# Knight-Swift Transportation Holdings Inc. (KNX)

Informational only - not investment advice.

CIK: 0001492691
SIC: 4213 Trucking (No Local)
SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Motor Freight Transportation And Warehousing](/major-group/42/) > [SIC 4213 Trucking (No Local)](/industry/4213/)
Latest 10-K filed: 2026-02-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=1492691
Filing source: https://www.sec.gov/Archives/edgar/data/1492691/000149269126000016/knx-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-19 · accession 0001492691-26-000016 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001492691.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 7,469,689,000 USD | 2025 | verified |
| Net income | 65,946,000 USD | 2025 | verified |
| Assets | 11,955,436,000 USD | 2025 | verified |
| Free cash flow | 1,265,581,000 USD | 2025 | computed |
| Net margin | 0.88% | 2025 | computed |
| Operating margin | 2.89% | 2025 | computed |
| Revenue YoY | +0.80% | 2025 | computed |
| ROE | 0.93% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Trucking and truckload logistics](/compare/trucking-logistics/) · SIC 4213 Trucking (No Local)

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including KNX

- Trucking and truckload logistics: [peer review](/compare/trucking-logistics/) · [market-risk page](/compare/trucking-logistics/risk/)

### Peer percentile fingerprint

| Ratio | KNX | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 0.9% | 1.5% | 42 | 13 |
| Operating margin | 2.9% | 2.6% | 58 | 13 |
| Revenue growth | 0.8% | -1.8% | 83 | 13 |
| FCF margin | 16.9% | 1.8% | 91 | 12 |
| ROE | 0.9% | 2.3% | 33 | 13 |
| ROA | 0.6% | 1.8% | 33 | 13 |
| Liabilities / equity | 0.69 | 0.89 | 42 | 13 |
| Current ratio | 0.86 | 1.23 | 8 | 13 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4213 Trucking (No Local), not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 7469689000 | USD | 2025 | 2026-02-19 |
| Net income | 65946000 | USD | 2025 | 2026-02-19 |
| Assets | 11955436000 | USD | 2025 | 2026-02-19 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001492691.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 1,118,034,000 | 2,425,453,000 | 5,344,066,000 | 4,843,950,000 | 4,673,863,000 | 5,998,019,000 | 7,428,582,000 | 7,141,766,000 | 7,410,078,000 | 7,469,689,000 |
| Net income |  | 93,863,000 | 484,292,000 | 419,264,000 | 309,206,000 | 410,002,000 | 743,388,000 | 771,325,000 | 217,149,000 | 117,626,000 | 65,946,000 |
| Operating income |  | 148,479,000 | 200,630,000 | 569,043,000 | 427,438,000 | 564,438,000 | 965,697,000 | 1,091,828,000 | 338,153,000 | 243,388,000 | 216,062,000 |
| Diluted EPS |  | 1.16 | 4.34 | 2.36 | 1.80 | 2.40 | 4.45 | 4.73 | 1.34 | 0.73 | 0.41 |
| Operating cash flow |  | 243,776,000 | 322,590,000 | 881,977,000 | 839,594,000 | 919,645,000 | 1,190,153,000 | 1,435,853,000 | 1,161,676,000 | 799,063,000 | 1,266,647,000 |
| Capital expenditures |  | 0.00 | 1,553,000 | 30,322,000 | 16,093,000 | 483,000 | 1,367,000 | 545,000 | 833,000 | 438,000 | 1,066,000 |
| Dividends paid |  | 19,597,000 | 25,454,000 | 42,770,000 | 41,425,000 | 54,620,000 | 63,535,000 | 78,304,000 | 91,149,000 | 104,153,000 | 117,435,000 |
| Share buybacks | 45,345,000 | 39,873,000 | 0.00 | 179,318,000 | 86,892,000 | 179,585,000 | 57,175,000 | 299,941,000 | 0.00 | 0.00 |  |
| Assets |  | 1,078,525,000 | 7,683,442,000 | 7,911,885,000 | 8,281,732,000 | 8,468,002,000 | 10,655,500,000 | 10,951,666,000 | 12,870,765,000 | 12,698,532,000 | 11,955,436,000 |
| Liabilities |  | 289,794,000 | 2,443,072,000 | 2,449,166,000 | 2,613,429,000 | 2,595,962,000 | 4,112,050,000 | 3,996,385,000 | 5,766,684,000 | 5,581,727,000 | 4,863,570,000 |
| Stockholders' equity |  | 786,473,000 | 5,237,732,000 | 5,460,949,000 | 5,666,215,000 | 5,869,848,000 | 6,533,152,000 | 6,945,004,000 | 7,087,390,000 | 7,108,967,000 | 7,082,454,000 |
| Cash and cash equivalents |  | 8,021,000 | 76,649,000 | 82,486,000 | 159,722,000 | 156,699,000 | 261,001,000 | 196,770,000 | 168,545,000 | 218,261,000 | 220,420,000 |
| Free cash flow |  | 243,776,000 | 321,037,000 | 851,655,000 | 823,501,000 | 919,162,000 | 1,188,786,000 | 1,435,308,000 | 1,160,843,000 | 798,625,000 | 1,265,581,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 8.40% | 19.97% | 7.85% | 6.38% | 8.77% | 12.39% | 10.38% | 3.04% | 1.59% | 0.88% |
| Operating margin |  | 13.28% | 8.27% | 10.65% | 8.82% | 12.08% | 16.10% | 14.70% | 4.73% | 3.28% | 2.89% |
| Return on equity |  | 11.93% | 9.25% | 7.68% | 5.46% | 6.98% | 11.38% | 11.11% | 3.06% | 1.65% | 0.93% |
| Return on assets |  | 8.70% | 6.30% | 5.30% | 3.73% | 4.84% | 6.98% | 7.04% | 1.69% | 0.93% | 0.55% |
| Liabilities / equity |  | 0.37 | 0.47 | 0.45 | 0.46 | 0.44 | 0.63 | 0.58 | 0.81 | 0.79 | 0.69 |
| Current ratio |  | 2.42 | 1.51 | 1.48 | 0.90 | 1.10 | 1.32 | 1.67 | 0.94 | 0.85 | 0.86 |

