WERN Werner Enterprises, Inc. - Common Stock
About Werner Enterprises, Inc. - Common Stock Company overview from Wikipedia
Werner Enterprises, Inc. is an American transportation and logistics company, serving the United States, Mexico and Canada. Werner Enterprises stated that it had 2023 revenues of $3.28 billion and over 14,000 employees and contractors.
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Werner Enterprises, Inc. is an American transportation and logistics company, serving the United States, Mexico and Canada. Werner Enterprises stated that it had 2023 revenues of $3.28 billion and over 14,000 employees and contractors.
History
In 1956, Clarence "CL" Werner sold his family vehicle for a Ford Motor Company gasoline-powered truck, and began hauling cargo for other companies. In 1964, CL moved his company out of his home and into a shop in Council Bluffs, Iowa. In 1977, Werner Enterprises moved its corporate headquarters to its current location in Omaha, Nebraska. By 1999, Werner had expanded its operations into Mexico, reaching one billion dollars in revenue. Werner was among the six largest truckload and less-than-truckload (LTL) carriers in the United States in 2023.
Acquisitions
In July 2021, Werner acquired regional truckload carriers ECM Transport Group (ECM Transport and Motor Carrier Service, LLC), expanding in the Mid-Atlantic, Ohio and Northeast regions.
In November 2021, Werner acquired final mile carrier NEHDS Logistics, LLC.
In October 2022, Werner acquired truckload carrier Baylor Trucking, Inc., expanding in the east central and south-central U.S. truckload markets.
In November 2022, Werner acquired asset-light logistics provider and truckload carrier, ReedTMS Logistics.
Operations
Werner's fleet consists of approximately 8,300 trucks, 30,000 trailers and employs 14,300 employees and independent contractors. The company conducts business in more than 150 countries, with offices in the U.S., Canada and Mexico. It is the largest truckload transportation provider serving the Mexico cross-border market.
Werner's common stock trades on the NASDAQ Global Select Market under the symbol WERN. Werner announced its Werner DRIVE strategy in 2022, which stands for Durable, Results, Innovation, Values and ESG. Building on the "5Ts + S" strategy, Werner DRIVE incorporates sustainability, capital allocation, an outcome-oriented approach to operations, a drive to innovate and a culture that supports and values its team members.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
WERN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
WERN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| July 6, 2026 | $0.1400 |
| April 13, 2026 | $0.1400 |
| Jan. 5, 2026 | $0.1400 |
| Oct. 6, 2025 | $0.1400 |
| July 7, 2025 | $0.1400 |
| April 14, 2025 | $0.1400 |
| Jan. 2, 2025 | $0.1400 |
| Oct. 7, 2024 | $0.1400 |
| July 1, 2024 | $0.1400 |
| April 12, 2024 | $0.1400 |
| Dec. 29, 2023 | $0.1400 |
| Sept. 29, 2023 | $0.1400 |
| June 30, 2023 | $0.1400 |
| April 14, 2023 | $0.1300 |
| Dec. 30, 2022 | $0.1300 |
| Sept. 30, 2022 | $0.1300 |
| July 1, 2022 | $0.1300 |
| April 14, 2022 | $0.1200 |
| Dec. 31, 2021 | $0.1200 |
| Oct. 1, 2021 | $0.1200 |
WERN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 4 18.2%
- Buy 6 27.3%
- Hold 10 45.5%
- Sell 2 9.1%
- Strong Sell 0 0.0%
12-Month Price Target
15 analysts · 2026-08-19Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.22 | $0.23 | -0.01% |
| March 31, 2026 | $0.02 | $-0.05 | 0.07% |
| Dec. 31, 2025 | $0.05 | $0.11 | -0.06% |
| Sept. 30, 2025 | $-0.03 | $0.14 | -0.17% |
| June 30, 2025 | $0.11 | $0.05 | 0.06% |
| March 31, 2025 | $-0.12 | $0.12 | -0.24% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| WERN | $1.80B | -125.0 | -1.8% | -0.48% | -1.0% | — |
| R | $7.54B | 16.0 | 0.23% | 3.9% | 16.3% | — |
| LSTR | — | 44.1 | -1.6% | 2.4% | 13.0% | — |
| SNDR | — | 45.0 | 7.2% | 1.8% | 3.4% | — |
| RXO | $2.07B | -21.4 | 26.2% | -1.7% | -6.4% | — |
| ARCB | — | 28.3 | -4.0% | 1.5% | 4.6% | — |
| MRTN | $928M | 54.2 | -8.3% | 2.0% | 2.3% | — |
| HTLD | $699M | -13.5 | -23.1% | -6.5% | -6.8% | — |
| CVLG | — | 81.6 | 2.9% | 0.62% | 1.8% | — |
| ULH | $400M | -4.0 | -15.6% | -6.4% | -16.7% | — |
| PAMT | $253M | -4.9 | -16.3% | -8.8% | -23.1% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.97B | $3.03B | $3.28B | $3.29B | $2.73B | $2.37B | $2.46B | $2.46B | $2.12B | $2.01B | $2.09B | |
| Operating Expenses | $2.96B | $2.96B | $3.11B | $2.97B | $2.43B | $2.14B | $2.24B | $2.23B | $1.97B | $1.88B | $1.89B | |
| Operating Income | $12M | $66M | $176M | $323M | $309M | $227M | $225M | $224M | $144M | $126M | $200M | |
| Interest Expense | · | · | $34M | $12M | $4M | $4M | $7M | $3M | $2M | $3M | $2M | |
| Interest Income | $6M | $7M | $7M | $2M | $1M | $2M | $3M | $3M | $3M | $4M | $3M | |
| Other Non-op | $385.0K | $162.0K | $-477.0K | $-388.0K | $-236.0K | $-163.0K | $-38.0K | $-376.0K | $-328.0K | $-191.0K | $-196.0K | |
| Pretax Income | $-21M | $42M | $148M | $325M | $346M | $225M | $222M | $224M | $145M | $127M | $201M | |
| Income Tax | $2M | $9M | $35M | $79M | $85M | $56M | $55M | $56M | $-58M | $48M | $77M | |
| Net Income | $-14M | $34M | $112M | $241M | $259M | $169M | $167M | $168M | $203M | $79M | $124M | |
