undamentalytics Newsletter
Sign in

Knight-swift Transportation Holdings Inc. (KNX) stock

Add to watchlist

Add holding +

NYSE: KNX NYSE Cargo Ground Transportation Next results ~January 20, 2027

C+ Fundamentals grade

Knight-swift Transportation Holdings Inc. is a US-listed company in the cargo ground transportation industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$46

Cash-flow model

Base case. Range ~$33–$64 across our lower- and higher-growth cases (0.9%–10.9% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 33% above our base value.

Price used: $61.66, November 2, 2026

Knight-swift Transportation Holdings Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 9 selling0 purchases and 17 sales by directors and officers, last 12 monthsInsider trades
  • Funds366 adding, 212 cuttingOf 76 active managers that changed their stake, 43 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Knight-swift Transportation files

10-Q filed October 28: Knight-swift Transportation

Revenue for the twelve months to September 2026 was $8.00bn, up 7.0% on a year earlier, faster than the 4.1% growth a quarter earlier. Free-cash-flow margin rose to 9.6% from 0.9% a year earlier. Our cash-flow model value is $46.23 a share, against a share price of $60.90. The rating stays Sell. At that price, our model says the market is pricing in about 10.9% a year of cash-flow growth for five years, faster than the 5.9% a year revenue growth it has delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: Knight-swift Transportation

Revenue for the twelve months to June 2026 reached $8.00bn. That marked a 7.0% increase on the year earlier, an acceleration from the 4.1% growth recorded a quarter earlier. More striking was the move in cash generation. Free-cash-flow margin climbed to 9.6%, up from just 0.9% a year earlier. The combination of quickening top-line growth and a sharp improvement in cash conversion stands out across the period.

10-Q on SEC EDGAR

Where Knight-swift Transportation stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $7.73bn, up 4.1% on a year earlier, faster than 1.1% a quarter earlier. Free-cash-flow margin rose to 18.0% from 11.0% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $112 a share, against a share price of $63.94. At that price, our model says the market is pricing in cash flow shrinking about 5.6% a year for five years, slower than the 5.2% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 20, 2027 (estimated)

Knight-swift Transportation Holdings Inc.'s trailing-twelve-month revenue grew 7.0% year on year, with a free-cash-flow margin of 9.6%. Where it stands out: days sales outstanding of 22 days ranks 1 of 18 cargo ground transportation companies we cover. Where it lags: change in share count of 0.4% ranks 16 of 18 cargo ground transportation companies we cover.

Our discounted-cash-flow model values the business at ~$46 per share in the base case (~$33–$64 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 1035.4% while net income grew 7.8%: a 1028pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Knight-swift Transportation Holdings Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Priced above our value. The share price of $61.66 is 25% above our value per share of $46.
  • High earnings multiple. The shares trade at 66 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 9 insiders sold $26M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: change in share count. Change in share count of 0.4% ranks 16 of 18 cargo ground transportation companies we cover (median -1.5%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$0.83 against an average estimate of $0.76: beat by 9.5%
Revenue
$2.20bn, up 14.2% on a year earlier
Share reaction
-1.2% in the first session after the results on October 21, 2026, against -0.7% for the S&P 500
Guidance given
adjusted EPS $0.78 to $0.84 (fourth quarter of 2026); adjusted Operating Ratio improvement (basis points) 650 to 750 (fourth quarter)
Next report
January 20, 2027; average EPS estimate $0.82

Knight-swift Transportation's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.5%
  • 1 week+2.0%
  • 1 month-7.6%
  • This year+19.0%
  • 1 year+38.3%
  • 5 years+10.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$8B
Operating margin
4.2%
Net margin
1.9%
EPS (TTM, diluted)
$0.94

Growth

Revenue growth
+7.0%
Change in growth rate
+3.0 pts
Share count change
+0.4%

Cash

Free cash flow (TTM)
$772M
FCF margin
9.6%
Stock pay % of revenue
0.3%

Earnings

Last results
October 21, 2026
Next results (est.)
January 18, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Insider trade
  4. Insider trade
  5. Dividend
  6. Announcement
  7. Insider trade
  8. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Knight-swift Transportation Holdings Inc. valuation models and calculator

What the price is pricing in

The share price implies about 11.2% a year of cash-flow growth for five years.That is faster than the 5.9% a year revenue growth Knight-swift Transportation has delivered.