## As-reported value updates

10 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/KNX/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-29. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001492691.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 1.35 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 1.21 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.64 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 1,552,979,000 | 63,326,000 | 0.39 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 2,019,936,000 | 60,194,000 | 0.37 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 1,931,919,000 | -10,655,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 1,822,467,000 | -2,635,000 | -0.02 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,846,654,000 | 20,300,000 | 0.13 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 1,876,676,000 | 30,464,000 | 0.19 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,864,281,000 | 69,497,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 1,824,362,000 | 30,639,000 | 0.19 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 1,861,940,000 | 34,243,000 | 0.21 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 1,927,057,000 | 7,861,000 | 0.05 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,856,330,000 | -6,797,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 1,850,223,000 | -1,317,000 | -0.01 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from KNX's latest 10-K: [/company/KNX/business/](/company/KNX/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from KNX's latest 10-K: [/company/KNX/risk-factors/](/company/KNX/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1492691/000149269126000059/knx-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-07-29
Report date: 2026-06-30

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report contains certain statements that may be considered "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and Section 27A of the Securities Act of 1933, as amended. All statements, other than statements of historical or current fact, are statements that could be deemed forward-looking statements, including without limitation:

•any projections of or guidance regarding earnings, earnings per share, revenues, cash flows, dividends, capital expenditures, or other financial items,

•any statement of plans, strategies, and objectives of management for future operations,

•any statements concerning proposed acquisition plans, new services, or developments,

•any statements regarding future economic conditions or performance, and

•any statements of belief and any statements of assumptions underlying any of the foregoing. 

In this Quarterly Report, forward-looking statements include, but are not limited to, statements we make concerning:

•our ability to gain market share and adapt to market conditions, the ability of our infrastructure to support future growth, future market position, and the ability, desire, and effects of expanding our service offerings (including expansion of our LTL network), whether we grow organically or through potential acquisitions,

•our ability to recruit and retain qualified driving associates,

•future safety performance,

•future performance of our segments or businesses,

•future capital expenditures, equipment prices (including used equipment) and availability, our equipment purchasing or leasing plans, and mix of our owned versus leased revenue equipment, and our equipment turnover,

•the impact of pending legal proceedings,

•future insurance claims, coverage, coverage limits, premiums, and self-insured retention limits, including the potential impact of adverse developments in our prior period claims,

•the expected freight environment, including freight demand, capacity, seasonality, and volumes,

•economic conditions and growth, including future inflation, consumer spending, supply chain conditions, inventory levels or management, labor supply and relations, and trade policy,

