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Werner Enterprises

Werner Enterprises, Inc. is a premier North American transportation and logistics company specializing in truckload carriage, freight brokerage, and solutions. Founded in by C.L. Werner with a single truck in , the company has grown into one of the largest truckload carriers on the continent, headquartered in Omaha and employing nearly 13,000 associates across its operations. The company's core services encompass dedicated truckload transportation, intermodal and freight solutions, freight , and brokerage, enabling it to serve a diverse range of industries including , , and consumer goods. With a focus on , , and , Werner maintains one of the newest commercial fleets in the , with an average age of 2.5 years as of 2025, and operates through an advanced technology platform known as Werner EDGE to optimize efficiency. Werner Enterprises extends its network across , including , with more than 60 terminals and drop yards strategically positioned to reach 90% of the U.S. population within 150 miles of a facility. Under the leadership of Chairman and Derek J. Leathers, who has served as CEO since 2016, the company upholds core values of inclusion, community, innovation, and leadership while prioritizing (ESG) initiatives such as fleet and associate safety programs. As a publicly traded entity on the (WERN), Werner reported total revenues of $771.5 million for the third quarter of 2025, reflecting its ongoing role in the global landscape.

History

Founding and early development

Werner Enterprises was founded in 1956 by 19-year-old Clarence L. "C.L." Werner, who sold his family car to purchase a single gasoline-powered Ford truck and began hauling cargo for other companies from Council Bluffs, Iowa. Initially operating as a small-scale trucking venture, the company focused on long-haul services, leveraging its central U.S. location to transport goods across regional routes. By the mid-1960s, Werner had expanded its fleet to 10 trucks, marking the early stages of growth in the competitive trucking industry. During this period, the business transitioned toward full truckload operations, emphasizing dedicated van and flatbed services for efficiency and reliability. In 1977, the company relocated its headquarters across the to , establishing its first major terminal there and reaching a fleet size of approximately 100 trucks. This move solidified the foundational centered on truckload carriage. The company was formally incorporated as Werner Enterprises, Inc. in the State of in September 1982, providing a structured framework for further scaling amid industry deregulation that began in 1980. By the early , the fleet had grown significantly, reflecting steady expansion through organic investment in vehicles and routes. In June 1986, Werner completed its on the exchange under the WERN, raising capital with a fleet of 632 trucks to support accelerated development. This IPO marked a pivotal step, enabling the company to build on its truckload foundation while later diversifying into broader in the .

Growth and diversification

In the , Werner Enterprises began diversifying beyond its core dry van truckload services by launching a division in 1995, which encompassed freight brokerage operations utilizing a of third-party carriers and early implementations of transportation systems to optimize efficiency. This move allowed the company to offer non-asset-based solutions, including freight and intermodal services, marking a shift toward integrated capabilities that complemented its foundational truckload operations from the and . Key milestones in service innovation followed, with the introduction of temperature-controlled services in 1992 to handle perishable goods, expanding further in the late alongside enhanced flatbed offerings for oversized and construction-related freight. By 1999, Werner entered the market, initiating cross-border services with the establishment of terminals in key locations such as and establishing a to facilitate U.S.- in dry van and specialized freight. Entering the , the company significantly scaled its dedicated contract carriage services, providing customized fleet solutions for major clients in and sectors, such as dedicated routes for store merchandise and consumer products . This expansion contributed to operational growth, with the terminal network expanding to approximately 22 locations across by 2009 and the total fleet surpassing 7,000 trucks, enabling broader geographic reach and enhanced capacity for diversified freight types.

