Core Insights - Werner Enterprises reported revenue of $753.15 million for the quarter ended June 2025, a decrease of 1% year-over-year, with EPS at $0.11 compared to $0.17 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $736.75 million by 2.23%, while the EPS surprised by 120% against the consensus estimate of $0.05 [1] Financial Performance Metrics - Operating Ratio was reported at 91.2%, significantly better than the three-analyst average estimate of 98.3% [4] - Truckload Transportation Services had an Operating Ratio of 87.6%, compared to the average estimate of 97.2% [4] - Average trucks in service for Dedicated segment were 4,855, slightly below the two-analyst average estimate of 4,902 [4] - One-Way Truckload reported an average percentage of empty miles at 15.5%, better than the two-analyst average estimate of 15.8% [4] - Year-over-year revenue change for One-Way Truckload per total mile was +2.7%, compared to the estimated -1.4% [4] Revenue Breakdown - Werner Logistics revenues were $221.18 million, exceeding the average estimate of $204.72 million, representing a year-over-year increase of 5.9% [4] - Truckload Transportation Services' trucking fuel surcharge revenues were $55.2 million, below the average estimate of $58.43 million, reflecting a year-over-year decline of 21.1% [4] - Total revenues for Truckload Transportation Services were $517.65 million, slightly above the average estimate of $517.5 million, marking a year-over-year decrease of 3.6% [4] - Non-trucking and other revenues in Truckload Transportation Services were $11.54 million, surpassing the average estimate of $9.87 million, with a year-over-year increase of 28.8% [4] - Trucking revenues, net of fuel surcharge, were $450.9 million, slightly above the average estimate of $449.23 million, showing a year-over-year decline of 1.6% [4] - Dedicated trucking revenues, net of fuel surcharge, were $286.82 million, below the average estimate of $290.38 million, reflecting a year-over-year decrease of 0.7% [4] - One-Way Truckload trucking revenues, net of fuel surcharge, were $164.08 million, exceeding the average estimate of $156.38 million, with a year-over-year decline of 3.1% [4] Stock Performance - Werner's shares returned +4.6% over the past month, outperforming the Zacks S&P 500 composite's +3.6% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Performance - Revenues decreased by 1% to $753 million in 2Q25 [12, 28], while revenues net of fuel surcharge increased by 1% or $7 million [15, 28] - GAAP EPS increased by 380% to $0.72 in 2Q25 [12, 27], while adjusted EPS decreased by 36% to $0.11 [12, 25] - Adjusted operating income decreased by 22% to $16.6 million in 2Q25 [12, 28], and adjusted operating margin decreased by 60 bps to 2.2% [12, 28] Truckload Transportation Services (TTS) - TTS revenues decreased by 4% to $517.6 million in 2Q25 [29], and revenues net of fuel surcharge decreased by 1% to $462.4 million [29] - TTS adjusted operating income decreased by 45% to $12.8 million in 2Q25 [29], and adjusted operating margin decreased by 220 bps to 2.8% [29] - Dedicated fleet represents 65% of total TTS trucks at quarter end [32]; revenue per truck per week increased 0.2% Y/Y [32] Werner Logistics - Werner Logistics revenues increased by 6% to $221.2 million in 2Q25 [41], and revenues less purchased transportation expense increased by 3% to $32.9 million [41] - Werner Logistics adjusted operating income increased by 246% to $5.9 million in 2Q25 [41], and adjusted operating margin increased by 190 bps to 2.7% [41] - Truckload Logistics revenues (77% of Logistics revenues) increased 9% [44] Cost Savings and Capital Allocation - The company is increasing its 2025 cost savings target from $40 million to $45 million+ [15, 49], with $20 million achieved through 2Q25 [49] - Net Capital Expenditures YTD25 is $58 million, down >50% Y/Y [58, 64] - The company has total liquidity of $695 million, including $644 million available credit and $51 million cash [55, 62]