SCHNEIDER NATIONAL, INC., 10-Q filed on 5/1/2026
Quarterly Report
v3.26.1
Cover Page - shares
3 Months Ended
Mar. 31, 2026
Apr. 24, 2026
Document Information    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-38054  
Entity Registrant Name Schneider National, Inc.  
Entity Incorporation, State or Country Code WI  
Entity Tax Identification Number 39-1258315  
Entity Address, Address Line One 3101 South Packerland Drive  
Entity Address, City or Town Green Bay  
Entity Address, State or Province WI  
Entity Address, Postal Zip Code 54313  
City Area Code 920  
Local Phone Number 592-2000  
Title of 12(b) Security Class B common stock, no par value  
Trading Symbol SNDR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001692063  
Current Fiscal Year End Date --12-31  
Class A Common Shares    
Document Information    
Entity Common Stock, Shares Outstanding   83,029,500
Class B Common Stock    
Document Information    
Entity Common Stock, Shares Outstanding   92,094,808
v3.26.1
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Operating revenues $ 1,398.5 $ 1,401.8
Operating expenses:    
Purchased transportation 477.6 485.4
Salaries, wages, and benefits 395.3 400.0
Fuel and fuel taxes 124.1 111.3
Depreciation and amortization 110.9 113.6
Operating supplies and expenses—net 187.8 175.1
Insurance and related expenses 40.0 41.2
Other general expenses 29.4 33.1
Total operating expenses 1,365.1 1,359.7
Income from operations 33.4 42.1
Other expenses (income):    
Interest income (1.5) (1.6)
Interest expense, nonoperating 7.0 7.8
Other expenses—net 0.7 1.1
Total other expenses—net 6.2 7.3
Income before income taxes 27.2 34.8
Provision for income taxes 6.8 8.7
Net income 20.4 26.1
Other comprehensive income (loss):    
Foreign currency translation adjustment—net (0.1) 0.0
Net unrealized (losses) gains on marketable securities—net of tax (0.1) 0.5
Total other comprehensive (loss) income—net (0.2) 0.5
Comprehensive income $ 20.2 $ 26.6
Weighted average common shares outstanding 175.1 175.3
Basic earnings per share $ 0.12 $ 0.15
Weighted average diluted shares outstanding 175.9 176.0
Diluted earnings per share $ 0.12 $ 0.15
v3.26.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current Assets:    
Cash and cash equivalents $ 227.8 $ 201.5
Marketable securities 37.3 41.8
Trade accounts receivable—net of allowance of $5.1 million and $6.0 million, respectively 639.7 578.3
Other receivables 116.5 71.1
Current portion of lease receivables—net of allowance of $0.8 million 80.6 80.7
Inventories—net 78.1 99.8
Prepaid expenses and other current assets 147.6 108.0
Total current assets 1,327.6 1,181.2
Property and equipment:    
Transportation equipment 4,186.2 4,168.5
Land, buildings, and improvements 292.8 271.5
Other property and equipment 119.3 119.3
Total property and equipment 4,598.3 4,559.3
Less accumulated depreciation 1,898.5 1,839.7
Net property and equipment 2,699.8 2,719.6
Lease receivables 137.5 131.9
Internal use software and other noncurrent assets 420.7 470.0
Goodwill 337.4 337.4
Total noncurrent assets 3,595.4 3,658.9
Total Assets 4,923.0 4,840.1
Current Liabilities:    
Trade accounts payable 271.9 208.6
Accrued salaries, wages, and benefits 85.3 78.0
Claims accruals—current 197.7 150.6
Current maturities of debt and finance lease obligations 10.7 11.1
Other current liabilities 116.2 107.5
Total current liabilities 681.8 555.8
Noncurrent Liabilities:    
Long-term debt and finance lease obligations 388.1 390.9
Claims accruals—noncurrent 131.3 170.2
Deferred income taxes 594.1 593.8
Other noncurrent liabilities 107.3 104.7
Total noncurrent liabilities 1,220.8 1,259.6
Total Liabilities 1,902.6 1,815.4
Shareholders’ Equity:    
Additional paid-in capital 1,617.7 1,619.4
Retained earnings 1,521.0 1,518.2
Accumulated other comprehensive loss (2.1) (1.9)
Treasury stock, value (116.2) (111.0)
Total Shareholders' Equity 3,020.4 3,024.7
Total Liabilities and Shareholders’ Equity 4,923.0 4,840.1
Preferred Stock    
Shareholders’ Equity:    
Preferred stock 0.0 0.0
Class A Common Shares    
Shareholders’ Equity:    
Common stock 0.0 0.0
Class B Common Stock    
Shareholders’ Equity:    
Common stock $ 0.0 $ 0.0
v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net cash provided by operating activities    
Net income $ 20.4 $ 26.1
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 110.9 113.6
Gains on sales of property and equipment—net (1.2) (2.4)
Proceeds from lease receipts 14.4 15.5
Deferred income taxes 0.3 (7.9)
Long-term incentive and share-based compensation expense 4.2 4.6
Loss on investments in equity securities—net 0.0 0.5
Other noncash items—net 0.7 (0.5)
Changes in operating assets and liabilities:    
Receivables (59.9) (9.1)
Other assets (47.1) (36.6)
Claims reserves and receivables—net 6.8 (7.0)
Payables 25.8 3.9
Other liabilities 17.6 (9.0)
Net cash provided by operating activities 92.9 91.7
Investing Activities:    
Purchases of transportation equipment (40.9) (114.4)
Purchases of other property and equipment (27.0) (6.8)
Proceeds from sale of property and equipment 23.1 24.1
Proceeds from sale of off-lease inventory 6.1 5.7
Purchases of lease equipment 0.0 (22.6)
Proceeds from marketable securities 4.5 0.4
Investments in equity securities and equity method investment (0.6) (0.1)
Investments in notes receivable 0.0 (13.0)
Net cash used in investing activities (34.8) (126.7)
Financing Activities:    
Proceeds from lines of credit 0.0 50.0
Proceeds from Issuance of long-term debt 0.0 100.0
Payments of debt and finance lease obligations (3.3) (96.0)
Dividends paid (17.1) (17.0)
Repurchases of common stock (5.2) (8.3)
Other financing activities (6.2) (5.1)
Net cash (used in) provided by financing activities (31.8) 23.6
Net increase (decrease) in cash and cash equivalents 26.3 (11.4)
Cash and Cash Equivalents:    
Cash and cash equivalents, beginning balance 201.5 117.6
Cash and cash equivalents, ending balance 227.8 106.2
Noncash investing and financing activity:    
Transportation and lease equipment purchases in accounts payable 37.7 18.0
Dividends declared but not yet paid 18.2 17.2
Cash paid during the period for:    
Interest 5.8 8.8
Income taxes—net of refunds $ 0.6 $ 0.2
v3.26.1
Consolidated Statements Shareholders' Equity - USD ($)
$ in Millions
Total
Class A Common Shares
Class B Common Stock
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Balance at Dec. 31, 2024 $ 2,986.9     $ 0.0 $ 1,605.3 $ 1,481.8 $ (3.8) $ (96.4)
Increase (Decrease) in Stockholders' Equity                
Net income 26.1     0.0 0.0 26.1 0.0 0.0
Other comprehensive (loss) income 0.5     0.0 0.0 0.0 0.5 0.0
Share-based compensation expense 4.9     0.0 4.9 0.0 0.0 0.0
Dividends declared per share   $ 0.095 $ 0.095          
Dividends declared (16.8)     0.0 0.0 (16.8) 0.0 0.0
Repurchases of common stock (8.3)     0.0 0.0 0.0 0.0 (8.3)
Shares withheld for employee taxes (5.1)     0.0 (5.1) 0.0 0.0 0.0
Balance at Mar. 31, 2025 2,988.2     0.0 1,605.1 1,491.1 (3.3) (104.7)
Balance at Dec. 31, 2025 3,024.7     0.0 1,619.4 1,518.2 (1.9) (111.0)
Increase (Decrease) in Stockholders' Equity                
Net income 20.4     0.0 0.0 20.4 0.0 0.0
Other comprehensive (loss) income (0.2)     0.0 0.0 0.0 (0.2) 0.0
Share-based compensation expense 4.5     0.0 4.5 0.0 0.0 0.0
Dividends declared per share   $ 0.1 $ 0.1          
Dividends declared (17.6)     0.0 0.0 (17.6) 0.0 0.0
Repurchases of common stock (5.2)     0.0 0.0 0.0 0.0 (5.2)
Shares withheld for employee taxes (6.2)     0.0 (6.2) 0.0 0.0 0.0
Balance at Mar. 31, 2026 $ 3,020.4     $ 0.0 $ 1,617.7 $ 1,521.0 $ (2.1) $ (116.2)
v3.26.1
Consolidated Balance Sheets (Unaudited) - Parenthetical - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Trade accounts receivable allowance $ 5.1 $ 6.0
Lease receivables allowance $ 0.8 $ 0.8
Preferred Stock    
Preferred stock, par value (usd per share) $ 0 $ 0
Preferred stock, shares authorized (shares) 50,000,000 50,000,000
Preferred stock, shares outstanding (shares) 0 0
Preferred stock, shares issued (shares) 0 0
Class A Common Shares    
Common stock, par value (usd per share) $ 0 $ 0
Common stock, shares authorized (shares) 250,000,000 250,000,000
Common stock, shares outstanding (shares) 83,029,500 83,029,500
Common stock, shares issued (shares) 83,029,500 83,029,500
Class B Common Stock    
Common stock, par value (usd per share) $ 0 $ 0
Common stock, shares authorized (shares) 750,000,000 750,000,000
Common stock, shares outstanding (shares) 92,094,808 91,985,627
Common stock, shares issued (shares) 96,723,870 96,402,481
Treasury Stock    
Treasury stock, common, shares 4,629,062 4,416,854
v3.26.1
General
3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
General GENERAL
Nature of Operations
Schneider National, Inc. and its wholly owned subsidiaries (together “Schneider,” the “Company,” “we,” “us,” or “our”) are among the leading providers of multimodal transportation and logistics solutions in North America. We provide safe, reliable, and innovative truckload, intermodal, and logistics services to a diverse group of customers throughout the continental U.S., Canada, and Mexico.
