Schneider Grows Dedicated Fleet to Near 8,600 Tractors
Cowan Deal Sees Truckload Revenue Rise Even in Down Market
Key Takeaways:
- Schneider expanded its dedicated fleet to 8,600 tractors in 2025, adding more than 100 after its $390 million Cowan acquisition in November 2024.
- The deal shifted the truckload mix toward dedicated and boosted results, with revenue up 17% to $624.5 million in third-quarter 2025.
- Schneider is pursuing more dedicated acquisitions as the freight recovery is not expected until the second half of 2026, while Cowan remains an independent brand.
[Stay on top of transportation news: .]
Schneider’s long-term strategic metamorphosis of the carrier’s dedicated operations took in 2025, including adding more than 100 tractors.
The expansion of the fleet followed swiftly on the heels of the largest acquisition in Schneider’s 90-year history: the November 2024 acquisition of dedicated truckload-focused Cowan Systems.
Green Bay, Wis.-based Schneider’s dedicated fleet now numbers nearly 8,600 tractors, the company said in a release marking the 12-month anniversary of the $390 million acquisition of Cowan.
At the time of the deal, the combined entity operated just over 8,400 tractors across its dedicated operations.
The company ranks No. 10 on the Transport Topics Top 100 list of the largest for-hire carriers in North America and No. 7 on the truckload sector list. It also ranks No. 18 on the TT Top 100 list of the largest logistics companies.
Schneider built upon Cowan’s regional expertise, lightweight equipment and innovative solutions to deliver more capacity and efficiency for shippers nationwide in 2025, adding to revenue, the company said.
Adding Cowan underscored Schneider’s approach to acquisitions, the company noted.
“The Cowan acquisition was one more step in Schneider’s ongoing strategy to elevate dedicated solutions for shippers,” said Jim Filter, executive vice president and group president of transportation and logistics.
“By connecting Cowan’s regional expertise with lightweight equipment to Schneider’s nationwide scale and operational capabilities, we’re transforming what dedicated solutions provide — greater efficiency, flexibility and value. Our dedicated growth isn’t just about expanding capacity; it’s about unlocking new opportunities for our drivers and customers,” Filter added.
“Customer supply chains have been tightening up. The only way to hit the high service levels that customers expect is with dedicated haulage,” Filter told TT earlier in 2025.
When Schneider went public in 2017, 70% of its truckload segment business was network and 30% was dedicated, Filter told TT, shares that have now been reversed.
The key to successful mergers and acquisitions is making absolutely sure that the company being acquired is healthy, Filter told TT.
Cowan, which remains an independent brand, was founded in 1924. At the time of the deal, the carrier operated in more than 40 locations in the Eastern and Mid-Atlantic U.S. Cowan’s focus is industries such as retail, food and beverage, and building materials.
Cowan, which remains an independent brand, was founded in 1924. (Schneider)
“Joining Schneider has been an exciting transition for us. It’s opened up tremendous opportunities — not just for our associates, who now have access to more resources and career growth, but also for our customers, who benefit from the added strength and efficiencies Schneider brings to our operations,” said Cowan President Steve Wells, reflecting on the 12-month anniversary. “Being part of Schneider’s portfolio enhances our ability to deliver dedicated solutions and positions us for long-term success.”
Cowan sold out to Schneider partly because company Chairman Joe Cowan was ready to retire.
“My father started Cowan Systems more than 100 years ago, and with the expertise, passion and dedication of so many amazing employees along the way, it has grown in more ways than he could have ever imagined,” Cowan said when the deal was inked.
“When it was time for me to move to a new chapter in my life, I wanted to be sure the organization was in good hands, at a company with a similar culture and values, and that it would continue to grow. With Schneider, I know our legacy will not just be preserved, but it will continue to thrive,” he added.
The Cowan deal followed Schneider’s 2022 and 2023 acquisitions of Midwest Logistics Systems and M&M Transport Services in building out the company’s dedicated trucking operations.
Schneider’s growth engines are currently intermodal, brokerage and dedicated trucking.
The company is still actively looking for opportunities, Filter said in the interview just after Schneider marked its 90th anniversary in business on June 12. Most of the opportunities will be in the dedicated arena, given the current markets in the intermodal and logistics sectors, he added.
There was an immediate impact from the Cowan deal that continued to build through 2025.
Schneider posted a 19% increase in its fourth-quarter 2024 earnings, attributing the gain to the Cowan deal.
At the time of the deal, Chief Financial Officer Darrell Campbell expected a rebound in the overall truckload market to accelerate the impact too, he said during a Jan. 30 conference call.
However, the end to the freight market downturn Campbell, his carrier C-suite peers and analysts forecast was not to be in 2025, and may take until the second half of 2026 to surface, according to the latest prognostications.
Still, Schneider’s truckload division’s revenue increased 17% year over year to $624.5 million from $532.2 million in the third quarter of 2025 on the back of the Cowan deal.
Want more news? Listen to today's daily briefing belowor go here for more info:
