Financial Analysis

Commitments and Contingencies We are involved, and expect to continue to be involved, in numerous proceedings arising out of the conduct of our business. These proceedings may include claims for property damage or personal injury incurred in connection with the transportation of freight, cargo damage or loss, environmental liability, commercial disputes, insurance coverage disputes and employment-related claims, including claims involving asserted breaches of employee restrictive covenants. We establish accruals for specific legal proceedings when it is considered probable that a loss has been incurred and the amount of the loss can be reasonably estimated. We review and adjust, as appropriate, accruals for loss contingencies at least quarterly and as additional information becomes available. If a loss is not both probable and reasonably estimable, or if an exposure to loss exists in excess of the amount accrued, we assess whether there is at least a reasonable possibility that a loss, or additional loss, may have been incurred. If there is a reasonable possibility that a loss, or additional loss, may have been incurred, we disclose the estimate of the possible loss or range of loss if it is material and an estimate can be made, or disclose that such an estimate cannot be made. The determination as to whether a loss can be considered reasonably possible or probable is based on our assessment, together with legal counsel, regarding the ultimate outcome of the matter. We believ …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Employee Benefit Plans Defined Benefit Pension Plans We sponsor both funded and unfunded defined benefit pension plans for some employees in the U.S. These pension plans include qualified plans that are eligible for beneficial treatment under the Internal Revenue Code and non-qualified plans that provide additional benefits for employees who are impacted by limitations on compensation eligible for benefits available under the qualified plans. We also maintain a defined benefit pension plan for one of our foreign subsidiaries that is excluded from the disclosures below due to immateriality. We measure defined benefit pension plan obligations based on the present value of projected future benefit payments for all participants for services rendered to date. The projected benefit obligation is a measure of benefits attributed to service to date, assuming that the plan continues in effect and that estimated future events (including turnover and mortality) occur. We determine the net periodic benefit costs using assumptions regarding the projected benefit obligation and the fair value of plan assets as of the beginning of the year. Net periodic benefit costs are recorded in Other income on our Consolidated Statements of Income. We calculate the funded status of the defined benefit pension plans, which represents the difference between the projected benefit obligation and the fair value of plan assets, on a plan-by-plan basis. Funded Status of Defined Benefit Pension Plans The recon …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

Debt December 31, 2025 December 31, 2024 (In millions) Principal Balance Carrying Value Principal Balance Carrying Value Term loan facility $ 985 $ 978 $ 1,100 $ 1,089 6.25% senior secured notes due 2028 830 825 830 823 7.125% senior notes due 2031 450 446 450 445 7.125% senior notes due 2032 585 577 585 576 6.70% senior debentures due 2034 300 230 300 225 Finance leases, asset financing and other 257 257 228 228 Total debt 3,407 3,313 3,493 3,387 Short-term borrowings and current maturities of long-term debt 60 60 62 62 Long-term debt $ 3,347 $ 3,253 $ 3,431 $ 3,325 The fair value of our debt and classification in the fair value hierarchy was as follows: (In millions) Fair Value Level 1 Level 2 December 31, 2025 $ 3,499 $ 2,254 $ 1,246 December 31, 2024 3,541 2,223 1,318 We valued Level 1 debt using quoted prices in active markets and Level 2 debt using bid evaluation pricing models. The fair value of the asset financing arrangements approximates carrying value as the debt is primarily issued at a floating rate, the debt may be prepaid at any time at par without penalty, and the remaining life of the debt is short-term in nature. Our principal payment obligations on debt (excluding finance leases and asset financing) for the next five years and thereafter was as follows: (In millions) 2026 2027 2028 2029 2030 Thereafter Principal payments on debt $ $ $ 1,415 $ $ $ 1,735 Revolving Credit Facility In February 2025, we terminated our Second Amended and Restated Revolving Credit …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Our revenue disaggregated by geographic area based on sales office location was as follows: Year Ended December 31, 2025 (In millions) North American LTL European Transportation Total Revenue United States $ 4,726 $ $ 4,726 North America (excluding United States) 106 106 France 1,305 1,305 United Kingdom 