Werner Enterprises (WERN)
Market Price (9/27/2026): $32.91 | Market Cap: $2.0 BilSector: Industrials | Industry: Cargo Ground Transportation
Werner Enterprises (WERN)
Market Price (9/27/2026): $32.91Market Cap: $2.0 BilSector: IndustrialsIndustry: Cargo Ground Transportation
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 41% Megatrend and thematic driversMegatrends include Future of Freight, and E-commerce & DTC Adoption. Themes include Autonomous Trucks, Freight Technology, Show more. | Weak multi-year price returns2Y Excs Rtn is -44%, 3Y Excs Rtn is -90% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.6% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.6% Key risksWERN key risks include [1] a high debt-to-equity ratio and declining liquidity, Show more. |
| Low stock price volatilityVol 12M is 41% |
| Megatrend and thematic driversMegatrends include Future of Freight, and E-commerce & DTC Adoption. Themes include Autonomous Trucks, Freight Technology, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -44%, 3Y Excs Rtn is -90% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.6% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.6% |
| Key risksWERN key risks include [1] a high debt-to-equity ratio and declining liquidity, Show more. |
Qualitative Assessment
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Werner Enterprises (WERN) stock has lost about 20% since 5/31/2026 because of the following key factors:
1. Werner Enterprises reported weaker-than-expected profitability for its fiscal Q2 2026, which ended on June 30, 2026. The company announced an adjusted diluted earnings per share (EPS) of $0.22, missing the consensus estimate of $0.24 by $0.02, or 4.43%. Additionally, GAAP diluted EPS was $0.11, a significant 85% decrease year-over-year. Operating income declined by 74% to $16.9 million compared to the prior year, despite total revenues increasing by 24% to $933.9 million, which edged slightly above analyst expectations. This divergence between revenue growth and a notable drop in bottom-line profitability likely contributed to investor concern.
2. The company's profitability was impacted by acquisition-related expenses and restructuring charges during fiscal Q2 2026. Werner Enterprises' mixed financial results were partly attributed to non-recurring costs associated with the January 2026 FirstFleet acquisition and strategic restructuring efforts in its One-Way Truckload segment. While the FirstFleet acquisition is strategically reshaping Werner's profile by increasing Dedicated contracts, and the One-Way restructuring has led to stronger revenue per truck per week growth, these integration and transition expenses weighed on the reported earnings. Approximately 45% of pre-tax adjustments in the quarter were tied to the FirstFleet acquisition and 43% to the One-Way restructuring, impacting the overall financial performance.
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Werner Enterprises (WERN) stock has lost about 20% since 5/31/2026 because of the following key factors:
1. Werner Enterprises reported weaker-than-expected profitability for its fiscal Q2 2026, which ended on June 30, 2026. The company announced an adjusted diluted earnings per share (EPS) of $0.22, missing the consensus estimate of $0.24 by $0.02, or 4.43%. Additionally, GAAP diluted EPS was $0.11, a significant 85% decrease year-over-year. Operating income declined by 74% to $16.9 million compared to the prior year, despite total revenues increasing by 24% to $933.9 million, which edged slightly above analyst expectations. This divergence between revenue growth and a notable drop in bottom-line profitability likely contributed to investor concern.
2. The company's profitability was impacted by acquisition-related expenses and restructuring charges during fiscal Q2 2026. Werner Enterprises' mixed financial results were partly attributed to non-recurring costs associated with the January 2026 FirstFleet acquisition and strategic restructuring efforts in its One-Way Truckload segment. While the FirstFleet acquisition is strategically reshaping Werner's profile by increasing Dedicated contracts, and the One-Way restructuring has led to stronger revenue per truck per week growth, these integration and transition expenses weighed on the reported earnings. Approximately 45% of pre-tax adjustments in the quarter were tied to the FirstFleet acquisition and 43% to the One-Way restructuring, impacting the overall financial performance.
3. The Werner Logistics segment experienced a decline in revenue and pressured margins during fiscal Q2 2026. Despite an overall tightening freight market and rising truckload rates, the Werner Logistics segment saw its revenue decrease by 4% year-over-year. The segment's adjusted operating margin declined to 1.3%, facing pressure from purchased transportation costs and compressed brokerage spreads. This underperformance within the logistics division contrasted with the positive trends in the broader truckload market, where spot rates increased 32.4% year-over-year and contract rates rose 6.0% in Q2 2026, suggesting company-specific challenges in this segment.
