📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Knight-Swift Transportation Holdings Inc., together with its subsidiaries, operates as a freight transportation company in the United States and Mexico.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding KNX

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	1.38M	$79.3M	0.10%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ~ Volatile 4 quarters analysed

Q2 2025

Mixed

The tone balances cautious realism and guarded optimism. Management acknowledges 'unprecedented trade actions' and 'general softness' but highlights 'meaningful progress' on cost structure and margins. Phrases like 'no guarantee' and 'fluid policy environment' signal caution, while 'we are confident' and 'well positioned' convey optimism.

Q3 2025

Cautious

Management repeatedly stressed uncertainty in demand patterns and took a 'more cautious approach to our expectations for the fourth quarter', yet also expressed confidence in long-term opportunities from regulatory enforcement and cost structure improvements. The tone balances near-term caution with conviction in future capacity tightening and margin expansion.

Q4 2025

Mixed

Management expresses confidence in structural cost progress and regulatory tailwinds, but repeatedly tempers expectations with caveats like 'we are not here to call the turn by any means' and 'we feel better than we look in terms of the results'. They acknowledge disappointing November volumes and a weaker secondary equipment market, while still projecting cautious optimism.

Q1 2026 latest

Confident Specific

Management used clear language like 'more reasons to be optimistic than we have seen in over four years', 'mid-single-digit percentage increases' on bids, and shifted bid targets to 'high single- to low double-digit percentage increases'. They repeatedly cited specific regulatory actions (FMCSA, DOT, Dalilah's Law) and quantified impacts like '30% reduction in logistics carriers' and '14 times more drug use detected via hair follicle tests'.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Management provided clear evidence of market inflection: regulatory capacity removal is tightening supply, and pricing power is returning with bid targets raised to high-single/low-double-digit increases. The company's cost structure improvements (seven consecutive quarters of miles per tractor improvement, LTL network refinement, U.S. Xpress progress) set the stage for significant incremental margins as revenue per mile accelerates. However, the timing of full margin realization is uncertain – most contractual rate increases hit in late Q2 and Q3. Key watch items: how quickly contractual rates flow through, whether driver availability constrains growth (management flagged this as a potential back-half challenge), and if demand tailwinds sustain. LTL's mix shift toward heavier industrial freight and sub-90 OR target is a positive catalyst. The investment thesis is measurably stronger, but near-term EPS inflection is already guided (Q2 $0.45-$0.49) – the real question is whether the cycle has legs into 2027.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific ~ Volatile 4 quarters Full tone analysis in Intelligence →

📊 MIXED Knight-Swift sees improving truckload pricing with high single to low double-digit rate targets

Revenue & Profitability

Consolidated Q1 2026 revenue, excluding fuel surcharge, was essentially flat year-over-year. Operating income declined $38 million year-over-year due to a $18 million LTL claim development, $4 million VAT expense in truckload, and $12-$14 million net negative impact from weather and fuel. GAAP EPS was a loss of $0.01; adjusted EPS was $0.09, down from $0.28 in Q1 2025. Adjusted operating ratio was 97%, up 230 basis points. Q2 2026 adjusted EPS guidance is $0.45-$0.49.

Outlook

Management is optimistic about the truckload market, citing ongoing FMCSA and DOT enforcement actions that are reducing capacity, especially in the one-way market. They note improving load tenders, tender rejections, and spot pricing. Demand is beginning to improve, and shippers are seeking asset-based capacity. In LTL, freight mix is improving with higher weight per shipment, but the tightening is less sharp than in truckload.

Growth Drivers

Key growth levers include mid-single-digit rate renewals in LTL, high single- to low double-digit rate targets on truckload bids, and improving network density in LTL as it transitions from regional to national. Intermodal load count and revenue per load are growing, with March load count up 8.4% year-over-year. Logistics is leveraging technology to capture opportunities as contractual pricing resets.

Balance Sheet & CapEx

Not specifically discussed in this earnings call. Management noted they are slowing down building new LTL locations but are adding door counts at pinch points to improve freight flow. No capital expenditure guidance was provided.

Margins

Consolidated adjusted operating ratio was 97%, up 230 bps year-over-year. Truckload adjusted OR was 96.3%, only 70 bps worse despite headwinds, helped by lower empty miles and rate improvement. LTL margins were negatively impacted by an adverse claim development. Management targets truckload mid-80s OR in a normalized market and expects LTL to achieve sub-90 OR during 2026 as operating leverage builds.

Key Risks

Risks include adverse legal developments (e.g., arbitration ruling on a 2022 claim costing $18 million), severe weather disruptions, fuel price volatility, and challenges in recruiting and retaining quality drivers as the market tightens. The timing and durability of regulatory capacity reductions are uncertain, and a slower-than-expected demand recovery could limit rate improvement.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-22

Truckload and Intermodal segments drove strong year-over-year revenue and margin gains, aided by supply-driven market tightening and regulatory changes. Adjusted EPS surged 80%, with Q3 guidance reflecting continued rate momentum and stable utilization. Insurance and driver availability remain key risks.

Q1 2026 Q1 2026 2026-04-22

Q1 2026 results were impacted by adverse claims, weather, and fuel costs, but improving market conditions and regulatory-driven capacity reductions are supporting stronger pricing and margin outlooks. Guidance calls for a significant sequential rebound in Q2 and accelerating margin expansion in the second half.

Q4 2025 Q4 2025 2026-01-21

Q4 saw stable but subdued demand, with cost reductions supporting margin improvement despite lower revenue. Regulatory actions are tightening capacity, and technology investments are expected to drive further efficiency gains in 2026. Adjusted EPS guidance for Q1 2026 is $0.28–$0.32.

Q3 2025 Q3 2025 2025-10-22

Q3 2025 saw stable demand but continued market uncertainty, with revenue up 2.4% year-over-year and adjusted operating income rising 14.2% despite $58M in unusual items. LTL and warehousing drove growth, while regulatory changes and cost initiatives are expected to shape future performance.

Q2 2025 Q2 2025 2025-07-23

Second quarter results showed improved margins and earnings despite soft freight demand and ongoing trade volatility. LTL and logistics segments posted strong growth, while cost control and operational initiatives supported margin expansion. Guidance for Q3 anticipates stable to modestly improving conditions.

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