Schneider National, Inc., together with its subsidiaries, provides surface transportation and logistics solutions in the United States, Canada, and Mexico. The company operates through three segments: Truckload, Intermodal, and Logistics. The Truckload segment offers standard long-haul and regional shipping services primarily through dry van, bulk, temperature-controlled, and flat-bed equipment, as well as cross dock and customized solutions for time-sensitive loads. The Intermodal segment provides door-to-door container on flat car services, including rail and dray transportation through company-owned containers, chassis, and trucks. The Logistics segment offers freight brokerage, supply chain, and import/export services; value-added services to manage and move its customers' freight; and transloading and warehousing services. It also leases equipment, such as trucks to owner-operators; and provides insurance for the company drivers and owner-operators. Schneider National, Inc. was founded in 1935 and is headquartered in Green Bay, Wisconsin.
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They are like the **UPS** or **FedEx** for businesses, specializing in moving entire truckloads of goods and managing supply chains across North America.
Imagine **Union Pacific** or **BNSF**, but for trucks on highways – Schneider operates a massive fleet and manages logistics to move goods across the country for businesses.
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- Truckload: Provides full truckload transportation services using a variety of equipment types, including dry van, refrigerated, and flatbed trailers.
- Intermodal: Offers freight transportation by combining over-the-road trucking with long-haul rail services for improved efficiency and cost-effectiveness.
- Logistics (Brokerage & Supply Chain Management): Manages customers' supply chains through freight brokerage, managed transportation, and consulting services.
- Dedicated: Supplies custom-tailored fleet and driver solutions exclusively for a single customer's transportation needs.
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Schneider National (SNDR) Major Customers
Schneider National (symbol: SNDR) primarily sells its services to other companies (Business-to-Business, or B2B). As a major transportation and logistics provider, it serves a vast and diverse customer base across various industries.
Due to the highly competitive nature of the logistics industry and the company's diversified customer portfolio, Schneider National does not publicly disclose the names of its specific major customers. Their financial filings indicate that no single customer accounts for more than 10% of their consolidated operating revenues, reflecting a broad base of clients rather than reliance on a few dominant ones.
However, based on the types of services Schneider National offers (truckload, intermodal, logistics, specialized services like refrigerated transport), their major customers typically fall into the following categories:
* **Large Retailers and Consumer Packaged Goods (CPG) Companies:** These businesses require extensive and consistent transportation services to move finished goods from manufacturing plants to distribution centers, and from distribution centers to retail stores or e-commerce fulfillment centers. They often utilize a mix of truckload and intermodal solutions to manage their complex supply chains.
* **Manufacturers:** Companies across various sectors, including automotive, industrial, electronics, and food processing, rely on Schneider National for the movement of raw materials, components, and finished products throughout their production and distribution networks. This includes both inbound logistics (suppliers to factories) and outbound logistics (factories to distributors/retailers).
* **Food and Beverage Companies:** Given Schneider National's capabilities in refrigerated and temperature-controlled transport, many major food and beverage producers and distributors utilize their services to ensure perishable goods are delivered safely and efficiently across the supply chain.
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- Daimler Truck Holding AG (DTG)
- TRATON SE (8TRA)
- Volvo AB (VOLV-B)
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Mark Rourke, President and Chief Executive Officer
Mark Rourke joined Schneider National in 1987 as a service team leader. He has held various leadership roles with increasing responsibility, including president of Truckload Services and general manager of Schneider Transportation Management. Prior to becoming CEO in April 2019, he served as Executive Vice President and Chief Operating Officer. Rourke serves on the board of directors for the Trucking Alliance and the Green Bay Packers.
Darrell Campbell, Executive Vice President, Chief Financial Officer
Darrell Campbell was appointed Executive Vice President and Chief Financial Officer at Schneider National in September 2023. He is responsible for the company's financial strategies, planning, reporting, finance operations, and investor relations. Before joining Schneider, Campbell was Group Vice President of Strategy and Finance for JM Family Enterprises, Inc., an $18 billion diversified automotive company. He also served as Chief Financial Officer for Carnival Cruise Line and Corporate Treasurer of Carnival Corporation & plc. Campbell gained experience with publicly traded Fortune 500 companies as a partner for PricewaterhouseCoopers, where he led financial statement and internal control audits across multiple industries.
Shaleen Devgun, Executive Vice President, Chief Innovation and Technology Officer
Shaleen Devgun serves as the Executive Vice President and Chief Innovation and Technology Officer at Schneider National.
Jim Filter, Executive Vice President, Group President Of Transportation And Logistics
Jim Filter holds the position of Executive Vice President, Group President of Transportation and Logistics at Schneider National.
Erin Van Zeeland, Chief Commercial Officer, Group Senior Vice President and General Manager of Logistics
Erin Van Zeeland began her career at Schneider in 1993 as a service team leader. She has held numerous roles across the company in Logistics and asset-based divisions, focusing on customer growth and business transformation. Van Zeeland leads Schneider's Logistics segment, which is its fastest-growing business. In 2022, she was named COO with responsibility for the company's sales and marketing strategy, and she also co-leads the Schneider Women's Network.