  • Priced in11.2%
  • Last 12 months7.0%
  • 3 years a year4.8%
  • 5 years a year5.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($61.76, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$46
Price used
$61.76close November 3, 2026
Implied change
▼ 25%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Knight-swift Transportation Holdings Inc.'s free cash flow after stock-based pay with after-tax interest added back ($410M, FY2026 Q3 TTM), growing 9.4% and 6.9% in the next two years (forecasts, guidance and its record), then back to 5.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$33–~$64 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Knight-swift Transportation Holdings Inc.'s free cash flow after stock-based pay ( $410M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Knight-swift Transportation Holdings Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.9 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$46 ~$33–$64 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$67 ~$61–$99 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$24 ~$16–$36 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$12 ~$11–$15 Left out: out of range vs price (0.20x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$46 ~$24–$67 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Knight-swift Transportation Holdings Inc. with Cargo Ground Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −27%
  • Revenue growth 5 points higher ▲ +35%
  • Free-cash-flow margin 1 point lower ▼ −10%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $28$41$58$81$110$149
8.5% $19$29$41$57$78$106
10% $14$21$31$43$59$80

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$21.92$30.16$40.16$23.17$33.37$39.26$57.64$50.04$55.59$51.78$51.83$61.66
Market value$1.8bn$2.5bn$4.5bn$4.1bn$5.7bn$6.7bn$9.6bn$8.2bn$9.0bn$8.4bn$8.4bn$10.1bn
+ Net debt (− = net cash)$670m$10m$337m$341m$497m$352m$1.2bn$899m$1.7bn$1.6bn$1.5bn$1.4bn
Enterprise value$2.5bn$2.5bn$4.8bn$4.5bn$6.2bn$7.0bn$10.9bn$9.1bn$10.7bn$10.0bn$10.0bn$11.4bn
Multiples
Price / sales 1.5x2.2x1.8x0.8x1.2x1.4x1.6x1.1x1.3x1.1x1.1x1.3x
Price / earnings 15.5x26.1x9.3x9.8x18.6x16.3x13.0x10.6x41.4x71.4x127.8x65.6x
Price / free cash flow —27.5x—32.7xn/m7.3x8.1x5.7x7.7x10.5x6.7x6.6x
EV / EBITDA 8.6x9.3x11.8x4.5x7.0x6.6x7.0x5.2x9.9x9.7x9.9x10.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

47 /100

Moderate moat

How hard Knight-swift Transportation's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Net income has been a median 3.4% of total assets over 10 years.

  • Durability 6 / 20

    Operating margin has been a median 8.5%; its worst year was 2.5%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 9 of 10 years, at a median 5.5% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 2.8% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 20, 2027, after the close. Analysts expect revenue of $2.2bn and EPS of $0.82 (range $0.79 to $0.87) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.39 +90% $8.3bn +12%
Next $4.07 +70% $9.0bn +9%

Next year's EPS estimate has moved +1.8% in 90 days, across 20 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.3% on 90 days ago. In the last 30 days, 6 analysts raised Knight-swift Transportation Holdings Inc.'s forecast and 7 cut it.

Consensus EPS forecast Knight-swift Transportation Holdings Inc., last 90 days
$2.00 $2.50 $3.00 $3.50 $4.00 $4.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.31 Current fiscal year, 60 days ago: $2.31 Current fiscal year, 30 days ago: $2.32 Current fiscal year, 7 days ago: $2.31 Current fiscal year, Now: $2.39 $2.39 Next fiscal year, 90 days ago: $4.00 Next fiscal year, 60 days ago: $4.00 Next fiscal year, 30 days ago: $4.03 Next fiscal year, 7 days ago: $4.00 Next fiscal year, Now: $4.07 $4.07

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.31$4.00
60 days ago $2.31$4.00
30 days ago $2.32$4.03
7 days ago $2.31$4.00
Now $2.39$4.07

