NYSE:SNDR
Schneider National, Inc.
A premier North American trucking logistics firm offering end-to-end freight solutions with a massive owned-and-operated fleet.
Key Metrics
Investment Thesis
Bull Case
With a robust balance sheet featuring $1.18B in current assets against $555.8M in current liabilities, Schneider National is well-positioned to weather economic cycles and capitalize on future demand growth. The recent recovery in revenue to $5.67B alongside strong cash generation suggests the company can return capital to shareholders through dividends and share buybacks while continuing fleet modernization.
Bear Case
The persistent decline in net income over the last three years, falling from $457.8M in 2022 to just $103.6M recently, indicates structural headwinds that may persist longer than anticipated. High capital intensity with $352M in annual capex and significant accumulated lease liabilities creates a heavy cost structure that limits upside potential during periods of low freight rates.
About Schneider National, Inc.
Schneider National, Inc. (NYSE: SNDR) is a leading North American provider of comprehensive transportation logistics solutions, primarily serving the truckload less-than-truckload freight markets through its fleet of leased tractors and trailers. The company operates a large-scale network of drivers and terminals to facilitate the efficient movement of goods for various industries including retail, manufacturing, and food distribution.
Analysis
Management Discussion
Despite a challenging multi-year environment where revenue declined from $6.60B in 2022 to $5.29B in 2024, the company demonstrated resilience by maintaining profitability with net income dropping only to $117M before recovering slightly to $103.6M in 2025. Strong operating cash flow of $637.4M allowed for significant capital expenditures of $352.0M and substantial debt repayment, reducing long-term debt while retaining liquidity.
Industry Overview
The North American trucking industry is essential for supply chain continuity but remains cyclical, heavily influenced by macroeconomic activity and consumer spending patterns. Consolidation among carriers is ongoing as smaller operators struggle with rising costs, creating opportunities for larger players like Schneider National to acquire assets and expand market share.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $6.60B | $5.50B | $5.29B | $5.67B |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $6.60B | $5.50B | $5.29B | $5.67B |
| Operating Expenses | $6.00B | $5.20B | $5.13B | $5.51B |
| Operating Income | $600.4M | $296.4M | $165.2M | $168.9M |
| Stock-Based Comp | $16.5M | $15.8M | $12.6M | $17.1M |
| D&A | $350.0M | $382.5M | $413.7M | $450.0M |
| Amortization | — | $2.7M | $5.0M | $7.1M |
| Non-Operating Income | $3.6M | $9.7M | $-13.0M | $-30.9M |
| Interest Expense | $9.6M | $14.2M | — | — |
| Interest Income | $2.9M | $7.0M | $4.3M | $5.9M |
| Pre-Tax Income | $604.0M | $306.1M | $152.2M | $138.0M |
| Income Tax | $146.2M | $67.6M | $35.2M | $34.4M |
| Continuing Ops | $457.8M | $238.5M | $117.0M | $103.6M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $457.8M | $238.5M | $117.0M | $103.6M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $457.8M | $238.5M | $117.0M | $103.6M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $1.35B | $1.11B | $1.12B | $1.18B |
| Cash & Equivalents | $385.7M | — | — | — |
| Marketable Securities | $45.9M | $57.2M | $47.9M | $41.8M |
| Accounts Receivable | $643.7M | $575.7M | $600.0M | $578.3M |
| Inventory | $53.0M | $117.9M | $89.8M | $99.8M |
| Prepaid Expenses | $89.5M | $102.5M | $120.5M | $108.0M |
| Other Current Assets | $132.5M | $257.6M | $257.1M | $353.3M |
| Long-Term Assets | $2.97B | $3.45B | $3.82B | $3.66B |
| PP&E (Net) | $2.28B | $2.58B | $2.87B | $2.72B |
| Goodwill | $228.2M | $331.7M | $377.9M | $337.4M |
| Operating Leases | $63.5M | $82.9M | $79.0M | $90.3M |
| Other LT Assets | $396.2M | $445.1M | $487.6M | $507.5M |
| Total Assets | $4.32B | $4.56B | $4.93B | $4.84B |
| Current Liabilities | $636.9M | $606.2M | $704.5M | $555.8M |
| Current Debt | — | $100.0M | $98.7M | $8.6M |
| Current Leases | $27.4M | $30.4M | $31.9M | $31.2M |
| Other Current Liab | $609.5M | $475.8M | $573.9M | $516.0M |
| Long-Term Liabilities | $844.1M | $994.2M | $1.24B | $1.26B |
| Long-Term Debt | — | $190.0M | $416.3M | $388.4M |
| LT Operating Leases | $41.5M | $57.6M | $52.1M | $63.6M |
| Other LT Liab | $802.6M | $746.6M | $773.9M | $807.6M |
| Total Liabilities | $1.48B | $1.60B | $1.95B | $1.82B |
| Shareholders' Equity | $2.84B | $2.96B | $2.99B | $3.02B |
| Paid-In Capital | $1.58B | $1.60B | $1.61B | $1.62B |
| Retained Earnings | $1.26B | $1.43B | $1.48B | $1.52B |
| AOCI | $-5.0M | $-3.4M | $-3.8M | $-1.9M |
| Treasury Stock | — | $66.9M | $96.4M | $111.0M |
| Total L&E | $4.32B | $4.56B | $4.93B | $4.84B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $457.8M | $238.5M | $117.0M | $103.6M |
| Non-Cash Adjustments | $443.1M | $522.6M | $548.2M | $524.8M |
| Working Capital Changes | $-44.5M | $-81.1M | $20.9M | $9.0M |
| Cash from Operations | $856.4M | $680.0M | $686.1M | $637.4M |
| Capital Expenditures | $535.1M | $660.1M | $414.0M | $352.0M |
| Cash from Investing | $-598.8M | $-907.6M | $-791.5M | $-346.2M |
| Debt Issuances | — | $50.0M | $300.0M | $100.0M |
| Share Buybacks | — | $66.9M | $29.5M | $14.6M |
| Dividends Paid | $55.7M | $63.6M | $66.6M | $67.0M |
| Cash from Financing | $-116.7M | $-55.7M | $120.6M | $-207.3M |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $140.9M | $-283.3M | $15.2M | $83.9M |
| Beginning Cash | $244.8M | $385.7M | $102.4M | $117.6M |
| Ending Cash | $385.7M | $102.4M | $117.6M | $201.5M |
Frequently Asked Questions
How does Schneider National, Inc. make money?
The company's revenue is driven by two primary segments: Truckload Services, which handles long-haul shipments across the continent, and Less-Than-Truckload Services, which consolidates smaller shipments for cost-effective regional delivery. Additional streams include specialized equipment rentals and intermodal operations that complement its core trucking assets.
What are the main risks for SNDR?
The transportation sector faces volatile fuel costs which can rapidly erode operating margins if not hedged effectively. Regulatory changes regarding driver hours of service or equipment safety standards could increase compliance costs across the entire fleet. An economic downturn typically reduces overall freight volumes, directly impacting revenue generation and asset utilization rates.
What is SNDR's competitive advantage?
Schneider National boasts one of the largest fleets in North America, providing significant operational flexibility and asset security compared to competitors reliant on common carriers. The company's extensive terminal network offers superior customer service capabilities, allowing for rapid load consolidation and high-quality logistics support that builds strong client loyalty.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.