Revenue growth remains muted at 1.4% in 2026Q1, while structural margin compression is evident as operating margins have contracted to a low of 1.6%.
| 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 |
|---|
| Sales/Revenue | 7.5B | 7.47B | 7.41B | 7.14B | 7.43B | 6B | 4.67B | 4.84B | 5.34B | 2.43B | 1.12B | 1.18B | 1.1B | 969.24M | 936.04M | 866.2M | 730.71M | 651.72M | 766.93M | 713.58M | 664.41M | 566.81M | 442.29M | 340.07M | 285.79M | 250.82M | 216.86M | 151.49M | 125.03M | 99.43M | 77.5M |
| Revenue Growth % | 1.13% | 0.8% | 3.76% | -3.86% | 23.85% | 28.33% | -3.51% | -9.36% | 120.33% | 116.94% | -5.49% | 7.31% | 13.73% | 3.55% | 8.06% | 18.54% | 12.12% | -15.02% | 7.48% | 7.4% | 17.22% | 28.15% | 30.06% | 18.99% | 13.94% | 15.66% | 43.15% | 21.16% | 25.75% | 28.29% | 37.98% |
| Cost of Goods Sold | 5.21B | 5.36B | 5.61B | 5.18B | 5.02B | 4.03B | 3.22B | 3.56B | 3.97B | 1.8B | 782.95M | 823.33M | 790.07M | 708.55M | 683.51M | 454.61M | 277.99M | 222.93M | 305.35M | 328.84M | 279.47M | 229.31M | 178.55M | 136.65M | 114.43M | 104.03M | 79.54M | 61.07M | 48.48M | 40.28M | 31.59M |
| COGS % of Revenue | - | 71.7% | 75.66% | 72.49% | 67.55% | 67.19% | 68.84% | 73.44% | 74.37% | 74.26% | 70.03% | 69.6% | 71.67% | 73.1% | 73.02% | 52.48% | 38.04% | 34.21% | 39.81% | 46.08% | 42.06% | 40.46% | 40.37% | 40.18% | 40.04% | 41.48% | 36.68% | 40.31% | 38.77% | 40.52% | 40.76% |
| Gross Profit | 2.29B | 2.11B | 1.8B | 1.96B | 2.41B | 1.97B | 1.46B | 1.29B | 1.37B | 624.32M | 335.08M | 359.63M | 312.26M | 260.69M | 252.52M | 411.59M | 452.72M | 428.8M | 461.59M | 384.74M | 384.94M | 337.5M | 263.74M | 203.42M | 171.36M | 146.78M | 137.32M | 90.42M | 76.55M | 59.15M | 45.91M |
| Gross Margin % | 30.55% | 28.3% | 24.34% | 27.51% | 32.45% | 32.81% | 31.16% | 26.56% | 25.63% | 25.74% | 29.97% | 30.4% | 28.33% | 26.9% | 26.98% | 47.52% | 61.96% | 65.79% | 60.19% | 53.92% | 57.94% | 59.54% | 59.63% | 59.82% | 59.96% | 58.52% | 63.32% | 59.69% | 61.23% | 59.48% | 59.24% |
| Gross Profit Growth % | - | 17.2% | -8.19% | -18.51% | 22.5% | 35.14% | 13.2% | -6.09% | 119.39% | 86.32% | -6.83% | 15.17% | 19.78% | 3.23% | -38.65% | -9.09% | 5.58% | -7.1% | 19.97% | -0.05% | 14.06% | 27.97% | 29.65% | 18.71% | 16.74% | 6.9% | 51.86% | 18.12% | 29.44% | 28.82% | 32.96% |
| Operating Expenses | 1.55B | 1.86B | 1.56B | 1.63B | 1.32B | 1B | 891.75M | 858.9M | 800.65M | 423.69M | 186.6M | 181.63M | 149.54M | 146.78M | 142.71M | 311.57M | 307.4M | 302.63M | 316.52M | 643.58M | 571.1M | 490.28M | 385.25M | 297.18M | 250.67M | 221.5M | 189.7M | 129.58M | 105.14M | 84.47M | 67.17M |
| OpEx % of Revenue | - | 24.94% | 21.06% | 22.77% | 17.75% | 16.71% | 19.08% | 17.73% | 14.98% | 17.47% | 16.69% | 15.35% | 13.57% | 15.14% | 15.25% | 35.97% | 42.07% | 46.43% | 41.27% | 90.19% | 85.96% | 86.5% | 87.1% | 87.39% | 87.71% | 88.31% | 87.48% | 85.54% | 84.09% | 84.96% | 86.66% |