Principles of Consolidation and Basis of Presentation
The accompanying unaudited interim consolidated financial statements have been prepared in conformity with GAAP and the rules and regulations of the SEC applicable to quarterly reports on Form 10-Q. Therefore, these consolidated financial statements and footnotes do not include all disclosures required by GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025. Financial results for an interim period are not necessarily indicative of the results for a full year. All intercompany transactions have been eliminated in consolidation.
In the opinion of management, these statements reflect all adjustments (consisting only of normal, recurring adjustments) necessary for the fair presentation of our financial results for the interim periods presented.
New Accounting Pronouncements
On November 4, 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). This standard expands required disclosures for certain costs and expenses included within each relevant expense caption presented on the face of the income statement. Adoption of this standard will require incremental disclosures but is not expected to have a material effect on our consolidated financial statements. This standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. We plan to adopt this standard in fiscal year 2027.
On September 18, 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40). This standard modernizes the accounting for internal use software by eliminating references to prescriptive and sequential software development stages. Under the new guidance, entities will be required to begin capitalizing internal-use software costs when management has authorized and committed to funding the software project and the probable-to-complete recognition threshold has been met. The standard is effective for annual reporting periods beginning after December 15, 2027, and for interim periods within those annual periods, with early adoption permitted. The standard may be applied prospectively, retrospectively, or using a modified transition approach. We are currently evaluating the impact of this standard on our consolidated financial statements and plan to adopt the guidance in fiscal year 2028.
On December 4, 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832) - Accounting for Government Grants Received by Business Entities. This standard establishes authoritative U.S. GAAP for the recognition, measurement, and presentation of government grants. Prior to the issuance of this ASU, business entities generally analogized to the guidance in International Accounting Standards 20. Under the new guidance, entities are required to recognize grants using either the deferred income approach or the cost accumulation approach. Under the deferred income approach, grant income is recognized over the period in which the related expenses that the grant is intended to compensate are recognized. The standard is effective for annual reporting periods beginning after December 15, 2028, with early adoption permitted. We do not believe this standard will have a material effect on our consolidated financial statements and expect to adopt the guidance in fiscal year 2029.
On December 8, 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) - Narrow-Scope Improvements. This guidance is intended to improve the navigability and clarity of Topic 270 and adds a requirement for entities to disclose material events occurring after the end of the most recent annual reporting period. This standard is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. We do not believe this standard will have a material effect on our consolidated financial statements and plan to adopt the guidance in fiscal year 2028.
On December 17, 2025, the FASB issued ASU 2025-12, Codification Improvements. This guidance makes minor amendments to various Accounting Standards Codification topics to clarify, correct, or otherwise improve existing guidance. The ASU is effective for interim and annual reporting periods beginning after December 15, 2026, with early adoption permitted. We do not expect adoption of this ASU to have a material effect on our consolidated financial statements. We plan to adopt the standard in fiscal year 2027.
v3.26.1
Revenue Recognition
3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer REVENUE RECOGNITION
Disaggregated Revenues
The majority of our revenues are related to transportation and have similar characteristics. The following table summarizes our revenues by type of service.
Three Months Ended
March 31,
Disaggregated Revenues (in millions)
20262025
Transportation$1,277.7 $1,295.6 
Logistics management62.3 53.7 
Other58.5 52.5 
Total operating revenues$1,398.5 $1,401.8 
Quantitative Disclosure
The following table provides information about transactions and the expected timing of revenue recognition related to remaining fixed performance obligations for contracts with original terms greater than one year, as of the date shown.
Remaining Performance Obligations (in millions)
March 31, 2026
Expected to be recognized within one year
Transportation$121.9 
Logistics management17.5 
Expected to be recognized after one year
Transportation129.5 
Logistics management15.6 
Total$284.5 
This disclosure excludes performance obligations that are part of a contract with an original expected duration of one year or less. It also excludes expected consideration related to performance obligations for which the Company elects to recognize revenue in the amount to which it has a right to invoice (e.g., usage-based pricing terms).
Information related to contract balances associated with our contracts with customers as of the dates shown is as follows:
Contract Balances (in millions)
March 31, 2026December 31, 2025
Other current assets—Contract assets$27.8 $21.3 
We generally receive payment within 40 days of performing our obligations under customer contracts. Contract assets in the table above relate to revenue in transit at the end of the reporting period. We had no contract liabilities related to advance payments from customers as of March 31, 2026 and December 31, 2025.
v3.26.1
Fair Value
3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value FAIR VALUE
Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability. Inputs to valuation techniques used to measure fair value fall into three broad levels (Levels 1, 2, and 3) as follows:
Level 1—Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that we have the ability to access at the measurement date.
Level 2—Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities.
Level 3—Unobservable inputs reflecting the reporting entity’s estimates of the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).
Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
The table below sets forth the Company’s financial assets that are measured at fair value on a recurring, monthly basis in accordance with ASC 820.
Fair Value
(in millions)Level in Fair
 Value Hierarchy
March 31, 2026December 31, 2025
Equity investment in TuSimple (1)
1$0.1 $0.1 
Marketable securities (2)
237.3 41.8 
(1)Our equity investment in TuSimple is classified as Level 1 in the fair value hierarchy as shares of TuSimple’s Class A common stock are traded on an Over the Counter (“OTC”) market. See Note 4, Investments, for additional information.
(2)Marketable securities are classified as Level 2 in the fair value hierarchy as they are valued based on quoted prices for similar assets in active markets or quoted prices for identical or similar assets in markets that are not active. See Note 4, Investments, for additional information.
The fair value of the Company’s unsecured senior notes was $50.5 million and $51.7 million as of March 31, 2026 and December 31, 2025, respectively. The carrying value of the Company’s unsecured senior notes was $50.0 million as of March 31, 2026 and December 31, 2025, respectively. The fair value of our debt was calculated using a fixed rate debt portfolio with similar terms and maturities, which is based on the borrowing rates available to us in the applicable period. This valuation used Level 2 inputs.
The recorded values of cash, trade accounts receivable, lease receivables, trade accounts payable, and amounts outstanding under revolving credit agreements and the delayed-draw term loan facility approximate fair values.
v3.26.1
Investments
3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments INVESTMENTS
Marketable Securities
Our marketable securities are classified as available-for-sale and carried at fair value in current assets on the consolidated balance sheets. While our intent is to hold our securities to maturity, sudden changes in the market or our liquidity needs may cause us to sell certain securities in advance of their maturity date.
Any unrealized gains and losses, net of tax, are included as a component of accumulated other comprehensive income on the consolidated balance sheets, unless we determine that the amortized cost basis is not recoverable. If we determine that the amortized cost basis of the impaired security is not recoverable, we recognize the credit loss by increasing the allowance for those losses. We did not have an allowance for credit losses on our marketable securities as of March 31, 2026 or December 31, 2025. Cost basis is determined using the specific identification method.
The following table presents the remaining maturities and values of our marketable securities as of the dates shown.
 March 31, 2026December 31, 2025
(in millions, except maturities in months)Remaining
Maturities
Amortized CostFair ValueAmortized CostFair Value
U.S. treasury and government agencies7 to 59 months$17.0 $16.1 $18.0 $17.1 
Corporate debt securities12 to 85 months8.2 8.1 11.2 11.1 
State and municipal bonds1 to 151 months13.2 13.1 13.7 13.6 
Total marketable securities$38.4 $37.3 $42.9 $41.8 
Equity Investments without Readily Determinable Fair Values
The Company’s primary strategic equity investments without readily determinable fair values include Platform Science, Inc., a provider of telematics and fleet management tools, and MLSI, a transportation technology development company. The Company previously had an investment in ChemDirect, a business-to-business digital marketplace for the chemical industry. In February 2025, ChemDirect’s Board approved the dissolution of the company, and we recorded a $4.9 million loss in other expense—net on the consolidated statements of comprehensive income for the three months ended March 31, 2025.
