Revenue rebounded 9.2% year over year in 2026Q3, yet operating margin of 3.9% and net margin of 3.1% remain thin and gross margin fell to 6.1% from the 8.5% to 9.6% range seen through 2024 and 2025.
Schneider National, Inc. (SNDR) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Sales/Revenue | 5.95B | 5.67B | 5.29B | 5.5B | 6.6B | 5.61B | 4.55B | 4.75B | 4.98B | 4.38B | 4.05B | 3.96B | 3.94B |
| Revenue Growth % | 6.03% | 7.25% | -3.79% | -16.74% | 17.75% | 23.19% | -4.09% | -4.62% | 13.54% | 8.35% | 2.18% | 0.48% | - |
| Cost of Goods Sold | 5.18B | 5.37B | 4.85B | 4.94B | 5.68B | 4.85B | 4.07B | 4.22B | 4.35B | 3.91B | 3.56B | 3.49B | 3.54B |
| COGS % of Revenue | - | 94.68% | 91.66% | 89.83% | 86.06% | 86.42% | 89.44% | 88.8% | 87.46% | 89.13% | 88.1% | 88.04% | 89.94% |
| Gross Profit | 773.1M | 302.1M | 441.1M | 559.4M | 920.5M | 761.5M | 480.6M | 531.8M | 624.3M | 476.4M | 481.62M | 473.46M | 396.3M |
| Gross Margin % | 12.99% | 5.32% | 8.34% | 10.17% | 13.94% | 13.58% | 10.56% | 11.2% | 12.54% | 10.87% | 11.9% | 11.96% | 10.06% |
| Gross Profit Growth % | - | -31.51% | -21.15% | -39.23% | 20.88% | 58.45% | -9.63% | -14.82% | 31.05% | -1.08% | 1.72% | 19.47% | - |
| Operating Expenses | 569.7M | 133.2M | 275.9M | 263M | 320.1M | 227.8M | 193.9M | 324M | 246.5M | 196.1M | 191.21M | 207.18M | 156.95M |
| OpEx % of Revenue | - | 2.35% | 5.21% | 4.78% | 4.85% | 4.06% | 4.26% | 6.83% | 4.95% | 4.47% | 4.73% | 5.23% | 3.98% |
| Selling, General & Admin | 32.3M | 133.2M | 275.9M | 263M | 320.1M | 217.2M | 192.9M | 225.7M | 246.5M | 196.1M | 191.21M | 207.18M | 156.95M |
| SG&A % of Revenue | - | 2.35% | 5.21% | 4.78% | 4.85% | 3.87% | 4.24% | 4.75% | 4.95% | 4.47% | 4.73% | 5.23% | 3.98% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27.9M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | 0.71% |
| Other Operating Expenses | 4M | 0 | 0 | 0 | 0 | 10.6M | 1M | 98.3M | 1.3M | 500K | 0 | 0 | -1.76M |
| Operating Income | 203.4M | 168.9M | 165.2M | 296.4M | 600.4M | 533.7M | 286.7M | 207.8M | 375.8M | 280.3M | 290.4M | 260.24M | 239.35M |
| Operating Margin % | 3.42% | 2.98% | 3.12% | 5.39% | 9.09% | 9.52% | 6.3% | 4.38% | 7.55% | 6.39% | 7.18% | 6.57% | 6.07% |
| Operating Income Growth % | - | 2.24% | -44.26% | -50.63% | 12.5% | 86.15% | 37.97% | -44.7% | 34.07% | -3.48% | 11.59% | 8.73% | - |
| EBITDA | 642.7M | 618.9M | 578.9M | 678.9M | 950.4M | 829.9M | 577.2M | 500.7M | 667.1M | 559.3M | 556.44M | 496.57M | 469.36M |
| EBITDA Margin % | 10.8% | 10.91% | 10.94% | 12.35% | 14.39% | 14.8% | 12.68% | 10.55% | 13.4% | 12.76% | 13.75% | 12.54% | 11.91% |
| EBITDA Growth % | 3.64% | 6.91% | -14.73% | -28.57% | 14.52% | 43.78% | 15.28% | -24.94% | 19.27% | 0.51% | 12.06% | 5.8% | - |
