0000793074-26-000071
SEC filing2025年营收下滑1.8%，净亏损1.44亿美元，主因One-Way Truckload重组及诉讼和解费用。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $2,974,396K | $3,030,258K | -1.8% |
| Operating Income | $11,657K | $66,148K | -82.4% |
| Operating Margin | 0.4% | 2.2% | -180 bps |
| Net Income (attributable to Werner) | -$14,399K | $34,233K | -142.1% |
| Diluted EPS | -$0.24 | $0.55 | — |
| Operating Cash Flow | $181,830K | $329,734K | -44.9% |
| Free Cash Flow | $19,170K | -$20,971K | — |
2025年营收下降1.8%至$2.97B，主要受TTS分部营收下降4.0%拖累，其中卡车收入（扣除燃油附加费）下降2.9%，主因平均在役卡车数量减少2.4%及每车每周平均收入下降0.5%。Werner Logistics营收增长3.1%，主要受出货量增加推动。
营业利润率从2.2%降至0.4%，主要受$44.2M重组及减值费用和$18.0M诉讼和解费用拖累，但部分被$45.7M诉讼责任反转和$7.9M earnout负债有利变动抵消。剔除这些一次性项目后，营业利润率约为2.0%，仍低于上年。
盈利质量方面，经营现金流$181.8M，同比下降44.9%，主因净亏损及营运资本变动。自由现金流$19.2M，较上年改善，主因资本开支减少。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Truckload Transportation Services | $2,051,944K | -4.0% | $16,426K | 0.8% | 重组及诉讼费用拖累，卡车数量减少 |
| Werner Logistics | $856,863K | +3.1% | $6,676K | 0.8% | 出货量增加，毛利率扩张 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $59,922K | $40,752K |
| Total Debt | $752,000K | $650,000K |
| Operating Cash Flow | $181,830K | $329,734K |
| Capex | $162,700K | $234,900K |
| Free Cash Flow | $19,170K | -$20,971K |
Net Debt = $752,000K - $59,922K = $692,078K。Net Debt/EBITDA = 2.0x（公司披露）。
前瞻指引：
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY26 | Net Capital Expenditures | $185M-$255M | reported |
| H1 2026 | One-Way Truckload Revenue per Total Mile | 0% to +3% | net of fuel surcharge |
| FY26 | Dedicated Revenue per Tractor per Week | -1% to +2% | net of fuel surcharge |
一次性异常项：$44.2M重组费用（One-Way Truckload）、$18.0M诉讼和解（Abarca）、$45.7M诉讼责任反转（2014年事故）、$7.9M earnout负债有利变动。剔除后run-rate营业利润率约2.0%。
主要风险：客户集中度（前10大客户占50%）、保险及索赔成本上升、宏观经济及货运需求疲软、FirstFleet整合风险。