Knight-Swift Transportation Holdings Inc

Latest Results (01.08.2026):

Knight-Swift Transportation Holdings Inc. reported results for the first quarter of 2026. Consolidated revenue was $1.85 billion, GAAP net loss attributable to Knight‑Swift was $1.3 million (GAAP diluted EPS $(0.01)), and Adjusted Net Income was $14.3 million (Adjusted EPS $0.09), with the quarter materially affected by weather/fuel disruption, an adverse LTL arbitration, and a VAT decision in Mexico.

Quick financial snapshot

Total revenue $1.85B (up 1.4% YoY); operating income $28.6M (down $38.1M YoY); Adjusted Operating Income $49.8M (down $36.8M YoY); GAAP EPS $(0.01); Adjusted EPS $0.09; consolidated operating ratio 98.5% (Adjusted Operating Ratio 97.0%).

One-time and transitory impacts

Management quantified major headwinds: an estimated $12–$14M impact from severe winter weather and sharp fuel price increases, $18.0M of LTL claims expense (adverse arbitration on a 2022 claim), and $4.1M expense in Truckload for an adverse VAT reimbursement decision in Mexico.

Segment highlights

Truckload: revenue ex-fuel flat, Adjusted Operating Ratio 96.3% (70 bps worse YoY); LTL: revenue ex-fuel +2.6% but Adjusted Operating Ratio 99.6% (570 bps adverse impact from $18M claim); Logistics: revenue down 9.9% with gross margin pressured but improving sequentially (Adjusted OR 96.2%); Intermodal: revenue +2.7%, Adjusted OR ~101.5%, load counts at highest Q1 since 2021.

Liquidity, cash flow and capital spending

Unrestricted cash and available liquidity approximately $1.1B; Net Debt (face value less cash) about $2.1B; stockholders’ equity $7.1B. Free Cash Flow for Q1 was $56.9M. Full‑year 2026 net capex guidance narrowed to $600M–$650M.

Shareholder returns and other items

Quarterly cash dividend increased to $0.20 per share (paid March 23, 2026, from prior $0.18). Interest expense declined year‑over‑year; other income was negative in Q1 2026 due to $5.2M investment write‑downs.

Outlook for Q2 2026

Company expects Adjusted EPS of $0.45–$0.49 for Q2 2026 assuming stable conditions and moderating fuel prices; management expects truckload pricing to continue tightening and anticipates sequential margin improvement across segments as bids and contractual resets take effect.