Knight-Swift Transportation Holdings Inc.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
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Information by Segment, Geography, and Customer Concentration
Note 23 —Information by Segment, Geography, and Customer Concentration
Segment Information
Since the merger of Knight and Swift in 2017, the Company has grown both organically as well as through strategic acquisitions, including the ACT Acquisition and the acquisition of MME in 2021, the U.S. Xpress Acquisition in 2023, and the DHE Acquisition in 2024. Additionally, the Company’s various logistics and intermodal businesses have been re-organized with oversight by one segment leader respectively. Based on these events as well as the information reviewed by the CODMs, identified as the Executive Chairman of the Board, the Chief Executive Officer, and the Chief Financial Officer, the Company identifiedten operating segments structured around the types of transportation services offerings provided to our customers, as well as the equipment utilized. The Company aggregated the three truckload operating segments into the one reportable segment discussed below based on similarities with both their qualitative and economic characteristics.
The Company hasfour reportable segments: Truckload, LTL, Logistics, and Intermodal, as well as certain other operating segments included within All Other Segments, discussed below. Based on how economic factors affect the nature, amount, timing, and uncertainty of revenue or cash flows, the Company disaggregates revenues by reportable segment for the purposes of applying the ASC 606 guidance.
Truckload
The Truckload reportable segment is comprised of three full truckload operating segments that provide similar transportation services to the Company's customers utilizing similar transportation equipment over both irregular (one-way movement) and/or dedicated routes. The Truckload reportable segment consists of irregular route and dedicated, refrigerated, expedited, flatbed, and cross-border operations.
LTL
Our LTL segment, established in 2021 through the ACT Acquisition and later the acquisitions of MME and DHE, is comprised of one operating segment and provides our customers with regional LTL transportation services through a network of approximately 180 service centers in the Company's geographical footprint. The Company's LTL service also includes national coverage to customers by utilizing partner carriers for areas outside of the Company's direct network.
Logistics
The Logistics reportable segment is comprised of one logistics operating segment that provides transportation services to the Company's customers and primarily consists of brokerage and other freight management services utilizing third-party transportation providers and their equipment.
Intermodal
The Intermodal reportable segment is comprised of one intermodal operating segment that provides transportation services to the Company's customers. These transportation services include arranging the movement of customers' freight through third-party intermodal rail services on the Company’s trailing equipment (containers and trailers on flat cars), as well as drayage services to transport loads between the railheads and customer locations.
All Other Segments
The All Other Segments include four non-reportable operating segments that consist of support services provided to the Company's customers and independent contractors (including repair and maintenance shop services, equipment leasing, warranty services, and insurance), trailer parts manufacturing, warehousing, and certain driving academy activities, as well as certain corporate expenses (such as legal settlements and accruals, certain impairments, and amortization of intangibles related to the 2017 Merger and various acquisitions).
Intersegment Eliminations
Certain operating segments provide transportation and related services for other affiliates outside their segments. For certain operating segments, such services are billed at cost, and no profit is earned. For the other operating segments, revenues for such services are based on negotiated rates, and are reflected as revenues of the billing segment. These rates are adjusted from time to time, based on market conditions. Such intersegment revenues and expenses are eliminated in Knight-Swift's consolidated results.
See Note 2 for additional disclosures regarding the Company's accounting policies about segment disclosures.
The following tables present the Company's financial information by segment:
| Year-to-Date December 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|
| Operating income (loss) by segment: | Truckload | LTL | Logistics | Intermodal | All Other Segments 2 | Eliminations | Total |
| (In thousands) | |||||||
| Total revenue | $4,865,034 | $1,478,508 | $570,294 | $364,914 | $287,470 | $(96,531) | $7,469,689 |
