olivLaw · US equity research
Werner Enterprises, Inc. WERN
Trucking (No Local) · SIC 4213 · Vertical: Trucking (No Local) (SIC 4213)
Werner Enterprises is one of the largest truckload carriers in the United States, complemented by an asset-light logistics division. The company acquired FirstFleet in January 2026, and its latest results show margins under pressure from fuel costs, with revenues above 1.7 billion USD in the first half of 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Werner Enterprises, Inc. (WERN) stock was 29.34 USD (+2.55% on the day), with market capitalisation 1.8 bn USD, dividend yield 1.91%, beta 0.83, 52-week range 23.15–47.29 USD. Latest reported quarter (Q2 2026): revenue of 933.9 m USD (+24.0% YoY), net income of 6.4 m USD (−85.6% YoY), diluted EPS 0.11 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 41.4
- weak (30–45)
- Bollinger (20, 2)
- 26.14 – 34.25
- in the lower half of the band · %B 0.39 · band width 26.8%
- SMA 50 / 200
- 33.83 / 36.00
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.61 / -1.73
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.1% | −2.0% | −12.1 pp | — |
| 3 months | −22.4% | −2.2% | −20.3 pp | — |
| 6 months | −19.4% | +4.3% | −23.7 pp | — |
| Year to date | −2.2% | +10.6% | −12.8 pp | — |
| 1 year | +11.6% | +10.5% | +1.1 pp | +34.0% |
| 3 years | −20.5% | +73.7% | −94.2 pp | +4.3% |
| 5 years | −36.0% | +61.7% | −97.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 745.7 m | 754.7 m | 712.1 m | 753.1 m | 771.5 m | 737.6 m | 808.6 m | 933.9 m |
| Operating income | 17.6 m | 13.4 m | -5.8 m | 66.3 m | -13.0 m | -35.8 m | 4.0 m | 16.9 m |
| Interest expense | 11.1 m | 11.1 m | 9.5 m | 9.4 m | 9.9 m | 10.2 m | 11.7 m | 11.7 m |
| Pre-tax income | 8.5 m | 12.5 m | -13.4 m | 59.1 m | -21.9 m | -44.6 m | -5.9 m | 7.3 m |
| Income tax | 2.0 m | 910.0 k | -3.2 m | 15.5 m | -822.0 k | -9.3 m | -1.5 m | 2.0 m |
| Net income | 6.6 m | 11.9 m | -10.1 m | 44.1 m | -20.6 m | -27.8 m | -4.3 m | 6.4 m |
| Diluted EPS | 0.11 | 0.19 ≈ | -0.16 | 0.72 | -0.34 | -0.47 ≈ | -0.07 | 0.11 |
| Operating cash flow | 61.0 m ≈ | 71.0 m | 29.4 m | 46.0 m ≈ | 44.1 m ≈ | 62.3 m | 83.5 m | 83.8 m ≈ |
| Capex | 134.5 m ≈ | 80.8 m | 23.5 m | 88.3 m ≈ | 52.7 m ≈ | 85.8 m | 52.8 m | 29.0 m ≈ |
| Dividends paid | 8.7 m ≈ | 8.7 m | 8.7 m | 8.7 m ≈ | 8.4 m ≈ | 8.4 m | 8.4 m | 8.4 m ≈ |
| Share repurchases | 0 ≈ | -17.0 k | 0 | 55.6 m ≈ | 0 ≈ | -9.0 k | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.5 bn | 2.5 bn | 2.4 bn | 2.7 bn | 3.3 bn | 3.3 bn | 3.0 bn | 3.0 bn |
| Revenue YoY | +16.1% | +0.2% | −3.7% | +15.3% | +20.3% | −0.2% | −7.7% | −1.8% |
| Net income | 168.1 m | 166.9 m | 169.1 m | 259.1 m | 241.3 m | 112.4 m | 34.2 m | -14.4 m |
| Net income YoY | −17.1% | −0.7% | +1.3% | +53.2% | −6.9% | −53.4% | −69.5% | −142.1% |
| Diluted EPS | 2.33 | 2.38 | 2.44 | 3.82 | 3.74 | 1.76 | 0.55 | -0.24 |
| Diluted EPS YoY | −16.8% | +2.1% | +2.5% | +56.6% | −2.1% | −52.9% | −68.8% | −143.6% |
| net % | 6.8% | 6.8% | 7.1% | 9.5% | 7.3% | 3.4% | 1.1% | -0.5% |
| Free cash flow | -101.7 m | 5.9 m | 32.8 m | -38.0 m | -58.5 m | -124.4 m | -84.1 m | -68.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 59.9 m USD
- Financial debt
- 752.0 m USD
- Net debt
- 692.1 m USD
- Equity
- 1.4 bn USD
- Total assets
- 2.9 bn USD
- Debt / equity
- 0.55x
- Current ratio
- 1.95x
- ROE
- -1.0%
- ROA
- -0.5%
- FCF margin
- -2.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.4 bn | 2.7 bn | 3.3 bn | 3.3 bn | 3.0 bn | 3.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 227.4 m | 309.1 m | 323.1 m | 176.4 m | 66.1 m | 11.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Interest expense | 4.2 m | 4.4 m | 11.8 m | 33.5 m | 39.2 m | 39.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 224.7 m | 346.0 m | 324.8 m | 147.8 m | 42.5 m | -20.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 55.6 m | 84.5 m | 79.2 m | 35.5 m | 8.9 m | 2.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 169.1 m | 259.1 m | 241.3 m | 112.4 m | 34.2 m | -14.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 2.44 | 3.82 | 3.74 | 1.76 | 0.55 | -0.24 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 69.4 m | 67.9 m | 64.6 m | 63.7 m | 62.7 m | 60.