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Here are the key risks to Schneider National (SNDR):
Macroeconomic Uncertainty and Weak Freight Market
Schneider National faces significant headwinds from ongoing macroeconomic uncertainty and a weak freight market. This includes muted demand, lower brokerage volumes, and pricing pressure, all of which negatively impact the company's revenues, freight volumes, and overall earnings. The challenging freight environment has been noted to persist longer than initially forecasted, contributing to disappointing profitability trends.Insurance-Related Costs
The company is grappling with rising insurance-related costs, particularly those linked to prior-year claims. These adverse costs have directly impacted Schneider's operating expenses and led to a tempered earnings outlook. The ongoing inflationary environment further exacerbates these insurance expenses.Competition and Technological Advancements
Schneider National's traditional trucking business is threatened by advances in automation and digital logistics. This technological shift poses a risk of market share loss to more agile, tech-focused competitors and exposes the company to higher costs and eroding pricing power if it lags in adopting these innovations.
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The clear emerging threat for Schneider National (SNDR) is the rapid development and potential widespread adoption of **autonomous trucking technology**. Several companies, including startups like TuSimple, Waymo Via, Aurora, Kodiak Robotics, and Plus, are actively developing and piloting self-driving trucks capable of long-haul operations. This technology promises to significantly reduce the industry's reliance on human drivers, which represents the largest cost component for traditional asset-based carriers like Schneider National.
As autonomous trucking technology matures and regulatory frameworks evolve, it could lead to a fundamental shift in the competitive landscape. New entrants or existing competitors that successfully leverage autonomous fleets may achieve drastically lower operational costs, enabling them to offer services at significantly reduced rates or achieve superior profit margins. This would put immense pressure on Schneider National's traditional business model, which is heavily invested in and optimized around human-driven fleets, potentially eroding its market share and profitability if it cannot adapt quickly and effectively to this technological disruption.
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Schneider National (NYSE: SNDR) operates in several key addressable markets for its transportation and logistics services, primarily across North America. The estimated market sizes for their main products and services are as follows:
- Truckload Services: The addressable market for truckload services in the U.S. is estimated by the nation's trucking freight bill. In 2024, this market was approximately $906 billion.
- Intermodal Transportation: The North America intermodal freight transportation market is projected to reach approximately $27.52 billion in 2025.
- Logistics Services: The U.S. logistics market, which includes services such as brokerage, supply chain management, and warehousing, is anticipated to reach approximately $1,997.6 billion in 2025.
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Here are 3-5 expected drivers of future revenue growth for Schneider National (SNDR) over the next 2-3 years:
- Expansion of Dedicated Truckload Business: Schneider National is actively expanding its Dedicated Truckload segment through both organic growth and strategic acquisitions, such as the Cowan Systems acquisition. This segment is characterized by contracted freight, providing more stable and predictable revenue streams.
- Growth in Intermodal Services: The Intermodal segment has demonstrated consistent volume growth, particularly in Mexico and the Eastern United States, with an emphasis on enhanced network optimization and efficient trade execution.
- Strategic Acquisitions: Acquisitions, like the integration of Cowan Systems, are contributing to revenue growth across Truckload and Logistics segments by increasing headcount and equipment, as well as expanding market reach.
- Leveraging Technology and Productivity Enhancements: The company is investing in technology and productivity initiatives, including the Schneider FreightPower platform and AI, to enhance brokerage operations, improve asset efficiency, and lower the cost to serve, which in turn supports revenue generation.
- Market Recovery and Price Discipline: While operating in a challenging freight market, Schneider National anticipates a gradual market recovery. The company is focused on maintaining pricing discipline and securing low-to-mid single-digit percentage increases in contract freight renewals, which is expected to enhance financial returns as market conditions stabilize.
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Share Repurchases
- In February 2023, 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 three years.
- As of September 30, 2025, the company had repurchased 4.1 million Class B shares, totaling $103.9 million under this program.
- The share repurchase program primarily aims to offset the dilutive effect of equity grants to employees.
Share Issuance
- Schneider National has 175.30 million shares outstanding, which saw a slight decrease of -0.26% in one year.
Outbound Investments
- The company completed the acquisition of Cowan Systems on December 2, 2024, significantly expanding its Dedicated and Logistics services.
- On August 1, 2023, Schneider National acquired M&M Transport, a dedicated carrier, further complementing its dedicated operations.
- Schneider engages in strategic investments in new technologies and potentially disruptive startup companies to gain a competitive advantage and explore new market opportunities.
Capital Expenditures
- Net capital expenditures for the full year 2025 are expected to be approximately $300 million, a revision from earlier guidance of $325 million to $375 million due to pausing tractor orders.
- Net capital expenditures were $380 million in 2024 and $573.8 million in 2023.
- Capital expenditures are primarily focused on replacement capital and growth capital for the Dedicated and Intermodal segments, as well as investments in fleet and technology.