| Less 1: | |||||||
| Salaries, wages, and benefits | $1,766,826 | $832,898 | $27,436 | $58,792 | $272,111 | $(2,162) | $2,955,901 |
| Fuel | 699,484 | 120,693 | — | 16,591 | 2,038 | — | 838,806 |
| Operations and maintenance 2 | 497,190 | 102,570 | 18,015 | 23,725 | (71,377) | (21,750) | 548,373 |
| Insurance and claims | 293,516 | 59,992 | 3,846 | 5,228 | 22,526 | — | 385,108 |
| Depreciation and amortization of property and equipment | 532,839 | 93,405 | 2,091 | 23,624 | 59,110 | — | 711,069 |
| Purchased transportation | 430,667 | 28,429 | 469,329 | 219,933 | 10,264 | (29,777) | 1,128,845 |
| Other segment items 2 3 | 497,280 | 201,527 | 26,518 | 24,661 | (21,619) | (42,842) | 685,525 |
| Total operating expense | 4,717,802 | 1,439,514 | 547,235 | 372,554 | 273,053 | (96,531) | 7,253,627 |
| Operating income (loss) | $147,232 | $38,994 | $23,059 | $(7,640) | $14,417 | $— | $216,062 |
| Operating ratio | 97.0% | 97.4% | 96.0% | 102.1% | 95.0% | 100.0% | 97.1% |
| Year-to-Date December 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|
| Operating income (loss) by segment: | Truckload | LTL | Logistics | Intermodal | All Other Segments 2 | Eliminations | Total |
| (In thousands) | |||||||
| Total revenue | $5,034,941 | $1,235,547 | $570,001 | $387,232 | $266,496 | $(84,139) | $7,410,078 |
| Less 1: | |||||||
| Salaries, wages, and benefits | $1,786,201 | $681,697 | $27,195 | $60,850 | $268,617 | $(2,573) | $2,821,987 |
| Fuel | 749,067 | 102,723 | — | 17,322 | 2,034 | — | 871,146 |
| Operations and maintenance 2 | 519,485 | 75,389 | 10,993 | 28,568 | (67,929) | (19,623) | 546,883 |
| Insurance and claims | 316,342 | 51,988 | 5,869 | 3,968 | 37,485 | — | 415,652 |
| Depreciation and amortization of property and equipment | 545,773 | 79,944 | 3,445 | 22,257 | 66,103 | — | 717,522 |
| Purchased transportation | 453,020 | 16,961 | 470,289 | 241,904 | 11,212 | (22,580) | 1,170,806 |
| Other segment items 2 3 | 496,708 | 139,455 | 28,898 | 21,821 | (24,825) | (39,363) | 622,694 |
| Total operating expense | 4,866,596 | 1,148,157 | 546,689 | 396,690 | 292,697 | (84,139) | 7,166,690 |
| Operating income (loss) | $168,345 | $87,390 | $23,312 | $(9,458) | $(26,201) | $— | $243,388 |
| Operating ratio | 96.7% | 92.9% | 95.9% | 102.4% | 109.8% | 100.0% | 96.7% |
| Year-to-Date December 31, 2023 | |||||||
|---|---|---|---|---|---|---|---|
| Operating income (loss) by segment: | Truckload | LTL | Logistics | Intermodal | All Other Segments 2 4 | Eliminations | Total |
| (In thousands) | |||||||
| Total revenue | $4,698,655 | $1,082,454 | $582,250 | $410,549 | $462,061 | $(94,203) | $7,141,766 |
| Less 1: | |||||||
| Salaries, wages, and benefits | $1,544,819 | $584,836 | $24,961 | $56,978 | $270,330 | $(2,165) | $2,479,759 |
| Fuel | 757,841 | 100,926 | — | 17,009 | 2,662 | (31) | 878,407 |
| Operations and maintenance 2 | 455,919 | 57,566 | 10,629 | 36,430 | (64,178) | (22,875) | 473,491 |
| Insurance and claims | 270,560 | 32,394 | 2,424 | 4,948 | 299,210 | — | 609,536 |
| Depreciation and amortization of property and equipment | 504,378 | 67,144 | 4,165 | 19,621 | 69,654 | — | 664,962 |
| Purchased transportation | 452,242 | 17,710 | 469,909 | 264,213 | 20,663 | (33,901) | 1,190,836 |
| Other segment items 2 3 | 414,919 | 102,998 | 26,744 | 21,857 | (24,665) | (35,231) | 506,622 |
| Total operating expense | 4,400,678 | 963,574 | 538,832 | 421,056 | 573,676 | (94,203) | 6,803,613 |
| Operating income 4 | $297,977 | $118,880 | $43,418 | $(10,507) | $(111,615) | $— | $338,153 |
| Operating ratio | 93.7% | 89.0% | 92.5% | 102.6% | 124.2% | 100.0% | 95.3% |
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
2 The credits within All Other Segments represent allocations within corporate to the other segments.
3 Other segment items for each reportable segment include operating taxes and licenses, communications, amortization of intangibles, rental expense, impairments, and other miscellaneous operating expenses.
4 The $111.6 million operating loss within our All Other Segments is primarily driven by the $125.5 million operating loss in the third-party insurance business.
Geographical Information
In aggregate, operating revenue from the Company's foreign operations was less than 5.0% of consolidated total revenue for each of 2025, 2024, and 2023. Additionally, long-lived assets on the balance sheets of the Company's foreign subsidiaries were less than 5.0% of consolidated "Total assets" as of December 31, 2025 and 2024.
Customer Concentration
Services provided to the Company's largest customer generated 13.1%,12.6%, and 11.2% of total revenue in 2025, 2024, and 2023, respectively. Revenue generated by the Company's largest customer is reported in each of our reportable operating segments. No other customer accounted for 10.0% or more of total revenue in 2025, 2024, or 2023.
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