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# Werner Swings To A Profit As Truckload Revenue Climbs 37%, But Fuel And Claims Squeeze Margins
- URL: https://www.bullished.co/werner-swings-to-a-profit-as-truckload-revenue-climbs-37-but-fuel-and-claims-squeeze-68b60c46/
- Published: 2026-10-27T20:22:59.000Z
- Updated: 2026-10-27T20:22:59.000Z
- Description: The trucker earned $0.11 a share against a year-earlier loss, and it cut its 2026 capital spending outlook.
- Author: Matteo Parrino
- Tags: SEC Filings, WERN, Industry: Industrials

[Werner Enterprises](https://www.bullished.co/tag/wern/), the Omaha trucking and logistics company, earned [$0.11 per share](https://www.sec.gov/Archives/edgar/data/0000793074/000079307426000165/wern-20261027.htm?ref=bullished.co) in the third quarter, against a loss of $0.34 a year earlier, as freight demand and its FirstFleet purchase lifted sales, the company said Tuesday. Revenue rose 23% to $950.5 million, but rising fuel costs and elevated claims held margins down.

## A freight surge with thin margins

Operating income was [$17.0 million](https://www.businesswire.com/news/home/20261026262163/en/Werner-Enterprises-Reports-Third-Quarter-2026-Results?ref=bullished.co), compared with an operating loss of $13.0 million a year earlier, on an operating margin of 1.8%. Adjusted operating income, which strips out items such as acquisition costs and intangible amortization, rose 92% to $21.0 million, and adjusted earnings were $0.16 per share against an adjusted loss of $0.03.

Part of the swing reflects a weak comparison: the prior-year quarter carried [$21.4 million](https://www.businesswire.com/news/home/20261026262163/en/Werner-Enterprises-Reports-Third-Quarter-2026-Results?ref=bullished.co) of litigation costs tied to an agreement to settle a class action lawsuit.

Chairman and CEO Derek Leathers said "rapidly rising fuel costs and elevated claims temporarily impacted near-term margins," but added: "We remain confident in our trajectory and our ability to capitalize on the early stages of this freight upcycle."

## Trucking soars while logistics slips

Werner mainly hauls truckload freight across the United States, with a dedicated-service trucking unit and a logistics unit that arranges shipments through other carriers. Truckload Transportation Services revenue rose 37% to $714.0 million, and $65.8 million of the gain came from higher fuel surcharges. The unit's operating income was $23.2 million, against a $13.8 million loss.

Werner bought FirstFleet on January 27, 2026\. Dedicated trucks at quarter end totaled 7,090, or 81% of the segment fleet, compared with 4,965, or 67%, a year ago.

Werner Logistics went the other way. Revenue fell $16.8 million, or 7%, to $215.8 million, and the unit posted a $0.4 million operating loss against $3.0 million of operating income a year earlier.

## Lower capital spending outlook

Cash flow from operations fell 51% to $21.5 million. Total debt was $847.4 million at September 30, including $44.4 million of finance lease liabilities. On October 5, Werner signed a new $1.1 billion unsecured credit facility to replace its $1.075 billion one.

The company now expects 2026 net capital spending of $190 million to $205 million, down from $215 million to $250 million in its July guidance. It lowered its expected effective tax rate to 24.5% to 25.5% from 25.5% to 26.5%, and it expects to accelerate tractor purchases in the fourth quarter.

Werner held an earnings call at 4:00 p.m. CT on Tuesday to walk through the quarter.

### Sources

- [8-K Filing — WERNER ENTERPRISES INC (WERN)](https://www.sec.gov/Archives/edgar/data/0000793074/000079307426000165/wern-20261027.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit wern-2026x930xex991.htm — WERNER ENTERPRISES INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000793074/000079307426000165/wern-2026x930xex991.htm?ref=bullished.co) — SEC EDGAR
- [Werner Enterprises Reports Third Quarter 2026 Results](https://www.businesswire.com/news/home/20261026262163/en/Werner-Enterprises-Reports-Third-Quarter-2026-Results?ref=bullished.co) — businesswire.com

### More on Werner Enterprises

- [Werner Guides To About $0.10 To $0.11 A Share For Third Quarter, Citing Fuel, Driver Pay And Insurance](https://www.bullished.co/werner-guides-to-about-0-10-to-0-11-a-share-for-third-quarter-citing-fuel-driver-pay-and-347fdadb/)
- [Werner Enterprises Refinances Into A $1.1 Billion Credit Facility Maturing In October 2031](https://www.bullished.co/werner-enterprises-refinances-into-a-1-1-billion-credit-facility-maturing-in-october-2031-4350a407/)
- [Werner Director Jack Holmes Resigns From Board After Taking Executive Job At Another Transport Company](https://www.bullished.co/werner-director-jack-holmes-resigns-from-board-after-taking-executive-job-at-another-c1c46433/)

[All Werner Enterprises (WERN) coverage →](https://www.bullished.co/tag/wern/)