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Here are a few analogies for Schneider National (SNDR):

• Think of Schneider National as the UPS or FedEx for large-scale business and industrial freight, rather than small consumer packages.

• It's like Amazon's vast logistics and warehousing system, but dedicated to managing and moving the raw materials and finished goods for thousands of other businesses.

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• Truckload Shipping: Provides standard long-haul and regional freight transportation using various specialized equipment.
• Intermodal Transportation: Offers door-to-door container shipping services integrating rail and drayage.
• Freight Brokerage: Connects customers with third-party carriers to facilitate freight movement.
• Supply Chain Management: Delivers comprehensive services to optimize and manage customer supply chains, including import/export.
• Warehousing & Transloading: Offers storage solutions and the transfer of goods between different transportation modes.
• Equipment Leasing: Leases trucks and other equipment to owner-operators.
• Insurance Services: Provides insurance coverage for company drivers and owner-operators.

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Schneider National, Inc. (SNDR) primarily provides surface transportation and logistics solutions to other businesses (B2B) rather than individuals.

Due to the diversified nature of its operations and a broad customer base, Schneider National does not typically disclose specific "major customers" by name in its public filings, as no single customer accounts for a material percentage (e.g., 10% or more) of its consolidated revenue. Therefore, it is not possible to list specific public company names and their symbols as major customers.

However, Schneider National serves a wide range of industries, and its customer base generally includes the following categories of companies:

• Retailers and Consumer Goods Companies: Businesses that require the transportation of finished goods from manufacturing facilities or distribution centers to retail stores, warehouses, or directly to consumers (e-commerce fulfillment).
• Manufacturers: Companies across various sectors (e.g., automotive, industrial, food and beverage, chemicals) that need raw materials delivered to their production sites and finished products shipped to their distributors or end-users.
• Wholesalers and Distributors: Enterprises that manage large volumes of goods and rely on efficient logistics to move products within their supply chains and to their own customers.

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• CSX Corporation (CSX)
• BNSF Railway Company

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Mark Rourke, President and Chief Executive Officer (will assume the role of Executive Chairman of the Board of Directors effective July 1, 2026)

Mark Rourke joined Schneider National in 1987 as a service team leader and has held various leadership roles with increasing responsibility throughout his tenure. He served as Chief Operating Officer and Executive Vice President before becoming President and CEO in 2019. Under his direction, Schneider expanded its Intermodal network, reshaped Truckload into a preeminent Dedicated carrier, and advanced Logistics digital freight solutions. Effective July 1, 2026, he will transition to Executive Chairman of the Board.

Jim Filter, Executive Vice President and Group President of Transportation and Logistics (will become President and Chief Executive Officer effective July 1, 2026)

Jim Filter has over 27 years of experience with Schneider National, having joined the company in 1998. He has led key business units and spearheaded operational and technology advancements, serving in various roles including Division General Manager for Logistics & Supply Chain Management, Mexico Operations, and Intermodal. He also held positions as Senior Vice President-General Manager of Intermodal and Chief Commercial Officer. Filter has served as Executive Vice President and Group President of Transportation and Logistics since 2022, overseeing all of Schneider's operating segments. Prior to joining Schneider, he served in the United States Marine Corps.

Darrell Campbell, Executive Vice President and Chief Financial Officer

Darrell Campbell joined Schneider National as Executive Vice President and Chief Financial Officer on September 30, 2023. In this role, he is responsible for the company's financial strategies, planning, reporting, finance operations, and investor relations. Prior to Schneider, Campbell served as Group Vice President of Strategy and Finance for JM Family Enterprises. His experience also includes serving as CFO of Carnival Cruise Line, Corporate Treasurer for Carnival Corp., and as a Partner for PricewaterhouseCoopers, where he led financial statement and internal control audits across multiple industries.

Erin Van Zeeland, Chief Commercial Officer, Group Senior Vice President and General Manager of Logistics

Erin Van Zeeland has nearly 30 years of experience with Schneider National, beginning her career in 1993 as a service team leader. She has held numerous leadership roles across Logistics, asset-based divisions, and positions focused on customer growth and business transformation. As Chief Commercial Officer and Group Senior Vice President and General Manager of Logistics, she is responsible for the strategy, execution, and growth of the company's Logistics segment, which includes brokerage, supply chain, and distribution management. She also oversees the company's sales and marketing strategy. Van Zeeland co-leads the Schneider Women's Network.

Rob Reich, Executive Vice President, Chief Administrative Officer

Rob Reich has served as Executive Vice President, Chief Administrative Officer since 2019. During his tenure at Schneider National, he has held several senior leadership positions across various areas including Maintenance, Human Resources, Driver Development, Driver Training, and Safety. Before joining Schneider, Reich served as an officer in the U.S. Army.

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1. Economic and Market Conditions: Schneider National's operating results are highly sensitive to changes in overall economic conditions, tariffs, and geopolitical issues, which can directly impact customer shipping volumes, freight demand, and operating costs. The cyclical nature of the freight and logistics industry means the company experiences fluctuations in profitability and market share based on market conditions, as evidenced by softer than expected market conditions impacting recent performance.
2. Rising Insurance Costs and Claims: The company faces significant financial risk from increasing insurance premiums and the potential for large claims, including those related to adverse prior-year claims. These rising insurance-related costs have been highlighted as a substantial factor impacting financial results and have led to tempered earnings outlooks.
3. Driver Shortages and Increased Labor Costs: The transportation industry, including Schneider National, grapples with an industry-wide shortage of qualified drivers. This shortage can lead to increased operational costs and limit the company's ability to grow its fleet. Additionally, the potential for employee unionization and heightened regulatory enforcement on the driver pool could further escalate labor costs and disrupt operations.

