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Knight-Swift Transportation
Knight-Swift Transportation (KNX) investor relations material
Knight-Swift Transportation Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary21 Jan, 2026
Executive summary
Q4 2025 saw stable but subdued demand, with total revenue down 0.4% year-over-year and a net loss driven by $52.9 million in non-cash impairment charges from the Abilene-Swift integration.
Adjusted EPS was $0.31, down from $0.36 in Q4 2024, and adjusted net income declined 13% year-over-year.
Sequential operating margin improvement in truckload was achieved through cost reductions, while LTL revenue grew 7% year-over-year but faced margin pressure.
Technology and AI investments are expected to drive efficiency and margin gains, with benefits anticipated in 2026.
The company is leveraging its large fleet, cost initiatives, and unified branding to position for improved margins as market conditions recover.
Financial highlights
Adjusted operating income fell 5.3% year-over-year to $100.6 million; GAAP operating income dropped 66.1% to $26 million due to impairment charges.
Adjusted operating ratio was 94% (up 30 bps YoY); reported operating ratio was 98.6%.
Adjusted EPS was $0.31, down 13.9% year-over-year.
Free cash flow for 2025 was $763.2 million, with $1.3 billion in operating cash flows and $503.4 million in net capital expenditures.
Effective tax rate on GAAP results was 21.6%, up from 13.4% in Q4 2024.
Outlook and guidance
Q1 2026 adjusted EPS is projected at $0.28–$0.32, assuming stable conditions and typical seasonality.
Truckload revenue is expected to be slightly down with stable margins; LTL revenue projected to grow 5–10% year-over-year.
Net cash capital expenditures for 2026 are expected at $625–$675 million.
Effective tax rate on adjusted income before taxes expected to be 25–26% for Q1 and full year 2026.
Management expects cost initiatives and technology investments to drive further margin improvement in 2026.
Expected benefits from Abilene/Swift integration?
Impact of capacity reduction on market health?
Why lower proceeds from asset sales in 2026 CapEx?
What is the remaining cost reduction opportunity
LTL margin recovery with network growth
Outsized impact of regulations on capacity
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Next Knight-Swift Transportation earnings date
Q1 202622 Apr, 2026
Knight-Swift Transportation
Next Knight-Swift Transportation earnings date
Q1 202622 Apr, 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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