7 million, approximately 21%, in the first quarter of 2026 compared to the same period in 2025. The decrease was primarily attributable to lower Logistics brokerage volume, reduced Intermodal rate per mile, and higher maintenance costs. These impacts were partially offset by lower purchased transportation and salaries and wages resulting from costs-containment actions, improved Network productivity, and higher Network rate per billed mile and Dedicated rate per total mile.
Previous report
Adjusted income from operations decreased $9.1 million, approximately 21%.
Previous report
•Purchased transportation decreased $7.8 million, or 2%, driven by lower third-party purchased transportation within Logistics due to reduced volume, partially offset by higher owner-operator purchased transportation costs within Truckload associated with increased Network price.
Previous report
•Operating supplies and expenses—net increased $12.7 million, or 7%, largely resulting from increased maintenance expenses, higher software costs, and lower gains on sale of equipment.
Previous report
•Insurance and related expenses decreased $1.2 million, or 3%, driven by a decrease in claims severity, partially offset by increased premiums.
Previous report
•Other general expenses decreased $3.7 million, or 11%, primarily reflecting lower professional service expenses resulting from cost-containment actions.
Previous report
Truckload income from operations decreased $4.9 million, approximately 20%, in the first quarter of 2026 compared to the same period in 2025, primarily due to higher maintenance and fuel costs, as well as lower gains on sale of equipment. These impacts were partially offset by improved Network productivity and price.
Previous report
Intermodal income from operations decreased $2.9 million, approximately 21%, in the first quarter of 2026 compared to the same period in 2025, driven by lower revenue per order and higher maintenance costs. These impacts were partially offset by volume growth and reduced purchased transportation, salaries and wages related to headcount actions, and equipment costs.
Previous report
Logistics income from operations decreased $1.6 million, approximately 20%, in the first quarter of 2026 compared to the same period in 2025, driven by lower volume within brokerage. This decrease was partially offset by increased net revenue per order and lower salaries and wages, primarily reflecting headcount actions.
Previous report
Net capital expenditures decreased $52.3 million in the first three months of 2026 compared to the same period in 2025, primarily due to a $73.5 million decrease in purchases of transportation equipment, partially offset by the purchase of land.
Reworded paragraphs (24)
Previous wording
Enterprise net income decreased $5.7 million, approximately 22%, in the first quarter of 2026 compared to the same period in 2025, primarily due to an $8.7 million decrease in income from operations. This decrease was partially offset by a $1.9 million reduction in the provision for income taxes and a $1.1 million decrease in other expenses, driven by lower interest expense.
Current wording
Enterprise net income increased $13.7 million, approximately 38%, in the second quarter of 2026, compared to the same period in 2025, primarily due to a $16.4 million increase in income from operations and a $1.8 million decrease in other expenses. These increases were partially offset by a $4.5 million increase in the provision for income taxes.
Previous wording
•an $11.9 million increase in fuel surcharge revenues related to higher fuel prices in 2026;
Current wording
•a $101.9 million increase in fuel surcharge revenues due to higher fuel prices in 2026;
Previous wording
•a $19.7 million decline in Logistics segment revenues (excluding fuel surcharge) driven by decreased brokerage volume; and
Current wording
•a $36.5 million increase in Logistics segment revenues (excluding fuel surcharge) driven by increased revenue per order in our brokerage business; and
Previous wording
•a $6.9 million decrease in Intermodal revenues (excluding fuel surcharge) due to lower revenue per order, reflecting shorter length of haul;
Current wording
•a $3.1 million decrease in Intermodal revenues (excluding fuel surcharge) due to lower revenue per order, reflecting shorter length of haul.
Previous wording
Enterprise revenues (excluding fuel surcharge) decreased $15.2 million, for the same reasons discussed above, excluding fuel surcharge revenue.
Current wording
Enterprise revenues (excluding fuel surcharge) increased $46.3 million, approximately 4%, for the same reasons discussed above, excluding fuel surcharge revenue.
Previous wording
Enterprise operating ratio (operating expenses as a percentage of operating revenues) increased on both a GAAP and adjusted basis when compared to the first quarter of 2025, for the same reasons listed above.
Current wording
Enterprise operating ratio (operating expenses as a percentage of operating revenues) improved on both a GAAP and adjusted basis when compared to the second quarter of 2025, for the same reasons listed above.
Previous wording
•Salaries, wages, and benefits decreased $4.7 million, or 1%, primarily due to reduced salaries and wages resulting from headcount actions, partially offset by higher workers’ compensation and benefit costs.