| Selling, General & Admin | 865.74M | 957.96M | 446.8M | 609.54M | 455.92M | 275.38M | 192.84M | 194.34M | 215.36M | 95.2M | 34.44M | 33.63M | 33.93M | 31.55M | 34.54M | 224.22M | 212M | 204.22M | 216.81M | 234.3M | 217.74M | 213.1M | 178.46M | 137.87M | 118.35M | 102.24M | 78.93M | 52.7M | 42.08M | 33.04M | 27.86M |
| SG&A % of Revenue | - | 12.82% | 6.03% | 8.53% | 6.14% | 4.59% | 4.13% | 4.01% | 4.03% | 3.92% | 3.08% | 2.84% | 3.08% | 3.26% | 3.69% | 25.89% | 29.01% | 31.34% | 28.27% | 32.83% | 32.77% | 37.6% | 40.35% | 40.54% | 41.41% | 40.76% | 36.4% | 34.79% | 33.65% | 33.23% | 35.94% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 904.62M | 1.11B | 1.02B | 862.98M | 726.88M | 698.91M | 664.57M | 585.29M | 328.49M | 152.16M | 148M | 115.61M | 115.23M | 0 | 87.35M | 95.4M | 98.4M | 99.71M | 409.29M | 353.37M | 277.18M | 206.78M | 159.31M | 132.32M | 119.26M | 110.77M | 76.89M | 63.07M | 51.43M | 39.31M |
| Operating Income | 214.78M | 251.38M | 243.39M | 338.15M | 1.09B | 965.7M | 564.44M | 427.44M | 569.04M | 200.63M | 148.48M | 178M | 162.72M | 113.91M | 99.35M | 100.02M | 95.22M | 82M | 92.66M | 102.44M | 119.49M | 101.69M | 79.36M | 59.45M | 47.49M | 39.55M | 32.02M | 25.91M | 22.98M | 17.48M | 13.16M |
| Operating Margin % | 2.87% | 3.37% | 3.28% | 4.73% | 14.7% | 16.1% | 12.08% | 8.82% | 10.65% | 8.27% | 13.28% | 15.05% | 14.76% | 11.75% | 10.61% | 11.55% | 13.03% | 12.58% | 12.08% | 14.36% | 17.98% | 17.94% | 17.94% | 17.48% | 16.62% | 15.77% | 14.77% | 17.1% | 18.38% | 17.58% | 16.98% |
| Operating Income Growth % | - | 3.28% | -28.02% | -69.03% | 13.06% | 71.09% | 32.05% | -24.88% | 183.63% | 35.12% | -16.58% | 9.39% | 42.85% | 14.65% | -0.67% | 5.05% | 16.12% | -11.51% | -9.55% | -14.27% | 17.5% | 28.14% | 33.5% | 25.17% | 20.08% | 23.51% | 23.59% | 12.74% | 31.47% | 32.86% | 48.9% |
| EBITDA | 1B | 1.04B | 1.04B | 1.07B | 1.75B | 1.54B | 1.07B | 890.4M | 999.13M | 407.74M | 264.64M | 289.02M | 255.62M | 200.04M | 184.41M | 175.85M | 166.18M | 153.44M | 162.48M | 168.13M | 179.88M | 154.3M | 120.12M | 89.52M | 70.38M | 57.97M | 51.15M | 40.09M | 35.43M | 27.04M | 20.68M |
| EBITDA Margin % | 13.37% | 13.92% | 13.98% | 15.03% | 23.58% | 25.74% | 22.92% | 18.38% | 18.7% | 16.81% | 23.67% | 24.43% | 23.19% | 20.64% | 19.7% | 20.3% | 22.74% | 23.54% | 21.19% | 23.56% | 27.07% | 27.22% | 27.16% | 26.32% | 24.63% | 23.11% | 23.59% | 26.46% | 28.34% | 27.2% | 26.68% |
| EBITDA Growth % | -7.12% | 0.31% | -3.45% | -38.73% | 13.48% | 44.11% | 20.3% | -10.88% | 145.04% | 54.07% | -8.44% | 13.07% | 27.78% | 8.48% | 4.86% | 5.82% | 8.3% | -5.56% | -3.36% | -6.53% | 16.58% | 28.46% | 34.19% | 27.19% | 21.41% | 13.32% | 27.6% | 13.16% | 31.01% | 30.78% | 504.67% |
| D&A (Non-Cash Add-back) | 787.04M | 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 |
