Knight-Swift Transportation Holdings Inc.
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 28, 2026
KNX$58.41-1.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-29.
0001492691-26-000059
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-28.
0001492691-26-000069
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 278 previous paragraphs and 285 current paragraphs.
168 unchanged; 94 reworded; 22 added; 14 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 33 previous and 33 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
120.1% to $160.1 million.
Current report
Freight market conditions continued to improve during the third quarter as the truckload market remained tight following an extended period of excess capacity. While broad measures of industry demand remained largely stable, demand for our capacity remained strong, supported by increased peak season project activity. Spot rates and load tender rejection rates remained strong, while contractual pricing continued to improve as annual bid cycles progressed.
Current report
Against this backdrop, truckload pricing continued to improve during the quarter as stronger spot market conditions increasingly carried into contractual pricing. Routing guide disruptions continued to generate mini-bid and turnback opportunities, while peak season projects provided additional demand for capacity. We remained focused on disciplined pricing, network efficiency, and aligning freight opportunities with our operating strategy.
Current report
In the LTL market, demand remained steady with pockets of improvement, while pricing remained stable to slightly improving and contractual renewals continued at a mid-single-digit pace. Logistics market conditions remained competitive, with third-party capacity costs easing seasonally during the quarter while customers continued to emphasize reliable, asset-based providers. Intermodal conditions also improved as tight truckload capacity and elevated diesel prices increased shipper interest in alternative transportation modes, contributing to improving volume and pricing trends.
Current report
•LTL Segment revenue, excluding fuel surcharge, up high single to low double-digit percent with Adjusted Operating Ratio improving 100 - 200 basis points year-over-year in fourth quarter.
Current report
•Logistics Segment revenue flat and Adjusted Operating Ratio improving 300 - 400 basis points year-over-year in fourth quarter.
Current report
•Intermodal Segment revenue up 25% - 30% with Adjusted Operating Ratio improving 150 - 250 basis points year-over-year in fourth quarter.
Current report
•Net interest expense stable sequentially in fourth quarter,
Current report
Operating Results: Third Quarter 2026 compared to Third Quarter 2025
Current report
•Contributor — $26.6 million increase in operating income within our LTL segment primarily due to a 4.0% increase in revenue per shipment, excluding fuel surcharge during the current period as well as the $28.8 million trade name impairment in the comparable period as a result of our decision to combine our LTL brands under the AAA Cooper trade name in 2025, partially offset by a $4.6 million decrease in gains on sale.
Current report
•Contributor — $7.9 million increase in operating income within the All Other Segments due to a 41.8% increase in revenue primarily driven by growth in our warehousing and independent contractor support services and because the inclusion of the $6.3 million of costs for the accounts receivable securitization program that were previously reported in interest expense under the prior arrangement were less impactful than the loss contingency of $11.2 million included in the prior period.
Current report
•Offset — $3.5 million decrease in other income (expense), net, primarily due to a decrease in net gains recorded within our portfolio of investments.
Current report
Comparison Between the Quarters Ended September 30, 2026 and 2025 —Logistics segment revenue decreased 1.0% year-over-year, as a 46.7% increase in revenue per load was offset by a 32.6% decline in load count. Adjusted Operating Income grew 19.6% year-over-year to $9.6 million despite the slight revenue decrease as we maintained a disciplined approach to profitability and carrier selection. The Adjusted Operating Ratio of 93.1% improved 120 basis points year-over-year, as ongoing progress resetting contractual pricing catches up to the increased capacity costs. Gross margin of 18.9% improved 110 basis points year-over-year and 350 basis points sequentially.
Current report
Comparison Between Quarters Ended September 30, 2026 and 2025 — Operations and maintenance expense increased by $2.6 million in the third quarter as compared to the same period last year, primarily due to the higher driving associate hiring expense associated with efforts to increase our seated tractor count.
Current report
Comparison Between Quarters Ended September 30, 2026 and 2025 — Consolidated insurance and claims expense decreased by $15.0 million in the third quarter of 2026 compared to the same period last year. The decrease was primarily attributable to $12.0 million of insurance and claims costs at U.S. Xpress recognized in the third quarter of 2025 related to the settlement of two large 2023 auto liability claims, one of which occurred prior to our July 2023 acquisition and the other shortly thereafter, as well as an increase in the loss contingency of $11.2 million in the third quarter of 2025 associated with the 2024 exit from the third-party carrier insurance business. These decreases were partially offset by increased claims development during the third quarter of 2026.
