Knight-Swift earnings surge as truckload pricing improves; adjusted EPS jumps to 83 cents

Knight-Swift Transportation's third-quarter profit soared from a year ago as the operator of North America's largest full truckload fleet charged more per mile and ran its trucks more efficiently.

GAAP EPS rose to 72 cents from 5 cents a year earlier, according to the earnings release Knight-Swift filed with an 8-K on Wednesday. Adjusted EPS, a non-GAAP measure, more than doubled to 83 cents from 32 cents. Net income attributable to the company climbed to $118.3 million from $7.9 million.

Total revenue rose 14.2% to $2.2 billion, or 7.7% excluding truckload and LTL fuel surcharges. Operating income more than tripled to $178.7 million, and the consolidated operating ratio improved 5.5 points to 91.9%.

Segment detail

In truckload, revenue excluding fuel surcharge rose 6.5% on a 9.7% increase in revenue per loaded mile. The segment's adjusted operating ratio improved 7 points to 89.2%, helped by pricing, more loaded miles per tractor and fewer empty miles.

Less-than-truckload revenue excluding fuel surcharge was up 0.4%, with tonnage per day up 3.3%, but its adjusted operating ratio worsened 0.8 point to 91.4%. Logistics revenue dipped 1.0%, while adjusted operating income in that unit rose 19.6% as contract pricing reset in line with tighter capacity, the company said.

Outlook

Knight-Swift expects fourth-quarter adjusted EPS of 78 cents to 84 cents. The forecast assumes current conditions continue, with pressured capacity and stable demand, and that truckload revenue excluding fuel surcharge rises by a low double-digit percentage from a year earlier.

By the numbers

• Total revenue: $2.2 billion, up 14.2%
• GAAP EPS: $0.72, vs. $0.05
• Adjusted EPS: $0.83, vs. $0.32
• Operating ratio: 91.9%, improved 5.5 points
• Q4 adjusted EPS guide: $0.78 to $0.84

Sources

1. Knight-Swift Transportation Holdings Inc., Form 8-K (Item 2.02) with Exhibit 99.1 earnings release dated Oct. 21, 2026, accession 0001492691-26-000065

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