SCHNEIDER NATIONAL, INC., 10-Q filed on 7/31/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 24, 2025
Document Information    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
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 2025  
Document Fiscal Period Focus Q2  
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   92,233,497
v3.25.2
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Operating revenues $ 1,420.5 $ 1,316.7 $ 2,822.3 $ 2,635.7
Operating expenses:        
Purchased transportation 492.1 493.3 977.5 1,002.0
Salaries, wages, and benefits 399.3 352.3 799.3 707.4
Fuel and fuel taxes 104.0 100.7 215.3 208.4
Depreciation and amortization 112.3 102.5 225.9 205.3
Operating supplies and expenses—net 180.5 157.2 355.6 310.8
Insurance and related expenses 42.5 33.2 83.7 64.3
Other general expenses 34.8 26.5 67.9 57.8
Total operating expenses 1,365.5 1,265.7 2,725.2 2,556.0
Income from operations 55.0 51.0 97.1 79.7
Other expenses (income):        
Interest income (1.5) (0.9) (3.1) (1.7)
Interest expense, nonoperating 8.6 4.3 16.4 8.3
Other expenses—net 0.5 0.6 1.6 1.4
Total other expenses—net 7.6 4.0 14.9 8.0
Income before income taxes 47.4 47.0 82.2 71.7
Provision for income taxes 11.4 11.7 20.1 17.9
Net income 36.0 35.3 62.1 53.8
Other comprehensive income (loss):        
Foreign currency translation adjustment—net 0.4 (0.4) 0.4 (0.4)
Net unrealized gains (losses) on marketable securities—net of tax 0.3 0.1 0.8 (0.1)
Total other comprehensive income (loss)—net 0.7 (0.3) 1.2 (0.5)
Comprehensive income $ 36.7 $ 35.0 $ 63.3 $ 53.3
Weighted average common shares outstanding 175.2 175.5 175.3 175.7
Basic earnings per share $ 0.21 $ 0.20 $ 0.35 $ 0.31
Weighted average diluted shares outstanding 175.7 175.8 175.8 176.2
Diluted earnings per share $ 0.20 $ 0.20 $ 0.35 $ 0.31
v3.25.2
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current Assets:    
Cash and cash equivalents $ 160.7 $ 117.6
Marketable securities 44.4 47.9
Trade accounts receivable—net of allowance of $4.3 million and $8.0 million, respectively 604.5 600.0
Other receivables 48.7 54.2
Current portion of lease receivables—net of allowance of $0.8 million 85.8 85.3
Inventories—net 82.4 89.8
Prepaid expenses and other current assets 138.5 120.5
Total current assets 1,165.0 1,115.3
Property and equipment:    
Transportation equipment 4,209.0 4,162.2
Land, buildings, and improvements 270.8 264.8
Other property and equipment 119.5 111.9
Total property and equipment 4,599.3 4,538.9
Less accumulated depreciation 1,752.6 1,669.5
Net property and equipment 2,846.7 2,869.4
Lease receivables 139.4 133.1
Internal use software and other noncurrent assets 466.6 438.0
Goodwill 338.7 377.9
Total noncurrent assets 3,791.4 3,818.4
Total Assets 4,956.4 4,933.7
Current Liabilities:    
Trade accounts payable 267.6 253.1
Accrued salaries, wages, and benefits 89.5 90.6
Claims accruals—current 111.6 139.6
Current maturities of debt and finance lease obligations 12.9 106.0
Other current liabilities 128.5 115.2
Total current liabilities 610.1 704.5
Noncurrent Liabilities:    
Long-term debt and finance lease obligations 512.7 420.8
Claims accruals—noncurrent 170.2 151.2
Deferred income taxes 555.3 565.6
Other noncurrent liabilities 95.2 104.7
Total noncurrent liabilities 1,333.4 1,242.3
Total Liabilities 1,943.5 1,946.8
Shareholders’ Equity:    
Additional paid-in capital 1,610.0 1,605.3
Retained earnings 1,510.2 1,481.8
Accumulated other comprehensive loss (2.6) (3.8)
Treasury stock, value (104.7) (96.4)
Total Shareholders' Equity 3,012.9 2,986.9
Total Liabilities and Shareholders’ Equity 4,956.4 4,933.7
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
v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Net cash provided by operating activities    
Net income $ 62.1 $ 53.8
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 225.9 205.3
Gains on sales of property and equipment—net (5.6) (2.3)
Proceeds from lease receipts 31.0 31.1
Deferred income taxes (14.8) (18.4)
Long-term incentive and share-based compensation expense 9.2 5.2
Losses on investments in equity securities—net 0.5 0.2
Other noncash items—net 0.0 1.2
Changes in operating assets and liabilities:    
Receivables 7.9 47.8
Other assets (23.8) (34.0)
Claims reserves and receivables—net (16.0) 14.3
Payables (22.5) (37.8)
Other liabilities 13.3 13.8
Net cash provided by operating activities 267.2 280.2
Investing Activities:    
Purchases of transportation equipment (183.5) (220.4)
Purchases of other property and equipment (14.9) (19.4)
Proceeds from sale of property and equipment 48.8 58.2
Proceeds from sale of off-lease inventory 10.0 21.8
Purchases of lease equipment (31.6) (20.9)
Proceeds from government grants 0.0 2.1
Proceeds from marketable securities 4.4 5.0
Purchases of marketable securities 0.0 (1.9)
Investments in equity securities and equity method investment (0.2) (0.1)
Investments in notes receivable (13.0) (2.5)
Net cash used in investing activities (180.0) (178.1)
Financing Activities:    
Proceeds from lines of credit 50.0 65.0
Repayments of lines of credit (50.0) (100.0)
Proceeds from Issuance of long-term debt 100.0 0.0
Payments of debt and finance lease obligations (97.0) (2.3)
Dividends paid (33.7) (33.3)
Repurchases of common stock (8.3) (25.8)
Other financing activities (5.1) (4.9)
Net cash used in financing activities (44.1) (101.3)
Net increase (decrease) in cash and cash equivalents 43.1 0.8
Cash and Cash Equivalents:    
Cash and cash equivalents, beginning balance 117.6 102.4
Cash and cash equivalents, ending balance 160.7 103.2
Noncash investing and financing activity:    
Transportation and lease equipment purchases in accounts payable 46.4 23.3
Dividends declared but not yet paid 17.4 17.2
Sale of assets in exchange for notes receivable 0.0 1.5
Cash paid during the period for:    
Interest 18.0 7.8
Income taxes—net of refunds $ 3.4 $ (3.1)
v3.25.2
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, 2023 $ 2,956.8     $ 0.0 $ 1,595.2 $ 1,431.9 $ (3.4) $ (66.9)
Increase (Decrease) in Stockholders' Equity                
Net income 18.5     0.0 0.0 18.5 0.0 0.0
Other comprehensive (loss) income (0.2)     0.0 0.0 0.0 (0.2) 0.0
Share-based compensation expense 1.5     0.0 1.5 0.0 0.0 0.0
Dividends declared per share   $ 0.095 $ 0.095          
Dividends declared (16.7)     0.0 0.0 (16.7) 0.0 0.0
Repurchases of common stock (13.0)     0.0 0.0 0.0 0.0 (13.0)
Exercise of employee stock options 1.5     0.0 1.5 0.0 0.0 0.0
Shares withheld for employee taxes (6.4)     0.0 (6.4) 0.0 0.0 0.0
Balance at Mar. 31, 2024 2,942.0     0.0 1,591.8 1,433.7 (3.6) (79.9)
Balance at Dec. 31, 2023 2,956.8     0.0 1,595.2 1,431.9 (3.4) (66.9)
Increase (Decrease) in Stockholders' Equity                
Net income 53.8              
Balance at Jun. 30, 2024 2,951.6     0.0 1,596.1 1,452.1 (3.9) (92.7)
Balance at Mar. 31, 2024 2,942.0     0.0 1,591.8 1,433.7 (3.6) (79.9)
Increase (Decrease) in Stockholders' Equity                
Net income 35.3     0.0 0.0 35.3 0.0 0.0
Other comprehensive (loss) income (0.3)     0.0 0.0 0.0 (0.3) 0.0
Share-based compensation expense 4.3     0.0 4.3 0.0 0.0 0.0
Dividends declared per share   0.095 0.095          
Dividends declared (16.9)     0.0 0.0 (16.9) 0.0 0.0
Repurchases of common stock (12.8)     0.0 0.0 0.0 0.0 (12.8)
Balance at Jun. 30, 2024 2,951.6     0.0 1,596.1 1,452.1 (3.9) (92.7)
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, 2024 2,986.9     0.0 1,605.3 1,481.8 (3.8) (96.4)
Increase (Decrease) in Stockholders' Equity                
Net income 62.1              
Balance at Jun. 30, 2025 3,012.9     0.0 1,610.0 1,510.2 (2.6) (104.7)
Balance at Mar. 31, 2025 2,988.2     0.0 1,605.1 1,491.1 (3.3) (104.7)
Increase (Decrease) in Stockholders' Equity                
Net income 36.0     0.0 0.0 36.0 0.0 0.0
Other comprehensive (loss) income 0.7     0.0 0.0 0.0 0.7 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 (16.9)     0.0 0.0 (16.9) 0.0 0.0
Balance at Jun. 30, 2025 $ 3,012.9     $ 0.0 $ 1,610.0 $ 1,510.2 $ (2.6) $ (104.7)
v3.25.2
Consolidated Balance Sheets (Unaudited) - Parenthetical - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Trade accounts receivable allowance $ 4.3 $ 8.0
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) 92,233,497 92,221,383
Common stock, shares issued (shares) 96,365,885 96,031,098
Treasury Stock    
Treasury stock, common, shares 4,132,388 3,795,036
v3.25.2
General
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
General GENERAL
Nature of Operations
Schneider National, Inc. and its subsidiaries (together “Schneider,” the “Company,” “we,” “us,” or “our”) are among the largest providers of surface transportation and logistics solutions in North America. We offer a multimodal portfolio of services and an array of capabilities and resources that leverage data science and analytics to provide innovative solutions that coordinate the timely, safe, and effective movement of customer products. The Company offers truckload, intermodal, and logistics services to a diverse customer base 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, 2024. 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 December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. This ASU expands the disclosures related to rate reconciliations by requiring entities to disclose items meeting a quantitative threshold and eight categories. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We believe this standard will expand our disclosures but will not have a material effect on our consolidated financial statements. We will adopt this standard in the fourth quarter of 2025.
