Schneider National第二季營收15.69億美元 按年升10%

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________________________________
 FORM 10-Q 
___________________________________________________________________________

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     
Commission File Number: 001-38054 
_____________________________________________________________________________
Schneider National, Inc. 
(Exact Name of Registrant as Specified in Its Charter)
_____________________________________________________________________________

Wisconsin39-1258315
(State of Incorporation)(IRS Employer Identification No.)

3101 South Packerland Drive
Green BayWisconsin54313
(Address of Registrant’s Principal Executive Offices and Zip Code)

(920) 592-2000 
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading symbolName of each exchange on which registered
Class B common stock, no par valueSNDRNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 Yes  ☒           No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 Yes  ☒             No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒  Accelerated filer☐

Non-accelerated filer☐  
  Smaller reporting company☐

  Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  ☐            No ☒  
As of July 24, 2026, the registrant had 83,029,500 shares of Class A common stock, no par value, outstanding and 92,271,399 shares of Class B common stock, no par value, outstanding.

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SCHNEIDER NATIONAL, INC.
QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended June 30, 2026
TABLE OF CONTENTS
 

Page
Cautionary Note Regarding Forward-Looking Statements
1

PART I. FINANCIAL INFORMATION

ITEM 1.Financial Statements
2

Consolidated Statements of Comprehensive Income (Unaudited)
2

Consolidated Balance Sheets (Unaudited)
3

Consolidated Statements of Cash Flows (Unaudited)
4

Consolidated Statements of Shareholders’ Equity (Unaudited)
5

Notes to Consolidated Financial Statements (Unaudited)
6

Page
Note 1General
6

Note 2Revenue Recognition
7

Note 3Fair Value
7

Note 4Investments
8

Note 5Goodwill and Other Intangible Assets
9

Note 6Debt and Credit Facilities
10

Note 7Leases
10

Note 8Income Taxes
12

Note 9Common Equity
12

Note 10Share-Based Compensation
13

Note 11Commitments and Contingencies
13

Note 12Segment Reporting
14

ITEM 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
17

ITEM 3.Quantitative and Qualitative Disclosures about Market Risk
31

ITEM 4.Controls and Procedures
31

PART II. OTHER INFORMATION

ITEM 1.Legal Proceedings
32

ITEM 1A.Risk Factors
32

ITEM 2.Unregistered Sales of Equity Securities and Use of Proceeds
33

ITEM 3.Defaults Upon Senior Securities
33

ITEM 4.Mine Safety Disclosures
33

ITEM 5.Other Information
33

ITEM 6.Exhibits
34

Signature
35

 

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GLOSSARY OF TERMS

3PLProvider of outsourced logistics services. In logistics and supply chain management, it means a third-party provider to whom elements of the company’s inventory management, distribution, order fulfillment, warehousing, or supply chain management services have been outsourced.
ASCAccounting Standards Codification 
ASUAccounting Standards Update
BoardBoard of Directors
ChemDirectFortem Invenio, Inc. 
CODMChief Operating Decision Maker
CowanCowan Systems, LLC; Cowan Transport Holdings, LLC; and Cowan Equipment Leasing, LLC
EBITDAEarnings Before Interest, Taxes, Depreciation, and Amortization
FASBFinancial Accounting Standards Board
GAAPUnited States Generally Accepted Accounting Principles
KPIKey Performance Indicator
M&MM&M Transport Services, LLC
MLSMidwest Logistics Systems, Ltd. and affiliated entities holding assets comprising substantially all of its business
MLSIMastery Logistics Systems, Inc.
PSUPerformance-based Restricted Stock Unit
RSURestricted Stock Unit
rTSRRelative Total Shareholder Return
SECUnited States Securities and Exchange Commission

Term SOFRThe CME Term SOFR Reference Rate administered by CME Group Benchmark Administration Limited
TuSimpleTuSimple Holdings, Inc. (formerly TuSimple (Cayman) Limited)
U.S.United States

ii

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company’s current expectations, beliefs, plans, or forecasts with respect to, among other things, future events and financial performance and trends in the business and industry. The words “may,” “will,” “could,” “should,” “would,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “prospects,” “potential,” “budget,” “forecast,” “continue,” “predict,” “seek,” “objective,” “goal,” “guidance,” “outlook,” “effort,” “target,” and similar words, expressions, terms, and phrases, generally identify forward-looking statements, which speak only as of the date the statements were made. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks, and uncertainties. Readers are cautioned that a forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement.

