Werner's profitability remains under pressure, evidenced by a net margin of -0.5% in 2026Q1 and an operating loss of $13.0M reported in 2025Q3.
| 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 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 3.07B | 2.97B | 3.03B | 3.28B | 3.29B | 2.73B | 2.37B | 2.46B | 2.46B | 2.12B | 2.01B | 2.09B | 2.14B | 2.03B | 2.04B | 2B | 1.82B | 1.67B | 2.17B | 2.07B | 2.08B | 1.97B | 1.68B | 1.46B | 1.34B | 1.27B | 1.21B | 1.05B | 863.42M | 772.1M | 643.27M |
| Revenue Growth % | 3.28% | -1.84% | -7.71% | -0.2% | 20.32% | 15.27% | -3.71% | 0.24% | 16.12% | 5.36% | -4.04% | -2.14% | 5.43% | -0.35% | 1.67% | 10.35% | 8.91% | -23.05% | 4.56% | -0.45% | 5.51% | 17.51% | 15.11% | 8.67% | 5.58% | 4.6% | 15.42% | 21.88% | 11.83% | 20.03% | 11.68% |
| Cost of Goods Sold | 2.81B | 2.8B | 2.69B | 2.86B | 2.77B | 2.26B | 1.91B | 2.04B | 2.04B | 1.77B | 1.68B | 1.71B | 1.79B | 1.73B | 1.71B | 1.15B | 767.24M | 611.44M | 965.66M | -481.33M | -488.24M | -442.93M | -366.18M | -288.5M | -273.76M | -256.28M | -251.06M | -216.86M | -162.9M | 416.59M | 333.13M |
| COGS % of Revenue | - | 94.2% | 88.83% | 87.1% | 84.15% | 82.52% | 80.57% | 82.65% | 82.99% | 83.71% | 83.85% | 81.61% | 83.87% | 85.07% | 83.76% | 57.19% | 42.27% | 36.69% | 44.59% | -23.24% | -23.47% | -22.46% | -21.82% | -19.79% | -20.41% | -20.17% | -20.67% | -20.61% | -18.87% | 53.96% | 51.79% |
| Gross Profit | 258.32M | 172.42M | 338.63M | 423.65M | 521.59M | 477.93M | 460.89M | 427.41M | 418.06M | 344.91M | 324.42M | 385.09M | 345.02M | 302.9M | 330.7M | 857.47M | 1.05B | 1.06B | 1.2B | 2.55B | 2.57B | 2.41B | 2.04B | 1.75B | 1.62B | 1.53B | 1.47B | 1.27B | 1.03B | 355.5M | 310.14M |
| Gross Margin % | 8.41% | 5.8% | 11.18% | 12.9% | 15.85% | 17.48% | 19.43% | 17.35% | 17.01% | 16.29% | 16.15% | 18.39% | 16.13% | 14.93% | 16.24% | 42.81% | 57.73% | 63.31% | 55.41% | 123.24% | 123.47% | 122.46% | 121.82% | 119.79% | 120.41% | 120.17% | 120.67% | 120.61% | 118.87% | 46.04% | 48.21% |
| Gross Profit Growth % | - | -49.08% | -20.07% | -18.78% | 9.13% | 3.7% | 7.83% | 2.24% | 21.21% | 6.32% | -15.76% | 11.61% | 13.91% | -8.41% | -61.43% | -18.16% | -0.69% | -12.08% | -52.99% | -0.63% | 6.38% | 18.13% | 17.06% | 8.11% | 5.79% | 4.17% | 15.48% | 23.66% | 188.7% | 14.62% | 1.59% |
| Operating Expenses | 192.61M | 102.66M | 272.48M | 247.24M | 198.51M | 168.79M | 233.46M | 201.94M | 193.84M | 201.09M | 198.35M | 184.63M | 184.93M | 163.17M | 159.26M | 683.79M | 773.22M | 791.42M | 1.95B | 2.42B | 2.4B | 2.25B | 1.9B | 1.63B | 1.52B | 1.45B | 1.38B | 1.17B | 930.71M | 847.92M | 693.6M |
| OpEx % of Revenue | - | 3.45% | 8.99% | 7.53% | 6.03% | 6.17% | 9.84% | 8.2% | 7.89% | 9.5% | 9.87% | 8.82% | 8.64% | 8.04% | 7.82% | 34.14% | 42.6% | 47.49% | 89.97% | 116.65% | 115.56% | 114.11% | 113.4% | 111.73% | 112.99% | 113.93% | 113.85% | 110.9% | 107.79% | 109.82% | 107.82% |
