Free cash flow remains highly volatile, with capital expenditures reaching as high as 16.1% of revenue in 2025Q3, complicating the company's ability to maintain consistent cash generation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 1.3B | 1.27B | 799.06M | 1.16B | 1.44B | 1.19B | 919.64M | 839.59M | 881.98M | 318.57M | 243.35M | 205.76M | 177.19M | 138.52M | 150.82M | 160.7M | 170.11M | 86.9M | 141.44M | 118.36M | 133.03M | 107.76M | 98.9M | 84.41M | 55.49M | 46.17M | 34.55M | 18.93M | 20.01M | 23.61M | 14.28M |
| Operating CF Margin % | - | 16.96% | 10.78% | 16.27% | 19.33% | 19.84% | 19.68% | 17.33% | 16.5% | 13.13% | 21.77% | 17.39% | 16.07% | 14.29% | 16.11% | 18.55% | 23.28% | 13.33% | 18.44% | 16.59% | 20.02% | 19.01% | 22.36% | 24.82% | 19.42% | 18.41% | 15.93% | 12.49% | 16% | 23.74% | 18.43% |
| Operating CF Growth % | 174.69% | 58.52% | -31.21% | -19.1% | 20.64% | 29.41% | 9.53% | -4.81% | 176.86% | 30.91% | 18.27% | 16.13% | 27.92% | -8.16% | -6.15% | -5.53% | 95.75% | -38.56% | 19.5% | -11.03% | 23.45% | 8.96% | 17.18% | 52.12% | 20.19% | 33.62% | 82.55% | -5.41% | -15.24% | 65.27% | 34.08% |
| Net Income | 33.99M | 65.95M | 117.63M | 217.15M | 771.12M | 743.75M | 410.63M | 310.18M | 420.65M | 485.43M | 95.24M | 118.46M | 104.02M | 70.02M | 64.76M | 60.71M | 58.98M | 50.56M | 56.26M | 63.12M | 72.97M | 61.71M | 47.86M | 35.46M | 27.93M | 19.02M | 17.75M | 15.46M | 13.35M | 10.25M | 7.51M |
| Depreciation & Amortization | 591.33M | 788.05M | 792.8M | 735.1M | 659.82M | 577.89M | 506.67M | 462.96M | 430.09M | 207.1M | 116.16M | 111.02M | 92.89M | 86.13M | 85.06M | 75.83M | 70.96M | 71.44M | 69.82M | 65.69M | 60.39M | 52.6M | 40.76M | 30.07M | 22.89M | 18.42M | 19.13M | 14.18M | 12.45M | 9.56M | 7.52M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 33.93M | 0 | 0 | 0 | 12.39M | 6.64M | 4.44M | 7.37M | 4.7M | 2.98M | 6.46M | 3.5M | 6.84M | 3.4M | 3.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 18.16M | -15.74M | -22.26M | 10.78M | 30.85M | 39.93M | 46.21M | 30.73M | 62.47M | -305.58M | 5.45M | 21.53M | 17.06M | -5.34M | -1.98M | 30.41M | 10.83M | 2.08M | 17.09M | 9.6M | 5.42M | 1.29M | 15.69M | 8.61M | 9.28M | 3.23M | 5.82M | 5.05M | 3.69M | 3.47M | 2.21M |
| Other Non-Cash Items | 332.05M | 224.61M | 144.59M | 117.7M | 14.84M | -1.03M | 120.2M | 115.48M | 4.62M | 12M | -12.18M | -26.21M | -29.02M | -9.39M | -8.6M | -6.51M | -4.63M | -803K | 1.07M | 2M | 2.62M | 45K | 2.72M | 23K | 2.62M | 7.21M | 1.06M | 330.61K | -5.6M | 185.35K | -428.22K |
| Working Capital Changes | 322.44M | 203.78M | -233.69M | 80.95M | -74.71M | -170.39M | -164.08M | -79.75M | -2.41M | -87.02M | 34.25M | -26.41M | -12.46M | -5.88M | 5.11M | -3.24M | 27.13M | -39.78M | -6.29M | -16.93M | 99K | -7.16M | -8.12M | 6.55M | -7.23M | -1.71M | -9.21M | -16.1M | -4.1M | -11.16K | -2.55M |