Recent developments

In 2016, Werner Enterprises appointed Derek J. Leathers as President and Chief Executive Officer, succeeding founder Clarence L. Werner, who transitioned to Executive Chairman. This leadership change emphasized a strategic toward , with Leathers prioritizing , , and advanced platforms to enhance and visibility. Under his guidance, the company advanced initiatives like the Werner EDGE platform, focusing on cloud-based transportation management systems. The company navigated significant industry challenges during the 2020 , which caused widespread disruptions and exacerbated shortages. Werner responded by establishing a dedicated task force, an hub for updates, and a for employee support, while maintaining essential freight movements. training throughput declined by approximately 40% to 50% early in the crisis due to health protocols and training delays, yet the firm adapted by enhancing safety measures and supporting frontline drivers. In 2021, Werner launched its program under the WernerBlue initiative, releasing its inaugural (CSR) report to outline commitments to , emissions reduction, and . The report set goals such as disclosing Scope 1 and 2 by 2025 and doubling intermodal usage by 2030, establishing a framework for ongoing oversight via a dedicated . That year, founder C.L. Werner agreed to pay a $486,900 to the for repeatedly violating stock ownership reporting requirements. Building on earlier diversification, Werner expanded internationally in the mid-2010s through strategic partnerships, including a 2014 equity investment in Logistics Co. Ltd. to strengthen operations and alliances providing coverage across . These efforts enhanced global capabilities amid growing cross-border demand. From 2022 to 2025, Werner addressed freight market volatility characterized by softening rates, capacity constraints, and economic uncertainty by focusing on core truckload resilience and international growth. The company emphasized its operations, celebrating 25 years in 2024 with milestones like the Laredo Terminal and expanded cross-border capacity to handle 300-400 daily loads. This strategic emphasis on nearshoring supported recovery amid U.S.- imbalances. In June 2025, the reversed a $90 million judgment against the company stemming from a 2014 .

Corporate affairs

Leadership and governance

Werner Enterprises is led by Chairman and Derek J. Leathers, who has served as CEO since May 2016 and assumed the Chairman role in May 2021. Leathers brings over 30 years of experience in the transportation and , having joined the company in and previously held positions such as from 2011 to January 2024. His appointment as CEO in 2016 marked a key transition in the company's executive leadership. The company’s and Chief Legal Officer is Nathan J. Meisgeier, who was promoted to in January 2024 after joining Werner in 2005 and serving as Executive Vice President and Chief Legal Officer since February 2018. Meisgeier oversees legal affairs, , and functions. Other key executives include Christopher D. Wikoff, who has held the position since April 2023, as well as Executive Vice President and Craig T. , in his role since February 2018, and Executive Vice President and Eric J. Downing, appointed in January 2023. leads sales and marketing initiatives, while Downing manages operational aspects including dedicated and one-way transportation services. As of , Werner Enterprises' comprises 9 members, with a focus on bringing expertise in , , and . Notable among them is M. Gayle Packer, an appointed in May 2025 to fill a Class III vacancy, who serves as CEO and of a -focused firm since 2019. The board emphasizes diversity, with members from varied backgrounds including and operational , supporting strategic oversight in the industry. Werner Enterprises maintains strong practices, including a commitment to ethical standards outlined in its Code of Corporate Conduct, which requires all employees and representatives to adhere to legal compliance, integrity, and prohibitions on practices such as and . The company holds annual shareholder meetings, such as the 2025 meeting scheduled for May 13, to address director elections, compensation approvals, and other stockholder matters. As a NASDAQ-listed company, Werner complies with relevant listing requirements through its program, which supports transparent decision-making and stockholder value.

