Schneider National Inc.

05/01/2026 | Press release | Distributed by Public on 05/01/2026 12:20

Quarterly Report for Quarter Ending March 31, 2026 (Form 10-Q)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis should be read in conjunction with the accompanying consolidated financial statements and related notes and our Annual Report on Form 10-K for the year ended December 31, 2025.
INTRODUCTION
Company Overview
We are a transportation and logistics services company providing a comprehensive, multimodal portfolio of truckload, intermodal, and logistics solutions. Our diversified portfolio of complementary service offerings enables us to serve our customers' varied transportation needs while allocating capital in a manner designed to maximize returns across market cycles and economic conditions. We continuously monitor our performance and prevailing market conditions to ensure appropriate deployment of capital and resources to support business growth and optimize returns across our reportable segments. Our strong balance sheet, scalable platform, and experienced management and operations teams support our acquisition strategy, which focuses on acquiring high-quality businesses that meet our disciplined selection criteria, enhance our service offerings, and broaden our customer base.
Our truckload services include over-the-road freight transportation utilizing dry van, bulk, temperature-controlled, and flat-bed trailers under network or dedicated configurations. Freight is transported and delivered by our company-employed drivers operating company-owned equipment, as well as by owner-operators utilizing company-owned trailers. These services are provided through long-haul or regional operations and include customized solutions for high-value and time-sensitive freight throughout North America.
Our intermodal services consist of door-to-door container on flat car transportation utilizing a combination of rail and drayage services in coordination with our rail provider partners. Our intermodal operations primarily use company-owned containers, chassis, and trucks, with most drayage services performed by company drivers, supplemented by third-party drayage capacity.
Our logistics services are asset-light and include freight brokerage (both traditional brokerage and Power Only services, which leverage our nationwide company-owned trailer pools to match third-party capacity with customer demand), supply chain solutions (including 3PL), warehousing, and import/export services. These offerings provide value-added transportation and supply-chain solutions utilizing a combination of company-owned assets and third-party capacity, supported by our trailing assets, to manage and move customer freight efficiently.
Our success depends on our ability to effectively balance our transportation network and efficiently manage resources across our truckload, intermodal, and logistics operations. Resource requirements vary based on customer demand, which may be impacted by seasonal patterns and general economic conditions. We believe our disciplined freight selection and ability to adapt to changes in customer transportation needs allow us to efficiently deploy resources and make capital investments in trucks, trailers, containers, and chassis, or to secure qualified third-party capacity at competitive rates.
Consistent with industry trends, our business exhibits seasonality across each of our reportable segments. Revenues are typically lowest in the first quarter and highest in the fourth quarter. Operating expenses tend to be higher in the winter months due primarily to colder weather, which increases maintenance costs and fuel consumption associated with increased idle time.
RESULTS OF OPERATIONS
Non-GAAP Financial Measures
In this section of our report, we present the following non-GAAP financial measures: (1) revenues (excluding fuel surcharge), (2) adjusted income from operations, (3) adjusted total operating expenses, net of fuel surcharge revenues, (4) adjusted operating ratio, (5) adjusted net income, (6) adjusted EBITDA, and (7) free cash flow. We also provide reconciliations of these measures to the most directly comparable financial measures calculated and presented in accordance with GAAP.
Management believes the use of each of these non-GAAP measures assists investors in understanding our business by (1) removing the impact of items from our operating results that, in our opinion, do not reflect our core operating performance, (2) providing investors with the same information our management uses internally to assess our core operating performance, and (3) presenting comparable financial results between periods. In addition, in the case of revenues (excluding fuel surcharge) and adjusted total operating expenses, net of fuel surcharge revenues, we believe these measures are useful to investors because they isolate volume, price, and cost changes directly related to industry demand and the way we operate our business from the external factor of fluctuating fuel prices and the programs we have in place to manage such fluctuations. Fuel-related costs and
their impact on our industry are important to our results of operations, but they are often independent of other, more relevant factors affecting our results of operations and our industry. Free cash flow is used as a measure to assess overall liquidity and does not represent residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt.
Although we believe these non-GAAP measures are useful to investors, they have limitations as analytical tools and may not be comparable to similar measures disclosed by other companies. You should not consider the non-GAAP measures in this report in isolation or as substitutes for, or alternatives to, analysis of our results as reported under GAAP. The exclusion of unusual or infrequent items or other adjustments reflected in the non-GAAP measures should not be construed as an inference that our future results will not be affected by unusual or infrequent items or other items similar to such adjustments. Our management compensates for these limitations by relying primarily on our GAAP results in addition to using the non-GAAP measures.
