Werner Enterprises (WERN) Financials

$37.86 +0.55 (+1.47%)

Closing price 05/18/2026 04:00 PM Eastern

Extended Trading

$37.47 -0.39 (-1.03%)

As of 08:29 AM Eastern

Annual Income Statements for Werner Enterprises

This table shows Werner Enterprises' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	124	79	203	168	167	169	259	241	112	34	-14
Consolidated Net Income / (Loss)	124	79	203	168	167	169	261	246	112	34	-23
Net Income / (Loss) Continuing Operations	124	79	203	168	167	169	261	246	112	34	-23
Total Pre-Tax Income	201	127	145	224	222	225	346	325	148	42	-21
Total Operating Income	200	126	144	224	225	227	309	323	176	66	12
Total Gross Profit	1,249	1,218	1,236	1,422	1,409	1,419	1,593	1,055	705	1,720	559
Total Revenue	2,094	2,009	2,117	2,458	2,464	2,372	2,734	3,290	3,283	3,030	2,974
Operating Revenue	2,094	2,009	2,117	2,458	2,464	2,372	2,734	3,290	3,283	3,030	2,974
Total Cost of Revenue	844	791	880	1,036	1,054	953	1,141	2,235	2,579	1,310	2,416
Operating Cost of Revenue	844	791	880	1,036	1,054	953	1,141	2,235	2,579	1,310	2,416
Total Operating Expenses	1,049	1,092	1,093	1,198	1,184	1,192	1,284	732	528	1,654	547
Marketing Expense	81	84	80	98	89	110	99	147	139	145	116
Depreciation Expense	193	210	218	230	250	263	268	280	300	290	286
Other Operating Expenses / (Income)	776	785	777	877	843	819	918	304	90	1,218	101
Restructuring Charge	-	-	-	-	-	-	-	-	0.00	0.00	44
Total Other Income / (Expense), net	0.71	1.39	0.74	-0.33	-3.57	-2.74	37	1.71	-29	-24	-32
Interest Expense	1.97	2.58	2.24	2.70	6.85	4.22	4.42	12	34	39	39
Interest & Investment Income	2.88	4.16	3.31	2.74	3.33	1.63	1.21	1.73	5.66	7.45	6.29
Other Income / (Expense), net	-0.20	-0.19	-0.33	-0.38	-0.04	-0.16	40	12	-0.76	8.09	0.32
Income Tax Expense	77	48	-58	56	55	56	85	79	35	8.91	2.21
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	0.00	0.00	2.43	4.32	-0.09	-0.66	-8.60
Basic Earnings per Share	$1.72	$1.10	$2.81	$2.35	$2.40	$2.45	$3.84	$3.76	$1.77	$0.55	($0.24)
Weighted Average Basic Shares Outstanding	71.96M	72.06M	72.27M	71.69M	69.57M	69.02M	67.43M	64.13M	63.37M	62.45M	60.61M
Diluted Earnings per Share	$1.71	$1.09	$2.80	$2.33	$2.38	$2.44	$3.82	$3.74	$1.76	$0.55	($0.24)
Weighted Average Diluted Shares Outstanding	72.56M	72.39M	72.56M	72.06M	70.03M	69.43M	67.86M	64.58M	63.72M	62.66M	60.61M
Weighted Average Basic & Diluted Shares Outstanding	71.90M	71.90M	72.20M	71.60M	69.35M	68.01M	65.80M	63.25M	63.47M	61.87M	59.87M
Cash Dividends to Common per Share	$0.22	$0.24	$0.27	$0.34	$4.11	$0.36	$0.46	$0.51	$0.55	$0.56	$0.56

This table shows Werner Enterprises' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	24	24	6.31	9.47	6.57	12	-10	44	-21	-28	-4.26
Consolidated Net Income / (Loss)	24	23	6.25	9.20	6.54	12	-10	44	-21	-35	-4.46
Net Income / (Loss) Continuing Operations	24	23	6.25	9.20	6.54	12	-10	44	-21	-35	-4.46
Total Pre-Tax Income	31	30	9.32	12	8.54	12	-13	59	-22	-45	-5.94
Total Operating Income	38	38	16	20	18	13	-5.83	66	-13	-36	4.00
Total Gross Profit	459	-420	426	153	422	442	406	148	126	-121	447
Total Revenue	818	822	769	761	746	755	712	753	771	738	809
Operating Revenue	818	822	769	761	746	755	712	753	771	738	809
Total Cost of Revenue	358	1,242	343	608	323	312	306	605	645	859	362
Operating Cost of Revenue	358	1,242	343	608	323	312	306	605	645	859	362
Total Operating Expenses	421	-458	410	133	405	429	412	82	139	-85	443
Marketing Expense	31	34	36	32	28	49	44	-6.81	38	41	42
Depreciation Expense	75	76	74	73	72	72	70	71	72	73	76
Other Operating Expenses / (Income)	316	-567	300	28	306	308	298	18	29	-244	324
Total Other Income / (Expense), net	-7.36	-7.73	-6.27	-7.48	-9.05	-0.86	-7.56	-7.23	-8.88	-8.78	-9.94
Interest Expense	8.66	8.82	7.95	9.04	11	11	9.54	9.35	9.94	10	12
Interest & Investment Income	1.62	1.51	1.55	1.59	2.13	2.22	1.62	2.17	1.07	1.43	1.59
Other Income / (Expense), net	-0.32	-0.42	0.12	-0.03	-0.09	8.05	0.37	-0.05	-0.02	0.02	0.12
Income Tax Expense	7.03	6.97	3.07	2.93	2.00	0.91	-3.17	15	-0.82	-9.27	-1.48
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.20	-0.34	-0.06	-0.27	-0.03	-0.31	-0.12	-0.44	-0.51	-7.53	-0.20
Basic Earnings per Share	$0.37	$0.37	$0.10	$0.15	$0.11	$0.19	($0.16)	$0.72	($0.34)	($0.46)	($0.07)
Weighted Average Basic Shares Outstanding	63.39M	63.37M	63.47M	62.71M	61.81M	62.45M	61.89M	60.89M	59.83M	60.61M	59.91M
Diluted Earnings per Share	$0.37	$0.37	$0.10	$0.15	$0.11	$0.19	($0.16)	$0.72	($0.34)	($0.46)	($0.07)
Weighted Average Diluted Shares Outstanding	63.74M	63.72M	63.73M	62.86M	62.02M	62.66M	61.89M	61.00M	59.83M	60.61M	59.91M
Weighted Average Basic & Diluted Shares Outstanding	63.39M	63.47M	63.41M	61.81M	61.81M	61.87M	61.75M	59.83M	59.83M	59.87M	59.95M
Cash Dividends to Common per Share	$0.14	-	$0.14	$0.14	$0.14	-	$0.14	$0.14	$0.14	-	$0.14