On November 4, 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). This ASU expands disclosures for certain costs and expenses included within each relevant expense caption presented on the face of the income statement. We believe this standard will require us to expand our disclosures but will not have a material effect on our consolidated financial statements. This standard will be effective for fiscal years beginning after December 15, 2026, with early adoption permitted. We will adopt this standard in the fourth quarter of 2027.
v3.25.2
Business Combinations and Asset Acquisitions
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions ACQUISITIONS
Cowan
On December 2, 2024, we acquired 100% of the membership interest of Cowan and affiliated entities holding assets comprising substantially all of Cowan’s business for approximately $398.6 million inclusive of cash and other working capital adjustments. On December 30, 2024, we paid $31.1 million for select Cowan real estate assets in a separate transaction. The acquisition was financed through a combination of cash on hand and borrowings under our $400.0 million delayed-draw term loan facility. See Note 7, Debt and Credit Facilities for more information on the delayed-draw term loan facility.
Cowan is primarily a dedicated carrier based in Baltimore, MD with a portfolio of services including brokerage, drayage, and warehousing with operations predominantly in the Eastern and Mid-Atlantic regions of the U.S. which we believe complements our dedicated operations.
The acquisition of Cowan was accounted for under the acquisition method of accounting, which requires that assets acquired and liabilities assumed be recognized on the consolidated balance sheets at their fair values as of the acquisition date. Fair value estimates of acquired property and equipment were based on an independent appraisal, giving consideration to the highest and best use of the assets. Key assumptions used in the transportation equipment appraisals were based on the market approach, while key assumptions used in the land, buildings and improvements, and other property and equipment appraisals were based on a combination of the income (direct capitalization) and sales comparison approaches, as appropriate. These inputs represent Level 3 measurements in the fair value hierarchy and required significant judgments and estimates at the time of valuation. The assistance of an independent third-party valuation firm was used to determine the estimated fair values and useful lives of finite-
lived intangible assets including customer relationships and trademarks. Valuation methods used were the multi-period excess earnings method and relief from royalty method for customer relationships and trademarks, respectively.
The excess of the purchase price over preliminary estimates of the fair values of assets acquired and liabilities assumed was recorded as goodwill within the Truckload segment. The goodwill is attributable to expected synergies and growth opportunities within our dedicated business and is expected to be deductible for tax purposes.
Acquisition-related costs consisting of fees incurred for advisory, legal, and accounting services were not material and were included in other general expenses in the Company’s consolidated statements of comprehensive income for the three and six months ended June 30, 2025.
Certain amounts recorded in connection with the acquisition are still considered preliminary as we continue to gather the necessary information to finalize our fair value estimates and provisional amounts. Provisional amounts include items related to working capital adjustments and deferred taxes.
During the measurement period, which is up to one year from the acquisition date, we may adjust provisional amounts that were recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date. We anticipate finalizing the determination of the fair value no later than November 30, 2025.
The preliminary purchase price allocation for Cowan, which may be adjusted as we finalize our fair value estimates and provisional amounts, was as follows:
Recognized amounts of identifiable assets acquired and liabilities assumed (in millions)
December 2, 2024
Opening Balance Sheet		AdjustmentsAdjusted December 2, 2024
Opening Balance Sheet
Cash and cash equivalents$5.4 $— $5.4 
Trade accounts receivable—net of allowance81.0 — 81.0 
Prepaid expenses and other current assets30.5 2.1 32.6 
Net property and equipment297.9 6.8 304.7 
Internal use software and other noncurrent assets (1)
1.5 29.0 30.5 
Goodwill46.2 (39.2)7.0 
Total assets acquired462.5 (1.3)461.2 
Trade accounts payable11.1 — 11.1 
Accrued salaries, wages, and benefits10.6 — 10.6 
Claims accruals—current20.2 — 20.2 
Other current liabilities17.6 (2.9)14.7 
Other noncurrent liabilities4.4 1.6 6.0 
Total liabilities assumed63.9 (1.3)62.6 
Net assets acquired$398.6 $— $398.6 
(1)Includes customer relationships and trademarks.
The above adjustments made during the measurement period were primarily related to working capital, fixed assets, and intangible assets.
The following unaudited pro forma operating revenues give effect to the acquisition had it been effective January 1, 2024. Combined unaudited pro forma operating revenues of the Company and Cowan would have been approximately $1,480.2 million for the three months ended June 30, 2024 and $2,957.4 million for the six months ended June 30, 2024; our earnings for the same period would not have been materially different.
v3.25.2
Revenue Recognition
 6 Months Ended
Jun. 30, 2025
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. Beginning on December 2, 2024, Cowan revenues are included in Transportation revenues, consistent with our other Truckload and Logistics segments.
The following table summarizes our revenues by type of service.
Three Months Ended
June 30,		Six Months Ended
June 30,
Disaggregated Revenues (in millions)
2025202420252024
Transportation$1,310.4 $1,211.7 $2,606.0 $2,429.1 
Logistics Management54.5 51.3 108.2 101.9 
Other55.6 53.7 108.1 104.7 
Total operating revenues$1,420.5 $1,316.7 $2,822.3 $2,635.7 
Quantitative Disclosure
The following table provides information related to transactions and expected timing of revenue recognition for performance obligations that are fixed in nature and relate to contracts with terms greater than one year as of the date shown.
Remaining Performance Obligations (in millions)
June 30, 2025
Expected to be recognized within one year
Transportation$84.4 
Logistics Management20.3 
Expected to be recognized after one year
Transportation133.0 
Logistics Management20.8 
Total$258.5 
This disclosure does not include revenues related to performance obligations that are part of a contract with an original expected duration of one year or less, nor does it include expected consideration related to performance obligations for which the Company elects to recognize revenue in the amount 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)
June 30, 2025December 31, 2024
Other current assets—Contract assets$26.3 $22.2 
Other current liabilities—Contract liabilities0.1 — 
We generally receive payment within 40 days of completion of performance obligations. Contract assets in the table above relate to revenue in transit at the end of the reporting period.
v3.25.2
Fair Value
 6 Months Ended
Jun. 30, 2025
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		June 30, 2025December 31, 2024
Equity investment in TuSimple (1)
1$0.1 $0.1 
Marketable securities (2)
244.4 47.9 
(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 5, 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 5, Investments, for additional information.
The fair value of the Company’s unsecured senior notes was $51.4 million and $145.9 million as of June 30, 2025 and December 31, 2024, respectively. The carrying value of the Company’s unsecured senior notes was $50.0 million and $145.0 million as of June 30, 2025 and December 31, 2024, 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.
v3.25.2
Investments
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025 or December 31, 2024. 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.