1,142 1,142 Europe (excluding France and United Kingdom) 877 877 Total $ 4,832 $ 3,324 $ 8,157 Year Ended December 31, 2024 (In millions) North American LTL European Transportation Total Revenue United States $ 4,792 $ $ 4,792 North America (excluding United States) 107 107 France 1,277 1,277 United Kingdom 1,023 1,023 Europe (excluding France and United Kingdom) 873 873 Total $ 4,899 $ 3,173 $ 8,072 Year Ended December 31, 2023 (In millions) North American LTL European Transportation Total Revenue United States $ 4,572 $ $ 4,572 North America (excluding United States) 99 99 France 1,291 1,291 United Kingdom 905 905 Europe (excluding France and United Kingdom) 877 877 Total $ 4,671 $ 3,073 $ 7,744 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Stock-Based Compensation We grant various types of stock-based compensation awards to directors, officers and key employees under our 2016 incentive plan. These awards have included stock options, restricted stock, restricted stock units, performance-based units, cash incentive awards and other equity-related awards (collectively, Awards). The 2016 incentive plan authorizes the issuance of up to 11.4 million shares of our common stock as Awards. The 2016 incentive plan will terminate on May 18, 2032, unless terminated earlier by our Board of Directors. As of December 31, 2025, approximately 2.6 million shares of our common stock were available for the grant of Awards under the 2016 incentive plan. Our stock-based compensation expense is recorded in Salaries, wages and employee benefits, Transaction and integration costs or Restructuring costs on our Consolidated Statements of Income: Years ended December 31, (In millions) 2025 2024 2023 Restricted stock and restricted stock units $ 47 $ 55 $ 52 Performance-based restricted stock units 29 32 26 Total stock-based compensation expense $ 77 $ 87 $ 78 Tax benefit on stock-based compensation $ (12) $ (13) $ (1) Restricted Stock Units and Performance-Based Restricted Stock Units We grant RSUs and PSUs to our key employees, officers and directors with various vesting requirements. RSUs generally vest based on the passage of time (service conditions) and PSUs generally vest based on the achievement of our financial targets (performanc …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Income Taxes Income (loss) from continuing operations before taxes related to our U.S. and foreign operations was as follows: Years Ended December 31, (In millions) 2025 2024 2023 U.S. $ 456 $ 486 $ 286 Foreign (19) (13) (26) Income from continuing operations before income tax provision $ 437 $ 473 $ 260 The income tax provision is comprised of the following: Years Ended December 31, (In millions) 2025 2024 2023 Current: U.S. Federal $ 2 $ 8 $ 25 State 4 6 6 Foreign 17 15 6 Total current income tax provision (benefit) $ 22 $ 29 $ 37 Deferred: U.S. Federal $ 94 $ 56 $ 38 State 10 7 3 Foreign (5) (6) (10) Total deferred income tax provision $ 99 $ 57 $ 31 Total: U.S. Federal $ 96 $ 64 $ 63 State 14 13 9 Foreign 11 9 (4) Total income tax provision $ 121 $ 86 $ 68 The effective tax rate reconciliations were as follows: Years Ended December 31, (Dollars in millions) 2025 2024 2023 US federal statutory income tax rate $ 92 21.0 % $ 99 21.0 % $ 54 21.0 % Domestic state and local taxes, net of federal effect (1) 11 2.5 11 2.3 7 2.7 Foreign Tax Effects France Changes in valuation allowances 4 1.0 7 1.4 1 0.2 Other 3 0.7 4 0.8 2 0.7 Spain Changes in valuation allowances 8 1.8 Other (2) (0.4) (2) (0.4) (1) (0.3) Other foreign jurisdictions 3 0.6 3 0.6 (1) (0.3) Effect of Cross-Border Tax Laws Global intangible low-taxed income 9 1.8 (0.1) Other 1 0.2 (2) (0.6) Nontaxable or Nondeductible Items Non-deductible compensation 11 2.6 15 3.1 13 5.0 Other 1 0.1 0.1 1 0.2 Changes in Unrecognized …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases Most of our leases are real estate leases. In addition, we lease trucks, trailers and material handling equipment. The components of our lease expense were as follows: Years Ended December 31, (In millions) 2025 2024 2023 Operating lease cost $ 225 $ 213 $ 199 Short-term lease cost 38 39 47 Variable lease cost 25 33 27 Total operating lease cost $ 288 $ 285 $ 273 Finance lease cost: Amortization of leased assets $ 60 $ 61 $ 59 Interest on lease liabilities 8 8 6 Total finance lease cost $ 68 $ 69 $ 65 Total lease cost $ 356 $ 354 $ 338 Supplemental balance sheet information related to leases was as follows: December 31, (In millions) 2025 2024 Operating leases: Operating lease assets $ 777 $ 727 Short-term operating lease liabilities $ 166 $ 127 Operating lease liabilities 611 603 Total operating lease liabilities $ 777 $ 730 Finance leases: Property and equipment, gross $ 471 $ 408 Accumulated depreciation (235) (205) Property and equipment, net $ 236 $ 203 Short-term borrowings and current maturities of long-term debt $ 54 $ 52 Long-term debt 195 158 Total finance lease liabilities $ 248 $ 210 