Current report
Comparison Between the Quarters Ended September 30, 2026 and 2025 —The $1.0 million decrease in net consolidated rental expense is primarily due to an increase in our owned versus leased equipment.
Current report
Comparison Between Year-to-Date September 30, 2026 and 2025 —The $1.9 million increase in net consolidated rental expense is primarily due to incorporation of new facilities as we expand our network, partially offset by a decrease in the rental expense for revenue equipment.
Current report
Comparison Between Year-to-Date September 30, 2026 and 2025 —The $35.0 million increase in consolidated income tax expense was primarily due to an increase in pre-tax income and additional tax expense associated with the mark-to-market adjustment. Our effective tax rate for the year-to-date period ended September 30, 2026 was 29.5%, compared to 30.4% for the year-to-date period ended September 30, 2025.
Current report
•During third quarter 2025 the Company replaced the 2021 Debt Agreement and 2023 Debt Agreement with the 2025 Debt Agreement.
Current report
2 Refer to Non-GAAP Reconciliation (Unaudited): Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio – footnote 2.
Current report
1 Refer to Non-GAAP Reconciliation (Unaudited): Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio – footnote 2.
Current report
•$623.7 million: Finance lease obligations
Removed paragraphs (14)
Previous report
Freight market conditions improved during the second quarter as the truckload market continued to tighten following an extended period of excess capacity. Spot rates strengthened throughout the quarter, tender rejection rates increased to levels not seen since 2021, and contractual bid activity became increasingly supportive. While market improvement remained largely driven by supply-side dynamics, signs of improving demand also began to emerge.
Previous report
Against this backdrop, truckload pricing activity accelerated during the quarter as annual bid cycles progressed and mini-bid and turnback activity increased. Unlike recent periods characterized by excess capacity and heightened pricing competition, bid activity increasingly reflected shippers' efforts to secure reliable capacity amid tightening market conditions. We remain focused on disciplined pricing, network efficiency, and aligning freight opportunities with our operating strategy while navigating these changing market conditions.
Previous report
In the LTL market, demand remained generally stable, with pockets of improvement emerging during the quarter. Freight mix continued to improve and contractual rate renewals remained at a mid-single-digit pace. Intermodal market conditions also improved, supported by volume growth, emerging pricing improvement, and ongoing operational efficiency initiatives.
Previous report
•LTL Segment revenue, excluding fuel surcharge, up low single digit percent year-over-year with Adjusted Operating Ratio in low 90's for third quarter.
Previous report
•Logistics Segment revenue and Adjusted Operating Ratio fairly stable sequentially in third quarter.
Previous report
•Intermodal Segment revenue up low single-digit percent sequentially with Adjusted Operating Ratio improving slightly sequentially in third quarter.
Previous report
•Net interest expense down approximately $5 million sequentially in third quarter,
Previous report
Operating Results: Second Quarter 2026 compared to Second Quarter 2025
Previous report
•Contributor — $3.3 million increase in operating income within our LTL segment primarily due to a 3.4% increase in revenue per shipment, excluding fuel surcharge.
Previous report
•Offset — $17.2 million decrease in operating income within the All Other Segments, partially due to the inclusion of $5.8 million of costs for the accounts receivable securitization program as well as an $18.2 million severance charge primarily related to the retirement and related consulting arrangement for our former executive chairman.
Previous report
Comparison Between the Quarters Ended June 30, 2026 and 2025 —The Logistics segment grew revenue 8.9% year-over-year, driven by a 29.6% increase in revenue per load, partially offset by a 16.4% decline in load count as we maintain a disciplined approach to profitability and carrier quality. The Adjusted Operating Ratio of 96.4% was a 160 basis point degradation year-over-year, as a reduction in industry capacity and further enhancements to our rigorous carrier screening practices drove up purchased transportation costs, pressuring gross margins and load acceptance. Gross margin percent declined 350 basis points year-over-year and 120 basis points sequentially from the first quarter to 15.4%.
Previous report
Consolidated rental expense as a percent of total revenue and revenue, excluding truckload and LTL fuel surcharge remained relatively flat for the second quarter and first half of 2026, as compared to the same periods last year.