The risks, uncertainties, and other factors that could cause or contribute to actual results differing materially from those expressed or implied by the forward-looking statements include, but are not limited to, the following: unfavorable economic and market conditions, including inflation, tariffs, and trade disputes; our ability to successfully manage operational challenges and disruptions, as well as related federal, state, and local government responses arising from future pandemics; economic and business risks inherent in the truckload and transportation industry, including competitive pressures pertaining to pricing, capacity, and service; our ability to effectively manage truck capacity brought about by cyclical driver shortages and successfully execute our yield management strategies; our ability to maintain key customer and supply arrangements, including dedicated arrangements, and to manage disruption of our business due to factors outside of our control, such as natural disasters, acts of war or terrorism, disease outbreaks, or pandemics; volatility in the market valuation of our investments in strategic partners and technologies; our ability to manage and effectively implement our growth and diversification strategies and cost saving initiatives; our reliance on the Schneider brand and our reputation exposes us to risks associated with adverse publicity, reputational harm, and loss of brand equity; risks related to demand for our service offerings; risks associated with the loss of a significant customer or customers; capital investments that fail to match customer demand or for which we cannot obtain adequate funding; fluctuations in the price or availability of fuel, the volume and terms of diesel fuel purchase agreements, our ability to recover fuel costs through our fuel surcharge programs, and potential changes in customer preferences (e.g. truckload vs. intermodal services) driven by diesel fuel prices; fluctuations in the value and demand for our used Class 8 heavy-duty tractors and trailers; our ability to attract and retain qualified drivers, owner-operators, and third-party carriers in sufficient numbers to support our service offerings; our dependence on railroads in the operation of our intermodal business; changes in the outsourcing practices of our third-party logistics customers; difficulty in obtaining fuel, equipment, goods, and services from our vendors and suppliers; variability in insurance and claims expenses and the risks of insuring claims through our captive insurance company; the impact of laws and regulations that apply to our business, including those that relate to the environment, taxes, associates, owner-operators, and our captive insurance company; changes to those laws and regulations; and the increased costs of compliance with existing or future federal, state, and local regulations; political, economic, and other risks from cross-border operations and operations in multiple countries; risks associated with financial, credit, and equity markets, including our ability to service indebtedness and fund capital expenditures and strategic initiatives; negative seasonal patterns generally experienced in the trucking industry during traditionally slower shipping periods and winter months; risks associated with severe weather and similar events; significant systems disruptions, including those caused by cybersecurity events and firmware defects; exposure to claims and lawsuits in the ordinary course of business; our ability to adapt to new technologies and new participants in the truckload and transportation industry; and those risks and uncertainties discussed in (1) our most recently filed Annual Report on Form 10-K in (a) Part I, Item 1A. “Risk Factors,” (b) Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and (c) Part II, Item 8. “Financial Statements and Supplementary Data: Note 13, Commitments and Contingencies,” (2) this Quarterly Report on Form 10-Q in (a) Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” (b) Part I, Item 1. “Financial Statements: Note 11, Commitments and Contingencies,” and (c) Part II, Item 1A. “Risk Factors,” and (3) other factors discussed in filings with the SEC by the Company. The Company undertakes no obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances which may occur after the date of this Report.

WHERE TO FIND MORE INFORMATION

The SEC maintains a website at www.sec.gov that contains reports, proxy and information statements, and other information that the Company files electronically with the SEC. These documents are also available to the public from commercial document retrieval services and at the “Investors” section of our website at www.schneider.com. Information disclosed or available on our website shall not be deemed incorporated into, or to be a part of, this Report.
1

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 SCHNEIDER NATIONAL, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(in millions, except per share data)

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Operating revenues$1,568.7 $1,420.5 $2,967.2 $2,822.3 
Operating expenses:
Purchased transportation567.0 492.1 1,044.6 977.5 
Salaries, wages, and benefits402.4 399.3 797.7 799.3 
Fuel and fuel taxes159.6 104.0 283.7 215.3 
Depreciation and amortization109.5 112.3 220.4 225.9 
Operating supplies and expenses—net185.8 180.5 373.6 355.6 
Insurance and related expenses40.5 42.5 80.5 83.7 
Other general expenses32.5 34.8 61.9 67.9 