Financial performance

Werner Enterprises has demonstrated steady growth over the past decade, expanding from $1.82 billion in to $3.03 billion in 2024, despite periodic challenges in the freight industry. In the third quarter of 2025, the company reported total revenues of $771.5 million, marking a 3% increase year-over-year, driven primarily by growth in its segment. This trajectory reflects the company's diversification into dedicated and services, which have helped offset fluctuations in truckload volumes. Profitability has shown variability, influenced by industry cycles and operational costs. For instance, in the third quarter of 2025, Werner recorded an operating loss of $13.0 million, a decline from the $17.6 million operating in the prior year's quarter, largely due to elevated and claims expenses. (EPS) trends have mirrored this, with diluted EPS dropping to $(0.34) in Q3 2025 on a GAAP basis, compared to $0.60 in Q3 2024, amid broader freight market pressures. Historically, diluted EPS peaked at $2.96 in 2018, before declining to $2.44 in 2020 and further to $0.55 in 2024, reflecting the impact of economic downturns. The company's stock, traded on under the ticker WERN since its in 1986, has a of approximately $1.57 billion as of early November 2025. Werner has maintained a consistent since 1987, with quarterly s of $0.14 per share in 2025, including the announcement on November 17, 2025, of the dividend payable on January 21, 2026, yielding about 2.1% annually. Key financial events include the freight recession beginning in 2022, which led to an 8% decline in as truckload volumes softened amid excess and weak . Recovery signs emerged in -2025, with gradual improvements in freight rates and capacity attrition supporting modest growth, though full rebound remains gradual. Werner maintains a strong , with $51 million in cash and equivalents, $1.4 billion in stockholders' , and total of $725 million as of September 30, 2025, providing available of about $695 million.

Operations

Truckload services

Werner Enterprises' truckload services form the core of its transportation operations, serving as the primary driver and encompassing a range of asset-based freight solutions tailored to diverse customer needs across . These services primarily involve the movement of full truckload shipments using company-owned equipment, focusing on reliability, capacity, and customized delivery for industries such as , , and food and beverage. The company's van truckload operations provide dry van services for general freight, handling palletized goods and enclosed that require protection from weather and theft. These services account for the majority of Werner's truckload activity, representing approximately 60% of its trucking operations through a combination of one-way and dedicated dry van hauls. Van services emphasize efficient point-to-point transportation, supporting shippers with consistent capacity for consumer goods and industrial products. In addition to dry van, Werner offers flatbed and specialized truckload services designed for oversized loads, construction materials, and equipment that cannot fit in enclosed trailers. Flatbed operations, which originated as the company's inaugural service in 1956, utilize open-deck trailers equipped with securement tools like chains, binders, straps, and tarps to transport heavy or irregularly shaped freight. These services also include temperature-controlled options for perishable or sensitive items, such as refrigerated trailers for food products, ensuring compliance with strict handling requirements during transit. Dedicated and regional truckload services provide contract-based, exclusive fleet solutions for key clients, minimizing variability and optimizing supply chains. Dedicated fleets, comprising over 4,800 trucks and representing approximately 67% of the truckload transportation services fleet as of Q3 2025, are assigned solely to specific customers, often supporting distribution centers, suppliers, and facilities with predictable and high on-time rates exceeding 99.8%. Regional networks focus on short-haul operations within defined geographic areas, reducing empty miles and enhancing efficiency for recurring shipments in sectors like consumer goods and materials. Over-the-road (OTR) and cross-border services extend Werner's long-haul capabilities, facilitating nationwide and freight movement. OTR operations involve extended-distance hauls using dry van, flatbed, or temperature-controlled equipment for time-sensitive or volume-based loads. The company's cross-border services, operational for over 25 years since 1999, specialize in seamless U.S.- , leveraging expertise in , regulations, and documentation to support and automotive sectors; key infrastructure includes the terminal established in 2001 for efficient and transfer. Safety remains a of Werner's truckload services, with comprehensive driver training programs and advanced technologies contributing to industry-leading metrics. The company emphasizes rigorous , ongoing , and performance , resulting in over 2,100 s achieving more than one million accident-free miles. In , Werner recorded its lowest work injury rate in 17 years and the lowest (DOT) preventable accident rate per million miles among peers, bolstered by fleet-wide collision mitigation systems that reduced accidents by 18% that year. These initiatives ensure safe operations across all truckload segments, integrating briefly with broader logistics for end-to-end visibility and risk management.