During the first quarter of 2025, the Company funded a $13.0 million short term note receivable for MLSI which bore interest at 7.5%. In May 2025, the note receivable, plus accrued interest of $0.4 million, was converted to shares of preferred stock totaling $13.4 million in a noncash transaction.
These investments are accounted for under ASC 321, Investments - Equity Securities, using the measurement alternative. Their combined values as of March 31, 2026 and December 31, 2025 were $137.3 million. When the Company identifies observable price changes for identical or similar securities of the same issuer, the related equity security is remeasured at fair value as of the date the observable transaction occurred using Level 3 inputs.
In addition to our investment in MLSI, we hold a $10.0 million note receivable from MLSI as of March 31, 2026 which was funded during the first quarter of 2023, is subject to interest over its term, and matures in March 2030. As of March 31, 2026 and December 31, 2025, the balances, including accrued interest, were $12.4 million and $12.2 million, respectively. We also hold a $2.5 million note receivable from Platform Science, Inc. as of March 31, 2026 which was executed and funded during the second quarter of 2024, is subject to interest over its term, and matures in March 2027. As of March 31, 2026 and December 31, 2025, the balances, including accrued interest, were $2.9 million and $2.8 million, respectively.
The following table summarizes the activity related to these equity investments during the periods presented.
Three Months Ended
March 31,
(in millions)20262025
Upward adjustments (1)
$— $4.4 
Downward adjustments— 4.9 
(1)     Our updated investment value in 2025 related to Platform Science, Inc. and was determined using a combination of the discounted cash flow and guideline public company methods.
Equity Investments with Readily Determinable Fair Values
In 2021, the Company purchased a $5.0 million non-controlling interest in TuSimple, a Chinese autonomous trucking start-up. Upon completion of its initial public offering in April 2021, our investment in TuSimple was converted into Class A common shares and is being accounted for under ASC 321, Investments - Equity Securities. Our net investment and activity were not material for the three months ended March 31, 2026 and 2025, nor at December 31, 2025. See Note 3, Fair Value, for additional information on the fair value of our investment in TuSimple.
Equity Method Investment
In the second quarter of 2023, the Company invested $5.0 million consisting primarily of internal use software and cash in exchange for a 50% non-controlling ownership interest in Scope 23 LLC, a technology company that designs supply chain and logistics solutions to help companies manage their carbon emissions. The Company accounts for this investment under ASC 323, Investments - Equity Method and Joint Ventures.
For the three months ended March 31, 2026 and 2025, activity was not material. The carrying value of our investment was $4.2 million and $4.1 million as of March 31, 2026 and December 31, 2025, respectively.
All of our equity investments and notes receivable are included in internal use software and other noncurrent assets on the consolidated balance sheets. Gains or losses on our equity investments are recognized within other expenses—net on the consolidated statements of comprehensive income.
v3.26.1
Goodwill and Other Intangibles
3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangibles Disclosure GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill represents the excess of the purchase price of acquisitions over the fair value of the identifiable net assets acquired. Our goodwill balance as of March 31, 2026 and December 31, 2025 was $337.4 million and was comprised of $323.2 million and $14.2 million in our Truckload and Logistics segments, respectively.

As of March 31, 2026 and December 31, 2025, our Truckload segment had accumulated goodwill impairment charges of $34.6 million.
The identifiable, finite-lived intangible assets listed below are included in internal use software and other noncurrent assets on the consolidated balance sheets and relate to the acquisitions of Cowan, MLS, and M&M.
March 31, 2026December 31, 2025
(in millions)Gross
Carrying
Amount
Accumulated AmortizationNet
Carrying
Amount
Gross
Carrying
Amount
Accumulated AmortizationNet
Carrying
Amount
Customer relationships$62.0 $10.1 $51.9 $62.0 $9.1 $52.9 
Trademarks21.4 4.5 16.9 21.4 4.1 17.3 
Non-compete agreements5.4 2.9 2.5 5.4 2.6 2.8 
Total intangible assets$88.8 $17.5 $71.3 $88.8 $15.8 $73.0 
Amortization expense for intangible assets was $1.7 million and $1.9 million for the three months ended March 31, 2026 and 2025, respectively.
Estimated future amortization expense related to intangible assets is as follows:
(in millions)March 31, 2026
Remaining 2026$5.3 
20277.0 
20286.5 
20295.9 
20305.9 
2031 and thereafter40.7 
Total$71.3 
v3.26.1
Debt and Credit Facilities
3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt and Credit Facilities DEBT AND CREDIT FACILITIES
As of March 31, 2026 and December 31, 2025, debt included the following:
(in millions)March 31, 2026December 31, 2025
Unsecured senior notes: principal matures August 2028; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 5.63% and 6.95% for 2026 and 2025, respectively.
$50.0 $50.0 
Delayed-draw term loan facility: matures November 2029; variable rate interest payments due quarterly based on the Term SOFR; weighted-average interest rate of 5.19% and 5.38% for 2026 and 2025, respectively.
345.0 347.5 
Total debt and credit facilities395.0 397.5 
Current maturities(8.5)(8.6)
Debt issuance costs(0.4)(0.5)
Long-term debt$386.0 $388.4 
Our Revolving Credit Agreement (the “2022 Credit Facility”) provides borrowing capacity of $250.0 million and allows us to request an additional increase in total commitment by up to $150.0 million, for a total potential commitment of $400.0 million through November 2027. There were no outstanding borrowings under the 2022 Credit Facility as of March 31, 2026 and December 31, 2025. Borrowings, if any, would bear interest at a variable rate based on Term SOFR. The 2022 Credit Facility includes a $100.0 million sublimit for the issuance of letters of credit. Standby letters of credit outstanding under this facility totaled $0.4 million as of both March 31, 2026 and December 31, 2025 and were primarily related to certain real estate lease requirements.
Our Receivables Purchase Agreement (the “2024 Receivables Purchase Agreement”) allows borrowings against qualifying trade receivables up to $200.0 million through May 2027. There were no outstanding borrowings under the agreement as of both March 31, 2026 and December 31, 2025. Borrowings, if any, would bear interest at a variable rate based on Term SOFR. The 2024 Receivables Purchase Agreement includes a $150.0 million sublimit for the issuance of letters of credit. Standby letters of credit outstanding under the agreement totaled $117.9 million and $102.9 million as of March 31, 2026 and December 31, 2025, respectively, and were primarily related to certain insurance obligations.
Our delayed-draw term loan facility was fully drawn as of the first quarter in 2025. Borrowings under the facility are unsecured and bear interest, at the election of the Company for each borrowing, based on either the Term SOFR or the ABR (“Alternate Base Rate”), and mature in November 2029. Quarterly principal payments equal to 0.625% of the outstanding balance began in September 2025 and will continue through maturity.
v3.26.1
Leases (Notes)
3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Finance Leases LEASES
As Lessee
We lease real estate and equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our non-real estate operating and finance leases include transportation, office, yard, warehouse, and other equipment, in addition to truck washes. Most leases include an option to extend the lease, and a small number include an option to terminate the lease early, which may include a termination payment.
In conjunction with our acquisition of M&M, the Company entered into nine related party leases. The leases are for the use of shop, warehouse, office, and drop yard locations throughout the country. As of March 31, 2026, seven of these leases have been renewed and extend through 2029, while the remaining two leases are scheduled to expire later in 2026. The related lease payments are not material.
Additional information related to our leases is as follows:
Three Months Ended
March 31,
(in millions)20262025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$10.5 $10.4 
Operating cash flows for finance leases0.1 0.1 
Financing cash flows for finance leases0.8 1.0 
Right-of-use assets obtained in exchange for new lease liabilities
Operating leases$10.4 $7.0 
As of March 31, 2026, we had two leases that were signed but not yet commenced totaling $3.5 million. They will commence in the second and third quarters of 2026 and have a term of two and four years, respectively.
As Lessor
We finance various types of transportation-related equipment for independent third parties under lease contracts, which are generally for one to three years and are accounted for as sales-type leases with fully guaranteed residual values. Our leases contain an option for the lessee to return, extend, or purchase the equipment at the end of the lease term for the guaranteed contract residual amount. This contract residual amount is estimated to approximate the fair value of the equipment. Lease payments primarily include base rentals and guaranteed residual values.
As of March 31, 2026 and December 31, 2025, investments in lease receivables were as follows:
(in millions)March 31, 2026December 31, 2025
Future minimum payments to be received on leases$168.1 $162.9 
Guaranteed residual lease values95.5 93.5 
Total minimum lease payments to be received263.6 256.4 
Unearned income(45.5)(43.8)
Net investment in leases$218.1 $212.6 
Prior to entering a lease contract, we assess the credit quality of the potential lessee using credit checks and other relevant factors, ensuring that the inherent credit risk is consistent with our existing lease portfolio. Given our leases have fully guaranteed residual values and we can take possession of the transportation-related equipment in the event of default, we do not categorize net investment in leases by different credit quality indicators upon origination. We monitor our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including performing subsequent credit checks as needed.