Total operating expenses1,497.3 1,365.5 2,862.4 2,725.2 
Income from operations71.4 55.0 104.8 97.1 
Other expenses (income):
Interest income(2.0)(1.5)(3.5)(3.1)
Interest expense6.9 8.6 13.9 16.4 
Other expenses—net0.9 0.5 1.6 1.6 
Total other expenses—net 5.8 7.6 12.0 14.9 
Income before income taxes65.6 47.4 92.8 82.2 
Provision for income taxes15.9 11.4 22.7 20.1 
Net income49.7 36.0 70.1 62.1 
Other comprehensive income (loss):
Foreign currency translation adjustment—net0.1 0.4 — 0.4 
Net unrealized gains (losses) on marketable securities—net of tax— 0.3 (0.1)0.8 
Total other comprehensive income (loss)—net0.1 0.7 (0.1)1.2 
Comprehensive income$49.8 $36.7 $70.0 $63.3 

Weighted average shares outstanding175.2 175.2 175.2 175.3 
Basic earnings per share$0.28 $0.21 $0.40 $0.35 

Weighted average diluted shares outstanding176.0 175.7 175.9 175.8 
Diluted earnings per share$0.28 $0.20 $0.40 $0.35 

See notes to consolidated financial statements (unaudited).
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SCHNEIDER NATIONAL, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(in millions, except share data)

June 30,December 31,
20262025
Assets
Current Assets:
Cash and cash equivalents$292.7 $201.5 
Marketable securities34.4 41.8 
Trade accounts receivable—net of allowance of $5.2 million and $6.0 million, respectively
693.7 578.3 
Other receivables113.9 71.1 
Current portion of lease receivables—net of allowance of $0.8 million
85.2 80.7 
Inventories—net62.8 99.8 
Prepaid expenses and other current assets133.7 108.0 
Total current assets1,416.4 1,181.2 
Noncurrent Assets:
Property and equipment:
Transportation equipment4,159.8 4,168.5 
Land, buildings, and improvements297.2 271.5 
Other property and equipment117.1 119.3 
Total property and equipment4,574.1 4,559.3 
Less accumulated depreciation1,912.0 1,839.7 
Net property and equipment2,662.1 2,719.6 
Lease receivables147.8 131.9 
Internal-use software and other noncurrent assets432.4 470.0 
Goodwill337.4 337.4 
Total noncurrent assets3,579.7 3,658.9 
Total Assets$4,996.1 $4,840.1 
Liabilities and Shareholders’ Equity

Current Liabilities:
Trade accounts payable$267.9 $208.6 
Accrued salaries, wages, and benefits101.7 78.0 
Claims accruals—current189.0 150.6 
Current maturities of debt and finance lease obligations10.5 11.1 
Other current liabilities127.5 107.5 
Total current liabilities696.6 555.8 
Noncurrent Liabilities:
Long-term debt and finance lease obligations385.6 390.9 
Claims accruals—noncurrent129.3 170.2 
Deferred income taxes597.7 593.8 
Other noncurrent liabilities127.5 104.7 
Total noncurrent liabilities1,240.1 1,259.6 
Total Liabilities1,936.7 1,815.4 
Commitments and Contingencies (Note 11)

Shareholders’ Equity:

Preferred shares, no par value, 50,000,000 shares authorized, no shares issued or outstanding
— — 
Class A common shares, no par value, 250,000,000 shares authorized, 83,029,500 shares issued and outstanding
— — 
Class B common shares, no par value, 750,000,000 shares authorized, 96,900,461 and 96,402,481 shares issued and 92,271,399 and 91,985,627 shares outstanding, respectively
— — 
Additional paid-in capital1,624.7 1,619.4 
Retained earnings1,552.9 1,518.2 
Accumulated other comprehensive loss(2.0)(1.9)
Treasury stock, at cost, 4,629,062 and 4,416,854 shares, respectively
(116.2)(111.0)
Total Shareholders’ Equity
3,059.4 3,024.7 
Total Liabilities and Shareholders’ Equity
$4,996.1 $4,840.1 

See notes to consolidated financial statements (unaudited).
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SCHNEIDER NATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 
(in millions)

