Knight-Swift Transportation Holdings Inc.
- Open
- 76.18
- Day high
- 76.65
- Day low
- 75.34
- Prev close
- 76.68
- Volume
- 2.7M
- Mkt cap
- $12.3B
- P/E (TTM)
- 363.0
- EPS (TTM)
- $0.21
- P/B
- 1.7
- P/S
- 1.6
- Yield
- 1.00%
- Per share
- $0.76
Knight-Swift Transportation Holdings Inc. (KNX) is a Industrials company listed on NYSE. The stock is up 71% over the past year.
Knight-Swift Transportation Holdings Inc. (KNX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 15 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
KNX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $0.09 | $0.09 | +0.0% | $1.9B | -0.3% |
| Jan 21, 2026 | $0.36 | $0.31 | -13.9% | $1.9B | +0.3% |
| Oct 22, 2025 | $0.37 | $0.32 | -13.2% | $1.9B | +1.7% |
| Jul 23, 2025 | $0.34 | $0.35 | +2.9% | $1.9B | -2.5% |
| Apr 23, 2025 | $0.24 | $0.28 | +19.1% | $1.8B | +1.4% |
| Jan 22, 2025 | $0.33 | $0.36 | +9.1% | $1.9B | +1.8% |
| Oct 23, 2024 | $0.32 | $0.34 | +6.1% | $1.9B | -1.8% |
| Jul 24, 2024 | $0.27 | $0.24 | -12.5% | $1.8B | +0.7% |
| Jan 24, 2024 | $0.47 | $0.09 | -80.9% | $1.9B | -1.7% |
| Oct 19, 2023 | $0.36 | $0.41 | +13.9% | $2.0B | +7.0% |
| Jul 20, 2023 | $0.55 | $0.49 | -10.9% | $1.6B | -2.9% |
| Apr 20, 2023 | $0.81 | $0.73 | -9.9% | $1.6B | +1.5% |
KNX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 1, 2026 | Flanagan Cary Mofficer: Exec VP and CAO | Tax | 159 | $75.63 |
| Jun 1, 2026 | Hess Andrewofficer: CFO | Tax | 116 | $75.63 |
| Jun 1, 2026 | Fitzsimmons James Lofficer: COO Swift Transportation | Tax | 502 | $75.63 |
| Jun 1, 2026 | Prickett Wilburn Douglas IIIofficer: Pres/COO AAA Transportation | Tax | 199 | $75.63 |
| Jun 1, 2026 | Fitzsimmons James Lofficer: COO Swift Transportation | Option | 1,683 | — |
| Jun 1, 2026 | Prickett Wilburn Douglas IIIofficer: Pres/COO AAA Transportation | Tax | 202 | $75.63 |
| Jun 1, 2026 | Prickett Wilburn Douglas IIIofficer: Pres/COO AAA Transportation | Option | 546 | — |
| Jun 1, 2026 | Flanagan Cary Mofficer: Exec VP and CAO | Option | 3,503 | — |
| Jun 1, 2026 | Fitzsimmons James Lofficer: COO Swift Transportation | Tax | 461 | $75.63 |
| Jun 1, 2026 | Hess Andrewofficer: CFO | Tax | 84 | $75.63 |
| Jun 1, 2026 | Prickett Wilburn Douglas IIIofficer: Pres/COO AAA Transportation | Tax | 161 | $75.63 |
| Jun 1, 2026 | Flanagan Cary Mofficer: Exec VP and CAO | Option | 1,047 | — |
| Jun 1, 2026 | Flanagan Cary Mofficer: Exec VP and CAO | Tax | 265 | $75.63 |
| Jun 1, 2026 | Fitzsimmons James Lofficer: COO Swift Transportation | Tax | 206 | $75.63 |
| Jun 1, 2026 | Flanagan Cary Mofficer: Exec VP and CAO | Option | 1,141 | — |
Source: KNX SEC Form 4 filings, latest Jun 1, 2026. For informational purposes only — not investment advice.
See the full KNX insider & 13F page →Knight-Swift Transportation Holdings Inc. company profile
Overview
Knight-Swift Transportation Holdings Inc. (NYSE:KNX) is one of North America's largest truckload transportation companies, formed through the 2017 merger of Knight Transportation and Swift Transportation. Founded originally as Knight Transportation in 1989 and headquartered in Phoenix, Arizona, the company has grown through strategic acquisitions to become a diversified transportation and logistics provider serving customers across the United States, Mexico, and Canada. The company operates one of the largest fleets in the industry with over 18,000 tractors and 67,000 trailers, providing comprehensive freight transportation solutions across multiple service segments.
Business
Knight-Swift operates in the freight transportation industry, which forms the backbone of North America's supply chain by moving goods between manufacturers, distributors, and retailers. The company provides truckload transportation services, where entire truck trailers are dedicated to a single customer's freight, as opposed to less-than-truckload (LTL) services where multiple customers share trailer space. The company operates through four primary business segments: 1. Trucking Segment (approximately 75% of revenue): This core business includes irregular route truckload services (one-time shipments between various locations), dedicated transportation (assigned trucks and drivers for specific customers), refrigerated transport for temperature-sensitive goods, flatbed services for oversized cargo, expedited delivery, dry van transport, drayage (short-distance container movement), and cross-border transportation between the US, Mexico, and Canada. 2. Less-Than-Truckload (LTL) Segment (approximately 15% of revenue): This segment consolidates smaller shipments from multiple customers into single trailers, operating through a network of terminals and service centers. LTL requires extensive infrastructure including sorting facilities and regional networks, but typically commands higher margins than truckload services. 3. Logistics Segment (approximately 7% of revenue): This division acts as a freight broker, matching customer shipping needs with available truck capacity from third-party carriers. The logistics business requires minimal physical assets but relies heavily on technology platforms and relationships with both customers and independent truckers. 4. Intermodal Segment (approximately 3% of revenue): This service combines truck and rail transportation, where containers are moved by truck to rail terminals, transported long distances by train, then delivered by truck to final destinations. Intermodal offers cost advantages for long-haul freight but requires coordination between multiple transportation modes.
Revenue model
Knight-Swift generates revenue primarily through transportation service fees charged to customers based on mileage, weight, and service complexity. In the truckload business, customers pay per mile or per load, with rates varying based on lane density, fuel costs, and market demand. The LTL segment charges based on weight and distance using published rate structures, while the logistics segment earns commissions by marking up the cost of third-party carrier services. The company's primary customers include retailers, food and beverage companies, consumer product manufacturers, paper companies, automotive suppliers, and other businesses requiring freight movement. Revenue streams include contract transportation (long-term agreements with established rates), dedicated services (exclusive truck and driver assignments), and spot market freight (short-term, market-rate shipments). Several factors significantly impact the company's profit margins. Fuel costs represent a major variable expense, though most contracts include fuel surcharges to offset price fluctuations. Driver wages and availability directly affect operating costs, as the industry faces chronic driver shortages that push up compensation. Equipment utilization rates are crucial since trucks and trailers represent substantial fixed costs that must be spread across revenue miles. Insurance and safety costs can fluctuate based on accident frequency and regulatory changes. Market dynamics also influence profitability. During economic downturns, freight demand weakens while truck capacity remains relatively fixed, leading to rate pressure and margin compression. Conversely, strong economic growth and capacity constraints can drive rate increases. Regulatory changes such as hours-of-service rules and environmental standards can increase compliance costs. The company's diversification across multiple segments helps moderate these cyclical impacts, as LTL and dedicated services tend to be less volatile than irregular route truckload operations.
Competitive moat
Knight-Swift's competitive moat is moderately strong but not insurmountable, built primarily on scale advantages and operational efficiency rather than unique technology or regulatory barriers. The company's large fleet size provides significant benefits including better equipment utilization, stronger negotiating power with fuel suppliers and equipment manufacturers, and the ability to serve large customers requiring extensive capacity. The company's safety record and operational reputation create customer loyalty, as shippers prioritize reliable carriers to avoid costly service disruptions. Knight-Swift's technology investments in fleet management, route optimization, and customer visibility systems provide operational advantages, though these technologies are not proprietary and can be replicated by competitors. The LTL network expansion represents a stronger moat component, as building terminal networks requires substantial capital investment and time to achieve density economics. However, the LTL market includes well-established competitors like FedEx Freight, Old Dominion, and regional carriers with decades-old networks. The primary competitive threats come from several directions. Independent owner-operators and smaller trucking companies can undercut pricing during weak markets, as they have lower overhead costs. Rail transportation competes for long-haul freight, particularly as railroads improve intermodal services. Technology disruption poses a long-term threat, with autonomous vehicles potentially reducing the driver shortage advantage that large carriers currently enjoy. Private fleets operated by large shippers like Walmart represent competition for dedicated business. The trucking industry's low barriers to entry mean new competitors can emerge quickly during strong markets, though they typically exit during downturns. Knight-Swift's scale and financial strength provide advantages during market cycles, but the company operates in a fundamentally competitive commodity business where differentiation is limited.
Risks & safety
Knight-Swift presents a moderate margin of safety with manageable debt levels but cyclical earnings volatility and current market challenges. • Liquidity and Debt: Strong cash position of $345 million, debt-to-equity ratio of 0.45, manageable leverage with EBITDA coverage • Cash Flow: Negative free cash flow of -$13 million in Q1 2025 due to capital expenditures, but positive operating cash flow of $109 million • Solvency Risk: Low near-term bankruptcy risk given cash reserves and asset base, though cyclical industry creates periodic stress • Valuation Metrics: Trading at 57x P/E ratio due to depressed earnings, EV/EBITDA of 8.9x appears reasonable for current cycle • Asset Coverage: Substantial tangible assets ($12.6 billion total assets) provide downside protection, though current ratio below 1.0 indicates working capital pressure • Other Considerations: Cyclical industry bottom may provide opportunity, but uncertain timing of recovery and potential tariff impacts create near-term risks
Recent development
Over the past several years, Knight-Swift has pursued an aggressive expansion strategy focused on diversification and market share growth. The most significant move was the acquisition of U.S. Xpress in 2023, which substantially increased the company's truckload capacity and market presence, though integration challenges have pressured margins during a difficult freight market. The company has made substantial investments in LTL network expansion, adding dozens of service centers and acquiring regional carriers like AAA Cooper, MME, and DHE to build a nationwide less-than-truckload network. This strategic pivot aims to reduce dependence on cyclical truckload markets by growing higher-margin, more stable LTL revenue. In 2024 alone, the company opened 16 additional service centers and plans to add 9-10 net locations in 2025. Technology integration and operational efficiency have become major focus areas, with management emphasizing cost reduction through better asset utilization, overhead management, and process improvements. The logistics segment has undergone platform harmonization to improve capacity buying and transaction efficiency. Recent quarters have seen aggressive cost management initiatives including fleet rightsizing, selling underutilized equipment, and reducing overhead expenses in response to challenging market conditions. The company has also focused heavily on improving safety performance and claims management to reduce insurance costs. Management has positioned the company for market recovery by maintaining pricing discipline, preparing for potential bid season rate improvements, and building operational flexibility to respond quickly when freight demand strengthens. The strategic emphasis has shifted toward leveraging the company's scale and multi-modal capabilities to solve complex customer logistics problems rather than competing solely on price.
KNX company profile · for informational purposes only — not investment advice.
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