•expected liquidity and methods for achieving sufficient liquidity, including our expected need or desire to incur indebtedness, our ability to comply with debt covenants, and the expected impact of the 2031 Notes,

•future fuel prices and availability and the expected impact of fuel efficiency initiatives,

•future expenses, including depreciation and amortization, purchased transportation, impairments, interest rates, cost structure, and our ability to control costs,

•future rates, operating profitability and margin, load count, asset utilization, and return on capital,

•future third-party service provider relationships and availability, including pricing terms,

•future contracted pay rates with independent contractors, ability to lease equipment to independent contractors, and compensation arrangements with driving associates,

•future capital allocation, capital structure, capital requirements, and growth strategies and opportunities,

•future share repurchases and dividends,

•future tax rates,

•expected tractor and trailer fleet age, fleet size, and demand for trailer fleet,

•future investment in and deployment of new or updated technology or services,

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•future classification of our independent contractors, including the impact of new laws and regulations regarding classification,

•political conditions and regulations, including conflicts, trade regulation, quotas, duties, or tariffs, and any future changes to the foregoing,

•integration efforts related to prior acquisitions and any future effects of such acquisitions, and

•others.

Such statements may be identified by their use of terms or phrases such as "believe," "may," "could," "will," "would," "should," "expects," "estimates," "designed," "likely," "foresee," "goals," "seek," "target," "forecast," "projects," "anticipates," "plans," "intends," "hopes," "strategy," "potential," "objective," "pursue," "address," "mission," "maintain," "ongoing," "predicts," "budgets," "remains," "continue," "outlook," "confident," "feel," and similar terms and phrases. Forward-looking statements are based on currently available operating, financial, and competitive information. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to materially differ from those set forth in, contemplated by, or underlying the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in Part II, Item 1A "Risk Factors" of this Quarterly Report, Part I, Item 1A "Risk Factors" in our 2025 Annual Report, and various disclosures in our press releases, stockholder reports, and other filings with the SEC.

All such forward-looking statements speak only as of the date of this Quarterly Report. You are cautioned not to place undue reliance on such forward-looking statements. We expressly disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein, to reflect any change in our expectations with regard thereto, or any change in the events, conditions, or circumstances on which any such statement is based.

Reference to Glossary of Terms

Certain acronyms and terms used throughout this Quarterly Report are specific to our company, commonly used in our industry, or are otherwise frequently used throughout our document. Definitions for these acronyms and terms are provided in the "Glossary of Terms," available in the front of this document.

Reference to Annual Report

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements (unaudited) and footnotes included in this Quarterly Report, as well as the consolidated financial statements and footnotes included in our 2025 Annual Report.

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Executive Summary

Company Overview

Knight-Swift Transportation Holdings Inc. is one of North America's largest and most diversified freight transportation companies, providing multiple full truckload, LTL, intermodal, and other complementary services. Our objective is to operate our business with industry-leading margins, continue organic growth, and continue growth through acquisitions while providing safe, high-quality, cost-effective solutions for our customers. Knight-Swift uses a nationwide network of business units and terminals in the US and Mexico to serve customers throughout North America. In addition to operating one of the country's largest truckload fleets, Knight-Swift also contracts with third-party equipment providers to provide a broad range of transportation services to our customers while creating quality driving jobs for our driving associates and successful business opportunities for independent contractors. Our four reportable segments are Truckload, LTL, Logistics, and Intermodal. Additionally, we have various other operating segments, included within our All Other Segments.

Key Financial Highlights — Year-to-Date June 30, 2026

Consolidated operating income decreased 4.2% to $133.4 million during the first half of 2026, as compared to the same period last year. Net income attributable to Knight-Swift decreased 35.5% to $41.9 million.

•Truckload — 95.0% operating ratio during the first half of 2026. The Adjusted Operating Ratio1 was 93.6%, with a 1.3% year-over-year increase in revenue, excluding fuel surcharge and intersegment transactions.

•LTL — 97.7% operating ratio during the first half of 2026. The Adjusted Operating Ratio1 deteriorated 210 basis points year-over-year to 95.7%, primarily due to $18.0 million of expense for adverse claims development in our LTL segment during the first quarter of 2026, primarily related to an adverse arbitration ruling on a 2022 claim.