 June 30, 2025December 31, 2024
(in millions, except maturities in months)Remaining
Maturities		Amortized CostFair ValueAmortized CostFair Value
U.S. treasury and government agencies1 to 68 months$20.0 $18.8 $21.0 $19.2 
Corporate debt securities3 to 94 months12.2 12.0 15.3 14.9 
State and municipal bonds3 to 160 months13.8 13.6 14.2 13.8 
Total marketable securities$46.0 $44.4 $50.5 $47.9 
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 six months ended June 30, 2025. In 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 being accounted for under ASC 321, Investments - Equity Securities, using the measurement alternative, and their combined values as of June 30, 2025 and December 31, 2024 were $137.3 million and $124.4 million, respectively. If the Company identifies observable price changes for identical or similar securities of the same issuer, the equity security is measured at fair value as of the date the observable transaction occurred using Level 3 inputs. As of June 30, 2025, our cumulative upward and downward adjustments were $78.9 million and $4.9 million, respectively.
In addition to our investment in MLSI, we hold a $10.0 million note receivable from MLSI as of June 30, 2025 which was funded during the first quarter of 2023, is subject to interest over its term, and matures in March 2030. We also hold a $2.5 million note receivable from Platform Science, Inc. as of June 30, 2025, which was executed and funded during the second quarter of 2024, is subject to interest over its term, and matures in March 2027.
The following table summarizes the activity related to these equity investments during the periods presented.
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2025202420252024
Investment in equity securities$13.4 $— $13.4 $— 
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 IPO 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 and six months ended June 30, 2025 and 2024, nor at December 31, 2024. See Note 4, 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. Our interest is being accounted for under ASC 323, Investments - Equity Method and Joint Ventures. For the three and six months ended June 30, 2025 and 2024, activity was not material. The carrying value of our investment was $4.3 million and $4.5 million as of June 30, 2025 and December 31, 2024, 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.
v3.25.2
Goodwill and Other Intangibles
 6 Months Ended
Jun. 30, 2025
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.
The following table shows the changes to our accumulated goodwill by reportable segment.
(in millions)TruckloadLogisticsTotal
Balance on December 31, 2024$363.7 $14.2 $377.9 
Acquisition adjustments (see Note 2)(39.2)— (39.2)
Balance on June 30, 2025
$324.5 $14.2 $338.7 
As of June 30, 2025 and December 31, 2024, our Truckload segment had accumulated goodwill impairment charges of $34.6 million.
During the six months ended June 30, 2025, we recorded $18.5 million of customer relationships and $10.5 million of trademarks related to the acquisition of Cowan. These identifiable, finite-lived intangible assets are being amortized over their weighted-average amortization period of 15.0 years. Refer to Note 2, Acquisitions, for further details.
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.
June 30, 2025December 31, 2024
(in millions)Gross
Carrying
Amount		Accumulated AmortizationNet
Carrying
Amount		Gross
Carrying
Amount		Accumulated AmortizationNet
Carrying
Amount
Customer relationships$62.0 $7.0 $55.0 $43.5 $4.8 $38.7 
Trademarks21.4 3.3 18.1 10.9 2.4 8.5 
Non-compete agreements5.4 2.1 3.3 5.4 1.5 3.9 
Total intangible assets$88.8 $12.4 $76.4 $59.8 $8.7 $51.1 
Amortization expense for intangible assets was $1.8 million and $1.3 million for the three months ended June 30, 2025 and 2024, respectively, and $3.7 million and $2.6 million for the six months ended June 30, 2025 and 2024, respectively.
Estimated future amortization expense related to intangible assets is as follows:
(in millions)June 30, 2025
Remaining 2025$3.4 
20267.0 
20277.0 
20286.5 
20295.9 
2030 and thereafter46.6 
Total$76.4 
v3.25.2
Debt and Credit Facilities
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt and Credit Facilities DEBT AND CREDIT FACILITIES
As of June 30, 2025 and December 31, 2024, debt included the following:
(in millions)June 30, 2025December 31, 2024
Unsecured senior notes: principal matures August 2028; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 5.57% and 4.36% for 2025 and 2024, respectively.
$50.0 $145.0 
Receivables purchase agreement: matures May 2027; variable rate interest payments due monthly based on the Term SOFR; weighted-average interest rate of 5.66% and 6.12% for 2025 and 2024, respectively.
70.0 70.0 
Delayed-draw term loan facility: matures November 2029; variable rate interest payments due quarterly based on the Term SOFR; weighted-average interest rate of 5.51% and 5.61% for 2025 and 2024, respectively.
400.0 300.0 
Total debt and credit facilities520.0 515.0 
Current maturities(9.9)(98.7)
Debt issuance costs(0.6)— 
Long-term debt$509.5 $416.3 
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. We had no outstanding borrowings as of both June 30, 2025 and December 31, 2024. The 2022 Credit Facility also provides a sublimit of $100.0 million to be used for the issuance of letters of credit. Standby letters of credit under this agreement amounted to $0.4 million as of both June 30, 2025 and December 31, 2024 and were primarily related to the requirements of certain of our real estate leases.
During the second quarter of 2024, we renewed our Receivables Purchase Agreement (the “2024 Receivables Purchase Agreement”), which allows us to borrow funds against qualifying trade receivables up to $200.0 million through May 2027, inclusive of a $100.0 million sublimit to be used for the issuance of letters of credit. As of June 30, 2025 and December 31, 2024, standby letters of credit under these agreements amounted to $96.0 million and $97.8 million, respectively, and were primarily related to the requirements of certain of our insurance obligations.
During the fourth quarter of 2024, SNL entered into a delayed-draw term loan facility with capacity up to $400.0 million and Bank of America as the administrative agent. Borrowings are unsecured, subject to interest over their term based on the either the Term SOFR or the ABR (“Alternate Base Rate”) at the election of the Company for each borrowing, and mature in November 2029. Quarterly principal payments of .625% of the outstanding balance will be due beginning September 2025 and continue until the agreement matures in November 2029.
v3.25.2
Leases (Notes)
 6 Months Ended
Jun. 30, 2025
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. The leases run through 2026, and the related lease payments are not material.
Additional information related to our leases is as follows:
Six Months Ended
June 30,
(in millions)20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$20.8 $19.6 
Operating cash flows for finance leases0.2 0.3 
Financing cash flows for finance leases2.0 2.2 
Right-of-use assets obtained in exchange for new lease liabilities
Operating leases$10.4 $16.7 
Finance leases— 0.2 
As of June 30, 2025, we had one lease that was signed but not yet commenced. The lease commences in July 2025, has a lease term of three years, and lease payments are not material.
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 June 30, 2025 and December 31, 2024, investments in lease receivables were as follows:
(in millions)June 30, 2025December 31, 2024
Future minimum payments to be received on leases$172.4 $166.2 
Guaranteed residual lease values99.3 96.7 
Total minimum lease payments to be received271.7 262.9 
Unearned income(46.5)(44.5)
Net investment in leases$225.2 $218.4 
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 June 30, 2025 was $54.4 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 June 30, 2025, our lease payments past due were $2.3 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
June 30,		Six Months Ended
June 30,
(in millions)2025202420252024
Revenue$63.2 $60.1 $119.2 $118.0 
Cost of goods sold(56.6)(54.1)(107.0)(104.9)
Operating profit$6.6 $6.0 $12.2 $13.1 
Interest income on lease receivables$8.2 $7.8 $16.1 $15.5 
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. The leases run through 2026, and the related lease payments are not material.
Additional information related to our leases is as follows:
Six Months Ended
June 30,
(in millions)20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$20.8 $19.6 
Operating cash flows for finance leases0.2 0.3 
Financing cash flows for finance leases2.0 2.2 
Right-of-use assets obtained in exchange for new lease liabilities
Operating leases$10.4 $16.7 
Finance leases— 0.2 
As of June 30, 2025, we had one lease that was signed but not yet commenced. The lease commences in July 2025, has a lease term of three years, and lease payments are not material.