| Change in Receivables | 521.19M | 477.65M | 106.56M | 148.26M | 58.71M | -212.04M | -61.4M | 60.04M | -9.38M | -48.45M | -11.1M | 10.27M | -17.03M | -14.83M | -2.17M | -22.95M | -6.29M | -4.54M | 14.16M | -7.02M | -5.98M | -14.67M | -21.87M | 47K | -9.2M | 1.77M | -4.95M | -13.43M | -9.93M | -1.66M | -3.06M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33.8M | -4.21M | 1.8M | 566K | -161K | -912K | 1.76M | 311K | 311K | -34.47M | 515K | 159K | 3.38M | -1.02M | -996K | 9K | 561K | -1.11M | -151.26K | 778.43K | -927.25K | -73.25K | 93.76K |
| Change in Payables | -101.73M | -130.29M | 14.82M | 12.63M | -24.77M | 73.37M | 7.5M | -13.18M | -18.03M | -29.89M | 3.79M | -8.54M | 4.29M | 2.42M | 4.78M | -3.03M | 1.99M | -819K | -1.17M | 1.16M | 596K | 33K | 1.56M | -141K | -363K | -2.29M | 319.35K | -1.09M | 2.83M | 1.07M | -250.05K |
| Cash from Investing | -549.75M | -520.39M | -759.12M | -1.23B | -646.18M | -1.82B | -480.71M | -583.71M | -647.29M | -273.94M | -101.02M | -138.34M | -266.92M | -85.7M | -123.8M | -140.09M | -95.63M | -60.41M | -79.63M | -92.01M | -145.66M | -104.67M | -115.04M | -67.36M | -42.29M | -34.07M | -34.89M | -38.34M | -29.33M | -23.55M | -21.92M |
| Capital Expenditures | -514.98M | -805.82M | -819.15M | -1.07B | -800.56M | -534.1M | -521.07M | -829.98M | -756M | -387.19M | -154.6M | -221.66M | -260.39M | -140.61M | -160.63M | -172.92M | -134.39M | -95.48M | -117.5M | -135.22M | -175.22M | -116.59M | -115.67M | -70.31M | -41.81M | -30.38M | -33.97M | -37.27M | -29.33M | -23.55M | -21.92M |
| CapEx % of Revenue | 6.87% | 10.79% | 11.05% | 15% | 10.78% | 8.9% | 11.15% | 17.13% | 14.15% | 15.96% | 13.83% | 18.74% | 23.62% | 14.51% | 17.16% | 19.96% | 18.39% | 14.65% | 15.32% | 18.95% | 26.37% | 20.57% | 26.15% | 20.67% | 14.63% | 12.11% | 15.66% | 24.6% | 23.46% | 23.68% | 28.28% |
| Acquisitions | 57.74M | 291.97M | 0 | 0 | 183.42M | 0 | 0 | 0 | 225.82M | 8.67M | -21.21M | -3.21M | -97.83M | -2.73M | -2.17M | -2.2M | -1.21M | -263K | 115K | -135K | -16.03M | -3.28M | 0 | 0 | 0 | 0 | -2.53M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -92.51M | -6.55M | 60.03M | -160M | -27.6M | -1.25B | 43.62M | 237.88M | -121.93M | 104.74M | 97.45M | 105.94M | 3.4M | 58.89M | 40.92M | 34.18M | 44.79M | 35.33M | 37.76M | 43.8M | 47.11M | 12.79M | 628K | 2.94M | 1.37M | -2.36M | 3.32M | 64.5K | 0 | 0 | 0 |
| Cash from Financing | -799.56M | -807.74M | -139.4M | 150.69M | -754.35M | 779.33M | -443.88M | -184.64M | -255.44M | 24M | -143M | -75.81M | 105.8M | -57.51M | -30.92M | -39.03M | -77.28M | -17.7M | -63.47M | -4.25M | -4.6M | -7.44M | 948K | -12.69M | -1.14M | 5.89M | 3.2M | 22.58M | 8.93M | -790.31K | 8.26M |
| Debt Issued (Net) | -624.03M | -687.54M | -27.88M | 261.78M | -351.83M | 905.11M | -156.91M | 118.36M | -41.63M | 43.85M | -94M | -22.4M | 96.4M | -42M | 25M | 55M | 0 | 0 | 0 | 0 | 4.5M | 0 | 0 | -14.91M | -3.16M | -36.29M | -4.9M | 30.29M | 9.7M | -1.4M | -3.54M |
| Equity Issued (Net) | 4.37M | 5.44M | 5.33M | 5.21M | -292.51M | -47.89M | -166.84M | -73.58M | -179.32M | 13.48M | -26.68M | -35.41M | 0 | 0 | 0 | -74.56M | 0 | -4.9M | -53.58M | 3.83M | 2.45M | 2.79M | 2.08M | 2.22M | 2.02M | 45.75M | 1.22M | 323.01K | 484.7K | 600K | 13.72M |
