WERNER ENTERPRISES INC WERN
We are a transportation and logistics company engaged primarily in transporting truckload shipments of general commodities in both interstate and intrastate commerce. We also provide logistics services through our Werner Logistics segment. We believe we are one of the largest truckload carriers in the United States (based on total operating revenues), and our headquarters are located in Omaha, Nebraska, near the geographic center of our truckload service area. We were founded in 1956 by Clarence L. Werner, who started the business with one truck at the age of 19. We were incorporated in the State of Nebraska in September 1982 and completed our initial public offering in June 1986 with a fleet of 632 trucks as of February 1986. At the end of 2025, our Truckload Transportation Services ("TTS") segment had a fleet of 7,100 trucks, of which 6,785 were company-operated and 315 were owned and operated by independent contractors. Our Werner Logistics segment operated an additional 27 drayage company trucks and 170 Final Mile delivery trucks at the end of 2025. We have historically grown organically, and more recently through a combination of organic growth and business acquisitions (discussed below). Our business acquisitions expanded our fleet size, customer base, geographic market presence, and network of operational facilities. We remain open to considering acquisitions in North America truckload and logistics companies that are both additive to our business and accretive to our earnings.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Truckload Transportation Services - Reportable segment revenues
- Werner Logistics - Reportable segment revenues
| Segment | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Truckload Transportation Services - Reportable segment revenues | $2.05B | $2.14B | $2.31B |
| Werner Logistics - Reportable segment revenues | $856.9M | $831.3M | $910.4M |
As the company reported it, from the “SEGMENT INFORMATION - Schedule of Segment Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.90B | $2.96B | $3.20B | $3.22B | $2.73B | $2.37B | $2.46B | $2.46B | $2.12B | $2.01B |
| Total operating expenses | $2.96B | $2.96B | $3.11B | $2.97B | $2.43B | $2.14B | $2.24B | $2.23B | $1.97B | $1.88B |
| Operating income | $11.7M | $66.1M | $176.4M | $323.1M | $309.1M | $227.4M | $225.5M | $224.2M | $143.8M | $126.1M |
| Interest expense | $39.1M | $39.2M | $33.5M | $11.8M | $4.4M | $4.2M | $6.9M | $2.7M | $2.2M | $2.6M |
| Pre-tax income | -$20.8M | $42.5M | $147.8M | $324.8M | $346.0M | $224.7M | $221.9M | $223.9M | $144.6M | $127.5M |
| Income tax | $2.2M | $8.9M | $35.5M | $79.2M | $84.5M | $55.6M | $55.0M | $55.7M | $58.3M | $48.3M |
| Net income | -$14.4M | $34.2M | $112.4M | $241.3M | $259.1M | $169.1M | $166.9M | $168.1M | $202.9M | $79.1M |
| EPS, basic | -0.24 | 0.55 | 1.77 | 3.76 | 3.84 | 2.45 | 2.40 | 2.35 | 2.81 | 1.10 |
| EPS, diluted | -0.24 | 0.55 | 1.76 | 3.74 | 3.82 | 2.44 | 2.38 | 2.33 | 2.80 | 1.09 |
| Shares, diluted (wtd. avg.) | 60.6M | 62.7M | 63.7M | 64.6M | 67.9M | 69.4M | 70.0M | 72.1M | 72.6M | 72.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $59.9M | $40.8M | $61.7M | $107.2M | $54.2M | $29.3M | $33.4M | $33.9M | $15.1M | $17.5M |
| Receivables | $394.9M | $391.7M | $444.9M | $518.8M | $460.5M | $341.1M | $322.8M | $337.9M | $304.2M | $261.4M |
| Inventory | $12.1M | $14.2M | $18.1M | $14.5M | $11.1M | $12.1M | $9.2M | $10.1M | $11.7M | $12.8M |
| Total current assets | $612.8M | $541.8M | $634.6M | $762.6M | $631.2M | $456.9M | $466.3M | $456.7M | $400.2M | $373.1M |
| Property, plant and equipment | $1.79B | $1.93B | $1.97B | $1.83B | $1.61B | $1.54B | $1.53B | $1.49B | $1.35B | $1.36B |
| Goodwill | $129.1M | $129.1M | $129.1M | $132.7M | $74.6M | $0 | — | — | — | — |
| Other intangibles | $44.6M | $76.4M | $86.5M | $81.5M | $55.3M | $0 | — | — | — | — |
| Total assets | $2.89B | $3.05B | $3.16B | $3.10B | $2.60B | $2.16B | $2.14B | $2.08B | $1.81B | $1.79B |
| Accounts payable | $95.1M | $112.4M | $136.0M | $124.5M | $94.0M | $83.3M | $94.6M | $97.8M | $73.8M | $66.6M |
| Short-term debt | $0 | $20.0M | $2.5M | $6.2M | $5.0M | $25.0M | — | — | — | — |
| Total current liabilities | $314.8M | $355.7M | $330.6M | $309.5M | $268.7M | $274.0M | $308.8M | $310.4M | $232.2M | $214.9M |
| Long-term debt | $752.0M | $630.0M | $646.2M | $687.5M | $422.5M | $175.0M | — | — | — | — |
| Total liabilities | $1.50B | $1.56B | $1.59B | $1.61B | $1.24B | $961.6M | — | — | — | — |
| Retained earnings | $1.90B | $1.95B | $1.95B | $1.88B | $1.67B | $1.44B | $1.29B | $1.41B | $1.27B | $1.08B |
| Total equity | $1.36B | $1.46B | $1.53B | $1.44B | $1.33B | $1.20B | $1.11B | $1.26B | $1.18B | $994.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $181.8M | $329.7M | $474.4M | $448.7M | $332.8M | $445.9M | $426.6M | $418.2M | $282.8M | $309.7M |
| Depreciation and amortisation | $276.3M | $280.3M | $289.2M | $273.8M | $265.8M | $263.3M | $249.5M | $230.2M | $217.6M | $209.7M |
| Stock-based compensation | $10.7M | $8.9M | $11.9M | $12.5M | $10.8M | $8.9M | $8.1M | $7.4M | $4.5M | $2.4M |
| Capital expenditure | $250.4M | $413.8M | $598.8M | $507.3M | $370.9M | $413.1M | $420.7M | $519.9M | $316.3M | $537.8M |
| Investing cash flow | -$171.6M | -$241.4M | -$434.9M | -$514.3M | -$397.3M | -$263.3M | -$272.3M | -$331.4M | -$183.8M | -$410.3M |
| Financing cash flow | $7.3M | -$105.7M | -$87.1M | $118.0M | $89.7M | -$186.0M | -$155.2M | -$67.6M | -$101.4M | $83.4M |
| Dividends paid | $34.1M | $35.1M | $34.2M | $32.2M | $29.1M | $24.9M | $286.2M | $23.0M | $18.8M | $17.3M |
| Buybacks | $55.6M | $67.1M | $0 | $110.4M | $104.4M | $56.5M | $42.3M | $72.2M | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000793074-26-000071.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.01B | $2.12B | $2.46B | $2.46B | $2.37B | $2.73B | $3.22B | $3.20B | $2.96B | $2.90B |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $79.1M | $202.9M | $168.1M | $166.9M | $169.1M | $259.1M | $241.3M | $112.4M | $34.2M | -$14.4M |
Recent filings and events
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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