Detailed financial statements for Schneider National, Inc. (SNDR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Schneider National, Inc. (SNDR) delivers a wide array of ground transportation and logistics services across the United States, Canada, and Mexico. The company is organized into three primary operating segments: Truckload, Intermodal, and Logistics. The Truckload division specializes in providing standard long-haul and regional freight shipping, utilizing a diverse fleet including dry van, bulk, temperature-controlled, and flat-bed equipment.
Analysis Summary
Schneider National, Inc. reported revenue of $5.67B in the most recent fiscal year, growing at a 5-year CAGR of 4.5%. Net income reached $103.6M, with a -13.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 13.8%, operating margin 3.0%, net margin 1.9%. Free cash flow grew at -1.7% CAGR over 5 years.
At $32.89 (closing price, October 6, 2026), SNDR trades at a P/E of 51.39 and an ROE of 3.68%. Market capitalisation stands at $5.8B.
Balance sheet quality for SNDR: current ratio of 2.1, net debt of $317.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $182.8M represents 176% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.05B | $4.38B | $4.98B | $4.75B | $4.55B | $5.61B | $6.60B | $5.50B | $5.29B | $5.67B |
| Cost of Revenue | $3.56B | $3.91B | $4.35B | $4.22B | $4.07B | $4.85B | $5.68B | $4.94B | $4.85B | $5.37B |
| Gross Profit | $481.6M | $476.4M | $624.3M | $531.8M | $480.6M | $761.5M | $920.5M | $559.4M | $441.1M | $302.1M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $191.2M | $196.1M | $246.5M | $225.7M | $192.9M | $217.2M | $320.1M | $263.0M | $275.9M | $133.2M |
| Operating Expenses | $191.2M | $196.1M | $246.5M | $324.0M | $193.9M | $227.8M | $320.1M | $263.0M | $275.9M | $133.2M |
| Operating Income | $290.4M | $280.3M | $375.8M | $207.8M | $286.7M | $533.7M | $600.4M | $296.4M | $165.2M | $168.9M |
| EBITDA | $556.4M | $559.8M | $668.4M | $507.6M | $587.0M | $850.7M | $963.6M | $709.8M | $582.5M | $621.8M |
| Interest Expense | $21.4M | $17.4M | $12.5M | $16.6M | $13.6M | $12.5M | $9.6M | $14.2M | $16.6M | $33.8M |
| Pre-tax Income | $265.6M | $263.4M | $364.6M | $198.1M | $282.9M | $542.0M | $604.0M | $306.1M | $152.2M | $138.0M |
| Income Tax | $108.7M | -$126.5M | $95.7M | $51.1M | $71.2M | $136.6M | $146.2M | $67.6M | $35.2M | $34.4M |
| Net Income | $156.9M | $389.9M | $268.9M | $147.0M | $211.7M | $405.4M | $457.8M | $238.5M | $117.0M | $103.6M |
| EPS | $0.90 | $2.28 | $1.52 | $0.83 | $1.19 | $2.28 | $2.57 | $1.35 | $0.67 | $0.59 |
| EPS (Diluted) | $0.90 | $2.28 | $1.52 | $0.83 | $1.19 | $2.28 | $2.56 | $1.34 | $0.66 | $0.59 |
| Shares Outstanding (Diluted) | $173.5M | $171.3M | $177.2M | $177.3M | $177.6M | $178.1M | $178.8M | $178.2M | $176.1M | $175.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.45B | $1.40B | $1.40B | $1.57B |
| Gross Profit | $128.4M | $509.4M | $62.8M | $103.9M |
| Operating Income | $35.3M | $36.5M | $33.4M | $71.4M |
| EBITDA | $148.8M | $148.5M | $145.1M | $180.9M |