| D&A (Non-Cash Add-back) | 439.3M | 450M | 413.7M | 382.5M | 350M | 296.2M | 290.5M | 292.9M | 291.3M | 279M | 266.03M | 236.33M | 230.01M |
| EBIT | 206.6M | 171.8M | 168.8M | 320.3M | 613.6M | 554.5M | 296.5M | 214.7M | 381.7M | 282.8M | 286.97M | 257.32M | 239.35M |
| Net Interest Income | -12.3M | -27.9M | -12.3M | -7.2M | -6.7M | -10.4M | -10.3M | -8.1M | -12.5M | -17.4M | -21.4M | -18.7M | -11.73M |
| Interest Income | 7.6M | 5.9M | 4.3M | 7M | 2.9M | 2.1M | 3.3M | 8.5M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 19.9M | 33.8M | 16.6M | 14.2M | 9.6M | 12.5M | 13.6M | 16.6M | 12.5M | 17.4M | 21.4M | 18.7M | 11.73M |
| Other Income/Expense | -15.6M | -30.9M | -13M | 9.7M | 3.6M | 8.3M | -3.8M | -9.7M | -11.2M | -16.9M | -24.8M | -21.5M | -13.49M |
| Pretax Income | 187.8M | 138M | 152.2M | 306.1M | 604M | 542M | 282.9M | 198.1M | 364.6M | 263.4M | 265.6M | 238.72M | 225.86M |
| Pretax Margin % | 3.16% | 2.43% | 2.88% | 5.57% | 9.15% | 9.66% | 6.21% | 4.17% | 7.33% | 6.01% | 6.56% | 6.03% | 5.73% |
| Income Tax | 46.1M | 34.4M | 35.2M | 67.6M | 146.2M | 136.6M | 71.2M | 51.1M | 95.7M | -126.5M | 108.75M | 97.79M | 92.3M |
| Effective Tax Rate % | 24.55% | 24.93% | 23.13% | 22.08% | 24.21% | 25.2% | 25.17% | 25.8% | 26.25% | -48.03% | 40.94% | 40.96% | 40.86% |
| Net Income | 141.7M | 103.6M | 117M | 238.5M | 457.8M | 405.4M | 211.7M | 147M | 268.9M | 389.9M | 156.85M | 140.93M | 133.57M |
| Net Margin % | 2.38% | 1.83% | 2.21% | 4.34% | 6.93% | 7.23% | 4.65% | 3.1% | 5.4% | 8.89% | 3.88% | 3.56% | 3.39% |
| Net Income Growth % | 24.19% | -11.45% | -50.94% | -47.9% | 12.93% | 91.5% | 44.01% | -45.33% | -31.03% | 148.58% | 11.3% | 5.51% | - |
| Net Income (Continuing) | 141.7M | 103.6M | 117M | 238.5M | 457.8M | 405.4M | 211.7M | 147M | 268.9M | 389.9M | 156.85M | 140.93M | 133.57M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.80 | 0.59 | 0.66 | 1.34 | 2.56 | 2.28 | 1.19 | 0.83 | 1.52 | 2.28 | 0.90 | 0.81 | 0.77 |
| EPS Growth % | 24.62% | -10.61% | -50.75% | -47.66% | 12.28% | 91.6% | 43.37% | -45.39% | -33.33% | 153.33% | 11.11% | 5.19% | - |
| EPS (Basic) | - | 0.59 | 0.67 | 1.35 | 2.57 | 2.28 | 1.19 | 0.83 | 1.52 | 2.28 | 0.90 | 0.81 | 0.77 |
| Diluted Shares Outstanding | 176.3M | 175.9M | 176.1M | 178.2M | 178.8M | 178.1M | 177.6M | 177.3M | 177.2M | 171.3M | 173.54M | 173.54M | 173.54M |
| Basic Shares Outstanding | 175.3M | 175.2M | 175.5M | 177.3M | 177.9M | 177.6M | 177.3M | 177.1M | 177M | 171.1M | 173.54M | 173.54M | 173.54M |
| Dividend Payout Ratio | - | 64.67% | 56.92% | 26.67% | 12.17% | 12.23% | 188.95% | 28.91% | 15.14% | 6.54% | 19.93% | 17.85% | 15.5% |
Quick answers to the most common questions about buying SNDR stock.