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.36 | 0.46 | 0.51 | 0.55 | 0.56 | 0.56 | SEC (XBRL)· 26 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 29.3 m | 54.2 m | 107.2 m | 61.7 m | 40.8 m | 59.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 341.1 m | 460.5 m | 518.8 m | 444.9 m | 391.7 m | 394.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 12.1 m | 11.1 m | 14.5 m | 18.1 m | 14.2 m | 12.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 456.9 m | 631.2 m | 762.6 m | 634.6 m | 541.8 m | 612.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 1.5 bn | 1.6 bn | 1.8 bn | 2.0 bn | 1.9 bn | 1.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 0 | 74.6 m | 132.7 m | 129.1 m | 129.1 m | 129.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 0 | 55.3 m | 81.5 m | 86.5 m | 76.4 m | 44.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 2.2 bn | 2.6 bn | 3.1 bn | 3.2 bn | 3.1 bn | 2.9 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 83.3 m | 94.0 m | 124.5 m | 136.0 m | 112.4 m | 95.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 25.0 m | 5.0 m | 6.3 m | 2.5 m | 20.0 m | 0 | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 175.0 m | 422.5 m | 687.5 m | 646.3 m | 630.0 m | 752.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 274.0 m | 268.7 m | 309.5 m | 330.6 m | 355.7 m | 314.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 961.6 m | 1.2 bn | 1.6 bn | 1.6 bn | 1.6 bn | 1.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 1.2 bn | 1.3 bn | 1.4 bn † | 1.5 bn † | 1.5 bn † | 1.4 bn † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 445.9 m | 332.8 m | 448.7 m | 474.4 m | 329.7 m | 181.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 413.1 m | 370.9 m | 507.3 m | 598.8 m | 413.8 m | 250.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 32.8 m ≈ | -38.0 m ≈ | -58.5 m ≈ | -124.4 m ≈ | -84.1 m ≈ | -68.5 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -263.3 m | -397.3 m | -514.3 m | -434.9 m | -241.4 m | -171.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -186.0 m | 89.7 m | 118.0 m | -87.1 m | -105.7 m | 7.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 24.9 m | 29.1 m | 32.2 m | 34.2 m | 35.1 m | 34.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 56.5 m | 104.4 m | 110.4 m | 0 | 67.1 m | 55.6 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.8 bn USD
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 7.28 – 20.75 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)7.28 – 20.75 (Mid 12.18)WACC 8.0% · starting FCFF 89.9 m USD · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 20.5%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)7.36 – 9.90 (Mid 8.44)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -1.1% | 30 (vs peers) | 19% |
| Net margin · Quality | -1.4% | 25 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -3.3% | 0 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.6x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.4x | 54 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.0% | 38 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 1.9% | 27 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 62.8% | 82 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet22/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality28/100 · 2/3 factors with a value
- Returns49/100 · 2/2 factors with a value
- Valuation· partial38/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
WERNER ENTERPRISES, INC. (WERN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 3.0 bn USD in 2025; YoY growth -1.8%; net margin -1.4%; ROE -3.3%.
The estimated value range is 7.32–15.32 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 10.31 USD, the price of 29.34 USD leaves a potential of -64.9% (value / price − 1) and a margin of safety of -184.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Payout ratio (FCF): 62.8%
What contradicts it
- ROIC: -1.1%
- Net margin: -1.4%
- Revenue CAGR 3Y: -3.3%
- Interest coverage: -0.6x
- Shareholder yield (distributions): 1.9%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA.