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Stock Movement Drivers
Fundamental Drivers
The -20.5% change in WERN stock from 5/31/2026 to 9/26/2026 was primarily driven by a -24.9% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.38 | 32.89 | -20.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,071 | 3,252 | 5.9% |
| P/S Multiple | 0.8 | 0.6 | -24.9% |
| Shares Outstanding (Mil) | 60 | 60 | -0.1% |
| Cumulative Contribution | -20.5% |
Market Drivers
5/31/2026 to 9/26/2026| Return | Correlation | |
|---|---|---|
| WERN | -20.5% | |
| Market (SPY) | 2.2% | 26.1% |
| Sector (XLI) | -1.3% | 22.6% |
Fundamental Drivers
The -5.6% change in WERN stock from 2/28/2026 to 9/26/2026 was primarily driven by a -13.4% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.83 | 32.89 | -5.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,974 | 3,252 | 9.3% |
| P/S Multiple | 0.7 | 0.6 | -13.4% |
| Shares Outstanding (Mil) | 60 | 60 | -0.2% |
| Cumulative Contribution | -5.6% |
Market Drivers
2/28/2026 to 9/26/2026| Return | Correlation | |
|---|---|---|
| WERN | -5.6% | |
| Market (SPY) | 13.0% | 34.3% |
| Sector (XLI) | -3.3% | 34.4% |
Fundamental Drivers
The 16.0% change in WERN stock from 8/31/2025 to 9/26/2026 was primarily driven by a 9.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.36 | 32.89 | 16.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,966 | 3,252 | 9.6% |
| P/S Multiple | 0.6 | 0.6 | 4.2% |
| Shares Outstanding (Mil) | 61 | 60 | 1.5% |
| Cumulative Contribution | 16.0% |
Market Drivers
8/31/2025 to 9/26/2026| Return | Correlation | |
|---|---|---|
| WERN | 16.0% | |
| Market (SPY) | 20.9% | 30.5% |
| Sector (XLI) | 13.6% | 35.7% |
Fundamental Drivers
The -17.0% change in WERN stock from 8/31/2023 to 9/26/2026 was primarily driven by a -19.5% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.60 | 32.89 | -17.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,333 | 3,252 | -2.4% |
| P/S Multiple | 0.8 | 0.6 | -19.5% |
| Shares Outstanding (Mil) | 63 | 60 | 5.7% |
| Cumulative Contribution | -17.0% |
Market Drivers
8/31/2023 to 9/26/2026| Return | Correlation | |
|---|---|---|
| WERN | -17.0% | |
| Market (SPY) | 77.8% | 36.5% |
| Sector (XLI) | 64.4% | 44.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WERN Return | 23% | -14% | 7% | -14% | -15% | 13% | -8% |
| Peers Return | 50% | -13% | 20% | -5% | -4% | 19% | 70% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| WERN Win Rate | 67% | 33% | 42% | 42% | 58% | 67% | |
| Peers Win Rate | 68% | 35% | 50% | 50% | 55% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| WERN Max Drawdown | -13% | -24% | -27% | -19% | -39% | -29% | |
| Peers Max Drawdown | -15% | -28% | -24% | -22% | -34% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: KNX, JBHT, SNDR, ODFL, LSTR. See WERN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/25/2026 (YTD)
How Low Can It Go
| Event | WERN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -27.5% | -18.8% |
| % Gain to Breakeven | 37.8% | 23.1% |
| Time to Breakeven | 260 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.0% | -9.5% |
| % Gain to Breakeven | 26.6% | 10.5% |
| Time to Breakeven | 950 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.7% | -24.5% |
| % Gain to Breakeven | 27.7% | 32.4% |
| Time to Breakeven | 284 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -23.6% | -33.7% |
| % Gain to Breakeven | 30.9% | 50.9% |
| Time to Breakeven | 24 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.2% | -19.2% |
| % Gain to Breakeven | 22.2% | 23.8% |
| Time to Breakeven | 120 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.4% | -12.2% |
| % Gain to Breakeven | 32.3% | 13.9% |
| Time to Breakeven | 97 days | 62 days |
In The Past
Werner Enterprises's stock fell -27.5% during the 2025 US Tariff Shock. Such a loss loss requires a 37.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | WERN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -27.5% | -18.8% |
| % Gain to Breakeven | 37.8% | 23.1% |
| Time to Breakeven | 260 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.0% | -9.5% |
| % Gain to Breakeven | 26.6% | 10.5% |
| Time to Breakeven | 950 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.7% | -24.5% |
| % Gain to Breakeven | 27.7% | 32.4% |
| Time to Breakeven | 284 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -23.6% | -33.7% |
| % Gain to Breakeven | 30.9% | 50.9% |
| Time to Breakeven | 24 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.4% | -12.2% |
| % Gain to Breakeven | 32.3% | 13.9% |
| Time to Breakeven | 97 days | 62 days |
In The Past
Werner Enterprises's stock fell -27.5% during the 2025 US Tariff Shock. Such a loss loss requires a 37.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Werner Enterprises (WERN)
Werner Enterprises, Inc. (WERN) is a leading transportation and logistics company that operates extensively across the United States, Mexico, and internationally. Established in 1956 and based in Omaha, Nebraska, the company's core business revolves around transporting truckload shipments of various general commodities. It operates through two primary segments: Truckload Transportation Services and Werner Logistics.
The Truckload Transportation Services segment offers diverse fleet options tailored to specific shipping requirements. This includes a medium-to-long-haul van fleet for general consumer nondurable products, an expedited fleet for time-sensitive deliveries utilizing driver teams, and a regional short-haul fleet providing comparable truckload van services. Werner also maintains a dedicated temperature-controlled fleet to safely transport products requiring specific environmental conditions.
The Werner Logistics segment provides a range of non-asset-based services, such as truck brokerage, comprehensive logistics management solutions, and intermodal rail transportation facilitated through alliances with rail and drayage providers. This segment further specializes in residential and commercial deliveries of large or heavy items. Werner's primary customers are businesses in the retail, consumer products, food and beverage, and manufacturing sectors, for whom it transports merchandise, consumer goods, and various manufactured products.
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Here are 1-3 brief analogies for Werner Enterprises (WERN):
- Werner is like a FedEx or UPS, but specializing exclusively in full truckload shipments of general commodities for businesses, rather than smaller packages.
- Think of Werner as providing the vast long-haul trucking and logistics network for thousands of businesses, much like how Amazon or Walmart manage their own massive supply chains, but offered as a service.
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Werner Enterprises (WERN) Major Services
- Dry Van Truckload Transportation: Provides standard medium-to-long-haul and regional transport of general commodities using dry van trailers.
- Expedited Truckload Transportation: Offers time-sensitive truckload services utilizing driver teams for urgent shipments.
- Temperature-Controlled Truckload Transportation: Specializes in the transport of temperature-sensitive products using controlled-environment trailers.
- Truck Brokerage: Connects shippers with a network of qualified third-party carriers for flexible transportation solutions.
- Intermodal Rail Transportation: Facilitates rail transportation through alliances with rail and drayage providers for long-haul freight movement.
- Logistics Management Services: Delivers comprehensive supply chain solutions, including planning and execution of transportation and distribution.
- Specialized Delivery Services: Offers residential and commercial deliveries of large or heavy items using liftgate straight trucks.
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Werner Enterprises (WERN) primarily serves other companies (business-to-business or B2B) rather than individuals. As a transportation and logistics provider, it transports goods for a diverse range of corporate clients across various industries. While specific customer names are typically not disclosed by such companies unless a single customer accounts for a significant portion of revenue, the company's description clearly indicates the categories of businesses it serves based on the types of products it transports:
- Retailers: Companies that sell merchandise to consumers, requiring goods to be transported to their distribution centers and stores.
- Consumer Products Manufacturers: Businesses that produce everyday goods consumed by individuals, such as household items, personal care products, etc.