Enterprise Summary
The following table includes key GAAP and non-GAAP financial measures for the consolidated enterprise. Adjustments to arrive at non-GAAP measures are made at the enterprise level, with the exception of fuel surcharge revenues, which are not included in segment revenues.
Three Months Ended
March 31,
(in millions, except ratios) 2026 2025
Operating revenues $ 1,398.5 $ 1,401.8
Revenues (excluding fuel surcharge) (1)
1,243.1 1,258.3
Income from operations 33.4 42.1
Adjusted income from operations (2)
35.1 44.2
Operating ratio 97.6 % 97.0 %
Adjusted total operating expenses, net of fuel surcharge revenues (3)
$ 1,208.0 $ 1,214.1
Adjusted operating ratio (4)
97.2 % 96.5 %
Net income $ 20.4 $ 26.1
Adjusted net income (5)
21.7 27.7
Adjusted EBITDA (6)
143.6 154.8
Cash flow from operations 92.9 91.7
Free cash flow (7)
48.1 (5.4)
(1)We define "revenues (excluding fuel surcharge)" as operating revenues less fuel surcharge revenues, which are excluded from revenues at the segment level. Below is a reconciliation of operating revenues, the most closely comparable GAAP financial measure, to revenues (excluding fuel surcharge).
(2)We define "adjusted income from operations" as income from operations adjusted to exclude certain items that do not reflect our core operating performance. Below is a reconciliation of income from operations, the most directly comparable GAAP measure, to adjusted income from operations. The items excluded for the periods presented are described in the table and notes below.
(3)We define "adjusted total operating expenses, net of fuel surcharge revenues" as total operating expenses adjusted to exclude fuel surcharge revenues and certain expenses that do not reflect our core operating performance. The excluded expenses for the periods presented are described below under our explanation of "adjusted income from operations."
(4)We define "adjusted operating ratio" as adjusted total operating expenses, net of fuel surcharge revenues, divided by revenues (excluding fuel surcharge). A reconciliation of operating ratio, the most directly comparable GAAP measure, to adjusted operating ratio is provided below. The items excluded for the periods presented are described below under our explanation of "adjusted income from operations."
(5)We define "adjusted net income" as net income adjusted to exclude certain items that do not reflect our core operating performance. A reconciliation of net income, the most directly comparable GAAP measure, to adjusted net income is provided below. The items excluded for the periods presented are described below under our explanation of "adjusted income from operations."
(6)We define "adjusted EBITDA" as net income adjusted to exclude net interest expense, provision for income taxes, depreciation and amortization, and certain items that do not reflect our core operating performance. A reconciliation of net income, the most directly comparable GAAP measure, to adjusted EBITDA is provided below.
(7)We define "free cash flow" as net cash provided by operating activities less net cash used for capital expenditures. A reconciliation of net cash provided by operating activities, the most directly comparable GAAP measure, to free cash flow is provided below.
Revenues (excluding fuel surcharge)
Three Months Ended
March 31,
(in millions) 2026 2025
Operating revenues $ 1,398.5 $ 1,401.8
Less: Fuel surcharge revenues 155.4 143.5
Revenues (excluding fuel surcharge) $ 1,243.1 $ 1,258.3
Adjusted income from operations
Three Months Ended
March 31,
(in millions) 2026 2025
Income from operations $ 33.4 $ 42.1
Acquisition-related costs (1)
- 0.2
Intangible asset amortization (2)
1.7 1.9
Adjusted income from operations $ 35.1 $ 44.2
(1)Advisory, legal, and accounting costs related to the acquisition of Cowan.
(2)Amortization expense related to intangible assets acquired through recent business acquisitions. Although intangible assets contribute to our revenue generation, the amortization of intangible assets does not directly relate to transportation services provided to our customers.
