Truckload revenue per total mile measures trucking revenue relative to all miles traveled, including loaded and empty miles, under the carrier's reporting definition.
Werner commonly discusses the year-over-year change in revenue per total mile net of fuel surcharge.
Total-mile revenue combines rate and deadhead
Revenue per loaded mile focuses on pricing when freight is on the truck.
Revenue per total mile spreads that revenue across both loaded and empty miles.
A simplified relationship is:
revenue per total mile ≈ revenue per loaded mile × loaded-mile share
If loaded pricing rises while empty miles also rise, some of the pricing benefit can be diluted on a total-mile basis.
Werner's 2026 example
Werner reported that One-Way Truckload revenue per total mile, net of fuel surcharge, increased 10.4% year over year in the second quarter of 2026.
It also reported a lower empty-mile percentage during the quarter.
Those two disclosures together help distinguish pricing improvement from network-efficiency improvement.
Fuel surcharge treatment matters
Fuel surcharge revenue often moves with diesel prices rather than freight-market pricing.
Removing it can make revenue-per-mile trends more representative of underlying freight rates.
But investors should verify whether the issuer is reporting loaded-mile revenue, total-mile revenue, and fuel-adjusted revenue on the same basis before making comparisons.
Total-mile revenue is not margin
Higher revenue per total mile can be offset by higher driver wages, insurance, maintenance, equipment cost, or purchased transportation.
The metric explains revenue productivity, not operating profit.
It should be paired with miles per truck, empty-mile percentage, and operating expense trends.
Primary-source examples
Truckload revenue per total mile is most useful as a combined measure of freight pricing and network efficiency.
Part of the Truckload Freight Operating Model
See It in Company Research
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