Six Months Ended
June 30,
20262025
Operating Activities:
Net income$70.1 $62.1 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization220.4 225.9 
Gains on sales of property and equipment—net(5.8)(5.6)
Proceeds from lease receipts29.8 31.0 
Deferred income taxes3.9 (14.8)
Long-term incentive and share-based compensation expense8.6 9.2 
Loss on investments in equity securities—net— 0.5 
Other noncash items—net1.4 — 
Changes in operating assets and liabilities:
Receivables(113.9)7.9 
Other assets(34.4)(23.8)
Claims reserves and receivables—net(1.1)(16.0)
Payables40.4 (22.5)
Other liabilities44.9 13.3 
Net cash provided by operating activities264.3 267.2 
Investing Activities:
Purchases of transportation equipment(153.7)(183.5)
Purchases of other property and equipment(36.8)(14.9)
Proceeds from sale of property and equipment62.2 48.8 
Proceeds from sale of off-lease inventory11.1 10.0 
Purchases of lease equipment(11.6)(31.6)

Proceeds from marketable securities7.4 4.4 

Investments in equity securities and equity method investment(0.6)(0.2)
Investments in notes receivable— (13.0)

Net cash used in investing activities(122.0)(180.0)
Financing Activities:
Proceeds under revolving credit agreements— 50.0 
Payments under revolving credit agreements— (50.0)
Proceeds from long-term debt— 100.0 
Payments of debt and finance lease obligations(6.4)(97.0)
Dividends paid(34.6)(33.7)
Repurchases of common stock(5.2)(8.3)
Other financing activities(4.9)(5.1)
Net cash used in financing activities(51.1)(44.1)
Net increase in cash and cash equivalents91.2 43.1 
Cash and Cash Equivalents:
Beginning of period201.5 117.6 
End of period$292.7 $160.7 

Additional Cash Flow Information:
Noncash investing and financing activity:
Transportation and lease equipment purchases in accounts payable$19.1 $46.4 
Dividends declared but not yet paid18.3 17.4 

Cash paid during the period for:
Interest10.1 18.0 
Income taxes—net of refunds3.8 3.4 

See notes to consolidated financial statements (unaudited).
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SCHNEIDER NATIONAL, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
(in millions, except per share data)

Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockTotal

Balance—December 31, 2025$— $1,619.4 $1,518.2 $(1.9)$(111.0)$3,024.7 
Net income— — 20.4 — — 20.4 
Other comprehensive loss— — — (0.2)— (0.2)
Share-based compensation expense— 4.5 — — — 4.5 
Dividends declared at $0.10 per share of Class A and Class B common shares— — (17.6)— — (17.6)
Repurchases of common stock— — — — (5.2)(5.2)

Shares withheld for employee taxes— (6.2)— — — (6.2)
Balance—March 31, 2026— 1,617.7 1,521.0 (2.1)(116.2)3,020.4 
Net income— — 49.7 — — 49.7 
Other comprehensive income— — — 0.1 — 0.1 
Share-based compensation expense— 4.8 — — — 4.8 
Dividends declared at $0.10 per share of Class A and Class B common shares— — (17.8)— — (17.8)

Share issuances— 0.9 — — — 0.9 
Exercise of employee stock options— 1.3 — — — 1.3 

Balance—June 30, 2026$— $1,624.7 $1,552.9 $(2.0)$(116.2)$3,059.4 

Balance—December 31, 2024$— $1,605.3 $1,481.8 $(3.8)$(96.4)$2,986.9 
Net income— — 26.1 — — 26.1 
Other comprehensive income— — — 0.5 — 0.5 
Share-based compensation expense— 4.9 — — — 4.9 
Dividends declared at $0.095 per share of Class A and Class B common shares— — (16.8)— — (16.8)
Repurchases of common stock— — — — (8.3)(8.3)

Shares withheld for employee taxes— (5.1)— — — (5.1)
Balance—March 31, 2025— 1,605.1 1,491.1 (3.3)(104.7)2,988.2 
Net income— — 36.0 — — 36.0 
Other comprehensive income— — — 0.7 — 0.7 
Share-based compensation expense— 4.9 — — — 4.9 
Dividends declared at $0.095 per share of Class A and Class B common shares— — (16.9)— — (16.9)

Balance—June 30, 2025$— $1,610.0 $1,510.2 $(2.6)$(104.7)$3,012.9 

See notes to consolidated financial statements (unaudited).