- Food and Beverage Companies: Manufacturers and distributors of food and drink products, often requiring specialized temperature-controlled transportation.
- Manufacturing Companies: Businesses involved in producing a wide array of manufactured goods, from industrial components to finished products.
Werner Enterprises acts as a critical link in the supply chains of these various corporate clients, providing the necessary transportation and logistics services to move their products efficiently.
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Derek J. Leathers Chairman and Chief Executive Officer
Derek J. Leathers has more than 30 years of experience in the transportation and logistics industry, with 25 years at Werner Enterprises. He was appointed CEO in May 2016 and Chairman in May 2021. Throughout his tenure at Werner, he has held integral executive management roles, including establishing and developing the company's Mexico cross-border operations and leading the launch of Werner Global Logistics. Before joining Werner in 1999, Mr. Leathers was employed by Schneider National for eight years, during which time he was based out of Mexico City and was one of the first foreign members of Mexico's trucking association (CANACAR). He holds an economics degree from Princeton University.
Christopher D. Wikoff Executive Vice President, Treasurer and Chief Financial Officer
Christopher D. Wikoff was appointed as Executive Vice President, Treasurer, and Chief Financial Officer of Werner Enterprises in April 2023. He brings over 20 years of finance leadership and business transformation experience from public and private multinational companies. Prior to joining Werner, Mr. Wikoff served as Executive Vice President and Treasurer of West Technology Group (formerly Intrado Corporation), where he was responsible for strategic finance, accounting, treasury, tax, investor and lender relations, and multiple finance shared service centers in the U.S., Europe, and Asia. At West Technology Group, he was integral in leading finance and business transformations, as well as numerous capital market transactions, acquisitions, and divestitures. Before West, he served as Vice President, Finance and Treasurer at CommScope (Nasdaq: COMM) from 2003 to 2015 and held various corporate and divisional finance leadership roles with Avaya from 2000 to 2003.
Nathan J. Meisgeier President and Chief Legal Officer
Nathan J. Meisgeier assumed the role of President in January 2024, in addition to his responsibilities as Chief Legal Officer, a position he has held since being promoted in 2016. He joined Werner Enterprises in 2005 as Senior Counsel of Litigation. Mr. Meisgeier oversees the company's legal, risk, human resources, and government affairs functions. Prior to his tenure at Werner, he was a litigator at the Kansas City law firm of Stinson, Mag and Fizzell for seven years. He holds a juris doctorate from Harvard Law School, as well as degrees in accounting and economics from the University of Nebraska-Lincoln.
Eric J. Downing Executive Vice President and Chief Operating Officer
Eric J. Downing has served as Executive Vice President and Chief Operating Officer at Werner Enterprises since January 2023. He joined the company in 1998 and has held various roles in Operations, Marketing, and Logistics. Previously, he was Senior Vice President of Dedicated since 2016 and Vice President of Specialized Services since 2012. Mr. Downing served in the United States Air Force from 1991 to 1998 and holds a degree in criminology and criminal justice from the University of Nebraska – Omaha.
Craig T. Callahan Executive Vice President and Chief Commercial Officer
Craig T. Callahan has been the Executive Vice President and Chief Commercial Officer at Werner Enterprises since February 2018. In this role, his primary responsibilities include leading sales, account management, and business development efforts across the company's transportation and logistics service offerings, as well as managing Enterprise marketing and communications. Mr. Callahan joined Werner in 1995 and has held other leadership roles in sales, customer service, and operations. He holds a degree in finance from Creighton University.
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The key risks to Werner Enterprises (WERN) primarily stem from the cyclical nature of the freight market, ongoing labor challenges within the trucking industry, and escalating insurance and litigation costs.
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Economic Sensitivity and Freight Market Conditions: Werner Enterprises is highly susceptible to economic downturns and fluctuations in freight demand and pricing. The trucking industry has experienced a prolonged freight recession, leading to reduced freight volumes and intense pressure on freight rates. This challenging environment directly impacts Werner's revenue and profitability, particularly in its Truckload Transportation Services segment. For instance, the company experienced an 8% revenue decrease in 2024, with its core trucking business facing pressure from weak freight rates and underutilized assets.
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Driver Shortage and Retention: The persistent industry-wide shortage of qualified truck drivers continues to be a critical concern for Werner Enterprises. This shortage impacts the company's ability to meet customer demand, maintain service levels, and control labor costs. High driver turnover rates can also lead to increased operational inefficiencies and training expenses. The American Transportation Research Institute (ATRI) highlights the lack of qualified drivers as a significant issue, with an estimated shortage of over 80,000 drivers nationwide.
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Insurance Costs and Litigation: Werner Enterprises faces substantial financial pressure from rising insurance premiums and the increasing threat of "nuclear verdicts" and lawsuit abuse within the trucking industry. These elevated costs directly impact the company's operating margins and overall profitability. In particular, high insurance and claims expenses have been a significant drag on Werner's earnings, with one quarter incurring $49.5 million in such expenses, including $19 million from unfavorable development on large dollar claims.
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Widespread adoption of autonomous trucking technology: Werner Enterprises operates a large, human-driver-dependent fleet. The rapid development and potential widespread deployment of autonomous trucks could fundamentally disrupt the truckload transportation industry. Companies that successfully implement autonomous fleets at scale could gain significant cost advantages through reduced labor expenses (drivers are a major operating cost), increased utilization (autonomous trucks are not subject to hours-of-service regulations), and potentially improved fuel efficiency and safety. This could render traditional human-driven fleets less competitive, mirroring how Uber introduced a new operating model that challenged traditional taxi services.
Rise of advanced digital freight marketplaces and logistics platforms: Werner's Logistics segment includes truck brokerage and logistics management services. The emergence and growing sophistication of digital-first freight marketplaces (e.g., Uber Freight, Convoy) and advanced logistics platforms leveraging artificial intelligence and machine learning are creating more efficient and transparent ways to connect shippers with carriers. These platforms can optimize load matching, reduce empty miles, streamline pricing, and automate booking processes, potentially offering shippers greater efficiency and lower costs. This could commoditize traditional brokerage services, intensify competition, and put downward pressure on margins for both asset-based carriers and traditional logistics providers, akin to how Netflix leveraged technology to disrupt the traditional video rental business.