| Selling, General & Admin | 95.13M | 0 | 162.59M | 157M | 163.22M | 112.12M | 124.29M | 104.22M | 114.2M | 96.03M | 99.97M | 95.97M | 94.59M | 84.68M | 79.34M | 536.51M | 527.58M | 538.82M | 690.38M | 1.08B | 1.08B | 1.11B | 987.59M | 875.08M | 811.27M | 755.66M | 715.04M | 631.41M | 512.43M | 453.65M | 360.1M |
| SG&A % of Revenue | - | - | 5.37% | 4.78% | 4.96% | 4.1% | 5.24% | 4.23% | 4.65% | 4.54% | 4.98% | 4.58% | 4.42% | 4.17% | 3.9% | 26.79% | 29.07% | 32.33% | 31.88% | 52.15% | 52.05% | 56.11% | 58.85% | 60.03% | 60.48% | 59.48% | 58.87% | 60% | 59.35% | 58.76% | 55.98% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 102.66M | 109.89M | 90.24M | 35.29M | 56.67M | 109.17M | 97.72M | -376K | -328K | -191K | -196K | 29K | 170K | 173K | 1.83B | 1.68B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 65.71M | 69.76M | 66.15M | 176.42M | 323.08M | 309.15M | 227.44M | 225.47M | 224.22M | 143.82M | 126.07M | 200.46M | 160.09M | 139.73M | 171.44M | 173.67M | 134.58M | 96.69M | 112.94M | 136.52M | 164.5M | 164.61M | 141.33M | 117.5M | 99.45M | 79.33M | 82.82M | 102.2M | 95.61M | 77.65M | 66.13M |
| Operating Margin % | 2.14% | 2.35% | 2.18% | 5.37% | 9.82% | 11.31% | 9.59% | 9.15% | 9.12% | 6.79% | 6.28% | 9.57% | 7.48% | 6.89% | 8.42% | 8.67% | 7.41% | 5.8% | 5.21% | 6.59% | 7.91% | 8.35% | 8.42% | 8.06% | 7.41% | 6.24% | 6.82% | 9.71% | 11.07% | 10.06% | 10.28% |
| Operating Income Growth % | - | 5.46% | -62.5% | -45.39% | 4.51% | 35.93% | 0.87% | 0.56% | 55.9% | 14.08% | -37.11% | 25.22% | 14.57% | -18.5% | -1.28% | 29.05% | 39.19% | -14.38% | -17.27% | -17.01% | -0.07% | 16.47% | 20.28% | 18.15% | 25.37% | -4.22% | -18.96% | 6.89% | 23.14% | 17.42% | 8.38% |
| EBITDA | 358.18M | 356.08M | 356.55M | 475.93M | 603M | 576.85M | 490.72M | 475M | 454.37M | 361.46M | 335.8M | 393.67M | 337.07M | 312.75M | 338.4M | 332.31M | 286.82M | 252.01M | 280.37M | 303.51M | 332.02M | 327.07M | 285.86M | 252.67M | 221.16M | 195.37M | 191.93M | 202.16M | 178.16M | 150.28M | 131.14M |
| EBITDA Margin % | 11.66% | 11.97% | 11.77% | 14.49% | 18.33% | 21.1% | 20.69% | 19.28% | 18.49% | 17.08% | 16.71% | 18.8% | 15.76% | 15.41% | 16.62% | 16.59% | 15.8% | 15.12% | 12.95% | 14.65% | 15.96% | 16.59% | 17.04% | 17.33% | 16.49% | 15.38% | 15.8% | 19.21% | 20.63% | 19.46% | 20.39% |
| EBITDA Growth % | 8.24% | -0.13% | -25.08% | -21.07% | 4.53% | 17.55% | 3.31% | 4.54% | 25.7% | 7.64% | -14.7% | 16.79% | 7.78% | -7.58% | 1.83% | 15.86% | 13.82% | -10.12% | -7.62% | -8.59% | 1.51% | 14.42% | 13.14% | 14.25% | 13.2% | 1.79% | -5.06% | 13.47% | 18.55% | 14.6% | 7.31% |
| D&A (Non-Cash Add-back) | 292.47M | 286.32M | 290.4M | 299.51M | 279.92M | 267.7M | 263.29M | 249.53M | 230.15M | 217.64M | 209.73M | 193.21M | 176.98M | 173.02M | 166.96M | 158.63M | 152.24M | 155.31M | 167.44M | 166.99M | 167.52M | 162.46M | 144.53M | 135.17M | 121.7M | 116.04M | 109.11M | 99.95M | 82.55M | 72.63M | 65.01M |
| EBIT | 27.82M | 18.26M | 81.69M | 181.32M | 336.61M | 350.44M | 228.91M | 228.76M | 199.32M | 137.02M | 130.04M | 177.22M | 140.83M | 123.32M | 173.45M | 174.99M | 136.28M | 98.94M | 117.11M | 136.52M | 164.5M | 164.61M | 141.33M | 117.5M | 99.45M | 79.33M | 82.82M | 102.2M | 95.61M | -492.42M | -383.45M |