Previous report
Comparison Between Year-to-Date June 30, 2026 and 2025 —The $2.0 million decrease in consolidated income tax expense was primarily due to a reduction of pre-tax income offset by additional tax expense associated with the mark-to-market adjustment. Our effective tax rate for the year-to-date period ended June 30, 2026 was 34.8%, compared to 27.5% for the year-to-date period ended June 30, 2025.
Previous report
•$606.3 million: Finance lease obligations
Reworded paragraphs (94)
Previous wording
Such statements may be identified by their use of terms or phrases such as "believe," "may," "could," "will," "would," "should," "expects," "estimates," "designed," "likely," "foresee," "goals," "seek," "target," "forecast," "projects," "anticipates," "plans," "intends," "hopes," "strategy," "potential," "objective," "pursue," "address," "mission," "maintain," "ongoing," "predicts," "budgets," "remains," "continue," "outlook," "confident," "feel," and similar terms and phrases. Forward-looking statements are based on currently available operating, financial, and competitive information. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to materially differ from those set forth in, contemplated by, or underlying the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in Part II, Item 1A "Risk Factors" of this Quarterly Report, Part I, Item 1A "Risk Factors" in our 2025 Annual Report, and various disclosures in our press releases, stockholder reports, and other filings with the SEC.
Current wording
Such statements may be identified by their use of terms or phrases such as "believe," "may," "could," "will," "would," "should," "expects," "estimates," "designed," "likely," "foresee," "goals," "seek," "target," "forecast," "projects," "anticipates," "plans," "intends," "hopes," "strategy," "potential," "objective," "pursue," "address," "mission," "maintain," "ongoing," "predicts," "budgets," "remains," "continue," "outlook," "confident," "feel," and similar terms and phrases. Forward-looking statements are based on currently available operating, financial, and competitive information. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to materially differ from those set forth in, contemplated by, or underlying the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in Part I, Item 1A "Risk Factors" in our 2025 Annual Report, Part II, Item 1A "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, and various disclosures in our press releases, stockholder reports, and other filings with the SEC.
Previous wording
Consolidated operating income decreased 4.2% to $133.4 million during the first half of 2026, as compared to the same period last year. Net income attributable to Knight-Swift decreased 35.5% to $41.9 million.
Current wording
Consolidated operating income increased 64.6% to $312.1 million during the year-to-date period ended September 30, 2026, as compared to the same period last year. Net income attributable to Knight-Swift increased
Previous wording
•Truckload — 95.0% operating ratio during the first half of 2026. The Adjusted Operating Ratio 1 was 93.6%, with a 1.3% year-over-year increase in revenue, excluding fuel surcharge and intersegment transactions.
Current wording
•Truckload — 93.7% operating ratio during the year-to-date period ended September 30, 2026. The Adjusted Operating Ratio 1 was 92.1%, with a 3.0% year-over-year increase in revenue, excluding fuel surcharge and intersegment transactions.
Previous wording
•LTL — 97.7% operating ratio during the first half of 2026. The Adjusted Operating Ratio 1 deteriorated 210 basis points year-over-year to 95.7%, primarily due to $18.0 million of expense for adverse claims development in our LTL segment during the first quarter of 2026, primarily related to an adverse arbitration ruling on a 2022 claim.
Current wording
•LTL — 96.5% operating ratio during the year-to-date period ended September 30, 2026. The Adjusted Operating Ratio 1 deteriorated 160 basis points year-over-year to 94.2%, primarily due to $18.0 million of expense for adverse claims development in our LTL segment during the first quarter of 2026, largely related to an adverse arbitration ruling on a 2022 claim.
Previous wording
•Logistics —97.2% operating ratio during the first half of 2026. The Adjusted Operating Ratio 1 was 96.3% with a gross margin of 16.0%. Revenue decreased 1.0% year-over-year driven by a 17.7% decline in load count, partially offset by a 19.7% increase in revenue per load.
Current wording
•Logistics —96.1% operating ratio during the year-to-date period ended September 30, 2026. The Adjusted Operating Ratio 1 was 95.2% with a gross margin of 17.0%. Revenue decreased 1.0% year-over-year driven by a 22.8% decline in load count, partially offset by a 27.9% increase in revenue per load.
Previous wording
•Intermodal —100.4% operating ratio during the first half of 2026, as year-over-year load count and revenue per load increased 10.0% and 7.4%, respectively.
Current wording
•Intermodal —99.4% operating ratio during the year-to-date period ended September 30, 2026. The Adjusted Operating Ratio improved 250 basis points to 99.4%, as year-over-year load count and revenue per load increased 11.2% and 10.2%, respectively.
Previous wording
•All Other Segments — Operating loss was $17.5 million during the first half of 2026 compared to operating income of $12.8 million during the comparable period of 2025, largely as a result of theinclusion of $11.0 million of costs for the accounts receivable securitization program that were previously reported in interest expense under the prior arrangement as well as an $18.2 million severance charge primarily related to the retirement and related consulting arrangement for our former executive chairman, and startup costs on new contract awards incurred in the first quarter of 2026.
Current wording
•All Other Segments — Operating income was $2.0 million during the year-to-date period ended September 30, 2026 compared to operating income of $24.4 million during the comparable period of 2025, largely as a result of theinclusion of $17.3 million of costs for the accounts receivable securitization program that were previously reported in interest expense under the prior arrangement as well as an $18.2 million severance charge primarily related to the retirement and related consulting arrangement for our former executive chairman, partially offset by revenue growth in our warehousing and trailer leasing businesses as well as the $14.0 million loss contingency in 2025.
Previous wording
•Liquidity and Capital —During the first half of 2026, we generated $450.4 million in operating cash flows and Free Cash Flow 1 of $190.4 million. From a financing perspective, during the first half of 2026 we issued $1.5 billion face amount of convertible 1.0% notes due November 2031, and we made $626.0 million of net payments on our 2025 Revolver, $775.0 million on outstanding term loans, $66.7 million in payments on our finance lease liabilities and $77.6 million in payments on operating lease liabilities. Additionally, we had a net increase of $63.0 million in the outstanding investment in the accounts receivable securitization program. As of June 30, 2026, we had a balance of $186.1 million in unrestricted cash and cash equivalents, $2.2 billion face value outstanding debt, net of unrestricted cash, and $7.0 billion of stockholders' equity. We do not foresee material liquidity constraints or any issues with our ongoing ability to meet our debt covenants. See discussion under "Liquidity and Capital Resources" for additional information.
Current wording
•Liquidity and Capital —During the year-to-date period ended September 30, 2026, we generated $799.9 million in operating cash flows and Free Cash Flow 1 of $373.2 million. From a financing perspective, during the first half of 2026 we issued $1.5 billion face amount of convertible 1.0% notes due November 2031, and we made $626.0 million of net payments on our 2025 Revolver, $826.0 million on outstanding term loans, $91.9 million in payments on our finance lease liabilities and $113.5 million in payments on operating lease liabilities. Additionally, we had a net increase of $78.3 million in the outstanding investment in the accounts receivable securitization program. As of September 30, 2026, we had a balance of $254.2 million in unrestricted cash and cash equivalents, $2.1 billion face value outstanding debt, net of unrestricted cash, and $7.1 billion of stockholders' equity. We do not foresee material liquidity constraints or any issues with our ongoing ability to meet our debt covenants. See discussion under "Liquidity and Capital Resources" for additional information.
Previous wording
3 Our average trailers includes 8,041 and 9,549 trailers related to leasing activities recorded within our All Other Segments for the quarters ended June 30, 2026 and 2025, respectively. Our average trailers includes 8,496 and 9,443 trailers related to leasing activities recorded within our non-reportable segments for the year-to-date periods June 30, 2026 and 2025, respectively. Our trailer fleet within the Truckload segment had a weighted average age of 10.2 years and 9.5 years as of June 30, 2026 and 2025, respectively. Starting with the fourth quarter of 2025, the Company is excluding chassis trailers from its average trailer calculation. Prior period information has been recast for comparability.
Current wording
3 Our average trailers includes 7,285 and 9,486 trailers related to leasing activities recorded within our All Other Segments for the quarters ended September 30, 2026 and 2025, respectively. Our average trailers includes 8,092 and 9,457 trailers related to leasing activities recorded within our All Other Segments for the year-to-date periods September 30, 2026 and 2025, respectively. Our trailer fleet within the Truckload segment had a weighted average age of 10.1 years and 9.5 years as of September 30, 2026 and 2025, respectively. Starting with the fourth quarter of 2025, the Company is excluding chassis trailers from its average trailer calculation. Prior period information has been recast for comparability.
