Schneider: Highlights from Calls with Management and Model Update

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Schneider: Highlights from Calls with Management and Model Update

J P M O R G A N North America Equity Research

30 July 2026

Schneider Neutral

SNDR, SNDR US

Highlights from Calls with Management and Model Price (30 Jul 26):$34.14

Update ▲Price Target (Dec-27):$35.00 Prior (Dec-26):$31.00

Schneider delivered a solid beat in 2Q26 as accelerating price and productivity

continued to flow through against a tightening supply backdrop, prompting Airfreight & Surface Transportation /

Shippingmanagement to raise both ends of its FY26 EPS guidance. Similar to peers,

Schneider now characterizes the market as driver constrained, noting the long-haul Brian P. Ossenbeck, CFA AC

driver population sits near decade lows while roughly half of the non-compliant (1-212) 622-1023

brian.p.ossenbeck@jpmorgan.com

capacity has yet to exit. We expect modest QoQ earnings growth in 3Q26 as

contract rates reset higher, although there will likely remain some debate as to the Grady Carr

(1-212) 622-1251

magnitude of the offset from shifting seasonal strength to 2Q, roll-off of Logistics grady.carr@jpmchase.com

premium project business, and the loss of a large dedicated customer. Management

Brandon Wexler

now sees a clear path back to its long-term, mid-cycle margin targets on the recent (1-212) 622-1956

step-up in performance, though current segment margins remain well below those brandon.wexler@jpmchase.com

ranges as the repair process is still in the early innings. Overall, we continue to J.P. Morgan Securities LLC

believe Schneider’s diversified operating model and strategy of profitable growth

across three segments remains well positioned to navigate the improving

Key Changes (FYE Dec)backdrop, however we continue to favor peers with more one-way exposure and