| EPS (Basic) | $-0.24 | $0.55 | $1.77 | $3.76 | $3.84 | $2.45 | $2.40 | $2.35 | $2.81 | $1.10 | $1.72 | |
| EPS (Diluted) | $-0.24 | $0.55 | $1.76 | $3.74 | $3.82 | $2.44 | $2.38 | $2.33 | $2.80 | $1.09 | $1.71 | |
| Shares (Basic) | 60,607,000 | 62,450,000 | 63,374,000 | 64,125,000 | 67,434,000 | 69,018,000 | 69,567,000 | 71,694,000 | 72,270,000 | 72,057,000 | 71,957,000 | |
| Shares (Diluted) | 60,607,000 | 62,662,000 | 63,718,000 | 64,579,000 | 67,855,000 | 69,427,000 | 70,026,000 | 72,057,000 | 72,558,000 | 72,393,000 | 72,556,000 | |
| EBITDA | $12M | $66M | $176M | $323M | $309M | $227M | $225M | $224M | $144M | $126M | $200M |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $60M | $41M | $62M | $107M | $54M | $29M | $26M | $34M | $14M | $17M | $32M | |
| Receivables | $395M | $392M | $445M | $519M | $461M | $341M | $323M | $338M | $304M | $261M | $251M | |
| Inventory | $12M | $14M | $18M | $15M | $11M | $12M | $9M | $10M | $12M | $13M | $16M | |
| Prepaid Expense | $57M | $54M | $54M | · | · | · | · | · | · | · | · | |
| Other Current Assets | $36M | $15M | $30M | $74M | $63M | $34M | $39M | $32M | $28M | $30M | $27M | |
| Current Assets | $613M | $542M | $635M | $763M | $631M | $457M | $466M | $457M | $400M | $373M | $380M | |
| PP&E (Net) | $1.79B | $1.93B | $1.97B | $1.83B | $1.61B | $1.54B | $1.53B | $1.49B | $1.35B | $1.36B | $1.15B | |
| PP&E (Gross) | $2.90B | $2.94B | $2.95B | $2.89B | $2.56B | $2.41B | $2.34B | $2.25B | $2.11B | $2.11B | $1.91B | |
| Accum. Depreciation | $1.11B | $1.01B | $979M | $1.06B | $945M | $862M | $817M | $760M | $767M | $747M | $754M | |
| Goodwill | $129M | $129M | $129M | $133M | $75M | $0 | · | · | · | · | · | |
| Intangibles | $45M | $76M | $86M | $82M | $55M | $0 | · | · | · | · | · | |
| Other Non-current Assets | $272M | $371M | $335M | $295M | $229M | $157M | $151M | $139M | $61M | $57M | $52M | |
| Total Assets | $2.89B | $3.05B | $3.16B | $3.10B | $2.60B | $2.16B | $2.14B | $2.08B | $1.81B | $1.79B | $1.59B | |
| Accounts Payable | $95M | $112M | $136M | $124M | $94M | $83M | $95M | $98M | $74M | $67M | $71M | |
| Accrued Liabilities | $16M | $19M | $30M | $20M | $29M | $25M | $11M | · | · | · | · | |
| Current Liabilities | $315M | $356M | $331M | $310M | $269M | $274M | $309M | $310M | $232M | $215M | $184M | |
| Capital Leases | $26M | $36M | $27M | $33M | $23M | $7M | $8M | · | · | · | · | |
| Deferred Tax | $266M | $270M | $320M | $313M | $268M | $238M | $250M | $233M | $195M | $293M | $246M | |
| Other Non-current Liabilities | $26M | $66M | $54M | $60M | $43M | $43M | $21M | $11M | $13M | $17M | $20M | |
| Total Liabilities | $1.50B | $1.56B | $1.59B | $1.61B | $1.24B | $962M | · | · | · | · | · | |
| Long-term Debt | $752M | $650M | $649M | $694M | $428M | $200M | · | · | · | · | · | |
| Total Debt | $752M | $650M | $649M | $694M | $428M | · | · | · | · | · | · | |
| Common Stock | $805.0K | $805.0K | $805.0K | $805.0K | $805.0K | $805.0K | $805.0K | $805.0K | $805.0K | $805.0K | $805.0K | |
| Retained Earnings | $1.90B | $1.95B | $1.95B | $1.88B | $1.67B | $1.44B | $1.29B | $1.41B | $1.27B | $1.08B | $1.02B | |
| Treasury Stock | $671M | $617M | $551M | $552M | $442M | $338M | $282M | $241M | $171M | $175M | $178M | |
| AOCI | $-16M | $-18M | $-10M | $-11M | $-21M | $-23M | $-15M | $-16M | $-16M | $-17M | $-13M | |
| Stockholders' Equity | $1.36B | $1.46B | $1.53B | $1.44B | $1.33B | $1.20B | $1.11B | $1.26B | $1.18B | $995M | $936M | |
| Liabilities + Equity | $2.89B | $3.05B | $3.16B | $3.10B | $2.60B | $2.16B | $2.14B | $2.08B | $1.81B | $1.79B | $1.59B | |
| Shares Outstanding | 59,869,405 | 61,850,434 | 63,444,681 | 63,223,003 | 65,790,112 | 67,931,726 | 69,244,525 | 70,441,973 | 72,409,222 | 72,166,969 | 71,998,750 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $11M | $9M | $12M | $12M | $11M | $9M | $8M | $7M | $5M | $2M | $4M | |
| Deferred Tax | $-3M | $-50M | $8M | $43M | $29M | $-10M | $16M | $38M | $-101M | $45M | $38M | |
| Amort. of Intangibles | $10M | $10M | $10M | $6M | $2M | $0 | · | · | · | · | · | |
| Operating Cash Flow | $182M | $330M | $474M | $449M | $333M | $446M | $427M | $418M | $283M | $310M | $370M | |
| CapEx | $250M | $414M | $599M | $507M | $371M | $413M | $421M | $520M | $316M | $538M | $454M | |
| Investing Cash Flow | $-172M | $-241M | $-435M | $-514M | $-397M | $-263M | $-272M | $-331M | $-184M | $-410M | $-336M | |
| Debt Issued | $425M | $205M | $50M | $370M | $250M | $0 | $275M | · | · | · | · | |
| Net Debt Issued | $105M | $-16M | $-40M | $270M | $250M | · | · | · | · | · | · | |
| Stock Repurchased | $56M | $67M | $0 | $110M | $104M | $57M | $42M | $72M | $0 | $0 | $6M | |
| Net Stock Activity | $-56M | $-67M | $0 | $-110M | $-104M | $-57M | $-42M | $-72M | $0 | $0 | $-6M | |
| Dividends Paid | $34M | $35M | $34M | $32M | $29M | $25M | $286M | $23M | $19M | $17M | $15M | |
| Financing Cash Flow | $7M | $-106M | $-87M | $118M | $90M | $-186M | $-155M | $-68M | $-101M | $83M | $-25M | |
| Net Change in Cash | $19M | $-21M | $-46M | $53M | $25M | $-4M | $-488.0K | $19M | $-2M | $-18M | $9M | |
| Taxes Paid | $39M | $26M | $18M | $40M | $81M | $54M | $50M | $11M | $22M | $5M | $35M | |
| Free Cash Flow | $-69M | $-84M | $-124M | $-59M | $-38M | $33M | $6M | $-102M | $-35M | $-225M | $-84M | |
