Knight-Swift Transportation Holdings Inc. Reports Third Quarter 2026 Revenue and Earnings
Knight-Swift Transportation Holdings Inc. (KNX) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 October 21, 2026 Phoenix, Arizona Knight-Swift Transportation Holdings Inc. Reports Third Quarter 2026 Revenue and Earnings Knight-Swift Transportation Holdings Inc. (NYSE: KNX) ("Knight-Swift" or the "Company"), one of the largest and most diversified freight transp
How this was made
The 30-second read
Why it matters
The Q3 2026 earnings release provides fresh guidance on revenue growth, operating ratios, and profitability, offering traders a concrete data point for positioning.
Market read
The earnings beat and margin expansion are likely to lift Knight‑Swift's stock and influence freight‑sector sentiment.
What to watch
Rising fuel and driver costs remain headwinds; future guidance may be tempered by inflation pressures.
Knight-Swift reported third-quarter total revenue of $2.2 billion and GAAP earnings per diluted share of $0.72, with Adjusted EPS of $0.83.
Revenue, operating income, GAAP EPS, and Adjusted EPS increased sharply year-over-year, led by Truckload pricing and margin recovery, Intermodal growth, and improved Logistics profitability. LTL adjusted profitability declined year-over-year, while the fourth-quarter guide calls for continued margin improvement across the operating segments.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, third quarterGAAP | $2.20B | – | 14.2 % |
| Revenue, excluding truckload and LTL fuel surcharge, third quarterother | $1.85B | – | 7.7 % |
| Truckload and LTL fuel surcharge, third quarterGAAP | $348.1M | – | – |
| Total operating expenses, third quarterGAAP | $2.02B | – | – |
| Operating income, third quarterGAAP | $178.7M | – | 255.1 % |
| Adjusted Operating Income, third quarternon-GAAP | $198.5M | – | 87.4 % |
| Operating ratio, third quarterGAAP | 91.9 % | – | (550 bps) |
| Adjusted Operating Ratio, third quarternon-GAAP | 89.3 % | – | (450 bps) |
| Income before income taxes, third quarterGAAP | $162.5M | – | – |
| Income tax expense, third quarterGAAP | $44.46M | – | – |
| Effective tax rate, third quarterGAAP | 27.4% | – | 19.6 percentage point decrease |
| Effective tax rate, third quarternon-GAAP | 25.6% | – | – |
| Net income, third quarterGAAP | $118.1M | – | – |
| Net income attributable to Knight-Swift, third quarterGAAP | $118.3M | – | 1,404.5 % |
| Adjusted Net Income Attributable to Knight-Swift, third quarternon-GAAP | $135.9M | – | 164.9 % |
| Earnings per diluted share, third quarterGAAP | $ 0.72 | – | 1,340.0 % |
| Adjusted EPS, third quarternon-GAAP | $ 0.83 | – | 159.4 % |
| Earnings per basic share, third quarterGAAP | $ 0.73 | – | – |
| Other income (expense), net, third quarterGAAP | $ 0.1 million of income | – | – |
| Total revenue, year-to-date September 30GAAP | $6.15B | – | – |
| Revenue, excluding truckload and LTL fuel surcharge, year-to-date September 30other | $5.26B | – | – |
| Operating income, year-to-date September 30GAAP | $312.1M | – | – |
| Adjusted Operating Income, year-to-date September 30non-GAAP | $399.3M | – | – |
| Net income attributable to Knight-Swift, year-to-date September 30GAAP | $160.1M | – | – |
| Adjusted Net Income Attributable to Knight-Swift, year-to-date September 30non-GAAP | $252.9M | – | – |
| Earnings per diluted share, year-to-date September 30GAAP | $ 0.98 | – | – |
| Adjusted EPS, year-to-date September 30non-GAAP | $ 1.55 | – | – |
| Logistics gross margin - Brokerage only, third quarterother | 18.9 % | 350 basis points sequentially | 110 bps |
| Intermodal load count, third quarterother | 40,090 | 2.6% | 13.3 % |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| TruckloadRevenue, excluding fuel surcharge and intersegment transactions, was $ 1,154,886 and increased 6.5 %, driven by a 9.7% improvement in revenue per loaded mile, partially offset by a 3.0% decrease in loaded miles. | $1.41B | – | 14.0 % |
| LTLRevenue, excluding fuel surcharge, was $ 341,703 and increased 0.4 %, as a 4.0% increase in revenue per shipment was partially offset by a 1.4% decrease in LTL shipments per day and a decline in revenue from dedicated services. | $434.5M | – | 10.1 % |
| LogisticsA 46.7% increase in revenue per load was offset by a 32.6% decline in load count; Adjusted Operating Income was $ 9,571 and increased 19.6 %. | $139.0M | – | (1.0 %) |
| IntermodalGrowth reflected a 13.3% increase in load count and a 15.2% increase in revenue per load. Revenue per load increased 5.5% year-over-year when excluding fuel surcharge revenue. | $122.9M | 8.4% revenue growth | 30.6 % |
| All Other SegmentsRevenue growth was driven by warehousing and independent contractor support services. Operating income was $ 19,504 and increased 68.4 %. | $126.0M | – | 41.8 % |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
fourth quarter of 2026 and full-year 2026 outlook
- Tax rateExpected effective tax rate on adjusted income before taxes of approximately 24.7% to 25.7% for fourth quarter.