| Net Income | $19.4M | $22.1M | $20.4M | $49.7M |
| EPS | $0.11 | $0.13 | $0.12 | $0.28 |
| EPS (Diluted) | $0.11 | $0.13 | $0.12 | $0.28 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $130.8M | $238.5M | $378.7M | $551.6M | $395.5M | $244.8M | $385.7M | $102.4M | $117.6M | $201.5M |
| Short-term Investments | $52.5M | $41.6M | $51.3M | $48.3M | $47.1M | $49.3M | $45.9M | $57.2M | $47.9M | $41.8M |
| Receivables | $544.2M | $655.2M | $754.0M | $633.8M | $656.0M | $849.8M | $781.9M | $730.9M | $707.5M | $751.4M |
| Inventory | $74.1M | $83.1M | $60.8M | $71.9M | $44.9M | $27.4M | $53.0M | $117.9M | $89.8M | $99.8M |
| Total Current Assets | $923.6M | $1.09B | $1.32B | $1.41B | $1.22B | $1.25B | $1.35B | $1.11B | $1.12B | $1.18B |
| Property, Plant & Equipment | $1.76B | $1.86B | $1.92B | $1.93B | $1.83B | $2.05B | $2.28B | $2.66B | $2.95B | $2.81B |
| Goodwill | $164.0M | $164.8M | $162.2M | $127.5M | $128.1M | $240.5M | $228.2M | $331.7M | $377.9M | $337.4M |
| Intangible Assets | $76.8M | $74.7M | $82.6M | 0 | $204.2M | $93.9M | $91.8M | $139.4M | $127.4M | $144.5M |
| Total Assets | $3.05B | $3.33B | $3.62B | $3.71B | $3.52B | $3.94B | $4.32B | $4.56B | $4.93B | $4.91B |
| Accounts Payable | $227.3M | $230.4M | $226.0M | $207.7M | $245.7M | $331.7M | $276.7M | $241.3M | $253.1M | $208.6M |
| Short-term Debt | $258.7M | $19.1M | $51.7M | $82.2M | $40.4M | $61.4M | $73.3M | $104.5M | $102.2M | $42.3M |
| Total Current Liabilities | $677.3M | $462.0M | $522.6M | $465.2M | $534.6M | $690.2M | $636.9M | $606.2M | $704.5M | $555.8M |
| Long-term Debt | $439.6M | $420.6M | $359.6M | $304.6M | $264.8M | $205.0M | $141.8M | $197.6M | $416.2M | $452.0M |
| Total Liabilities | $1.87B | $1.44B | $1.49B | $1.47B | $1.46B | $1.51B | $1.48B | $1.60B | $1.95B | $1.88B |
| Retained Earnings | $125.2M | $355.6M | $589.3M | $693.6M | $502.5M | $857.8M | $1.26B | $1.43B | $1.48B | $1.52B |
| Total Equity | $1.19B | $1.89B | $2.13B | $2.24B | $2.06B | $2.42B | $2.84B | $2.96B | $2.99B | $3.02B |
| Total Debt | $698.3M | $439.7M | $411.3M | $443.9M | $306.8M | $270.3M | $215.1M | $302.1M | $610.8M | $560.4M |
| Net Debt | $515.0M | $159.6M | -$18.7M | -$156.0M | -$135.8M | -$23.8M | -$216.5M | $142.5M | $445.3M | $317.1M |
| Working Capital | $246.4M | $632.0M | $801.7M | $940.5M | $686.1M | $558.3M | $713.4M | $504.7M | $410.8M | $625.4M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $156.9M | $389.9M | $268.9M | $147.0M | $211.7M | $405.4M | $457.8M | $238.5M | $117.0M | $103.6M |
| Depreciation & Amortization | $266.0M | $279.0M | $291.3M | $292.9M | $290.5M | $296.2M | $350.0M | $382.5M | $413.7M | $450.0M |
| Stock-based Compensation | $2.2M | $17.0M | $22.8M | -$3.6M | $8.9M | $14.4M | $16.5M | $15.8M | 0 | 0 |
| Change in Working Capital | -$23.5M | -$49.0M | -$69.1M | $22.5M | $30.5M | -$148.4M | -$24.8M | -$39.6M | $80.4M | $16.9M |
| Operating Cash Flow | $455.3M | $461.3M | $566.5M | $636.3M | $618.2M | $566.1M | $856.4M | $680.0M | $686.1M | $637.4M |