| Levered FCF | · | · | $-150M | $-67M | $-41M | $30M | $739.6K | $-104M | $-38M | $-227M | $-85M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 0.39% | 2.2% | 5.4% | 9.8% | 11.3% | 9.6% | 9.2% | 9.1% | 6.8% | 6.3% | 9.6% | |
| Net Margin | -0.48% | 1.1% | 3.4% | 7.3% | 9.5% | 7.1% | 6.8% | 6.8% | 9.6% | 3.9% | 5.9% | |
| Pretax Margin | -0.70% | 1.4% | 4.5% | 9.9% | 12.7% | 9.5% | 9.0% | 9.1% | 6.8% | 6.3% | 9.6% | |
| EBITDA Margin | 0.39% | 2.2% | 5.4% | 9.8% | 11.3% | 9.6% | 9.2% | 9.1% | 6.8% | 6.3% | 9.6% | |
| ROA | -0.48% | 1.1% | 3.6% | 8.5% | 10.9% | 7.9% | 7.9% | 8.6% | 11.3% | 4.7% | 8.0% | |
| ROE | -1.0% | 2.4% | 7.4% | 17.1% | 20.3% | 14.5% | 15.3% | 13.4% | 18.6% | 8.2% | 14.0% | |
| ROIC | 0.61% | 2.5% | 6.2% | 11.4% | 13.3% | 14.3% | 15.3% | 13.3% | 17.0% | 7.9% | 13.2% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.9 | 1.5 | 1.9 | 2.5 | 2.3 | 1.7 | 1.5 | 1.5 | 1.7 | 1.7 | 2.2 | |
| Quick Ratio | 1.4 | 1.2 | 1.5 | 2.0 | 1.9 | 1.4 | 1.1 | 1.2 | 1.4 | 1.3 | 1.5 | |
| Debt / Equity | 0.6 | 0.4 | 0.4 | 0.5 | 0.3 | · | · | · | · | · | · | |
| LT Debt / Equity | 0.6 | 0.4 | 0.4 | 0.5 | 0.3 | · | · | · | · | · | · | |
| Interest Coverage | · | · | 5.3 | 27.3 | 69.9 | 54.0 | 32.9 | 83.2 | 64.1 | 48.9 | 101.5 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 1.0 | 1.0 | 1.0 | 1.2 | 1.1 | 1.1 | 1.2 | 1.3 | 1.2 | 1.2 | 1.4 | |
| Receivables Turnover | 7.6 | 7.2 | 6.8 | 6.7 | 6.8 | 7.1 | 7.5 | 7.7 | 7.5 | 7.8 | 8.1 |
Growth Rates 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -1.8% | -7.7% | -0.20% | 20.3% | 15.3% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -3.3% | 3.5% | 11.5% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 4.6% | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | -68.8% | -52.9% | -2.1% | 56.6% | · | · | · | · | · | · | |
| EPS CAGR 3Y | · | -47.6% | -10.3% | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | -69.5% | -53.4% | -6.9% | 53.2% | · | · | · | · | · | · | |
| Net Income CAGR 3Y | · | -49.1% | -12.7% | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 6.5% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2.97B | $3.03B | $3.28B | $3.29B | $2.73B | $2.37B | $2.46B | $2.46B | $2.12B | $2.01B | $2.09B | |
| Net Income TTM | $-14M | $34M | $112M | $241M | $259M | $169M | $167M | $168M | $203M | $79M | $124M | |
| Market Cap | $1.80B | $2.22B | $2.69B | $2.55B | $3.14B | $2.66B | $2.52B | $2.08B | $2.80B | $1.94B | $1.68B | |
| Enterprise Value | $2.49B | $2.83B | $3.28B | $3.13B | $3.51B | · | · | · | · | · | · | |
| P/E | -125.0 | 65.3 | 24.1 | 10.8 | 12.5 | 16.1 | 15.3 | 12.7 | 13.8 | 24.7 | 13.7 | |
| P/S | 0.6 | 0.7 | 0.8 | 0.8 | 1.1 | 1.1 | 1.0 | 0.8 | 1.3 | 1.0 | 0.8 | |
| P/B | 1.3 | 1.5 | 1.8 | 1.8 | 2.4 | 2.2 | 2.3 | 1.6 | 2.4 | 2.0 | 1.8 | |
| P / Tangible Book | 1.5 | 1.8 | 2.0 | 2.1 | 2.6 | 2.2 | · | · | · | · | · | |
| P / Cash Flow | 9.9 | 6.7 | 5.7 | 5.7 | 9.4 | 6.0 | 5.9 | 5.0 | 9.9 | 6.2 | 4.5 | |
| P / FCF | -26.2 | -26.4 | -21.6 | -43.5 | -82.4 | 81.1 | 427.4 | -20.5 | -81.1 | -8.6 | -20.1 | |
| EV / EBITDA | 213.5 | 42.8 | 18.6 | 9.7 | 11.4 | · | · | · | · | · | · | |
| EV / FCF | -36.3 | -33.7 | -26.3 | -53.5 | -92.3 | · | · | · | · | · | · | |
| EV / Revenue | 0.8 | 0.9 | 1.0 | 1.0 | 1.3 | · | · | · | · | · | · | |
| Dividend Yield | 1.9% | 1.6% | 1.3% | 1.3% | 0.93% | 0.93% | 11.4% | 1.1% | 0.67% | 0.89% | 0.90% | |
| Earnings Yield | -0.80% | 1.5% | 4.2% | 9.3% | 8.0% | 6.2% | 6.5% | 7.9% | 7.2% | 4.0% | 7.3% | |
| Payout Ratio | -236.7% | 102.4% | 30.4% | 13.3% | 11.2% | 14.7% | 171.4% | 13.7% | 9.3% | 21.9% | 12.2% | |
| Annual Payout | $34M | $35M | $34M | $32M | $29M | $25M | $286M | $23M | $19M | $17M | $15M |
Income Statement 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $934M | $809M | $738M | $771M | $753M | $712M | $755M | $746M | $761M | $769M | $822M | $818M | $811M | $833M | $861M | $828M | |
| Operating Expenses | $917M | $805M | $773M | $785M | $687M | $718M | $741M | $728M | $741M | $753M | $784M | $780M | $764M | $779M | $773M | $751M | |
| Operating Income | $17M | $4M | $-36M | $-13M | $66M | $-6M | $13M | $18M | $20M | $16M | $38M | $38M | $47M | $53M | $88M | $76M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $8M | · | $9M | $8M | $8M | · | $3M | |
| Interest Income | $2M | $2M | $1M | $1M | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $751.0K | $392.0K | |
| Other Non-op | $-117.0K | $98.0K | $128.0K | $-60.0K | $-51.0K | $368.0K | $-19.0K | $-50.0K | $-30.0K | $261.0K | $-100.0K | $-284.0K | $-86.0K | $-7.0K | $-112.0K | $-77.0K | |
| Pretax Income | $7M | $-6M | $-45M | $-22M | $59M | $-13M | $12M | $9M | $12M | $9M | $30M | $31M | $40M | $47M | $81M | $74M | |
| Income Tax | $2M | $-1M | $-9M | $-822.0K | $15M | $-3M | $910.0K | $2M | $3M | $3M | $7M | $7M | $10M | $11M | $20M | $18M | |
| Net Income | $6M | $-4M | $-28M | $-21M | $44M | $-10M | $12M | $7M | $9M | $6M | $24M | $24M | $30M | $35M | $60M | $55M | |
| EPS (Basic) | $0.11 | $-0.07 | $-0.46 | $-0.34 | $0.72 | $-0.16 | $0.19 | $0.11 | $0.15 | $0.10 | $0.37 | $0.37 | $0.47 | $0.56 | $0.95 | $0.87 | |
| EPS (Diluted) | $0.11 | $-0.07 | $-0.46 | $-0.34 | $0.72 | $-0.16 | $0.19 | $0.11 | $0.15 | $0.10 | $0.37 | $0.37 | $0.47 | $0.55 | $0.94 | $0.86 | |