| Net Interest Income | -35.52M | -33.42M | -32.31M | -26.83M | -10.1M | -3.21M | -2.58M | -3.53M | 42K | 1.06M | 1.58M | 901K | 1.66M | 1.81M | 1.55M | 1.36M | 1.49M | 1.68M | 3.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 5.64M | 5.63M | 6.9M | 6.7M | 1.73M | 1.21M | 1.63M | 3.33M | 2.74M | 3.31M | 4.16M | 2.88M | 2.54M | 2.27M | 1.84M | 1.45M | 1.54M | 1.78M | 3.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 41.17M | 39.05M | 39.21M | 33.53M | 11.83M | 4.42M | 4.21M | 6.85M | 2.69M | 2.24M | 2.58M | 1.97M | 881K | 454K | 288K | 85K | 47K | 99K | 83K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -79.05M | -90.55M | -23.67M | -28.64M | 1.71M | 36.87M | -2.74M | -3.57M | -334K | 737K | 1.39M | 705K | 1.69M | 1.99M | 1.72M | 1.23M | 1.66M | 2.15M | 4.09M | 765K | 31.29M | 13.45M | 2.37M | 472K | -850K | -2.94M | -5.37M | -5.4M | -3.28M | -1.55M | -466K |
| Pretax Income | -13.34M | -20.79M | 42.48M | 147.78M | 324.79M | 346.01M | 224.69M | 221.91M | 223.88M | 144.56M | 127.46M | 201.16M | 161.77M | 141.71M | 173.17M | 174.91M | 136.24M | 98.84M | 117.02M | 137.28M | 167.39M | 167.06M | 143.7M | 117.98M | 98.6M | 76.39M | 77.46M | 96.8M | 92.33M | 76.09M | 65.66M |
| Pretax Margin % | -0.43% | -0.7% | 1.4% | 4.5% | 9.87% | 12.65% | 9.47% | 9.01% | 9.11% | 6.83% | 6.34% | 9.61% | 7.56% | 6.98% | 8.5% | 8.73% | 7.51% | 5.93% | 5.4% | 6.63% | 8.05% | 8.47% | 8.56% | 8.09% | 7.35% | 6.01% | 6.38% | 9.2% | 10.69% | 9.86% | 10.21% |
| Income Tax | 3.9M | 2.21M | 8.91M | 35.49M | 79.21M | 84.54M | 55.62M | 54.96M | 55.73M | -58.33M | 48.33M | 77.45M | 63.12M | 54.93M | 70.13M | 72.15M | 56.2M | 42.25M | 49.44M | 61.92M | 68.75M | 68.53M | 56.39M | 44.25M | 36.98M | 28.65M | 29.43M | 36.79M | 35.09M | 27.72M | 25.11M |
| Effective Tax Rate % | -29.19% | -10.63% | 20.98% | 24.02% | 24.39% | 24.43% | 24.75% | 24.77% | 24.89% | -40.35% | 37.92% | 38.5% | 39.02% | 38.76% | 40.5% | 41.25% | 41.25% | 42.75% | 42.25% | 45.11% | 41.07% | 41.02% | 39.24% | 37.51% | 37.5% | 37.5% | 38% | 38% | 38% | 36.42% | 38.24% |
| Net Income | -8.56M | -14.4M | 34.23M | 112.38M | 241.26M | 259.05M | 169.08M | 166.94M | 168.15M | 202.89M | 79.13M | 123.71M | 98.65M | 86.78M | 103.03M | 102.76M | 80.04M | 56.58M | 67.58M | 75.36M | 98.64M | 98.53M | 87.31M | 73.73M | 61.63M | 47.74M | 48.02M | 60.01M | 57.25M | 48.38M | 40.55M |
| Net Margin % | -0.28% | -0.48% | 1.13% | 3.42% | 7.33% | 9.47% | 7.13% | 6.78% | 6.84% | 9.59% | 3.94% | 5.91% | 4.61% | 4.28% | 5.06% | 5.13% | 4.41% | 3.4% | 3.12% | 3.64% | 4.74% | 5% | 5.2% | 5.06% | 4.59% | 3.76% | 3.95% | 5.7% | 6.63% | 6.27% | 6.3% |
| Net Income Growth % | -148.04% | -142.06% | -69.54% | -53.42% | -6.87% | 53.21% | 1.28% | -0.72% | -17.12% | 156.4% | -36.04% | 25.41% | 13.67% | -15.77% | 0.27% | 28.38% | 41.45% | -16.27% | -10.32% | -23.61% | 0.11% | 12.86% | 18.42% | 19.63% | 29.08% | -0.58% | -19.98% | 4.83% | 18.33% | 19.29% | 11.48% |