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SCHNEIDER NATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1. GENERAL

Nature of Operations
Schneider National, Inc. and its wholly owned subsidiaries (together “Schneider,” the “Company,” “we,” “us,” or “our”) are among the leading providers of multimodal transportation and logistics solutions in North America. We provide safe, reliable, and innovative truckload, intermodal, and logistics services to a diverse group of customers throughout the continental U.S., Canada, and Mexico. 
Principles of Consolidation and Basis of Presentation
The accompanying unaudited interim consolidated financial statements have been prepared in conformity with GAAP and the rules and regulations of the SEC applicable to quarterly reports on Form 10-Q. Therefore, these consolidated financial statements and footnotes do not include all disclosures required by GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025. Financial results for an interim period are not necessarily indicative of the results for a full year. All intercompany transactions have been eliminated in consolidation.
In the opinion of management, these statements reflect all adjustments (consisting only of normal, recurring adjustments) necessary for the fair presentation of our financial results for the interim periods presented.
New Accounting Pronouncements
On November 4, 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). This standard expands required disclosures for certain costs and expenses included within each relevant expense caption presented on the face of the income statement. Adoption of this standard will require incremental disclosures but is not expected to have a material effect on our consolidated financial statements. This standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. We plan to adopt this standard in fiscal year 2027.
On September 18, 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40). This standard modernizes the accounting for internal use software by eliminating references to prescriptive and sequential software development stages. Under the new guidance, entities will be required to begin capitalizing internal-use software costs when management has authorized and committed to funding the software project and the probable-to-complete recognition threshold has been met. The standard is effective for annual reporting periods beginning after December 15, 2027, and for interim periods within those annual periods, with early adoption permitted. The standard may be applied prospectively, retrospectively, or using a modified transition approach. We are currently evaluating the impact of this standard on our consolidated financial statements and plan to adopt the guidance in fiscal year 2028.
On December 4, 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832) - Accounting for Government Grants Received by Business Entities. This standard establishes authoritative U.S. GAAP for the recognition, measurement, and presentation of government grants. Prior to the issuance of this ASU, business entities generally analogized to the guidance in International Accounting Standards 20. Under the new guidance, entities are required to recognize grants using either the deferred income approach or the cost accumulation approach. Under the deferred income approach, grant income is recognized over the period in which the related expenses that the grant is intended to compensate are recognized. The standard is effective for annual reporting periods beginning after December 15, 2028, with early adoption permitted. We do not believe this standard will have a material effect on our consolidated financial statements and expect to adopt the guidance in fiscal year 2029.
On December 8, 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) - Narrow-Scope Improvements. This guidance is intended to improve the navigability and clarity of Topic 270 and adds a requirement for entities to disclose material events occurring after the end of the most recent annual reporting period. This standard is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. We do not believe this standard will have a material effect on our consolidated financial statements and plan to adopt the guidance in fiscal year 2028.
On December 17, 2025, the FASB issued ASU 2025-12, Codification Improvements. This guidance makes minor amendments to various Accounting Standards Codification topics to clarify, correct, or otherwise improve existing guidance. The ASU is effective for interim and annual reporting periods beginning after December 15, 2026, with early adoption permitted. We do not expect adoption of this ASU to have a material effect on our consolidated financial statements. We plan to adopt the standard in fiscal year 2027.
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2. REVENUE RECOGNITION

Disaggregated Revenues 
The majority of our revenues are related to transportation and have similar characteristics. The following table summarizes our revenues by type of service. 
Three Months Ended
June 30,Six Months Ended
June 30,
Disaggregated Revenues (in millions)
2026202520262025
Transportation$1,440.2 $1,310.4 $2,717.9 $2,606.0 
Logistics management67.2 54.5 129.5 108.2 
Other61.3 55.6 119.8 108.1 
Total operating revenues$1,568.7 $1,420.5 $2,967.2 $2,822.3 

Quantitative Disclosure
The following table provides information about transactions and the expected timing of revenue recognition related to remaining fixed performance obligations for contracts with original terms greater than one year, as of the date shown.
Remaining Performance Obligations (in millions)
June 30, 2026
Expected to be recognized within one year
Transportation$105.8 
Logistics management17.6 
Expected to be recognized after one year
Transportation111.9 
Logistics management14.7 
Total$250.0 

This disclosure excludes performance obligations that are part of a contract with an original expected duration of one year or less. It also excludes expected consideration related to performance obligations for which the Company elects to recognize revenue in the amount to which it has a right to invoice (e.g., usage-based pricing terms).
Information related to contract balances associated with our contracts with customers as of the dates shown is as follows:
Contract Balances (in millions)
June 30, 2026December 31, 2025
Other current assets—Contract assets$29.3 $21.3 

We generally receive payment within 40 days of performing our obligations under customer contracts. Contract assets in the table above relate to revenue in transit at the end of the reporting period. We had no contract liabilities related to advance payments from customers as of June 30, 2026 and December 31, 2025.