| Shares (Basic) | 59,965,000 | 59,910,000 | -122,001,000 | 59,830,000 | 60,888,000 | 61,890,000 | -125,536,000 | 61,808,000 | 62,706,000 | 63,472,000 | -126,706,000 | 63,390,000 | 63,384,000 | 63,306,000 | -129,198,000 | 63,386,000 | |
| Shares (Diluted) | 60,240,000 | 59,910,000 | -122,114,000 | 59,830,000 | 61,001,000 | 61,890,000 | -125,947,000 | 62,022,000 | 62,860,000 | 63,727,000 | -127,401,000 | 63,737,000 | 63,687,000 | 63,695,000 | -129,807,000 | 63,782,000 | |
| EBITDA | $17M | $4M | · | $-13M | $66M | $-6M | · | $18M | $20M | $16M | · | $38M | $47M | $53M | · | $76M |
Balance Sheet 29
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $57M | $62M | $60M | $51M | $51M | $52M | $41M | $55M | $70M | $60M | · | $43M | $47M | $130M | · | $126M | |
| Receivables | $491M | $485M | $395M | $438M | $421M | $387M | $392M | $384M | $410M | $417M | · | $450M | $438M | $461M | · | $493M | |
| Inventory | $14M | $14M | $12M | $12M | $13M | $13M | $14M | $15M | $16M | $17M | · | $17M | $16M | $15M | · | $13M | |
| Prepaid Expense | $43M | $57M | $57M | $48M | $34M | $48M | $54M | · | · | · | · | · | · | · | · | · | |
| Other Current Assets | $40M | $46M | $36M | $34M | $17M | $14M | $15M | $60M | $45M | $65M | · | $101M | $67M | $61M | · | $66M | |
| Current Assets | $675M | $703M | $613M | $605M | $559M | $539M | $542M | $547M | $578M | $597M | · | $645M | $609M | $710M | · | $731M | |
| PP&E (Net) | $1.83B | $1.90B | $1.79B | $1.86B | $1.88B | $1.87B | $1.93B | $2.02B | $1.96B | $1.93B | $1.97B | $1.99B | $1.94B | $1.85B | $1.83B | $1.72B | |
| PP&E (Gross) | $3.00B | $3.04B | $2.90B | $2.97B | $2.94B | $2.89B | $2.94B | $3.02B | $2.95B | $2.91B | · | $2.95B | $2.98B | $2.88B | · | $2.78B | |
| Accum. Depreciation | $1.16B | $1.14B | $1.11B | $1.11B | $1.07B | $1.03B | $1.01B | $1.00B | $992M | $983M | · | $966M | $1.03B | $1.02B | · | $1.06B | |
| Goodwill | $139M | $139M | $129M | $129M | $129M | $129M | $129M | $129M | $129M | $129M | · | $129M | $129M | $129M | $133M | $74M | |
| Intangibles | $63M | $65M | $45M | $69M | $71M | $74M | $76M | $79M | $81M | $84M | · | $89M | $92M | $94M | · | $51M | |
| Other Non-current Assets | $299M | $287M | $312M | $310M | $308M | $378M | $371M | $346M | $345M | $337M | · | $345M | $331M | $329M | · | $284M | |
| Total Assets | $3.16B | $3.26B | $2.89B | $2.97B | $2.95B | $2.99B | $3.05B | $3.12B | $3.09B | $3.08B | · | $3.19B | $3.11B | $3.12B | · | $2.86B | |
| Accounts Payable | $119M | $138M | $95M | $147M | $129M | $113M | $112M | $164M | $142M | $136M | · | $129M | $120M | $129M | · | $116M | |
| Accrued Liabilities | $8M | $18M | $16M | $19M | $18M | $14M | $19M | $22M | $23M | $22M | · | $28M | $19M | $20M | · | $32M | |
| Current Liabilities | $466M | $482M | $315M | $374M | $334M | $324M | $356M | $358M | $342M | $314M | · | $330M | $315M | $303M | · | $303M | |
| Capital Leases | $57M | $61M | $26M | $28M | $31M | $33M | $36M | $33M | $35M | $27M | · | $29M | $32M | $32M | · | $28M | |
| Deferred Tax | $275M | $276M | $266M | $277M | $260M | $257M | $270M | $292M | $308M | $323M | · | $337M | $322M | $313M | · | $281M | |
| Other Non-current Liabilities | $24M | $24M | $53M | $51M | $54M | $55M | $66M | $67M | $62M | $53M | · | $53M | $56M | $59M | · | $43M | |
| Total Liabilities | $1.78B | $1.88B | $1.50B | $1.54B | $1.49B | $1.51B | $1.56B | $1.63B | $1.60B | $1.52B | · | $1.64B | $1.57B | $1.61B | · | $1.43B | |
| Long-term Debt | $793M | $878M | $752M | $725M | $725M | $640M | $650M | $690M | $670M | $598M | · | $690M | $640M | $691M | · | $574M | |
| Total Debt | $793M | $878M | · | $725M | $725M | $640M | · | $690M | $670M | $598M | · | $690M | $640M | $691M | · | $574M | |
| Common Stock | $805.0K | $805.0K | $805.0K | $805.0K | $805.0K | $805.0K | $805.0K | $805.0K | $805.0K | $805.0K | · | $805.0K | $805.0K | $805.0K | · | $805.0K | |
| Retained Earnings | $1.89B | $1.89B | $1.90B | $1.94B | $1.97B | $1.93B | $1.95B | $1.95B | $1.95B | $1.95B | · | $1.94B | $1.92B | $1.90B | · | $1.82B | |
| Treasury Stock | $670M | $670M | $671M | $672M | $672M | $617M | $617M | $618M | $618M | $557M | · | $552M | $552M | $552M | · | $552M | |
| AOCI | $-12M | $-14M | $-16M | $-17M | $-18M | $-20M | $-18M | $-21M | $-14M | $-9M | · | $-9M | $-7M | $-9M | · | $-13M | |
| Stockholders' Equity | $1.36B | $1.35B | $1.36B | $1.40B | $1.42B | $1.44B | $1.46B | $1.45B | $1.46B | $1.52B | $1.53B | $1.51B | $1.50B | $1.47B | $1.44B | $1.39B | |
| Liabilities + Equity | $3.16B | $3.26B | $2.89B | $2.97B | $2.95B | $2.99B | $3.05B | $3.12B | $3.09B | $3.08B | · | $3.19B | $3.11B | $3.12B | · | $2.86B | |
| Shares Outstanding | 59,977,156 | 59,950,115 | 59,869,405 | 59,830,317 | 59,830,317 | 61,924,797 | 61,850,434 | 61,807,803 | 61,807,803 | 63,412,833 | · | 63,390,516 | 63,389,496 | 63,376,934 | · | 63,202,053 |
Cash Flow 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $2M | $3M | $3M | $3M | $3M | |
| Deferred Tax | $-2M | $-4M | $-11M | $17M | $3M | $-12M | $-24M | $-15M | $-14M | $3M | $-16M | $15M | $9M | $-111.0K | $32M | $11M | |
| Amort. of Intangibles | $2M | $2M | $3M | $2M | $2M | $2M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $2M | $1M | |
| Operating Cash Flow | $84M | $83M | $62M | $44M | $46M | $29M | $71M | $61M | $109M | $89M | $118M | $74M | $115M | $167M | $116M | $65M | |