| EBIT | 206.45M | 257.12M | 234.31M | 277.53M | 999.75M | 891.2M | 566.77M | 397.99M | 535.61M | 233.55M | 140.35M | 162.65M | 146.31M | 106.36M | 99.35M | 101.37M | 97.61M | 126.17M | 145.06M | 104.42M | 119.49M | 101.69M | -121.51M | -93.76M | -79.31M | -74.71M | -61.84M | -40.13M | -28.59M | 25.6M | -21.25M |
| Net Interest Income | -142.64M | -150.88M | -154.6M | -105.52M | -45.36M | -19.97M | -15.38M | -25.6M | -26.97M | -7.48M | -588K | -538K | -272K | -49K | -40K | 888K | 1.55M | 1.53M | 1.24M | 1.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 9.68M | 10.91M | 16.56M | 21.58M | 5.44M | 1.17M | 1.93M | 3.83M | 3.2M | 1.21M | 309K | 460K | 458K | 413K | 417K | 1.07M | 1.55M | 1.53M | 1.24M | 1.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 152.32M | 161.79M | 171.16M | 127.1M | 50.8M | 21.14M | 17.31M | 29.43M | 30.17M | 8.69M | 897K | 998K | 730K | 462K | 457K | 180K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -129.92M | -156.05M | -94.34M | -67.86M | -71.32M | 8.94M | -4.13M | -13.46M | -17M | -6.92M | 4.35M | 8.5M | 9.11M | 2.79M | 10.43M | 1.17M | 2.4M | 1.9M | 1.43M | 1.98M | 8.85M | 3.82M | 398K | -651K | -149K | -7.48M | -3.42M | -296.11K | -259.04K | -17.83K | -346.47K |
| Pretax Income | 53.27M | 95.32M | 149.05M | 270.29M | 1.02B | 974.63M | 560.31M | 413.98M | 552.04M | 193.71M | 152.83M | 186.5M | 171.83M | 116.7M | 109.78M | 101.19M | 97.61M | 83.89M | 94.09M | 104.42M | 119.84M | 102.71M | 79.76M | 58.8M | 47.34M | 32.07M | 28.61M | 25.61M | 22.72M | 17.46M | 12.81M |
| Pretax Margin % | 0.71% | 1.28% | 2.01% | 3.78% | 13.74% | 16.25% | 11.99% | 8.55% | 10.33% | 7.99% | 13.67% | 15.77% | 15.59% | 12.04% | 11.73% | 11.68% | 13.36% | 12.87% | 12.27% | 14.63% | 18.04% | 18.12% | 18.03% | 17.29% | 16.57% | 12.78% | 13.19% | 16.91% | 18.17% | 17.56% | 16.53% |
| Income Tax | 19.36M | 29.77M | 32.96M | 54.77M | 249.39M | 230.89M | 149.68M | 103.8M | 131.39M | -291.72M | 57.59M | 68.05M | 67.81M | 46.68M | 45.01M | 40.48M | 38.63M | 33.33M | 37.83M | 41.3M | 46.88M | 41M | 31.9M | 23.34M | 19.41M | 13.05M | 10.86M | 10.15M | 9.38M | 7.21M | 5.3M |
| Effective Tax Rate % | 36.34% | 31.23% | 22.11% | 20.26% | 24.44% | 23.69% | 26.71% | 25.07% | 23.8% | -150.59% | 37.68% | 36.49% | 39.46% | 40% | 41% | 40% | 39.58% | 39.73% | 40.2% | 39.55% | 39.12% | 39.92% | 39.99% | 39.7% | 41% | 40.7% | 37.97% | 39.63% | 41.26% | 41.29% | 41.37% |
| Net Income | 33.99M | 65.95M | 117.63M | 217.15M | 771.33M | 743.39M | 410M | 309.21M | 419.26M | 484.29M | 93.86M | 116.72M | 102.86M | 69.28M | 64.12M | 60.25M | 59.07M | 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 |
| Net Margin % | 0.45% | 0.88% | 1.59% | 3.04% | 10.38% | 12.39% | 8.77% | 6.38% | 7.85% | 19.97% | 8.4% | 9.87% | 9.33% | 7.15% | 6.85% | 6.96% | 8.08% | 7.76% | 7.34% | 8.85% | 10.98% | 10.89% | 10.82% | 10.43% | 9.77% | 7.58% | 8.18% | 10.21% | 10.67% | 10.31% | 9.69% |
