# Werner Enterprises (WERN) Q2 2025 Financial Results Summary
OMAHA, Neb., July 29, 2025 — Werner Enterprises, Inc. (Nasdaq: WERN), a premier transportation and logistics provider, reported its financial results for the second quarter ended June 30, 2025. Below is a summary of the highlights based on the disclosed data.
## Key Financial Metrics
– **Total Revenues:** $753.1 million
– Decrease of **1%** ($7.7 million) year-over-year from Q2 2024 ($760.8 million).
– **Operating Income:** $66.3 million
– Increase of **238%** ($46.7 million) year-over-year from Q2 2024 ($19.6 million).
– **Operating Margin:** 8.8%
– Increase of **620 basis points** from 2.6% year-over-year.
– **Diluted EPS:** $0.72
– Increase of **380%** from $0.15 in the same quarter last year.
– **Non-GAAP Adjusted Operating Income:** $16.6 million
– Decrease of **22%** ($4.7 million) from $21.3 million in Q2 2024.
– **Non-GAAP Adjusted Operating Margin:** 2.2%
– Decrease of **60 basis points** from 2.8% year-over-year.
– **Non-GAAP Adjusted Diluted EPS:** $0.11
– Decrease of **36%** from $0.17 in Q2 2024.
## Financial Growth Analysis
– **Truckload Transportation Services (TTS) Revenues:**
– Decreased by **4%** ($19.4 million) to $517.6 million, attributed to a decline in trucking revenues.
– **Logistics Revenues:**
– Increased by **6%** ($12.3 million) to $221.2 million, driven by higher shipment volumes.
– **Net Income Attributable to Werner:**
– Increased by **366%** to $44.1 million from $9.5 million in Q2 2024.
– **Net Interest Expense:**
– Increased slightly by **6%** ($0.6 million) to $7.9 million due to higher average debt outstanding.
## Cost and Capital Management
– **Cash Flow from Operations:** $46.0 million
– Decrease of **58%** from $109.1 million in the same quarter last year.
– **Net Capital Expenditures:** $65.6 million
– Decreased by **34%** from $99.2 million year-over-year.
– **Gains on Sale of Property and Equipment:** $5.9 million
– Compared to $2.7 million in the previous year.
## Share Repurchase Program
– The company repurchased **2.1 million shares** of its common stock for **$55.0 million**, at an average price of **$26.05** per share.
– As of June 30, 2025, there are **1.8 million shares** remaining under the share repurchase authorization.
## Segment Performance Highlights
– **Truckload Transportation Services (TTS):**
– **Operating Income:** $64.1 million, up **205%** year-over-year.
– **Operating Margin:** 12.4%, up **850 basis points** from 3.9%.
– **Logistics Segment:**
– **Operating Income:** Increased to $4.3 million from $0.5 million, a growth of **687%** year-over-year.
– **Operating Margin:** Increased to 2.0%, up **170 basis points** from 0.3%.
## Tax and Investment Performance
– **Effective Income Tax Rate:** Increased to **26.2%** compared to 24.2% in Q2 2024 due to variations in income tax items.
– **Strategic Investments:** Net gains were $0.7 million compared to a loss of $0.2 million a year earlier.
## Conclusion
Werner Enterprises reported significant improvements in several metrics, demonstrating stronger operational performance despite revenue declines in some segments. There was a marked increase in operating income and net income, significantly influenced by strategic management decisions regarding costs and capital expenditures. The company’s ongoing share repurchase efforts highlight a commitment to returning value to shareholders amidst a backdrop of fluctuating revenues.