Logistics and supply chain solutions

Werner Enterprises provides a range of non-asset-based logistics services designed to optimize supply chains through technology and strategic partnerships, complementing its truckload operations by offering flexible brokerage and management options for shippers seeking diversified freight solutions. The company's freight brokerage services focus on sourcing third-party carriers for less-than-truckload (LTL), intermodal, and expedited shipments, leveraging a nationwide network to ensure efficient and cost-effective transportation without requiring long-term commitments from customers. This approach allows shippers to access a broad pool of carriers for various shipment types, emphasizing flexibility and transparency in matching loads to available capacity. Central to these solutions is Werner's cloud-based (TMS), which enables real-time shipment visibility, load optimization, and automated carrier selection to streamline freight management processes. The TMS integrates advanced tools for planning and execution, helping customers monitor shipments, reduce costs through optimized routing, and select carriers based on performance metrics and availability. Werner also offers supply chain consulting services that address , warehousing, and transportation solutions, including and integrations to enhance overall . These consulting efforts provide tailored strategies for optimizing storage, distribution, and cross-modal freight movements, drawing on data-driven insights to minimize disruptions and improve . For international forwarding, Werner maintains coverage in , , and through strategic partnerships, facilitating global freight coordination despite the 2021 divestiture of its dedicated global logistics unit. These alliances enable seamless handling of international shipments, integrating with domestic services for end-to-end visibility. Final mile capabilities have been strengthened by post-2021 acquisitions, notably the purchase of NEHDS Logistics in November 2021 for $64 million, which expanded Werner's network for last-mile deliveries of bulky items across the lower 48 states. This integration supports services like white glove, curbside, and returns handling, backed by over 400 trucks, 20+ warehousing facilities, and real-time tracking technology to ensure timely and secure final deliveries.

Infrastructure and technology

Werner Enterprises maintains a modern fleet consisting of approximately 7,500 tractors and 24,600 trailers as of the third quarter of 2025, enabling efficient nationwide and cross-border freight transportation. The company's tractors, primarily models such as and T680, have an average age of 2.5 years as of Q3 2025, reflecting a commitment to low-age equipment for enhanced reliability and . All vehicles are equipped with tablet-based systems that provide real-time tracking, navigation, and performance monitoring to support operational safety and productivity. The terminal network spans more than 60 facilities, including terminals and drop yards, strategically located across the , , and to facilitate seamless operations. Key among these is the 17,500-square-foot cross-dock facility in , which features 13 dry docks and eight refrigerated docks for expedited freight transfers, particularly for Mexico-bound shipments. These terminals serve as hubs for dispatching, maintenance, and driver services, optimizing coverage for truckload and intermodal routes. Werner leverages advanced technology platforms to enhance and driver efficiency, including the DriveWernerPro , which allows drivers to access trip details, load status, job opportunities, and performance metrics in . The company employs AI-driven route optimization powered by to maximize efficiency and reduce fuel consumption across its operations. Additionally, the cloud-based Werner Bridge platform functions as a digital load board, connecting shippers and carriers for streamlined freight matching and visibility. Maintenance operations are supported by in-house shops at various terminals, where teams of diesel mechanics and technicians handle routine servicing, repairs, and using sensors and to anticipate equipment issues and minimize downtime. Sustainability efforts include pilots for alternative vehicles, such as the integration of Freightliner eCascadia battery electric trucks in since 2023 and an RH Series hydrogen fuel cell truck added in 2024, aimed at reducing emissions in select routes. To bolster its workforce, Werner operates driver support programs featuring training academies through its ownership of Roadmaster Drivers School, which has 23 locations nationwide offering comprehensive Class A CDL programs with hands-on instruction in late-model equipment. Recruitment centers integrated into terminals provide pre-qualification, orientation, and transition support for new hires, including veterans and recent graduates, ensuring a steady pipeline of qualified professional drivers.