3. FAIR VALUE

Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability. Inputs to valuation techniques used to measure fair value fall into three broad levels (Levels 1, 2, and 3) as follows:
Level 1—Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that we have the ability to access at the measurement date.
Level 2—Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities.
Level 3—Unobservable inputs reflecting the reporting entity’s estimates of the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).
Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. 
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The table below sets forth the Company’s financial assets that are measured at fair value on a recurring, monthly basis in accordance with ASC 820.
Fair Value
(in millions)Level in Fair
 Value HierarchyJune 30, 2026December 31, 2025
Equity investment in TuSimple (1)
1$0.1 $0.1 
Marketable securities (2)
234.4 41.8 

(1)Our equity investment in TuSimple is classified as Level 1 in the fair value hierarchy as shares of TuSimple’s Class A common stock are traded on an Over the Counter (“OTC”) market. See Note 4, Investments, for additional information.
(2)Marketable securities are classified as Level 2 in the fair value hierarchy as they are valued based on quoted prices for similar assets in active markets or quoted prices for identical or similar assets in markets that are not active. See Note 4, Investments, for additional information.
The fair value of the Company’s unsecured senior notes was $50.9 million and $51.7 million as of June 30, 2026 and December 31, 2025, respectively. The carrying value of the Company’s unsecured senior notes was $50.0 million as of June 30, 2026 and December 31, 2025. The fair value of our debt was calculated using a fixed rate debt portfolio with similar terms and maturities, which is based on the borrowing rates available to us in the applicable period. This valuation used Level 2 inputs.
The recorded values of cash, trade accounts receivable, lease receivables, trade accounts payable, and amounts outstanding under revolving credit agreements and the delayed-draw term loan facility approximate fair values.

4. INVESTMENTS

Marketable Securities
Our marketable securities are classified as available-for-sale and carried at fair value in current assets on the consolidated balance sheets. While our intent is to hold our securities to maturity, sudden changes in the market or our liquidity needs may cause us to sell certain securities in advance of their maturity date. 
Any unrealized gains and losses, net of tax, are included as a component of accumulated other comprehensive income on the consolidated balance sheets, unless we determine that the amortized cost basis is not recoverable. If we determine that the amortized cost basis of the impaired security is not recoverable, we recognize the credit loss by increasing the allowance for those losses. We did not have an allowance for credit losses on our marketable securities as of June 30, 2026 or December 31, 2025. Cost basis is determined using the specific identification method.
The following table presents the remaining maturities and values of our marketable securities as of the dates shown.
June 30, 2026December 31, 2025
(in millions, except maturities in months)Remaining
MaturitiesAmortized CostFair ValueAmortized CostFair Value
U.S. treasury and government agencies4 to 56 months$17.0 $16.1 $18.0 $17.1 

Corporate debt securities7 to 82 months8.2 8.1 11.2 11.1 
State and municipal bonds16 to 148 months10.3 10.2 13.7 13.6 