Our net investment in leases with any portion past due as of March 31, 2026 was $41.8 million, which includes both current and future lease payments. Lease payments on our lease receivables are generally due on a weekly basis and are classified as past due when the weekly payment is not received by its due date. As of March 31, 2026, our lease payments past due were $2.2 million.
The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses—net in the consolidated statements of comprehensive income, respectively.
Three Months Ended
March 31,
(in millions)20262025
Revenue$58.2 $56.0 
Cost of goods sold(52.9)(50.5)
Operating profit$5.3 $5.5 
Interest income on lease receivables$7.7 $7.9 
Operating Leases LEASES
As Lessee
We lease real estate and equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our non-real estate operating and finance leases include transportation, office, yard, warehouse, and other equipment, in addition to truck washes. Most leases include an option to extend the lease, and a small number include an option to terminate the lease early, which may include a termination payment.
In conjunction with our acquisition of M&M, the Company entered into nine related party leases. The leases are for the use of shop, warehouse, office, and drop yard locations throughout the country. As of March 31, 2026, seven of these leases have been renewed and extend through 2029, while the remaining two leases are scheduled to expire later in 2026. The related lease payments are not material.
Additional information related to our leases is as follows:
Three Months Ended
March 31,
(in millions)20262025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$10.5 $10.4 
Operating cash flows for finance leases0.1 0.1 
Financing cash flows for finance leases0.8 1.0 
Right-of-use assets obtained in exchange for new lease liabilities
Operating leases$10.4 $7.0 
As of March 31, 2026, we had two leases that were signed but not yet commenced totaling $3.5 million. They will commence in the second and third quarters of 2026 and have a term of two and four years, respectively.
As Lessor
We finance various types of transportation-related equipment for independent third parties under lease contracts, which are generally for one to three years and are accounted for as sales-type leases with fully guaranteed residual values. Our leases contain an option for the lessee to return, extend, or purchase the equipment at the end of the lease term for the guaranteed contract residual amount. This contract residual amount is estimated to approximate the fair value of the equipment. Lease payments primarily include base rentals and guaranteed residual values.
As of March 31, 2026 and December 31, 2025, investments in lease receivables were as follows:
(in millions)March 31, 2026December 31, 2025
Future minimum payments to be received on leases$168.1 $162.9 
Guaranteed residual lease values95.5 93.5 
Total minimum lease payments to be received263.6 256.4 
Unearned income(45.5)(43.8)
Net investment in leases$218.1 $212.6 
Prior to entering a lease contract, we assess the credit quality of the potential lessee using credit checks and other relevant factors, ensuring that the inherent credit risk is consistent with our existing lease portfolio. Given our leases have fully guaranteed residual values and we can take possession of the transportation-related equipment in the event of default, we do not categorize net investment in leases by different credit quality indicators upon origination. We monitor our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including performing subsequent credit checks as needed.
Our net investment in leases with any portion past due as of March 31, 2026 was $41.8 million, which includes both current and future lease payments. Lease payments on our lease receivables are generally due on a weekly basis and are classified as past due when the weekly payment is not received by its due date. As of March 31, 2026, our lease payments past due were $2.2 million.
The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses—net in the consolidated statements of comprehensive income, respectively.
Three Months Ended
March 31,
(in millions)20262025
Revenue$58.2 $56.0 
Cost of goods sold(52.9)(50.5)
Operating profit$5.3 $5.5 
Interest income on lease receivables$7.7 $7.9 
Sales-type Leases LEASES
As Lessee
We lease real estate and equipment under operating and finance leases. Our real estate operating leases include operating centers, distribution warehouses, offices, and drop yards. Our non-real estate operating and finance leases include transportation, office, yard, warehouse, and other equipment, in addition to truck washes. Most leases include an option to extend the lease, and a small number include an option to terminate the lease early, which may include a termination payment.
In conjunction with our acquisition of M&M, the Company entered into nine related party leases. The leases are for the use of shop, warehouse, office, and drop yard locations throughout the country. As of March 31, 2026, seven of these leases have been renewed and extend through 2029, while the remaining two leases are scheduled to expire later in 2026. The related lease payments are not material.
Additional information related to our leases is as follows:
Three Months Ended
March 31,
(in millions)20262025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$10.5 $10.4 
Operating cash flows for finance leases0.1 0.1 
Financing cash flows for finance leases0.8 1.0 
Right-of-use assets obtained in exchange for new lease liabilities
Operating leases$10.4 $7.0 
As of March 31, 2026, we had two leases that were signed but not yet commenced totaling $3.5 million. They will commence in the second and third quarters of 2026 and have a term of two and four years, respectively.
As Lessor
We finance various types of transportation-related equipment for independent third parties under lease contracts, which are generally for one to three years and are accounted for as sales-type leases with fully guaranteed residual values. Our leases contain an option for the lessee to return, extend, or purchase the equipment at the end of the lease term for the guaranteed contract residual amount. This contract residual amount is estimated to approximate the fair value of the equipment. Lease payments primarily include base rentals and guaranteed residual values.
As of March 31, 2026 and December 31, 2025, investments in lease receivables were as follows:
(in millions)March 31, 2026December 31, 2025
Future minimum payments to be received on leases$168.1 $162.9 
Guaranteed residual lease values95.5 93.5 
Total minimum lease payments to be received263.6 256.4 
Unearned income(45.5)(43.8)
Net investment in leases$218.1 $212.6 
Prior to entering a lease contract, we assess the credit quality of the potential lessee using credit checks and other relevant factors, ensuring that the inherent credit risk is consistent with our existing lease portfolio. Given our leases have fully guaranteed residual values and we can take possession of the transportation-related equipment in the event of default, we do not categorize net investment in leases by different credit quality indicators upon origination. We monitor our lease portfolio weekly by tracking amounts past due, days past due, and outstanding maintenance account balances, including performing subsequent credit checks as needed.
Our net investment in leases with any portion past due as of March 31, 2026 was $41.8 million, which includes both current and future lease payments. Lease payments on our lease receivables are generally due on a weekly basis and are classified as past due when the weekly payment is not received by its due date. As of March 31, 2026, our lease payments past due were $2.2 million.
The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses—net in the consolidated statements of comprehensive income, respectively.
Three Months Ended
March 31,
(in millions)20262025
Revenue$58.2 $56.0 
Cost of goods sold(52.9)(50.5)
Operating profit$5.3 $5.5 
Interest income on lease receivables$7.7 $7.9 
v3.26.1
Income Taxes
3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES Our effective income tax rate was 25.0% for the three months ended March 31, 2026 and 2025, respectively. In determining the quarterly provision for income taxes, we use an estimated annual effective tax rate adjusted for discrete items. This rate is based on our expected annual income, statutory tax rates, and best estimates of nontaxable and nondeductible income and expense items.
v3.26.1
Common Equity
3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Common Equity COMMON EQUITY
Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2026 and 2025, respectively.
Three Months Ended
March 31,
(in millions, except per share data)20262025
Numerator:
Net income available to common shareholders$20.4 $26.1 
Denominator:
Weighted average common shares outstanding175.1 175.3 
Dilutive effect of share-based awards and options outstanding0.8 0.7 
Weighted average diluted common shares outstanding (1)
175.9 176.0 
Basic earnings per common share (2)
$0.12 $0.15 
Diluted earnings per common share (2)
0.12 0.15 
(1)Weighted average diluted common shares outstanding may not sum due to rounding.
(2)Earnings per share were calculated on full precision amounts.
Share-based awards and options excluded from the calculation of diluted earnings per share due to having an anti-dilutive effect for the three months ended March 31, 2026 and 2025 were not material.
Common Shares Outstanding
As of March 31, 2026 and December 31, 2025, we had 83,029,500 shares of Class A common stock outstanding. There were no changes to the number of shares of Class A common stock outstanding for the three months ended March 31, 2026 and 2025.
Changes to our Class B common shares outstanding for the three months ended March 31, 2026 and 2025 are as follows:
Three Months Ended
March 31,
20262025
Outstanding at beginning of period91,985,627 92,221,383 
Repurchases of common stock(212,208)(337,352)
Share issuances532,124 464,557 
Shares withheld for employee taxes(210,735)(179,187)
Outstanding at end of period92,094,808 92,169,401 
In January 2026, our Board approved a share repurchase program under which the Company is authorized to repurchase up to $150.0 million of its Class A and/or Class B common shares. As of March 31, 2026, the Company had repurchased $5.2 million of its Class B common shares under the share repurchase program.