| CapEx | $29M | $53M | $86M | $53M | $88M | $24M | $81M | $134M | $140M | $58M | $69M | $169M | $200M | $162M | $127M | $153M | |
| Investing Cash Flow | $8M | $-194M | $-72M | $-36M | $-66M | $2M | $-35M | $-87M | $-100M | $-19M | $-33M | $-122M | $-151M | $-129M | $-246M | $-99M | |
| Debt Issued | $64M | $4M | $25M | $5M | $145M | $250M | $5M | $50M | $150M | $0 | $0 | $50M | $0 | $0 | $120M | $130M | |
| Net Debt Issued | · | $-39M | · | · | · | $-10M | · | · | · | $-50M | · | · | · | $0 | · | · | |
| Stock Repurchased | · | · | $-9.0K | $0 | $56M | $0 | $-17.0K | $0 | $61M | $7M | $0 | $0 | $0 | $0 | $0 | $8M | |
| Net Stock Activity | · | · | · | · | · | $0 | · | · | · | $-7M | · | · | · | $0 | · | · | |
| Dividends Paid | $8M | $8M | $8M | $8M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $8M | $8M | $8M | $8M | |
| Financing Cash Flow | $-97M | $112M | $18M | $-9M | $19M | $-21M | $-49M | $11M | $3M | $-71M | $-67M | $44M | $-48M | $-16M | $111M | $105M | |
| Net Change in Cash | $-5M | $2M | $9M | $-436.0K | $-531.0K | $11M | $-14M | $-16M | $10M | $-1M | $19M | $-4M | $-83M | $22M | $-18M | $71M | |
| Taxes Paid | $793.0K | $2M | $-89.0K | $11.0K | $18M | $21M | $11M | $11M | $2M | $1M | $752.0K | $6M | $11M | $219.0K | $2M | $8M | |
| Free Cash Flow | · | $31M | · | · | · | $6M | · | · | · | $30M | · | · | · | $5M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $25M | · | · | · | $-910.2K | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 1.8% | 0.49% | · | -1.7% | 8.8% | -0.82% | · | 2.4% | 2.6% | 2.0% | · | 4.6% | 5.8% | 6.4% | · | 9.2% | |
| Net Margin | 0.68% | -0.53% | · | -2.7% | 5.9% | -1.4% | · | 0.88% | 1.2% | 0.82% | · | 2.9% | 3.7% | 4.2% | · | 6.7% | |
| Pretax Margin | 0.79% | -0.73% | · | -2.8% | 7.8% | -1.9% | · | 1.1% | 1.6% | 1.2% | · | 3.7% | 4.9% | 5.6% | · | 8.9% | |
| EBITDA Margin | 1.8% | 0.49% | · | -1.7% | 8.8% | -0.82% | · | 2.4% | 2.6% | 2.0% | · | 4.6% | 5.8% | 6.4% | · | 9.2% | |
| ROA | 0.21% | -0.14% | · | -0.68% | 1.5% | -0.33% | · | 0.21% | 0.31% | 0.20% | · | 0.78% | 1.0% | 1.2% | · | 2.1% | |
| ROE | 0.46% | -0.31% | · | -1.5% | 3.1% | -0.68% | · | 0.44% | 0.64% | 0.42% | · | 1.6% | 2.1% | 2.5% | · | 4.1% | |
| ROIC | 0.57% | 0.13% | · | -0.59% | 2.3% | -0.21% | · | 0.63% | 0.70% | 0.49% | · | 1.3% | 1.7% | 1.9% | · | 2.9% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.4 | 1.5 | · | 1.6 | 1.7 | 1.7 | · | 1.5 | 1.7 | 1.9 | · | 2.0 | 1.9 | 2.3 | · | 2.4 | |
| Quick Ratio | 1.2 | 1.1 | · | 1.3 | 1.4 | 1.4 | · | 1.2 | 1.4 | 1.5 | · | 1.5 | 1.5 | 1.9 | · | 2.0 | |
| Debt / Equity | 0.6 | 0.6 | · | 0.5 | 0.5 | 0.4 | · | 0.5 | 0.5 | 0.4 | · | 0.5 | 0.4 | 0.5 | · | 0.4 | |
| LT Debt / Equity | 0.6 | 0.6 | · | 0.5 | 0.5 | 0.4 | · | 0.5 | 0.5 | 0.4 | · | 0.5 | 0.4 | 0.5 | · | 0.4 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 2.0 | · | 4.4 | 5.8 | 6.7 | · | 27.5 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | · | 0.3 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | |
| Receivables Turnover | 2.0 | 1.9 | · | 1.9 | 1.8 | 1.8 | · | 1.8 | 1.8 | 1.8 | · | 1.7 | 1.8 | 1.8 | · | 1.8 |
Valuation (TTM) 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $3.27B | $3.05B | · | $2.98B | $2.97B | $2.99B | · | $3.09B | $3.16B | $3.23B | · | $3.29B | $3.31B | $3.26B | · | $3.13B | |
| Net Income TTM | $26M | $9M | · | $20M | $50M | $12M | · | $46M | $69M | $95M | · | $144M | $192M | $216M | · | $245M | |
| Market Cap | $2.62B | $1.76B | · | $1.57B | $1.64B | $1.81B | · | $2.39B | $2.21B | $2.48B | · | $2.47B | $2.80B | $2.88B | · | $2.38B | |
| Enterprise Value | $3.35B | $2.58B | · | $2.25B | $2.31B | $2.40B | · | $3.02B | $2.81B | $3.02B | · | $3.12B | $3.39B | $3.44B | · | $2.82B | |
| P/E | 103.8 | 196.1 | · | 79.8 | 33.4 | 146.5 | · | 52.9 | 32.9 | 26.3 | · | 17.3 | 14.7 | 13.6 | · | 10.1 | |
| P/S | 0.8 | 0.6 | · | 0.5 | 0.6 | 0.6 | · | 0.8 | 0.7 | 0.8 | · | 0.8 | 0.8 | 0.9 | · | 0.8 | |
| P/B | 1.9 | 1.3 | · | 1.1 | 1.2 | 1.3 | · | 1.6 | 1.5 | 1.6 | · | 1.6 | 1.9 | 2.0 | · | 1.7 | |
| P / Tangible Book | 2.3 | 1.5 | · | 1.3 | 1.3 | 1.5 | · | 1.9 | 1.8 | 1.9 | · | 1.9 | 2.2 | 2.3 | · | 1.9 | |
| P / Cash Flow | · | 21.1 | · | · | · | 61.8 | · | · | · | 28.0 | · | · | · | 17.3 | · | · | |
| P / FCF | · | 57.5 | · | · | · | 309.8 | · | · | · | 81.7 | · | · | · | 567.2 | · | · | |
| EV / EBITDA | 198.1 | 645.8 | · | -172.7 | 34.8 | -411.9 | · | 171.7 | 143.5 | 193.6 | · | 82.2 | 71.9 | 64.5 | · | 37.0 | |
| EV / FCF | · | 84.1 | · | · | · | 410.2 | · | · | · | 99.4 | · | · | · | 677.7 | · | · | |
| EV / Revenue | 1.0 | 0.8 | · | 0.8 | 0.8 | 0.8 | · | 1.0 | 0.9 | 0.9 | · | 0.9 | 1.0 | 1.1 | · | 0.9 | |
| Earnings Yield | 0.96% | 0.51% | · | 1.2% | 3.0% | 0.68% | · | 1.9% | 3.0% | 3.8% | · | 5.8% | 6.8% | 7.4% | · | 10.0% | |
| Payout Ratio | · | -196.7% | · | · | · | -85.8% | · | · | · | 140.7% | · | · | · | 23.3% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $2.97B | $3.03B | $3.28B | $3.29B | $2.73B |
| Operating Margin % | 0.39% | 2.2% | 5.4% | 9.8% | 11.3% |
| Net Income | $-14M | $34M | $112M | $241M | $259M |
| Diluted EPS | $-0.24 | $0.55 | $1.76 | $3.74 | $3.82 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.6 | 0.4 | 0.4 | 0.5 | 0.3 |
| Current Ratio | 1.9 | 1.5 | 1.9 | 2.5 | 2.3 |