Previous wording
4 Our LTL tractor fleet had a weighted average age of 3.8 years and 4.5 years as of June 30, 2026 and 2025, respectively. Our LTL tractor fleet includes 650 and 660 tractors from ACT's dedicated and other businesses for the quarters ended June 30, 2026 and 2025, respectively. Our LTL tractor fleet includes 648 and 664 tractors from ACT's dedicated and other businesses for the year-to-date periods June 30, 2026 and 2025, respectively.
Current wording
4 Our LTL tractor fleet had a weighted average age of 3.9 years as of September 30, 2026 and 2025, respectively. Our LTL tractor fleet includes 637 and 677 tractors from ACT's dedicated and other businesses for the quarters ended September 30, 2026 and 2025, respectively. Our LTL tractor fleet includes 644 and 668 tractors from ACT's dedicated and other businesses for the year-to-date periods September 30, 2026 and 2025, respectively.
Previous wording
5 Our LTL trailer fleet had a weighted average age of 7.7 years and 8.2 years as of June 30, 2026 and 2025, respectively. Our LTL trailer fleet includes 1,356 and 1,039 trailers from ACT's dedicated and other businesses for the quarters ended June 30, 2026 and 2025, respectively. Our LTL trailer fleet includes 1,333 and 1,027 trailers from ACT's dedicated and other businesses for the year-to-date periods June 30, 2026 and 2025, respectively.
Current wording
5 Our LTL trailer fleet had a weighted average age of 7.8 years and 8.0 years as of September 30, 2026 and 2025, respectively. Our LTL trailer fleet includes 1,409 and 1,236 trailers from ACT's dedicated and other businesses for the quarters ended September 30, 2026 and 2025, respectively. Our LTL trailer fleet includes 1,358 and 1,097 trailers from ACT's dedicated and other businesses for the year-to-date periods September 30, 2026 and 2025, respectively.
Previous wording
Regulatory actions by the Federal Motor Carrier Safety Administration and the U.S. Department of Transportation continued to influence capacity across the truckload market. Efforts related to CDL compliance, driver qualifications, and hours-of-service enforcement have contributed to reductions in capacity, particularly among certain lower-cost operators. As a result, shippers have increasingly focused on securing reliable, asset-based capacity amid a tightening market environment.
Current wording
Regulatory actions by the Federal Motor Carrier Safety Administration and U.S. Department of Transportation continued to influence capacity across the truckload market. Efforts related to Commercial Driver's License ("CDL") compliance, cabotage, driver qualifications, and hours-of-service enforcement continue to impact market capacity, particularly among certain lower-priced operators. These efforts remain in relatively early stages and continue to have a more pronounced impact on the one-way truckload market.
Previous wording
Overall, freight markets continued to rebalance during the second quarter as industry capacity tightened and pricing conditions improved. While market conditions remain subject to uncertainty related to economic activity, fuel costs, regulatory developments, and seasonal demand patterns, industry indicators and customer activity generally reflected a more constructive environment than experienced during recent periods.
Current wording
Overall, freight markets continued to rebalance during the third quarter as industry capacity remained tight and pricing conditions improved. While broad demand trends remained relatively stable and market conditions remain subject to uncertainty related to economic activity, fuel costs, regulatory developments, and seasonal demand patterns, customer activity and pricing trends continued to provide opportunities across our transportation businesses.
Previous wording
Our Company outlook for the third quarter of 2026 includes the following:
Current wording
Our Company outlook for the fourth quarter of 2026 includes the following:
Previous wording
•Truckload Segment revenue, excluding fuel surcharge, up mid single digit percent year-over-year with Adjusted Operating Ratio improving 650 - 750 basis points year-over-year in third quarter.
Current wording
•Truckload Segment revenue, excluding fuel surcharge, up low double-digit percent with Adjusted Operating Ratio improving 650 - 750 basis points year-over-year in fourth quarter.
Previous wording
•All Other Segments operating income, before including the $11.5 million quarterly intangible asset amortization, approximately $18 million to $22 million in third quarter, which includes approximately $6 million of AR securitization cost that was reported as interest expense in 2025.
