Schneider National, Inc.SNDR
Schneider National, Inc. Segments Disclosure
SEGMENT REPORTING
We have three reportable segments – Truckload, Intermodal, and Logistics – which are primarily differentiated by the types of services each provides.
The Company has three operating segments within the Truckload reportable segment - Dedicated, which includes MLS, M&M, and Cowan (effective December 2024); Van Network; and Bulk. The three operating segments are aggregated as they have similar economic characteristics with our other Truckload operating segments and meet the other aggregation criteria described in ASC 280. Dedicated provides truckload services with consistent routes typically supported by long-term contracts. Van Network consists of irregular routes, and Bulk delivers key inputs for manufacturing processes, such as specialty chemicals.
The Intermodal reportable segment provides rail intermodal and drayage services using Company-owned containers, chassis, and dray tractors.
The Company has two operating segments within the Logistics reportable segment - Brokerage and SCDM - which are aggregated as they have similar economic characteristics and meet the other aggregation criteria described in ASC 280. In the Logistics segment, we provide additional sources of truck capacity, manage transportation-systems analysis requirements for individual customers, and provide transloading and warehousing services. In December 2024, Cowan’s logistics operations were integrated into the Logistics reportable segment.
We generate other revenues from our leasing and captive insurance businesses which are operated by wholly owned subsidiaries. The revenues generated from these businesses are presented as other revenues in the tables below. Corporate and other (loss) income from operations-net in the tables below reflect expenses incidental to our operations and not attributable to any of the reportable segments and other allocated corporate costs.
In 2024, we adopted the guidance in ASC 280-10 as updated by ASU 2023-07, Improvements to Reportable Segment Disclosures, which requires companies to disclose their significant segment expenses that are regularly provided to the CODM, details of the composition of other segment items, and the title and position of the CODM along with an explanation how the CODM uses the reported measures in assessing segment performance and have restated prior periods to comply with the updated guidance.
Our segment revenues, major expenses, and income from operations are provided to and regularly reviewed by the CODM, which is the Company’s CEO. The CODM uses income from operations in the annual budgeting process, forecasting, and capital allocation strategy. Income from operations is compared to budgeted, forecasted, and prior period amounts to assess segment performance.
Separate balance sheets are not prepared for our segments; therefore, assets by segment are not reported. All inter-segment transactions are eliminated in consolidation.
Substantially all of our revenues and assets were generated or located within the U.S.
The following tables summarize our segment information. Inter-segment revenues included in Other include revenues from insurance premiums charged to other segments for workers’ compensation, auto, and other types of insurance. Inter-segment revenues included in Other revenues below were $114.4 million, $104.7 million and $77.5 million for the years ended December 31, 2025, 2024, and 2023, respectively.
| Segment Revenues and Expenses | Year Ended December 31, 2025 | |||||||||||||||||||||||||
(in millions) | Truckload | Intermodal | Logistics | Total | ||||||||||||||||||||||
| Revenues (excluding fuel surcharge) | $ | 2,470.4 | $ | 1,075.1 | $ | 1,333.0 | $ | 4,878.5 | ||||||||||||||||||
| Fuel surcharge revenues | 404.4 | 174.3 | 5.9 | 584.6 | ||||||||||||||||||||||
| Segment operating revenues | 2,874.8 | 1,249.4 | 1,338.9 | 5,463.1 | ||||||||||||||||||||||
| Other revenues | 392.6 | |||||||||||||||||||||||||
| Elimination of inter-segment revenues | (177.2) | |||||||||||||||||||||||||
| Elimination of inter-segment fuel surcharge revenues | (4.2) | |||||||||||||||||||||||||