Subsequent Event - Dividends Declared
In April 2026, the Board declared a quarterly cash dividend for the second fiscal quarter of 2026 in the amount of $0.10 per share to holders of our Class A and Class B common stock. The dividend is payable to shareholders of record at the close of business on June 12, 2026 and will be paid on July 10, 2026.
v3.26.1
Share-based Compensation
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Share-based Payment Arrangement SHARE-BASED COMPENSATION
We grant various equity-based awards relating to Class B common stock to employees under our 2017 Omnibus Incentive Plan. These awards have historically consisted of restricted shares, RSUs, performance-based restricted shares (“performance shares”), PSUs, and non-qualified stock options. Performance shares and PSUs granted are earned based on attainment of threshold performance of earnings and return on capital targets, in addition to a multiplier applied based on rTSR against peers over the performance period.
Share-based compensation expense was $4.1 million and $4.6 million for the three months ended March 31, 2026 and 2025, respectively. We recognize share-based compensation expense over the awards’ vesting period. As of March 31, 2026, we had $31.9 million of pre-tax unrecognized compensation cost related to outstanding share-based compensation awards expected to be recognized over a weighted average period of 2.1 years.

Equity-based awards granted during the first quarter of 2026 had a grant date fair value of $20.7 million and are included in the table below. RSUs granted in 2026 vest ratably over a period of three years. No restricted shares, performance shares, or non-qualified stock options were granted during the first quarter of 2026.
2026 GrantsNumber of Awards GrantedWeighted Average Grant Date Fair Value
RSUs449,660 $28.73 
PSUs242,960 31.87 
Total grants692,620 
The Monte-Carlo valuation model is used by the Company to determine the grant date fair value of PSUs, while the Company uses its stock price on the grant date as the fair value assigned to RSUs.
v3.26.1
Commitments and Contingencies
3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
In the ordinary course of conducting our business, we become involved in certain legal matters and investigations including liability claims, taxes other than income taxes, contract disputes, employment, and other litigation matters. We accrue for anticipated costs to resolve matters that are probable and estimable. We believe the outcomes of these matters will not have a material impact on our business or our consolidated financial statements.
We record liabilities for claims against the Company based on our best estimate of expected losses. Claims lodged against the Company generally arise out of its trucking, intermodal, and logistics operations and consist primarily of personal injury, unpaid wages and benefits, workers’ compensation, property damage, and cargo claims. For certain claims, we maintain excess liability insurance with licensed insurance carriers for liability in excess of amounts we self-insure, which serves to largely offset the Company’s liability associated with these claims, with the exception of wage and benefit claims for which we self-insure. We review our accruals periodically to ensure that the aggregate amounts of our accruals are appropriate at any period after consideration of available insurance coverage. Although we expect our claims accruals will continue to vary based on future developments, assuming that we are able to continue to obtain and maintain excess liability insurance coverage for such claims, we do not anticipate that such accruals will, in any period, materially impact our operating results.
As of March 31, 2026, our firm commitments to purchase transportation equipment totaled $111.2 million.
v3.26.1
Segment Reporting
3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
We have three reportable segments – Truckload, Intermodal, and Logistics – which are based primarily on the services each segment provides.
The CODM reviews revenues for each segment without the inclusion of fuel surcharge revenues. For segment purposes, any fuel surcharge revenues earned are recorded as a reduction of the segment’s fuel expenses. Income from operations at the segment level reflects the measure presented to the CODM for each segment.
Separate balance sheets are not prepared by segment, and as a result, assets are not separately identifiable by segment. All transactions between reportable segments are eliminated in consolidation.
Substantially all of our revenues and assets were generated or located within the U.S.
The following tables summarize our segment information. Inter-segment revenues within Other include revenues from insurance premiums charged to other segments for workers’ compensation, auto, and other types of insurance. Inter-segment revenues included in Other revenues below were $29.7 million and $23.0 million for the three months ended March 31, 2026 and 2025, respectively.
Segment Revenues and ExpensesThree Months Ended March 31, 2026
 (in millions)
TruckloadIntermodalLogisticsTotal
Revenues (excluding fuel surcharge)$618.0 $253.5 $312.3 $1,183.8 
Fuel surcharge revenues111.1 43.7 1.4 156.2 
Segment operating revenues729.1 297.2 313.7 1,340.0 
Other revenues99.6 
Elimination of inter-segment revenues(40.3)
Elimination of inter-segment fuel surcharge revenues(0.8)
Operating revenues1,398.5 
Salaries, wages, and benefits269.9 42.3 24.6 
Purchased transportation, fuel, and fuel taxes172.8 191.3 247.8 
Depreciation and amortization84.3 13.0 0.1 
Operating supplies and expenses-net88.5 16.8 15.4 
Other segment expenses(1)
93.4 22.9 19.3 
Segment income from operations$20.2 $10.9 $6.5 37.6 
Corporate and other loss from operations—net(4.2)
Income from operations33.4 
Total other expenses—net6.2 
Income before income taxes$27.2 
Segment Revenues and ExpensesThree Months Ended March 31, 2025
 (in millions)
TruckloadIntermodalLogisticsTotal
Revenues (excluding fuel surcharge)$613.7 $260.4 $332.0 $1,206.1 
Fuel surcharge revenues100.8 42.4 1.5 144.7 
Segment operating revenues714.5 302.8 333.5 1,350.8 
Other revenues88.7 
Elimination of inter-segment revenues(36.5)
Elimination of inter-segment fuel surcharge revenues(1.2)
Operating revenues1,401.8 
Salaries, wages, and benefits269.6 43.5 29.7 
Purchased transportation, fuel, and fuel taxes160.6 192.4 260.6 
Depreciation and amortization85.1 13.2 0.2 
Operating supplies and expenses-net82.4 17.2 13.9 
Other segment expenses(1)
91.7 22.7 21.0 
Segment income from operations$25.1 $13.8 $8.1 47.0 
Corporate and other loss from operations—net(4.9)
Income from operations42.1 
Total other expenses—net7.3 
Income before income taxes$34.8 
(1)For each reportable segment, other segment expenses include insurance and related expenses and other general expenses.
v3.26.1
Insider Trading Arrangements
3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
General (Policies)
3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations
Nature of Operations
Schneider National, Inc. and its wholly owned subsidiaries (together “Schneider,” the “Company,” “we,” “us,” or “our”) are among the leading providers of multimodal transportation and logistics solutions in North America. We provide safe, reliable, and innovative truckload, intermodal, and logistics services to a diverse group of customers throughout the continental U.S., Canada, and Mexico.
Principles of Consolidation and Basis of Presentation
Principles of Consolidation and Basis of Presentation
The accompanying unaudited interim consolidated financial statements have been prepared in conformity with GAAP and the rules and regulations of the SEC applicable to quarterly reports on Form 10-Q. Therefore, these consolidated financial statements and footnotes do not include all disclosures required by GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025. Financial results for an interim period are not necessarily indicative of the results for a full year. All intercompany transactions have been eliminated in consolidation.
In the opinion of management, these statements reflect all adjustments (consisting only of normal, recurring adjustments) necessary for the fair presentation of our financial results for the interim periods presented.
New Accounting Pronouncements
New Accounting Pronouncements
On November 4, 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). This standard expands required disclosures for certain costs and expenses included within each relevant expense caption presented on the face of the income statement. Adoption of this standard will require incremental disclosures but is not expected to have a material effect on our consolidated financial statements. This standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. We plan to adopt this standard in fiscal year 2027.
On September 18, 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40). This standard modernizes the accounting for internal use software by eliminating references to prescriptive and sequential software development stages. Under the new guidance, entities will be required to begin capitalizing internal-use software costs when management has authorized and committed to funding the software project and the probable-to-complete recognition threshold has been met. The standard is effective for annual reporting periods beginning after December 15, 2027, and for interim periods within those annual periods, with early adoption permitted. The standard may be applied prospectively, retrospectively, or using a modified transition approach. We are currently evaluating the impact of this standard on our consolidated financial statements and plan to adopt the guidance in fiscal year 2028.
On December 4, 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832) - Accounting for Government Grants Received by Business Entities. This standard establishes authoritative U.S. GAAP for the recognition, measurement, and presentation of government grants. Prior to the issuance of this ASU, business entities generally analogized to the guidance in International Accounting Standards 20. Under the new guidance, entities are required to recognize grants using either the deferred income approach or the cost accumulation approach. Under the deferred income approach, grant income is recognized over the period in which the related expenses that the grant is intended to compensate are recognized. The standard is effective for annual reporting periods beginning after December 15, 2028, with early adoption permitted. We do not believe this standard will have a material effect on our consolidated financial statements and expect to adopt the guidance in fiscal year 2029.
On December 8, 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) - Narrow-Scope Improvements. This guidance is intended to improve the navigability and clarity of Topic 270 and adds a requirement for entities to disclose material events occurring after the end of the most recent annual reporting period. This standard is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. We do not believe this standard will have a material effect on our consolidated financial statements and plan to adopt the guidance in fiscal year 2028.