Acquisitions

Major acquisitions

Werner Enterprises has pursued a of growth through targeted acquisitions, particularly since 2010, with four major deals since 2021 focused on expanding its truckload, , and dedicated services capabilities, in addition to earlier acquisitions of driver training institutions that supported and training infrastructure. In November 2022, Werner acquired ReedTMS Logistics, a Tampa-based provider specializing in transportation management systems and freight brokerage, for $112.4 million, including a potential $7.5 million . This deal enhanced Werner's TMS technology and brokerage services, particularly in the and perishable goods sectors. Earlier that year, in October 2022, the company completed the acquisition of Baylor Trucking, Inc., an Indiana-based regional truckload carrier operating approximately 250 tractors, for an undisclosed amount estimated around $95 million. Baylor's integration added a dedicated fleet serving Midwest and customers, strengthening Werner's regional truckload operations. In November 2021, Werner purchased NEHDS Logistics, LLC, a Connecticut-based final mile carrier, for $64 million. This acquisition expanded Werner's dedicated and final mile services, primarily in the Northeast and Midwest, by incorporating NEHDS's fleet of over 300 vehicles focused on residential and commercial deliveries. The prior year, in July 2021, Werner acquired an 80% equity stake in ECM Transport Group, comprising ECM Transport and Motor Carrier Service, LLC, for $142.4 million, with an option to buy the remaining 20%. This move bolstered Werner's regional flatbed and truckload operations in the Mid-Atlantic and , adding terminals in , , and along with a fleet of about 500 tractors. An earlier notable acquisition occurred in 2015, when Werner announced the purchase of the in 2013 and Roadmaster Drivers School in 2014, both leading truck driver training institutions. These deals supported Werner's driver recruitment and training infrastructure, aiding its expansion in dedicated contract carriage during the 2000s and beyond. No major acquisitions have been announced since November 2022 as of November 2025.

Strategic integration and effects

The acquisitions completed in 2021 and 2022, including ECM Transport Group and Baylor Trucking for truckload (contributing approximately $190 million in combined annual pre-acquisition revenues) and NEHDS Logistics and ReedTMS Logistics for logistics (adding approximately $443 million), have significantly bolstered Werner Enterprises' revenue streams in their respective segments. For instance, the truckload segment reported $2.14 billion in revenues for 2024, up from $2.05 billion in 2021 prior to these expansions. Operational synergies from these integrations have enhanced efficiency through the consolidation of fleets, terminals, and driver networks. The incorporation of ECM's assets, for example, expanded Werner's regional coverage in the Mid-Atlantic, , and Northeast by adding over 10 terminals and boosting the fleet by more than 6%, enabling better load balancing and reduced empty miles in high-demand corridors. Similarly, Baylor's integration strengthened operations in the east central and south central U.S., creating overlapping routes that improved utilization rates across the combined network. These synergies have supported more stable contract-based hauling, mitigating exposure to fluctuations. Market expansion has been a key outcome, with strengthened final mile capabilities via NEHDS enhancing last-mile delivery in the Northeast and Midwest, while regional truckload additions from and Baylor have diversified geographic reach and customer bases in underserved U.S. areas. This has reduced reliance on volatile rates by increasing the proportion of dedicated and regional contracts, which provide more predictable revenue streams amid industry cycles. Additionally, ReedTMS's integration has amplified offerings, including cross-border support that indirectly bolsters Mexico-related operations through expanded brokerage networks. The merging of cultures and technologies from acquired entities has further unified operations, with Werner adopting elements of ReedTMS's (TMS) tools to enhance its proprietary Werner platform for improved visibility and routing efficiency. This technological alignment has facilitated seamless across the enterprise, supporting faster and enhancements without major disruptions. In the long term, these acquisitions have driven greater diversification, elevating the segment to 27% of total revenues in 2024—up from 23% in 2021—while fortifying Werner's position in both truckload and solutions. This shift has improved resilience against sector-specific downturns, with revenues reaching $831 million in 2024 and contributing to overall stability through a balanced portfolio of services.