Here are the extracted tables:
### INCOME STATEMENT
(In thousands, except per share amounts)
| Operating | $753,148 | 100.0 | $760,798 | 100.0 | $1,465,262 | 100.0 | $1,529,878 | 100.0 |
|---|---|---|---|---|---|---|---|---|
| revenues | ||||||||
| Operating | ||||||||
| expenses: | ||||||||
| Salaries, | ||||||||
| wages and | 250,451 | 33.2 | 259,754 | 34.1 | 493,676 | 33.7 | 525,157 | 34.3 |
| benefits | ||||||||
| Fuel | 60,401 | 8.0 | 71,998 | 9.5 | 123,493 | 8.4 | 149,620 | 9.8 |
| Supplies | ||||||||
| and | 62,260 | 8.3 | 61,988 | 8.1 | 122,300 | 8.3 | 123,763 | 8.1 |
| maintenance | ||||||||
| Taxes and | 23,100 | 3.1 | 25,494 | 3.3 | 45,444 | 3.1 | 50,658 | 3.3 |
| licenses | ||||||||
| Insurance | -6,813 | -0.9 | 31,897 | 4.2 | 36,964 | 2.5 | 68,259 | 4.4 |
| and claims | ||||||||
| Depreciati… | ||||||||
| and | 70,757 | 9.4 | 72,672 | 9.6 | 140,806 | 9.6 | 146,942 | 9.6 |
| amortizati… | ||||||||
| Rent and | ||||||||
| purchased | 228,280 | 30.3 | 210,417 | 27.7 | 434,422 | 29.7 | 414,342 | 27.1 |
| transporta… | ||||||||
| Communicat… | ||||||||
| and | 3,730 | 0.5 | 4,127 | 0.5 | 8,087 | 0.6 | 8,833 | 0.6 |
| utilities | ||||||||
| Other | -5,339 | -0.7 | 2,840 | 0.4 | -419 | — | 7,105 | 0.5 |
| Total | ||||||||
| operating | 686,827 | 91.2 | 741,187 | 97.4 | 1,404,773 | 95.9 | 1,494,679 | 97.7 |
| expenses | ||||||||
| Operating | 66,321 | 8.8 | 19,611 | 2.6 | 60,489 | 4.1 | 35,199 | 2.3 |
| income | ||||||||
| Other | ||||||||
| expense | ||||||||
| (income): | ||||||||
| Interest | 9,353 | 1.3 | 9,043 | 1.2 | 18,890 | 1.3 | 16,991 | 1.1 |
| expense | ||||||||
| Interest | -1,487 | -0.2 | -1,786 | -0.2 | -2,979 | -0.2 | -3,471 | -0.2 |
| income | ||||||||
| Loss on | ||||||||
| investments | 33 | — | 52 | — | 35 | — | 190 | — |
| in equity | ||||||||
| securities | ||||||||
| Loss | ||||||||
| (earnings) | ||||||||
| from equity | -719 | -0.1 | 141 | — | -842 | -0.1 | 274 | — |
| method | ||||||||
| investment | ||||||||
| Other | 51 | — | 30 | — | -317 | — | -231 | — |
| Total other | ||||||||
| expense, | 7,231 | 1.0 | 7,480 | 1.0 | 14,787 | 1.0 | 13,753 | 0.9 |
| net | ||||||||
| Income | ||||||||
| before | 59,090 | 7.8 | 12,131 | 1.6 | 45,702 | 3.1 | 21,446 | 1.4 |
| income | ||||||||
| taxes | ||||||||
| Income tax | 15,468 | 2.0 | 2,931 | 0.4 | 12,301 | 0.8 | 5,998 | 0.4 |
| expense | ||||||||
| Net income | 43,622 | 5.8 | 9,200 | 1.2 | 33,401 | 2.3 | 15,448 | 1.0 |
| Net loss | ||||||||
| attributab… | ||||||||
| to | 440 | 0.1 | 265 | — | 563 | — | 329 | — |
| noncontrol… | ||||||||
| interest | ||||||||
| Net income | ||||||||
| attributab… | $44,062 | 5.9 | $9,465 | 1.2 | $33,964 | 2.3 | $15,777 | 1.0 |
| to Werner | ||||||||
| Diluted | ||||||||
| shares | 61,001 | 62,860 | 61,532 | 63,291 | ||||
| outstanding | ||||||||
| Diluted | ||||||||
| earnings | $0.72 | $0.15 | $0.55 | $0.25 | ||||
| per share |
### CONDENSED BALANCE SHEET
(In thousands, except share amounts)
| ASSETS | ||
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $51,420 | $40,752 |
| Accounts receivable, trade, less | ||
| allowance of $7,542 and $7,169, | 420,538 | 391,684 |
| respectively | ||
| Other receivables | 22,585 | 26,137 |
| Inventories and supplies | 13,228 | 14,183 |
| Prepaid expenses | 34,282 | 53,690 |
| Other current assets | 35,483 | 15,327 |
| Total current assets | 577,536 | 541,773 |
| Property and equipment | 2,944, |