Adjusted operating ratio
Three Months Ended
March 31,
(in millions, except ratios) 2026 2025
GAAP Presentation
Operating revenues $ 1,398.5 $ 1,401.8
Total operating expenses 1,365.1 1,359.7
Income from operations $ 33.4 $ 42.1
Operating ratio (1)
97.6 % 97.0 %
Non-GAAP Presentation
Operating revenues $ 1,398.5 $ 1,401.8
Less: Fuel surcharge revenues 155.4 143.5
Revenues (excluding fuel surcharge) $ 1,243.1 $ 1,258.3
Total operating expenses $ 1,365.1 $ 1,359.7
Adjusted for:
Fuel surcharge revenues (155.4) (143.5)
Acquisition-related costs - (0.2)
Intangible asset amortization (1.7) (1.9)
Adjusted total operating expenses, net of fuel surcharge revenues (2)
$ 1,208.0 $ 1,214.1
Adjusted operating ratio (3)
97.2 % 96.5 %
(1) Calculated as total operating expenses divided by operating revenues.
(2) Adjusted total operating expenses, net of fuel surcharge revenues are defined as total operating expenses, adjusted to exclude fuel surcharge revenues and certain expenses that do not reflect our core operating performance.
(3) Calculated as adjusted total operating expenses, net of fuel surcharge revenues divided by revenues (excluding fuel surcharge).
Adjusted net income
Three Months Ended
March 31,
(in millions) 2026 2025
Net income $ 20.4 $ 26.1
Acquisition-related costs - 0.2
Intangible asset amortization 1.7 1.9
Income tax effect of non-GAAP adjustments (1)
(0.4) (0.5)
Adjusted net income $ 21.7 $ 27.7
(1)Our estimated tax rate on non-GAAP items is determined annually using the applicable consolidated federal and state effective tax rate, modified to remove the impact of tax credits and adjustments that are not applicable to the specific items. Due to differences in the tax treatment of items excluded from non-GAAP income, as well as the methodology applied to our estimated annual tax rates as described above, our estimated tax rate on non-GAAP items may differ from our GAAP tax rate and from our actual tax liabilities.
Adjusted EBITDA
Three Months Ended
March 31,
(in millions) 2026 2025
Net income $ 20.4 $ 26.1
Interest expense, net 5.5 6.2
Provision for income taxes 6.8 8.7
Depreciation and amortization 110.9 113.6
Acquisition-related costs - 0.2
Adjusted EBITDA $ 143.6 $ 154.8
Free cash flow
Three Months Ended
March 31,
(in millions) 2026 2025
Net cash provided by operating activities $ 92.9 $ 91.7
Purchases of transportation equipment (40.9) (114.4)
Purchases of other property and equipment (27.0) (6.8)
Proceeds from sale of property and equipment 23.1 24.1
Net capital expenditures (44.8) (97.1)
Free cash flow $ 48.1 $ (5.4)
Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
Enterprise Results Summary
Enterprise net income decreased $5.7 million, approximately 22%, in the first quarter of 2026 compared to the same period in 2025, primarily due to an $8.7 million decrease in income from operations. This decrease was partially offset by a $1.9 million reduction in the provision for income taxes and a $1.1 million decrease in other expenses, driven by lower interest expense.
Adjusted net income decreased $6.0 million, approximately 22%, for the same reasons discussed above.
Components of Enterprise Net Income
Enterprise Revenues
Enterprise operating revenues decreased $3.3 million in the first quarter of 2026 compared to the same period in 2025.
Factors contributing to the decrease included:
•a $19.7 million decline in Logistics segment revenues (excluding fuel surcharge) driven by decreased brokerage volume; and
•a $6.9 million decrease in Intermodal revenues (excluding fuel surcharge) due to lower revenue per order, reflecting shorter length of haul;
These decreases were partially offset by:
•an $11.9 million increase in fuel surcharge revenues related to higher fuel prices in 2026;
•a $4.3 million increase in Truckload segment revenues (excluding fuel surcharge), driven by higher revenue per truck per week within Network.
Enterprise revenues (excluding fuel surcharge) decreased $15.2 million, for the same reasons discussed above, excluding fuel surcharge revenue.
Enterprise Income from Operations and Operating Ratio
Enterprise income from operations decreased $8.7 million, approximately 21%, in the first quarter of 2026 compared to the same period in 2025. The decrease was primarily attributable to lower Logistics brokerage volume, reduced Intermodal rate per mile, and higher maintenance costs. These impacts were partially offset by lower purchased transportation and salaries and wages resulting from costs-containment actions, improved Network productivity, and higher Network rate per billed mile and Dedicated rate per total mile.
Adjusted income from operations decreased $9.1 million, approximately 21%.
Enterprise operating ratio (operating expenses as a percentage of operating revenues) increased on both a GAAP and adjusted basis when compared to the first quarter of 2025, for the same reasons listed above.
