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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Werner Enterprises
Werner Enterprises (WERN) investor relations material
Werner Enterprises Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary27 Oct, 2026
Executive summary
Q3 revenue was $950.5M, up 23.2% YoY; GAAP operating income was $17.0M versus a $13.0M loss, adjusted operating income was $21.0M, up 92%, and adjusted diluted EPS was $0.16.
FirstFleet contributed $170.7M of Q3 revenue; One-Way restructuring and higher equipment-sale gains supported results, partly offset by recruiting and training spending, fuel and claim costs.
Management cited rising demand and tightening capacity, while Dedicated growth, One-Way improvement and FirstFleet synergies support a mid-cycle TTS adjusted operating margin target of 10%+.
Financial highlights
Q3 GAAP diluted EPS was $0.11 versus a $0.34 loss; adjusted diluted EPS was $0.16 versus an adjusted $0.03 loss. Net income attributable was $6.6M versus a $20.6M loss.
Adjusted operating income was $21.0M, up 92% YoY, with a 2.2% margin, up 80 bps; gains on property and equipment sales were $8.0M, up $3.5M YoY.
9M revenue rose 20.4% to $2.693B; operating income was $37.9M versus $47.5M, and net income attributable was $8.7M versus $13.4M.
Fuel volatility, driver investment and unfavorable reserve development reduced adjusted EPS by $0.18 sequentially; driver investment accounted for $0.06 and fuel and reserve development largely accounted for $0.12.
Q3 fuel surcharge revenue increased $65.8M YoY, contributing to the $179.0M increase in total revenue; fuel expense rose 103.3% to $130.3M.
Outlook and guidance
FY2026 TTS average truck-count growth guidance narrowed to 16%–17% from 16%–18%; average trucks were up 15.8% YTD, and the fleet grew in October.
FY2026 Dedicated revenue per truck per week growth guidance is 4%–5%, versus prior guidance of 3%–5%; YTD growth was 4.0%.
Q4 One-Way revenue per total mile is expected to rise 10%–13% YoY; FY2026 equipment-sale gains guidance increased to $14M–$16M.
FY2026 net CapEx guidance fell to $190M–$205M from $215M–$250M due to OEM delivery timing; GAAP tax-rate guidance is 24.5%–25.5%.
Q4 adjusted EPS is expected to improve modestly from $0.16 as most Q3 fuel and reserve headwinds dissipate; driver investment continues at a measured pace. Net interest expense guidance is $40M–$45M.
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Latest events from Werner Enterprises
- Tight capacity supports pricing gains as dedicated growth and FirstFleet synergies lift margins.WERN
Morgan Stanley's 14th Annual Laguna Conference - Diversified, tech-driven carrier targets growth in dedicated and logistics with strong financial discipline.WERNInvestor presentation
- Supply constraints, lean inventories, and operational gains are driving margin expansion and growth.WERNDeutsche Bank’s Chicago Industrials Summit
- Q2 2026 revenue up 24% with strong TTS/FirstFleet gains, higher CapEx, and raised guidance.WERNQ2 2026
- Dedicated and logistics lead growth as technology and efficiency drive positive momentum.WERNMorgan Stanley’s 13th Annual Laguna Conference
- Regulatory-driven capacity tightening and operational gains are accelerating margin recovery and growth.WERN16th Annual Wells Fargo Industrials & Materials Conference
- Expanding dedicated and logistics operations drive growth, resilience, and margin recovery.WERNInvestor presentation
- Revenue up 14% with margin gains, strong cash flow, and dedicated fleet expansion.WERNQ1 2026
- Q3 2024 revenue and profit fell sharply amid persistent freight and margin pressures.WERNQ3 2024
Next Werner Enterprises earnings date
Stephens Annual Investment Conference17 Nov, 2026
Werner Enterprises
Next Werner Enterprises earnings date
Stephens Annual Investment Conference17 Nov, 2026
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Frequently asked questions
Werner Enterprises, Inc. engages in transporting truckload shipments of general commodities in interstate and intrastate commerce in the United States, Mexico, and internationally. Its National Van Truckload division offers time-sensitive truckload services primarily to customers in the consumer packaged goods, food and beverage, retail, paper products, chemical, industrial manufacturing, automotive parts, machinery and equipment industries.