This table details how cash moves in and out of Werner Enterprises' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	9.23	-18	-2.35	19	-0.49	-4.11	25	53	-46	-21	19
Net Cash From Operating Activities	370	310	283	418	427	446	333	449	474	330	182
Net Cash From Continuing Operating Activities	370	310	283	418	427	446	333	449	474	330	182
Net Income / (Loss) Continuing Operations	124	79	203	168	167	169	261	246	112	34	-23
Consolidated Net Income / (Loss)	124	79	203	168	167	169	261	246	112	34	-23
Depreciation Expense	193	210	218	230	250	263	268	280	300	290	286
Non-Cash Adjustments To Reconcile Net Income	-17	-25	-7.86	9.07	0.71	1.05	-84	-81	-34	-18	-6.95
Changes in Operating Assets and Liabilities, net	71	46	-130	11	9.47	12	-112	3.76	97	23	-75
Net Cash From Investing Activities	-336	-410	-184	-331	-272	-263	-397	-514	-435	-241	-172
Net Cash From Continuing Investing Activities	-336	-410	-184	-331	-272	-263	-397	-514	-435	-241	-172
Purchase of Property, Plant & Equipment	-454	-538	-316	-520	-421	-413	-371	-507	-599	-414	-250
Acquisitions	-	-	-	-	0.00	0.00	-202	-184	-3.57	-3.82	-4.36
Purchase of Investments	-	-	-	-	0.00	-5.00	-10	-20	-2.93	-6.04	-6.04
Sale of Property, Plant & Equipment	103	108	117	171	137	147	178	190	190	179	88
Sale and/or Maturity of Investments	20	19	20	21	12	7.97	7.59	7.61	5.26	3.30	1.58
Other Investing Activities, net	-3.58	0.00	-5.00	-3.30	0.00	-	0.00	0.00	-25	0.00	0.00
Net Cash From Financing Activities	-25	83	-101	-68	-155	-186	90	118	-87	-106	7.30
Net Cash From Continuing Financing Activities	-25	83	-101	-68	-155	-186	90	118	-87	-106	7.30
Repayment of Debt	-13	-63	-105	-60	-100	-140	-28	-104	-142	-314	-381
Repurchase of Common Equity	-6.44	0.00	0.00	-72	-42	-57	-104	-110	0.00	-67	-56
Payment of Dividends	-15	-17	-19	-23	-286	-25	-29	-34	-34	-35	-34
Issuance of Debt	10	165	0.00	110	275	40	255	370	95	315	480
Other Financing Activities, net	-0.32	-1.22	22	-22	-1.73	-4.55	-4.27	-4.08	-6.36	-4.83	-2.34
Effect of Exchange Rate Changes	-0.63	-0.38	0.05	-0.37	0.40	-0.78	-0.32	0.63	2.13	-3.54	1.62
Cash Interest Paid	1.98	2.47	2.49	2.69	6.44	4.42	4.23	11	27	40	41
Cash Income Taxes Paid	35	4.67	22	11	50	54	81	40	18	26	39

This table details how cash moves in and out of Werner Enterprises' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-3.75	19	-1.39	10	-16	-14	11	-0.53	-0.44	8.94	1.62
Net Cash From Operating Activities	74	118	89	109	61	71	29	46	44	62	83
Net Cash From Continuing Operating Activities	74	118	89	109	61	71	29	46	44	62	83
Net Income / (Loss) Continuing Operations	24	23	6.25	9.20	6.54	12	-10	44	-21	-35	-4.46
Consolidated Net Income / (Loss)	24	23	6.25	9.20	6.54	12	-10	44	-21	-35	-4.46
Depreciation Expense	75	76	74	73	72	72	70	71	72	73	76
Amortization Expense	-	-	-	-	-	-	4.50	-	-	-	8.72
Non-Cash Adjustments To Reconcile Net Income	-8.41	2.13	-5.06	-8.68	0.67	-4.66	-0.40	-47	-3.26	44	-12
Changes in Operating Assets and Liabilities, net	-15	17	13	36	-18	-7.77	-35	-21	-3.70	-20	15
Net Cash From Investing Activities	-122	-33	-19	-100	-87	-35	2.37	-66	-36	-72	-194
Net Cash From Continuing Investing Activities	-122	-33	-19	-100	-87	-35	2.37	-66	-36	-72	-194
Purchase of Property, Plant & Equipment	-169	-69	-58	-140	-134	-81	-24	-88	-53	-86	-53
Acquisitions	-	-0.74	-1.06	-1.30	-	-1.46	0.00	-1.76	-1.30	-1.30	-185
Purchase of Investments	-2.87	-0.07	-0.01	-0.01	-0.01	-6.01	-6.01	-0.01	-0.01	-0.01	-2.00
Sale of Property, Plant & Equipment	49	34	39	41	47	52	31	23	17	16	51
Sale and/or Maturity of Investments	1.10	2.45	0.70	0.47	0.86	1.27	1.26	1.11	0.70	-1.05	2.48
Other Investing Activities, net	-	-	-	-	-	-	-0.44	-	-	-	-7.74
Net Cash From Financing Activities	44	-67	-71	3.00	11	-49	-21	19	-9.09	18	112
Net Cash From Continuing Financing Activities	44	-67	-71	3.00	11	-49	-21	19	-9.09	18	112
Repayment of Debt	-30	-58	-71	-98	-60	-85	-270	-62	-26	-23	-55
Payment of Dividends	-8.87	-8.88	-8.88	-8.88	-8.65	-8.65	-8.66	-8.67	-8.38	-8.38	-8.38
Issuance of Debt	80	15	20	170	80	45	260	145	25	50	181
Other Financing Activities, net	3.09	-15	-4.09	-0.09	-	-0.66	-1.88	-0.06	-	-0.40	-5.72
Effect of Exchange Rate Changes	-0.46	0.61	0.21	-1.96	-1.12	-0.67	-0.00	1.04	0.36	0.22	0.08
Cash Interest Paid	8.66	1.91	9.33	7.40	11	13	14	6.19	9.91	10	11
Cash Income Taxes Paid	5.70	0.75	1.17	2.42	11	11	21	18	0.01	-0.09	1.89

This table presents Werner Enterprises' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,586	1,793	1,808	2,084	2,144	2,157	2,604	3,097	3,158	3,052	2,889
Total Current Assets	380	373	400	457	466	457	631	763	635	542	613
Cash & Equivalents	32	17	14	34	26	29	54	107	62	41	60
Accounts Receivable	268	277	331	364	375	365	485	549	470	418	415
Inventories, net	16	13	12	10	9.24	12	11	15	18	14	12
Prepaid Expenses	16	15	16	17	17	17	18	18	54	54	57
Other Current Assets	27	30	28	32	39	34	63	74	30	15	68
Plant, Property, & Equipment, net	1,154	1,363	1,347	1,488	1,526	1,543	1,613	1,825	1,973	1,934	1,791
Plant, Property & Equipment, gross	1,909	2,110	2,114	2,248	2,344	2,405	2,558	2,886	2,952	2,941	2,902
Accumulated Depreciation	754	747	767	760	817	862	945	1,060	979	1,007	1,111
Total Noncurrent Assets	52	57	61	139	151	157	359	509	550	576	485
Goodwill	-	-	-	-	-	0.00	75	133	129	129	129
Intangible Assets	-	-	-	-	-	0.00	55	82	86	76	45
Other Noncurrent Operating Assets	52	57	61	139	151	157	229	295	335	371	312
Total Liabilities & Shareholders' Equity	1,586	1,793	1,808	2,084	2,144	2,157	2,604	3,097	3,158	3,052	2,889
Total Liabilities	650	798	623	819	1,033	962	1,240	1,615	1,591	1,558	1,498
Total Current Liabilities	184	215	232	310	309	274	269	310	331	356	315
Short-Term Debt	0.00	20	0.00	75	75	25	5.00	6.25	2.50	20	0.00
Accounts Payable	71	67	74	98	95	83	94	124	136	112	95
Accrued Expenses	-	-	-	-	11	25	29	20	30	19	16
Current Employee Benefit Liabilities	25	26	33	40	38	36	44	50	51	55	51
Other Current Liabilities	88	102	126	97	90	105	97	109	111	150	152
Total Noncurrent Liabilities	466	583	391	508	724	688	972	1,305	1,260	1,203	1,183
Long-Term Debt	75	160	75	50	225	175	423	688	646	630	752
Capital Lease Obligations	-	-	-	-	-	-	-	-	-	-	0.00
Asset Retirement Reserve & Litigation Obligation	125	114	108	214	228	232	237	245	240	237	112
Noncurrent Deferred & Payable Income Tax Liabilities	246	293	195	233	250	238	268	313	320	270	266
Other Noncurrent Operating Liabilities	20	17	13	11	21	43	43	60	54	66	53
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	0.00	36	39	39	38	28
Total Equity & Noncontrolling Interests	936	995	1,185	1,265	1,111	1,195	1,328	1,444	1,528	1,456	1,363
Total Preferred & Common Equity	936	995	1,185	1,265	1,111	1,195	1,328	1,444	1,528	1,456	1,363
Total Common Equity	936	995	1,185	1,265	1,111	1,195	1,328	1,444	1,528	1,456	1,363
Common Stock	104	102	103	108	113	117	123	131	136	139	145
Retained Earnings	1,023	1,085	1,268	1,414	1,295	1,439	1,667	1,876	1,953	1,953	1,905
Treasury Stock	-178	-175	-171	-241	-282	-338	-442	-552	-551	-617	-671
Accumulated Other Comprehensive Income / (Loss)	-13	-17	-16	-16	-15	-23	-21	-11	-9.68	-18	-16

