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Jun 30, 2025
Knight-Swift Q2 2025 Earnings Report
Knight-Swift reported higher operating income and strong LTL growth despite softness in truckload and intermodal segments in Q2 2025.
Key Takeaways
Knight-Swift posted $1.86 billion in revenue and $34.2 million in net income for Q2 2025. Adjusted EPS was $0.35, driven by strong LTL shipment growth and cost controls, while intermodal volumes declined sharply.
Total revenue increased 0.8% year-over-year to $1.86 billion:contentReference[oaicite:0]{index=0}
Net income rose to $34.2 million with EPS of $0.21 and adjusted EPS of $0.35:contentReference[oaicite:1]{index=1}
LTL revenue surged 28.4% with shipments per day up 21.7%:contentReference[oaicite:2]{index=2}
Miles per tractor improved 4% year-over-year in the Truckload segment:contentReference[oaicite:3]{index=3}
Revenue by Segment
Forward Guidance
Knight-Swift expects stable truckload utilization and strong LTL growth in Q3 2025, with adjusted EPS projected between $0.36 and $0.42.
Positive Outlook
- Truckload revenue expected to increase sequentially with slightly improved margins
- LTL revenue projected to grow 20% to 25% year-over-year
- LTL Adjusted Operating Ratio expected to improve 100-200 basis points sequentially
- Intermodal load count expected to grow high single digits sequentially
- Logistics revenue and margins expected to remain stable
Challenges Ahead
- Truckload revenue per mile remains under pressure due to market softness
- Continued cost pressure from DHE integration in LTL
- Normal seasonal margin degradation in the second half of the year
- Intermodal remains impacted by West Coast import softness
Historical Earnings Impact
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Avg. Return Before/After Earnings
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