Customer concentration
A small number of customers account for a large share of revenue, so contract loss would be meaningful.
- Scope
- Largest customer was Dollar General at 11% of 2025 revenue
- Materiality
- high
Werner Enterprises, Inc
Werner Enterprises is a U.S.-based transportation company that operates a truckload fleet and a non-asset logistics business. Its core activities include dedicated and one-way truckload services, freight brokerage, intermodal transportation, and final-mile delivery across North America.
9,7 %
−0,5 %
−1,8 %
1.95
1.91
| % | |
|---|---|
| Truckload Transportation Services | 69% Asset-based truckload hauling including dedicated, one-way, regional, medium-to-long-haul, temperature-controlled, and expedited freight. |
| Truckload Logistics | 20% Brokerage and freight management services that match customer freight with contracted carriers. |
| Intermodal Transportation | 4% Rail-based freight movement coordinated with drayage and rail partners as an alternative to truck transport. |
| Final Mile Delivery | 5% Two-person delivery of large or heavy items for residential and commercial end customers. |
| Other and Non-reportable | 2% Smaller activities and eliminations not separately reported in the company’s segment disclosures. |
Werner serves large shippers that need recurring truck capacity, dedicated fleets, or outsourced logistics support...
- Dedicated truckload customersprimary
Multi-year contract customers that outsource private fleets or recurring lanes to Werner for stable capacity and service control.
- One-way truckload shippersprimary
Customers that buy spot or contractual truckload moves for regional and long-haul freight, often without long-term commitments.
- Brokerage and freight-management customerssecondary
Shippers that use Werner Logistics to source third-party carriers and manage transportation execution.
- Intermodal shipperssecondary
Customers moving freight by rail plus drayage when they want a truck alternative on longer lanes.
- Final-mile end-market customersemerging
Retailers and manufacturers shipping large items such as furniture and appliances to homes and businesses.
Werner operates throughout North America, with truckload services covering the United States and extending into Mexico...
- •Primary operations are in the United States
- •Truckload services extend into Mexico and Canada
- •Werner Logistics serves freight flows across North America
- •Cross-border lanes add customs and capacity complexity
- •Regional freight demand affects equipment utilization
Werner’s strategy centers on balancing asset-based truckload operations with non-asset logistics services that broaden...
01
Expand dedicated truckload relationshipsmedium-term
Dedicated contracts provide recurring freight volume and deeper customer integration.
02
Grow Werner Logisticsmedium-term
Non-asset services diversify revenue and connect Werner to third-party carrier capacity.
03
Improve fleet productivity and fuel efficiencyshort-term
Higher utilization and lower fuel consumption support competitiveness in truckload freight.
04
Maintain capital flexibilityshort-term
The business is cyclical, so liquidity and capital allocation need to adjust with freight demand.
Werner is exposed to freight-cycle volatility, customer concentration, and pricing pressure in both truckload and...
Freight demand cyclicality
Truckload volumes and pricing depend on economic activity, shipper inventory behavior, and freight capacity.
- Scope
- One-way truckload and logistics volumes
- Materiality
- high
Third-party carrier dependence
Werner Logistics relies on contracted carriers and other capacity providers to execute shipments.
- Scope
- Brokerage, freight management, power-only solutions
- Materiality
- high
Regulatory and environmental compliance
The business is subject to transportation, emissions, fuel-efficiency, and data/privacy rules.
- Scope
- Federal, state, local, and international compliance
- Materiality
- medium
Driver and labor availability
Truckload service quality and growth depend on qualified drivers, associates, and third-party capacity.
- Scope
- Fleet operations and logistics execution
- Materiality
- high
Insurance and claims reserves
Affects operating expenses and balance-sheet liabilities
Fuel surcharge and accessorial revenue
Affects revenue recognition and quarter-to-quarter comparability
Inter-segment eliminations
Affects reported segment revenue versus consolidated revenue
Debt and interest-rate swaps
Affects financing costs and fair-value measurements
: 29.4.2026