This table presents Werner Enterprises' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,859	3,116	3,105	3,194	3,079	3,094	3,122	2,987	2,946	2,971	3,256
Total Current Assets	731	710	609	645	597	578	547	539	559	605	703
Cash & Equivalents	126	130	47	43	60	70	55	52	51	51	62
Accounts Receivable	518	490	471	476	442	438	409	412	443	460	501
Inventories, net	13	15	16	17	17	16	15	13	13	12	14
Prepaid Expenses	8.51	14	8.69	7.93	13	7.90	7.22	48	34	48	57
Other Current Assets	66	61	67	101	65	45	60	14	17	34	69
Plant, Property, & Equipment, net	1,719	1,855	1,944	1,987	1,931	1,960	2,021	1,867	1,878	1,858	1,900
Plant, Property & Equipment, gross	2,781	2,875	2,976	2,952	2,914	2,952	3,022	2,893	2,944	2,969	3,040
Accumulated Depreciation	1,062	1,020	1,032	966	983	992	1,001	1,026	1,066	1,110	1,140
Total Noncurrent Assets	410	552	551	563	550	556	554	581	509	508	653
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	-	-	-	54
Goodwill	74	129	129	129	129	129	129	129	129	129	139
Intangible Assets	51	94	92	89	84	81	79	74	71	69	65
Other Noncurrent Operating Assets	284	329	331	345	337	345	346	378	308	310	395
Total Liabilities & Shareholders' Equity	2,859	3,116	3,105	3,194	3,079	3,094	3,122	2,987	2,946	2,971	3,256
Total Liabilities	1,434	1,607	1,569	1,643	1,522	1,600	1,635	1,513	1,489	1,540	1,876
Total Current Liabilities	303	303	315	330	314	342	358	324	334	374	482
Short-Term Debt	5.00	5.00	3.75	3.75	1.25	10	0.00	0.00	0.00	0.00	8.60
Accounts Payable	116	129	120	129	136	142	164	113	129	147	138
Accrued Expenses	32	20	19	28	22	23	22	14	18	19	18
Current Employee Benefit Liabilities	48	44	47	49	48	52	55	49	53	54	64
Other Current Liabilities	103	106	125	120	106	115	116	147	134	153	254
Total Noncurrent Liabilities	1,131	1,303	1,254	1,314	1,208	1,258	1,277	1,189	1,154	1,166	1,394
Long-Term Debt	569	686	636	686	596	660	690	640	725	725	870
Asset Retirement Reserve & Litigation Obligation	239	246	240	238	236	227	228	237	115	113	137
Noncurrent Deferred & Payable Income Tax Liabilities	281	313	322	337	323	308	292	257	260	277	276
Other Noncurrent Operating Liabilities	43	59	56	53	53	62	67	55	54	51	111
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	39	39	39	39	39	38	38	38	37	36	28
Total Equity & Noncontrolling Interests	1,387	1,471	1,497	1,512	1,518	1,455	1,449	1,436	1,421	1,396	1,353
Total Preferred & Common Equity	1,387	1,471	1,497	1,512	1,518	1,455	1,449	1,436	1,421	1,396	1,353
Total Common Equity	1,387	1,471	1,497	1,512	1,518	1,455	1,449	1,436	1,421	1,396	1,353
Common Stock	128	129	131	134	134	136	138	139	141	144	146
Retained Earnings	1,824	1,903	1,924	1,939	1,951	1,952	1,950	1,934	1,970	1,941	1,892
Treasury Stock	-552	-552	-552	-552	-557	-618	-618	-617	-672	-672	-670
Accumulated Other Comprehensive Income / (Loss)	-13	-9.26	-6.62	-8.65	-9.07	-14	-21	-20	-18	-17	-14

