Knight-Swift Transportation (KNX) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 14.2% to $2.201B; adjusted operating income increased 87.4% to $198.5M and adjusted EPS was $0.83 versus $0.32.

• Pricing and operating efficiency improved Truckload, Logistics, and Intermodal margins; LTL’s adjusted operating ratio weakened slightly YoY.

Financial highlights

• Revenue excluding Truckload and LTL fuel surcharge increased 7.7% to $1.853B; GAAP operating income was $178.7M versus $50.3M.

• Net income attributable to Knight-Swift was $118.3M versus $7.9M; adjusted net income was $135.9M versus $51.3M.

• Diluted EPS was $0.72 versus $0.05; adjusted EPS was $0.83 versus $0.32.

• Consolidated adjusted operating ratio improved 450 bps to 89.3%; GAAP operating ratio improved 550 bps to 91.9%.

Outlook and guidance

• Q4 2026 adjusted EPS guidance: $0.78–$0.84.

• Q4 Truckload revenue excluding fuel surcharge expected up low double digits, with adjusted OR improvement of 650–750 bps; LTL revenue expected up high single to low double digits, with 100–200 bps improvement.

• Q4 Logistics revenue expected flat with adjusted OR improvement of 300–400 bps; Intermodal revenue expected up 25%–30% with 150–250 bps improvement.

• All Other Segments expected to post a $13M–$17M operating loss before $11.5M quarterly intangible amortization; Q4 includes an estimated $6.5M securitization cost.

• FY 2026 net cash capex guidance is $600M–$625M; management expects further 2027 rate growth to offset inflation and support margin repair and fleet investment.