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 June 30, 2025 and December 31, 2024, investments in lease receivables were as follows:
(in millions)June 30, 2025December 31, 2024
Future minimum payments to be received on leases$172.4 $166.2 
Guaranteed residual lease values99.3 96.7 
Total minimum lease payments to be received271.7 262.9 
Unearned income(46.5)(44.5)
Net investment in leases$225.2 $218.4 
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 June 30, 2025 was $54.4 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 June 30, 2025, our lease payments past due were $2.3 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
June 30,		Six Months Ended
June 30,
(in millions)2025202420252024
Revenue$63.2 $60.1 $119.2 $118.0 
Cost of goods sold(56.6)(54.1)(107.0)(104.9)
Operating profit$6.6 $6.0 $12.2 $13.1 
Interest income on lease receivables$8.2 $7.8 $16.1 $15.5 
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. The leases run through 2026, and the related lease payments are not material.
Additional information related to our leases is as follows:
Six Months Ended
June 30,
(in millions)20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$20.8 $19.6 
Operating cash flows for finance leases0.2 0.3 
Financing cash flows for finance leases2.0 2.2 
Right-of-use assets obtained in exchange for new lease liabilities
Operating leases$10.4 $16.7 
Finance leases— 0.2 
As of June 30, 2025, we had one lease that was signed but not yet commenced. The lease commences in July 2025, has a lease term of three years, and lease payments are not material.
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 June 30, 2025 and December 31, 2024, investments in lease receivables were as follows:
(in millions)June 30, 2025December 31, 2024
Future minimum payments to be received on leases$172.4 $166.2 
Guaranteed residual lease values99.3 96.7 
Total minimum lease payments to be received271.7 262.9 
Unearned income(46.5)(44.5)
Net investment in leases$225.2 $218.4 
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 June 30, 2025 was $54.4 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 June 30, 2025, our lease payments past due were $2.3 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
June 30,		Six Months Ended
June 30,
(in millions)2025202420252024
Revenue$63.2 $60.1 $119.2 $118.0 
Cost of goods sold(56.6)(54.1)(107.0)(104.9)
Operating profit$6.6 $6.0 $12.2 $13.1 
Interest income on lease receivables$8.2 $7.8 $16.1 $15.5 
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Our effective income tax rate was 24.1% and 25.0% for the three months ended June 30, 2025 and 2024, respectively, and 24.5% and 25.0% for the six months ended June 30, 2025 and 2024, 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.
On July 4, 2025, the U.S. enacted a budget reconciliation package known as the One Big Beautiful Bill Act (“OBBBA”) which includes significant provisions such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act and restoration of favorable tax treatments for certain business provisions. ASC 740 requires entities to recognize the effects of new income tax legislation on deferred tax balances in the reporting period in which the legislation is enacted; we will record the effects on deferred tax balances in the third quarter. The Company is currently evaluating the impact of the new legislation but does not expect it to have a material impact on our results of operations
v3.25.2
Common Equity
 6 Months Ended
Jun. 30, 2025
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 and six months ended June 30, 2025 and 2024, respectively.
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions, except per share data)2025202420252024
Numerator:
Net income available to common shareholders$36.0 $35.3 $62.1 $53.8 
Denominator:
Weighted average common shares outstanding175.2 175.5 175.3 175.7 
Dilutive effect of share-based awards and options outstanding0.4 0.3 0.6 0.5 
Weighted average diluted common shares outstanding (1)
175.7 175.8 175.8 176.2 
Basic earnings per common share$0.21 $0.20 $0.35 $0.31 
Diluted earnings per common share0.20 0.20 0.35 0.31 
(1)Weighted average diluted common shares outstanding may not sum due to rounding.
The calculation of diluted earnings per share excluded 0.3 million and 0.1 million share-based awards and options that had an anti-dilutive effect for the three and six months ended June 30, 2025, respectively, and 0.7 million and 0.3 million share-based awards and options that had an anti-dilutive effect for the three and six months ended June 30, 2024, respectively.
Common Shares Outstanding
As of June 30, 2025 and December 31, 2024, 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 and six months ended June 30, 2025 and 2024.
Changes to our Class B common shares outstanding for the three and six months ended June 30, 2025 and 2024 are as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Outstanding at beginning of period92,169,401 92,844,330 92,221,383 92,931,242 
Repurchases of common stock— (581,106)(337,352)(1,143,873)
Share issuances64,096 38,349 528,653 698,133 
Exercise of employee stock options— — — 71,529 
Shares withheld for employee taxes— — (179,187)(255,458)
Outstanding at end of period92,233,497 92,301,573 92,233,497 92,301,573 
In January 2023, 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. The program does not obligate the Company to repurchase a minimum number of shares and is intended to help offset the dilutive effect of equity grants to employees over time. Under this program, the Company may repurchase shares in privately negotiated and/or open market transactions. As of June 30, 2025, the Company had repurchased $103.9 million of its Class B common shares under the share repurchase program.
Subsequent Event - Dividends Declared
In July of 2025, the Board declared a quarterly cash dividend for the third fiscal quarter of 2025 in the amount of $0.095 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 September 12, 2025 and will be paid on October 9, 2025.
v3.25.2
Share-based Compensation
 6 Months Ended
Jun. 30, 2025
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 (“the 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 $4.6 million and $3.9 million for the three months ended June 30, 2025 and 2024, respectively, and $9.2 million and $5.1 million for the six months ended June 30, 2025 and 2024, respectively. We recognize share-based compensation expense over the awards’ vesting period. As of June 30, 2025, we had $25.3 million of pre-tax unrecognized compensation cost related to outstanding share-based compensation awards expected to be recognized over a weighted average period of 1.9 years.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025, our firm commitments to purchase transportation equipment totaled $134.9 million.
Prior to 2024, the Company recorded charges resulting from adverse tax assessments by a state tax authority over the applicability of sales tax on rolling stock equipment used within that state. After filing an appeal with the state Appellate Tax Board in January 2024, the Company received an assessment for additional periods which were audited by the state tax authority and filed a request for appeal of that assessment with the state tax authority. The adjustment recorded as a result of the audit, including additional interest and penalties, was not material. These tax assessments and related interest and penalties have been recorded within operating supplies and expenses—net on the consolidated statements of comprehensive income.
v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
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 $25.0 million and $24.4 million for the three months ended June 30, 2025 and 2024, respectively, and $48.1 million and $49.6 million for the six months ended June 30, 2025 and 2024, respectively.