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Truckload Transportation Services
- U.S. Full-Truck-Load (FTL) Market: The United States Full-Truck-Load (FTL) market is estimated at USD 448.6 billion in 2025.
- North America Less-than-Truckload (LTL) Market: The North America less-than-truckload (LTL) market generated a revenue of USD 84,628.9 million in 2024.
Werner Logistics
- U.S. Freight Brokerage Market: The U.S. freight brokerage market was valued at USD 19.01 billion in 2025.
- North America Third Party Logistics (3PL) Market: The North America third-party logistics market was estimated at USD 419.7 billion in 2024.
- U.S. Cold Chain Logistics Market: The U.S. Cold Chain Logistics Market size is estimated at USD 97.13 billion in 2026.
- U.S. Big and Bulky Last-Mile Delivery Market (3PL): The U.S. Third-Party Logistics (3PL) Big and Bulky Last-Mile Delivery Market was estimated at approximately USD 10.15 billion in 2024.
- Global Intermodal Freight Transportation Market (North America Share): The global intermodal freight transportation market was valued at USD 136.7 billion in 2025. North America dominated this global market with a 40.38% market share in 2025, equating to approximately USD 55.15 billion for the region.
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Werner Enterprises (WERN) is anticipated to drive future revenue growth over the next two to three years through several key strategies:
- Expansion of Dedicated Fleet: Werner Enterprises is prioritizing the expansion of its dedicated fleet, a core component of its growth strategy. The company secured new dedicated fleet contracts in the first quarter of 2025, representing over 200 trucks, which are expected to be implemented in the latter half of 2025. Furthermore, the acquisition of FirstFleet is projected to increase the dedicated portfolio by 50%, with this combined segment representing over half of Werner's pro forma revenue.
- Growth in Werner Logistics Segment: The company is actively diversifying its revenue streams through its Werner Logistics segment. This includes notable growth in its intermodal and cross-border businesses. Intermodal revenue saw a significant 14% year-over-year increase in the first quarter of 2025. Additionally, Werner's cross-border business demonstrated double-digit growth in 2024, solidifying its position as a leading provider of truckload transportation services in the Mexico cross-border market.
- Strategic Restructuring and Optimization of One-Way Truckload Business: Werner is implementing a strategic restructuring of its one-way truckload business to enhance fleet utilization and improve profitability. This involves transitioning to more lucrative services such as expedited, cross-border, and long-haul deliveries utilizing driver teams, while phasing out unprofitable regional and short-haul operations. These strategic changes are expected to contribute to earnings improvements by the second quarter of 2026.
- Anticipated Contractual Rate Increases: Management foresees potential rate increases and an incremental rise in volume, particularly during the peak season of 2025. For 2026, Werner's guidance indicates an assumption of mid-single-digit contractual rate increases within its one-way business and low-to-mid-single-digit increases in the dedicated segment.
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Share Repurchases
- In August 2025, Werner's board authorized a new share repurchase program for up to 5 million shares, replacing a previous authorization that had approximately 1.8 million shares remaining as of June 30, 2025.
- Werner repurchased shares worth $55.56 million in the first half of 2025 and $67.1 million in 2024.
- In 2022, Werner repurchased shares totaling $110.4 million.
Outbound Investments
- In January 2026, Werner acquired FirstFleet, Inc., a dedicated trucking company, for approximately $245 million in cash, and additionally purchased 11 real estate properties from FirstFleet for $37.8 million, bringing the total deal value to about $282.8 million.
- In November 2022, the company acquired ReedTMS Logistics for $112 million, and in October 2022, it acquired Baylor Trucking, Inc. for $95 million.
- During 2021, Werner acquired NEHDS Logistics, LLC for $64 million in November, and an 80% equity ownership interest in ECM Transport Group for $142 million in July.
Capital Expenditures
- Net capital expenditures in the fourth quarter of 2025 were $69.4 million, marking a 141% increase compared to the fourth quarter of 2024. The full-year net CapEx guidance for 2025 was adjusted to a range of $145 million to $185 million.
- In 2023, net capital expenditures were $409 million, which was described as an "outsized investment" aimed at improving the fleet's age.
- The primary focus of capital expenditures is on acquiring new trucks, trailers, and investing in terminals to enhance driver experience, optimize operational efficiency, and manage maintenance, safety, and fuel costs, with the goal of maintaining a low-age fleet. As of December 31, 2025, the average ages of its truck and trailer fleets were 2.7 years and 5.6 years, respectively.