•Logistics — 97.2% operating ratio during the first half of 2026. The Adjusted Operating Ratio1 was 96.3% with a gross margin of 16.0%. Revenue decreased 1.0% year-over-year driven by a 17.7% decline in load count, partially offset by a 19.7% increase in revenue per load.

•Intermodal — 100.4% operating ratio during the first half of 2026, as year-over-year load count and revenue per load increased 10.0% and 7.4%, respectively.

•All Other Segments — Operating loss was $17.5 million during the first half of 2026 compared to operating income of $12.8 million during the comparable period of 2025, largely as a result of the inclusion of $11.0 million of costs for the accounts receivable securitization program that were previously reported in interest expense under the prior arrangement as well as an $18.2 million severance charge primarily related to the retirement and related consulting arrangement for our former executive chairman, and startup costs on new contract awards incurred in the first quarter of 2026.

•Liquidity and Capital — During the first half of 2026, we generated $450.4 million in operating cash flows and Free Cash Flow1 of $190.4 million. From a financing perspective, during the first half of 2026 we issued $1.5 billion face amount of convertible 1.0% notes due November 2031, and we made $626.0 million of net payments on our 2025 Revolver, $775.0 million on outstanding term loans, $66.7 million in payments on our finance lease liabilities and $77.6 million in payments on operating lease liabilities. Additionally, we had a net increase of $63.0 million in the outstanding investment in the accounts receivable securitization program. As of June 30, 2026, we had a balance of $186.1 million in unrestricted cash and cash equivalents, $2.2 billion face value outstanding debt, net of unrestricted cash, and $7.0 billion of stockholders' equity. We do not foresee material liquidity constraints or any issues with our ongoing ability to meet our debt covenants. See discussion under "Liquidity and Capital Resources" for additional information.

________

1Refer to "Non-GAAP Financial Measures" below.

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Key Financial Data and Operating Metrics

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1492691/000149269126000016/knx-20251231.htm
Complete FY 2025 MD&A: /company/KNX/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-19
Report date: 2025-12-31

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Certain acronyms and terms used throughout this Annual Report are specific to our company, commonly used in our industry, or are otherwise frequently used throughout our document. Definitions for these acronyms and terms are provided in the "Glossary of Terms," available in the front of this document.

Management's discussion and analysis of financial condition and results of operations should be read together with "Business" in Part I, Item 1 of this Annual Report, as well as the consolidated financial statements and accompanying footnotes in Part II, Item 8 of this Annual Report. This discussion contains forward-looking statements as a result of many factors, including those set forth under Part I, Item 1A. "Risk Factors" and Part I "Cautionary Note Regarding Forward-looking Statements" of this Annual Report, and elsewhere in this report. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from those discussed.

Executive Summary

Company Overview

Knight-Swift Transportation Holdings Inc. is one of North America's largest and most diversified freight transportation companies, providing multiple full truckload, LTL, intermodal, and other complementary services. Our objective is to operate our business with industry-leading margins, continued organic growth, and growth through acquisitions while providing safe, high-quality, and cost-effective solutions for our customers. Knight-Swift uses a nationwide network of business units and terminals in the US and Mexico to serve customers throughout North America. In addition to operating one of the country's largest truckload fleets, Knight-Swift also contracts with third-party carriers to provide a broad range of transportation services to our customers while creating quality driving jobs for our driving associates and successful business opportunities for independent contractors. Our four reportable segments are Truckload, LTL, Logistics, and Intermodal. Additionally, we have various other operating segments, included within our All Other Segments.

Key Financial Highlights

During 2025, consolidated total revenue was $7.5 billion, which is a 0.8% increase over 2024. Consolidated operating income was $216.1 million in 2025, reflecting a decrease of 11.2% from 2024. Consolidated net income attributable to Knight-Swift decreased by 43.9% from 2024 to $65.9 million.

•Truckload — 97.0% operating ratio during 2025, with a 2.8% decrease in revenue, excluding fuel surcharge and intersegment transactions, compared to 2024.

•LTL — 97.4% operating ratio during 2025 with a 20.6% increase in revenue, excluding fuel surcharge.

•Logistics — 96.0% operating ratio during 2025. Revenue per load increased by 4.7%, leading to a 0.1% increase in revenue, excluding intersegment transactions.

•Intermodal — 102.1% operating ratio during 2025. Load count decreased 6.7%, partially offset by a 1.0% improvement in revenue per load resulting in a 19.2% decrease in operating loss.