Segment Revenues and Expenses
Three Months Ended June 30, 2025
 (in millions)
TruckloadIntermodalLogisticsTotal
Revenues (excluding fuel surcharge)$622.2 $265.1 $339.6 $1,226.9 
Fuel surcharge revenues97.7 40.4 1.4 139.5 
Segment operating revenues719.9 305.5 341.0 1,366.4 
Other revenues96.8 
Elimination of inter-segment revenues(41.7)
Elimination of inter-segment fuel surcharge revenues(1.0)
Operating revenues1,420.5 
Salaries, wages, and benefits268.5 44.4 29.6 
Purchased transportation, fuel, and fuel taxes154.1 190.6 269.0 
Depreciation and amortization84.7 13.2 0.3 
Operating supplies and expenses-net79.9 19.0 15.0 
Other segment expenses(1)
92.6 22.2 19.2 
Segment income from operations$40.1 $16.1 $7.9 64.1 
Corporate and other loss from operations—net(9.1)
Income from operations55.0 
Total other expenses—net7.6 
Income before income taxes$47.4 
Segment Revenues and Expenses
Six Months Ended June 30, 2025
 (in millions)
TruckloadIntermodalLogisticsTotal
Revenues (excluding fuel surcharge)$1,235.9 $525.5 $671.6 $2,433.0 
Fuel surcharge revenues198.5 82.8 2.9 284.2 
Segment operating revenues1,434.4 608.3 674.5 2,717.2 
Other revenues185.5 
Elimination of inter-segment revenues(78.2)
Elimination of inter-segment fuel surcharge revenues(2.2)
Operating revenues2,822.3 
Salaries, wages, and benefits538.1 87.9 59.3 
Purchased transportation, fuel, and fuel taxes314.7 383.0 529.6 
Depreciation and amortization169.8 26.4 0.5 
Operating supplies and expenses-net162.3 36.2 28.9 
Other segment expenses(1)
184.3 44.9 40.2 
Segment income from operations$65.2 $29.9 $16.0 111.1 
Corporate and other loss from operations—net(14.0)
Income from operations97.1 
Total other expenses—net14.9 
Income before income taxes$82.2 
Segment Revenues and ExpensesThree Months Ended June 30, 2024
 (in millions)
TruckloadIntermodalLogisticsTotal
Revenues (excluding fuel surcharge)$540.3 $253.1 $318.8 $1,112.2 
Fuel surcharge revenues102.8 46.3 1.6 150.7 
Segment operating revenues643.1 299.4 320.4 1,262.9 
Other revenues95.6 
Elimination of inter-segment revenues(39.9)
Elimination of inter-segment fuel surcharge revenues(1.9)
Operating revenues1,316.7 
Salaries, wages, and benefits234.8 44.2 23.3 
Purchased transportation, fuel, and fuel taxes162.2 191.0 256.8 
Depreciation and amortization75.0 13.4 — 
Operating supplies and expenses-net61.9 15.8 10.3 
Other segment expenses(1)
78.5 20.4 18.8 
Segment income from operations$30.7 $14.6 $11.2 56.5 
Corporate and other income from operations—net(5.5)
Income from operations51.0 
Total other income—net4.0 
Income before income taxes$47.0 
Segment Revenues and Expenses
Six Months Ended June 30, 2024
 (in millions)
TruckloadIntermodalLogisticsTotal
Revenues (excluding fuel surcharge)$1,078.4 $500.3 $643.7 $2,222.4 
Fuel surcharge revenues209.7 95.7 3.1 308.5 
Segment operating revenues1,288.1 596.0 646.8 2,530.9 
Other revenues189.9 
Elimination of inter-segment revenues(81.3)
Elimination of inter-segment fuel surcharge revenues(3.8)
Operating revenues2,635.7 
Salaries, wages, and benefits469.8 87.9 49.2 
Purchased transportation, fuel, and fuel taxes335.8 383.9 521.8 
Depreciation and amortization150.3 26.9 — 
Operating supplies and expenses-net125.1 32.1 20.9 
Other segment expenses(1)
161.5 43.6 38.3 
Segment income from operations$45.6 $21.6 $16.6 83.8 
Corporate and other loss from operations—net(4.1)
Income from operations79.7 
Total other expenses—net8.0 
Income before income taxes$71.7 
(1)For each reportable segment, other segment expenses include insurance and related expenses and other general expenses.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure            
Net income $ 36.0 $ 26.1 $ 35.3 $ 18.5 $ 62.1 $ 53.8
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
General (Policies)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations
Nature of Operations
Schneider National, Inc. and its subsidiaries (together “Schneider,” the “Company,” “we,” “us,” or “our”) are among the largest providers of surface transportation and logistics solutions in North America. We offer a multimodal portfolio of services and an array of capabilities and resources that leverage data science and analytics to provide innovative solutions that coordinate the timely, safe, and effective movement of customer products. The Company offers truckload, intermodal, and logistics services to a diverse customer base 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, 2024. 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 December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. This ASU expands the disclosures related to rate reconciliations by requiring entities to disclose items meeting a quantitative threshold and eight categories. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We believe this standard will expand our disclosures but will not have a material effect on our consolidated financial statements. We will adopt this standard in the fourth quarter of 2025.
On November 4, 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). This ASU expands disclosures for certain costs and expenses included within each relevant expense caption presented on the face of the income statement. We believe this standard will require us to expand our disclosures but will not have a material effect on our consolidated financial statements. This standard will be effective for fiscal years beginning after December 15, 2026, with early adoption permitted. We will adopt this standard in the fourth quarter of 2027.
v3.25.2
Business Combinations and Asset Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination, Recognized Asset Acquired and Liability Assumed
The preliminary purchase price allocation for Cowan, which may be adjusted as we finalize our fair value estimates and provisional amounts, was as follows:
Recognized amounts of identifiable assets acquired and liabilities assumed (in millions)
December 2, 2024
Opening Balance Sheet		AdjustmentsAdjusted December 2, 2024
Opening Balance Sheet
Cash and cash equivalents$5.4 $— $5.4 
Trade accounts receivable—net of allowance81.0 — 81.0 
Prepaid expenses and other current assets30.5 2.1 32.6 
Net property and equipment297.9 6.8 304.7 
Internal use software and other noncurrent assets (1)
1.5 29.0 30.5 
Goodwill46.2 (39.2)7.0 
Total assets acquired462.5 (1.3)461.2 
Trade accounts payable11.1 — 11.1 
Accrued salaries, wages, and benefits10.6 — 10.6 
Claims accruals—current20.2 — 20.2 
Other current liabilities17.6 (2.9)14.7 
Other noncurrent liabilities4.4 1.6 6.0 
Total liabilities assumed63.9 (1.3)62.6 
Net assets acquired$398.6 $— $398.6 
(1)Includes customer relationships and trademarks.
The above adjustments made during the measurement period were primarily related to working capital, fixed assets, and intangible assets.
v3.25.2
Revenue Recognition (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table summarizes our revenues by type of service.
Three Months Ended
June 30,		Six Months Ended
June 30,
Disaggregated Revenues (in millions)
2025202420252024
Transportation$1,310.4 $1,211.7 $2,606.0 $2,429.1 
Logistics Management54.5 51.3 108.2 101.9 
Other55.6 53.7 108.1 104.7 
Total operating revenues$1,420.5 $1,316.7 $2,822.3 $2,635.7 
Remaining Performance Obligations
The following table provides information related to transactions and expected timing of revenue recognition for performance obligations that are fixed in nature and relate to contracts with terms greater than one year as of the date shown.
Remaining Performance Obligations (in millions)
June 30, 2025
Expected to be recognized within one year
Transportation$84.4 
Logistics Management20.3 
Expected to be recognized after one year
Transportation133.0 
Logistics Management20.8 
Total$258.5 
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)
June 30, 2025December 31, 2024
Other current assets—Contract assets$26.3 $22.2 
Other current liabilities—Contract liabilities0.1 — 
v3.25.2
Fair Value (Tables)
 6 Months Ended
Jun. 30, 2025
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		June 30, 2025December 31, 2024
Equity investment in TuSimple (1)
1$0.1 $0.1 
Marketable securities (2)
244.4 47.9 
(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 5, 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 5, Investments, for additional information.
v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2025
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.
 June 30, 2025December 31, 2024
(in millions, except maturities in months)Remaining
Maturities		Amortized CostFair ValueAmortized CostFair Value
U.S. treasury and government agencies1 to 68 months$20.0 $18.8 $21.0 $19.2 
Corporate debt securities3 to 94 months12.2 12.0 15.3 14.9 
State and municipal bonds3 to 160 months13.8 13.6 14.2 13.8 
Total marketable securities$46.0 $44.4 $50.5 $47.9 
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
June 30,		Six Months Ended
June 30,
(in millions)2025202420252024
Investment in equity securities$13.4 $— $13.4 $— 
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.
v3.25.2
Goodwill (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill
The following table shows the changes to our accumulated goodwill by reportable segment.
(in millions)TruckloadLogisticsTotal
Balance on December 31, 2024$363.7 $14.2 $377.9 
Acquisition adjustments (see Note 2)(39.2)— (39.2)
Balance on June 30, 2025
$324.5 $14.2 $338.7 
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.
June 30, 2025December 31, 2024
(in millions)Gross
Carrying
Amount		Accumulated AmortizationNet
Carrying
Amount		Gross
Carrying
Amount		Accumulated AmortizationNet
Carrying
Amount
Customer relationships$62.0 $7.0 $55.0 $43.5 $4.8 $38.7 
Trademarks21.4 3.3 18.1 10.9 2.4 8.5 
Non-compete agreements5.4 2.1 3.3 5.4 1.5 3.9 
Total intangible assets$88.8 $12.4 $76.4 $59.8 $8.7 $51.1 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Estimated future amortization expense related to intangible assets is as follows:
(in millions)June 30, 2025
Remaining 2025$3.4 
20267.0 
20277.0 
20286.5 
20295.9 
2030 and thereafter46.6 
Total$76.4 
v3.25.2
Debt and Credit Facilities (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Summary of Debt
As of June 30, 2025 and December 31, 2024, debt included the following:
(in millions)June 30, 2025December 31, 2024
Unsecured senior notes: principal matures August 2028; interest payable in semiannual installments through the same timeframe; weighted average interest rate of 5.57% and 4.36% for 2025 and 2024, respectively.
$50.0 $145.0 
Receivables purchase agreement: matures May 2027; variable rate interest payments due monthly based on the Term SOFR; weighted-average interest rate of 5.66% and 6.12% for 2025 and 2024, respectively.
70.0 70.0 
Delayed-draw term loan facility: matures November 2029; variable rate interest payments due quarterly based on the Term SOFR; weighted-average interest rate of 5.51% and 5.61% for 2025 and 2024, respectively.
