Knight-Swift Transportation Holdings Inc

Latest Results (30.03.2026):

Knight-Swift Transportation Holdings Inc. reported results for the fourth quarter of 2025 (Q4 2025). GAAP results showed a net loss attributable to Knight‑Swift of $6.8 million (GAAP diluted EPS $(0.04)), while non‑GAAP Adjusted Net Income was $50.9 million (Adjusted EPS $0.31). Consolidated revenue for Q4 2025 was $1.856 billion, and the company took $52.9 million of non‑cash impairment charges tied mainly to combining the Abilene truckload brand into Swift.

Headline financials

Total revenue $1.856B (down 0.4% y/y). GAAP operating income $26.5M (down 66% y/y) and Adjusted Operating Income $100.6M (down 5.3% y/y). GAAP net loss attributable $6.8M vs. prior year net income $69.5M; Adjusted Net Income $50.9M (Q4 2024: $58.5M). GAAP EPS $(0.04); Adjusted EPS $0.31 (Q4 2024: $0.36).

Impairments and non‑GAAP adjustments

Q4 included $52.9M of non‑cash impairments (goodwill, intangibles, property) primarily from the decision to fold Abilene into Swift. These impairments are excluded from the company’s non‑GAAP metrics and materially drove the gap between GAAP and adjusted results.

Profitability / margins

Consolidated operating ratio was 98.6% in Q4 2025; Adjusted Operating Ratio was 94.0%. The GAAP operating decline was largely driven by the impairment charges.

Truckload segment

Truckload Adjusted Operating Ratio 92.9% (70 bps y/y improvement). Revenue excluding fuel surcharge fell 2.4% y/y on a 3.3% drop in loaded miles; revenue per loaded mile (ex‑FSC) rose 0.7%. Adjusted Operating Income decreased $9.2M (10.7% y/y). Company cited shorter seasonal projects, Mexico border blockades impacting productivity, and continued cost‑structure work (including combining Abilene into Swift).

LTL segment

LTL revenue excluding fuel surcharge grew 7.0% y/y as shipments/day rose 2.1% and revenue per hundredweight (ex‑FSC) rose 5.0%. Adjusted Operating Income fell 4.8% y/y and Adjusted Operating Ratio was 95.1% (up 60 bps y/y) as slowing demand pressured cost per shipment. Door count expanded 10% for 2025, though facility growth is expected to moderate.

Logistics and Intermodal

Logistics: revenue down 4.8% and gross margin compressed 180 bps to 15.5%; Adjusted Operating Ratio 95.8% with Adjusted Operating Income down materially. Intermodal: Adjusted Operating Ratio improved to 100.1% (140 bps y/y) with revenue per load +2.8% and sequential load count growth; result roughly breakeven in the quarter after structural cost reductions.

All Other segments

Revenue in All Other segments rose 17.6% and operating loss improved 37.3% y/y, driven by warehousing and leasing growth. These lines include equipment leasing, warehousing, parts and certain corporate items (including ~$11.7M quarterly intangible amortization).

Liquidity, cash flow and capital spending

Unrestricted cash and available liquidity approx. $1.1B at 12/31/2025; stockholders’ equity ~$7.1B; net debt (face value net of unrestricted cash) ~$2.1B. Free Cash Flow for 2025 was $763.2M (operating cash flow $1.267B). The company replaced its prior A/R securitization with a 2025 facility treated as a sale, and initial proceeds increased 2025 operating cash flow by ~$478.2M. Expected net cash capital expenditures for full‑year 2026: $625M–$675M.

Dividend and capital allocation

Board declared a quarterly cash dividend of $0.18 per share (record Dec 5, 2025; paid Dec 22, 2025). Management reiterated focus on disciplined capital deployment, cost reduction, tech‑enabled efficiencies, and selective network growth.

Guidance and outlook

Q1 2026 Adjusted EPS guidance: $0.28–$0.32 (assumes relatively stable current conditions). Company expects modest first‑quarter truckload seasonality, LTL growth (5–10% y/y ex‑FSC), modestly lower logistics revenue, flat intermodal load count, and All Other operating income (before intangible amortization) ~$22M–$26M. Expected adjusted effective tax rate ~25–26% for Q1 and full year 2026.

Management commentary

CEO emphasized softer truckload and LTL demand in Q4, spot‑market tightening in logistics driven by reduced capacity, and belief that regulatory enforcement (FMCSA/DOT) will reduce capacity and help margins. Company highlighted structural cost cuts, progress at U.S. Xpress, and investments in technology to drive future margin recovery.