Peer Outperformance in Cargo Ground Transportation
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| WERN | Werner Enterprises | -0.6% | -42.6x | 27.4% | -10.4% | -24.0% | — |
| R | Ryder System | 1.5% | 18.3x | 27.7% | 139.3% | 211.8% | +236pp |
| ARCB | ArcBest | -3.2% | 171.6x | 83.7% | 26.7% | 62.2% | +86pp |
| SNDR | Schneider National | -0.8% | 49.1x | 49.0% | 19.6% | 42.8% | +67pp |
| JBHT | JB Hunt Transport Services | -2.6% | 31.5x | 69.1% | 25.0% | 35.3% | +59pp |
| TFII | TFI International | 1.2% | 29.6x | 38.8% | -0.3% | 21.9% | +46pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 4.3% | 110.6% | 183.4% | FIX 2185% · STRL 2110% · CDNL 2055% |
| Marine Transportation | 9 | 72.3% | 97.9% | 148.9% | HOS 43005% · ASC 465% · MATX 188% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 5.4% | 46.5% | 121.9% | CAT 348% · ALSN 240% · WAB 229% |
| Aerospace & Defense | 55 | -7.5% | 70.5% | 76.3% | ATI 980% · FTAI 863% · HWM 615% |
| Rail Transportation | 7 | 19.3% | 61.1% | 50.3% | FSTR 137% · CSX 64% · RAIL 53% |
| Trading Companies & Distributors | 19 | 4.4% | 36.4% | 47.5% | DXPE 535% · AIT 278% · WCC 217% |
| Industrial Machinery & Supplies & Components | 72 | 11.1% | 53.8% | 43.7% | CRS 1139% · PSIX 1112% · EROC 624% |
| Diversified Support Services | 33 | 16.3% | 34.2% | 31.9% | LIME 3297% · TH 422% · WLFC 352% |
| Cargo Ground Transportation ← | 16 | 33.0% | -0.3% | 24.8% | XPO 234% · R 212% · CVLG 133% |
| Electrical Components & Equipment | 41 | 7.0% | 58.4% | 22.0% | POWL 2282% · BE 1336% · VRT 954% |
| Building Products | 34 | -12.4% | 2.4% | 18.2% | LMB 633% · GFF 387% · PPIH 315% |
| Industrial Conglomerates | 17 | 9.4% | 5.0% | -3.2% | RCMT 504% · CSW 136% · DD 72% |
| Passenger Ground Transportation | 3 | -32.0% | 44.0% | -5.1% | UBER 47% · CAR -5% · LYFT -73% |
| Agricultural & Farm Machinery | 17 | 4.5% | 0.8% | -8.1% | BLBD 173% · DE 109% · GENC 55% |
| Environmental & Facilities Services | 30 | -15.4% | 19.5% | -8.6% | CECO 895% · ADUR 437% · GEO 335% |
| Research & Consulting Services | 13 | -16.9% | -26.7% | -14.0% | HURN 201% · CRAI 76% · GRNQ 69% |
| Data Processing & Outsourced Services | 6 | -34.1% | -15.1% | -29.8% | EXLS 40% · BR 7% · G -27% |
| Passenger Airlines | 11 | 19.0% | 22.6% | -33.2% | LTM 2741% · UAL 132% · DAL 101% |
| Office Services & Supplies | 9 | 15.7% | 19.6% | -36.0% | PBI 161% · TILE 138% · HNI 49% |
| Air Freight & Logistics | 12 | -20.3% | -22.2% | -39.1% | CHRW 85% · FDX 74% · EXPD 60% |
| Human Resource & Employment Services | 21 | 4.2% | -19.7% | -39.1% | BBSI 66% · ADP 46% · PAYX 9% |
| Security & Alarm Services | 10 | -22.8% | 22.3% | -45.9% | CIX 157% · MG 114% · NL 73% |
| Airport Services | 3 | -75.0% | -78.5% | -68.2% | JOBY -37% · ASLE -68% · UP -100% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 113.72 |
| Mkt Cap | 8.0 |
| Rev LTM | 5,711 |
| Op Inc LTM | 247 |
| FCF LTM | 377 |
| FCF 3Y Avg | 179 |
| CFO LTM | 1,013 |
| CFO 3Y Avg | 820 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.7% |
| Rev Chg 3Y Avg | -1.4% |
| Rev Chg Q | 15.4% |
| QoQ Delta Rev Chg LTM | 3.9% |
| Op Inc Chg LTM | -3.1% |
| Op Inc Chg 3Y Avg | -12.0% |
| Op Mgn LTM | 3.9% |
| Op Mgn 3Y Avg | 4.1% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 11.7% |
| CFO/Rev 3Y Avg | 12.0% |
| FCF/Rev LTM | 5.3% |
| FCF/Rev 3Y Avg | 3.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 8.0 |
| P/S | 1.2 |
| P/Op Inc | 29.7 |
| P/EBIT | 26.6 |
| P/E | 37.6 |
| P/CFO | 11.0 |
| Total Yield | 3.5% |
| Dividend Yield | 1.2% |
| FCF Yield 3Y Avg | 2.5% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -12.2% |
| 3M Rtn | -20.0% |
| 6M Rtn | 12.6% |
| 12M Rtn | 43.2% |
| 3Y Rtn | 8.6% |
| 1M Excs Rtn | -12.9% |
| 3M Excs Rtn | -25.3% |
| 6M Excs Rtn | -7.2% |
| 12M Excs Rtn | 25.0% |
| 3Y Excs Rtn | -70.8% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Truckload Transportation Services | 2,052 | 2,138 | 2,311 | 2,429 | 2,045 |
| Werner Logistics | 857 | 831 | 910 | 793 | 622 |
| Other | 75 | 75 | 80 | 73 | 66 |
| Elimination Inter-segment eliminations | -9 | -14 | -18 | -5 | -1 |
| Corporate | 2 | ||||
| Total | 2,974 | 3,030 | 3,283 | 3,290 | 2,734 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Truckload Transportation Services | 16 | 75 | 169 | 295 | 282 |
| Werner Logistics | 7 | -1 | 16 | 36 | 28 |
| Other | -11 | -8 | -9 | -8 | 5 |
| Corporate | -5 | ||||
| Total | 12 | 66 | 176 | 323 | 309 |
Price Behavior
| Market Price | $32.89 | |
| Market Cap ($ Bil) | 2.0 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -30.5% | |
| 50 Days | 200 Days | |
| DMA Price | $38.44 | $35.87 |
| DMA Trend | up | down |
| Distance from DMA | -14.4% | -8.3% |
| 3M | 1YR | |
| Volatility | 37.0% | 41.1% |