Sustainability and responsibility

ESG initiatives

Werner Enterprises has integrated its ESG initiatives within the Werner framework, launched in 2021, which emphasizes Durable operations, Results-oriented outcomes, Innovation, Values, and explicit focus on priorities to guide sustainable practices across the organization. This framework supports the company's long-term strategy for reducing environmental impact while maintaining . On the environmental front, Werner has set ambitious goals to reduce Scope 1 by 55% by 2035 from a baseline, with enhancements playing a central role. The company achieves this through aerodynamic improvements, such as trailer side skirts that yield a 5% gain in , and idle reduction technologies that minimize unnecessary engine idling. Innovations include piloting electric vehicles, with two Freightliner eCascadia battery-electric trucks in operation since May 2023 and eight more planned as of 2024, alongside a fuel cell truck introduced in September 2024; additionally, carbon offset programs have saved the equivalent of 1.3 million water bottles, reducing 122 tons of CO2. Progress metrics from the 2024 report indicate a 16% reduction in Scope 1 emissions since the baseline, reaching 973,118 metric tons of CO2 in 2023. Governance practices ensure robust oversight and transparency in ESG efforts, with the Board of Directors' ESG Committee, active for over 2.5 years, providing strategic guidance and monitoring key trends. Werner publishes annual Corporate Sustainability Reports, with the fourth edition released in November 2024, aligned with (SASB) and (GRI) standards to facilitate comparable and verifiable disclosures. Triennial third-party audits of ESG reporting are on track for completion in 2025, reinforcing accountability. These measures tie into broader social responsibilities, such as anti-human trafficking initiatives, but prioritize environmental and governance metrics.

Community and social programs

Werner Enterprises emphasizes and in its workforce through targeted initiatives aimed at attracting, hiring, and retaining women, minorities, and veterans. The company reports that 16% of its professional drivers are women, double the industry average of 8%, while overall female representation stands at 17% of employees. Additionally, 18% of associates are veterans, and 37% of non-driver associates participate in 11 Associate Resource Groups (ARGs) that foster and inclusive practices for underrepresented groups. These efforts include merit-based hiring, flexible policies, and programs to elevate diverse talent, contributing to over 80% favorable survey scores. Safety training forms a core component of employee programs, with comprehensive sessions on awareness (over 15,000 hours in 2023), driver assist technologies, and workplace hazard prevention. These initiatives have resulted in preventable accidents per million miles decreasing from 0.391 in 2020 to 0.388 in 2023, alongside implementation of 1,000 backup cameras and screenings to enhance driver well-being. support is integrated through the Associate Assistance Program, offering counseling, , and resources tailored for drivers facing road-related . Philanthropy efforts are channeled primarily through the Werner Cares Fund, which provides financial to associates and supports causes, alongside corporate sponsorships that raised over $450,000 in donations in 2023 for and initiatives in and beyond. The company maintains partnerships with organizations like the Trucking Cares Foundation and Make-A-Wish, contributing to trucking scholarships and events such as the Southern Indiana Truck . Community engagement is driven by the Blue Brigade volunteer program, with over 700 members logging more than 3,300 hours annually on activities like blood drives, park clean-ups, and disaster relief efforts, including supply deliveries during Midwest tornadoes. Employee volunteer time is tracked in annual CSR reports to promote broader social impact. Social goals include committing to 2.5 million hours of by 2028 to build skills and , alongside ongoing DEI objectives to attract and retain diverse talent without a specified target for hires by 2030. In recognition of these programs, Werner received the 2024 Top Company for Women to Work for in award, ' America's Best Employers for Women, and ranked #3 on the Top 10 Friendly Companies list, highlighting its and corporate citizenship. In 2025, the company was named a Supply Chain Partner by Inbound Logistics for the 13th consecutive year and earned the VETS Indexes 5 Star Employer Award for the second consecutive year. In November 2025, Werner received top rankings in the 2026 Friendly Companies and Brands lists.

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