| Capital Expenditure | -$547.5M | -$532.0M | -$512.5M | -$465.7M | -$419.0M | -$540.6M | -$693.6M | -$807.6M | -$539.3M | -$454.6M |
| Acquisitions | -$78.2M | $70.0M | $90.5M | $90.1M | $87.4M | -$271.3M | -$31.7M | -$240.2M | -$393.2M | 0 |
| Stock Repurchased | -$1.4M | -$100,000 | 0 | 0 | 0 | 0 | 0 | -$66.9M | -$29.5M | -$14.6M |
| Dividends Paid | -$31.3M | -$25.5M | -$40.7M | -$42.5M | -$400.0M | -$49.6M | -$55.7M | -$63.6M | -$66.6M | -$67.0M |
| Free Cash Flow | -$92.2M | -$70.7M | $54.0M | $170.6M | $199.2M | $25.5M | $162.8M | -$127.6M | $146.8M | $182.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +8.4% | +13.5% | -4.6% | -4.1% | +23.2% | +17.8% | -16.7% | -3.8% | +7.3% | |
| Net Income Growth (YoY) | +148.6% | -31.0% | -45.3% | +44.0% | +91.5% | +12.9% | -47.9% | -50.9% | -11.5% | |
| EPS Growth (YoY) | +153.3% | -33.3% | -45.4% | +43.4% | +91.6% | +12.7% | -47.5% | -50.4% | -11.9% | |
| Shares Change (YoY) | -1.3% | +3.4% | +0.1% | +0.2% | +0.3% | +0.4% | -0.3% | -1.2% | -0.1% | |
| FCF Growth (YoY) | +23.3% | +176.4% | +215.9% | +16.8% | -87.2% | +538.4% | -178.4% | +215.0% | +24.5% | |
| Gross Margin | 11.9% | 10.9% | 12.5% | 11.2% | 10.6% | 13.6% | 13.9% | 10.2% | 8.3% | 5.3% |
| Operating Margin | 7.2% | 6.4% | 7.6% | 4.4% | 6.3% | 9.5% | 9.1% | 5.4% | 3.1% | 3.0% |
| EBITDA Margin | 13.8% | 12.8% | 13.4% | 10.7% | 12.9% | 15.2% | 14.6% | 12.9% | 11.0% | 11.0% |
| Net Margin | 3.9% | 8.9% | 5.4% | 3.1% | 4.6% | 7.2% | 6.9% | 4.3% | 2.2% | 1.8% |
| FCF Margin | -2.3% | -1.6% | 1.1% | 3.6% | 4.4% | 0.5% | 2.5% | -2.3% | 2.8% | 3.2% |
| Effective Tax Rate | 40.9% | -48.0% | 26.2% | 25.8% | 25.2% | 25.2% | 24.2% | 22.1% | 23.1% | 24.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.53 | $-0.41 | $0.30 | $0.96 | $1.12 | $0.14 | $0.91 | $-0.72 | $0.83 | $1.04 |
| Dividends Per Share | $0.18 | $0.15 | $0.23 | $0.24 | $2.25 | $0.28 | $0.31 | $0.36 | $0.38 | $0.38 |
| Shares Outstanding (Basic) | $173.5M | $171.1M | $177.0M | $177.1M | $177.3M | $177.6M | $177.9M | $177.3M | $175.5M | $175.2M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 3.68% |
| Return on Invested Capital | 4.48% |
| Return on Assets | 2.23% |
| Gross Margin | 13.82% |
| Operating Margin | 3.03% |
| Net Margin | 1.92% |
Financial Health
| Debt / Equity | 0.13 |
| Current Ratio | 1.42 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 3.34 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 21.11 | 12.53 | 12.28 | 26.29 | 17.39 | 11.80 | 9.11 | 18.85 | 43.70 | 44.97 |
| P/B | 2.78 | 2.59 | 1.55 | 1.73 | 1.79 | 1.97 | 1.47 | 1.53 | 1.72 | 1.54 |
| P/S | 0.81 | 1.11 | 0.66 | 0.81 | 0.81 | 0.85 | 0.63 | 0.82 | 0.97 | 0.82 |
| Gross Margin | 11.9% | 10.9% | 12.5% | 11.2% | 10.6% | 13.6% | 13.9% | 10.2% | 8.3% | 5.3% |
| Operating Margin | 7.2% | 6.4% | 7.6% | 4.4% | 6.3% | 9.5% | 9.1% | 5.4% | 3.1% | 3.0% |
| Net Margin | 3.9% | 8.9% | 5.4% | 3.1% | 4.6% | 7.2% | 6.9% | 4.3% | 2.2% | 1.8% |
Related companies: MYRG · VSEC · WSC · EXPO · ATMU · CAAP · BRC · HAYW
Explore sector: Industrials · Trucking
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