Werner Enterprises, Inc. · NASDAQ:WERN
Werner Enterprises — Q3 2026 Earnings Presentation
26 slides from Werner Enterprises's earnings presentation, Oct 27, 2026
Slide 1: 3Q26 Earnings Presentation
3Q26 EARNINGS PRESENTATION OCTOBER 27, 2026 1
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 7,090 1,650 8,740 DEDICATED3 ONE-WAY TRUCKLOAD3 TTS TRUCKS3 15% Company > 95% 37,710 Trailing Assets 3 drivers with military Dedicated Customer experience > 14,8001 Retention Rate Associates 13% Company ~300 55% 3,867 drivers who are women I
Slide 5: Third Quarter 2026 Highlights
THIRD QUARTER 2026 HIGHLIGHTS 1 Realized strong RPTPW growth in Dedicated, while expanding EOP truck count 2 FirstFleet integration remains ahead of schedule, accelerating planned synergies In OWT, drove record RPTPW and margin expansion through the successful execution of our strategic 3 turnaround
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: Market Outlook
MARKET OUTLOOK • Capacity attrition continues, with regulatory enforcement still in the early innings and upward pressure on fuel, insurance, equipment replacement costs and the Montgomery ruling all pressuring capacity • Spot freight rates have trended positively recently and are expected to contin
Slide 8: Financial Results
FINANCIAL RESULTS CHRIS WIKOFF Executive Vice President, Treasurer and Chief Financial Officer
Slide 9: 3Q26 Financial Results
3Q26 FINANCIAL RESULTS 3Q26 Y/Y Change HIGHLIGHTS ● Higher revenues, with the addition of FirstFleet, higher Revenues $951M +23% fuel surcharge revenues and better asset production, partially offset by a smaller One-Way fleet and lower Logistics revenues GAAP Earnings Per Share $0.11 +132% ● Dedicate
Slide 10: Truckload Transportation Services (TTS) Results
TRUCKLOAD TRANSPORTATION SERVICES (TTS) RESULTS 3Q25 3Q26 Y/Y Revenues ($M) $519.8 $714.0 +37% Revenues, net FSC ($M)1 $460.3 $588.8 +28% Adjusted Operating Income ($M)1 $8.9 $24.3 +172% Adjusted Operating Margin1,2 1.9% 4.1% +220 bps Adjusted Operating Ratio1,2 98.1% 95.9% (220) bps Y/Y COMMENTARY
Slide 11: TTS Fleet Metrics Update
TTS 1 FLEET METRICS UPDATE TTS AVERAGE TRUCKS UP 15.5% Y/Y; QUARTER END TTS FLEET UP 17.4% Y/Y AT 8,740 1 TTS consists of the Dedicated and One-Way Truckload fleets. 2 Net of fuel surcharge revenues. 3 See attached Reconciliation of Non-GAAP Financial Measures. 11
Slide 12: Pathway to TTS Mid-Cycle Double-Digit Adjusted OI Margins
PORTFOLIO 10.0%+ MANAGEMENT (Double-Digits) COST SAVINGS NORMALIZATION OF USED OWT restructuring +210 bps improvement SUPPORTIVE EQUIPMENT MARKET early in 2026 leading to improved profitability DEDICATED ENVIRONMENT Structural Cost Savings in 2H WITH STRONG EXECUTION Tech-enabled Increased Dedicated
Slide 13: Werner Logistics Results
WERNER LOGISTICS RESULTS 3Q25 3Q26 Y/Y Revenues ($M) $232.6 $215.8 (7)% Revenues less purchased $33.0 $31.1 (6)% transportation expense ($M)1 Adjusted Operating Income ($M)1 $4.2 $0.8 (82)% Adjusted Operating Margin1 1.8% 0.4% (140) bps Y/Y COMMENTARY • Truckload Logistics revenues (70% of Logistics
Slide 14: Positive Cash Flow & Strong Balance Sheet
POSITIVE CASH FLOW & STRONG BALANCE SHEET CASH FLOW ($ millions) Solid Cash Flow & Liquidity • Q3 operating cash flow of $21M and $189M YTD • Net CapEx of $37M in Q3 and $29M YTD • Free cash flow of $160M2 YTD or 5.9% of revenues YTD Strong Balance Sheet • New $1.1B unsecured credit facility maturin
Slide 15: 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 16: 2026 Guidance Metrics and Assumptions
2026 GUIDANCE METRICS AND ASSUMPTIONS PRIOR CURRENT 2026 GUIDANCE ACTUAL 2026 GUIDANCE 2026 GUIDANCE (as of 7/28/26) (as of 9/30/26) (as of 10/27/26) COMMENTARY 16% to 18% 15.8% 16% to 17% Tightening fleet size guidance. TTS average TTS Average Truck Count trucks ended the quarter up 16% Y/Y; fleet ha
Slide 17: Appendix
WERNER APPENDIX
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 – Consolidated
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED (Unaudited) (In thousands, except per share amounts) 20
Slide 21: Reconciliation of Non-GAAP Financial Measures – TTS Segment
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – TRUCKLOAD TRANSPORTATION SERVICES (TTS) SEGMENT (Unaudited) (In thousands) 21
Slide 22: Reconciliation of Non-GAAP Financial Measures – TTS Segment (Continued)
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – TRUCKLOAD TRANSPORTATION SERVICES (TTS) SEGMENT (Continued) (Unaudited) (In thousands) 22
Slide 23: Reconciliation of Non-GAAP Financial Measures – Werner Logistics Segment
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – WERNER LOGISTICS SEGMENT (Unaudited) (In thousands) 23
Slide 24: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 24
Slide 25: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 25
Slide 26: Thank You
THANKYOU For more information, visit werner.com £ | in | Werner Enterprises inc. (@One_Werner (@0ne_Werner Werner Enterprises WERNER 1e&