Knight-Swift Transportation Holdings Inc

Latest Results (01.01.2026):

Knight-Swift Transportation Holdings Inc. — Third Quarter 2025: The company reported third quarter 2025 net income attributable to Knight‑Swift of $7.9 million (GAAP) and Adjusted Net Income of $51.3 million. Total revenue was $1.927 billion, up 2.7% year‑over‑year. GAAP diluted EPS was $0.05 and Adjusted EPS was $0.32. The quarter included $58.0 million of charges (impairments, a loss contingency and large claims) that materially affected GAAP results but were largely adjusted out of certain non‑GAAP metrics.

Key financials

Revenue: $1.927B (+2.7% YoY). GAAP operating income: $50.3M (‑38.2% YoY). Adjusted Operating Income: $106.0M (+4.2% YoY). GAAP diluted EPS: $0.05 vs $0.19 in Q3 2024. Adjusted EPS: $0.32 vs $0.34 in Q3 2024. Consolidated operating ratio: 97.4%; Adjusted Operating Ratio: 93.8%.

Special charges and impact

The quarter included $34.8M of impairments (trade name, real property leases, software), an $11.2M loss contingency tied to the 2024 exit from the third‑party carrier insurance business, and $12.0M of higher insurance/claims at U.S. Xpress (settlement of two large 2023 auto liability claims). Impairments were excluded from non‑GAAP results; the loss contingency and claims reduced Adjusted EPS by about $0.10.

Truckload segment

Truckload revenue excluding fuel surcharge fell 2.1% (driven by a similar decline in loaded miles). Revenue per loaded mile was roughly flat. Adjusted Operating Income declined 15.0% (‑$7.3M), Adjusted Operating Ratio was 96.2% (60 bps worse YoY). Excluding U.S. Xpress, legacy truckload brands ran a 93.7% Adjusted Operating Ratio.

LTL segment

LTL revenue excluding fuel surcharge rose 21.5% (shipments/day +14.2%). Revenue per hundredweight xFSC +6.1%. Adjusted Operating Income improved 10.1% (first YoY improvement in five quarters); Adjusted Operating Ratio 90.6% (250 bps sequential improvement). The quarter includes a $28.8M tradename impairment associated with consolidating LTL brands under the AAA Cooper name.

Logistics & Intermodal

Logistics: Adjusted Operating Ratio 94.3%, gross margin 17.8%, Adjusted Operating Income +1.9% YoY; revenue per load +3.6% YoY. Intermodal: Adjusted Operating Ratio 99.8% (160 bps improvement YoY ex‑impairment), revenue per load +3.5% YoY; sequentially load count and revenue improved.

All Other segments, insurance and claims

All Other revenue +29.9% and operating income +86.4% YoY, driven by warehousing and leasing growth. Results include the $11.2M loss contingency related to the 2024 insurance business wind‑down. Insurance & claims expense was a meaningful drag on consolidated results this quarter.

Balance sheet, cash flow & capital

Unrestricted cash and available liquidity about $1.0B; stockholders’ equity $7.1B; net debt (face value less unrestricted cash) $2.7B. Year‑to‑date Free Cash Flow was $136.1M. The company refinanced with a $2.5B unsecured credit facility in July 2025. Net cash capital expenditures for full‑year 2025 expected $475M–$525M (reduced from prior range).

Guidance, tax & shareholder return

Q4 2025 Adjusted EPS guidance: $0.34–$0.40 (assumes stable conditions). GAAP effective tax rate for Q3 2025 was 47.0%; non‑GAAP adjusted rate used in calculations was 29.6% for the quarter. Board declared a quarterly cash dividend of $0.18 per share (paid Sept 22, 2025).