| Operating revenues | 5,674.3 | |||||||||||||||||||||||||
| Salaries, wages, and benefits | 1,084.4 | 175.5 | 113.0 | |||||||||||||||||||||||
| Purchased transportation, fuel, and fuel taxes | 629.5 | 795.1 | 1,057.9 | |||||||||||||||||||||||
| Depreciation and amortization | 339.9 | 52.6 | 1.1 | |||||||||||||||||||||||
| Operating supplies and expenses-net | 335.3 | 70.0 | 59.9 | |||||||||||||||||||||||
Other segment expenses(1) | 377.7 | 91.5 | 82.0 | |||||||||||||||||||||||
| Segment income from operations | $ | 108.0 | $ | 64.7 | $ | 25.0 | 197.7 | |||||||||||||||||||
| Corporate and other loss from operations—net | (28.8) | |||||||||||||||||||||||||
| Income from operations | 168.9 | |||||||||||||||||||||||||
| Total other expenses—net | 30.9 | |||||||||||||||||||||||||
| Income before income taxes | $ | 138.0 | ||||||||||||||||||||||||
| Segment Revenues and Expenses | Year Ended December 31, 2024 | |||||||||||||||||||||||||
(in millions) | Truckload | Intermodal | Logistics | Total | ||||||||||||||||||||||
| Revenues (excluding fuel surcharge) | $ | 2,170.7 | $ | 1,041.2 | $ | 1,281.3 | $ | 4,493.2 | ||||||||||||||||||
| Fuel surcharge revenues | 392.1 | 183.7 | 6.7 | 582.5 | ||||||||||||||||||||||
| Segment operating revenues | 2,562.8 | 1,224.9 | 1,288.0 | 5,075.7 | ||||||||||||||||||||||
| Other revenues | 383.9 | |||||||||||||||||||||||||
| Elimination of inter-segment revenues | (162.8) | |||||||||||||||||||||||||
| Elimination of inter-segment fuel surcharge revenues | (6.3) | |||||||||||||||||||||||||
| Operating revenues | 5,290.5 | |||||||||||||||||||||||||
| Salaries, wages, and benefits | 941.4 | 176.3 | 100.5 | |||||||||||||||||||||||
| Purchased transportation, fuel, and fuel taxes | 631.3 | 784.3 | 1,031.2 | |||||||||||||||||||||||
| Depreciation and amortization | 304.0 | 53.3 | 0.1 | |||||||||||||||||||||||
| Operating supplies and expenses-net | 264.5 | 65.6 | 45.2 | |||||||||||||||||||||||
Other segment expenses(1) | 332.5 | 90.9 | 78.3 | |||||||||||||||||||||||
| Segment income from operations | $ | 89.1 | $ | 54.5 | $ | 32.7 | 176.3 | |||||||||||||||||||
| Corporate and other loss from operations—net | (11.1) | |||||||||||||||||||||||||
| Income from operations | 165.2 | |||||||||||||||||||||||||
| Total other expenses—net | 13.0 | |||||||||||||||||||||||||
| Income before income taxes | $ | 152.2 | ||||||||||||||||||||||||
| Segment Revenues and Expenses | Year Ended December 31, 2023 | |||||||||||||||||||||||||
(in millions) | Truckload | Intermodal | Logistics | Total | ||||||||||||||||||||||
| Revenues (excluding fuel surcharge) | $ | 2,155.7 | $ | 1,050.7 | $ | 1,393.7 | $ | 4,600.1 | ||||||||||||||||||
| Fuel surcharge revenues | 461.2 | 224.0 | 6.9 | 692.1 | ||||||||||||||||||||||
| Segment operating revenues | 2,616.9 | 1,274.7 | 1,400.6 | 5,292.2 | ||||||||||||||||||||||
| Other revenues | 333.4 | |||||||||||||||||||||||||
| Elimination of inter-segment revenues | (118.9) | |||||||||||||||||||||||||
| Elimination of inter-segment fuel surcharge revenues | (7.8) | |||||||||||||||||||||||||
| Operating revenues | 5,498.9 | |||||||||||||||||||||||||
| Salaries, wages, and benefits | 853.2 | 173.7 | 102.7 | |||||||||||||||||||||||
| Purchased transportation, fuel, and fuel taxes | 749.5 | 805.0 | 1,113.9 | |||||||||||||||||||||||
| Depreciation and amortization | 278.7 | 53.4 | 0.1 | |||||||||||||||||||||||
| Operating supplies and expenses-net | 232.9 | 66.0 | 51.6 | |||||||||||||||||||||||
Other segment expenses(1) | 331.9 | 105.6 | 86.4 | |||||||||||||||||||||||
| Segment income from operations | $ | 170.7 | $ | 71.0 | $ | 45.9 | 287.6 | |||||||||||||||||||
| Corporate and other income from operations—net | 8.8 | |||||||||||||||||||||||||
| Income from operations | 296.4 | |||||||||||||||||||||||||
| Total other income—net | (9.7) | |||||||||||||||||||||||||
| Income before income taxes | $ | 306.1 | ||||||||||||||||||||||||
(1)For each reportable segment, other segment expenses include insurance and related expenses and other general expenses.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 21, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 27, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.