| Net Income (Continuing) | -17.24M | -23M | 33.57M | 112.29M | 245.58M | 261.48M | 169.08M | 166.94M | 168.15M | 202.89M | 79.13M | 123.71M | 98.65M | 86.78M | 103.03M | 102.76M | 80.04M | 56.58M | 67.58M | 75.36M | 98.64M | 98.53M | 87.31M | 73.73M | 61.63M | 47.74M | 48.02M | 60.01M | 57.2M | 48.38M | 40.55M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 27.91M | 28.11M | 37.94M | 38.61M | 38.7M | 35.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.14 | -0.24 | 0.55 | 1.76 | 3.74 | 3.82 | 2.44 | 2.38 | 2.33 | 2.80 | 1.09 | 1.71 | 1.36 | 1.18 | 1.40 | 1.40 | 1.10 | 0.79 | 0.94 | 1.02 | 1.25 | 1.22 | 1.08 | 0.90 | 0.76 | 0.59 | 0.61 | 0.76 | 0.71 | 0.60 | 0.51 |
| EPS Growth % | -152.1% | -143.64% | -68.75% | -52.94% | -2.09% | 56.56% | 2.52% | 2.15% | -16.79% | 156.88% | -36.26% | 25.74% | 15.25% | -15.71% | 0% | 27.27% | 39.24% | -15.96% | -7.84% | -18.4% | 2.46% | 12.96% | 20% | 18.42% | 28.81% | -3.28% | -19.74% | 7.04% | 18.33% | 17.65% | 10.87% |
| EPS (Basic) | - | -0.24 | 0.55 | 1.77 | 3.76 | 3.84 | 2.45 | 2.40 | 2.39 | 2.80 | 1.10 | 1.72 | 1.37 | 1.19 | 1.41 | 1.41 | 1.10 | 0.79 | 0.94 | 1.03 | 1.27 | 1.24 | 1.10 | 0.92 | 0.77 | 0.61 | 0.62 | 0.76 | 0.72 | 0.61 | 0.51 |
| Diluted Shares Outstanding | 59.91M | 60.61M | 62.66M | 63.72M | 64.58M | 67.86M | 69.43M | 70.03M | 72.06M | 72.56M | 72.39M | 72.56M | 72.74M | 73.43M | 73.45M | 73.22M | 72.81M | 72.08M | 71.66M | 74.11M | 79.1M | 80.7M | 80.87M | 81.67M | 81.52M | 80.18M | 78.76M | 79.38M | 79.85M | 79.93M | 78.9M |
| Basic Shares Outstanding | 59.94M | 60.61M | 62.45M | 63.44M | 64.13M | 67.43M | 69.02M | 69.57M | 70.44M | 72.41M | 72.17M | 72M | 72.04M | 72.71M | 73.25M | 72.79M | 72.64M | 71.67M | 70.57M | 72.86M | 77.65M | 79.39M | 79.22M | 79.83M | 79.7M | 78.93M | 78.44M | 79.01M | 79.44M | 79.59M | 78.9M |
| Dividend Payout Ratio | - | - | 102.43% | 30.44% | 13.33% | 11.23% | 14.72% | 171.43% | 13.69% | 9.26% | 21.85% | 12.22% | 14.64% | 16.81% | 120.73% | 49.6% | 163.27% | 184.13% | 243.3% | 18.52% | 13.47% | 12.08% | 10.89% | 8.77% | 8.14% | 9.9% | 9.81% | 7.9% | 7.34% | 7.89% | 8.25% |
Freight cycle margin compression
According to the provided quarterly income statements, Werner's revenue growth has exhibited significant volatility, swinging from a 13.6% expansion in 2026Q1 to a contraction of 8.8% in 2024Q3, reflecting the company's high sensitivity to broader industrial demand and the inherent instability of spot-market freight rates.
The recent 13.6% revenue growth in 2026Q1 appears to be an outlier compared to the preceding multi-quarter trend of contraction. This suggests that while the Dedicated segment provides a baseline of recurring revenue, the company remains highly susceptible to the cyclical nature of the US freight market.
As reported in financial statements, Werner's gross margins have fluctuated significantly, reaching a low of 4.9% in 2026Q1, which underscores the difficulty of maintaining profitability when fixed asset costs are not fully absorbed by current freight volumes and pricing power remains constrained by industry overcapacity.