Enterprise Operating Expenses
Key operating expense fluctuations quarter over quarter are described below.
•Purchased transportation decreased $7.8 million, or 2%, driven by lower third-party purchased transportation within Logistics due to reduced volume, partially offset by higher owner-operator purchased transportation costs within Truckload associated with increased Network price.
•Salaries, wages, and benefits decreased $4.7 million, or 1%, primarily due to reduced salaries and wages resulting from headcount actions, partially offset by higher workers' compensation and benefit costs.
•Fuel and fuel taxes for company trucks increased $12.8 million, or 12%, driven by a higher cost per gallon. A significant portion of fuel costs are recovered through our fuel surcharge programs.
•Depreciation and amortization decreased $2.7 million, or 2%, mainly due to lower trailer count and internal use software amortization.
•Operating supplies and expenses-net increased $12.7 million, or 7%, largely resulting from increased maintenance expenses, higher software costs, and lower gains on sale of equipment.
•Insurance and related expenses decreased $1.2 million, or 3%, driven by a decrease in claims severity, partially offset by increased premiums.
•Other general expenses decreased $3.7 million, or 11%, primarily reflecting lower professional service expenses resulting from cost-containment actions.
Total Other Expenses-Net
Total other expenses decreased $1.1 million in the first quarter of 2026 compared to the same period in 2025 mainly due to a decrease in interest expense of $0.8 million.
Income Tax Expense
Our provision for income taxes decreased $1.9 million, or 22%, in the first quarter of 2026 compared to the same period in 2025, primarily due to lower taxable income. The effective income tax rate was 25.0% for both the three months ended March 31, 2026 and 2025. Our provision for income taxes may fluctuate in future periods to the extent tax laws and regulations change.
Revenues and Income (Loss) from Operations by Segment
The following tables summarize revenues and income (loss) from operations by segment.
Three Months Ended
March 31,
Revenues by Segment (in millions)
2026 2025
Truckload $ 618.0 $ 613.7
Intermodal 253.5 260.4
Logistics 312.3 332.0
Other 99.6 88.7
Fuel surcharge 155.4 143.5
Inter-segment eliminations (40.3) (36.5)
Operating revenues $ 1,398.5 $ 1,401.8
Three Months Ended
March 31,
Income (Loss) from Operations by Segment (in millions)
2026 2025
Truckload $ 20.2 $ 25.1
Intermodal 10.9 13.8
Logistics 6.5 8.1
Other (4.2) (4.9)
Income from operations 33.4 42.1
Adjustments:
Acquisition-related costs - 0.2
Intangible asset amortization 1.7 1.9
Adjusted income from operations $ 35.1 $ 44.2
We monitor and analyze a number of KPIs to manage our business and evaluate our financial and operating performance.
Truckload
The following table presents our Truckload segment KPIs for the periods indicated and is consistent with how revenues and expenses are reported internally for segment purposes. Our Truckload segment is comprised of two operating units:
•Dedicated - Transportation services utilizing equipment dedicated to customers under long-term contracts.
•Network - Transportation services primarily consisting of one-way shipments.
Three Months Ended
March 31,
2026 2025
Dedicated
Revenues (excluding fuel surcharge) (1)
$ 434.0 $ 435.5
Average trucks (2) (3)
8,495 8,543
Revenue per truck per week (4)
$ 4,055 $ 4,034
Network
Revenues (excluding fuel surcharge) (1)
$ 185.3 $ 177.9
Average trucks (2) (3)
3,639 3,736
Revenue per truck per week (4)
$ 4,041 $ 3,767
Total Truckload
Revenues (excluding fuel surcharge) (5)
$ 618.0 $ 613.7
Average trucks (2) (3)
12,134 12,279
Revenue per truck per week (4)
$ 4,051 $ 3,953
Average company trucks (3)
10,814 10,973
Average owner-operator trucks (3)
1,320 1,306
Trailers (6)
51,227 53,479
Operating ratio (7)
96.7 % 95.9 %
(1)Revenues (excluding fuel surcharge), in millions, exclude revenue in transit.
(2)Includes company and owner-operator trucks.
(3)Calculated based on beginning and end of month counts and represents the average number of trucks available to haul freight over the specified timeframe.
(4)Calculated excluding fuel surcharge and revenue in transit, consistent with how revenue is reported internally for segment purposes, using weighted workdays.
