What happened with SNDR today?
No read yet
Uses news and trading volume to explain the day’s move and how it relates to the market.
Stop guessing. Get the call, a three-month target price, the best and worst cases, and a source for every claim.
Schneider National moves freight across the United States, Canada and Mexico, with nearly all revenue coming from the United States. Customers pay it to deliver shipments, generally at negotiated rates for individual orders. Truckload is its largest business: company drivers and independent owner-operators haul freight by road, either on regular routes dedicated to a customer or across a shared network.
For shipments combining rail and road, Schneider supplies containers and trucks for pickup and delivery while railroads handle the rail journey. Its principal railroad partners are CSX Transportation, Union Pacific and Canadian Pacific Kansas City. Schneider also arranges transportation through third-party carriers, connecting shippers with capacity through FreightPower and using its trailer pools in Power Only services. Freight transportation supplies most revenue; managing customers’ shipping and storage brings in a smaller stream of fees.
A significant share of revenue comes from major customers, and much of the business outside dedicated trucking and supply-chain relationships lacks long-term contracts or minimum-volume guarantees. Keeping freight moving depends on retaining drivers and securing railroad and third-party carrier capacity. Worker-classification rules constrain its use of independent owner-operators. Fuel surcharges pass diesel costs to customers, but adjustments can lag price changes and do not always cover the full increase.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
J.B. Hunt competes with Schneider for shippers paying to move containers by rail and truck, run dedicated fleets, haul full dry-van loads and arrange outside carriers. Its intermodal volumes and dedicated transportation results are useful checks on demand for Schneider’s corresponding services.
Knight-Swift and Schneider compete for North American shippers’ spending on full truckloads, rail-and-truck container transport and arranging outside carriers. Knight-Swift’s Truckload results offer a comparison for freight demand, rates and available capacity affecting Schneider.
Werner Enterprises competes with Schneider for retailers and manufacturers paying for dedicated truckload routes and irregular-route shipments. Its Dedicated and One-Way Truckload results help distinguish demand for customer-specific fleets from demand for less predictable routes.
C.H. Robinson competes with Schneider for customers paying to find truckload carriers and manage freight shipping and storage. Watch its North American Surface Transportation brokerage business and Managed Solutions rather than treating its global forwarding revenue as a direct comparison for Schneider’s Logistics business.
TFI International competes with Schneider for U.S. shippers’ full-load freight, including dedicated and specialized transport, and for arranging outside trucks. Its Truckload business is the closer comparison for Schneider’s trucking demand and pricing, not its smaller-load delivery business.
Ryder competes with Schneider for customers outsourcing dedicated vehicles, drivers and supply-chain operations. Watch both Ryder’s Dedicated Transportation Solutions and Supply Chain Solutions: dedicated transport bundled with broader logistics services is primarily reported in the latter.
Landstar competes with Schneider’s truckload and brokerage services by arranging customers’ freight moves through independent sales agents and outside carriers. Its truck freight activity offers a view of the shipment demand and third-party capacity that also matter to Schneider’s brokerage business.
Schneider depends on Union Pacific to carry containers by rail under one of its primary intermodal contracts, so rail service and renewal terms can directly affect Schneider’s door-to-door offering. Watch service disruptions and contract news for their effect on Schneider’s Intermodal results.
Schneider relies on CSX to haul containers by rail under a primary intermodal contract linking its service to the eastern rail network. CSX’s container traffic and service interruptions are more relevant to Schneider’s Intermodal business than CSX’s coal or merchandise revenue.
Schneider relies on Canadian Pacific Kansas City for rail haulage under a primary intermodal contract through its Canada–U.S.–Mexico network. Watch CPKC’s intermodal service and contract renewals, since rail disruptions or less favorable terms can impair Schneider’s container service and results.
Covenant Logistics competes with Schneider for customers paying for dedicated truckloads, time-sensitive deliveries, outside-carrier arrangements and warehouse management. Its Dedicated and Expedited results provide separate checks on demand for contracted fleets and urgent freight.
Heartland Express competes with Schneider for major U.S. shippers’ nationwide dry-van loads, including regional and time-sensitive freight. Its consolidated average haul is under 400 miles, making its results a more focused comparison for Schneider’s shorter-haul trucking business.
Marten Transport competes with Schneider for dedicated, dry-van and temperature-controlled truckloads and for arranging outside carriers. Temperature-sensitive products supplied about 59% of Marten’s Truckload and Dedicated revenue in 2025, making those results particularly relevant to Schneider’s temperature-controlled service.
Universal Logistics competes with Schneider for manufacturers and retailers outsourcing dedicated transport, warehousing and supply-chain work. Its Contract Logistics results are the relevant comparison, covering factory and warehouse tasks alongside dedicated moves that are typically short-haul or round-trip.
ArcBest competes with Schneider’s Logistics business by finding truckload carriers for customers through MoLo and managing transportation. Watch MoLo within its Asset-Light segment rather than using ArcBest’s substantial ABF Freight smaller-load operations as a direct comparison.
PAMT CORP competes with Schneider for automotive, consumer-goods and manufactured-goods shippers, hauling dry-van truckloads and arranging outside trucks. Its automotive-parts freight is a concrete place to watch demand from a customer group both companies serve.
Schneider buys trailers from Wabash National, linking the manufacturer’s equipment orders to Schneider’s fleet investment and replacement needs. Watch Wabash’s trailer orders for a view of equipment spending, rather than treating them as a direct measure of Schneider’s freight volumes.
CSX Corporation earningsCSX
CSX’s report will show whether container rail service on the eastern network Schneider National relies on is running smoothly.
Focus on CSX container traffic and service interruptions, not its coal or other freight revenue. Smooth service without significant disruptions would support Schneider National’s door-to-door rail-and-truck deliveries; interruptions could disrupt delivery and hurt its Intermodal business. The conclusion is whether the eastern rail connection is supporting Schneider National’s service.
C.H. Robinson Worldwide, Inc. earningsCHRW
C.H. Robinson’s North American brokerage and Managed Solutions results will show shipper demand and outside-carrier conditions relevant to Schneider National’s Logistics business.
Watch C.H. Robinson’s North American Surface Transportation brokerage and Managed Solutions, not its global forwarding revenue. Stronger activity with outside-carrier costs contained would support demand and capacity conditions for Schneider National’s Logistics business; weaker activity or rising carrier costs would make arranging third-party capacity less favorable. The conclusion is whether demand and capacity costs support Schneider National’s brokerage economics.
Schneider National, Inc. earningsThis company
Schneider National’s report will show whether freight demand is improving results in Truckload, Intermodal and Logistics, not just moving more freight.
Read revenue and operating income together for Truckload, Intermodal and Logistics. If both improve, demand, rates or asset use are generating enough to cover driver, equipment and purchased-carrier costs. If revenue rises but operating income does not keep pace, costs or pricing pressure are absorbing the added business. The conclusion is whether demand is improving Schneider National’s transport and logistics economics.
Wabash National Corp. earningsWNC
Wabash National’s trailer orders offer a read on equipment demand for Schneider National, which buys trailers from the manufacturer.
Watch Wabash National’s trailer orders, not as a measure of freight volumes but as a signal of equipment demand. More orders suggest stronger fleet-equipment demand and a potentially busier replacement market; fewer suggest softer demand, but do not establish Schneider National’s own purchases or freight volumes. The conclusion is whether the equipment market for fleet renewal is strengthening or softening.