| Net Income Growth % | -77.48% | -43.94% | -45.83% | -71.85% | 3.76% | 81.31% | 32.6% | -26.25% | -13.43% | 415.96% | -19.58% | 13.47% | 48.47% | 8.06% | 6.42% | 1.99% | 16.83% | -10.13% | -10.87% | -13.49% | 18.23% | 28.95% | 34.98% | 26.93% | 46.9% | 7.16% | 14.75% | 15.87% | 30.19% | 36.5% | 29.36% |
| Net Income (Continuing) | 33.91M | 65.55M | 116.09M | 215.52M | 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 | 10.3M | 7.51M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 9.55M | 9.41M | 7.84M | 16.69M | 10.28M | 10.3M | 2.19M | 2.09M | 1.77M | 2.64M | 2.26M | 1.97M | 1.51M | 945K | 608K | 391K | -69K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.21 | 0.41 | 0.73 | 1.34 | 4.73 | 4.45 | 2.40 | 1.80 | 2.36 | 4.34 | 1.16 | 1.99 | 1.74 | 1.19 | 1.11 | 1.03 | 0.97 | 0.83 | 0.92 | 1.00 | 1.17 | 0.99 | 0.76 | 0.57 | 0.45 | 0.09 | 0.09 | 0.07 | 0.05 | 0.02 | 0.02 |
| EPS Growth % | -77.84% | -43.84% | -45.52% | -71.67% | 6.29% | 85.42% | 33.33% | -23.73% | -45.62% | 274.14% | -41.71% | 14.37% | 46.22% | 7.21% | 7.77% | 6.19% | 16.87% | -9.78% | -8% | -14.53% | 18.18% | 30.26% | 33.33% | 26.67% | 387.01% | 7.19% | 27.89% | 40.71% | 94.72% | 35.16% | 16.67% |
| EPS (Basic) | - | 0.41 | 0.73 | 1.35 | 4.75 | 4.48 | 2.42 | 1.80 | 2.37 | 4.38 | 1.17 | 1.43 | 1.76 | 1.21 | 1.11 | 1.03 | 0.99 | 0.85 | 0.92 | 1.01 | 1.18 | 1.00 | 0.79 | 0.58 | 0.46 | 0.09 | 0.09 | 0.07 | 0.05 | 0.03 | 0.02 |
| Diluted Shares Outstanding | 163.13M | 162.88M | 162.17M | 161.83M | 163.21M | 167.06M | 170.55M | 172.14M | 178M | 111.7M | 81.23M | 58.76M | 59.07M | 57.84M | 57.6M | 58.95M | 60.78M | 60.22M | 61.81M | 62.81M | 62.67M | 62.39M | 62.25M | 61.95M | 61.61M | 205.85M | 205.85M | 229.31M | 278.67M | 419.45M | 413.54M |
| Basic Shares Outstanding | 162.43M | 162.34M | 161.74M | 161.19M | 162.26M | 165.86M | 169.71M | 171.54M | 177.02M | 110.66M | 80.36M | 58.19M | 58.28M | 57.6M | 57.36M | 58.64M | 60.14M | 59.93M | 61.45M | 62.2M | 61.78M | 61.42M | 60.91M | 60.5M | 59.96M | 201.94M | 201.94M | 227.56M | 275.88M | 417.84M | 413.48M |
| Dividend Payout Ratio | - | 178.08% | 88.55% | 41.98% | 10.15% | 8.55% | 13.32% | 13.4% | 10.2% | 5.26% | 20.88% | 17.04% | 19.1% | 28.07% | 92.24% | 32.43% | 138.77% | 31.26% | 22.7% | 15.07% | 11.77% | 5.53% | 2.37% | - | - | - | - | - | - | - | - |
Persistent freight market overcapacity
According to the latest quarterly financial data, Knight-Swift's revenue growth has remained largely muted, with the most recent period showing a modest 1.4% increase, reflecting the broader industry struggle to generate top-line expansion in a persistently loose freight environment that limits pricing power across core segments.
The company's inability to drive meaningful revenue growth suggests that the current freight cycle remains in a trough, with volume gains likely offset by pricing pressure. Investors should monitor whether the company can leverage its LTL segment to outpace the cyclical volatility inherent in its larger truckload division.
