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
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.
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