$KNX · Knight-Swift Transportation Holdings Inc.
Knight-Swift reported Q3 2026 results with total revenue of $2.2B (+14.2% YoY), GAAP EPS of $0.72 (vs $0.05 in Q3 2025), and Adjusted EPS of $0.83 (vs $0.32). Consolidated Adjusted Operating Ratio improved 450 bps to 89.3%. The Truckload segment led with a 700 bps Adjusted OR improvement to 89.2% on 9.7% higher revenue per loaded mile. Q4 2026 Adjusted EPS guidance was set at $0.78–$0.84, with Truckload revenue ex-fuel expected up low double-digits and OR improving 650–750 bps YoY.
- GAAP EPS of $0.72 vs $0.05 in Q3 2025, a 1,340% increase; Adjusted EPS of $0.83 vs $0.32.
- Truckload Adjusted Operating Ratio improved 700 bps YoY to 89.2%, driven by 9.7% higher revenue per loaded mile.
- Consolidated operating income surged 255.1% YoY to $178.7M; Adjusted Operating Income rose 87.4% to $198.5M.
- Q4 2026 Adjusted EPS guidance of $0.78–$0.84, with Truckload revenue ex-fuel expected up low double-digits.
- U.S. Xpress over-the-road division reached mid-90s Adjusted OR, its second consecutive profitable quarter since acquisition.
Extended-hours trading shows KNX flat at $63.20 (+0.00% vs regular close), suggesting the strong beat and bullish guidance were largely priced in or the market is still digesting the release. The $10.29B market cap stock had already moved +0.06% from filing time.
The 1,340% YoY GAAP EPS jump and 700 bps Truckload margin improvement confirm the freight cycle has turned, with Knight-Swift's scale and driver-training moat positioning it to capture outsized gains.
Knight-Swift's results confirm the truckload cycle is inflecting: pricing power is returning as industry capacity remains under pressure and driver availability tightens. The 700 bps Truckload OR improvement and mid-teens OTR rate gains signal that disciplined carriers with scale are capturing the恢复
CEO Adam Miller flagged fuel and driver-related costs as sequential headwinds, and warned that ongoing cost inflation and capacity constraints will require "further meaningful rate growth in 2027" to sustain margin repair. The Logistics segment saw a 32.6% drop in load count as the company prioritiz
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