The compression of gross margins to sub-5% levels indicates that the company's cost structure is currently misaligned with its revenue generation capabilities. Investors should monitor whether this margin degradation is a temporary byproduct of fuel surcharge lags or a more permanent shift in the competitive pricing landscape.
Based on the company's reported figures, operating income has failed to scale consistently with revenue, evidenced by the 2025Q3 period where a $771.5M revenue base resulted in a $13.0M operating loss, highlighting the lack of operating leverage in the current high-cost, low-volume environment.
The erratic nature of SG&A expenses, which dropped to as low as $3.7M in 2025Q2 before rising again, suggests that management is struggling to maintain consistent overhead discipline. This inconsistency complicates the ability to achieve meaningful operating leverage even when top-line revenue shows signs of recovery.
Data from recent filings reveals that Werner has reported net losses in four of the last six quarters, with a net margin of -0.48% in 2026Q1, suggesting that the quality of earnings is currently compromised by an inability to achieve bottom-line profitability despite significant top-line activity.
The recurring net losses indicate that the company's core operations are currently failing to cover their total cost of capital and depreciation. The reliance on non-operating items or potential gains on equipment sales to offset operational weakness warrants further investigation into the sustainability of the current business model.
An analysis of the income statement suggests that short-sellers may focus on the company's inability to maintain positive net margins, as the current -0.48% net margin in 2026Q1 highlights the inherent risks of an asset-heavy model during periods of prolonged freight recession and rising operational costs.
The primary concern is whether the company's fleet-centric strategy can remain viable if freight rates do not experience a sustained recovery. The lack of consistent profitability suggests that the company may be over-leveraged to the spot market, leaving it vulnerable to further margin compression if demand remains stagnant.
Quick answers to the most common questions about buying WERN stock.
For fiscal year 2025, Werner Enterprises, Inc. (WERN) reported total revenue of $2.97B. This represents a 362.4% increase compared to $643.3M in 1996.
Werner Enterprises, Inc. (WERN) reported a net loss of $14.4M for the fiscal year ending 2025.
Werner Enterprises, Inc. (WERN) reported an operating income of $69.8M, resulting in an operating profit margin of 2.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Werner Enterprises, Inc. (WERN) generated $172.4M in gross profit for the year, representing a gross profit margin of 5.8%. This demonstrates the company's core pricing power and production efficiency.