Current wording
•Salaries, wages, and benefits increased $3.1 million, or 1%, as higher incentive compensation was largely offset by lower salaries and wages resulting from lower headcount.
Previous wording
•Fuel and fuel taxes for company trucks increased $12.8 million, or 12%, driven by a higher 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 $55.6 million, or 53%, driven by a higher cost per gallon. A significant portion of fuel costs are recovered through our fuel surcharge programs.
Previous wording
•Depreciation and amortization decreased $2.7 million, or 2%, mainly due to lower trailer count and internal use software amortization.
Current wording
•Depreciation and amortization decreased $2.8 million, or 2%, mainly due to lower equipment counts and lower amortization of internal-use software.
Previous wording
Total other expenses decreased $1.1 million in the first quarter of 2026 compared to the same period in 2025 mainly due to a decrease in interest expense of $0.8 million.
Current wording
Total other expenses decreased $1.8 million in the second quarter of 2026, compared to the same period in 2025, mainly due to a $1.7 million decrease in interest expense.
Previous wording
Our provision for income taxes decreased $1.9 million, or 22%, in the first quarter of 2026 compared to the same period in 2025, primarily due to lower taxable income. The effective income tax rate was 25.0% for both the three months ended March 31, 2026 and 2025. 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 $4.5 million, or 39%, in the second quarter of 2026, compared to the same period in 2025, primarily due to higher taxable income. The effective income tax rate was 24.2% and 24.1% for the three months ended June 30, 2026 and 2025, respectively. Our provision for income taxes may fluctuate in future periods to the extent tax laws and regulations change.
Previous wording
The following table presents our Truckload segment KPIs for the periods indicated and is consistent with how revenues and expenses are reported internally for segment purposes. Our Truckload segment is comprised of two operating units:
Current wording
The following table presents our Truckload segment KPIs for the periods indicated, consistent with how revenues and expenses are reported internally for segment purposes. Our Truckload segment is comprised of two operating units:
Previous wording
(5)Revenues (excluding fuel surcharge), in millions, include revenue in transit at the operating segment level and, therefore, amounts presented above do not sum to total.
Current wording
(5)Revenues (excluding fuel surcharge), in millions, include revenue in transit at the operating segment level; therefore, amounts presented above do not sum to total.
Previous wording
Truckload revenues (excluding fuel surcharge) increased $4.3 million, approximately 1%, in the first quarter of 2026 compared to the same period in 2025, driven by a 3% increase in Network billed miles and higher rates per billed mile in Network and per total mile in Dedicated, partially offset by lower Dedicated volume.
Current wording
Truckload revenues (excluding fuel surcharge) increased $5.4 million, approximately 1%, in the second quarter of 2026, compared to the same period in 2025, driven by a higher rate per billed mile and increased billed miles in Network, as well as a higher rate per total mile in Dedicated, partially offset by lower Dedicated volume.
Previous wording
Intermodal revenues (excluding fuel surcharge) decreased $6.9 million, approximately 3%, in the first quarter of 2026 compared to the same period in 2025 primarily due to a 4% decline in revenue per order, partially offset by an increase in volume.
Current wording
Logistics revenues (excluding fuel surcharge) increased $36.5 million, approximately 11%, in the second quarter of 2026, compared to the same period in 2025, primarily due to an increase in revenue per order, partially offset by lower brokerage volume.
Previous wording
Other loss from operations in the first quarter of 2026 was comparable to the same period in 2025.
Current wording
Other loss from operations in the second quarter of 2026 was comparable to the same period in 2025.
Previous wording
•a $4.3 million increase in Truckload segment revenues (excluding fuel surcharge), driven by higher revenue per truck per week within Network.
Current wording
•a $9.7 million increase in Truckload segment revenues (excluding fuel surcharge), driven by higher Network rates and productivity.
Previous wording
Logistics revenues (excluding fuel surcharge) decreased $19.7 million, approximately 6%, in the first quarter of 2026 compared to the same period in 2025, primarily due to lower volume within our brokerage business, partially offset by higher revenue per order.
Current wording
Logistics revenues (excluding fuel surcharge) increased $16.8 million, approximately 3%, in the six months ended June 30, 2026, compared to the same period in 2025, mainly due to higher revenue per order within our brokerage business, partially offset by lower volume.
Previous wording
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.
Current wording
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, property, and information technology.