400.0 300.0 
Total debt and credit facilities520.0 515.0 
Current maturities(9.9)(98.7)
Debt issuance costs(0.6)— 
Long-term debt$509.5 $416.3 
v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Lease Information
Additional information related to our leases is as follows:
Six Months Ended
June 30,
(in millions)20252024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$20.8 $19.6 
Operating cash flows for finance leases0.2 0.3 
Financing cash flows for finance leases2.0 2.2 
Right-of-use assets obtained in exchange for new lease liabilities
Operating leases$10.4 $16.7 
Finance leases— 0.2 
Schedule of Investment In Lease Receivables
As of June 30, 2025 and December 31, 2024, investments in lease receivables were as follows:
(in millions)June 30, 2025December 31, 2024
Future minimum payments to be received on leases$172.4 $166.2 
Guaranteed residual lease values99.3 96.7 
Total minimum lease payments to be received271.7 262.9 
Unearned income(46.5)(44.5)
Net investment in leases$225.2 $218.4 
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
June 30,		Six Months Ended
June 30,
(in millions)2025202420252024
Revenue$63.2 $60.1 $119.2 $118.0 
Cost of goods sold(56.6)(54.1)(107.0)(104.9)
Operating profit$6.6 $6.0 $12.2 $13.1 
Interest income on lease receivables$8.2 $7.8 $16.1 $15.5 
v3.25.2
Common Equity (Tables)
 6 Months Ended
Jun. 30, 2025
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 and six months ended June 30, 2025 and 2024, respectively.
Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions, except per share data)2025202420252024
Numerator:
Net income available to common shareholders$36.0 $35.3 $62.1 $53.8 
Denominator:
Weighted average common shares outstanding175.2 175.5 175.3 175.7 
Dilutive effect of share-based awards and options outstanding0.4 0.3 0.6 0.5 
Weighted average diluted common shares outstanding (1)
175.7 175.8 175.8 176.2 
Basic earnings per common share$0.21 $0.20 $0.35 $0.31 
Diluted earnings per common share0.20 0.20 0.35 0.31 
(1)Weighted average diluted common shares outstanding may not sum due to rounding.
Schedule of Common Shares Outstanding Roll Forward
Changes to our Class B common shares outstanding for the three and six months ended June 30, 2025 and 2024 are as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Outstanding at beginning of period92,169,401 92,844,330 92,221,383 92,931,242 
Repurchases of common stock— (581,106)(337,352)(1,143,873)
Share issuances64,096 38,349 528,653 698,133 
Exercise of employee stock options— — — 71,529 
Shares withheld for employee taxes— — (179,187)(255,458)
Outstanding at end of period92,233,497 92,301,573 92,233,497 92,301,573 
v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
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 $25.0 million and $24.4 million for the three months ended June 30, 2025 and 2024, respectively, and $48.1 million and $49.6 million for the six months ended June 30, 2025 and 2024, respectively.
Segment Revenues and Expenses
Three Months Ended June 30, 2025
 (in millions)
TruckloadIntermodalLogisticsTotal
Revenues (excluding fuel surcharge)$622.2 $265.1 $339.6 $1,226.9 
Fuel surcharge revenues97.7 40.4 1.4 139.5 
Segment operating revenues719.9 305.5 341.0 1,366.4 
Other revenues96.8 
Elimination of inter-segment revenues(41.7)
Elimination of inter-segment fuel surcharge revenues(1.0)
Operating revenues1,420.5 
Salaries, wages, and benefits268.5 44.4 29.6 
Purchased transportation, fuel, and fuel taxes154.1 190.6 269.0 
Depreciation and amortization84.7 13.2 0.3 
Operating supplies and expenses-net79.9 19.0 15.0 
Other segment expenses(1)
92.6 22.2 19.2 
Segment income from operations$40.1 $16.1 $7.9 64.1 
Corporate and other loss from operations—net(9.1)
Income from operations55.0 
Total other expenses—net7.6 
Income before income taxes$47.4 
Segment Revenues and Expenses
Six Months Ended June 30, 2025
 (in millions)
TruckloadIntermodalLogisticsTotal
Revenues (excluding fuel surcharge)$1,235.9 $525.5 $671.6 $2,433.0 
Fuel surcharge revenues198.5 82.8 2.9 284.2 
Segment operating revenues1,434.4 608.3 674.5 2,717.2 
Other revenues185.5 
Elimination of inter-segment revenues(78.2)
Elimination of inter-segment fuel surcharge revenues(2.2)
Operating revenues2,822.3 
Salaries, wages, and benefits538.1 87.9 59.3 
Purchased transportation, fuel, and fuel taxes314.7 383.0 529.6 
Depreciation and amortization169.8 26.4 0.5 
Operating supplies and expenses-net162.3 36.2 28.9 
Other segment expenses(1)
184.3 44.9 40.2 
Segment income from operations$65.2 $29.9 $16.0 111.1 
Corporate and other loss from operations—net(14.0)
Income from operations97.1 
Total other expenses—net14.9 
Income before income taxes$82.2 
Segment Revenues and ExpensesThree Months Ended June 30, 2024
 (in millions)
TruckloadIntermodalLogisticsTotal
Revenues (excluding fuel surcharge)$540.3 $253.1 $318.8 $1,112.2 
Fuel surcharge revenues102.8 46.3 1.6 150.7 
Segment operating revenues643.1 299.4 320.4 1,262.9 
Other revenues95.6 
Elimination of inter-segment revenues(39.9)
Elimination of inter-segment fuel surcharge revenues(1.9)
Operating revenues1,316.7 
Salaries, wages, and benefits234.8 44.2 23.3 
Purchased transportation, fuel, and fuel taxes162.2 191.0 256.8 
Depreciation and amortization75.0 13.4 — 
Operating supplies and expenses-net61.9 15.8 10.3 
Other segment expenses(1)
78.5 20.4 18.8 
Segment income from operations$30.7 $14.6 $11.2 56.5 
Corporate and other income from operations—net(5.5)
Income from operations51.0 
Total other income—net4.0 
Income before income taxes$47.0 
Segment Revenues and Expenses
Six Months Ended June 30, 2024
 (in millions)
TruckloadIntermodalLogisticsTotal
Revenues (excluding fuel surcharge)$1,078.4 $500.3 $643.7 $2,222.4 
Fuel surcharge revenues209.7 95.7 3.1 308.5 
Segment operating revenues1,288.1 596.0 646.8 2,530.9 
Other revenues189.9 
Elimination of inter-segment revenues(81.3)
Elimination of inter-segment fuel surcharge revenues(3.8)
Operating revenues2,635.7 
Salaries, wages, and benefits469.8 87.9 49.2 
Purchased transportation, fuel, and fuel taxes335.8 383.9 521.8 
Depreciation and amortization150.3 26.9 — 
Operating supplies and expenses-net125.1 32.1 20.9 
Other segment expenses(1)
161.5 43.6 38.3 
Segment income from operations$45.6 $21.6 $16.6 83.8 
Corporate and other loss from operations—net(4.1)
Income from operations79.7 
Total other expenses—net8.0 
Income before income taxes$71.7 
(1)For each reportable segment, other segment expenses include insurance and related expenses and other general expenses.