On December 17, 2025, the FASB issued ASU 2025-12, Codification Improvements. This guidance makes minor amendments to various Accounting Standards Codification topics to clarify, correct, or otherwise improve existing guidance. The ASU is effective for interim and annual reporting periods beginning after December 15, 2026, with early adoption permitted. We do not expect adoption of this ASU to have a material effect on our consolidated financial statements. We plan to adopt the standard in fiscal year 2027.
v3.26.1
Revenue Recognition (Tables)
3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue The following table summarizes our revenues by type of service.
Three Months Ended
March 31,
Disaggregated Revenues (in millions)
20262025
Transportation$1,277.7 $1,295.6 
Logistics management62.3 53.7 
Other58.5 52.5 
Total operating revenues$1,398.5 $1,401.8 
Remaining Performance Obligations
The following table provides information about transactions and the expected timing of revenue recognition related to remaining fixed performance obligations for contracts with original terms greater than one year, as of the date shown.
Remaining Performance Obligations (in millions)
March 31, 2026
Expected to be recognized within one year
Transportation$121.9 
Logistics management17.5 
Expected to be recognized after one year
Transportation129.5 
Logistics management15.6 
Total$284.5 
Contract Balances
Information related to contract balances associated with our contracts with customers as of the dates shown is as follows:
Contract Balances (in millions)
March 31, 2026December 31, 2025
Other current assets—Contract assets$27.8 $21.3 
v3.26.1
Fair Value (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Assets Measured on Recurring Basis
The table below sets forth the Company’s financial assets that are measured at fair value on a recurring, monthly basis in accordance with ASC 820.
Fair Value
(in millions)Level in Fair
 Value Hierarchy
March 31, 2026December 31, 2025
Equity investment in TuSimple (1)
1$0.1 $0.1 
Marketable securities (2)
237.3 41.8 
(1)Our equity investment in TuSimple is classified as Level 1 in the fair value hierarchy as shares of TuSimple’s Class A common stock are traded on an Over the Counter (“OTC”) market. See Note 4, Investments, for additional information.
(2)Marketable securities are classified as Level 2 in the fair value hierarchy as they are valued based on quoted prices for similar assets in active markets or quoted prices for identical or similar assets in markets that are not active. See Note 4, Investments, for additional information.
v3.26.1
Investments (Tables)
3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Marketable Securities
The following table presents the remaining maturities and values of our marketable securities as of the dates shown.
 March 31, 2026December 31, 2025
(in millions, except maturities in months)Remaining
Maturities
Amortized CostFair ValueAmortized CostFair Value
U.S. treasury and government agencies7 to 59 months$17.0 $16.1 $18.0 $17.1 
Corporate debt securities12 to 85 months8.2 8.1 11.2 11.1 
State and municipal bonds1 to 151 months13.2 13.1 13.7 13.6 
Total marketable securities$38.4 $37.3 $42.9 $41.8 
Equity Investments without Readily Determinable Fair Values
The following table summarizes the activity related to these equity investments during the periods presented.
Three Months Ended
March 31,
(in millions)20262025
Upward adjustments (1)
$— $4.4 
Downward adjustments— 4.9 
(1)     Our updated investment value in 2025 related to Platform Science, Inc. and was determined using a combination of the discounted cash flow and guideline public company methods.
v3.26.1
Goodwill (Tables)
3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
The identifiable, finite-lived intangible assets listed below are included in internal use software and other noncurrent assets on the consolidated balance sheets and relate to the acquisitions of Cowan, MLS, and M&M.
March 31, 2026December 31, 2025
(in millions)Gross
Carrying
Amount
Accumulated AmortizationNet
Carrying
Amount
Gross
Carrying
Amount
Accumulated AmortizationNet
Carrying
Amount
Customer relationships$62.0 $10.1 $51.9 $62.0 $9.1 $52.9 
Trademarks21.4 4.5 16.9 21.4 4.1 17.3 
Non-compete agreements5.4 2.9 2.5 5.4 2.6 2.8 
Total intangible assets$88.8 $17.5 $71.3 $88.8 $15.8 $73.0 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated future amortization expense related to intangible assets is as follows:
(in millions)March 31, 2026
Remaining 2026$5.3 
20277.0 
20286.5 
20295.9 
20305.9 
2031 and thereafter40.7 
Total$71.3 
v3.26.1
Debt and Credit Facilities (Tables)
3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Summary of Debt
As of March 31, 2026 and December 31, 2025, debt included the following:
(in millions)March 31, 2026December 31, 2025
Unsecured senior notes: principal matures August 2028; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 5.63% and 6.95% for 2026 and 2025, respectively.
$50.0 $50.0 
Delayed-draw term loan facility: matures November 2029; variable rate interest payments due quarterly based on the Term SOFR; weighted-average interest rate of 5.19% and 5.38% for 2026 and 2025, respectively.
345.0 347.5 
Total debt and credit facilities395.0 397.5 
Current maturities(8.5)(8.6)
Debt issuance costs(0.4)(0.5)
Long-term debt$386.0 $388.4 
v3.26.1
Leases (Tables)
3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Lease Information
Additional information related to our leases is as follows:
Three Months Ended
March 31,
(in millions)20262025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$10.5 $10.4 
Operating cash flows for finance leases0.1 0.1 
Financing cash flows for finance leases0.8 1.0 
Right-of-use assets obtained in exchange for new lease liabilities
Operating leases$10.4 $7.0 
Schedule of Investment In Lease Receivables
As of March 31, 2026 and December 31, 2025, investments in lease receivables were as follows:
(in millions)March 31, 2026December 31, 2025
Future minimum payments to be received on leases$168.1 $162.9 
Guaranteed residual lease values95.5 93.5 
Total minimum lease payments to be received263.6 256.4 
Unearned income(45.5)(43.8)
Net investment in leases$218.1 $212.6 
Schedule of Sales-type Lease Income
The table below provides additional information on our sales-type leases. Revenue and cost of goods sold are recorded in operating revenues and operating supplies and expenses—net in the consolidated statements of comprehensive income, respectively.
Three Months Ended
March 31,
(in millions)20262025
Revenue$58.2 $56.0 
Cost of goods sold(52.9)(50.5)
Operating profit$5.3 $5.5 
Interest income on lease receivables$7.7 $7.9 
v3.26.1
Common Equity (Tables)
3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Calculation of Basic and Diluted Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2026 and 2025, respectively.
Three Months Ended
March 31,
(in millions, except per share data)20262025
Numerator:
Net income available to common shareholders$20.4 $26.1 
Denominator:
Weighted average common shares outstanding175.1 175.3 
Dilutive effect of share-based awards and options outstanding0.8 0.7 
Weighted average diluted common shares outstanding (1)
175.9 176.0 
Basic earnings per common share (2)
$0.12 $0.15 
Diluted earnings per common share (2)
0.12 0.15 
(1)Weighted average diluted common shares outstanding may not sum due to rounding.
(2)Earnings per share were calculated on full precision amounts.
Schedule of Common Shares Outstanding Roll Forward
Changes to our Class B common shares outstanding for the three months ended March 31, 2026 and 2025 are as follows:
Three Months Ended
March 31,
20262025
Outstanding at beginning of period91,985,627 92,221,383 
Repurchases of common stock(212,208)(337,352)
Share issuances532,124 464,557 
Shares withheld for employee taxes(210,735)(179,187)
Outstanding at end of period92,094,808 92,169,401 
v3.26.1
Share-based Compensation (Tables)
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement, Activity
Equity-based awards granted during the first quarter of 2026 had a grant date fair value of $20.7 million and are included in the table below. RSUs granted in 2026 vest ratably over a period of three years. No restricted shares, performance shares, or non-qualified stock options were granted during the first quarter of 2026.
2026 GrantsNumber of Awards GrantedWeighted Average Grant Date Fair Value
RSUs449,660 $28.73 
PSUs242,960 31.87 
Total grants692,620 
v3.26.1
Segment Reporting (Tables)
3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Summary of Segment Reporting Information
The following tables summarize our segment information. Inter-segment revenues within Other include revenues from insurance premiums charged to other segments for workers’ compensation, auto, and other types of insurance. Inter-segment revenues included in Other revenues below were $29.7 million and $23.0 million for the three months ended March 31, 2026 and 2025, respectively.
Segment Revenues and ExpensesThree Months Ended March 31, 2026
 (in millions)
TruckloadIntermodalLogisticsTotal
Revenues (excluding fuel surcharge)$618.0 $253.5 $312.3 $1,183.8 
Fuel surcharge revenues111.1 43.7 1.4 156.2 
Segment operating revenues729.1 297.2 313.7 1,340.0 
Other revenues99.6 
Elimination of inter-segment revenues(40.3)
Elimination of inter-segment fuel surcharge revenues(0.8)
Operating revenues1,398.5 
Salaries, wages, and benefits269.9 42.3 24.6 
Purchased transportation, fuel, and fuel taxes172.8 191.3 247.8 
Depreciation and amortization84.3 13.0 0.1 
Operating supplies and expenses-net88.5 16.8 15.4 
Other segment expenses(1)
93.4 22.9 19.3 
Segment income from operations$20.2 $10.9 $6.5 37.6 
Corporate and other loss from operations—net(4.2)
Income from operations33.4 
Total other expenses—net6.2 
Income before income taxes$27.2 
Segment Revenues and ExpensesThree Months Ended March 31, 2025
 (in millions)
TruckloadIntermodalLogisticsTotal
Revenues (excluding fuel surcharge)$613.7 $260.4 $332.0 $1,206.1 
Fuel surcharge revenues100.8 42.4 1.5 144.7 
Segment operating revenues714.5 302.8 333.5 1,350.8 
Other revenues88.7 
Elimination of inter-segment revenues(36.5)
Elimination of inter-segment fuel surcharge revenues(1.2)
Operating revenues1,401.8 
Salaries, wages, and benefits269.6 43.5 29.7 
Purchased transportation, fuel, and fuel taxes160.6 192.4 260.6 
Depreciation and amortization85.1 13.2 0.2 
Operating supplies and expenses-net82.4 17.2 13.9 
Other segment expenses(1)
91.7 22.7 21.0 
Segment income from operations$25.1 $13.8 $8.1 47.0 
Corporate and other loss from operations—net(4.9)
Income from operations42.1 
Total other expenses—net7.3 
Income before income taxes$34.8 
(1)For each reportable segment, other segment expenses include insurance and related expenses and other general expenses.
v3.26.1
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue    
Operating revenues $ 1,398.5 $ 1,401.8
Transportation    
Disaggregation of Revenue    
Operating revenues 1,277.7 1,295.6
Logistics Management    
Disaggregation of Revenue    
Operating revenues 62.3 53.7
Other    
Disaggregation of Revenue    
Operating revenues $ 58.5 $ 52.5
v3.26.1
Revenue Recognition - Revenue Remaining Performance Obligation (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction  
Remaining Performance Obligation $ 284.5
Expected to be recognized within one year | Transportation  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction  
Remaining Performance Obligation 121.9
Expected to be recognized within one year | Logistics Management  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction  
Remaining Performance Obligation 17.5
Expected to be recognized after one year | Transportation  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction  
Remaining Performance Obligation 129.5
Expected to be recognized after one year | Logistics Management  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction  
Remaining Performance Obligation $ 15.6
v3.26.1
Revenue Recognition - Contract Balances (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]    
Contract assets $ 27.8 $ 21.3
v3.26.1
Revenue Recognition- Additional Information (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]    
Timing of payment after completion of performance obligations 40 days  
Contract liabilities $ 0.0 $ 0.0
v3.26.1
Fair Value - Recurring Fair Value Measurements (Details) - Recurring fair value measurements - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Level 1 inputs    
Fair Value, Assets Measured on Recurring Basis    
Fair value of equity investment in TuSimple $ 0.1 $ 0.1
Level 2 inputs    
Fair Value, Assets Measured on Recurring Basis    
Fair value of marketable securities $ 37.3 $ 41.8
v3.26.1
Fair Value - Debt Portfolio (Details) - Unsecured Senior Notes - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument    
Total principal outstanding $ 50.0 $ 50.0
Level 2 inputs    
Debt Instrument    
Fair value of debt $ 50.5 $ 51.7
v3.26.1
Investments - Narrative (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Mar. 31, 2025
Jun. 30, 2025
Mar. 31, 2026
Dec. 31, 2025
May 31, 2025
Other Investments          
Credit loss allowance     $ 0.0 $ 0.0  
Value of investments without readily determinable fair values     137.3 137.3  
Equity securities without readily determinable fair value, impairment loss $ 4.9        
Mastery Logistics          
Other Investments          
Value of investments without readily determinable fair values         $ 13.4
Interest and Other Income   $ 0.4      
Mastery Logistics | Notes receivable          
Other Investments          
Notes receivable     10.0    
Financing Receivable, Including Accrued Interest     12.4 12.2  
Mastery Logistics | Short Term Note Receivable          
Other Investments          
Note receivable, short term $ 13.0        
Platform Science Inc. | Notes receivable          
Other Investments          
Notes receivable     2.5    
Financing Receivable, Including Accrued Interest     $ 2.9 $ 2.8  
v3.26.1
Investments - Schedule of Marketable Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Available for Sale Debt Securities    
Amortized cost $ 38.4 $ 42.9
US treasury and government agencies    
Available for Sale Debt Securities    
Amortized cost 17.0 18.0
Corporate debt securities    
Available for Sale Debt Securities    
Amortized cost 8.2 11.2
State and municipal bonds    
Available for Sale Debt Securities    
Amortized cost 13.2 13.7
Current asset    
Available for Sale Debt Securities    
Fair value 37.3 41.8
Current asset | US treasury and government agencies    
Available for Sale Debt Securities    
Fair value 16.1 17.1
Current asset | Corporate debt securities    
Available for Sale Debt Securities    
Fair value 8.1 11.1
Current asset | State and municipal bonds    
Available for Sale Debt Securities    
Fair value $ 13.1 $ 13.6
Minimum | US treasury and government agencies    
Available for Sale Debt Securities    
Maturity date Oct. 14, 2026  
Minimum | Corporate debt securities    
Available for Sale Debt Securities    
Maturity date Mar. 03, 2027  
Minimum | State and municipal bonds    
Available for Sale Debt Securities    
Maturity date Apr. 01, 2026  
Maximum | US treasury and government agencies    
Available for Sale Debt Securities    
Maturity date Feb. 15, 2031  
Maximum | Corporate debt securities    
Available for Sale Debt Securities    
Maturity date Apr. 22, 2030  
Maximum | State and municipal bonds    
Available for Sale Debt Securities    
Maturity date Oct. 01, 2038  
v3.26.1
Investments - Equity Investments without Readily Determinable Fair Values (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Other Investments    
Upward adjustments $ 0.0 $ 4.4
Downward adjustments $ 0.0 $ 4.9
v3.26.1
Investments - Investment in TuSimple (Details)
$ in Millions
Jan. 12, 2021
USD ($)
Other Investments  
Investment in equity security $ 5.0
v3.26.1
Investments - Equity Method Investment (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
May 31, 2023
Other Investments      
Investment in equity method investment     $ 5.0
Equity Method Investments $ 4.2 $ 4.1  
Scope 23      
Other Investments      
Ownership interest in investment 50.00%    
v3.26.1
Intangibles- Schedule of Changes in Carrying Amount of Intangibles (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets    
Gross carrying amount $ 88.8 $ 88.8
Accumulated amortization 17.5 15.8
Net carrying amount 71.3 73.0
Customer Relationships    
Finite-Lived Intangible Assets    
Gross carrying amount 62.0 62.0
Accumulated amortization 10.1 9.1
Net carrying amount 51.9 52.9
Trademarks    
Finite-Lived Intangible Assets    
Gross carrying amount 21.4 21.4
Accumulated amortization 4.5 4.1
Net carrying amount 16.9 17.3
Noncompete Agreements    
Finite-Lived Intangible Assets    
Gross carrying amount 5.4 5.4
Accumulated amortization 2.9 2.6
Net carrying amount $ 2.5 $ 2.8
v3.26.1
Intangibles- Future Amortization Expense (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets    
Remaining 2026 $ 5.3  
2027 7.0  
2028 6.5  
2029 5.9  
2030 5.9  
2031 and thereafter 40.7  
Net carrying amount $ 71.3 $ 73.0
v3.26.1
Goodwill - Additional Information (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Goodwill    
Goodwill $ 337.4 $ 337.4
Accumulated goodwill impairment charge 34.6 34.6
Truckload    
Goodwill    
Goodwill 323.2 323.2
Logistics    
Goodwill    
Goodwill $ 14.2 $ 14.2
v3.26.1
Intangibles- Additional Information (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Finite-Lived Intangible Assets    
Amortization of intangible assets $ 1.7 $ 1.9
v3.26.1
Debt and Credit Facilities - Summary of Debt (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument    
Current maturities $ (8.5) $ (8.6)
Debt issuance costs, net (0.4) (0.5)
Long-term debt 386.0 388.4
Total debt and credit facilities $ 395.0 $ 397.5
Unsecured Senior Notes    
Debt Instrument    
Frequency of payments semiannual  
Weighted-average interest rate 5.63% 6.95%