Current wording
•All Other Segments operating results, before including the $11.5 million quarterly intangible asset amortization, to be a loss of approximately $13 million to $17 million in fourth quarter, which includes approximately $6.5 million of AR securitization cost that was reported as interest expense in 2025.
Previous wording
•Gain on sale to be in the range of $12 million to $17 million in third quarter,
Current wording
•Gain on sale to be in the range of $17 million to $21 million in fourth quarter,
Previous wording
•"Other income, net" below the line expected to be roughly $2 million to $4 million in third quarter,
Current wording
•"Other income, net" below the line expected to be approximately $1 million to $3 million in fourth quarter,
Previous wording
•Net cash capital expenditures for full-year 2026 expected range of $600 million - $650 million,
Current wording
•Net cash capital expenditures for full-year 2026 expected range of $600 million - $625 million,
Previous wording
•Expected effective tax rate on adjusted income before taxes of approximately 25.5% to 26.5% for third quarter and approximately 25.0% to 26.0% for full year 2026.
Current wording
•Expected effective tax rate on adjusted income before taxes of approximately 24.7% to 25.7% for fourth quarter.
Previous wording
The $8.9 million increase in net income attributable to Knight-Swift to $43.2 million during the second quarter of 2026 from $34.2 million during the same period last year includes the following:
Current wording
The $110.4 million increase in net income attributable to Knight-Swift to $118.3 million during the third quarter of 2026 from $7.9 million during the same period last year includes the following:
Previous wording
•Contributor —$43.7 million increase in operating income within our Truckload segment primarily due to a 2.8% increase in revenue, excluding fuel surcharge and intersegment transactions, as a result of a 5.5% improvement in revenue per loaded mile, excluding fuel surcharge and intersegment transactions, partially offset by a 2.6% decrease in loaded miles.
Current wording
•Contributor —$87.2 million increase in operating income within our Truckload segment primarily due to a 6.5% increase in revenue, excluding fuel surcharge and intersegment transactions, as a result of a 9.7% improvement in revenue per loaded mile, excluding fuel surcharge and intersegment transactions, partially offset by a 3.0% decrease in loaded miles.
Previous wording
•Contributor — $3.2 million decrease in operating income within our Logistics segment due to a 17.7% decline in load count, partially offset by a 19.7% increase in revenue per load.
Current wording
•Contributor — $1.6 million increase in operating income within our Logistics segment due to a 46.7% increase in revenue per load, partially offset by a 32.6% decline in load count.
Previous wording
•Contributor — $4.1 million increase in operating income within our Intermodal segment, driven by 19.6% increase in load count and a 12.8% increase in revenue per load.
Current wording
•Contributor — $5.1 million increase in operating income within our Intermodal segment, driven by 13.3% increase in load count and a 15.2% increase in revenue per load.
Previous wording
•Contributor — $17.6 million decrease in consolidated interest expense primarily driven by a lower average of overall debt balances and lower average interest rates due to the terms of the 2031 Notes and the exclusion of $5.8 million of costs for the accounts receivable securitization program that were previously reported in interest expense under the prior arrangement.
Current wording
•Contributor — $22.8 million decrease in consolidated interest expense primarily driven by a lower average of overall debt balances and lower average interest rates due to the terms of the 2031 Notes and the exclusion of $6.3 million of costs for the accounts receivable securitization program that were previously reported in interest expense under the prior arrangement.
Previous wording
•Offset — $8.4 million increase in consolidated income tax expense was primarily due to an increase in pretax income and additional tax expense associated with the mark-to-market adjustment. Our effective tax rate for the second quarter of 2026 was 34.1%, compared to 29.2% for the second quarter of 2025.
Current wording
•Offset — $37.1 million increase in consolidated income tax expense primarily due to an increase in pretax income. Our effective tax rate for the third quarter of 2026 was 27.4%, compared to 47.0% for the third quarter of 2025.
Previous wording
The $23.0 million decrease in net income attributable to Knight-Swift to $41.9 million during the first half of 2026 from $64.9 million during the same period last year includes the following:
Current wording
The $87.4 million increase in net income attributable to Knight-Swift to $160.1 million during the year-to-date period ended September 30, 2026 from $72.7 million during the same period last year includes the following:
Previous wording
•Offset —$36.2 million increase in operating income within our Truckload segment primarily due to a 1.3% increase in revenue, excluding fuel surcharge and intersegment transactions driven by a 3.6% increase in revenue per loaded mile, excluding fuel surcharge and intersegment transactions, partially offset by a 2.2% decrease in loaded miles.