Weighted-average remaining lease term: Operating leases 6 years 7 years Finance leases 7 years 8 years Weighted-average discount rate: Operating leases 5.46 % 5.47 % Finance leases 3.88 % 3.69 % Supplemental cash flow information related to leases was as follows: Years Ended December 31, (In millions) 2025 2024 2023 Cash paid for amounts included in the measurement of lease lia …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Adoption of New Accounting Standard In July 2025, the FASB issued ASU 2025-05, Financial Instruments Credit Losses (Topic 326). In developing forecasts as part of estimating expected credit losses, the ASU allows entities to elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. We early adopted this standard in the fourth quarter of 2025, and it did not have a material impact on our financial statements. In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU modifies income tax disclosures by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliations and (ii) the disclosure of income taxes paid disaggregated by jurisdiction, among other requirements. We adopted this standard on a retrospective basis for the 2025 annual period. The impact is limited to financial statement disclosures. See Note 15 Income Taxes. Accounting Pronouncements Issued but Not Yet Effective In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832) Accounting for Government Grants Received by Business Entities. This ASU provides recognition, measurement and presentation guidance for government grants received by business entities and is effective for annual and interim periods beginning in 2029. Early adoption is permitted. We are currently evalua …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Restructuring Charges We engage in restructuring actions as part of our ongoing efforts to best use our resources and infrastructure. These actions primarily relate to business optimization initiatives and generally include severance and facility-related costs, including impairment of lease assets, as well as contract termination costs, and are intended to improve our efficiency and profitability. Our restructuring-related activity was as follows: Year Ended December 31, 2025 (In millions) Reserve Balance as of December 31, 2024 Charges Incurred Payments Foreign Exchange and Other Reserve Balance as of December 31, 2025 Severance North American LTL $ 3 $ 4 $ (5) $ $ 1 European Transportation 1 21 (19) 3 Corporate 1 10 (4) 7 Total $ 5 $ 35 $ (28) $ (1) $ 11 In addition to the severance charges noted in the table above, we recorded restructuring-related charges in our North American LTL segment, European Transportation segment and Corporate of $1 million, $6 million and $16 million, respectively, during 2025, which are primarily non-cash. We expect that the majority of the cash outlays related to the severance charges incurred in 2025 will be completed within 12 months. Year Ended December 31, 2024 (In millions) Reserve Balance as of December 31, 2023 Charges Incurred Payments Foreign Exchange and Other Reserve Balance as of December 31, 2024 Severance North American LTL $ 2 $ 3 $ (3) $ 1 $ 3 European Transportation 1 16 (16) 1 Corporate 8 2 (8) (1) 1 Total $ 11 $ 21 $ (27) $ $ …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Recognition Disaggregation of Revenues Our revenue disaggregated by geographic area based on sales office location was as follows: Year Ended December 31, 2025 (In millions) North American LTL European Transportation Total Revenue United States $ 4,726 $ $ 4,726 North America (excluding United States) 106 106 France 1,305 1,305 United Kingdom 1,142 1,142 Europe (excluding France and United Kingdom) 877 877 Total $ 4,832 $ 3,324 $ 8,157 Year Ended December 31, 2024 (In millions) North American LTL European Transportation Total Revenue United States $ 4,792 $ $ 4,792 North America (excluding United States) 107 107 France 1,277 1,277 United Kingdom 1,023 1,023 Europe (excluding France and United Kingdom) 873 873 Total $ 4,899 $ 3,173 $ 8,072 Year Ended December 31, 2023 (In millions) North American LTL European Transportation Total Revenue United States $ 4,572 $ $ 4,572 North America (excluding United States) 99 99 France 1,291 1,291 United Kingdom 905 905 Europe (excluding France and United Kingdom) 877 877 Total $ 4,671 $ 3,073 $ 7,744 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Reporting and Geographic Information We are organized into two reportable segments: North American LTL, the largest component of our business, and European Transportation. In our North American LTL segment, we provide shippers with geographic density and day-definite domestic and cross-border services to the U.S., as well as Mexico, Canada and the Caribbean. Our North American LTL segment also includes the results of our trailer manufacturing operation. In our European Transportation segment, we serve an extensive base of customers within the consumer, trade and industrial markets. We offer dedicated