- NoteAdjusted EPS will range from $0.78 to $0.84 for the fourth quarter of 2026.
- NoteTruckload Segment revenue, excluding fuel surcharge, up low double-digit percent with Adjusted Operating Ratio improving 650 - 750 basis points year-over-year in fourth quarter.
- NoteLTL Segment revenue, excluding fuel surcharge, up high single to low double-digit percent with Adjusted Operating Ratio improving 100 - 200 basis points year-over-year in fourth quarter.
- NoteLogistics Segment revenue flat and Adjusted Operating Ratio improving 300 - 400 basis points year-over-year in fourth quarter.
- NoteIntermodal Segment revenue up 25% - 30% with Adjusted Operating Ratio improving 150 - 250 basis points year-over-year in fourth quarter.
- NoteAll Other Segments operating results, before including the $11.5 million quarterly intangible asset amortization, to be a loss of approximately $13 million to $17 million in fourth quarter, which includes approximately $6.5 million of AR securitization cost that was reported as interest expense in 2025.
- NoteGain on sale to be in the range of $17 million to $21 million in fourth quarter.
- NoteNet interest expense stable sequentially in fourth quarter.
- Note"Other income, net" below the line expected to be roughly $1 million to $3 million in fourth quarter.
- NoteNet cash capital expenditures for full-year 2026 expected range of $600 million - $625 million.
Capital returns
- On August 6, 2026, the board of directors declared a quarterly cash dividend of $0.20 per share of common stock.
- The dividend was payable to stockholders of record as of September 4, 2026, and was paid on September 21, 2026.
- Dividends declared per share were $ 0.20 for the third quarter of 2026, compared to $ 0.18 for the third quarter of 2025.
What drove it
- Truckload Adjusted Operating Ratio was 89.2 %, compared with 96.2 %, as pricing improvement, loaded-miles-per-tractor growth, and a 170 basis point reduction in empty miles percentage offset driver and fuel cost headwinds.
- Truckload revenue per loaded mile, excluding fuel surcharge and intersegment transactions, improved 9.7%, while loaded miles declined 3.0%.
- LTL daily tonnage grew 3.3%, weight per shipment grew 4.8%, and length of haul increased 6.2% year-over-year.
- Logistics contractual pricing gains and seasonal easing in capacity costs supported gross-margin recovery.
- Intermodal customer demand remained robust, with tight trucking capacity and high fuel prices supporting conversion opportunities.
- The Company stated that industry capacity remains under pressure and sourcing quality drivers is as challenging as it has been in years.
Concerns
- LTL Adjusted Operating Income was $ 29,373, down 8.4 % from $ 32,056, and Adjusted Operating Ratio increased 80 basis points to 91.4 %.
- LTL shipments per day declined 1.4% year-over-year, while revenue from dedicated services declined.
- Truckload loaded miles declined 3.0% year-over-year and total miles per tractor declined 0.9% year-over-year.
