Knight-Swift Transportation (KNX) Q2 2026 earnings summary

Executive summary

• Total revenue rose 12.6% year-over-year to $2.1 billion, with revenue excluding fuel surcharge up 5.5% for Q2 2026.

• Adjusted net income increased 79.7% to $102.8 million, and adjusted EPS grew 80% to $0.63 year-over-year.

• Operating income rose 44.4% to $105 million, and adjusted operating income increased 45.5% to $151 million.

• Market tightening, regulatory actions, and investments in driver recruiting and technology supported performance.

• Convertible bond issuance and executive chairman retirement were significant events impacting capital structure.

Financial highlights

• Adjusted operating ratio improved to 91.4% from 94.2% year-over-year.

• Adjusted net income margin was 5.8% for Q2 2026.

• Free cash flow for the first half of 2026 was $190.4 million; operating cash flow was $450.4 million.

• Effective tax rate for adjusted results was 24.4% in Q2 2026.

• Net debt as of June 30, 2026, was $2.2 billion.

Outlook and guidance

• Adjusted EPS for Q3 2026 projected at $0.71–$0.77, with truckload revenue expected up mid-single digits and LTL up low single digits year-over-year.

• Truckload adjusted operating ratio expected to improve 650–750 bps; LTL ratio to be in the low 90s.

• Logistics and Intermodal segments expected to remain stable or improve slightly in Q3.

• Net cash capital expenditures for 2026 forecasted at $600–$650 million.