For fiscal year 2025, Schneider National, Inc. (SNDR) reported total revenue of $5.67B. This represents a 44.0% increase compared to $3.94B in 2014.
Schneider National, Inc. (SNDR) is profitable, generating $103.6M in net income for the fiscal year ending 2025 with a net profit margin of 1.8%.
Schneider National, Inc. (SNDR) reported an operating income of $168.9M, resulting in an operating profit margin of 3.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Schneider National, Inc. (SNDR) generated $302.1M in gross profit for the year, representing a gross profit margin of 5.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin operating margins compressing
Metrics are mathematically derived from official filings.
Revenue Recovering After Flat Stretch
Based on the reported figures, SNDR's quarterly revenue grew 9.2% year over year in 2026Q3 and 10.4% in 2026Q2, reversing a period of near-zero growth that ran through early 2026, suggesting a cyclical recovery in freight demand is taking hold.
The shift from a -2.7% decline in late 2024 to double-digit growth in the two most recent quarters points to improving volumes or rate environment rather than a one-off. However, with revenue still only modestly above the 2024 run rate, investors should monitor whether this growth is volume-driven or pricing-driven, since trucking recoveries are often rate-led and less durable. Sustained growth at this pace would be needed to confirm a structural rather than cyclical turn.
Gross Margin Volatility Signals Pricing Pressure
As reported in SNDR's financial statements, gross margin swung between 4.5% and 9.6% over the ten quarters, with the most recent 2026Q3 reading at 6.1%, well below the 8.5% to 9.6% range seen through 2024 and 2025.
The wide quarterly swings in gross margin, combined with a 2025Q4 figure that appears anomalous and likely reflects a data or classification issue, make the underlying trend harder to read cleanly. Compared with peers such as Knight-Swift at a 28.3% gross margin and Werner at 5.8%, SNDR's margins sit in a range that suggests limited pricing power and high sensitivity to fuel and purchased transportation costs. The implication is that margin recovery depends heavily on freight rate firmness rather than structural cost advantages.
Operating Income Lags Revenue Growth
Based on SNDR's reported figures, operating margin compressed from 3.9% in 2026Q2 to 3.9% in 2026Q3 and ran between 2.4% and 4.6% over recent quarters, indicating that operating income has not scaled proportionally with the revenue rebound.
Revenue grew about 10% year over year in the latest quarter while operating margin remained in the low single digits, implying that incremental revenue is being absorbed by cost growth rather than flowing through to profit. SG&A figures are not reported in the provided data for most periods, so overhead efficiency cannot be assessed directly. Investors should monitor whether operating income growth begins to outpace revenue, which would indicate genuine operating leverage.
EPS Swings Overstate Underlying Stability
According to reported figures, SNDR's diluted EPS ranged from 0.11 to 0.28 across recent quarters, and the 154.5% EPS growth in 2026Q3 appears inflated by a low prior-year comparison rather than a durable improvement.
Net margin of 3.1% in 2026Q3 is only modestly above the 1.5% to 2.7% range of prior quarters, so the large percentage EPS jump reflects a small absolute base. Stock-based compensation is minimal, at $4.7M in the latest quarter and largely absent elsewhere, so dilution is not a material distortion. The gap between operating and net income is consistent with interest and tax items, but without a full breakdown the quality of the earnings beat cannot be fully assessed.
Peer-Relative Margin Gap Persists
Based on the peer data provided, SNDR's 3.9% operating margin trails Knight-Swift's 3.4% only marginally but its ROIC of roughly 2.0% to 2.5% sits well below what would indicate strong capital efficiency, raising questions about returns on invested capital.
A bear case would argue that even the recent revenue rebound has not translated into meaningful profit, and that the operating margin improvement is modest relative to the revenue jump. The sector's low ROIC across peers suggests the industry structurally earns thin returns, which limits how much any single company can differentiate without strong pricing. Investors should treat the recovery as unproven until operating margins expand meaningfully above their historical range.