| Quick Ratio | 1.4 | 1.2 | 1.5 | 2.0 | 1.9 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-69M | $-84M | $-124M | $-59M | $-38M |
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Institutional owners (13F) 289 filers · $2.0B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 73 (+19 vs prior Q) | 28 (0 vs prior Q) | 91 (+10 vs prior Q) | 73 (+5 vs prior Q) | +7.2M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC | $162,424,268 | 3,724,473 | 8.10% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $160,767,017 | 3,686,472 | 8.01% | Shares |
| AMERICAN CENTURY COMPANIES INC | $132,940,288 | 3,048,390 | 6.63% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $117,868,105 | 2,702,777 | 5.88% | Shares |
| STATE STREET CORP | $115,003,320 | 2,637,086 | 5.73% | Shares |
| FIRST TRUST ADVISORS LP | $92,160,402 | 2,113,286 | 4.59% | Shares |
| DEPRINCE RACE & ZOLLO INC | $89,848,050 | 3,055,017 | 4.48% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $87,010,978 | 1,995,207 | 4.34% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $74,887,092 | 1,717,200 | 3.73% | Shares |
| FMR LLC | $67,063,894 | 1,537,810 | 3.34% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $60,295,042 | 1,382,281 | 3.01% | Shares |
| Maple Rock Capital Partners Inc. | $59,578,543 | 1,366,167 | 2.97% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $57,456,786 | 1,317,514 | 2.86% | Shares |
| Allianz Asset Management GmbH | $48,547,437 | 1,113,218 | 2.42% | Shares |
| AMERIPRISE FINANCIAL INC | $38,145,709 | 874,701 | 1.90% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $38,083,000 | 873,270 | 1.90% | Shares |
| MILLENNIUM MANAGEMENT LLC | $33,927,315 | 777,971 | 1.69% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $32,713,518 | 750,138 | 1.63% | Shares |
| Qube Research & Technologies Ltd | $30,322,600 | 695,313 | 1.51% | Shares |
| GOLDMAN SACHS GROUP INC | $27,115,826 | 621,780 | 1.35% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $27,053,725 | 620,356 | 1.35% | Shares |
| Penn Capital Management Company, LLC | $21,475,492 | 491,541 | 1.07% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $20,874,930 | 478,673 | 1.04% | Shares |
| Russell Investments Group, Ltd. | $19,776,350 | 453,482 | 0.99% | Shares |
| Balyasny Asset Management L.P. | $18,649,250 | 427,637 | 0.93% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $18,552,043 | 425,408 | 0.92% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $17,630,782 | 404,283 | 0.88% | Shares |
| ROYCE & ASSOCIATES LP | $17,143,527 | 393,110 | 0.85% | Shares |
| Empowered Funds, LLC | $12,557,456 | 287,949 | 0.63% | Shares |
| Meros Investment Management, LP | $12,205,131 | 279,870 | 0.61% | Shares |
| BEACONLIGHT CAPITAL, LLC | $12,037,494 | 276,026 | 0.60% | Shares |
| BlackRock, Inc. | $11,790,530 | 270,363 | 0.59% | Shares |
| CITADEL ADVISORS LLC | $11,413,784 | 261,724 | 0.57% | Shares |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $11,172,838 | 256,199 | 0.56% | Shares |
| TWO SIGMA INVESTMENTS, LP | $10,103,957 | 231,689 | 0.50% | Shares |
| ESSEX INVESTMENT MANAGEMENT CO LLC | $10,101,166 | 231,625 | 0.50% | Shares |
| BANK OF AMERICA CORP /DE/ | $9,360,843 | 214,649 | 0.47% | Shares |
| Public Sector Pension Investment Board | $8,981,174 | 205,943 | 0.45% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $8,930,892 | 204,790 | 0.45% | Shares |
| PINNACLE ASSOCIATES LTD | $8,646,216 | 198,262 | 0.43% | Shares |
| NUANCE INVESTMENTS, LLC | $8,283,484 | 189,945 | 0.41% | Shares |
| CAXTON ASSOCIATES LLP | $7,236,120 | 165,928 | 0.36% | Shares |
| RHUMBLINE ADVISERS | $6,850,277 | 157,081 | 0.34% | Shares |
| DEAN INVESTMENT ASSOCIATES, LLC | $6,348,264 | 145,569 | 0.32% | Shares |
| Swiss National Bank | $5,246,283 | 120,300 | 0.26% | Shares |
| FEDERATED HERMES, INC. | $4,834,038 | 110,847 | 0.24% | Shares |
| Dean Capital Management | $4,605,085 | 105,597 | 0.23% | Shares |
| TWO SIGMA ADVISERS, LP | $4,264,421 | 142,100 | 0.21% | Shares |
| CastleKnight Management LP | $4,251,975 | 97,500 | 0.21% | Shares |
| Quantinno Capital Management LP | $4,251,898 | 97,498 | 0.21% | Shares |
| Legato Capital Management LLC | $4,249,489 | 97,443 | 0.21% | Shares |
| Moody Aldrich Partners LLC | $4,181,109 | 95,875 | 0.21% | Shares |
| Legal & General Group Plc | $4,005,448 | 91,847 | 0.20% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $3,829,612 | 87,815 | 0.19% | Shares |
| GREAT LAKES ADVISORS, LLC | $3,309,040 | 75,878 | 0.16% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $3,231,677 | 74,104 | 0.16% | Shares |
| Corient Private Wealth LP | $3,143,891 | 72,091 | 0.16% | Shares |
| Campbell & CO Investment Adviser LLC | $3,142,406 | 72,057 | 0.16% | Shares |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO | $3,028,627 | 69,448 | 0.15% | Shares |
| Hudson Bay Capital Management LP | $2,860,249 | 65,587 | 0.14% | Shares |
| PRUDENTIAL FINANCIAL INC | $2,826,800 | 64,820 | 0.14% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,791,040 | 64,000 | 0.14% | Put option |
| Verition Fund Management LLC | $2,647,476 | 60,708 | 0.13% | Shares |
| New Age Alpha Advisors, LLC | $2,540,893 | 58,264 | 0.13% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $2,514,771 | 57,665 | 0.13% | Shares |