Current wording
•Contributor —$123.4 million increase in operating income within our Truckload segment primarily due to a 3.0% increase in revenue, excluding fuel surcharge and intersegment transactions driven by a 5.8% increase in revenue per loaded mile, excluding fuel surcharge and intersegment transactions, partially offset by a 2.5% decrease in loaded miles.
Previous wording
•Contributor — $12.9 million decrease in operating income within our LTL segment primarily due to $18.0 million of expense for claims development, primarily related to an adverse arbitration ruling on a 2022 claim incurred in the first quarter of 2026, partially offset by a 3.9% increase in revenue excluding fuel surcharge per shipment.
Current wording
•Contributor — $13.7 million increase in operating income within our LTL segment primarily due to a 3.9% increase in revenue excluding fuel surcharge per shipment and a 6.0% increase in weight per shipment per day during the current period as well as the $28.8 million trade name impairment in the comparable period as a result of our decision to combine our LTL brands under the AAA Cooper trade name in 2025. This was partially offset by $18.0 million of expense for claims development, primarily related to an adverse arbitration ruling on a 2022 claim incurred in the first quarter of 2026.
Previous wording
•Offset — $4.5 million decrease in operating loss within our Intermodal segment, driven by 10.0% increase in load count and a 7.4% increase in revenue per load.
Current wording
•Contributor — $9.5 million change in operating income within our Intermodal segment, driven by 11.2% increase in load count and a 10.2% increase in revenue per load.
Previous wording
•Offset — $27.1 million decrease in consolidated interest expense primarily driven by lower average of overall debt balances and lower average interest rates due to the terms of the 2031 Notes and the exclusion of $11.0 million of costs for the accounts receivable securitization program that were previously reported in interest expense under the prior arrangement.
Current wording
•Contributor — $49.9 million decrease in consolidated interest expense primarily driven by lower average of overall debt balances and lower average interest rates due to the terms of the 2031 Notes and the exclusion of $17.3 million of costs for the accounts receivable securitization program that were previously reported in interest expense under the prior arrangement.
Previous wording
•Offset — $1.7 million decrease in operating income within our Logistics segment due to a 16.4% decline in load count, partially offset by a 29.6% increase in revenue per load.
Current wording
•Offset — $1.7 million decrease in operating income within our Logistics segment due to a 22.8% decline in load count, partially offset by a 27.9% increase in revenue per load.
Previous wording
•Contributor — $30.3 million decrease in operating income within the All Other Segments, partially due to the inclusion of $11.0 million of costs for the accounts receivable securitization program that were previously reported in interest expense under the prior arrangement as well as an $18.2 million severance charge primarily related to the retirement and related consulting arrangement for our former executive chairman, and startup costs on new contract awards incurred in the first quarter of 2026.
Current wording
•Offset — $22.4 million decrease in operating income within the All Other Segments, partially due to the inclusion of $17.3 million of costs for the accounts receivable securitization program that were previously reported in interest expense under the prior arrangement as well as an $18.2 million severance charge primarily related to the retirement and related consulting arrangement for our former executive chairman, partially offset by revenue growth in our warehousing and trailer leasing businesses during the current period as well as the $14.0 million loss contingency in 2025.
Previous wording
•Offset — $31.1 million increase in other (expense) income, net, primarily due to the $22.8 million expense for the mark-to-market adjustment in 2026 related to certain purchase price obligations associated with the U.S. Xpress Acquisition and a decrease in net gains recorded within our portfolio of investments.
Current wording
•Offset — $46.8 million decrease in other income (expense), net, primarily due to the $22.8 million expense for the mark-to-market adjustment in 2026 related to certain purchase price obligations associated with the U.S. Xpress Acquisition and a net loss recorded within our portfolio of investments.
Previous wording
•Offset — $2.0 million decrease in consolidated income tax expense, primarily due to a reduction of pre-tax income, partially offset by additional tax expense associated with the mark-to-market adjustment. Our effective tax rate for the year-to-date period ended June 30, 2026 was 34.8%, compared to 27.5% for the year-to-date period ended June 30, 2025.