- Logistics revenue declined 1.0% year-over-year and load count declined 32.6%, despite higher revenue per load and improved margins.
- The Company said fuel and driver-related costs were sequential headwinds in the quarter.
- The Company expects ongoing cost inflation and constraints on capacity to require further meaningful rate growth in 2027 to support margin repair and investment in fleet assets.
What to watch
- Fourth-quarter Adjusted EPS performance against the guided range of $0.78 to $0.84.
- Truckload rate resets, spot and contractual pricing, seated truck percentage, utilization, and the expected 650 - 750 basis point year-over-year improvement in Adjusted Operating Ratio.
- LTL shipment volume, freight mix, renewal rates, and whether Adjusted Operating Ratio improves by the guided 100 - 200 basis points year-over-year.
- Logistics load count and the expected 300 - 400 basis point year-over-year improvement in Adjusted Operating Ratio.
- Intermodal load count, core pricing, and whether revenue grows 25% - 30% with a 150 - 250 basis point improvement in Adjusted Operating Ratio.
- Full-year 2026 net cash capital expenditures, guided to $600 million - $625 million.
Balance sheet and cash flow
- Net cash provided by operating activities for the year-to-date period ended September 30, 2026 was $ 799,881 (In thousands), compared to $ 543,431 (In thousands).
- Net cash used in investing activities for the year-to-date period ended September 30, 2026 was $ (427,856) (In thousands), compared to $ (424,510) (In thousands).
- Net cash used in financing activities for the year-to-date period ended September 30, 2026 was $ (362,736) (In thousands), compared to $ (189,137) (In thousands).
- Net capital expenditures for the year-to-date period ended September 30, 2026 were $ (426,676) (In thousands), compared to $ (407,339) (In thousands).
- Free Cash Flow for the year-to-date period ended September 30, 2026 was $ 373,205, reflecting cash flows from operations of $ 799,881, proceeds from sale of property and equipment, including assets held for sale of $ 190,071, and purchases of property and equipment of $ (616,747).
- As of September 30, 2026, unrestricted cash and available liquidity was $1.7 billion and stockholders' equity was $7.1 billion.
- Cash and cash equivalents were $ 254,156 (In thousands) as of September 30, 2026, compared to $ 220,420 (In thousands) at December 31, 2025.
- The face value of debt, net of unrestricted cash, or Net Debt, was $2.1 billion as of September 30, 2026.
- Convertible senior notes were $ 1,467,377 (In thousands) as of September 30, 2026; revolving line of credit was —.
- During the year-to-date period ended September 30, 2026, the Company issued $1.5 billion face amount of convertible 1.0% bonds due November 2031.
- During the year-to-date period ended September 30, 2026, the Company made $626.0 million of net payments on its 2025 Revolver, $826.0 million in payments on outstanding term loans, $91.9 million in payments on finance lease liabilities, and $113.5 million in payments on operating lease liabilities.
- The outstanding investment in the accounts receivable securitization program had a net increase of $78.3 million during the year-to-date period ended September 30, 2026.
Analysis
Knight-Swift reported a substantially stronger third quarter. Total revenue increased 14.2% to $ 2,200,926 (Dollars in thousands), while revenue excluding truckload and LTL fuel surcharge increased 7.7% to $ 1,852,830 (Dollars in thousands). GAAP operating income rose 255.1% to $ 178,705 (Dollars in thousands), and Adjusted Operating Income increased 87.4% to $ 198,548 (Dollars in thousands). GAAP diluted EPS was $ 0.72 versus $ 0.05, while Adjusted EPS was $ 0.83 versus $ 0.32. Comparability was affected by a $22.8 million reduction in interest expense, a 19.6 percentage point decrease in the GAAP effective tax rate, prior-year loss contingency and impairment charges, and $6.3 million of current-quarter accounts receivable securitization costs within operating income.
Truckload was the primary earnings contributor. Segment revenue excluding fuel surcharge and intersegment transactions rose 6.5% to $ 1,154,886 (Dollars in thousands), reflecting a 9.7% increase in revenue per loaded mile despite a 3.0% decline in loaded miles. The 700 basis point improvement in Truckload Adjusted Operating Ratio to 89.2% and the 202.3% increase in Adjusted Operating Income to $ 124,634 (Dollars in thousands) show the effect of pricing, network efficiency, and a 170 basis point reduction in non-paid empty miles percentage. The company also reported that its seated truck count stabilized in July and held through the quarter after recruiting, training, and driver-pay investments.