Total marketable securities$35.5 $34.4 $42.9 $41.8 

Equity Investments without Readily Determinable Fair Values
The Company’s primary strategic equity investments without readily determinable fair values include Platform Science, Inc., a provider of telematics and fleet management tools, and MLSI, a transportation technology development company. The Company previously had an investment in ChemDirect, a business-to-business digital marketplace for the chemical industry. In February 2025, ChemDirect’s Board approved the dissolution of the company, and we recorded a $4.9 million loss in other expense—net on the consolidated statements of comprehensive income for the six months ended June 30, 2025. 
During the first quarter of 2025, the Company funded a $13.0 million short term note receivable for MLSI which bore interest at 7.5%. In May 2025, the note receivable, plus accrued interest of $0.4 million, was converted to shares of preferred stock totaling $13.4 million in a noncash transaction. 
These investments are accounted for under ASC 321, Investments - Equity Securities, using the measurement alternative. Their combined values as of June 30, 2026 and December 31, 2025 were $137.3 million. When the Company identifies observable price changes for identical or similar securities of the same issuer, the related equity security is remeasured at fair value as of the date the observable transaction occurred using Level 3 inputs. 
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In addition to our investment in MLSI, we hold a $10.0 million note receivable from MLSI as of June 30, 2026 which was funded during the first quarter of 2023, is subject to interest over its term, and matures in March 2030. As of June 30, 2026 and December 31, 2025, the balances, including accrued interest, were $12.7 million and $12.2 million, respectively. We also hold a $2.5 million note receivable from Platform Science, Inc. as of June 30, 2026 which was executed and funded during the second quarter of 2024, is subject to interest over its term, and matures in March 2027. As of June 30, 2026 and December 31, 2025, the balances, including accrued interest, were $2.9 million and $2.8 million, respectively.
The following table summarizes the activity related to these equity investments during the periods presented.
Three Months Ended
June 30,Six Months Ended
June 30,
(in millions)2026202520262025
Investment in equity securities$— $13.4 $— $13.4 
Upward adjustments (1)
— — — 4.4 
Downward adjustments— — — 4.9 

(1)     Our updated investment value in 2025 related to Platform Science, Inc. and was determined using a combination of the discounted cash flow and guideline public company methods.
Equity Investments with Readily Determinable Fair Values
In 2021, the Company purchased a $5.0 million non-controlling interest in TuSimple, a Chinese autonomous trucking start-up. Upon completion of its initial public offering in April 2021, our investment in TuSimple was converted into Class A common shares and is being accounted for under ASC 321, Investments - Equity Securities. Our net investment and activity were not material for the three and six months ended June 30, 2026 and 2025, nor at December 31, 2025. See Note 3, Fair Value, for additional information on the fair value of our investment in TuSimple.
Equity Method Investment
In the second quarter of 2023, the Company invested $5.0 million consisting primarily of internal-use software and cash in exchange for a 50% non-controlling ownership interest in Scope 23 LLC, a technology company that designs supply chain and logistics solutions to help companies manage their carbon emissions. The Company accounts for this investment under ASC 323, Investments - Equity Method and Joint Ventures. 
For the three and six months ended June 30, 2026 and 2025, activity was not material. The carrying value of our investment was $3.8 million and $4.1 million as of June 30, 2026 and December 31, 2025, respectively.
All of our equity investments and notes receivable are included in internal-use software and other noncurrent assets on the consolidated balance sheets. Gains or losses on our equity investments are recognized within other expenses—net on the consolidated statements of comprehensive income.

5. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill represents the excess of the purchase price of acquisitions over the fair value of the identifiable net assets acquired. Our goodwill balance as of June 30, 2026 and December 31, 2025 was $337.4 million and was comprised of $323.2 million and $14.2 million in our Truckload and Logistics segments, respectively. 

As of June 30, 2026 and December 31, 2025, our Truckload segment had accumulated goodwill impairment charges of $34.6 million.
The identifiable, finite-lived intangible assets listed below are included in internal-use software and other noncurrent assets on the consolidated balance sheets and relate to the acquisitions of Cowan, MLS, and M&M. 

June 30, 2026December 31, 2025
(in millions)Gross 
Carrying
AmountAccumulated AmortizationNet
Carrying
AmountGross 
Carrying
AmountAccumulated AmortizationNet
Carrying
Amount
Customer relationships$62.0 $11.2 $50.8 $62.0 $9.1 $52.9 
Trademarks21.4 5.0 16.4 21.4 4.1 17.3 
Non-compete agreements5.4 3.1 2.3 5.4 2.6 2.8 
Total intangible assets$88.8 $19.3 $69.5 $88.8 $15.8 $73.0 

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Amortization expense for intangible assets was $1.8 million for both of the three months ended June 30, 2026 and 2025 and $3.5 million and $3.7 million for the six months ended June 30, 2026 and 2025, respectively.
Estimated future amortization expense related to intangible assets is as follows:
(in millions)June 30, 2026
Remaining 2026$3.5 
20277.0 
20286.5 
20295.9 
20305.9 
2031 and thereafter40.7 
Total$69.5 

6. DEBT AND CREDIT FACILITIES

As of June 30