Werner Enterprises, Inc. · NASDAQ:WERN
Werner Enterprises — Q1 2026 Earnings Presentation
25 slides from Werner Enterprises's earnings presentation, Apr 28, 2026
Slide 1: 1Q26 Earnings Presentation
1Q26 EARNINGS PRESENTATION APRIL 28, 2026 11
Slide 2: Disclosure Statement
DISCLOSURE STATEMENT This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and made pursuant to the safe harbor provisions of the Private Securities Lit
Slide 3: Business Overview
BUSINESS OVERVIEW DEREK LEATHERS Chairman and Chief Executive Officer
Slide 4: Werner Overview
WERNER OVERVIEW 5TH Largest Dedicated Carrier in the U.S.2 7,080 1,960 9,040 DEDICATED3 ONE-WAY TRUCKLOAD3 TTS TRUCKS3 15% Company 95% 38,365 Trailing Assets 3 drivers with military experience 14,501 Dedicated Customer Retention Rate Associates1 13% Company 310 55% 3,764 drivers Independent Emission
Slide 5: First Quarter 2026 Highlights
FIRST QUARTER 2026 HIGHLIGHTS 1 FirstFleet integration and synergy realization on track OWT restructuring is gaining traction, driving better production, margin improvement, and a 2 higher-quality freight mix Dedicated and OWT both outperformed expectations, supported by solid pricing, strong retent
Slide 6: Drive Strategy Supports 2026 Strategic Priorities
DRIVE SM STRATEGY SUPPORTS 2026 STRATEGIC PRIORITIES WERNER DRIVE SM BUILDING ON 5Ts AND SHAPING OUR FUTURE DRIVING GROWTH IN CORE BUSINESS ● Growing Dedicated fleet size ● Increasing One-Way production and rates ● Expanding TTS & Logistics adjusted operating income margin DRIVING OPERATIONAL EXCELL
Slide 7: 2026 Market Outlook
2026 MARKET OUTLOOK • Capacity attrition continues, forcing further closures and fleet reductions; continued regulation/enforcement on ELP, Non-Domiciled CDL’s, B1 Visas, ELD’s and CDL training schools act as supply catalysts • Spot freight rates remain elevated in April; expect seasonal improvement
Slide 8: Financial Results
FINANCIAL RESULTS CHRIS WIKOFF Executive Vice President, Treasurer and Chief Financial Officer
Slide 9: 1Q26 Financial Results
1Q26 FINANCIAL RESULTS 1Q26 Y/Y Change HIGHLIGHTS Revenues $809M +14% ● Higher revenues, driven by the acquisition of FirstFleet and higher fuel surcharge revenues, partially offset by a smaller One-Way fleet GAAP Loss Per Share $(0.07) +56% ● Dedicated fleet growth with end of period tractors up 46%
Slide 10: Truckload Transportation Services (TTS) Results
TRUCKLOAD TRANSPORTATION SERVICES (TTS) RESULTS 1Q25 1Q26 Y/Y Revenues ($M) $501.9 $594.3 +18% Revenues, net FSC ($M) $444.2 $515.8 +16% Adjusted Operating Income ($M)1 $2.0 $14.8 +655% Adjusted Operating Margin1,2 0.4% 2.9% +250 bps Adjusted Operating Ratio1,2 99.6% 97.1% (250) bps Y/Y COMMENTARY •
Slide 11: TTS Fleet Metrics Update
TTS 1 FLEET METRICS UPDATE QUARTER END TTS FLEET UP 21.5% Y/Y AT 9,040 $372 $4,497 $4,482 $4,518 $301 6,332 $279 5,149 4,783 $4,944 $4,661 $4,513 $169 $154 $136 2,786 2,632 2,122 1 TTS consists of the Dedicated and One-Way Truckload fleets. See attached Reconciliation of Non-GAAP Financial Measures.
Slide 12: Werner Logistics Results
WERNER LOGISTICS RESULTS 1Q25 1Q26 Y/Y Revenues ($M) $195.6 $195.8 0% Revenues less purchased $28.4 $27.3 (4)% transportation expense ($M)1 Adjusted Operating Income (loss) ($M)1 $0.7 $(0.9) (227)% Adjusted Operating Margin1 0.3% (0.4)% (70) bps Y/Y COMMENTARY • Truckload Logistics revenues (72% of
Slide 13: Positive Cash Flow & Strong Balance Sheet
POSITIVE CASH FLOW & STRONG BALANCE SHEET CASH FLOW ($ millions) Solid Cash Flow & Liquidity • Q1 operating cash flow of $89M • Net CapEx at $2M in Q1 • Free cash flow of $87M or 10.8% of revenues, up from 5.2% prior year Strong Balance Sheet • Maintaining high liquidity • $932M of total debt 2 • $8
Slide 14: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION STRATEGIC PRIORITIES CAPEX REINVESTMENT FOR GROWTH Reinvestment for Long-Term Growth 2026 Net CapEx Priorities: • Reinvestments to maintain low-age, safe and modern trucks and trailers • Ongoing strategic reinvestment, although lower than historical ranges • Growth inv
Slide 15: 2026 Guidance Metrics and Assumptions
2026 GUIDANCE METRICS AND ASSUMPTIONS PRIOR CURRENT 2026 GUIDANCE ACTUAL 2026 GUIDANCE 2026 GUIDANCE (as of 2/5/26) (as of 3/31/26) (as of 4/28/26) COMMENTARY 23% to 28% 14.0% 23% to 28% Average Y/Y increase was dampened as TTS Average Truck Count 2026 vs. 2025 1Q26 vs. 1Q25 2026 vs. 2025 FirstFleet
Slide 16: Appendix
WERNER APPENDIX
Slide 17: Reconciliation of Non-GAAP Financial Measures – Consolidated
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED (Unaudited) (In thousands, except per share amounts) 17
Slide 18: Reconciliation of Non-GAAP Financial Measures – Consolidated
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED (Unaudited) (In thousands, except per share amounts) 18
Slide 19: Reconciliation of Non-GAAP Financial Measures – Consolidated
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED (Unaudited) (In thousands, except per share amounts) 19
Slide 20: Reconciliation of Non-GAAP Financial Measures – TTS Segment
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – TRUCKLOAD TRANSPORTATION SERVICES (TTS) SEGMENT (Unaudited) (In thousands) 20
Slide 21: Reconciliation of Non-GAAP Financial Measures – TTS Segment (Continued)
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – TRUCKLOAD TRANSPORTATION SERVICES (TTS) SEGMENT (Continued) (Unaudited) (In thousands) 21
Slide 22: Reconciliation of Non-GAAP Financial Measures – Werner Logistics Segment
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – WERNER LOGISTICS SEGMENT (Unaudited) (In thousands) 22
Slide 23: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 23
Slide 24: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 24
Slide 25: Thank You
THANKYOU For more information, visit werner.com £ | in | Werner Enterprises inc. (@One_Werner (@0ne_Werner Werner Enterprises WERNER 1e&