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Dec 31, 2025
Knight-Swift Q4 2025 Earnings Report
Knight-Swift reported a net loss in Q4 2025 due to impairment charges, while adjusted results showed resilience amid market challenges.
Key Takeaways
Knight-Swift posted a Q4 net loss driven by a $52.9M impairment charge, though adjusted earnings remained solid. Revenue was relatively stable despite industry headwinds, with strong execution in Truckload and cost control in Intermodal.
GAAP Net Loss of $6.8M driven by $52.9M impairment related to Abilene Motor Express integration.
Adjusted EPS came in at $0.31, highlighting stable underlying performance.
Truckload segment posted $1.08B in revenue and showed improved asset utilization.
LTL segment grew revenue year-over-year despite muted demand, supported by higher shipments and pricing discipline.
Revenue by Segment
Forward Guidance
Knight-Swift expects Q1 2026 Adjusted EPS between $0.28 and $0.32, with stable operating margins and moderate segment-specific revenue trends.
Positive Outlook
- Adjusted EPS guided to $0.28 - $0.32 in Q1 2026.
- Truckload operating margins expected to remain stable YoY.
- LTL revenue expected to grow 5-10% YoY driven by shipments and yields.
- Logistics load count expected to remain stable YoY.
- Intermodal operating ratio to remain stable at Q4 levels.
Challenges Ahead
- Truckload revenue expected to decline slightly YoY in Q1.
- Logistics revenue expected to be down low single-digits YoY.
- No anticipated sequential growth in tractor count.
- Cost efficiency pressures remain across segments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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