This table displays calculated financial ratios and metrics derived from Werner Enterprises' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.14%	-4.04%	5.36%	16.12%	0.24%	-3.71%	15.27%	20.32%	-0.20%	-7.71%	-1.84%
EBITDA Growth	16.72%	-14.71%	7.61%	25.71%	4.62%	3.28%	25.76%	-0.34%	-22.71%	-23.26%	-18.20%
EBIT Growth	25.07%	-37.14%	13.99%	55.99%	0.71%	0.82%	53.66%	-4.11%	-47.55%	-57.74%	-83.87%
NOPAT Growth	26.28%	-36.51%	157.91%	-16.57%	0.73%	0.89%	36.50%	4.57%	-45.13%	-61.01%	-84.39%
Net Income Growth	25.41%	-36.04%	156.40%	-17.12%	-0.72%	1.28%	54.65%	-6.08%	-54.28%	-70.10%	-168.51%
EPS Growth	25.74%	-36.26%	156.88%	-16.79%	2.15%	2.52%	56.56%	-2.09%	-52.94%	-68.75%	-143.64%
Operating Cash Flow Growth	79.31%	-16.40%	-8.67%	47.85%	2.03%	4.52%	-25.36%	34.82%	5.72%	-30.49%	-44.86%
Free Cash Flow Firm Growth	14,747.34%	-427.97%	212.69%	-48.26%	139.84%	34.91%	-172.35%	36.17%	155.74%	110.80%	-72.65%
Invested Capital Growth	10.44%	18.29%	7.63%	8.80%	2.12%	-1.36%	27.17%	19.12%	4.11%	-2.36%	-0.95%
Revenue Q/Q Growth	-1.15%	-0.49%	2.35%	3.32%	-0.99%	-0.06%	5.60%	3.01%	-1.19%	-2.17%	-0.57%
EBITDA Q/Q Growth	2.53%	-4.46%	2.34%	8.20%	-0.86%	3.13%	7.79%	-0.94%	-12.96%	-5.18%	-15.75%
EBIT Q/Q Growth	2.38%	-15.11%	7.58%	15.30%	-3.89%	7.47%	11.89%	-2.44%	-29.26%	-17.83%	-82.70%
NOPAT Q/Q Growth	3.13%	-15.80%	142.62%	-33.74%	-2.97%	6.95%	6.79%	-3.63%	-21.82%	-23.31%	-79.63%
Net Income Q/Q Growth	3.29%	-15.79%	142.79%	-33.99%	-3.51%	7.68%	7.09%	-6.42%	-25.17%	-25.76%	-196.23%
EPS Q/Q Growth	3.64%	-16.15%	143.48%	-33.81%	-2.86%	8.44%	7.30%	-5.08%	-24.46%	-24.66%	-158.54%
Operating Cash Flow Q/Q Growth	14.27%	7.23%	-14.74%	15.48%	-4.73%	1.15%	-5.68%	8.86%	0.50%	-12.55%	-4.59%
Free Cash Flow Firm Q/Q Growth	60.90%	-12.62%	37.19%	460.51%	5.75%	-22.70%	-20.26%	-414.05%	131.84%	-28.60%	-50.49%
Invested Capital Q/Q Growth	4.99%	3.87%	11.75%	-0.22%	-1.13%	3.88%	5.40%	10.44%	-2.02%	-0.90%	-1.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.66%	60.62%	58.41%	57.87%	57.20%	59.83%	58.28%	32.06%	29.84%	56.76%	18.79%
EBITDA Margin	18.79%	16.71%	17.06%	18.47%	19.28%	20.68%	22.56%	18.69%	14.47%	12.03%	10.03%
Operating Margin	9.58%	6.28%	6.79%	9.12%	9.15%	9.59%	11.31%	9.82%	5.37%	2.18%	0.39%
EBIT Margin	9.57%	6.27%	6.78%	9.11%	9.15%	9.58%	12.77%	10.18%	5.35%	2.45%	0.40%
Profit (Net Income) Margin	5.91%	3.94%	9.59%	6.84%	6.78%	7.13%	9.56%	7.46%	3.42%	1.11%	-0.77%
Tax Burden Percent	61.50%	62.08%	140.35%	75.11%	75.23%	75.25%	75.57%	75.61%	75.98%	79.02%	110.63%
Interest Burden Percent	100.45%	101.26%	100.74%	100.02%	98.44%	98.86%	99.08%	96.98%	84.13%	57.22%	-173.62%
Effective Tax Rate	38.50%	37.92%	-40.35%	24.89%	24.77%	24.75%	24.43%	24.39%	24.02%	20.98%	0.00%
Return on Invested Capital (ROIC)	13.22%	7.33%	16.79%	12.94%	12.38%	12.45%	15.06%	12.84%	6.35%	2.46%	0.39%
ROIC Less NNEP Spread (ROIC-NNEP)	14.13%	8.16%	17.72%	12.61%	10.91%	11.52%	25.30%	13.11%	2.64%	-0.67%	-4.40%
Return on Net Nonoperating Assets (RNNOA)	0.76%	0.87%	1.82%	0.79%	1.67%	2.22%	5.38%	4.42%	1.02%	-0.26%	-1.98%
Return on Equity (ROE)	13.98%	8.20%	18.62%	13.73%	14.05%	14.66%	20.44%	17.26%	7.37%	2.19%	-1.59%
Cash Return on Invested Capital (CROIC)	3.29%	-9.43%	9.44%	4.51%	10.28%	13.82%	-8.86%	-4.61%	2.32%	4.84%	1.35%
Operating Return on Assets (OROA)	13.06%	7.45%	7.97%	11.50%	10.67%	10.57%	14.67%	11.75%	5.62%	2.39%	0.40%
Return on Assets (ROA)	8.07%	4.68%	11.27%	8.64%	7.90%	7.86%	10.99%	8.62%	3.59%	1.08%	-0.77%
Return on Common Equity (ROCE)	13.98%	8.20%	18.62%	13.73%	14.05%	14.66%	20.15%	16.81%	7.18%	2.14%	-1.56%
Return on Equity Simple (ROE_SIMPLE)	13.22%	7.95%	17.12%	13.29%	15.03%	14.15%	19.70%	17.01%	7.35%	2.31%	0.00%
Net Operating Profit after Tax (NOPAT)	123	78	202	168	170	171	234	244	134	52	8.16
NOPAT Margin	5.89%	3.90%	9.54%	6.85%	6.89%	7.21%	8.54%	7.43%	4.08%	1.73%	0.27%
Net Nonoperating Expense Percent (NNEP)	-0.91%	-0.84%	-0.92%	0.33%	1.47%	0.93%	-10.24%	-0.27%	3.71%	3.13%	4.79%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	11.43%	6.16%	2.48%	0.39%
Cost of Revenue to Revenue	40.34%	39.38%	41.59%	42.13%	42.80%	40.17%	41.72%	67.94%	70.16%	43.24%	81.21%
SG&A Expenses to Revenue	-0.05%	0.64%	0.86%	-0.31%	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	50.09%	54.34%	51.62%	48.74%	48.05%	50.24%	46.97%	22.24%	24.46%	54.58%	18.40%
Earnings before Interest and Taxes (EBIT)	200	126	143	224	225	227	349	335	176	74	12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	393	336	361	454	475	491	617	615	475	365	298
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.46	1.60	1.95	1.39	2.15	2.17	2.32	1.71	1.73	1.52	1.31
Price to Tangible Book Value (P/TBV)	1.46	1.60	1.95	1.39	2.15	2.17	2.57	2.01	2.01	1.77	1.50
Price to Revenue (P/Rev)	0.65	0.79	1.09	0.71	0.97	1.09	1.13	0.75	0.81	0.73	0.60
Price to Earnings (P/E)	11.04	20.13	11.40	10.45	14.28	15.34	11.90	10.25	23.53	64.60	0.00
Dividend Yield	1.16%	1.09%	0.84%	1.38%	11.93%	0.96%	1.00%	1.30%	1.32%	1.57%	1.87%
Earnings Yield	9.05%	4.97%	8.77%	9.57%	7.00%	6.52%	8.40%	9.75%	4.25%	1.55%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.44	1.52	1.91	1.36	1.92	2.02	2.01	1.50	1.52	1.36	1.20
Enterprise Value to Revenue (EV/Rev)	0.67	0.87	1.12	0.75	1.08	1.17	1.28	0.94	1.00	0.94	0.84
Enterprise Value to EBITDA (EV/EBITDA)	3.58	5.23	6.57	4.07	5.59	5.64	5.66	5.04	6.88	7.84	8.41
Enterprise Value to EBIT (EV/EBIT)	7.04	13.95	16.55	8.26	11.79	12.17	10.00	9.25	18.62	38.51	209.41
Enterprise Value to NOPAT (EV/NOPAT)	11.43	22.44	11.76	10.98	15.67	16.16	14.95	12.68	24.40	54.69	307.29
Enterprise Value to Operating Cash Flow (EV/OCF)	3.81	5.67	8.40	4.42	6.23	6.20	10.49	6.91	6.89	8.67	13.79
Enterprise Value to Free Cash Flow (EV/FCFF)	45.89	0.00	20.91	31.47	18.86	14.55	0.00	0.00	66.85	27.72	88.92
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.08	0.18	0.06	0.10	0.27	0.17	0.31	0.47	0.41	0.44	0.54
Long-Term Debt to Equity	0.08	0.16	0.06	0.04	0.20	0.15	0.31	0.46	0.41	0.42	0.54
Financial Leverage	0.05	0.11	0.10	0.06	0.15	0.19	0.21	0.34	0.38	0.39	0.45
Leverage Ratio	1.73	1.75	1.65	1.59	1.78	1.86	1.86	2.00	2.05	2.03	2.06
