Trucking capacity is tightening as Werner Enterprises reports record revenue per truck growth in its One-Way segment, up 27.7% year-over-year to $6,114 per truck per week in the second quarter, according to its latest earnings release. The improvement signals rising spot and contract rates for shippers relying on over-the-road transport.
The surge in revenue per truck was driven by a deliberate downsizing of the One-Way Truckload fleet. Average trucks in service fell 34% from a year ago, while total miles per truck per week increased 15.7%. Trips also lengthened, averaging 685 miles versus 581 miles in the prior-year quarter, according to the FreightWaves report.
Dedicated Segment Expansion Via FirstFleet
Werner's Dedicated fleet grew 43.7% to 6,976 trucks, largely due to the acquisition of FirstFleet in January 2026. Average revenue per truck per week in Dedicated rose 5.4% to $4,789. CEO Derek Leathers said the acquisition is “driving margin improvement ahead of schedule.”
Financial Performance: Non-GAAP Gains
Non-GAAP adjusted operating margin improved 80 basis points to 3%, with non-GAAP adjusted operating income of $27.6 million (up 67%). Non-GAAP diluted earnings per share jumped 178% to 22 cents. Leathers attributed the results to “strategic efforts implemented over the last few quarters and decisive actions to adapt to a capacity tightening market.”
Key Segment Comparison
| Metric | One-Way Truckload | Dedicated |
|---|---|---|
| Average trucks in service | Down 34% YoY | Up 43.7% YoY to 6,976 |
| Revenue per truck per week | $6,114 (+27.7%) | $4,789 (+5.4%) |
| Miles per truck per week | Up 15.7% | Not disclosed |
| Average trip length | 685 miles (from 581) | Not disclosed |
Shipper Implications
For shippers and freight brokers, Werner’s results indicate tightening capacity in the One-Way segment, which could lead to higher spot rates and longer lead times. The reduced fleet size suggests carriers are prioritizing asset utilization over volume. In Dedicated, the FirstFleet acquisition adds reefer and dry van capacity, potentially offering stable contract rates, but organic Dedicated growth may also pressure pricing.
Watch List
- FirstFleet integration: Margin improvement ahead of schedule may indicate further cost synergies.
- One-Way fleet trajectory: Future capacity increases could moderate revenue per truck growth.
- Market rate response: Competitors may follow similar capacity rationalization strategies.