truckload, LTL, full truckload brokerage, warehousing, managed transportation, last mile, freight forwarding, and multimodal solutions. Corporate includes corporate headquarters costs for executive officers and certain legal and financial functions, and other costs and credits not attributed to our reportable segments. Our chief operating decision maker (CODM) is our chief executive officer. Our CODM regularly reviews financial information at the operating segment level to allocate resources to the segments and to assess their performance. We include items directly attributable to a segment, and those that can be allocated on a reasonable basis, including corporate costs, in segment results reported to the CODM. We do not provide asset information by segment to the CODM. Our CODM evaluates segment profit (loss) based on adjusted earnings before interest, taxes, depreciati …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Significant Accounting Policies Revenue Recognition We recognize revenue when we transfer control of promised products or services to customers in an amount equal to the consideration we expect to receive for those products or services. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contracts transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. We generate revenue by providing less-than-truckload and other transportation services for our customers. Additional services may be provided to our customers under their transportation contracts, including unloading and other incidental services. The transaction price is based on the consideration specified in the customers contract. A performance obligation is created when a customer under a transportation contract submits a bill of lading for the transport of goods from origin to destination. These performance obligations are satisfied as the shipments move from origin to destination. We recognize transportation revenue proportionally as a shipment moves from origin to destination and the related costs are recognized as incurred. Some of our customer contracts contain our promise to stand ready to provide transportation services. For these contracts, we recognize revenue on a straight-line basis over the term of the contract because the pattern of benefit to …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Stockholders Equity Share Repurchases In March 2025, our Board of Directors authorized repurchases of up to $750 million of our common stock. The repurchase authorization permits us to purchase shares in both the open market and in private transactions, with the timing and number of shares dependent on a variety of factors, including price, general business and market conditions, alternative investment opportunities and funding considerations. We retire common shares that we repurchase upon settlement. The new share repurchase program has no expiration date and may be utilized over time, with no obligation to repurchase any specific number of shares. We may suspend or discontinue this program at any time. This plan replaced our previous share repurchase plan, authorized in February 2019. During 2025, we repurchased 954 thousand shares of common stock with an aggregate value of $125 million at an average price of $130.96 per share. The share repurchases were funded by cash on hand. There were no share repurchases in 2024 and 2023. As of December 31, 2025, our remaining share repurchase authorization was $625 million. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies We are involved, and expect to continue to be involved, in numerous proceedings arising out of the conduct of our business. These proceedings may include claims for property damage or personal injury incurred in connection with the transportation of freight, cargo damage or loss, environmental liability, commercial disputes, insurance coverage disputes and employment-related claims, including claims involving asserted breaches of employee restrictive covenants. We establish accruals for specific legal proceedings when it is considered probable that a loss has been incurred and the amount of the loss can be reasonably estimated. We review and adjust, as appropriate, accruals for loss contingencies at least quarterly and as additional information becomes available. If a loss is not both probable and reasonably estimable, or if an exposure to loss exists in excess of the amount accrued, we assess whether there is at least a reasonable possibility that a loss, or additional loss, may have been incurred. If there is a reasonable possibility that a loss, or additional loss, may have been incurred, we disclose the estimate of the possible loss or range of loss if it is material and an estimate can be made, or disclose that such an estimate cannot be made. The determination as to whether a loss can be considered reasonably possible or probable is based on our assessment, together with legal counsel, regarding the ultimate outcome of the matter. We believ …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt June 30, 2026 December 31, 2025 (In millions) Principal Balance Carrying Value Principal Balance Carrying Value Term loan A facility $ 500 $ 499 $ $ Term loan B facility 385 383 985 978 6.25% senior secured notes due 2028 830 826 830 825 7.125% senior notes due 2031 450 446 450 446 7.125% senior notes due 2032 585 578 585 577 6.70% senior debentures due 2034 300 233 300 230 Finance leases and other debt 242 242 257 257 Total debt 3,292 3,206 3,407 3,313 Short-term borrowings and current maturities of long-term debt 159 159 60 60 Long-term debt $ 3,133 $ 3,047 $ 3,347 $ 3,253 The fair value of our debt and classification in the fair value hierarchy was as follows: (In millions) Fair Value Level 1 Level 2 June 30, 2026 $ 3,345 $ 2,217 $ 1,128 December 31, 2025 3,499 2,254 1,246 We valued Level 1 debt using quoted prices in active markets and Level 2 debt using bid evaluation pricing models. Revolving Credit Facility In February 2025, we terminated our Second Amended and Restated Revolving Credit Agreement, as amended (the ABL Facility), and entered into a Revolving Credit Agreement (the Revolving Credit Agreement). The Revolving Credit Agreement provides for revolving credit commitments in an aggregate amount of $600 million (the Revolving Credit Facility), of which $200 million is available for issuances of letters of credit. The maturity date of the Revolving Credit Facility is April 30, 2030. As of June 30, 2026, we have approximately $600 million available to draw unde …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Our revenue disaggregated by geographic area based on sales office location was as follows: Three Months Ended June 30, 2026 (In millions) North American LTL European Transportation Total Revenue United States $ 1,398 $ $ 1,398 North America (excluding United States) 30 30 France 364 364 United Kingdom 327 327 Europe (excluding France and United Kingdom) 235 235 Total $ 1,428 $ 927 $ 2,355 Three Months Ended June 30, 2025 (In millions) North American LTL European Transportation Total Revenue United States $ 1,212 $ $ 1,212 North America (excluding United States) 27 27 France 336 336 United Kingdom 281 281 Europe (excluding France and United Kingdom) 224 224 Total $ 1,240 $ 841 $ 2,080 Six Months Ended June 30, 2026 (In millions) North American LTL European Transportation Total Revenue United States $ 2,600 $ $ 2,600 North America (excluding United States) 57 57 France 706 706 United Kingdom 632 632 Europe (excluding France and United Kingdom) 456 456 Total $ 2,657 $ 1,794 $ 4,451 Six Months Ended June 30, 2025 (In millions) North American LTL European Transportation Total Revenue United States $ 2,358 $ $ 2,358 North America (excluding United States) 54 54 France 650 650 United Kingdom 539 539 Europe (excluding France and United Kingdom) 433 433 Total $ 2,412 $ 1,622 $ 4,034 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Accounting Pronouncements Issued but Not Yet Effective In May 2026, the Financial Accounting Standards Board (FASB) issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818). This ASU establishes recognition, measurement, presentation and disclosure requirements for (i) environmental credits and (ii) compliance obligations that may be settled by using environmental credits and is effective for annual and interim periods beginning in 2028. Early adoption is permitted. We are currently evaluating the impact of the new standard. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832) Accounting for Government Grants Received by Business Entities. This ASU provides recognition, measurement and presentation guidance for government grants received by business entities and is effective for annual and interim periods beginning in 2029. Early adoption is permitted. We are currently evaluating the impact of the new standard. In September 2025, the FASB issued ASU 2025-06, Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40). The ASU updates the guidance on accounting for internal-use software costs by (i) removing all references to software development stages, and (ii) requiring that an entity capitalize software costs when both management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Restructuring Charges We engage in restructuring actions as part of our ongoing efforts to best use our resources and infrastructure. These actions primarily relate to business optimization initiatives and generally include severance and facility-related costs, including impairment of lease assets, as well as contract termination costs, and are intended to improve our efficiency and profitability. Our restructuring-related activity was as follows: Six Months Ended June 30, 2026 (In millions) Reserve Balance as of December 31, 2025 Charges Incurred Payments Reserve Balance as of June 30, 2026 Severance North American LTL $ 1 $ $ (1) $ European Transportation 3 21 (15) 9 Corporate 7 3 (8) 2 Total $ 11 $ 24 $ (23) $ 11 In