Werner Enterprises Inc

Werner Enterprises describes itself as one of the largest truckload carriers in the United States. It is based in Omaha, Nebraska, and Clarence L. Werner founded it in 1956 with one truck. Shippers pay Werner to move full trailer loads of freight. Most of it is retail store merchandise, consumer products, food and beverages, and manufactured goods. Werner focuses on everyday consumer goods, which tend to ship steadily even when the economy slows.

The Truckload Transportation Services segment produced about 69% of 2025 revenue of $2.97 billion. It ran 7,100 trucks at the end of 2025. Its larger part, Dedicated, had 4,850 trucks. Dedicated assigns trucks to a single customer, often a retail distribution center or factory, and most of its contracts run two to five years. One-Way Truckload had 2,250 trucks. It covers medium-to-long-haul, regional, temperature-controlled and expedited team-driver loads, plus routes across the Mexico border. In January 2026, Werner acquired FirstFleet, a dedicated carrier based in Tennessee whose revenue is reported in Dedicated.

Werner Logistics brought in about 29% of revenue. It is non-asset-based, meaning it mostly uses other companies' trucks and trains rather than its own. It arranges loads on outside carriers (brokerage), books rail shipments (intermodal) and delivers large, heavy items to homes and businesses (Final Mile). Revenue depends heavily on a few customers. Dollar General alone supplied 11% of 2025 revenue, and the 10 largest customers supplied 50%.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $933.9M, up 24% from a year earlier, and net income was $6.3M (-85.6%).
• For fiscal 2025, revenue was $2.97B (-1.8% year over year; +4.6% a year from FY2020 to FY2025) with a -0.5% net margin.

• Over FY2021–FY2025: $337.5M in buybacks and $164.6M in dividends.
• Special dividends in FY2019 are excluded from the streak.
• Regular dividends per share grew +9.2% a year over 5 years (FY2020–FY2025).
• Shares outstanding changed -11.7% from Aug 2, 2021 to Jul 31, 2026.

Rank among 1514 US companies

Market value at each year end

Werner Enterprises’s market value went from $1.94B at the end of 2016 to $1.63B on Oct 28, 2026, down 16%; since the end of 2025 it is down 9%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 3 sales ($140K).

Large shareholders (13G filings)

ETFs with the most weight in WERN

1. Reliance on a few big customers. Dollar General supplied 11% of 2025 revenue and the top 10 customers supplied 50%. Many One-Way Truckload contracts can end on 30 days' notice. Losing a key customer, or its failure, could hurt profits.
2. Driver shortages and contractor rules. A driver shortage could idle trucks or force pay raises that freight rates may not cover. Legal challenges over treating drivers as independent contractors, who own their trucks, could make them harder to recruit.
3. Freight slumps and shifting trade policy. When shipping volumes fall or too many trucks chase loads, freight rates tend to drop. Tariff changes, including a February 2026 Supreme Court ruling striking down some tariffs, add uncertainty for customers and suppliers.
4. Accident claims and insurance costs. Trucking accidents can lead to large claims. More claims, higher costs per claim, higher premiums, less available coverage or a large uninsured liability could cut earnings, which were already negative in 2025.
5. Fuel price spikes and shortages. Fuel surcharges are extra charges billed to customers when fuel costs rise. They recover most but not all of the increase, and most adjust only weekly. Rapid price spikes or shortages could squeeze profits.
6. Weaker resale prices for used trucks. Werner sells used tractors and trailers. If demand for used equipment weakens, it could sell fewer units at lower prices, which would hurt results.

• Oct 27, 2026 Quarterly results released
• Oct 8, 2026 Major agreement signed; Major agreement ended; New debt or financial obligation
• Oct 6, 2026 Executive or board change
• Aug 24, 2026 Investor presentation or announcement
• Aug 10, 2026 Executive or board change
• Aug 5, 2026 Investor presentation or announcement
• Jul 28, 2026 Quarterly results released
• Jun 10, 2026 Major agreement signed; New debt or financial obligation
• May 13, 2026 Executive or board change; Shareholder vote results
• May 11, 2026 Investor presentation or announcement

Werner paid $0.56 per share in dividends in 2025, the same as in 2024. Before that, the dividend rose each year from $0.36 in 2020. The yield was 2.06% as of October 28, 2026. Neither earnings nor free cash flow (cash left after equipment spending) covered the payout. Werner lost $0.24 per share in 2025, and free cash flow was negative every year from 2021 to 2025. From 2021 to 2025, Werner spent $337 million on buybacks and $165 million on dividends. The share count fell about 12% between August 2021 and July 2026.

The stock fell about 46% in the 2008 financial crisis. It recovered about 10 months after its March 2009 low. It fell about 24% in the 2020 COVID crash and recovered within a month. It fell about 24% again in the 2022 bear market and recovered by February 2023. Its deepest drop in the year to October 28, 2026, was 42%. A single stock like Werner carries more risk than a diversified fund.