The other operating businesses showed divergent results. LTL revenue excluding fuel surcharge increased only 0.4% to $ 341,703 (Dollars in thousands), and Adjusted Operating Income declined 8.4% to $ 29,373 (Dollars in thousands), partly because of a $4.6 million decrease in gains on sale. Its Adjusted Operating Ratio increased 80 basis points to 91.4%, although daily tonnage, shipment weight, length of haul, and sequential shipment count improved. Logistics revenue declined 1.0%, but Adjusted Operating Income rose 19.6% to $ 9,571 (Dollars in thousands) as revenue per load increased 46.7%, gross margin reached 18.9%, and carrier-selection discipline supported profitability. Intermodal revenue increased 30.6% to $ 122,876 (Dollars in thousands), supported by 13.3% load-count growth and 15.2% growth in revenue per load.
Cash generation supported capital investment and debt actions. Year-to-date operating cash flow was $ 799,881 (In thousands) and Free Cash Flow was $ 373,205 after $ (616,747) of purchases of property and equipment and $ 190,071 of proceeds from asset sales. The company reduced its full-year net cash capital expenditure range to $600 million - $625 million from $600 million - $650 million. It reported $1.7 billion of unrestricted cash and available liquidity, $2.1 billion of Net Debt, and the issuance of $1.5 billion face amount of convertible 1.0% bonds due November 2031, alongside revolver and term-loan repayments.
Fourth-quarter guidance calls for Adjusted EPS of $0.78 to $0.84, with management expecting pressured capacity, stable demand, and typical seasonal patterns. The operating outlook assumes low-double-digit Truckload revenue growth excluding fuel surcharge, high-single-digit to low-double-digit LTL revenue growth excluding fuel surcharge, flat Logistics revenue, and 25% - 30% Intermodal revenue growth. Expected Adjusted Operating Ratio improvements across Truckload, LTL, Logistics, and Intermodal indicate management expects margin momentum to extend, but the release also identifies driver availability, fuel and driver-related costs, and the need for additional rate growth in 2027 as important constraints.
Management, verbatim
The Truckload market was largely consistent with normal seasonality in the third quarter, and contractual volumes remained generally stable.
Adam Miller, CEO of Knight-Swift
We expect that ongoing cost inflation and constraints on capacity will require further meaningful rate growth in 2027 to support margin repair and investment in fleet assets.
Adam Miller, CEO of Knight-Swift
We anticipate a solid truckload peak season, as consumers have remained resilient, inventory levels have been well-managed, and capacity remains under pressure.
Adam Miller, CEO of Knight-Swift
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so comparison of reported results with prior guidance is unavailable.
- Share repurchases were not reported.
- A consolidated GAAP gross margin was not reported.
- A fourth-quarter GAAP EPS outlook or reconciliation from Adjusted EPS guidance to GAAP EPS was not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Knight‑Swift is one of the largest full‑truckload carriers in North America, regularly filing 8‑K earnings releases.
Ticker impact
Knight-Swift Transportation reported Q3 2026 results with revenue up 14.2% YoY and net income of $118.3M, beating prior quarter and showing strong operating ratio improvement.
likely upward pressure as the market prices in the earnings beat and improved operating ratios
The company posted a 1,340% YoY EPS increase and a 550‑bp operating ratio improvement, indicating robust demand and pricing power, which typically drives short‑term price gains.
Market effects
Truckload and LTL freight sectors may see broader optimism from Knight‑Swift's strong results.
North American logistics markets could experience tighter capacity and higher spot rates.
Improved U.S. freight data may support global supply‑chain confidence and affect related transportation stocks worldwide.
Counterpoint
If the earnings beat is already priced in, the stock could face a short‑term pullback on profit‑taking.
Key entities
- ExecutiveAdam Miller
CEO of Knight‑Swift, provided commentary on market conditions and future outlook.