v3.25.2
Business Combinations and Asset Acquisitions- Acquisition Details (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 02, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 30, 2024
Business Combination              
Goodwill   $ 338.7   $ 338.7   $ 377.9  
Business Combination, Separately Recognized Transactions, Assets Recognized             $ 31.1
Cowan Systems              
Business Combination              
Date of acquisition Dec. 02, 2024            
Percentage of business acquired 100.00%            
Fair value of consideration transferred $ 398.6            
Acquisition-related costs   0.0   0.0      
Pro forma operating revenues     $ 1,480.2   $ 2,957.4    
Cash and cash equivalents 5.4 5.4   5.4      
Trade accounts receivable-net of allowance 81.0 81.0   81.0      
Prepaid expenses and other current assets 30.5 32.6   32.6      
Net property and equipment 297.9 304.7   304.7      
Internal use software and other noncurrent assets 1.5 30.5   30.5      
Goodwill 46.2 7.0   7.0      
Total assets acquired 462.5 461.2   461.2      
Trade accounts payable 11.1 11.1   11.1      
Accrued salaries, wages, and benefits 10.6 10.6   10.6      
Claims accruals - current 20.2 20.2   20.2      
Other current liabilities 17.6 14.7   14.7      
Other noncurrent liabilities 4.4 6.0   6.0      
Total liabilities assumed 63.9 62.6   62.6      
Net assets acquired 398.6 $ 398.6   $ 398.6      
Cowan Systems | Purchase price adjustments              
Business Combination              
Cash and cash equivalents 0.0            
Trade accounts receivable-net of allowance 0.0            
Prepaid expenses and other current assets 2.1            
Net property and equipment 6.8            
Internal use software and other noncurrent assets 29.0            
Goodwill (39.2)            
Total assets acquired (1.3)            
Trade accounts payable 0.0            
Accrued salaries, wages, and benefits 0.0            
Claims accruals - current 0.0            
Other current liabilities (2.9)            
Other noncurrent liabilities 1.6            
Total liabilities assumed (1.3)            
Net assets acquired $ 0.0            
v3.25.2
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue        
Operating revenues $ 1,420.5 $ 1,316.7 $ 2,822.3 $ 2,635.7
Transportation        
Disaggregation of Revenue        
Operating revenues 1,310.4 1,211.7 2,606.0 2,429.1
Logistics Management        
Disaggregation of Revenue        
Operating revenues 54.5 51.3 108.2 101.9
Other        
Disaggregation of Revenue        
Operating revenues $ 55.6 $ 53.7 $ 108.1 $ 104.7
v3.25.2
Revenue Recognition - Revenue Remaining Performance Obligation (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction  
Remaining Performance Obligation $ 258.5
Expected to be recognized within one year | Transportation  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction  
Remaining Performance Obligation 84.4
Expected to be recognized within one year | Logistics Management  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction  
Remaining Performance Obligation 20.3
Expected to be recognized after one year | Transportation  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction  
Remaining Performance Obligation 133.0
Expected to be recognized after one year | Logistics Management  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction  
Remaining Performance Obligation $ 20.8
v3.25.2
Revenue Recognition - Contract Balances (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Contract assets $ 26.3 $ 22.2
Contract liabilities $ 0.1 $ 0.0
v3.25.2
Revenue Recognition- Additional Information (Details)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Timing of payment after completion of performance obligations 40 days
v3.25.2
Fair Value - Recurring Fair Value Measurements (Details) - Recurring fair value measurements - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
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 $ 44.4 $ 47.9
v3.25.2
Fair Value - Debt Portfolio (Details) - Unsecured Senior Notes - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument    
Total principal outstanding $ 50.0 $ 145.0
Level 2 inputs    
Debt Instrument    
Fair value of debt $ 51.4 $ 145.9
v3.25.2
Investments - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Other Investments      
Credit loss allowance $ 0.0 $ 0.0 $ 0.0
Value of investments without readily determinable fair values 137.3 137.3 $ 124.4
Equity securities without readily determinable fair value, impairment loss   4.9  
Cumulative upward adjustments 78.9 78.9  
Cumulative downward adjustments 4.9 4.9  
Interest and Other Income 0.4    
Mastery Logistics      
Other Investments      
Value of investments without readily determinable fair values 13.4 13.4  
Mastery Logistics | Notes receivable      
Other Investments      
Notes receivable 10.0 10.0  
Mastery Logistics | Short Term Note Receivable      
Other Investments      
Note receivable, short term 13.0 13.0  
Platform Science Inc. | Notes receivable      
Other Investments      
Notes receivable $ 2.5 $ 2.5  
v3.25.2
Investments - Schedule of Marketable Securities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Available for Sale Debt Securities    
Amortized cost $ 46.0 $ 50.5
US treasury and government agencies    
Available for Sale Debt Securities    
Amortized cost 20.0 21.0
Corporate debt securities    
Available for Sale Debt Securities    
Amortized cost 12.2 15.3
State and municipal bonds    
Available for Sale Debt Securities    
Amortized cost 13.8 14.2
Current asset    
Available for Sale Debt Securities    
Fair value 44.4 47.9
Current asset | US treasury and government agencies    
Available for Sale Debt Securities    
Fair value 18.8 19.2
Current asset | Corporate debt securities    
Available for Sale Debt Securities    
Fair value 12.0 14.9
Current asset | State and municipal bonds    
Available for Sale Debt Securities    
Fair value $ 13.6 $ 13.8
Minimum | US treasury and government agencies    
Available for Sale Debt Securities    
Maturity date Jul. 22, 2025  
Minimum | Corporate debt securities    
Available for Sale Debt Securities    
Maturity date Sep. 10, 2025  
Minimum | State and municipal bonds    
Available for Sale Debt Securities    
Maturity date Sep. 15, 2025  
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. 01, 2033  
Maximum | State and municipal bonds    
Available for Sale Debt Securities    
Maturity date Oct. 01, 2038  
v3.25.2
Investments - Equity Investments without Readily Determinable Fair Values (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Other Investments        
Investment in equity security $ 13.4 $ 0.0 $ 13.4 $ 0.0
Upward adjustments 0.0 0.0 4.4 0.0
Downward adjustments $ 0.0 $ 0.0 $ 4.9 $ 0.0
v3.25.2
Investments - Investment in TuSimple (Details)
$ in Millions
Jan. 12, 2021
USD ($)
Other Investments  
Investment in equity security $ 5.0
v3.25.2
Investments - Equity Method Investment (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
May 31, 2023
Other Investments      
Investment in equity method investment     $ 5.0
Equity Method Investments $ 4.3 $ 4.5  
Scope 23      
Other Investments      
Ownership interest in investment 50.00%    
v3.25.2
Intangibles- Schedule of Changes in Carrying Amount of Intangibles (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets    
Gross carrying amount $ 88.8 $ 59.8
Accumulated amortization 12.4 8.7
Net carrying amount $ 76.4 51.1
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life 15 years  
Customer Relationships    
Finite-Lived Intangible Assets    
Gross carrying amount $ 62.0 43.5
Accumulated amortization 7.0 4.8
Net carrying amount 55.0 38.7
Trademarks    
Finite-Lived Intangible Assets    
Gross carrying amount 21.4 10.9
Accumulated amortization 3.3 2.4
Net carrying amount 18.1 8.5
Noncompete Agreements    
Finite-Lived Intangible Assets    
Gross carrying amount 5.4 5.4
Accumulated amortization 2.1 1.5
Net carrying amount $ 3.3 $ 3.9
v3.25.2
Intangibles- Future Amortization Expense (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets    
Remaining 2025 $ 3.4  
2026 7.0  
2027 7.0  
2028 6.5  
2029 5.9  
2030 and thereafter 46.6  
Net carrying amount $ 76.4 $ 51.1
v3.25.2
Goodwill - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Dec. 02, 2024
Goodwill      
Goodwill $ 338.7 $ 377.9  
Goodwill, Measurement Period Adjustment (39.2)    
Accumulated goodwill impairment charge 34.6 34.6  
Cowan Systems      
Goodwill      
Goodwill 7.0   $ 46.2
Truckload      
Goodwill      
Goodwill 324.5 363.7  
Truckload | Cowan Systems      
Goodwill      
Goodwill, Measurement Period Adjustment (39.2)    
Logistics      
Goodwill      
Goodwill 14.2 $ 14.2  
Goodwill, Measurement Period Adjustment $ 0.0    
v3.25.2
Intangibles- Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Finite-Lived Intangible Assets        
Amortization of intangible assets $ 1.8 $ 1.3 $ 3.7 $ 2.6
Cowan Systems        
Finite-Lived Intangible Assets        
Finite-Lived Customer Relationships, Gross 18.5   18.5  
Finite-Lived Trademarks, Gross $ 10.5   $ 10.5  