Compound Leverage Factor	1.74	1.77	1.66	1.59	1.75	1.84	1.84	1.94	1.73	1.16	-3.58
Debt to Total Capital	7.42%	15.32%	5.95%	8.99%	21.26%	14.34%	23.87%	31.88%	29.28%	30.32%	35.09%
Short-Term Debt to Total Capital	0.00%	1.70%	0.00%	5.40%	5.32%	1.79%	0.28%	0.29%	0.11%	0.93%	0.00%
Long-Term Debt to Total Capital	7.42%	13.62%	5.95%	3.60%	15.95%	12.54%	23.59%	31.59%	29.17%	29.39%	35.09%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.01%	1.78%	1.74%	1.77%	1.31%
Common Equity to Total Capital	92.58%	84.68%	94.05%	91.01%	78.74%	85.66%	74.12%	66.34%	68.98%	67.91%	63.60%
Debt to EBITDA	0.19	0.54	0.21	0.28	0.63	0.41	0.69	1.13	1.37	1.78	2.52
Net Debt to EBITDA	0.11	0.49	0.17	0.20	0.58	0.35	0.61	0.95	1.24	1.67	2.32
Long-Term Debt to EBITDA	0.19	0.48	0.21	0.11	0.47	0.36	0.68	1.12	1.36	1.73	2.52
Debt to NOPAT	0.61	2.30	0.37	0.74	1.77	1.17	1.83	2.84	4.84	12.44	92.16
Net Debt to NOPAT	0.35	2.08	0.30	0.54	1.61	1.00	1.60	2.40	4.38	11.66	84.81
Long-Term Debt to NOPAT	0.61	2.04	0.37	0.30	1.33	1.02	1.81	2.81	4.82	12.05	92.16
Altman Z-Score	4.05	3.50	4.75	3.86	3.81	4.10	4.05	3.36	3.20	2.89	2.81
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.41%	2.62%	2.54%	2.50%	2.29%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.07	1.74	1.72	1.47	1.51	1.67	2.35	2.46	1.92	1.52	1.95
Quick Ratio	1.63	1.37	1.48	1.28	1.30	1.44	2.01	2.12	1.61	1.29	1.51
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	31	-101	114	59	141	190	-137	-88	49	103	28
Operating Cash Flow to CapEx	105.38%	72.08%	142.24%	119.83%	150.29%	167.48%	172.40%	141.29%	116.07%	140.38%	111.73%
Free Cash Flow to Firm to Interest Expense	15.56	-39.09	50.61	21.79	20.55	45.08	-31.08	-7.42	1.46	2.63	0.72
Operating Cash Flow to Interest Expense	187.64	120.16	126.09	155.16	62.25	105.79	75.25	37.94	14.15	8.41	4.66
Operating Cash Flow Less CapEx to Interest Expense	9.58	-46.54	37.44	25.67	20.83	42.63	31.60	11.09	1.96	2.42	0.49
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.37	1.19	1.18	1.26	1.17	1.10	1.15	1.15	1.05	0.98	1.00
Accounts Receivable Turnover	7.54	7.38	6.97	7.07	6.66	6.41	6.44	6.37	6.44	6.82	7.14
Inventory Turnover	49.33	54.22	71.97	95.21	109.25	89.46	98.34	174.18	141.32	81.23	183.78
Fixed Asset Turnover	1.93	1.60	1.56	1.73	1.63	1.55	1.73	1.91	1.73	1.55	1.60
Accounts Payable Turnover	12.47	11.53	12.54	12.07	10.96	10.71	12.87	20.46	17.69	10.55	23.28
Days Sales Outstanding (DSO)	48.41	49.49	52.35	51.61	54.78	56.90	56.70	57.34	56.64	53.50	51.12
Days Inventory Outstanding (DIO)	7.40	6.73	5.07	3.83	3.34	4.08	3.71	2.10	2.58	4.49	1.99
Days Payable Outstanding (DPO)	29.28	31.66	29.11	30.24	33.30	34.07	28.35	17.84	20.63	34.60	15.68
Cash Conversion Cycle (CCC)	26.53	24.56	28.31	25.21	24.82	26.92	32.06	41.60	38.59	23.39	37.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	979	1,158	1,246	1,356	1,385	1,366	1,737	2,069	2,154	2,103	2,083
Invested Capital Turnover	2.25	1.88	1.76	1.89	1.80	1.73	1.76	1.73	1.56	1.42	1.42
Increase / (Decrease) in Invested Capital	93	179	88	110	29	-19	371	332	85	-51	-20
Enterprise Value (EV)	1,410	1,756	2,374	1,848	2,657	2,765	3,492	3,099	3,270	2,859	2,507
Market Capitalization	1,366	1,593	2,313	1,757	2,384	2,594	3,082	2,474	2,645	2,211	1,787
Book Value per Share	$13.01	$13.80	$16.38	$17.76	$16.05	$17.29	$19.85	$22.84	$24.11	$23.56	$22.78
Tangible Book Value per Share	$13.01	$13.80	$16.38	$17.76	$16.05	$17.29	$17.91	$19.45	$20.71	$20.23	$19.88
Total Capital	1,011	1,175	1,260	1,390	1,411	1,395	1,791	2,176	2,216	2,144	2,143
Total Debt	75	180	75	125	300	200	428	694	649	650	752
Total Long-Term Debt	75	160	75	50	225	175	423	688	646	630	752
Net Debt	43	163	61	91	274	171	373	587	587	609	692
Capital Expenditures (CapEx)	351	430	199	349	284	266	193	318	409	235	163
Debt-free, Cash-free Net Working Capital (DFCFNWC)	164	161	154	187	206	179	313	352	245	165	238
Debt-free Net Working Capital (DFNWC)	196	178	168	221	232	208	368	459	307	206	298
Net Working Capital (NWC)	196	158	168	146	157	183	363	453	304	186	298
Net Nonoperating Expense (NNE)	-0.43	-0.86	-1.03	0.25	2.68	2.06	-28	-1.29	22	19	31
Net Nonoperating Obligations (NNO)	43	163	61	91	274	171	373	587	587	609	692
Total Depreciation and Amortization (D&A)	193	210	218	230	250	263	268	280	300	290	286
Debt-free, Cash-free Net Working Capital to Revenue	7.83%	8.03%	7.30%	7.62%	8.36%	7.53%	11.46%	10.70%	7.46%	5.45%	8.01%
Debt-free Net Working Capital to Revenue	9.35%	8.87%	7.94%	9.00%	9.44%	8.76%	13.44%	13.96%	9.34%	6.80%	10.02%
Net Working Capital to Revenue	9.35%	7.88%	7.94%	5.95%	6.39%	7.71%	13.26%	13.77%	9.26%	6.14%	10.02%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.72	$1.10	$2.81	$2.35	$2.40	$2.45	$3.84	$3.76	$1.77	$0.55	($0.24)
Adjusted Weighted Average Basic Shares Outstanding	71.96M	72.06M	72.27M	71.69M	69.57M	69.02M	67.43M	64.13M	63.37M	62.45M	60.61M
Adjusted Diluted Earnings per Share	$1.71	$1.09	$2.80	$2.33	$2.38	$2.44	$3.82	$3.74	$1.76	$0.55	($0.24)
Adjusted Weighted Average Diluted Shares Outstanding	72.56M	72.39M	72.56M	72.06M	70.03M	69.43M	67.86M	64.58M	63.72M	62.66M	60.61M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	72.04M	72.19M	72.45M	70.49M	69.35M	68.01M	65.80M	63.25M	63.47M	61.87M	59.87M
Normalized Net Operating Profit after Tax (NOPAT)	123	78	101	168	170	171	234	244	134	52	39
Normalized NOPAT Margin	5.89%	3.90%	4.76%	6.85%	6.89%	7.21%	8.54%	7.43%	4.08%	1.73%	1.32%
Pre Tax Income Margin	9.61%	6.34%	6.83%	9.11%	9.01%	9.47%	12.65%	9.87%	4.50%	1.40%	-0.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	101.45	48.85	63.97	83.06	32.89	53.92	78.96	28.31	5.24	1.89	0.31
NOPAT to Interest Expense	62.45	30.37	89.99	62.49	24.75	40.60	52.82	20.65	4.00	1.33	0.21
EBIT Less CapEx to Interest Expense	-76.61	-117.86	-24.68	-46.43	-8.53	-9.24	35.31	1.46	-6.95	-4.10	-3.86
NOPAT Less CapEx to Interest Expense	-115.60	-136.34	1.34	-67.00	-16.67	-22.56	9.17	-6.20	-8.19	-4.66	-3.96
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	12.22%	21.85%	9.26%	13.69%	171.43%	14.72%	11.14%	13.74%	30.46%	104.46%	-148.19%
Augmented Payout Ratio	17.42%	21.85%	9.26%	56.60%	196.77%	48.15%	51.08%	58.69%	30.46%	304.24%	-389.75%