addition to the severance charges noted in the table above, we recorded restructuring-related charges in our European Transportation segment, North American LTL segment and Corporate of $6 million, $1 million and $1 million, respectively, during the first six months of 2026, which are primarily facility-related costs. We expect that the majority of the cash outlays related to the severance charges incurred in the first six months of 2026 will be completed within 12 months. …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Recognition Our revenue disaggregated by geographic area based on sales office location was as follows: Three Months Ended June 30, 2026 (In millions) North American LTL European Transportation Total Revenue United States $ 1,398 $ $ 1,398 North America (excluding United States) 30 30 France 364 364 United Kingdom 327 327 Europe (excluding France and United Kingdom) 235 235 Total $ 1,428 $ 927 $ 2,355 Three Months Ended June 30, 2025 (In millions) North American LTL European Transportation Total Revenue United States $ 1,212 $ $ 1,212 North America (excluding United States) 27 27 France 336 336 United Kingdom 281 281 Europe (excluding France and United Kingdom) 224 224 Total $ 1,240 $ 841 $ 2,080 Six Months Ended June 30, 2026 (In millions) North American LTL European Transportation Total Revenue United States $ 2,600 $ $ 2,600 North America (excluding United States) 57 57 France 706 706 United Kingdom 632 632 Europe (excluding France and United Kingdom) 456 456 Total $ 2,657 $ 1,794 $ 4,451 Six Months Ended June 30, 2025 (In millions) North American LTL European Transportation Total Revenue United States $ 2,358 $ $ 2,358 North America (excluding United States) 54 54 France 650 650 United Kingdom 539 539 Europe (excluding France and United Kingdom) 433 433 Total $ 2,412 $ 1,622 $ 4,034 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Reporting We are organized into two reportable segments: North American LTL, the largest component of our business, and European Transportation. In our North American LTL segment, we provide shippers with geographic density and day-definite domestic and cross-border services to the U.S., as well as Mexico, Canada and the Caribbean. Our North American LTL segment also includes the results of our trailer manufacturing operation. In our European Transportation segment, we serve an extensive base of customers within the consumer, trade and industrial markets. We offer dedicated truckload, LTL, full truckload brokerage, warehousing, managed transportation, last mile, freight forwarding, and multimodal solutions. Corporate includes corporate headquarters costs for executive officers and certain legal and financial functions, and other costs and credits not attributed to our reportable segments. Our chief operating decision maker (CODM) is our chairman and chief executive officer. Our CODM regularly reviews financial information at the operating segment level to allocate resources to the segments and to assess their performance. We include items directly attributable to a segment, and those that can be allocated on a reasonable basis, including corporate costs, in segment results reported to the CODM. We do not provide asset information by segment to the CODM. Our CODM evaluates segment profit (loss) based on adjusted earnings before interest, taxes, depreciation and amortiz …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Stockholders Equity Share Repurchases In March 2025, our Board of Directors authorized repurchases of up to $750 million of our common stock. The repurchase authorization permits us to purchase shares in both the open market and in private transactions, with the timing and number of shares dependent on a variety of factors, including price, general business and market conditions, alternative investment opportunities and funding considerations. We retire common shares that we repurchase upon settlement. The share repurchase program has no expiration date and may be utilized over time, with no obligation to repurchase any specific number of shares. We may suspend or discontinue this program at any time. This plan replaced our previous share repurchase plan, authorized in February 2019. In the second quarter of 2026, we repurchased 341 thousand shares of common stock with an aggregate value of $70 million at an average price of $205.22 per share. In the first six months of 2026, we repurchased 497 thousand shares of common stock with an aggregate value of $100 million at an average price of $201.13 per share. The share repurchases were funded by cash on hand. In the second quarter and first six months of 2025, we repurchased 83 thousand shares of common stock with an aggregate value of $10 million at an average price of $120.41 per share. As of June 30, 2026, our remaining share repurchase authorization was $525 million, reflecting $225 million of cumulative repurchases to date …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing