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Knight-Swift Transportation (KNX) investor relations material
Knight-Swift Transportation Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Revenue and adjusted operating income grew year-over-year in Q3 2025 despite market uncertainty, with total revenue up 2.7% and adjusted operating income up 4.2% to $106.0 million.
Net income declined sharply to $7.9 million, with GAAP EPS at $0.05 and adjusted EPS at $0.32, impacted by $58 million in non-recurring charges including impairments and legal settlements.
LTL segment now represents 20% of revenue, with strong shipment growth and network expansion under the AAA Cooper brand.
Proactive customer engagement for peak season projects increased, and base demand remained stable with less churn in incumbent lanes.
Regulatory changes and enforcement are expected to reduce industry capacity, especially among lower-cost and non-domiciled CDL carriers.
Financial highlights
Q3 2025 total revenue was $1.93 billion, up 2.7% year-over-year; adjusted net income was $51 million, down 5.8% year-over-year.
GAAP operating income fell 38.2% to $50.3 million due to $58 million in unusual items, while adjusted operating income rose 4.2%.
Adjusted operating ratio improved to 93.8% from 93.9% year-over-year.
Free cash flow for the year-to-date period was $136.1 million, with $543.4 million in operating cash flows and $407.3 million in net capital expenditures.
Effective tax rate on GAAP results rose to 47% due to LTL legal entity consolidation; adjusted effective tax rate projected at 23–24% for Q4.
Outlook and guidance
Q4 2025 adjusted EPS projected at $0.34–$0.40, assuming stable market conditions and some seasonality.
Truckload margins expected to improve 250–350 bps sequentially on flat revenue; LTL revenue (ex-fuel) projected to grow 10–15% year-over-year.
Logistics segment revenue and operating income anticipated to increase mid-teens percent sequentially; intermodal to remain stable.
Full-year net cash capex expected at $475M–$525M.
Explain LTL's counter-seasonal OR improvement.
How do U.S. Xpress claims affect Truckload OR?
What regulatory changes impact truckload capacity?
Regulatory capacity impact timeline?
LTL margin outlook given Q4 softness?
Truckload cost initiatives: 2026 margin impact?
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Next Knight-Swift Transportation earnings date
Q4 202522 Jan, 2026
Next Knight-Swift Transportation earnings date
Q4 202522 Jan, 2026
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Frequently asked questions
Knight-Swift Transportation Holdings Inc. is a freight transportation company that provides truckload, less-than-truckload, logistics, and intermodal services. It operates a fleet of trucks and trailers and offers solutions including brokerage, warehousing, and supply chain optimization. The company serves customers across various industries in North America. It is headquartered in Phoenix, Arizona, and its shares are listed on the NYSE.
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