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, 2026 was $331.7 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, 2026 was $332.1 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
Net cash provided by operating activities increased $1.2 million in the first three months of 2026 compared to the same period in 2025. The increase was driven by lower cash used by working capital and higher net income adjusted for noncash items. Working capital changes primarily reflected movements in trade and tax receivables and prepaid and other assets, partially offset by changes in other liabilities related to the timing of wage accruals, higher payables balances, and changes in reserve balances.
Current wording
Net cash provided by operating activities decreased $2.9 million in the first six months of 2026 compared to the same period in 2025. The decrease was driven by higher cash used by working capital, partially offset by an increase in net income adjusted for noncash items. Working capital changes primarily reflected movements in trade receivables corresponding to increased operating revenues and prepaid and other assets due to the timing of payments. These amounts were partially offset by higher payables balances, changes in other liabilities related to the timing of wage accruals, and changes in reserve balances.
Previous wording
Net cash used in investing activities decreased $91.9 million, approximately 73%, in the first three months of 2026 compared to the same period in 2025, primarily due to lower purchases of transportation and lease equipment and reduced funding of notes receivable. These decreases were partially offset by higher purchases of other property and equipment related to land acquisition.
Current wording
Net cash used in investing activities decreased $58.0 million, approximately 32%, in the first six months of 2026, compared to the same period in 2025, primarily due to the timing of transportation and lease equipment purchases, increased proceeds from the sale of property, and reduced funding of notes receivable. These decreases were partially offset by higher purchases of other property and equipment related to land acquisitions.
Previous wording
Net cash used in financing activities increased $55.4 million, approximately 235%, in the first three months of 2026 compared to the same period in 2025. The increase was primarily driven by a $50.0 million reduction in borrowings under revolving credit arrangements and a $7.3 million decrease in net proceeds from debt and finance lease obligations, partially offset by a $3.1 million decrease in common stock repurchases due to lower share repurchase activity.
Current wording
Net cash used in financing activities increased $7.0 million, approximately 16%, in the first six months of 2026 compared to the same period in 2025. The increase was primarily driven by a $9.4 million increase in net payments on debt and finance lease obligations, partially offset by a $3.1 million decrease in common stock repurchases due to lower share repurchase activity.
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, 2025 for our contractual obligations as of December 31, 2025. There were no material changes to our contractual obligations during the three months ended March 31, 2026.
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, 2025 for our contractual obligations as of December 31, 2025. There were no material changes to our contractual obligations during the six months ended June 30, 2026.
Rearranged current paragraphs (26)
Current report — wording carried from elsewhere
•a $113.8 million increase in fuel surcharge revenues due to higher fuel prices;
Current report — wording carried from elsewhere
Enterprise revenues (excluding fuel surcharge) increased $31.1 million, approximately 1%, for the same reasons discussed above, excluding fuel surcharge revenue.
Current report — wording carried from elsewhere
Enterprise Income from Operations and Operating Ratio
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Enterprise operating ratio (operating expenses as a percentage of operating revenues) improved on both a GAAP and adjusted basis when compared to the same period in 2025.
Current report — wording carried from elsewhere
•Fuel and fuel taxes for company trucks increased $68.4 million, or 32%, driven by an increased cost per gallon. A significant portion of fuel costs are recovered through our fuel surcharge programs.
Current report — wording carried from elsewhere
Our provision for income taxes increased $2.6 million, approximately 13%, in the six months ended June 30, 2026, compared to the same period in 2025, due to higher taxable income. The effective income tax rate was 24.5% for both the six months ended June 30, 2026 and 2025. Our provision for income taxes may fluctuate in future periods to the extent tax laws and regulations change.
Current report — wording carried from elsewhere
Revenues and Income (Loss) from Operations by Segment
Current report — wording carried from elsewhere
The following tables summarize revenues and income (loss) from operations by segment.
Current report — wording carried from elsewhere
We monitor and analyze a number of KPIs to manage our business and evaluate our financial and operating performance.
Current report — wording carried from elsewhere
The following table presents our Truckload segment KPIs for the periods indicated, consistent with how revenues and expenses are reported internally for segment purposes. Our Truckload segment is comprised of two operating units:
Current report — wording carried from elsewhere
•Dedicated- Transportation services utilizing equipment dedicated to customers under long-term contracts.
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•Network - Transportation services primarily consisting of one-way shipments.
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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; therefore, amounts presented above do not sum to total.
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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)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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(3)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.
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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.
Current report — wording carried from elsewhere
Other loss from operations in the six months ended June 30, 2026 was comparable to the same period in 2025.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
These decreases were partially offset by:
Previous report — wording carried elsewhere
Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025