•All Other Segments — Operating income was $14.4 million during 2025 as compared an operating loss of $26.2 million in 2024, which was largely as a result of winding down our third-party insurance program, ultimately ceasing operations at the end of the first quarter of 2024.

•Liquidity and Capital — During 2025, we generated $1.3 billion in operating cash flows. Our Free Cash Flow1 was $763.2 million. Note that operating cash flows for 2025 were increased by $478.2 million in sales proceeds funded under the new accounts receivable securitization program upon its closing on December 31, 2025, as further discussed below. From a financing perspective, during 2025 we paid down $380 million of outstanding term loan balances, $147.5 million in finance lease liabilities, and $161.6 million on operating lease liabilities. Additionally, we had $65.2 million of net borrowings on our 2025 Revolver and prior accounts receivable securitization after giving effect for the $478.2 million payoff and termination of the prior accounts receivable securitization agreement on December 31, 2025, as discussed below.

________

1Refer to "Non-GAAP Financial Measures" below.

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On December 31, 2025, the Company entered into a new $575 million accounts receivable securitization facility via the Receivables Purchase Agreement (the "2025 RPA"), replacing the Company's previous $575 million securitization facility first entered into in 2013, as amended and restated through October 2025 (the "2025 RSA"). Replacing the 2025 RSA, which was treated as a financing secured by receivables, with the 2025 RPA, which is treated as a sale of receivables, has the effect of removing the subject receivables and the former secured borrowing from the Company's balance sheet beginning December 31, 2025 and is expected to reduce expenses on a go-forward basis. Note that the payoff and termination of the prior debt facility with the sales proceeds under the new sales arrangement on December 31, 2025 had the effect of increasing operating cash flow for 2025 by the amount of the $478.2 million proceeds at closing, while the payoff of the prior debt facility is a cash outflow for financing activities and reduces the net borrowings from working capital facilities for 2025 by the same amount. Going forward, we would expect less pronounced impacts to the cash flow statement from this program as ongoing changes in the size of the pool of receivables in the ordinary course of business are expected to be less than the initial proceeds funded at closing for the outstanding pool of receivables.

We ended 2025 with $1.1 billion in unrestricted cash and cash equivalents and available liquidity and $7.1 billion of stockholders' equity. The face value of our debt, net of unrestricted cash ("Net Debt") was $2.1 billion at the end of 2025. We do not foresee material liquidity constraints or any issues with our ongoing ability to meet our debt covenants. See discussion under "Liquidity and Capital Resources" for additional information.

Key Financial Data and Operating Metrics

[[GREPCENT_TABLE]]
[["","2025","","2024"],["GAAP financial data:","(Dollars in thousands, except per share data)"],["Total revenue","$","7,469,689","","","$","7,410,078"],["Revenue, excluding truckload and LTL fuel surcharge","$","6,692,075","","","$","6,611,957"],["Net income attributable to Knight-Swift","$","65,946","","","$","117,626"],["Earnings per diluted share","$","0.41","","","$","0.73"],["Operating ratio","97.1","%","","96.7","%"],["Non-GAAP financial data:"],["Adjusted Net Income Attributable to Knight-Swift 1","$","204,738","","","$","172,085"],["Adjusted EPS 1","$","1.26","","","$","1.06"],["Adjusted Operating Ratio 1","94.1","%","","94.7","%"],["Revenue equipment statistics by segment:"],["Truckload"],["Average tractors 2","21,428","","","22,791"],["Average trailers 3","84,851","","","89,487"],["LTL"],["Average tractors 4","4,164","","","3,569"],["Average trailers 5","11,057","","","9,564"],["Intermodal"],["Average tractors","595","","","615"],["Average containers","12,539","","","12,572"]]
[[/GREPCENT_TABLE]]

1Adjusted Net Income Attributable to Knight-Swift, Adjusted EPS, and Adjusted Operating Ratio are non-GAAP financial measures and should not be considered alternatives, or superior to, the most directly comparable GAAP financial measures. However, management believes that presentation of these non-GAAP financial measures provides useful information to investors regarding the Company's results of operations. Adjusted Net Income Attributable to Knight-Swift, Adjusted EPS, and Adjusted Operating Ratio are reconciled to the most directly comparable GAAP financial measures under "Non-GAAP Financial Measures," below.