This table displays calculated financial ratios and metrics derived from Werner Enterprises' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	59,869,405.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	59,869,405.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.07
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.19%	-4.59%	-7.64%	-6.20%	-8.81%	-8.18%	-7.41%	-1.01%	3.46%	-2.26%	13.55%
EBITDA Growth	-23.54%	-38.46%	-29.53%	-24.44%	-20.54%	-17.61%	-28.23%	48.53%	-33.62%	-59.77%	28.87%
EBIT Growth	-50.74%	-65.95%	-70.57%	-58.51%	-53.32%	-42.94%	-134.79%	238.44%	-174.50%	-266.92%	175.36%
NOPAT Growth	-49.45%	-56.18%	-74.13%	-57.90%	-53.83%	-57.57%	-139.05%	229.19%	-167.68%	-302.47%	168.50%
Net Income Growth	-57.97%	-61.92%	-82.42%	-69.35%	-72.17%	-50.15%	-263.59%	374.15%	-422.37%	-404.92%	56.35%
EPS Growth	-56.98%	-60.64%	-81.82%	-68.09%	-70.27%	-48.65%	-260.00%	380.00%	-409.09%	-342.11%	56.25%
Operating Cash Flow Growth	13.87%	2.03%	-46.91%	-5.11%	-17.76%	-39.98%	-66.85%	-57.80%	-27.68%	-12.31%	184.13%
Free Cash Flow Firm Growth	-76.31%	78.92%	96.57%	116.03%	130.32%	213.01%	328.43%	-79.34%	-91.32%	-107.95%	-580.92%
Invested Capital Growth	17.35%	4.11%	1.09%	-1.72%	-3.47%	-2.36%	-1.51%	1.83%	-0.80%	-0.95%	6.55%
Revenue Q/Q Growth	0.82%	0.51%	-6.43%	-1.08%	-1.98%	1.20%	-5.64%	5.76%	2.44%	-4.39%	9.62%
EBITDA Q/Q Growth	-8.13%	0.94%	-20.53%	2.53%	-3.39%	4.66%	-30.77%	112.17%	-56.84%	-36.52%	137.14%
EBIT Q/Q Growth	-20.36%	-0.19%	-58.11%	24.63%	-10.40%	21.99%	-125.54%	1,312.40%	-119.68%	-174.38%	111.51%
NOPAT Q/Q Growth	-17.43%	0.03%	-64.17%	42.25%	-9.44%	-8.07%	-132.97%	1,299.30%	-118.62%	-175.03%	111.16%
Net Income Q/Q Growth	-21.71%	-1.16%	-73.11%	47.25%	-28.91%	77.09%	-188.25%	526.79%	-148.33%	-67.51%	87.37%
EPS Q/Q Growth	-21.28%	0.00%	-72.97%	50.00%	-26.67%	72.73%	-184.21%	550.00%	-147.22%	-35.29%	84.78%
Operating Cash Flow Q/Q Growth	-35.42%	59.44%	-25.15%	23.13%	-44.03%	16.37%	-58.65%	56.71%	-4.09%	41.11%	33.97%
Free Cash Flow Firm Q/Q Growth	7.92%	81.09%	78.46%	527.67%	74.12%	-29.53%	-56.47%	-61.31%	-26.83%	-164.52%	-2,533.37%
Invested Capital Q/Q Growth	3.23%	-2.02%	-2.80%	-0.03%	1.39%	-0.90%	-1.95%	3.36%	-1.23%	-1.05%	5.48%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.17%	-51.05%	55.40%	56.39%	56.66%	58.62%	56.98%	19.65%	16.35%	-16.42%	55.22%
EBITDA Margin	13.72%	13.77%	11.70%	12.13%	11.95%	12.36%	9.07%	18.19%	7.67%	5.09%	11.01%
Operating Margin	4.63%	4.61%	2.03%	2.58%	2.36%	1.77%	-0.82%	8.81%	-1.69%	-4.85%	0.49%
EBIT Margin	4.60%	4.56%	2.04%	2.57%	2.35%	2.84%	-0.77%	8.80%	-1.69%	-4.85%	0.51%
Profit (Net Income) Margin	2.87%	2.83%	0.81%	1.21%	0.88%	1.53%	-1.44%	5.79%	-2.73%	-4.79%	-0.55%
Tax Burden Percent	76.97%	76.92%	67.07%	75.84%	76.54%	92.72%	76.34%	73.82%	96.25%	79.21%	75.08%
Interest Burden Percent	81.26%	80.52%	59.29%	61.95%	48.70%	58.37%	244.93%	89.17%	167.94%	124.59%	-144.26%
Effective Tax Rate	23.03%	23.08%	32.93%	24.16%	23.46%	7.28%	0.00%	26.18%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	5.82%	5.52%	2.10%	2.93%	2.59%	2.34%	-0.82%	9.13%	-1.67%	-4.83%	0.50%
ROIC Less NNEP Spread (ROIC-NNEP)	4.79%	4.51%	1.34%	1.98%	1.51%	2.20%	-1.91%	8.29%	-3.50%	-6.40%	-0.53%
Return on Net Nonoperating Assets (RNNOA)	1.76%	1.73%	0.48%	0.78%	0.64%	0.86%	-0.71%	3.58%	-1.57%	-2.89%	-0.26%
Return on Equity (ROE)	7.58%	7.26%	2.58%	3.72%	3.23%	3.20%	-1.53%	12.70%	-3.24%	-7.72%	0.24%
Cash Return on Invested Capital (CROIC)	-7.55%	2.32%	3.93%	5.72%	6.69%	4.84%	3.38%	1.53%	2.70%	1.35%	-5.64%
Operating Return on Assets (OROA)	5.05%	4.79%	2.12%	2.63%	2.31%	2.77%	-0.75%	8.64%	-1.66%	-4.86%	0.50%
Return on Assets (ROA)	3.16%	2.97%	0.84%	1.24%	0.86%	1.50%	-1.41%	5.69%	-2.68%	-4.79%	-0.54%
Return on Common Equity (ROCE)	7.39%	7.07%	2.52%	3.62%	3.14%	3.12%	-1.49%	12.38%	-3.16%	-7.54%	0.23%
Return on Equity Simple (ROE_SIMPLE)	9.92%	0.00%	5.47%	4.27%	3.12%	0.00%	1.19%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	29	29	10	15	13	12	-4.08	49	-9.11	-25	2.80
NOPAT Margin	3.57%	3.55%	1.36%	1.95%	1.81%	1.64%	-0.57%	6.50%	-1.18%	-3.40%	0.35%
Net Nonoperating Expense Percent (NNEP)	1.03%	1.01%	0.77%	0.95%	1.08%	0.13%	1.09%	0.84%	1.83%	1.58%	1.03%
Return On Investment Capital (ROIC_SIMPLE)	-	1.34%	-	-	-	0.59%	-0.20%	2.28%	-0.43%	-1.19%	0.13%
Cost of Revenue to Revenue	43.83%	151.05%	44.60%	43.61%	43.34%	41.38%	43.02%	80.35%	83.65%	116.42%	44.78%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	51.53%	-55.67%	53.37%	53.82%	54.30%	56.85%	57.80%	10.85%	18.04%	-11.56%	54.72%
Earnings before Interest and Taxes (EBIT)	38	38	16	20	18	21	-5.47	66	-13	-36	4.12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	112	113	90	92	89	93	65	137	59	38	89
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.61	1.73	1.62	1.56	1.64	1.52	1.26	1.18	1.12	1.31	1.30
Price to Tangible Book Value (P/TBV)	1.88	2.01	1.89	1.82	1.92	1.77	1.46	1.38	1.31	1.50	1.53
Price to Revenue (P/Rev)	0.73	0.81	0.76	0.71	0.77	0.73	0.61	0.57	0.52	0.60	0.57
Price to Earnings (P/E)	16.33	23.53	29.48	35.89	51.75	64.60	101.21	32.08	61.97	0.00	0.00
Dividend Yield	1.41%	1.32%	1.42%	1.57%	1.46%	1.57%	1.92%	2.06%	2.14%	1.87%	1.91%
Earnings Yield	6.12%	4.25%	3.39%	2.79%	1.93%	1.55%	0.99%	3.12%	1.61%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.42	1.52	1.45	1.39	1.44	1.36	1.18	1.12	1.08	1.20	1.18
Enterprise Value to Revenue (EV/Rev)	0.94	1.00	0.94	0.92	0.98	0.94	0.82	0.81	0.76	0.84	0.85
Enterprise Value to EBITDA (EV/EBITDA)	5.71	6.88	6.94	7.12	7.93	7.84	7.16	6.23	6.43	8.41	8.27
Enterprise Value to EBIT (EV/EBIT)	12.56	18.62	22.01	26.28	33.75	38.51	45.79	23.98	32.89	209.41	120.49
Enterprise Value to NOPAT (EV/NOPAT)	18.19	24.40	29.07	34.53	44.74	54.69	62.83	33.88	56.83	307.29	172.73
Enterprise Value to Operating Cash Flow (EV/OCF)	6.61	6.89	7.67	7.43	8.09	8.67	8.98	11.53	11.94	13.79	11.01
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	66.85	37.06	24.04	21.12	27.72	34.57	74.10	39.96	88.92	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.44	0.41	0.38	0.45	0.46	0.44	0.43	0.50	0.51	0.54	0.64
Long-Term Debt to Equity	0.44	0.41	0.38	0.44	0.46	0.42	0.43	0.50	0.51	0.54	0.63
Financial Leverage	0.37	0.38	0.36	0.39	0.42	0.39	0.37	0.43	0.45	0.45	0.49
