Schneider National’s second-quarter results signal that truckload capacity is tightening and rates are in the early stages of recovery, with double-digit contract renewals and spot activity approaching the prior cycle peak, according to FreightWaves.
The multimodal transportation provider beat second-quarter expectations and raised its full-year earnings outlook, FreightWaves reported. Schneider said the capacity-constrained truckload market is “only in the early stages of rate recovery” and that it will use the favorable imbalance to “recoup multiple years of significant cost inflation,” according to the report.
Rate Recovery and Contract Pricing
FreightWaves reported that Schneider’s network fleet (one-way truckload) captured double-digit rate increases on contract renewals during the quarter. Mini-bid activity is up as shippers grow more concerned with securing capacity for peak season, the report said. Schneider also increased its spot market exposure, noting that June closely resembled March 2021, the prior cycle peak, according to FreightWaves.
President and CEO Jim Filter said in the report:
“The positive impact of non-compliant capacity exiting the market has been realized more quickly than initially anticipated, and we remain confident that the enterprise will continue to deliver strong operating leverage.”
The company said the capacity-constrained truckload market is “only in the early stages of rate recovery” and that it will use the imbalance to “recoup multiple years of significant cost inflation,” according to FreightWaves.
Truckload Results
FreightWaves reported that truckload revenue increased 1% year over year to $628 million, with a 5% increase in revenue per truck partially offset by a 4% decline in average trucks in service. The lower tractor count was largely due to a tighter driver hiring market, but improved asset utilization is offsetting the lower truck count, the report said.
The one-way fleet recorded a 16% year-over-year increase in revenue per truck per week, while dedicated reported a 1% increase, according to FreightWaves. The truckload unit reported a 91.8% operating ratio (OR, or inverse of operating margin), 180 basis points better year over year, the report said.
Schneider flagged the loss of a large dedicated customer, which will be a headwind in the third quarter, FreightWaves reported. The company sold service on 500 new trucks in the first half of the year and said new dedicated contracts will backfill some of the open trucks, but it may also move some units over to the one-way fleet to take advantage of the spot market.
Intermodal and Logistics
FreightWaves reported that intermodal revenue slid 1% year over year to $262 million, with revenue per load down 2% as length of haul declined. The unit is getting low-single-digit rate increases currently, but more recent contracts are renewing with mid-single-digit increases, the report said. Finding drayage drivers is getting more difficult, but Schneider is not adding third-party operators to chase volume. The intermodal unit reported a 93% OR, 90 basis points better year over year.
Logistics revenue increased 11% year over year to $376 million, with a 96.8% OR, 90 basis points better year over year, according to FreightWaves.
Financial Guidance and Balance Sheet
FreightWaves reported that Schneider’s adjusted earnings per share (EPS) were 29 cents for the second quarter, 6 cents above the consensus estimate and 8 cents higher year over year. Consolidated revenue of $1.57 billion was 10% higher year over year and above the $1.52 billion consensus estimate.
| Segment | Q2 Revenue | y/y change | Operating Ratio |
|---|---|---|---|
| Truckload | $628M | +1% | 91.8% |
| Intermodal | $262M | -1% | 93.0% |
| Logistics | $376M | +11% | 96.8% |
The company raised its full-year adjusted EPS guidance to a range of 90 cents to $1.10, an 18% increase from its previous outlook at the midpoints, according to FreightWaves. The 2026 consensus estimate was 96 cents at the time of the print, and the company reported full-year 2025 adjusted EPS of 63 cents. Net debt leverage ended the quarter at 0.2x, down from 0.3x at the end of 2025. Schneider lowered its full-year net capital expenditure plan to $350 million to $400 million as it purchases fewer trailers than previously planned; net capex totaled $289 million in 2025, the report said.
Shipper and Operator Implications
For freight forwarders and 3PL operators, Schneider National’s results serve as a bellwether for the health of the truckload and intermodal markets, according to FreightWaves. The report’s findings on contract renewals, spot market activity, and capacity constraints are directly relevant to shippers planning for peak season. FreightWaves reported that shippers are growing more concerned with securing capacity for peak season, which has already driven mini-bid activity higher.
The report also noted that Schneider increased its spot market exposure and may shift some dedicated units to the one-way fleet to capture spot market gains. Intermodal shippers should note that recent contract renewals are now being priced with mid-single-digit increases, and drayage driver availability is tightening, according to FreightWaves.
Watch List
- The loss of a large dedicated customer, which will be a headwind in the third quarter, per FreightWaves.
- A tighter driver hiring market that is reducing truck availability, according to the report.
- Recent intermodal contracts renewing with mid-single-digit rate increases, as reported.
- Reduced full-year net capex plan of $350 million to $400 million as Schneider purchases fewer trailers than previously planned, according to FreightWaves.
- Spot market activity levels, which Schneider said in June resembled the prior cycle peak in March 2021.
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