| Holocene Advisors, LP | $2,503,301 | 57,402 | 0.12% | Shares |
| ROWLANDMILLER & PARTNERS.ADV | $2,492,631 | 57,157 | 0.12% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $2,454,109 | 56,274 | 0.12% | Shares |
| UBS Group AG | $2,359,301 | 54,100 | 0.12% | Put option |
| BARCLAYS PLC | $2,307,667 | 52,916 | 0.12% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $2,272,342 | 52,106 | 0.11% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $2,143,989 | 72,900 | 0.11% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $2,087,131 | 47,859 | 0.10% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $2,020,370 | 46,201 | 0.10% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,901,121 | 64,642 | 0.09% | Shares |
| MIRABELLA FINANCIAL SERVICES LLP | $1,875,056 | 42,996 | 0.09% | Shares |
| Walleye Capital LLC | $1,859,923 | 42,649 | 0.09% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $1,746,734 | 40,054 | 0.09% | Shares |
| Y-Intercept (Hong Kong) Ltd | $1,619,763 | 37,142 | 0.08% | Shares |
| Advisors Preferred, LLC | $1,547,942 | 35,832 | 0.08% | Shares |
| MetLife Investment Management, LLC | $1,544,230 | 35,410 | 0.08% | Shares |
| State of New Jersey Common Pension Fund D | $1,396,697 | 32,027 | 0.07% | Shares |
| Illinois Municipal Retirement Fund | $1,343,014 | 30,796 | 0.07% | Shares |
| CastleKnight Management LP | $1,308,300 | 30,000 | 0.07% | Call option |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $1,296,351 | 29,726 | 0.06% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,214,539 | 27,850 | 0.06% | Shares |
| State of Tennessee, Department of Treasury | $1,200,235 | 27,522 | 0.06% | Shares |
| Louisiana State Employees Retirement System | $1,146,943 | 26,300 | 0.06% | Shares |
| SummerHaven Investment Management, LLC | $1,069,753 | 24,530 | 0.05% | Shares |
| Invesco Ltd. | $1,054,708 | 24,185 | 0.05% | Shares |
| Aquatic Capital Management LLC | $1,050,042 | 24,078 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $1,027,539 | 23,562 | 0.05% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $999,280 | 22,914 | 0.05% | Shares |
| Atria Investments, Inc | $948,629 | 21,753 | 0.05% | Shares |
| GLENMEDE TRUST CO NA | $933,951 | 21,416 | 0.05% | Shares |
| Mariner, LLC | $885,096 | 20,296 | 0.04% | Shares |
| HSBC HOLDINGS PLC | $856,102 | 19,877 | 0.04% | Shares |
| CWM, LLC | $841,088 | 28,599 | 0.04% | Shares |
| Vanguard Personalized Indexing Management, LLC | $812,978 | 18,642 | 0.04% | Shares |
| US BANCORP \DE\ | $811,233 | 18,602 | 0.04% | Shares |
Company insiders 56 insiders · 34 officers · 20 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Derek J Leathers | CEO & Chairman | July 13, 2026 J | 491,087 | 8 | 0 | $31,604 |
| Christopher D Wikoff | Exec VP - Treasurer & CFO | May 9, 2026 F | 39,783 | 0 | 0 | $0 |
| John J Steele | Exec VP - Treasurer & CFO | Feb. 13, 2023 F | 79,161 | 0 | 0 | $0 |
| Nathan J Meisgeier | President and CLO | Feb. 23, 2026 F | 79,156 | 8 | 0 | $27,711 |
| Eric J Downing | Exec VP and COO | Feb. 23, 2026 F | 55,365 | 8 | 2 | $-73,646 |
| Jim S Schelble | Exec VP & Chief Admin Officer | June 12, 2026 S | 70,500 | 8 | 1 | $-11,338 |
| Daragh P Mahon | Executive Vice President & CIO | Feb. 23, 2026 F | 41,056 | 8 | 0 | $23,568 |
| Craig T Callahan | Exec VP-Chief Commercial Offcr | Feb. 23, 2026 F | 69,200 | 8 | 0 | $24,946 |
| James Lynn Johnson | Exec VP - Chief Acctg Officer | Feb. 23, 2026 F | 98,228 | 8 | 0 | $25,091 |
| Marty H Nordlund | Exec VP Strategic Partnerships | May 7, 2025 A | 60,909 | 0 | 0 | $0 |
| James A Mullen | Exec VP and General Counsel | Dec. 1, 2016 F | 45,620 | 0 | 0 | $0 |
| Gary L Werner | Vice Chairman | Feb. 12, 2016 D | 1,642,650 | 0 | 0 | $0 |
| Robert E Synowicki JR | Exec VP-Driver Resources | Dec. 1, 2015 F | 21,958 | 0 | 0 | $0 |
| Anthony M Decanti | VP-Analysis & Info Systems | Sept. 8, 2009 S | 1 | 0 | 0 | $0 |
| John P Story | Vice President of Van Network | July 27, 2009 S | 5 | 0 | 0 | $0 |
| Richard S Reiser | Exec VP-General Counsel | Aug. 11, 2008 M | 2,923 | 0 | 0 | $0 |
| Warren L Schollaert JR | Sr VP-Brokerage/Intermodal | July 31, 2008 A | 5,487 | 0 | 0 | $0 |
| Guy M Welton | Vice President - Operations | July 25, 2008 M | 1 | 0 | 0 | $0 |
| Craig M Stoffel | VP-VAS Global Logistics | July 24, 2008 M | 516 | 0 | 0 | $0 |
| Dwayne O Haug | Vice President - Maintenance | July 23, 2008 M | 0 | 0 | 0 | $0 |
| Larry P Williams | VP - Value Added Services | July 23, 2008 M | 344 | 0 | 0 | $0 |
| Lance E Dixon | VP-Mexico & Canada | July 22, 2008 M | 683 | 0 | 0 | $0 |
| Todd A Struble | VP-Flatbed/Ded Operations | July 22, 2008 M | 1 | 0 | 0 | $0 |
| Matthew E Parry | VP-TCU/Ded Operations | July 22, 2008 M | 987 | 0 | 0 | $0 |
| Steven Lee Phillips | Senior VP - Operations | July 22, 2008 M | 2,457 | 0 | 0 | $0 |
| Lee R Easton | Former Vice President - MIS | April 30, 2008 M | 1,044 | 0 | 0 | $0 |
| Daniel H Cushman | Former Sr Exec VP-Chf Mkg Ofcr | Feb. 12, 2008 M | 877 | 0 | 0 | $0 |
| Charles R Stevens | VP-Risk Mgmt & Corp Svcs. | Feb. 5, 2008 M | 1,753 | 0 | 0 | $0 |
| Duane D Henn | Former Vice President - Safety | Jan. 25, 2008 S | 0 | 0 | 0 | $0 |
| Chris C Neil | Vice President - Pricing | Nov. 29, 2007 A | 863 | 0 | 0 | $0 |
