Free cash flow generation remains highly erratic, swinging from a negative $52.1 million in 2025Q1 to a peak of $295.8 million in 2025Q4, largely driven by heavy capital intensity.
| Cash from Operations | 638.6M | 637.4M | 686.1M | 680M | 856.4M | 566.1M | 618.2M | 636.3M | 566.5M | 461.3M | 455.31M | 485.56M | 345.75M |
| Operating CF Margin % | - | 11.23% | 12.97% | 12.37% | 12.97% | 10.09% | 13.58% | 13.4% | 11.38% | 10.52% | 11.25% | 12.26% | 8.77% |
| Operating CF Growth % | -20.1% | -7.1% | 0.9% | -20.6% | 51.28% | -8.43% | -2.84% | 12.32% | 22.81% | 1.31% | -6.23% | 40.44% | - |
| Net Income | 97.9M | 0 | 117M | 238.5M | 457.8M | 405.4M | 211.7M | 147M | 268.9M | 389.9M | 156.85M | 140.93M | 133.57M |
| Depreciation & Amortization | 336.4M | 0 | 413.7M | 382.5M | 350M | 296.2M | 290.5M | 292.9M | 291.3M | 279M | 266.03M | 236.33M | 230.01M |
| Stock-Based Compensation | 0 | 0 | 0 | 15.8M | 16.5M | 14.4M | 8.9M | -3.6M | 22.8M | 17M | 2.2M | 2.2M | 10.31M |
| Deferred Taxes | 12.2M | 0 | 3.9M | 55.8M | 83M | 2M | 1.7M | -200K | 62.2M | -152M | 75.57M | 86.72M | 57.26M |
| Other Non-Cash Items | 137.8M | 620.5M | 71.1M | 27M | -26.1M | -3.5M | 74.9M | 177.7M | -9.6M | -23.6M | -1.36M | -955K | -963K |
| Working Capital Changes | 74.7M | 16.9M | 80.4M | -39.6M | -24.8M | -148.4M | 30.5M | 22.5M | -69.1M | -49M | -23.53M | 44.52M | -47.41M |
| Change in Receivables | 27M | 17.9M | 70.1M | 42.4M | 51.6M | -162M | -65.4M | 119.9M | -74.8M | -64.4M | 1.15M | -14.1M | -63.49M |
| Change in Inventory | 0 | 0 | 0 | 0 | 25.8M | 0 | 0 | 20.7M | 94.6M | 61M | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 13M | 0 | 0 | 19.1M | 3M | 16M | -552K | 32.44M | 5.45M |
| Cash from Investing | -254.3M | -346.2M | -791.5M | -907.6M | -598.8M | -626.4M | -318.7M | -350.2M | -337.6M | -390.5M | -513.35M | -483.3M | -475.72M |
| Capital Expenditures | -241M | 0 | -60.2M | -807.6M | -693.6M | -540.6M | -419M | -465.7M | -512.5M | -532M | -547.52M | -607.26M | -579.4M |
| CapEx % of Revenue | 4.25% | 5.1% | 1.14% | 14.69% | 10.5% | 9.64% | 9.2% | 9.81% | 10.3% | 12.14% | 13.53% | 15.34% | 14.7% |
| Acquisitions | 0 | 0 | -393.2M | -240.2M | -31.7M | -271.3M | 87.4M | 90.1M | 90.5M | 70M | -78.22M | 70.36M | 61.54M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -20.4M | -346.2M | -336.1M | 167.8M | 152.1M | 194.8M | 22.7M | 20.7M | 94.6M | 131M | 115.53M | 57.02M | 43.09M |
| Cash from Financing | -262.7M | -207.3M | 120.6M | -55.7M | -116.7M | -90.4M | -455.6M | -113.2M | -88.7M | 36.9M | 28.14M | 8.54M | 109.03M |
| Debt Issued (Net) | -175.4M | -121.4M | 220.5M | 81.1M | -62M | -40.8M | -55.6M | -52M | -28.7M | -258.7M | 58.5M | 32.6M | 134.89M |
| Equity Issued (Net) | -6.3M | -14.6M | -29.5M | -66.9M | 0 | 0 | 0 | 0 | 0 | 340.5M | 900K | 1.1M | -5.16M |
| Dividends Paid | -50M | -67M | -66.6M | -63.6M | -55.7M | -49.6M | -400M | -42.5M | -40.7M | -25.5M | -31.27M | -25.16M | -20.7M |
| Share Repurchases | -6.3M | -14.6M | -29.5M | -66.9M | 0 | 0 | 0 | 0 | 0 | -100K | -1.4M | -2.2M | -6.43M |
| Other Financing | -31M | -4.3M | -3.8M | -6.3M | 1M | 0 | 0 | -18.7M | -19.3M | -19.4M | 0 | 36K | 0 |
| Net Change in Cash | 121.6M | 83.9M | 15.2M | -283.3M | 140.9M | -150.7M | -156.1M | 172.9M | 140.2M | 107.7M | -29.89M | 10.79M | -20.95M |
| Free Cash Flow | 493.2M | 348.2M | 146.8M | -127.6M | 162.8M | 25.5M | 199.2M | 170.6M | 54M | -70.7M | -92.21M | -121.7M | -233.66M |
| FCF Margin % | 8.7% | 6.14% | 2.77% | -2.32% | 2.46% | 0.45% | 4.38% | 3.59% | 1.08% | -1.61% | -2.28% | -3.07% | -5.93% |
| FCF Growth % | 267.79% | 137.19% | 215.05% | -178.38% | 538.43% | -87.2% | 16.76% | 215.93% | 176.38% | 23.33% | 24.23% | 47.91% | - |
| FCF per Share | 2.80 | 1.98 | 0.83 | -0.72 | 0.91 | 0.14 | 1.12 | 0.96 | 0.30 | -0.41 | -0.53 | -0.70 | -1.35 |
| FCF Conversion (FCF/Net Income) | 5.04x | 6.15x | 5.86x | 2.85x | 1.87x | 1.40x | 2.92x | 4.33x | 2.11x | 1.18x | 2.90x | 3.45x | 2.59x |