Leverage Ratio	2.03	2.05	2.02	2.05	2.08	2.03	2.00	2.05	2.09	2.06	2.19
Compound Leverage Factor	1.65	1.65	1.20	1.27	1.01	1.18	4.90	1.82	3.51	2.57	-3.15
Debt to Total Capital	30.79%	29.28%	27.74%	30.97%	31.70%	30.32%	30.27%	33.21%	33.62%	35.09%	38.88%
Short-Term Debt to Total Capital	0.17%	0.11%	0.06%	0.46%	0.00%	0.93%	0.00%	0.00%	0.00%	0.00%	0.38%
Long-Term Debt to Total Capital	30.62%	29.17%	27.68%	30.51%	31.70%	29.39%	30.27%	33.21%	33.62%	35.09%	38.50%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.74%	1.74%	1.79%	1.77%	1.76%	1.77%	1.79%	1.69%	1.65%	1.31%	1.24%
Common Equity to Total Capital	67.47%	68.98%	70.47%	67.26%	66.54%	67.91%	67.94%	65.10%	64.72%	63.60%	59.89%
Debt to EBITDA	1.26	1.37	1.37	1.64	1.79	1.78	1.89	1.89	2.05	2.52	2.80
Net Debt to EBITDA	1.19	1.24	1.23	1.47	1.65	1.67	1.73	1.75	1.90	2.32	2.60
Long-Term Debt to EBITDA	1.26	1.36	1.36	1.62	1.79	1.73	1.89	1.89	2.05	2.52	2.77
Debt to NOPAT	4.02	4.84	5.72	7.98	10.12	12.44	16.55	10.27	18.10	92.16	58.40
Net Debt to NOPAT	3.78	4.38	5.14	7.14	9.32	11.66	15.21	9.54	16.83	84.81	54.30
Long-Term Debt to NOPAT	4.00	4.82	5.71	7.86	10.12	12.05	16.55	10.27	18.10	92.16	57.82
Altman Z-Score	2.94	3.06	3.03	2.87	2.83	2.84	2.70	2.79	2.61	2.75	2.40
Noncontrolling Interest Sharing Ratio	2.61%	2.54%	2.53%	2.56%	2.54%	2.50%	2.52%	2.55%	2.53%	2.29%	2.30%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.96	1.92	1.90	1.69	1.53	1.52	1.66	1.67	1.62	1.95	1.46
Quick Ratio	1.57	1.61	1.60	1.48	1.30	1.29	1.43	1.48	1.37	1.51	1.17
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-296	-56	-12	52	90	63	28	11	7.79	-5.03	-132
Operating Cash Flow to CapEx	61.87%	342.67%	465.38%	109.99%	69.44%	246.80%	0.00%	70.13%	125.27%	89.70%	4,206.15%
Free Cash Flow to Firm to Interest Expense	-34.17	-6.34	-1.52	5.70	8.09	5.68	2.89	1.14	0.78	-0.49	-11.36
Operating Cash Flow to Interest Expense	8.57	13.42	11.15	12.06	5.50	6.38	3.08	4.92	4.44	6.09	7.16
Operating Cash Flow Less CapEx to Interest Expense	-5.28	9.50	8.75	1.10	-2.42	3.80	3.87	-2.10	0.90	-0.70	6.99
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.10	1.05	1.04	1.02	0.98	0.98	0.98	0.98	0.98	1.00	0.98
Accounts Receivable Turnover	6.69	6.44	6.90	6.97	7.00	6.82	6.96	6.73	6.88	7.14	6.73
Inventory Turnover	95.30	141.32	87.28	85.94	82.79	81.23	84.46	86.09	118.02	183.78	180.47
Fixed Asset Turnover	1.79	1.73	1.70	1.62	1.55	1.55	1.57	1.55	1.54	1.60	1.63
Accounts Payable Turnover	11.71	17.69	10.56	10.60	9.22	10.55	10.20	9.36	10.22	23.28	19.70
Days Sales Outstanding (DSO)	54.58	56.64	52.88	52.34	52.17	53.50	52.43	54.23	53.04	51.12	54.24
Days Inventory Outstanding (DIO)	3.83	2.58	4.18	4.25	4.41	4.49	4.32	4.24	3.09	1.99	2.02
Days Payable Outstanding (DPO)	31.16	20.63	34.55	34.42	39.57	34.60	35.77	38.98	35.72	15.68	18.53
Cash Conversion Cycle (CCC)	27.25	38.59	22.51	22.16	17.01	23.39	20.99	19.49	20.41	37.43	37.74
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,198	2,154	2,094	2,093	2,122	2,103	2,062	2,131	2,105	2,083	2,197
Invested Capital Turnover	1.63	1.56	1.55	1.50	1.43	1.42	1.43	1.40	1.42	1.42	1.44
Increase / (Decrease) in Invested Capital	325	85	23	-37	-76	-51	-32	38	-17	-20	135
Enterprise Value (EV)	3,119	3,270	3,037	2,901	3,050	2,859	2,430	2,392	2,276	2,507	2,598
Market Capitalization	2,433	2,645	2,461	2,263	2,376	2,211	1,804	1,681	1,567	1,787	1,753
Book Value per Share	$23.86	$24.11	$23.92	$22.95	$23.44	$23.56	$23.21	$23.01	$23.33	$22.78	$22.59
Tangible Book Value per Share	$20.42	$20.71	$20.56	$19.63	$20.07	$20.23	$19.93	$19.76	$20.02	$19.88	$19.19
Total Capital	2,241	2,216	2,154	2,164	2,177	2,144	2,114	2,183	2,156	2,143	2,259
Total Debt	690	649	598	670	690	650	640	725	725	752	878
Total Long-Term Debt	686	646	596	660	690	630	640	725	725	752	870
Net Debt	647	587	537	600	635	609	588	674	674	692	817
Capital Expenditures (CapEx)	120	35	19	99	88	29	-7.57	66	35	69	1.98
Debt-free, Cash-free Net Working Capital (DFCFNWC)	276	245	224	175	135	165	163	174	180	238	168
Debt-free Net Working Capital (DFNWC)	319	307	285	245	189	206	215	225	231	298	230
Net Working Capital (NWC)	315	304	283	235	189	186	215	225	231	298	221
Net Nonoperating Expense (NNE)	5.67	5.95	4.21	5.67	6.93	0.80	6.14	5.34	12	10	7.26
Net Nonoperating Obligations (NNO)	647	587	537	600	635	609	588	674	674	692	817
Total Depreciation and Amortization (D&A)	75	76	74	73	72	72	70	71	72	73	85
Debt-free, Cash-free Net Working Capital to Revenue	8.31%	7.46%	6.96%	5.51%	4.35%	5.45%	5.49%	5.86%	6.02%	8.01%	5.47%
Debt-free Net Working Capital to Revenue	9.60%	9.34%	8.84%	7.74%	6.11%	6.80%	7.23%	7.59%	7.72%	10.02%	7.48%
Net Working Capital to Revenue	9.48%	9.26%	8.80%	7.42%	6.11%	6.14%	7.23%	7.59%	7.72%	10.02%	7.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.37	$0.37	$0.10	$0.15	$0.11	$0.19	($0.16)	$0.72	($0.34)	($0.46)	($0.07)
Adjusted Weighted Average Basic Shares Outstanding	63.39M	63.37M	63.47M	62.71M	61.81M	62.45M	61.89M	60.89M	59.83M	60.61M	59.91M
Adjusted Diluted Earnings per Share	$0.37	$0.37	$0.10	$0.15	$0.11	$0.19	($0.16)	$0.72	($0.34)	($0.46)	($0.07)
Adjusted Weighted Average Diluted Shares Outstanding	63.74M	63.72M	63.73M	62.86M	62.02M	62.66M	61.89M	61.00M	59.83M	60.61M	59.91M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	63.39M	63.47M	63.41M	61.81M	61.81M	61.87M	61.75M	59.83M	59.83M	59.87M	59.95M
Normalized Net Operating Profit after Tax (NOPAT)	29	29	10	15	13	12	-4.08	49	-9.11	-25	2.80
Normalized NOPAT Margin	3.57%	3.55%	1.36%	1.95%	1.81%	1.64%	-0.57%	6.50%	-1.18%	-3.40%	0.35%
Pre Tax Income Margin	3.73%	3.67%	1.21%	1.59%	1.15%	1.66%	-1.88%	7.85%	-2.84%	-6.04%	-0.73%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.34	4.25	1.98	2.17	1.58	1.92	-0.57	7.09	-1.31	-3.50	0.35
NOPAT to Interest Expense	3.37	3.31	1.32	1.64	1.21	1.11	-0.43	5.23	-0.92	-2.45	0.24
EBIT Less CapEx to Interest Expense	-9.51	0.34	-0.42	-8.80	-6.34	-0.66	0.22	0.07	-4.86	-10.29	0.18
NOPAT Less CapEx to Interest Expense	-10.48	-0.61	-1.08	-9.32	-6.71	-1.47	0.37	-1.78	-4.46	-9.24	0.07
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	23.40%	30.46%	42.01%	57.10%	78.04%	104.46%	203.75%	67.22%	143.76%	-148.19%	-196.10%
Augmented Payout Ratio	23.40%	30.46%	49.90%	164.99%	226.39%	304.24%	557.64%	175.03%	376.16%	-389.75%	-196.10%