Versus the vertical median
Trucking (No Local) (SIC 4213) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ODFLOld Dominion Freight Line, Inc. | 36.8 bn | 34.2 | 24.8% | 19.4% | −5.5% | +31% / −9% |
| JBHTJ.b. Hunt Transport Services, Inc. | 20.9 bn | 31.6 | 18.8% | 5.1% | −0.7% | +29% / +21% |
| KNXKnight-Swift Transportation Holdings Inc. | 10.2 bn | 67.2 | 2.2% | 1.9% | +0.8% | +36% / +16% |
| SAIASaia, Inc. | 9.7 bn | 34.3 | 10.6% | 8.0% | +0.8% | +28% / −7% |
| LSTRLandstar System, Inc. | 5.1 bn | 32.0 | 18.7% | 3.0% | −1.6% | +16% / −12% |
| ARCBArcbest Corporation | 3.1 bn | 201.5 | 1.3% | 0.4% | −4.0% | +117% / +17% |
| WERNWerner Enterprises, Inc. | 1.8 bn | — | -3.3% | -1.4% | −1.8% | +12% / −21% |
| MRTNMarten Transport, Ltd. | 1.0 bn | 74.8 | 1.6% | 1.5% | −8.3% | +21% / −34% |
| ULHUniversal Logistics Holdings, Inc. | 862.8 m | — | -15.1% | -6.0% | −15.6% | +118% / +32% |
| HTLDHeartland Express Inc | 829.0 m | — | -2.8% | -3.0% | −23.1% | +36% / −20% |
| PAMTPamt Corp | 259.3 m | — | -18.9% | -7.1% | −16.3% | +38% / −34% |
| SNDRSchneider National, Inc. | — | 37.0 | 4.6% | 2.4% | +7.3% | +32% / +29% |
| CVLGCovenant Logistics Group, Inc. | — | 237.7 | 0.9% | 0.3% | +2.9% | +70% / +59% |
1- and 3-year price returns: for WERN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 19 Oct 2026; since then the company filed 8-K (27 Oct 2026 · results).
In brief
Werner Enterprises is one of the largest truckload carriers in the United States, complemented by an asset-light logistics division. The company acquired FirstFleet in January 2026, and its latest results show margins under pressure from fuel costs, with revenues above 1.7 billion USD in the first half of 2026 2.
SWOT
Strengths
- The company has a modern fleet, a balance sheet described as well positioned by management, and a broad base of consumer-goods customers, providing stability in weaker economic periods.
- Diversification across dedicated, one-way truckload and logistics offers several sources of revenue.
- The FirstFleet acquisition adds a base of long-term dedicated contracts and a wider geographic footprint.
Weaknesses
- Operating margins are very thin and were close to zero in 2025 and in the third quarter of 2026.
- Reliance on a small number of large customers makes revenues sensitive to the loss of a major contract.
- The company holds no derivative instruments to hedge fuel price fluctuations, which increases its exposure.
Opportunities
- Integration of FirstFleet could generate cost synergies and expand dedicated contracts.
- A recovery in demand for consumer nondurable goods could support volumes and rates in 2027.
- Investment in technology and safety could differentiate the company from smaller carriers.
Threats
- Rising fuel costs and emissions rules could reduce margins if surcharge recovery remains partial.
- Driver shortages and wage pressure could limit capacity and raise costs.
- Trade uncertainty and tariff changes could reduce cross-border volumes.
Risks
- Fuel exposurehigh
The company recovers only part of fuel price increases, and rapid price changes are not fully covered by surcharges, which could affect results.
- Customer concentrationhigh
One large customer represents a significant share of revenues, and losing it could have a material effect on operations.
- Driver recruitmentmedium
If the driver shortage worsens, wage costs could rise without a matching increase in rates.
- FirstFleet integrationmedium
Integrating a large acquisition could face operational difficulties and delay the expected benefits.
- Insurance and regulatory riskmedium
The company is self-insured for a significant part of claims, and reserve adjustments could affect results unexpectedly.
Investment thesis
What would need to be true (bull case)
- Revenue growth in the first half of 2026 and the FirstFleet integration could mark a recovery in volumes and margins if costs stabilize.
- A structure of long-term dedicated contracts and a balance sheet described as solid could provide stability in harder economic periods.
- If recovery of fuel and labor costs improves, profitability could gradually return.
What would break the thesis
- Operating margins are close to zero, and rapidly rising fuel costs and retention spending weighed on the third quarter of 2026.
- If demand stays weak, more competitive rates could limit the recovery in profitability.
- Integrating a large acquisition carries operational and financial risks, and the benefits could take longer to appear.
What to watch
- Third-quarter 2026 results and details on fuel and driver cost trendsQ3 2026
- Evolution of operating margin after the FirstFleet integrationQ4 2026
- Net capital expenditure guidance for 2027 compared with the 185 to 225 million USD range for 20262027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 19 Oct 2026; since then the company filed 8-K (27 Oct 2026 · results).
The business
Werner Enterprises, Inc. is a transportation and logistics company that transports mainly truckload shipments of general commodities in interstate and intrastate commerce, headquartered in Omaha, Nebraska 1. Its operations are organized in two reportable segments: Truckload Transportation Services (TTS), which includes Dedicated and One-Way Truckload, and Werner Logistics, which operates without its own fleet and covers truck brokerage, freight management, intermodal and final mile 1. In 2025, TTS generated 69% of operating revenues and Werner Logistics 29% 1.
Segments
Werner Logistics
The Werner Logistics segment generated 29% of operating revenues in 2025 and operates without its own fleet, relying on third-party capacity providers 1. It faces more direct competition from digital brokers and intermodal operators, with an operating margin of only 0.8% in 2025 1.
Dedicated
Dedicated provides transportation to a specific customer, usually for a distribution center or factory, and is the most stable part of TTS because of its longer contracts 1. After the acquisition, the division also takes on the FirstFleet fleet, which could raise the weight of dedicated contracts during 2026 2.
Market context
The US full truckload market is fragmented, with thousands of carriers and asset-light logistics operators, and demand largely follows the economic cycle and consumer volumes 1. The market shows seasonality, with peaks in September to November and lower volumes in winter months 1.
Rates depend on the balance between demand and available capacity: when volumes fall or capacity rises, pricing becomes more competitive 1. In 2026 the company pointed to rapidly rising fuel prices and driver recruitment investments as pressures on third-quarter results 3.
Trends
- Fuel costsheadwind
Fuel rose quickly in the second half of 2026, and fuel expense grew by nearly 98% in the second quarter compared with the prior year 23. Surcharges recover most but not all of the increase, with a one-week lag 13.
- Driver scarcity and costheadwind
The company invested in driver retention and recruitment, and these costs were one of three factors pressuring third-quarter results 3. Better working conditions could help stabilize the fleet, but wage pressure remains a risk 1.
- Consolidation through acquisitionsmixed
The FirstFleet acquisition adds capacity and long-term contracts, which could stabilize revenues if integration proceeds as planned 2. Transaction costs and amortization of acquired assets weigh on short-term profitability 23.
- Cross-border and trade demandmixed
Cross-border trade with Mexico and Canada remains part of the business, partly protected by the USMCA, but trade tensions and tariffs add uncertainty over volumes 1. A February 2026 Supreme Court ruling on tariffs added further uncertainty 1.
Competitive position
Werner competes mainly with other truckload carriers in the TTS segment, and in logistics it faces digital brokers, intermodal operators, railroads and less-than-truckload carriers 1. Competition is based on service, efficiency, available capacity and, to some degree, freight rates 1.
The company differentiates through its modern fleet, tracking technology and on-time service for consumer nondurable customers 1. Failing to invest in technology that meets market demands could place it at a competitive disadvantage 1.
- Knight-Swift TransportationKNX
Truckload carrier with comparable US operations in the same ground transport niche.
- J.B. Hunt Transport ServicesJBHT
Transport and logistics provider with truck and intermodal divisions that compete directly in logistics.
- Schneider NationalSNDR
Truckload carrier with dedicated and logistics activities that overlap with segments Werner serves.
- Digital freight brokers
Digital brokerage platforms competing with the Werner Logistics division, named in the filing as more direct competition in logistics.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Nazis and the bomb: nuclear archaeology finds Werner Heisenberg mistook how close he wasThe Hindu — International · 06 Oct 2026 · EN
- Werner helicase inhibitor for advanced microsatellite instability solid tumors: a phase 1 trialNature Medicine · 29 Sept 2026 · EN
- Riverwater Partners Bought Werner Enterprises (WERN) Before the Analyst Upgrade CycleYahoo Finance — News · 01 Sept 2026 · EN
- Auto: Jerome France s-a impus în Memorialul Werner Hirschvogel la viteză în coastăAgerpres · 05 Jul 2026 · RO
- Werner Herzog in conversation with Paul Cronin (2014)Hacker News · 30 May 2026 · EN
The latest news item in our archive is from 06 Oct 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report03 Nov 2026Regulation FD disclosure · Financial statements and exhibits
- Current report27 Oct 2026Results of operations · Financial statements and exhibits
- Current report19 Oct 2026Results of operations · Financial statements and exhibits
- Current report08 Oct 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report06 Oct 2026Departure or appointment of officers
- Current report24 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report10 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report05 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report28 Jul 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Werner Enterprises, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Werner Enterprises, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Werner Enterprises, Inc. · 19 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.