| Dividends Paid | -88.12M | -117.44M | -104.15M | -91.15M | -78.3M | -63.53M | -54.62M | -41.42M | -42.77M | -25.45M | -19.6M | -19.89M | -19.65M | -19.45M | -59.14M | -19.54M | -81.97M | -15.8M | -12.77M | -9.51M | -8.59M | -3.41M | -1.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -299.94M | -57.17M | -179.59M | -86.89M | -179.32M | 0 | -39.87M | -45.34M | 0 | 0 | 0 | -76.56M | 0 | -4.9M | -53.58M | 0 | 0 | 0 | 0 | 0 | 0 | -2.52M | 0 | -5.81M | 0 | 0 | 0 |
| Other Financing | -91.79M | -8.2M | -12.69M | -25.15M | -31.7M | -14.36M | -65.52M | -187.98M | 8.28M | -7.88M | -2.72M | 1.9M | 29.05M | 3.94M | 3.22M | 60K | 4.7M | 3M | 2.88M | 1.43M | -2.96M | -6.82M | 0 | 0 | 0 | -3.57M | 6.88M | -8.03M | -1.25M | 0 | -1.93M |
| Net Change in Cash | -50.99M | -63.14M | -99.46M | 84.34M | 35.32M | 152.75M | -4.95M | 71.25M | -20.76M | 68.63M | -670K | -8.38M | 16.07M | -4.69M | -3.9M | -18.43M | -2.8M | 8.79M | -1.66M | 22.11M | -17.23M | -4.35M | -15.19M | 4.35M | 12.06M | 17.98M | 2.86M | 3.17M | -388.15K | -732.41K | 621.09K |
| Free Cash Flow | 1.33B | 763.23M | -20.09M | 90.06M | 635.29M | 656.06M | 398.58M | 9.62M | 125.98M | -68.62M | 88.76M | -15.89M | -83.2M | -2.09M | -9.81M | -12.22M | 35.72M | -8.58M | 23.93M | -16.86M | -42.19M | -8.82M | -16.77M | 14.1M | 13.68M | 15.79M | 584.12K | -18.35M | -9.32M | 57.9K | -7.64M |
| FCF Margin % | 17.77% | 10.22% | -0.27% | 1.26% | 8.55% | 10.94% | 8.53% | 0.2% | 2.36% | -2.83% | 7.94% | -1.34% | -7.55% | -0.22% | -1.05% | -1.41% | 4.89% | -1.32% | 3.12% | -2.36% | -6.35% | -1.56% | -3.79% | 4.15% | 4.79% | 6.29% | 0.27% | -12.11% | -7.45% | 0.06% | -9.85% |
| FCF Growth % | 992.35% | 3899.61% | -122.3% | -85.82% | -3.17% | 64.6% | 4044.51% | -92.37% | 283.59% | -177.31% | 658.4% | 80.9% | -3873.35% | 78.66% | 19.69% | -134.21% | 516.31% | -135.84% | 241.99% | 60.05% | -378.25% | 47.39% | -218.93% | 3.09% | -13.38% | 2602.92% | 103.18% | -96.92% | -16191.31% | 100.76% | -979.44% |
| FCF per Share | 8.16 | 4.69 | -0.12 | 0.56 | 3.89 | 3.93 | 2.34 | 0.06 | 0.71 | -0.61 | 1.09 | -0.27 | -1.41 | -0.04 | -0.17 | -0.21 | 0.59 | -0.14 | 0.39 | -0.27 | -0.67 | -0.14 | -0.27 | 0.23 | 0.22 | 0.08 | 0.00 | -0.08 | -0.03 | 0.00 | -0.02 |
| FCF Conversion (FCF/Net Income) | 39.18x | 19.21x | 6.79x | 5.35x | 1.86x | 1.60x | 2.24x | 2.72x | 2.10x | 0.66x | 2.59x | 1.76x | 1.72x | 2.00x | 2.35x | 2.67x | 2.88x | 1.72x | 2.51x | 1.88x | 1.82x | 1.75x | 2.07x | 2.38x | 1.99x | 2.43x | 1.95x | 1.22x | 1.50x | 2.30x | 1.90x |
| Interest Paid | 45.12M | 0 | 174.49M | 118.15M | 48.91M | 18.95M | 17.4M | 28.92M | 28.72M | 9.29M | 941K | 1.04M | 666K | 450K | 475K | 154K | 0 | 0 | 0 | 0 | 0 | 0 | 15.15M | 13.33M | 996K | 2.49M | 4.04M | 1.12M | 372.01K | 69.16K | 408.14K |
| Taxes Paid | 774K | 0 | 9.93M | 40.38M | 289.16M | 167.09M | 80.01M | 78.66M | 16.11M | 51.82M | 18.47M | 65.59M | 68.02M | 51.9M | 40.42M | 6.83M | 36.66M | 27.39M | 17.34M | 38.33M | 39.36M | 30.41M | 15.15M | 474K | 8.58M | 7.48M | 6.26M | 6M | 4.9M | 3.95M | 2.46M |
Persistent freight market overcapacity