| Downside Capture | 173.83 | 102.37 |
| Upside Capture | 1.98 | 111.37 |
| Correlation (SPY) | 25.7% | 30.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.08 | 1.10 | 0.84 | 1.05 | 1.01 | 0.81 |
| Up Beta | -0.14 | 1.79 | 0.79 | 1.00 | 0.33 | 0.74 |
| Down Beta | -1.54 | 1.17 | 0.47 | 1.09 | 1.45 | 0.64 |
| Up Capture | 207% | 27% | 82% | 106% | 127% | 63% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 20 | 35 | 67 | 130 | 362 |
| Down Capture | 215% | 142% | 115% | 105% | 100% | 102% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 22 | 29 | 58 | 117 | 383 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WERN | |
|---|---|---|---|---|
| WERN | 26.6% | 40.9% | 0.67 | - |
| Sector ETF (XLI) | 13.0% | 17.2% | 0.54 | 35.6% |
| Equity (SPY) | 17.7% | 13.0% | 0.98 | 30.6% |
| Gold (GLD) | 14.7% | 29.3% | 0.46 | 7.0% |
| Commodities (DBC) | 44.3% | 20.7% | 1.66 | -11.8% |
| Real Estate (VNQ) | 4.5% | 13.6% | 0.07 | 19.4% |
| Bitcoin (BTCUSD) | -25.9% | 44.8% | -0.54 | 5.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WERN | |
|---|---|---|---|---|
| WERN | -5.1% | 31.4% | -0.13 | - |
| Sector ETF (XLI) | 12.9% | 17.6% | 0.56 | 48.8% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 41.8% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 2.6% |
| Commodities (DBC) | 10.8% | 19.6% | 0.43 | 2.9% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 37.5% |
| Bitcoin (BTCUSD) | 12.2% | 52.6% | 0.41 | 15.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WERN | |
|---|---|---|---|---|
| WERN | 5.7% | 30.5% | 0.24 | - |
| Sector ETF (XLI) | 13.4% | 20.0% | 0.59 | 50.0% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 45.7% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 0.1% |
| Commodities (DBC) | 8.5% | 18.1% | 0.38 | 9.0% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 37.2% |
| Bitcoin (BTCUSD) | 63.8% | 66.2% | 1.03 | 9.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/28/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | -4.3% | 0.0% | 1.5% |
| 4/28/2026 | 5.8% | 0.8% | 20.7% |
| 2/5/2026 | -8.2% | -13.9% | -17.6% |
| 10/30/2025 | 3.2% | 0.8% | 7.0% |
| 7/29/2025 | -0.8% | -0.8% | 3.7% |
| 4/29/2025 | -10.8% | -9.0% | -5.1% |
| 2/6/2025 | -0.6% | -0.7% | -7.2% |
| 10/29/2024 | -2.6% | -0.6% | 5.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 13 |
| # Negative | 16 | 14 | 11 |
| Median Positive | 3.8% | 2.3% | 7.0% |
| Median Negative | -2.5% | -3.1% | -5.3% |
| Max Positive | 6.1% | 7.1% | 20.7% |
| Max Negative | -10.8% | -13.9% | -17.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | -4.3% | 0.0% | 1.5% |
| 4/28/2026 | 5.8% | 0.8% | 20.7% |
| 2/5/2026 | -8.2% | -13.9% | -17.6% |
| 10/30/2025 | 3.2% | 0.8% | 7.0% |
| 7/29/2025 | -0.8% | -0.8% | 3.7% |
| 4/29/2025 | -10.8% | -9.0% | -5.1% |
| 2/6/2025 | -0.6% | -0.7% | -7.2% |
| 10/29/2024 | -2.6% | -0.6% | 5.6% |
| 7/30/2024 | -3.1% | -7.9% | -7.7% |
| 4/30/2024 | 2.8% | 6.8% | 7.3% |
| 2/6/2024 | 4.6% | 2.2% | -2.7% |
| 11/1/2023 | 0.0% | 2.4% | 13.8% |
| 8/3/2023 | -2.0% | -3.4% | -11.0% |
| 5/3/2023 | -1.4% | -2.7% | -3.4% |
| 2/7/2023 | -2.5% | -4.0% | -5.3% |
| 11/2/2022 | -2.6% | 0.1% | 15.9% |
| 8/3/2022 | -2.3% | -1.1% | -5.7% |
| 5/3/2022 | 6.1% | 6.2% | 2.9% |
| 2/3/2022 | -0.9% | -2.8% | -1.6% |
| 10/28/2021 | -5.3% | -3.6% | -5.2% |
| 7/29/2021 | -0.7% | -2.2% | 3.6% |
| 4/28/2021 | 4.4% | 7.1% | 7.7% |
| 2/4/2021 | 1.6% | 4.2% | 13.2% |
| 10/28/2020 | -3.5% | -3.9% | 0.9% |
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 13 |
| # Negative | 16 | 14 | 11 |
| Median Positive | 3.8% | 2.3% | 7.0% |
| Median Negative | -2.5% | -3.1% | -5.3% |
| Max Positive | 6.1% | 7.1% | 20.7% |
| Max Negative | -10.8% | -13.9% | -17.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 9/15/2026Latest: Q2 2026 Earnings Reported 7/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 One-Way Truckload RPTM growth | Reported | 10.0% | 11.5% | 13.0% | Higher New | |||
| 2026 TTS average truck count growth | Reported | 16.0% | 17.0% | 18.0% | -8.5% | Lowered | Guidance: 25.5% for 2026 | |
| 2026 Dedicated RPTPW growth | Reported | 3.0% | 4.0% | 5.0% | 2.5% | Raised | Guidance: 1.5% for 2026 | |
| 2026 Effective income tax rate | Reported | 25.5% | 26.0% | 26.5% | 0.0% | Affirmed | Guidance: 26.0% for 2026 | |
| 2026 Net capital expenditures | Reported | 215.00 Mil | 232.50 Mil | 250.00 Mil | 13.4% | Raised | Guidance: 205.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 One-Way Truckload RPTM growth | Reported | 1.0% | 2.5% | 4.0% | 1.0% | Raised | Guidance: 1.5% for Q2 2026 | |
| 2026 TTS average truck count growth | Reported | 23.0% | 25.5% | 28.0% | 0.0% | Affirmed | Guidance: 25.5% for 2026 | |