As reported in recent income statements, Knight-Swift's operating margins have hovered in the low single digits, reaching only 1.6% in 2026Q1, which highlights the significant difficulty in maintaining profitability when faced with rising operational costs and a lack of pricing leverage in the current market.
The thin operating margins indicate that the company is struggling to absorb the costs associated with its recent acquisitions and the broader inflationary environment. This level of profitability leaves little room for error, suggesting that any further deterioration in freight demand could quickly push the company into sustained operating losses.
Based on the provided income statement figures, Knight-Swift has experienced significant volatility in its cost structure, with SG&A expenses showing erratic patterns that suggest the ongoing integration of acquired fleets is creating temporary but material inefficiencies in the company's overall operational expense management framework.
The fluctuation in SG&A suggests that management is still in the process of rationalizing the cost bases of its recent acquisitions, particularly U.S. Xpress. Until these costs stabilize, the company's ability to achieve meaningful operating leverage will likely remain constrained by the complexity of its multi-modal business model.
Data from the last ten quarters reveals that Knight-Swift's net income has frequently dipped into negative territory, with a net margin of -0.1% in 2026Q1, raising concerns about the sustainability of current earnings and the potential for further bottom-line erosion if freight rates do not recover.
The frequent swings between marginal profitability and net losses suggest that the company's earnings quality is highly sensitive to spot market volatility. Short-term investors should be wary of the reliance on non-operating items or equipment sales to bolster results, as these are not reliable indicators of long-term operational health.
Quick answers to the most common questions about buying KNX stock.
For fiscal year 2025, Knight-Swift Transportation Holdings Inc. (KNX) reported total revenue of $7.47B. This represents a 9537.8% increase compared to $77.5M in 1996.
Knight-Swift Transportation Holdings Inc. (KNX) is profitable, generating $65.9M in net income for the fiscal year ending 2025 with a net profit margin of 0.9%.
Knight-Swift Transportation Holdings Inc. (KNX) reported an operating income of $251.4M, resulting in an operating profit margin of 3.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Knight-Swift Transportation Holdings Inc. (KNX) generated $2.11B in gross profit for the year, representing a gross profit margin of 28.3%. This demonstrates the company's core pricing power and production efficiency.