As reported in recent financial filings, Knight-Swift's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching extreme levels like -108.23 in 2026Q1, suggesting that accounting earnings are currently failing to capture the underlying cash volatility inherent in the company's current operational environment.
The significant gap between net income and operating cash flow indicates that non-cash charges and working capital fluctuations are heavily distorting the reported bottom line. Investors should monitor whether this persistent disconnect reflects structural accounting adjustments or an inability to convert operational activity into actual cash generation.
Based on the provided ten-quarter data, Knight-Swift's free cash flow trajectory remains highly erratic, with margins swinging from -8.5% in 2024Q1 to 47.0% in 2025Q4, highlighting the company's struggle to maintain consistent cash generation amidst a challenging and cyclical freight market environment.
The lack of a stable free cash flow trend suggests that capital requirements are often outpacing the company's ability to generate internal liquidity. This volatility may complicate long-term capital allocation strategies and warrants further investigation into the sustainability of current dividend payments during periods of negative cash flow.
According to recent quarterly statements, Knight-Swift's capital expenditure as a percentage of revenue has frequently exceeded 10%, peaking at 16.1% in 2025Q3, which indicates a heavy reliance on continuous asset reinvestment to maintain its massive tractor and trailer fleet in a competitive industry.
High capital intensity in a low-margin environment suggests that the company is forced to prioritize maintenance and fleet renewal over discretionary cash flow. This persistent spending requirement may limit the company's flexibility to navigate prolonged freight downturns without further straining its liquidity position.
As evidenced by the quarterly cash flow data, Knight-Swift experiences significant working capital volatility, including a notable $487.3 million inflow in 2025Q4 followed by substantial outflows in other periods, reflecting the complex nature of managing receivables and payables across its diverse trucking and logistics segments.
These large swings in working capital suggest that the company's cash position is highly sensitive to the timing of collections and payments within its fragmented customer base. Analysts should monitor these fluctuations closely, as they may mask underlying operational inefficiencies or temporary liquidity pressures within the business.
Quick answers to the most common questions about buying KNX stock.
Knight-Swift Transportation Holdings Inc. (KNX) generated $1.27B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Knight-Swift Transportation Holdings Inc. (KNX) generated $763.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Knight-Swift Transportation Holdings Inc. (KNX) spent $805.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Knight-Swift Transportation Holdings Inc. (KNX) returned $117.4M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.