WERN WERNER ENTERPRISES INC

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 2/4 quarters. Q3 2025: $0M, Q2 2025: $61M, Q1 2025: $7M, Q3 2024: $0M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $0M vs trailing avg $22M (-100%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Negative FCF ($-352M), buybacks not supported by cash flow

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 7,151,240 shares = 11.9% of 59,869,405 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

56 open-market purchases by 7 insiders

• CALLAHAN CRAIG T (Exec VP-Chief Commercial Offcr) bought 26 shares at $28.83 on 2025-10-23
• SCHELBLE JIM S (Exec VP & Chief Admin Officer) bought 67 shares at $28.83 on 2025-10-23
• DOWNING ERIC J (Exec VP and COO) bought 32 shares at $28.83 on 2025-10-23
• JOHNSON JAMES LYNN (Exec VP - Chief Acctg Officer) bought 3 shares at $28.83 on 2025-10-23
• LEATHERS DEREK J (CEO & Chairman) bought 87 shares at $28.83 on 2025-10-23
• MEISGEIER NATHAN J (President and CLO) bought 50 shares at $28.83 on 2025-10-23
• Mahon Daragh P (Executive Vice President & CIO) bought 14 shares at $28.83 on 2025-10-23
• CALLAHAN CRAIG T (Exec VP-Chief Commercial Offcr) bought 227 shares at $26.30 on 2025-10-03
• SCHELBLE JIM S (Exec VP & Chief Admin Officer) bought 227 shares at $26.30 on 2025-10-03
• DOWNING ERIC J (Exec VP and COO) bought 227 shares at $26.30 on 2025-10-03

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Company buybacks in 2 quarters and 56 insider purchases by 7 insiders (no calendar overlap, but both independently active)

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $0M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected