Werner Enterprises

WERN · Nasdaq · Industrials · Financials, fiscal 2016 to 2025

WERN · Last close · November 6, 2026

$26.95

Werner Enterprises' revenue fell 1.8% to $3.0 billion in fiscal 2025. Its operating margin was 0.4%, down from 2.2% a year earlier. Free cash flow was −$69 million. It paid out $90 million in dividends and buybacks. The diluted share count fell 3.3%.

WERNER ENTERPRISES, INC. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0000793074-26-000071 Updated November 5, 2026

Revenue

$3.0B

1.8%

Operating margin

0.4%

1.8 pts

Net income

−$14M

$34M a year earlier

Free cash flow

−$69M

Return on capital

0.5%

2.0 pts

Market cap

$1.6B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Werner Enterprises does

Werner Enterprises is a trucking and logistics company based in Omaha, Nebraska. It mainly hauls truckload shipments of general goods across the United States, with authority to operate in parts of Canada and Mexico. It says it believes it is one of the largest truckload carriers in the country by revenue. At the end of 2025 its trucking segment had a fleet of 7,100 trucks, most of them company-operated.

It has two reportable segments. Truckload Transportation Services runs dedicated fleets for a single customer, often serving a retail distribution center or factory, plus one-way fleets that include van, expedited, regional and temperature-controlled service. Werner Logistics does not own its trucks for most of its work. It arranges brokered shipments, intermodal rail moves and residential and commercial deliveries of large or heavy items. In 2025, trucking made up 69% of operating revenue, Werner Logistics 29% and other operations 2%.

The freight it hauls is mainly retail merchandise, consumer products, food and beverages and manufactured goods. Its largest customer, Dollar General, accounted for 11% of total revenues in 2025.

Its biggest risks, as it describes them

Weak economic and geopolitical conditions that reduce freight demand.
Difficulty recruiting and keeping drivers and independent contractors.
Higher fuel prices or fuel shortages.
Relying on key customers, whose loss or financial failure would hurt results.
Relying on outside capacity providers for its logistics business.

From Werner Enterprises's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2024, earnings per share fell 8.2% a year and net income 10.0% a year, while buybacks cut the share count by 13%. Werner Enterprises then lost money in fiscal 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	54	107	62	41	60
Debt incl. finance leases	428	694	649	650	752
Net debt (negative means net cash)	373	587	587	609	692
Net debt to EBITDA	0.7x	1.0x	1.2x	1.7x	2.3x
Debt to equity	0.3x	0.5x	0.4x	0.5x	0.6x
Interest coverage	69.9x	27.3x	5.3x	1.7x	0.3x
Current ratio	2.4x	2.5x	1.9x	1.5x	1.9x
Quick ratio	2.3x	2.4x	1.9x	1.5x	1.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Werner Enterprises' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Werner Enterprises' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Werner Enterprises shares on the open market, and 2 insiders sold $140,285.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 12, 2026	Jim S SchelbleExec VP & Chief Admin Officer	Sold	933	$43.93	$40,987	Form 4
Feb 20, 2026	Eric J DowningExec VP and COO	Sold	1,418	$34.78	$49,318	Form 4
Feb 19, 2026	Eric J DowningExec VP and COO	Sold	1,428	$35.00	$49,980	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	5 of 8	4 of 8	5 of 8
Rule of 40	−4.0%	−10.5%	−4.2%
Altman Z''	4.03	3.61	3.81
Accruals ratio	−11.6%	−9.5%	−6.6%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Pass
F-score	5 of 8	4 of 8	5 of 8

Companies that report no gross profit are scored on the other eight.

Compare

Put Werner Enterprises side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Werner Enterprises	FY25	−1.8%	0.4%	−2.3%	0.5%	2.3x	5
Saia	FY25	0.8%	10.9%	0.8%	10.2%	0.2x	6	Compare
ArcBest	FY25	−4.0%	2.2%	2.9%	4.8%	0.4x	4	Compare
Landstar System	FY25	−1.6%	3.2%	4.5%	24.9%	−1.9x	4	Compare
Old Dominion	FY25	−5.5%	24.8%	17.4%	24.3%	−0.1x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,009	2,117	2,458	2,464	2,372	2,734	3,290	3,284	3,030	2,974
Revenue growth	−4.0%	5.4%	16.1%	0.2%	−3.7%	15.3%	20.3%	−0.2%	−7.7%	−1.8%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	126	144	224	226	227	309	323	176	66	12
Net income	79	203	168	167	169	259	241	112	34	−14
Diluted EPS (US$)	1.09	2.80	2.33	2.38	2.44	3.82	3.74	1.76	0.55	−0.24
Diluted shares (millions)	72	73	72	70	69	68	65	64	63	61
Cash flow
Cash from operations	310	283	418	427	446	333	449	474	330	182
Capital expenditure	538	316	520	421	413	371	507	599	414	250
Free cash flow	−228	−34	−102	6	33	−38	−59	−124	−84	−69
Dividends paid	17	19	23	286	25	29	32	34	35	34
Share buybacks	0	0	72	42	56	104	110	0	67	56
Acquisitions	0	0	0	0	0	202	184	0	0	0
Stock-based compensation	2	4	7	8	9	11	12	12	9	11
Balance sheet at fiscal year end
Cash and short-term investments	17	14	34	26	29	54	107	62	41	60
Debt incl. finance leases	—	—	—	—	200	428	694	649	650	752
Total assets	1,793	1,808	2,084	2,144	2,157	2,604	3,097	3,158	3,052	2,889
Total liabilities	798	623	819	1,033	962	1,240	1,615	1,591	1,558	1,498
Shareholders' equity	995	1,185	1,265	1,111	1,195	1,328	1,444	1,528	1,456	1,363
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	6.3%	6.8%	9.1%	9.2%	9.6%	11.3%	9.8%	5.4%	2.2%	0.4%
Net margin	3.9%	9.6%	6.8%	6.8%	7.1%	9.5%	7.3%	3.4%	1.1%	−0.5%
Free cash flow margin	−11.4%	−1.6%	−4.1%	0.2%	1.4%	−1.4%	−1.8%	−3.8%	−2.8%	−2.3%
Rule of 40 (growth + FCF margin)	−15.4%	3.8%	12.0%	0.5%	−2.3%	13.9%	18.5%	−4.0%	−10.5%	−4.2%
Return on capital	—	—	—	—	—	15.2%	13.1%	6.5%	2.5%	0.5%
Return on equity	8.2%	18.6%	13.7%	14.1%	14.7%	20.5%	17.4%	7.6%	2.3%	−1.0%
Return on assets	4.7%	11.3%	8.6%	7.9%	7.9%	10.9%	8.5%	3.6%	1.1%	−0.5%
Net debt to EBITDA	—	—	—	—	0.3x	0.7x	1.0x	1.2x	1.7x	2.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Werner Enterprises' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Werner Enterprises.