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- **Revenue Growth**: Q3 revenue up 10% YoY to $1.3B, driven by Cowan acquisition and network expansion. 
- **Dedicated Momentum**: New contract win rate 3x H1, specialty equipment pipeline set to drive 2026 margin gains. 
- **AI Productivity**: Logistics orders per broker +double digits YoY, Agentic AI rolling out across segments. 
- **Supply Tightening**: Regulatory enforcement + bankruptcies could remove 200K+ trucks by 2026, more impactful than 2017 ELD mandate. 
- **Spot Market Outlook**: 2026 rate renewals indicate mid-single-digit contract rate potential, despite Q3 spot exposure at 10%. 
- **Cost Savings**: $40M+ structural savings on track, with Q4 claims costs expected to normalize.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue, excluding fuel surcharge, rose 10% YoY to $1.3 billion, driven by Cowan acquisition and network expansion. 
- **Dedicated Business Momentum**: Win rate for new Dedicated contracts was 3x H1 levels, with pipeline strength in specialty equipment (e.g., automotive, consumer products). 
- **AI Productivity**: Logistics segment saw double-digit gains in orders per broker due to AI tools, with Agentic AI rolling out across all segments. 
- **Cost Savings**: On track to achieve $40M+ structural cost savings through 2026, including headcount reductions (6% YoY) and asset efficiency improvements. 
- **Market Outlook**: Sub-seasonal demand in Q3 (esp. August/September), but supply-side rationalization (regulatory enforcement, bankruptcies) expected to tighten capacity in 2026. 

**【CFO Financial Commentary】**
- **Earnings Performance**: Adjusted EPS $0.12 vs. $0.18 YoY, impacted by $16M higher-than-expected claims costs. 
- **Segment Results**: 
  - **Truckload**: Revenue +17% YoY, operating income $20M (-16% YoY) due to claims. 
  - **Intermodal**: Volume +10% YoY, operating income $17M (+7% YoY) despite claims headwinds. 
  - **Logistics**: Revenue +6% YoY, operating income $6M (-16% YoY) due to brokerage volume softness. 
- **Capital Allocation**: Reduced 2025 CapEx guidance to $300M (from $325-375M) by pausing tractor orders amid tariff uncertainty. 
- **Balance Sheet**: Net debt leverage 0.5x, $522M debt, $194M cash. 

**【Q&A Highlights】**
- **Dedicated Friction Costs**: Q3 start-up costs (~$16M) expected to ease in Q4, with pipeline wins set to drive 2026 margin improvement. 
- **Supply Dynamics**: Regulatory enforcement (English proficiency, non-domiciled CDLs) + bankruptcies could reduce 200K+ trucks by 2026, more impactful than 2017 ELD mandate. 
- **Spot Market Exposure**: Network business spot rate exposure at ~10% (vs. 5-6% normal), but 2026 rate renewal discussions indicate mid-single-digit contract rate potential. 
- **AI Impact**: Logistics orders per broker up double digits YoY, with AI-driven productivity gains offsetting brokerage volume headwinds.

Schneider National, Inc. (SNDR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SNDR

SNDR fundamentals

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