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Sep 30
Knight-Swift Q3 2025 Earnings Report
Knight-Swift grew total revenue and adjusted operating income despite a challenging freight market.
Key Takeaways
Knight-Swift reported slight revenue growth in Q3 2025 with adjusted EPS at $0.32 and net income of $7.9M. Adjusted operating income increased, but GAAP results declined due to impairments and insurance costs. The LTL segment showed strong shipment growth, while intermodal returned to profitability.
Total revenue grew to $1.927 billion, a 2.7% increase YoY.
Adjusted operating income rose to $106 million from $102 million.
LTL segment achieved 14.2% shipment growth and 10.1% increase in adjusted operating income.
GAAP EPS dropped to $0.05, while adjusted EPS was $0.32, impacted by $11.2M in charges.
Knight-Swift
Knight-Swift
Knight-Swift Revenue by Segment
Revenue by Segment
Truckload Revenue
CapyFin.comLess-than-Truckload Revenue
CapyFin.comLogistics Revenue
CapyFin.comIntermodal Revenue
CapyFin.comAll Other Revenue
CapyFin.com Forward Guidance
Knight-Swift expects adjusted EPS of $0.34–$0.40 in Q4 2025. Revenue and operating margins are expected to improve sequentially across most segments.
Positive Outlook
- Truckload revenue xFSC expected to remain stable with 250–350 bps margin improvement.
- LTL revenue xFSC expected to grow 10–15% YoY.
- Logistics revenue and operating income expected to grow mid-teens % sequentially.
- Intermodal load count expected to increase mid-single-digit % sequentially.
- Gain on asset sale expected between $18M to $23M.
Challenges Ahead
- Tractor utilization expected to decline modestly in Q4.
- Intermodal average load count remains below prior year levels.
- Operating income for 'All Other' segments to be breakeven excluding amortization.
- Adjusted operating ratios stable, limiting margin expansion.
- Net cash capex for FY25 to remain high ($475M–$525M).