v3.25.2
Debt and Credit Facilities - Summary of Debt (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument    
Current maturities $ (9.9) $ (98.7)
Debt issuance costs, net 0.6 0.0
Long-term debt 509.5 416.3
Total debt and credit facilities $ 520.0 $ 515.0
Unsecured Senior Notes    
Debt Instrument    
Frequency of payments semiannual  
Weighted-average interest rate 5.57% 4.36%
Total principal outstanding $ 50.0 $ 145.0
Unsecured Senior Notes | Minimum    
Debt Instrument    
Maturity year 2028  
Credit Facility    
Debt Instrument    
Total principal outstanding $ 0.0  
Receivables Purchase Agreement    
Debt Instrument    
Total principal outstanding $ 70.0 $ 70.0
Debt, Weighted Average Interest Rate 5.66% 6.12%
Delayed Term Loan Facilities    
Debt Instrument    
Total principal outstanding $ 400.0 $ 300.0
Debt, Weighted Average Interest Rate 5.51% 5.61%
v3.25.2
Debt and Credit Facilities - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
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 96.0 $ 97.8
Maximum borrowing capacity $ 100.0  
Delayed Term Loan Facilities    
Debt Instrument    
Line of Credit Facility, Expiration Date Nov. 29, 2029  
Maximum borrowing capacity $ 400.0  
v3.25.2
Leases - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Leases - Lessee    
Lease terms of leases not yet commenced 3 years  
Leases - Lessor    
Lease payments $ 271.7 $ 262.9
Past due    
Leases - Lessor    
Lease payments 2.3  
Past Due    
Leases - Lessor    
Net investment in leases $ 54.4  
Minimum    
Leases - Lessor    
Terms of sales-type lease 1 year  
Maximum    
Leases - Lessor    
Terms of sales-type lease 3 years  
v3.25.2
Leases - Schedule of Lease Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]    
Operating cash flows for operating leases $ 20.8 $ 19.6
Operating cash flows for finance leases 0.2 0.3
Financing cash flows for finance leases 2.0 2.2
Right-of-use assets obtained in exchange for new operating lease liability 10.4 16.7
Right-of-use assets obtained in exchange for new finance lease liability $ 0.0 $ 0.2
v3.25.2
Leases - Summary of Investment in Lease Receivables (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Future minimum payments to be received on leases $ 172.4 $ 166.2
Guaranteed residual lease values 99.3 96.7
Total minimum lease payments to be received 271.7 262.9
Unearned income (46.5) (44.5)
Net investment in leases $ 225.2 $ 218.4
v3.25.2
Leases - Schedule of Sales-type Lease Income (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]        
Revenue $ 63.2 $ 60.1 $ 119.2 $ 118.0
Cost of goods sold (56.6) (54.1) (107.0) (104.9)
Operating profit 6.6 6.0 12.2 13.1
Interest income on lease receivables $ 8.2 $ 7.8 $ 16.1 $ 15.5
v3.25.2
Income Taxes - Additional Information (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Effective income tax rate 24.10% 25.00% 24.50% 25.00%
v3.25.2
Common Equity - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Basic earnings per common share            
Net income available to common shareholders $ 36.0 $ 26.1 $ 35.3 $ 18.5 $ 62.1 $ 53.8
Weighted average common shares outstanding 175.2   175.5   175.3 175.7
Diluted earnings per common share            
Dilutive effect of share-based awards and options outstanding 0.4   0.3   0.6 0.5
Weighted average diluted shares outstanding 175.7   175.8   175.8 176.2
Basic earnings per share $ 0.21   $ 0.20   $ 0.35 $ 0.31
Diluted earnings per share $ 0.20   $ 0.20   $ 0.35 $ 0.31
v3.25.2
Common Equity - Schedule of common shares outstanding (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Class A Common Shares        
Class of Stock        
Common shares outstanding     83,029,500  
Common shares outstanding 83,029,500   83,029,500  
Class B Common Stock        
Class of Stock        
Common shares outstanding 92,169,401 92,844,330 92,221,383 92,931,242
Repurchases of common stock 0 (581,106) (337,352) (1,143,873)
Share issuances 64,096 38,349 528,653 698,133
Exercise of employee stock options 0 0 0 71,529
Shares withheld for employee taxes 0 0 (179,187) (255,458)
Common shares outstanding 92,233,497 92,301,573 92,233,497 92,301,573
v3.25.2
Common Equity - Additional Information (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jul. 28, 2025
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Jan. 31, 2023
Class of Stock                  
Anti-dilutive share-based awards and options excluded from computation of diluted earnings per share   0.3   0.7   0.1 0.3    
Stock repurchase program - amount authorized                 $ 150.0
Treasury stock, value   $ 104.7       $ 104.7   $ 96.4  
Repurchase Program 2023                  
Class of Stock                  
Treasury stock, value   $ 103.9       $ 103.9      
Class A Common Shares                  
Class of Stock                  
Dividends declared per share   $ 0.095 $ 0.095 $ 0.095 $ 0.095        
Class A Common Shares | O 2025 Q3 Dividends | Subsequent Event                  
Class of Stock                  
Dividends declared per share $ 0.095                
Class B Common Stock                  
Class of Stock                  
Dividends declared per share   $ 0.095 $ 0.095 $ 0.095 $ 0.095        
Class B Common Stock | O 2025 Q3 Dividends | Subsequent Event                  
Class of Stock                  
Dividends declared per share $ 0.095                
v3.25.2
Share-based Compensation - Additional Information (Details) - 2017 Omnibus Incentive Plan - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award        
Share-based compensation expense $ 4.6 $ 3.9 $ 9.2 $ 5.1
Pre-tax unrecognized compensation cost $ 25.3   $ 25.3  
Unrecognized compensation cost, period for recognition 1 year 10 months 24 days      
v3.25.2
Commitments and Contingencies - Additional Information (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Commitments to purchase transportation equipment $ 134.9
v3.25.2
Segment Reporting - Additional Information (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Segment
Jun. 30, 2024
USD ($)
Segment Reporting Information        
Number of reportable segments | Segment     3  
Operating revenues $ 1,420.5 $ 1,316.7 $ 2,822.3 $ 2,635.7
Other | Other Insurance        
Segment Reporting Information        
Operating revenues $ 25.0 $ 24.4 $ 48.1 $ 49.6
v3.25.2
Segment Reporting Revenues and Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information        
Operating revenues $ 1,420.5 $ 1,316.7 $ 2,822.3 $ 2,635.7
Operating supplies and expenses—net 180.5 157.2 355.6 310.8
Income from operations 55.0 51.0 97.1 79.7
Nonoperating Income (Expense) 7.6 4.0 14.9 8.0
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 47.4 47.0 82.2 71.7
Operating Segments        
Segment Reporting Information        
Revenues excluding fuel surcharge 1,226.9 1,112.2 2,433.0 2,222.4
Fuel Surcharge Revenue 139.5 150.7 284.2 308.5
Operating revenues 1,366.4 1,262.9 2,717.2 2,530.9
Other Income 96.8 95.6 185.5 189.9
Income from operations 64.1 56.5 111.1 83.8
Operating Segments | Truckload        
Segment Reporting Information        
Revenues excluding fuel surcharge 622.2 540.3 1,235.9 1,078.4
Fuel Surcharge Revenue 97.7 102.8 198.5 209.7
Operating revenues 719.9 643.1 1,434.4 1,288.1
Compensation Expense, Excluding Cost of Good and Service Sold 268.5 234.8 538.1 469.8
Purchased transportation, fuel, and fuel taxes 154.1 162.2 314.7 335.8
Depreciation, Depletion and Amortization 84.7 75.0 169.8 150.3
Operating supplies and expenses—net 79.9 61.9 162.3 125.1
Segment Reporting, Other Segment Item, Amount 92.6 78.5 184.3 161.5
Income from operations 40.1 30.7 65.2 45.6
Operating Segments | Intermodal [Member]        
Segment Reporting Information        
Revenues excluding fuel surcharge 265.1 253.1 525.5 500.3
Fuel Surcharge Revenue 40.4 46.3 82.8 95.7
Operating revenues 305.5 299.4 608.3 596.0
Compensation Expense, Excluding Cost of Good and Service Sold 44.4 44.2 87.9 87.9
Purchased transportation, fuel, and fuel taxes 190.6 191.0 383.0 383.9
Depreciation, Depletion and Amortization 13.2 13.4 26.4 26.9
Operating supplies and expenses—net 19.0 15.8 36.2 32.1
Segment Reporting, Other Segment Item, Amount 22.2 20.4 44.9 43.6
Income from operations 16.1 14.6 29.9 21.6
Operating Segments | Logistics        
Segment Reporting Information        
Revenues excluding fuel surcharge 339.6 318.8 671.6 643.7
Fuel Surcharge Revenue 1.4 1.6 2.9 3.1
Operating revenues 341.0 320.4 674.5 646.8
Compensation Expense, Excluding Cost of Good and Service Sold 29.6 23.3 59.3 49.2
Purchased transportation, fuel, and fuel taxes 269.0 256.8 529.6 521.8
Depreciation, Depletion and Amortization 0.3 0.0 0.5 0.0
Operating supplies and expenses—net 15.0 10.3 28.9 20.9
Segment Reporting, Other Segment Item, Amount 19.2 18.8 40.2 38.3
Income from operations 7.9 11.2 16.0 16.6
Intersegment Eliminations        
Segment Reporting Information        
Revenues excluding fuel surcharge (41.7) (39.9) (78.2) (81.3)
Fuel Surcharge Revenue (1.0) (1.9) (2.2) (3.8)
Corporate And Reconciling Items        
Segment Reporting Information        
Income from operations $ (9.1) $ (5.5) $ (14.0) $ (4.1)