Financials Breakdown Chart

Key Financial Trends

Werner Enterprises (WERN) has shown a mix of solid scale and rising leverage over the last four years, with cash flow dynamics tightening in the latest quarter. Here are the most relevant, investor-focused takeaways from the quarterly statements (Q1 2023 through Q4 2025, with emphasis on the latest periods):

Q4 2025 operating cash flow increased to $62.29M from $44.14M in Q3 2025, indicating improving cash generation from core operations.
Q4 2025 financing cash flow turned positive ($18.24M), reversing the prior quarter’s draw and signaling improving liquidity from financing activities.
Q4 2025 debt issuance of $50.0M adds liquidity to support operations and potential expansion or debt refinancing needs.
Q4 2025 revenue remained robust at about $737.6M (consistent scale around mid-700s), reflecting continued demand for Werner’s trucking services.
Q4 2025 capital expenditures were about $85.8M for property, plant & equipment, signaling ongoing capacity investment.
Long-term debt rose to ~${725}M by Q3 2025 (from $640M in Q1 2025), a neutral observation about rising leverage that could affect interest expense and covenant headroom.
Total assets remained around $2.97–3.00B across the recent quarters, indicating a relatively stable balance-sheet footprint.
Significant treasury stock (around -$671.7M) reflects prior share repurchases and impacts equity shape, a neutral factor for near-term earnings per share dynamics.
Gross profit turned negative in Q4 2025 (-$121.1M), as costs outpaced revenue and margins deteriorated.
Net income attributable to common shareholders was -$27.8M in Q4 2025, continuing the downward earnings trend from earlier quarters in 2024–2025.

Bottom line: Werner remains a large, cash-generating operator with ongoing asset investment, but faces a margin squeeze and rising leverage in the most recent quarter. Retail investors may want to watch how the company manages costs, capital allocation (including debt levels), and its ability to sustain cash flow from operations in the coming quarters.

05/19/26 08:38 AM ETAI Generated. May Contain Errors.

Werner Enterprises Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Werner Enterprises' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Werner Enterprises' net income appears to be on a downward trend, with a most recent value of -$23.00 million in 2025, falling from $123.71 million in 2015. The previous period was $33.57 million in 2024. Check out Werner Enterprises' forecast to explore projected trends and price targets.

Werner Enterprises' total operating income in 2025 was $11.66 million, based on the following breakdown:

Total Gross Profit: $558.87 million
Total Operating Expenses: $547.21 million

Over the last 10 years, Werner Enterprises' total revenue changed from $2.09 billion in 2015 to $2.97 billion in 2025, a change of 42.1%.

Werner Enterprises' total liabilities were at $1.50 billion at the end of 2025, a 3.9% decrease from 2024, and a 130.4% increase since 2015.

In the past 10 years, Werner Enterprises' cash and equivalents has ranged from $13.63 million in 2017 to $107.24 million in 2022, and is currently $59.92 million as of their latest financial filing in 2025.

Over the last 10 years, Werner Enterprises' book value per share changed from 13.01 in 2015 to 22.78 in 2025, a change of 75.0%.

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Financial statements for NASDAQ:WERN last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Werner Enterprises (WERN) Financials

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Werner Enterprises (WERN) Financials

Annual Income Statements for Werner Enterprises

Quarterly Income Statements for Werner Enterprises

Annual Cash Flow Statements for Werner Enterprises

Quarterly Cash Flow Statements for Werner Enterprises

Annual Balance Sheets for Werner Enterprises

Quarterly Balance Sheets for Werner Enterprises

Annual Metrics And Ratios for Werner Enterprises

Quarterly Metrics And Ratios for Werner Enterprises

Financials Breakdown Chart

Key Financial Trends

Werner Enterprises Financials - Frequently Asked Questions

When does Werner Enterprises' financial year end?

How has Werner Enterprises' net income changed over the last 10 years?

What is Werner Enterprises' operating income?

How has Werner Enterprises' revenue changed over the last 10 years?

How much debt does Werner Enterprises have?

How much cash does Werner Enterprises have?

How has Werner Enterprises' book value per share changed over the last 10 years?

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