(5)Revenues (excluding fuel surcharge), in millions, include revenue in transit at the operating segment level and, therefore, amounts presented above do not sum to total.
(6)Includes entire fleet of owned trailers, including trailers with leasing arrangements between Truckload and Logistics.
(7)Calculated as segment operating expenses divided by segment revenues (excluding fuel surcharge) including revenue in transit and related expenses at the operating segment level.
Truckload revenues (excluding fuel surcharge) increased $4.3 million, approximately 1%, in the first quarter of 2026 compared to the same period in 2025, driven by a 3% increase in Network billed miles and higher rates per billed mile in Network and per total mile in Dedicated, partially offset by lower Dedicated volume.
Truckload income from operations decreased $4.9 million, approximately 20%, in the first quarter of 2026 compared to the same period in 2025, primarily due to higher maintenance and fuel costs, as well as lower gains on sale of equipment. These impacts were partially offset by improved Network productivity and price.
Intermodal
The following table presents the KPIs for our Intermodal segment for the periods indicated.
Three Months Ended
March 31,
2026 2025
Orders (1)
104,873 104,440
Containers 26,357 26,505
Trucks 1,314 1,419
Revenue per order (2)
$ 2,366 $ 2,467
Operating ratio (3)
95.7 % 94.7 %
(1)Based on delivered rail orders.
(2)Calculated using rail revenues excluding fuel surcharge and revenue in transit, consistent with how revenue is reported internally for segment purposes.
(3)Calculated as segment operating expenses divided by segment revenues (excluding fuel surcharge) including revenue in transit and related expenses at the operating segment level.
Intermodal revenues (excluding fuel surcharge) decreased $6.9 million, approximately 3%, in the first quarter of 2026 compared to the same period in 2025 primarily due to a 4% decline in revenue per order, partially offset by an increase in volume.
Intermodal income from operations decreased $2.9 million, approximately 21%, in the first quarter of 2026 compared to the same period in 2025, driven by lower revenue per order and higher maintenance costs. These impacts were partially offset by volume growth and reduced purchased transportation, salaries and wages related to headcount actions, and equipment costs.
Logistics
The following table presents the KPI for our Logistics segment for the periods indicated.
Three Months Ended
March 31,
2026 2025
Operating ratio (1)
97.9 % 97.6 %
(1)Calculated as segment operating expenses divided by segment revenues (excluding fuel surcharge) including revenue in transit and related expenses at the operating segment level.
Logistics revenues (excluding fuel surcharge) decreased $19.7 million, approximately 6%, in the first quarter of 2026 compared to the same period in 2025, primarily due to lower volume within our brokerage business, partially offset by higher revenue per order.
Logistics income from operations decreased $1.6 million, approximately 20%, in the first quarter of 2026 compared to the same period in 2025, driven by lower volume within brokerage. This decrease was partially offset by increased net revenue per order and lower salaries and wages, primarily reflecting headcount actions.
Other
Other loss from operations in the first quarter of 2026 was comparable to the same period in 2025.
LIQUIDITY AND CAPITAL RESOURCES
Our primary uses of cash are working capital requirements, capital expenditures, lease equipment, dividend payments, share repurchases, and debt service requirements. Additionally, we may use cash for acquisitions and other investing and financing activities. Working capital is required principally to ensure we are able to run the business and have sufficient funds to satisfy maturing short-term debt and operational expenses. Our capital expenditures consist primarily of transportation equipment and information technology.
Historically, our primary source of liquidity has been cash flow from operations. In addition, we have a $250.0 million revolving credit facility maturing in November 2027 and a $200.0 million receivables purchase agreement maturing in May 2027, for which our combined available capacity as of March 31, 2026 was $331.7 million. Our revolving credit facility also allows us to request an additional increase in total commitment by up to $150.0 million. We anticipate that cash generated from operations, together with amounts available under our credit facilities, will be sufficient to meet our requirements for the foreseeable future. To the extent additional funds are necessary to meet our long-term liquidity needs as we continue to execute our business strategy, we anticipate that we will obtain these funds through additional borrowings, equity offerings, or a combination of these potential sources of liquidity. Our ability to fund future operating expenses and capital expenditures, as well as our ability to meet future debt service obligations or refinance our indebtedness, will depend on our future operating performance, which will be affected by general economic, financial, and other factors beyond our control.
The following table presents our cash and cash equivalents, marketable securities, and outstanding debt and finance lease obligations as of the dates shown.