| Chad R Dittberner | VP-Dedicated Operations | Nov. 29, 2007 A | 0 | 0 | 0 | $0 |
| Daniel W Flynn | VP-Cust. Service & Development | Nov. 29, 2007 A | 645 | 0 | 0 | $0 |
| John W Frey | VP-Safety Oper. and Compliance | Nov. 29, 2007 A | 306 | 0 | 0 | $0 |
| Jeffrey S Paulsen | Vice President - Field Sales | Oct. 31, 2005 X | 0 | 0 | 0 | $0 |
| Martha Gayle Packer | Director | May 12, 2026 A | 6,731 | 0 | 0 | $0 |
| Michelle D. Greene | Director | May 12, 2026 A | 10,854 | 0 | 0 | $0 |
| Michelle Dye Livingstone | Director | May 12, 2026 A | 14,154 | 0 | 0 | $0 |
| Alexi Wellman | Director | May 12, 2026 A | 15,963 | 0 | 0 | $0 |
| Diane K Duren | Director | May 12, 2026 A | 30,007 | 0 | 0 | $0 |
| Scott C Arves | Director | May 12, 2026 A | 17,513 | 0 | 0 | $0 |
| Carmen A Tapio | Director | May 13, 2025 A | 15,003 | 0 | 0 | $0 |
| Kenneth M Bird | Director | May 9, 2023 A | 19,637 | 0 | 0 | $0 |
| Vikram Mansharamani | Director | May 10, 2022 A | 4,119 | 0 | 0 | $0 |
| Gerald H Timmerman | Director | May 11, 2021 A | 19,853 | 0 | 0 | $0 |
| Michael L Gallagher | Director | Aug. 21, 2020 F | 6,272 | 0 | 0 | $0 |
| Clarence L Werner | Director | June 8, 2020 S | 0 | 0 | 0 | $0 |
| Dwaine J Peetz JR | Director | May 12, 2020 A | 14,144 | 0 | 0 | $0 |
| Patrick J Jung | Director | May 12, 2020 A | 14,144 | 0 | 0 | $0 |
| Gregory L Werner | Director | Dec. 16, 2019 G | 3,310,617 | 0 | 0 | $0 |
| Duane K Sather | Director | Aug. 15, 2017 F | 13,528 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 71 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PSCI · Invesco Exchange-Traded Fund Trust … | 0.67% | 34,998 SH | Aug. 8, 2026 | Daily |
| RZV · Invesco Exchange-Traded Fund Trust | 0.60% | 48,709 SH | Aug. 8, 2026 | Daily |
| AVUV · AMERICAN CENTURY ETF TRUST | 0.38% | 2,484,291 NS | May 31, 2026 | N-PORT |
| FYT · First Trust Exchange-Traded AlphaDE… | 0.30% | 14,765 NS | April 30, 2026 | N-PORT |
| FNDA · SCHWAB STRATEGIC TRUST | 0.29% | 628,537 NS | May 31, 2026 | N-PORT |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.28% | 127,210 SH | Aug. 8, 2026 | Daily |
| IYT · iShares Trust | 0.28% | 168,943 SH | Aug. 8, 2026 | Daily |
| IJS · iShares Trust | 0.24% | 533,951 SH | Aug. 8, 2026 | Daily |
| TPOR · Direxion Shares ETF Trust | 0.22% | 1,099 NS | April 30, 2026 | N-PORT |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.22% | 70,818 NS | April 30, 2026 | N-PORT |
| SMMV · iShares Trust | 0.19% | 14,890 SH | Aug. 8, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.17% | 92,832 SH | Aug. 8, 2026 | Daily |
| DFSV · Dimensional ETF Trust | 0.16% | 326,031 NS | April 30, 2026 | N-PORT |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.14% | 209,715 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.14% | 44,742 SH | Aug. 8, 2026 | Daily |
| XJR · iShares Trust | 0.14% | 7,086 SH | Aug. 8, 2026 | Daily |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.14% | 9,279 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.13% | 86,748 NS | May 31, 2026 | N-PORT |
| IWN · iShares Trust | 0.12% | 477,398 SH | Aug. 8, 2026 | Daily |
| IJR · iShares Trust | 0.12% | 3,654,127 SH | Aug. 8, 2026 | Daily |
| DFAT · Dimensional ETF Trust | 0.12% | 441,870 NS | April 30, 2026 | N-PORT |
| SAA · ProShares Trust | 0.11% | 716 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.11% | 20,863 NS | April 30, 2026 | N-PORT |
| SHPP · Pacer Funds Trust | 0.10% | 56 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.08% | 349,474 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.07% | 1,553,855 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.07% | 18,881 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.07% | 25,143 NS | April 30, 2026 | N-PORT |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.06% | 2,297 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.06% | 2,729 NS | May 31, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.06% | 873,242 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.05% | 204,286 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.05% | 287,499 NS | May 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.05% | 38,071 SH | Aug. 8, 2026 | Daily |
| EBI · RBB Fund Trust | 0.04% | 6,521 NS | May 31, 2026 | N-PORT |
| VIS · VANGUARD WORLD FUND | 0.04% | 72,928 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.04% | 2,135 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.04% | 3,826 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.03% | 2,627 SH | Aug. 8, 2026 | Daily |
| FIDU · FIDELITY COVINGTON TRUST | 0.03% | 17,630 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.03% | 7,282 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 687,971 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.03% | 1,375,577 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.03% | 2,299 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.03% | 2,157 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.02% | 87,792 SH | Aug. 8, 2026 | Daily |
| FNDB · SCHWAB STRATEGIC TRUST | 0.02% | 6,929 NS | May 31, 2026 | N-PORT |
| ROSC · Lattice Strategies Trust | 0.02% | 305 NS | April 30, 2026 | N-PORT |
| WSML · iShares Trust | 0.02% | 3,645 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.02% | 10,296 SH | Aug. 8, 2026 | Daily |