| 2026 Dedicated RPTPW growth | Reported | 0.0% | 1.5% | 3.0% | 1.0% | Raised | Guidance: 0.5% for 2026 | |
| 2026 Effective income tax rate | Reported | 25.5% | 26.0% | 26.5% | ||||
| 2026 Net capital expenditures | Reported | 185.00 Mil | 205.00 Mil | 225.00 Mil | 0.0% | Affirmed | Guidance: 205.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 One-Way Truckload RPTM growth | Reported | 0.0% | 1.5% | 3.0% | 1.5% | Higher New | Actual: 0.0% for Q4 2025 | |
| 2026 TTS average truck count | Reported | 0.23 | 0.26 | 0.28 | 26.5% | Higher New | Actual: -0.01 for 2025 | |
| 2026 Dedicated RPTPW growth | Reported | -1.0% | 0.5% | 2.0% | -0.2% | Lower New | Actual: 0.75% for 2025 | |
| 2026 Net capital expenditures | Reported | 185.00 Mil | 205.00 Mil | 225.00 Mil | 24.2% | Higher New | Actual: 165.00 Mil for 2025 | |
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 One-Way Truckload RPTM growth | Reported | -1.0% | 0.0% | 1.0% | ||||
| Q4 2025 Effective income tax rate | Reported | 26.0% | 26.5% | 27.0% | ||||
| 2025 TTS truck count from beginning of year to end of year | Reported | -0.02 | -0.01 | 0 | -3.5% | Lowered | Guidance: 0.03 for 2025 | |
| 2025 Dedicated RPTPW growth | Reported | 0.0% | 0.75% | 1.5% | -0.8% | Lowered | Guidance: 1.5% for 2025 | |
| 2025 Net capital expenditures | Reported | 155.00 Mil | 165.00 Mil | 175.00 Mil | 0.0% | Affirmed | Guidance: 165.00 Mil for 2025 | |
Insider Activity
Updated 8/10/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Schelble, Jim S | Exec VP & Chief Admin Officer | Direct | Sell | 6162026 | 43.93 | 933 | 40,987 | 3,097,082 | Form |
| 2 | Downing, Eric J | Exec VP and COO | Direct | Sell | 2232026 | 34.78 | 1,418 | 49,312 | 1,945,575 | Form |
| 3 | Downing, Eric J | Exec VP and COO | Direct | Sell | 2232026 | 35.00 | 1,428 | 49,980 | 2,007,749 | Form |
| 4 | Callahan, Craig T | Exec VP-Chief Commercial Offcr | Direct | Buy | 12012025 | 28.83 | 26 | 750 | 1,876,141 | Form |
| 5 | Schelble, Jim S | Exec VP & Chief Admin Officer | Direct | Buy | 12012025 | 28.83 | 67 | 1,933 | 2,094,993 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Schelble, Jim S | Exec VP & Chief Admin Officer | Direct | Sell | 6162026 | 43.93 | 933 | 40,987 | 3,097,082 | Form |
| 2 | Downing, Eric J | Exec VP and COO | Direct | Sell | 2232026 | 34.78 | 1,418 | 49,312 | 1,945,575 | Form |
| 3 | Downing, Eric J | Exec VP and COO | Direct | Sell | 2232026 | 35.00 | 1,428 | 49,980 | 2,007,749 | Form |
| 4 | Callahan, Craig T | Exec VP-Chief Commercial Offcr | Direct | Buy | 12012025 | 28.83 | 26 | 750 | 1,876,141 | Form |
| 5 | Schelble, Jim S | Exec VP & Chief Admin Officer | Direct | Buy | 12012025 | 28.83 | 67 | 1,933 | 2,094,993 | Form |
| 6 | Downing, Eric J | Exec VP and COO | Direct | Buy | 12012025 | 28.83 | 32 | 923 | 1,527,532 | Form |
| 7 | Johnson, James Lynn | Exec VP - Chief Acctg Officer | Direct | Buy | 12012025 | 28.83 | 3 | 85 | 2,901,408 | Form |
| 8 | Leathers, Derek J | CEO & Chairman | Direct | Buy | 12012025 | 28.83 | 87 | 2,507 | 7,418,102 | Form |
| 9 | Meisgeier, Nathan J | President and CLO | Direct | Buy | 12012025 | 28.83 | 50 | 1,453 | 2,094,832 | Form |
| 10 | Mahon, Daragh P | Executive Vice President & CIO | Direct | Buy | 12012025 | 28.83 | 14 | 398 | 1,046,973 | Form |
| 11 | Callahan, Craig T | Exec VP-Chief Commercial Offcr | Direct | Buy | 12012025 | 26.30 | 227 | 5,979 | 1,710,915 | Form |
| 12 | Schelble, Jim S | Exec VP & Chief Admin Officer | Direct | Buy | 12012025 | 26.30 | 227 | 5,979 | 1,909,494 | Form |
| 13 | Downing, Eric J | Exec VP and COO | Direct | Buy | 12012025 | 26.30 | 227 | 5,979 | 1,392,722 | Form |
| 14 | Johnson, James Lynn | Exec VP - Chief Acctg Officer | Direct | Buy | 12012025 | 26.30 | 227 | 5,979 | 2,646,871 | Form |
| 15 | Leathers, Derek J | CEO & Chairman | Direct | Buy | 12012025 | 26.30 | 223 | 5,853 | 6,765,232 | Form |
| 16 | Meisgeier, Nathan J | President and CLO | Direct | Buy | 12012025 | 26.30 | 227 | 5,979 | 1,909,786 | Form |
| 17 | Mahon, Daragh P | Executive Vice President & CIO | Direct | Buy | 12012025 | 26.30 | 227 | 5,979 | 954,788 | Form |
| 18 | Callahan, Craig T | Exec VP-Chief Commercial Offcr | Direct | Buy | 12012025 | 28.63 | 25 | 714 | 1,856,267 | Form |
| 19 | Schelble, Jim S | Exec VP & Chief Admin Officer | Direct | Buy | 12012025 | 28.63 | 66 | 1,892 | 2,072,472 | Form |
| 20 | Downing, Eric J | Exec VP and COO | Direct | Buy | 12012025 | 28.63 | 31 | 887 | 1,509,831 | Form |
| 21 | Johnson, James Lynn | Exec VP - Chief Acctg Officer | Direct | Buy | 12012025 | 28.63 | 2 | 53 | 2,875,299 | Form |
| 22 | Leathers, Derek J | CEO & Chairman | Direct | Buy | 12012025 | 28.63 | 86 | 2,464 | 7,359,345 | Form |