| Interest Paid | 17.3M | 0 | 0 | 10.2M | 9.3M | 11.6M | 12.8M | 14.5M | 15.5M | 0 | 21.6M | 16.5M | 12.52M |
| Taxes Paid | 4.8M | 0 | 0 | 67.6M | 52.8M | 145.9M | 61.6M | 51.6M | 39M | 0 | 5M | 30.5M | 56.92M |
Persistent freight market overcapacity
As reported in financial statements, Schneider National consistently generates operating cash flow significantly higher than net income, with the OCF/NI ratio reaching as high as 9.49 in 2025Q3, suggesting that non-cash charges like depreciation are the primary drivers of the company's reported cash generation capabilities.
The persistent gap between net income and operating cash flow indicates that the company's accounting earnings are heavily influenced by non-cash expenses rather than pure operational profitability. Investors should monitor whether this reliance on depreciation-heavy cash flow masks underlying margin erosion in the core trucking business.
Based on reported figures, Schneider's free cash flow trajectory remains highly erratic, swinging from a negative $52.1 million in 2025Q1 to a peak of $295.8 million in 2025Q4, which highlights the company's sensitivity to capital expenditure cycles and the inherent volatility of the trucking industry.
The lack of a stable free cash flow trend suggests that the company's ability to self-fund operations is frequently interrupted by lumpy capital investments. This volatility makes it difficult to rely on FCF as a consistent indicator of long-term value creation for shareholders.
According to recent SEC filings, Schneider's capital intensity, measured by CapEx as a percentage of revenue, has reached as high as 16.4% in 2024Q3, reflecting the heavy asset-based nature of its business model and the constant need to refresh its proprietary chassis and tractor fleet.
High capital intensity in a low-margin environment suggests that a significant portion of operating cash flow is immediately consumed by maintenance and growth requirements. This structural reality limits the company's flexibility to navigate cyclical downturns without impacting its cash position.
As indicated by the data, working capital changes have been highly inconsistent, ranging from a $57.8 million outflow in 2025Q1 to a $63.2 million inflow in 2024Q3, which suggests that the company's cash conversion cycle is susceptible to shifts in customer payment behavior and inventory management.
The volatility in working capital suggests that the company may be struggling to optimize its cash conversion cycle amidst fluctuating freight demand. Investors should investigate whether these swings are indicative of broader challenges in managing receivables or if they represent temporary timing differences in the logistics segment.
Based on reported figures, Schneider maintains a disciplined approach to capital deployment, with dividend payments remaining relatively stable near $16 million per quarter, while share repurchases and acquisitions have been sporadic, reflecting a cautious management posture toward external growth and shareholder returns in a volatile market.
The company's conservative use of cash for buybacks and acquisitions suggests a focus on balance sheet preservation over aggressive expansion. While this approach may mitigate risk, it may also limit the company's ability to capture market share during periods of industry consolidation.
Quick answers to the most common questions about buying SNDR stock.
Schneider National, Inc. (SNDR) generated $637.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Schneider National, Inc. (SNDR) generated $348.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Schneider National, Inc. (SNDR) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Schneider National, Inc. (SNDR) returned $67.0M to shareholders via cash dividends and spent $14.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.