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• Autonomous trucking technology, which has the potential to significantly reduce labor costs and operational expenses for competitors or new entrants in the Truckload and Intermodal segments.
• Advanced digital freight brokerage and logistics platforms that leverage AI and sophisticated algorithms to provide more efficient, transparent, and potentially lower-cost freight matching services, posing a competitive threat to the company's Logistics segment.

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Schneider National, Inc. operates in significant addressable markets across its three segments: Truckload, Intermodal, and Logistics. The market sizes for these services are primarily focused on the United States and North America.

Truckload Segment

The addressable market for the Full-Truck-Load (FTL) segment in the United States is substantial. In 2025, the U.S. full-truck-load market is estimated at USD 448.65 billion. This market is projected to grow to USD 547.89 billion by 2031, demonstrating a compound annual growth rate (CAGR) of 3.39% from 2026 to 2031.

Intermodal Segment

For the Intermodal segment, the North American market represents a significant addressable opportunity. The North America intermodal freight transportation market generated a revenue of USD 15,278.8 million (approximately $15.3 billion) in 2023. This market is expected to grow, with projections indicating it will reach approximately USD 31,588.0 million (approximately $31.6 billion) by 2030.

Globally, the intermodal transport market was valued at USD 82.2 billion in 2023 and is estimated to reach USD 172.8 billion by 2032, with North America accounting for a significant share, around 34% to 35.6% of the global market in 2023.

Logistics Segment

The Logistics segment operates within a very large addressable market in the United States. The U.S. freight and logistics market size was USD 1,405.5 billion in 2024 and is projected to reach USD 1,930.7 billion by 2032, with a growth rate of 4.2% during 2025–2032. Another estimate places the U.S. logistics market size at USD 1,997.6 billion in 2025, with a forecast to reach USD 3,814.7 billion by 2033, exhibiting a CAGR of 8.5% from 2025-2033. Furthermore, the United States holds the world's largest logistics market, valued at $2.58 trillion in 2024.

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• Expansion of Dedicated Truckload Services: Schneider is prioritizing organic growth and strategic acquisitions to expand its dedicated truckload services. The acquisition of Cowan Systems has significantly bolstered this segment, with dedicated volume increasing by 21% in Q4 2025, contributing to overall truckload revenue growth. The company has grown its dedicated offerings to nearly 70% of its fleet, enhancing the resilience of its truckload segment and focusing on specialty areas like food and beverage, home improvement, and automotive verticals.
• Growth in Intermodal Operations: The intermodal segment is a key focus area, demonstrating consistent volume growth, particularly in Mexico, where volumes were up 30% year-over-year in Q2 2025 and over 50% in Q4 2025. Schneider's asset-backed intermodal model, where it owns its containers and chassis and manages a significant portion of its drayage, provides a competitive advantage and is expected to drive further gains.
• Leveraging Technology for Efficiency and Service Enhancement: Schneider is investing in AI and other emerging technologies to enhance brokerage operations, drive productivity, and manage costs across its segments. These technology-driven efficiency gains, including the use of its proprietary "Molton" AI tool and the Schneider FreightPower® platform, are expected to improve operational leverage and indirectly support revenue growth by optimizing asset utilization and service delivery.
• Strategic Acquisitions and Inorganic Growth: The company emphasizes that inorganic growth through strategic acquisitions remains a priority, complementing its organic growth initiatives. Past acquisitions, such as Cowan Systems, have already contributed significantly to revenue and expanded its service portfolio.
• Market Recovery and Pricing Power: While acknowledging current market challenges, Schneider anticipates a gradual market recovery, with potential improvements expected by 2026. This recovery is projected to allow for low to mid-single-digit price renewals and improved earnings as freight market conditions stabilize and demand returns.

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Share Repurchases

• In January 2026, Schneider National authorized a new stock repurchase program allowing for the acquisition of up to $150 million of its Class A and/or Class B common stock over the next three years. This program primarily aims to offset the dilutive effect of equity grants to employees.
• This new authorization replaced a prior $150 million repurchase program approved in January 2023. Under the previous program, the company repurchased 4.4 million shares for a total of $110.1 million.
• As of September 30, 2025, Schneider National had repurchased 4.1 million Class B shares, totaling $103.9 million under the program authorized in February 2023.

Share Issuance

• Schneider National's shares outstanding saw a slight decrease in recent years, with 0.176 billion shares outstanding in 2025, a 0.11% decline from 2024.
• In 2024, shares outstanding were 0.176 billion, a 1.18% decline from 2023.
• Shares outstanding in 2023 were 0.178 billion, representing a 0.34% decline from 2022.

Inbound Investments

• No significant large inbound investments made in Schneider National by third-parties were identified in the provided information over the last 3-5 years.

Outbound Investments

• In November 2024, Schneider National acquired Cowan Systems for $390 million, significantly expanding its Dedicated operations and contributing to revenue growth across Truckload and Logistics segments.
• The company acquired M&M Transport in August 2023 for an undisclosed amount.
• Other acquisitions in recent years include deBoer in June 2022 and Midwest Logistics (MLS) in January 2022.

Capital Expenditures

• Net capital expenditures were $380 million in 2024 and $573.8 million in 2023.
• For the full year 2025, net capital expenditures are expected to be approximately $300 million, a revision from earlier guidance of $325 million to $375 million.
• Capital expenditures are primarily focused on replacement and growth capital for the Dedicated and Intermodal segments, as well as investments in fleet and technology, including the Schneider FreightPower platform and AI.