(in millions) March 31, 2026 December 31, 2025
Cash and cash equivalents $ 227.8 $ 201.5
Marketable securities 37.3 41.8
Total cash, cash equivalents, and marketable securities $ 265.1 $ 243.3
Debt:
Senior notes $ 50.0 $ 50.0
Delayed-draw term loan facility 345.0 347.5
Finance leases 4.2 5.0
Total debt $ 399.2 $ 402.5
Debt
As of March 31, 2026, we were in compliance with all financial covenants under our credit agreements and the agreements governing our senior notes. See Note 6, Debt and Credit Facilities, for information about our financing arrangements.
Cash Flows
The following table summarizes the changes to our net cash flows provided by (used in) operating, investing, and financing activities for the periods indicated.
Three Months Ended
March 31,
(in millions) 2026 2025
Net cash provided by operating activities $ 92.9 $ 91.7
Net cash used in investing activities (34.8) (126.7)
Net cash (used in) provided by financing activities (31.8) 23.6
Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
Operating Activities
Net cash provided by operating activities increased $1.2 million in the first three months of 2026 compared to the same period in 2025. The increase was driven by lower cash used by working capital and higher net income adjusted for noncash items. Working capital changes primarily reflected movements in trade and tax receivables and prepaid and other assets, partially offset by changes in other liabilities related to the timing of wage accruals, higher payables balances, and changes in reserve balances.
Investing Activities
Net cash used in investing activities decreased $91.9 million, approximately 73%, in the first three months of 2026 compared to the same period in 2025, primarily due to lower purchases of transportation and lease equipment and reduced funding of notes receivable. These decreases were partially offset by higher purchases of other property and equipment related to land acquisition.
The following table sets forth our net capital expenditures for the periods indicated.
Three Months Ended
March 31,
(in millions) 2026 2025
Purchases of transportation equipment $ 40.9 $ 114.4
Purchases of other property and equipment 27.0 6.8
Proceeds from sale of property and equipment (23.1) (24.1)
Net capital expenditures $ 44.8 $ 97.1
Net capital expenditures decreased $52.3 million in the first three months of 2026 compared to the same period in 2025, primarily due to a $73.5 million decrease in purchases of transportation equipment, partially offset by the purchase of land.
Financing Activities
Net cash used in financing activities increased $55.4 million, approximately 235%, in the first three months of 2026 compared to the same period in 2025. The increase was primarily driven by a $50.0 million reduction in borrowings under revolving credit arrangements and a $7.3 million decrease in net proceeds from debt and finance lease obligations, partially offset by a $3.1 million decrease in common stock repurchases due to lower share repurchase activity.
Other Considerations that Could Affect Our Results, Liquidity, or Capital Resources
Factors that Could Result in Goodwill Impairment
Goodwill is tested for impairment at least annually using the discounted cash flow, guideline public company, and guideline transaction methods, as applicable, to calculate the fair values of our reporting units. Key inputs used in the discounted cash flow approach include growth rates for sales and operating profit, perpetuity growth assumptions, and discount rates. Key inputs used in the guideline public company and guideline transaction methods include EBITDA valuation multiples of comparable companies and transactions. If interest rates rise or EBITDA valuation multiples of comparable companies and transactions decline, the calculated fair values of our reporting units will decrease, which could impact the results of our goodwill impairment tests.
We will perform our annual evaluation of goodwill for impairment as of October 31, 2026, with such analysis expected to be finalized during the fourth quarter. As part of our annual process of updating our goodwill impairment evaluation, we will assess the impact of current operating results and our resulting management actions to determine whether they have an impact on the long-term valuation of reporting units and the related recoverability of our goodwill.
Off-Balance Sheet Arrangements
As of March 31, 2026, we had no off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our consolidated financial condition, results of operations, liquidity, capital expenditures, or capital resources.
Contractual Obligations
See the disclosure under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations - Contractual Obligations" in our Annual Report on Form 10-K for the year ended December 31, 2025 for our contractual obligations as of December 31, 2025. There were no material changes to our contractual obligations during the three months ended March 31, 2026.
CRITICAL ACCOUNTING ESTIMATES
We have reviewed our critical accounting policies and considered whether new critical accounting estimates or other significant changes to our accounting policies require additional disclosures. We have determined that the disclosures made in our Annual Report on Form 10-K for the year ended December 31, 2025 remain current as there have been no significant changes.
Schneider National Inc. published this content on May 01, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 01, 2026 at 18:21 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]