Total principal outstanding $ 50.0 $ 50.0
Unsecured Senior Notes | Minimum    
Debt Instrument    
Maturity year 2028  
Credit Facility    
Debt Instrument    
Total principal outstanding $ 0.0 0.0
Receivables Purchase Agreement    
Debt Instrument    
Total principal outstanding 0.0 0.0
Delayed Term Loan Facilities    
Debt Instrument    
Total principal outstanding $ 345.0 $ 347.5
Debt, Weighted Average Interest Rate 5.19% 5.38%
v3.26.1
Debt and Credit Facilities - Additional Information (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Credit Facility    
Debt Instrument    
Current borrowing capacity $ 250.0  
Potential increase amount $ 150.0  
Line of Credit Facility, Expiration Date Nov. 04, 2027  
Maximum borrowing capacity $ 400.0  
Credit Facility | Standby Letters of Credit    
Debt Instrument    
Standby letters of credit 0.4 $ 0.4
Maximum borrowing capacity $ 100.0  
Receivables Purchase Agreement    
Debt Instrument    
Line of Credit Facility, Expiration Date May 28, 2027  
Maximum borrowing capacity $ 200.0  
Receivables Purchase Agreement | Standby Letters of Credit    
Debt Instrument    
Standby letters of credit 117.9 $ 102.9
Maximum borrowing capacity $ 150.0  
Delayed Term Loan Facilities    
Debt Instrument    
Line of Credit Facility, Expiration Date Nov. 29, 2029  
v3.26.1
Leases - Narrative (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Leases - Lessee    
Lessee, Lease Not Yet Commenced, Amount $ 3.5  
Leases - Lessor    
Lease payments 263.6 $ 256.4
Past due    
Leases - Lessor    
Lease payments 2.2  
Past Due    
Leases - Lessor    
Net investment in leases $ 41.8  
Minimum    
Leases - Lessee    
Lease terms of leases not yet commenced 2 years  
Leases - Lessor    
Terms of sales-type lease 1 year  
Maximum    
Leases - Lessee    
Lease terms of leases not yet commenced 4 years  
Leases - Lessor    
Terms of sales-type lease 3 years  
v3.26.1
Leases - Schedule of Lease Information (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Operating cash flows for operating leases $ 10.5 $ 10.4
Operating cash flows for finance leases 0.1 0.1
Financing cash flows for finance leases 0.8 1.0
Right-of-use assets obtained in exchange for new operating lease liability $ 10.4 $ 7.0
v3.26.1
Leases - Summary of Investment in Lease Receivables (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
Future minimum payments to be received on leases $ 168.1 $ 162.9
Guaranteed residual lease values 95.5 93.5
Total minimum lease payments to be received 263.6 256.4
Unearned income (45.5) (43.8)
Net investment in leases $ 218.1 $ 212.6
v3.26.1
Leases - Schedule of Sales-type Lease Income (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Revenue $ 58.2 $ 56.0
Cost of goods sold (52.9) (50.5)
Operating profit 5.3 5.5
Interest income on lease receivables $ 7.7 $ 7.9
v3.26.1
Income Taxes - Additional Information (Details)
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Effective income tax rate 25.00% 25.00%
v3.26.1
Common Equity - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Basic earnings per common share    
Net income available to common shareholders $ 20.4 $ 26.1
Weighted average common shares outstanding 175.1 175.3
Diluted earnings per common share    
Dilutive effect of share-based awards and options outstanding 0.8 0.7
Weighted average diluted shares outstanding 175.9 176.0
Basic earnings per share $ 0.12 $ 0.15
Diluted earnings per share $ 0.12 $ 0.15
v3.26.1
Common Equity - Schedule of common shares outstanding (Details) - shares
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Class A Common Shares    
Class of Stock    
Common shares outstanding 83,029,500  
Common shares outstanding 83,029,500  
Class B Common Stock    
Class of Stock    
Common shares outstanding 91,985,627 92,221,383
Repurchases of common stock (212,208) (337,352)
Share issuances 532,124 464,557
Shares withheld for employee taxes (210,735) (179,187)
Common shares outstanding 92,094,808 92,169,401
v3.26.1
Common Equity - Additional Information (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended
Apr. 29, 2026
Mar. 31, 2026
Mar. 31, 2025
Jan. 31, 2026
Dec. 31, 2025
Class of Stock          
Anti-dilutive share-based awards and options excluded from computation of diluted earnings per share   0.0 0.0    
Stock repurchase program - amount authorized       $ 150.0  
Treasury stock, value   $ 116.2     $ 111.0
Repurchase Program 2026          
Class of Stock          
Treasury stock, value   $ 5.2      
Class A Common Shares          
Class of Stock          
Dividends declared per share   $ 0.1 $ 0.095    
Class A Common Shares | O 2026 Q1 Dividends | Subsequent Event          
Class of Stock          
Dividends declared per share $ 0.10        
Class B Common Stock          
Class of Stock          
Dividends declared per share   $ 0.1 $ 0.095    
Class B Common Stock | O 2026 Q1 Dividends | Subsequent Event          
Class of Stock          
Dividends declared per share $ 0.10        
v3.26.1
Share-based Compensation - Grants (Details) - 2017 Omnibus Incentive Plan
$ / shares in Units, $ in Millions
3 Months Ended
Mar. 31, 2026
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award  
Number of units granted 692,620
Share-based Compensation Arrangement, Equity Instruments Other Than Options, Grants in Period, Fair Value | $ $ 20.7
Restricted Stock Units (RSUs)  
Share-based Compensation Arrangement by Share-based Payment Award  
Number of units granted 449,660
Weighted average fair value, grant date | $ / shares $ 28.73
Restricted Stock Units (RSUs) | 2026 Awards  
Share-based Compensation Arrangement by Share-based Payment Award  
Award vesting period 3 years
Performance Shares  
Share-based Compensation Arrangement by Share-based Payment Award  
Number of units granted 242,960
Weighted average fair value, grant date | $ / shares $ 31.87
v3.26.1
Share-based Compensation - Additional Information (Details) - 2017 Omnibus Incentive Plan - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award    
Share-based compensation expense $ 4.1 $ 4.6
Pre-tax unrecognized compensation cost $ 31.9  
Unrecognized compensation cost, period for recognition 2 years 1 month 6 days  
v3.26.1
Commitments and Contingencies - Additional Information (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Commitments to purchase transportation equipment $ 111.2
v3.26.1
Segment Reporting - Additional Information (Details)
$ in Millions
3 Months Ended
Mar. 31, 2026
USD ($)
Segment
Mar. 31, 2025
USD ($)
Segment Reporting Information    
Number of reportable segments | Segment 3  
Operating revenues $ 1,398.5 $ 1,401.8
Other | Other Insurance    
Segment Reporting Information    
Operating revenues $ 29.7 $ 23.0
v3.26.1
Segment Reporting Revenues and Expenses (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information    
Operating revenues $ 1,398.5 $ 1,401.8
Operating supplies and expenses—net 187.8 175.1
Income from operations 33.4 42.1
Nonoperating Expense 6.2 7.3
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 27.2 34.8
Operating Segments    
Segment Reporting Information    
Revenues excluding fuel surcharge 1,183.8 1,206.1
Fuel Surcharge Revenue 156.2 144.7
Operating revenues 1,340.0 1,350.8
Other Income 99.6 88.7
Income from operations 37.6 47.0
Operating Segments | Truckload    
Segment Reporting Information    
Revenues excluding fuel surcharge 618.0 613.7
Fuel Surcharge Revenue 111.1 100.8
Operating revenues 729.1 714.5
Compensation Expense, Excluding Cost of Good and Service Sold 269.9 269.6
Purchased transportation, fuel, and fuel taxes 172.8 160.6
Depreciation, Depletion and Amortization 84.3 85.1
Operating supplies and expenses—net 88.5 82.4
Segment Reporting, Other Segment Item, Amount 93.4 91.7
Income from operations 20.2 25.1
Operating Segments | Intermodal [Member]    
Segment Reporting Information    
Revenues excluding fuel surcharge 253.5 260.4
Fuel Surcharge Revenue 43.7 42.4
Operating revenues 297.2 302.8
Compensation Expense, Excluding Cost of Good and Service Sold 42.3 43.5
Purchased transportation, fuel, and fuel taxes 191.3 192.4
Depreciation, Depletion and Amortization 13.0 13.2
Operating supplies and expenses—net 16.8 17.2
Segment Reporting, Other Segment Item, Amount 22.9 22.7
Income from operations 10.9 13.8
Operating Segments | Logistics    
Segment Reporting Information    
Revenues excluding fuel surcharge 312.3 332.0
Fuel Surcharge Revenue 1.4 1.5
Operating revenues 313.7 333.5
Compensation Expense, Excluding Cost of Good and Service Sold 24.6 29.7
Purchased transportation, fuel, and fuel taxes 247.8 260.6
Depreciation, Depletion and Amortization 0.1 0.2
Operating supplies and expenses—net 15.4 13.9
Segment Reporting, Other Segment Item, Amount 19.3 21.0
Income from operations 6.5 8.1
Intersegment Eliminations    
Segment Reporting Information    
Revenues excluding fuel surcharge (40.3) (36.5)
Fuel Surcharge Revenue (0.8) (1.2)
Corporate And Reconciling Items    
Segment Reporting Information    
Income from operations $ (4.2) $ (4.9)