| 23 | Meisgeier, Nathan J | President and CLO | Direct | Buy | 12012025 | 28.63 | 49 | 1,414 | 2,072,789 | Form |
| 24 | Mahon, Daragh P | Executive Vice President & CIO | Direct | Buy | 12012025 | 28.63 | 13 | 364 | 1,033,026 | Form |
| 25 | Callahan, Craig T | Exec VP-Chief Commercial Offcr | Direct | Buy | 12012025 | 29.14 | 176 | 5,125 | 1,888,465 | Form |
| 26 | Schelble, Jim S | Exec VP & Chief Admin Officer | Direct | Buy | 12012025 | 29.14 | 176 | 5,125 | 2,107,307 | Form |
| 27 | Downing, Eric J | Exec VP and COO | Direct | Buy | 12012025 | 29.14 | 176 | 5,125 | 1,535,708 | Form |
| 28 | Johnson, James Lynn | Exec VP - Chief Acctg Officer | Direct | Buy | 12012025 | 29.14 | 176 | 5,125 | 2,926,245 | Form |
| 29 | Leathers, Derek J | CEO & Chairman | Direct | Buy | 12012025 | 29.14 | 172 | 5,016 | 7,487,373 | Form |
| 30 | Meisgeier, Nathan J | President and CLO | Direct | Buy | 12012025 | 29.14 | 176 | 5,125 | 2,108,116 | Form |
| 31 | Mahon, Daragh P | Executive Vice President & CIO | Direct | Buy | 12012025 | 29.14 | 176 | 5,125 | 1,050,978 | Form |
| 32 | Callahan, Craig T | Exec VP-Chief Commercial Offcr | Direct | Buy | 12012025 | 25.48 | 27 | 686 | 1,646,933 | Form |
| 33 | Schelble, Jim S | Exec VP & Chief Admin Officer | Direct | Buy | 12012025 | 25.48 | 73 | 1,857 | 1,838,305 | Form |
| 34 | Downing, Eric J | Exec VP and COO | Direct | Buy | 12012025 | 25.48 | 34 | 858 | 1,338,456 | Form |
| 35 | Johnson, James Lynn | Exec VP - Chief Acctg Officer | Direct | Buy | 12012025 | 25.48 | 1 | 28 | 2,554,446 | Form |
| 36 | Leathers, Derek J | CEO & Chairman | Direct | Buy | 12012025 | 25.48 | 95 | 2,426 | 6,543,131 | Form |
| 37 | Meisgeier, Nathan J | President and CLO | Direct | Buy | 12012025 | 25.48 | 54 | 1,382 | 1,839,012 | Form |
| 38 | Mahon, Daragh P | Executive Vice President & CIO | Direct | Buy | 12012025 | 25.48 | 13 | 338 | 914,572 | Form |
| 39 | Callahan, Craig T | Exec VP-Chief Commercial Offcr | Direct | Buy | 12012025 | 29.88 | 200 | 5,979 | 1,930,301 | Form |
| 40 | Schelble, Jim S | Exec VP & Chief Admin Officer | Direct | Buy | 12012025 | 29.88 | 200 | 5,979 | 2,153,320 | Form |
| 41 | Downing, Eric J | Exec VP and COO | Direct | Buy | 12012025 | 29.88 | 200 | 5,979 | 1,568,396 | Form |
| 42 | Johnson, James Lynn | Exec VP - Chief Acctg Officer | Direct | Buy | 12012025 | 29.88 | 200 | 5,979 | 2,995,173 | Form |
| 43 | Leathers, Derek J | CEO & Chairman | Direct | Buy | 12012025 | 29.88 | 196 | 5,852 | 7,669,278 | Form |
| 44 | Meisgeier, Nathan J | President and CLO | Direct | Buy | 12012025 | 29.88 | 200 | 5,979 | 2,154,706 | Form |
| 45 | Mahon, Daragh P | Executive Vice President & CIO | Direct | Buy | 12012025 | 29.88 | 200 | 5,979 | 1,071,982 | Form |
| 46 | Callahan, Craig T | Exec VP-Chief Commercial Offcr | Direct | Buy | 12012025 | 36.74 | 17 | 636 | 2,366,097 | Form |
| 47 | Schelble, Jim S | Exec VP & Chief Admin Officer | Direct | Buy | 12012025 | 36.74 | 49 | 1,802 | 2,640,316 | Form |
| 48 | Downing, Eric J | Exec VP and COO | Direct | Buy | 12012025 | 36.74 | 22 | 807 | 1,921,108 | Form |
| 49 | Johnson, James Lynn | Exec VP - Chief Acctg Officer | Direct | Buy | 12012025 | 36.74 | 75 | 2,740 | 3,675,436 | Form |
| 50 | Leathers, Derek J | CEO & Chairman | Direct | Buy | 12012025 | 36.74 | 65 | 2,370 | 9,422,751 | Form |
| 51 | Meisgeier, Nathan J | President and CLO | Direct | Buy | 12012025 | 36.74 | 36 | 1,329 | 2,642,020 | Form |
| 52 | Mahon, Daragh P | Executive Vice President & CIO | Direct | Buy | 12012025 | 36.74 | 8 | 289 | 1,310,730 | Form |
| 53 | Callahan, Craig T | Exec VP-Chief Commercial Offcr | Direct | Buy | 12012025 | 36.37 | 140 | 5,087 | 2,341,318 | Form |
| 54 | Schelble, Jim S | Exec VP & Chief Admin Officer | Direct | Buy | 12012025 | 36.37 | 140 | 5,087 | 2,611,584 | Form |
| 55 | Downing, Eric J | Exec VP and COO | Direct | Buy | 12012025 | 36.37 | 140 | 5,087 | 1,900,701 | Form |
| 56 | Johnson, James Lynn | Exec VP - Chief Acctg Officer | Direct | Buy | 12012025 | 36.37 | 140 | 5,087 | 3,635,210 | Form |
| 57 | Leathers, Derek J | CEO & Chairman | Direct | Buy | 12012025 | 36.37 | 140 | 5,087 | 9,324,232 | Form |
| 58 | Meisgeier, Nathan J | President and CLO | Direct | Buy | 12012025 | 36.37 | 140 | 5,087 | 2,613,739 | Form |
| 59 | Mahon, Daragh P | Executive Vice President & CIO | Direct | Buy | 12012025 | 36.37 | 140 | 5,087 | 1,297,066 | Form |
Investor Activity (13F)
Updated Sep 27, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
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Industry Resources
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External Quote Links
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| FinViz |
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