2Our tractor fleet within the Truckload segment had a weighted average age of 2.7 years and 2.6 years as of December 31, 2025 and 2024, respectively.

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KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED

3Note that average trailers includes 9,671 and 8,769 trailers within our All Other Segment as of December 31, 2025 and 2024, respectively. Our trailer fleet within the Truckload segment had a weighted average age of 9.7 years and 9.4 years as of December 31, 2025 and 2024, respectively. Starting with the fourth quarter of 2025, the Company is excluding its chassis trailers from its average trailer calculation. Prior period information has been recast for comparability.

4Our LTL tractor fleet had a weighted average age of 3.8 years and 4.2 years as of December 31, 2025 and 2024, respectively, and includes 663 and 619 tractors from ACT's dedicated and other businesses for 2025 and 2024, respectively.

5Our LTL trailer fleet had a weighted average age of 8.2 years and 8.4 years as of December 31, 2025 and 2024, respectively, and includes 1,129 and 876 trailers from ACT's dedicated and other businesses for 2025 and 2024, respectively.

Results of Operations — Summary
Notes regarding presentation: A discussion of changes in our results of operations from 2023 to 2024 has been omitted from this Annual Report, but may be found in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of our 2024 Annual Report filed with the SEC on February 20, 2025.

In accordance with accounting treatment applicable to each of our recent acquisitions, Knight-Swift's reported results do not include the operating results of the acquired entities prior to the respective acquisition dates. Accordingly, comparisons between the Company's 2025 results and prior periods may not be meaningful. Refer to Note 1 in Part II, Item 8 of this Annual Report for a list of our recent acquisitions.

Operating Results: 2025 Compared to 2024 — The $51.7 million decrease in net income attributable to Knight-Swift to $65.9 million in 2025 from $117.6 million in 2024, includes the following:

•Contributor — $21.1 million decrease in operating income within our Truckload segment, primarily due to $52.9 million in non-cash impairments of goodwill and intangible assets associated with Abilene as a result of the decision to cease its separate operations and combine it into our Swift business and certain revenue equipment as well as owned and lease real property. This was partially offset by a 3.3% increase in our average revenue per tractor.

•Contributor — $48.4 million decrease in operating income from our LTL segment is primarily due to a $28.8 million non-cash impairments of tradenames associated with the decision to rebrand the MME and DHE brands of our LTL businesses under the AAA Cooper brand, increased costs related to expanding our LTL service area, and a 1.2% decrease in weight per shipment.

•Contributor — $30.1 million decrease in "Other income (expenses), net," primarily driven by a mark-to-market adjustment in 2024 related to certain purchase price obligations associated with the acquisition of U.S. Xpress.

•Contributor — $0.3 million decrease in operating income within our Logistics segment driven by a 4.6% decrease in load count, partially offset by a 4.7% increase in revenue per load.

•Offset — $40.6 million increase in operating income within our All Other Segments, largely as a result of exiting the third-party insurance business at the end of the first quarter of 2024.

•Offset — $3.7 million decrease in net interest expense primarily due to a decrease in interest rates, partially offset by higher average borrowings.

•Offset — $3.2 million decrease in consolidated income tax expense, primarily due to a decrease in income b

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/KNX/mda/fy2025/
All MD&A years: /company/KNX/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/KNX/mda/fy2024/): filed 2025-02-20; accession 0001492691-25-000013 (https://www.sec.gov/Archives/edgar/data/1492691/000149269125000013/knx-20241231.htm)
- [FY 2023 MD&A](/company/KNX/mda/fy2023/): filed 2024-02-22; accession 0001492691-24-000015 (https://www.sec.gov/Archives/edgar/data/1492691/000149269124000015/knx-20231231.htm)
- [FY 2022 MD&A](/company/KNX/mda/fy2022/): filed 2023-02-23; accession 0001492691-23-000019 (https://www.sec.gov/Archives/edgar/data/1492691/000149269123000019/knx-20221231.htm)
- [FY 2021 MD&A](/company/KNX/mda/fy2021/): filed 2022-02-24; accession 0001492691-22-000012 (https://www.sec.gov/Archives/edgar/data/1492691/000149269122000012/knx-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 4213 Trucking (No Local)) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/KNX.md · JSON record: /company/KNX.json · verified financials: /company/KNX/financials.json / /company/KNX/financials.csv · machine TOC for the whole site: /llms.txt