Werner is one of the largest truckload carriers in the U.S., transporting general freight — primarily consumer nondurables, retail merchandise, food and beverage, and manufactured goods — across the contiguous U.S., Canada, and cross-border Mexico. Werner operates two segments: Truckload Transportation Services (TTS), which is the core asset-based trucking business, and Werner Logistics, a non-asset brokerage and logistics business. Within TTS, Werner runs two modes: Dedicated, where Werner assigns a fleet exclusively to a single customer under multi-year contracts with negotiated rates; and One-Way Truckload, where Werner moves freight over irregular routes under shorter-term or spot-rate contracts. Dedicated is the larger and more stable of the two, with high customer retention and more resilient margins through freight cycles, while One-Way is more exposed to rate cycles and spot market conditions. Werner Logistics includes truck brokerage, an asset-light power-only offering (PowerLink), intermodal, and final-mile delivery. Werner's revenue in TTS is driven by trucks in operation, miles per truck, and rate per mile. In Logistics, profitability is driven by the spread between rates charged to shippers and costs paid to third-party carriers. Werner is deliberately shifting its portfolio toward Dedicated, exemplified by the January 2026 acquisition of FirstFleet, a dedicated carrier with ~2,400 trucks, which roughly doubled Werner's Dedicated fleet. Werner also has a cross-border Mexico business representing roughly 10% of revenues, built over 25 years of operations.