Schneider National, Inc. reported a decline in financial performance for the fiscal year ending December 31, 2024, with total operating revenues of $5.29 billion, a decrease of approximately 4% from $5.50 billion in 2023. The company's net income fell to $117 million, down 51% from $238.5 million in the previous year. The decrease in income from operations was attributed to a $131.2 million drop, primarily driven by reduced revenue per order in the Logistics segment and declines in the Truckload segment's Network business. Adjusted EBITDA also decreased to $580.2 million from $699.6 million in 2023.
The company experienced significant changes in its operational structure, including the acquisition of Cowan Systems on December 2, 2024, for approximately $398.6 million, which is expected to enhance its dedicated and logistics services. This acquisition follows the earlier purchase of M&M Transport Services in August 2023 for $243.8 million. The integration of these acquisitions is anticipated to bolster Schneider's market position, particularly in the dedicated freight market, which has shown resilience amid fluctuating economic conditions.
Operationally, Schneider served approximately 7,850 customers in 2024, including 134 Fortune 500 companies. The company reported managing over 20,700 qualified carrier relationships and handling around $2.4 billion in third-party freight. Despite the overall revenue decline, the Dedicated segment saw growth due to the acquisitions, with revenues (excluding fuel surcharge) increasing to $1.41 billion from $1.27 billion in 2023. However, the Logistics segment faced challenges, with revenues decreasing by 8% to $1.28 billion, primarily due to lower brokerage volumes.
Looking ahead, Schneider National aims to leverage its integrated technology platform and expand its capabilities in specialty and dedicated freight markets. The company plans to focus on organic growth through existing customer relationships and enhancing its service offerings. Additionally, Schneider is committed to improving operational efficiency and margins through technology investments and strategic capital allocation. The company anticipates that cash generated from operations, along with available credit facilities, will be sufficient to meet its liquidity needs in the foreseeable future.
About Schneider National, Inc.
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