Current wording
•Offset — $35.0 million increase in consolidated income tax expense primarily due to an increase in pre-tax income and additional tax expense associated with the mark-to-market adjustment. Our effective tax rate for the year-to-date period ended September 30, 2026 was 29.5%, compared to 30.4% for the year-to-date period ended September 30, 2025.
Previous wording
•Our truckload services include irregular route and dedicated, refrigerated, expedited, flatbed, and cross-border transportation of various products, goods, and materials for our diverse customer base with approximately 14,900 irregular route and 5,800 dedicated tractors.
Current wording
•Our truckload services include irregular route and dedicated, refrigerated, expedited, flatbed, and cross-border transportation of various products, goods, and materials for our diverse customer base with approximately 14,500 irregular route and 5,900 dedicated tractors.
Previous wording
•Our LTL business, which was initially established in 2021 through the ACT Acquisition and later the MME and DHE acquisitions, provides our customers with super-regional LTL transportation service through our growing network of approximately 180 facilities and a door count of approximately 6,900. Our LTL segment operates approximately 4,300 tractors and approximately 11,500 trailers, including equipment used for dedicated and other businesses. The LTL segment also provides national coverage to our customers by utilizing partner carriers for areas outside of our direct network.
Current wording
•Our LTL business, which was initially established in 2021 through the ACT Acquisition and later the MME and DHE acquisitions, provides our customers with super-regional LTL transportation service through our growing network of approximately 180 facilities and a door count of approximately 6,900. Our LTL segment operates approximately 4,300 tractors and approximately 11,600 trailers, including equipment used for dedicated and other businesses. The LTL segment also provides national coverage to our customers by utilizing partner carriers for areas outside of our direct network.
Previous wording
•Our Logistics and Intermodal segments provide a multitude of shipping solutions, including additional sources of truckload capacity and alternative transportation modes, by utilizing our vast network of third-party capacity providers and rail providers, as well as certain logistics and freight management services. We offer power-only services through our Logistics segment leveraging our fleet of approximately 82,000 trailers.
Current wording
•Our Logistics and Intermodal segments provide a multitude of shipping solutions, including additional sources of truckload capacity and alternative transportation modes, by utilizing our vast network of third-party capacity providers and rail providers, as well as certain logistics and freight management services. We offer power-only services through our Logistics segment leveraging our fleet of approximately 81,000 trailers.
Previous wording
•Our All Other Segments include support services provided to our customers and third-party carriers including equipment maintenance, equipment leasing, warehousing, trailer parts manufacturing, and warranty services. Our All Other Segments also include certain corporate expenses (such as legal settlements and accruals, certain impairments, and amortization of intangibles related to the 2017 Merger and various acquisitions).
Current wording
•Our All Other Segments include warehousing and support services provided to our customers and third-party carriers including equipment maintenance, equipment leasing, trailer parts manufacturing, and warranty services. Our All Other Segments also include certain corporate expenses (such as legal settlements and accruals, certain impairments, and amortization of intangibles related to the 2017 Merger and various acquisitions).
Previous wording
3 Includes 18,544 and 19,317 average company-owned tractors for the second quarter of 2026 and 2025, respectively. Includes 18,780 and 19,578 average company-owned tractors for the year-to-date periods June 30, 2026 and 2025, respectively.
Current wording
3 Includes 18,143 and 19,265 average company-owned tractors for the third quarter of 2026 and 2025, respectively. Includes 18,568 and 19,474 average company-owned tractors for the year-to-date periods September 30, 2026 and 2025, respectively.
Showing the first 40 of 94 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
7 "Write-off of deferred debt issuance costs" reflects the following:
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
•Contributor — $43.3 million increase in other (expense) income, net, primarily due to the $22.8 million expense for the mark-to-market adjustment in 2026 related to certain purchase price obligations associated with the U.S. Xpress Acquisition and a net loss recorded within our portfolio of investments.
Previous report — wording carried elsewhere
Comparison Between Quarters Ended June 30, 2026 and 2025 — Consolidated insurance and claims expense increased by $14.9 million for the second quarter of 2026, as compared to the same period last year. This increase was primarily due to an increase in claims development during the second quarter of 2026.