Werner Enterprises, Inc. (WERN) Income Statement

30Y historyFree accessUpdated daily

Revenue growth remains negative at -1.8% year-over-year in Q2 2026, with gross margin compressing to 5.8% from 10.8% a year earlier, reflecting cost pressures that outpace pricing.

Annual statement

WERN Income Statement

Werner Enterprises, Inc. (WERN) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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	3.25B	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 %	9.64%	-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	1.37B	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	1.88B	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 %	57.83%	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	1.86B	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	95.99M	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	16.31M	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 %	0.5%	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	316.83M	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 %	9.74%	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 %	-15.67%	-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)	300.52M	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	-25.41M	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	-37.76M	-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	5.73M	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	43.49M	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	-81.4M	-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	-65.09M	-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 %	-2%	-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	-9.57M	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 %	14.7%	-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	-46.27M	-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 %	-1.42%	-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 %	-188.28%	-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)	-55.52M	-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	26.9M	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)	-0.77	-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 %	-189.66%	-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	60.2M	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	60.2M	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%

Key Metrics

Growth RegimeDecelerating

ProfitabilityStrained

Balance SheetAdequate

Cash FlowMixed

Top Statement Risk

Freight recession and thin margins

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Growth Remains Negative

Werner's revenue declined 1.8% year-over-year in the latest quarter, with sequential improvement from Q1 but still below prior-year levels, indicating persistent demand softness.

The 24.0% year-over-year growth in Q2 2026 appears anomalous, likely due to a data artifact or acquisition, as the preceding quarters showed consistent declines. Excluding that, the trend is decelerating, with Q1 2026 up 13.6% but Q4 2025 down 2.3%. The lack of forward guidance suggests management sees limited visibility, and the negative growth in most quarters points to a freight recession that has not yet bottomed.

Gross Margin Compression Persists

Gross margin fell to 5.8% in Q2 2026, down from 10.8% a year earlier, reflecting cost pressures that outpace pricing, as reported in the income statement.

The gross margin has been volatile, with Q2 2026 showing an implausible 182.4% due to a data error, but the underlying trend is clear: margins have compressed from double digits in 2024 to mid-single digits in 2025-2026. This suggests that Werner's cost structure, including driver pay and fuel, is absorbing the impact of weak freight rates. The negative net margin in several quarters indicates that the company is unable to pass through costs, and the gap versus peers like Knight-Swift (28.3% gross margin) highlights a structural disadvantage.

Operating Leverage Turns Negative

Operating income swung to a loss in Q3 2025 and Q1 2026, with operating margin at -1.7% and -0.8%, respectively, as SG&A costs remained sticky despite revenue declines.

SG&A expenses have not scaled down proportionally with revenue, leading to negative operating leverage. For instance, in Q3 2025, SG&A was $42.0M on revenue of $771.5M, while in Q2 2025, SG&A was only $3.7M on similar revenue, indicating volatility in expense recognition. The recent quarters show that fixed costs are not being covered, and the company's ability to generate operating income is highly sensitive to volume. This suggests that any recovery in freight demand could lead to a sharp rebound in operating income, but the current trajectory is concerning.

Earnings Quality Clouded by One-Time Items

Net income swung from a $44.1M profit in Q2 2025 to a $27.8M loss in Q4 2025, with EPS volatility driven by non-operating items and tax effects, per the income statement.

The reported EPS of $0.72 in Q2 2025 versus -$0.46 in Q4 2025 shows extreme volatility, which may be influenced by gains on equipment sales and tax adjustments. The negative net margins in several quarters suggest that core operations are not profitable, and the company's reliance on ancillary income is a red flag. Investors should scrutinize the sustainability of these earnings, as the recent EPS miss ($0.11 actual vs. $0.37 estimate) indicates that consensus expectations are not aligned with reported results.

Cost Structure Under Pressure

COGS as a percentage of revenue has risen to over 90% in recent quarters, with Q2 2026 COGS at $769.1M on revenue of $933.9M, squeezing gross profit to just $1.7B.

The cost structure is heavily weighted toward variable costs like fuel and driver compensation, which have not declined in line with revenue. The gross margin of 5.8% in Q2 2026 (excluding the data error) is far below the 12.0% seen in Q4 2024, indicating that cost inflation is outpacing pricing power. Management's 'decisive actions' to adapt to a capacity tightening market may eventually reduce costs, but the current data shows no improvement, and the negative net margin suggests that the company is operating below breakeven.

2025 Marked a Profitability Inflection

The transition from 2024 to 2025 saw operating income collapse from positive to negative, with Q3 2025 operating loss of $13.0M, signaling a structural shift in the freight cycle.

In 2024, Werner consistently generated positive operating income, albeit at low margins, but 2025 brought a sharp deterioration, with two quarters of operating losses. This inflection appears driven by a combination of falling freight rates and rising costs, as evidenced by the gross margin decline from 12.0% in Q4 2024 to 7.5% in Q3 2025. The lasting impact is that Werner's earnings power has been reset lower, and the company may need to rationalize its cost base or wait for a market recovery to restore profitability. The recent Q2 2026 data shows a partial rebound, but the sustainability is uncertain.

What Could Invalidate the Base Case

The apparent Q2 2026 revenue surge and gross margin spike may be data artifacts, masking continued deterioration, and the negative net margin suggests the company is not yet at a trough.

Short-sellers could argue that the reported Q2 2026 figures are unreliable, as the 182.4% gross margin and 24.0% revenue growth are inconsistent with the prior trend, potentially indicating a one-time gain or accounting error. Even if the data is accurate, the underlying profitability remains weak, with net margin at just 0.7% and operating margin at 1.8%, far below the levels needed to justify the current valuation. The lack of forward guidance and the significant EPS miss suggest that management lacks confidence in near-term recovery, and the capacity tightening narrative may not translate into pricing power if demand remains soft. Investors should monitor whether the Q2 2026 improvement is sustainable or a temporary blip in a prolonged downturn.

WERN — Frequently Asked Questions

Quick answers to the most common questions about buying WERN stock.

What was Werner Enterprises, Inc.'s (WERN) revenue in 2025?

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.

Is Werner Enterprises, Inc. (WERN) profitable?

Werner Enterprises, Inc. (WERN) reported a net loss of $14.4M for the fiscal year ending 2025.

What is Werner Enterprises, Inc.'s operating profit margin?

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.

What is Werner Enterprises, Inc.'s gross profit and gross margin?

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.