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.76 $0.83 +9.5%
Jun 2026 $0.51 $0.63 +22.5%
Mar 2026 $0.16 $0.09 −43.1%
Dec 2025 $0.35 $0.31 −12.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026
  • Adjusted EPS fourth quarter of 2026 $0.78 to $0.84 Non-GAAP
    “We expect that Adjusted EPS 1 will range from $0.78 to $0.84 for the fourth quarter of 2026.” source
  • Adjusted Operating Ratio improvement (basis points) · Truckload fourth quarter 650 to 750 Non-GAAP
    “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.” source
  • Adjusted Operating Ratio improvement (basis points) · LTL fourth quarter 100 to 200 Non-GAAP
    “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.” source
  • Adjusted Operating Ratio improvement (basis points) · Logistics fourth quarter 300 to 400 Non-GAAP
    “Logistics Segment revenue flat and Adjusted Operating Ratio improving 300 - 400 basis points year-over-year in fourth quarter.” source
  • Adjusted Operating Ratio improvement (basis points) · Intermodal fourth quarter 150 to 250 Non-GAAP
    “Intermodal Segment revenue up 25% - 30% with Adjusted Operating Ratio improving 150 - 250 basis points year-over-year in fourth quarter.” source
  • Net cash capital expenditures full-year 2026 $600m to $625m Lowered
    “We expect net cash capital expenditures for full-year 2026 will be in the range of $600 million - $625 million, which is a reduction from the previous range of $600 million - $650 million.” source
Show 5 more items
  • Intermodal Segment revenue fourth quarter 25% growth to 30% growth
    “Intermodal Segment revenue up 25% - 30% with Adjusted Operating Ratio improving 150 - 250 basis points year-over-year in fourth quarter.” source
  • All Other Segments operating results (loss), before quarterly intangible amortization fourth quarter $13m to $17m Non-GAAP
    “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.” source
  • Gain on sale fourth quarter $17m to $21m
    “Gain on sale to be in the range of $17 million to $21 million in fourth quarter,” source
  • Other income, net (below the line) fourth quarter $1m to $3m
    “"Other income, net" below the line expected to be roughly $1 million to $3 million in fourth quarter,” source
  • Effective tax rate on adjusted income before taxes fourth quarter 24.7% to 25.7% Non-GAAP
    “Expected effective tax rate on adjusted income before taxes of approximately 24.7% to 25.7% for fourth quarter.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Knight-swift Transportation Holdings Inc.'s revenue by +9.4% next year and +6.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.9%, weight 69%) and the company's own record (+5.9%, weight 31%) . How the weights are set.

Analyst recommendations

21 analysts, Oct 2026
Buy1886%
Hold314%
Sell00%

Monthly trend

  1. Oct 2026315321
  2. Sep 2026315221
  3. Aug 2026314220
  4. Jul 2026314220

Counts of recommendations published by analysts covering Knight-swift Transportation Holdings Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.6%
of tradable shares
Days to cover
3.32
at average volume
Short interest, 1 month
−7%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.9%
of shares
Employees
37,100
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +38.3%

$44.57 on October 31, 2025 to $61.66

ThenNowEffect
Revenue (last 12 months) $7.4bn $7.7bn +4.1%
Net margin 2.2% 0.6% −75.0%
P/E multiple 43.9x n/m +433.1%
Share count 162m 163m −0.4%

Biggest factor: p/e multiple.

Last 3 years +26.0%

$48.94 on November 3, 2023 to $61.66

ThenNowEffect
Revenue (last 12 months) $6.8bn $7.7bn +13.2%
Net margin 7.5% 0.6% −92.6%
P/E multiple 15.5x n/m +1410.9%
Share count 162m 163m −0.7%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
KNX+47%−13%+11%−7%+0%+19%
Industry peers (median)+36%−12%+16%−11%−14%+13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
KNX67%25%42%42%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
KNX−11%−28%−27%−23%−35%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 52% from March 16, 2018 to December 21, 2018. Getting back needed a 107% gain, reached on March 30, 2021, 830 days after the low.

Price behaviour

52-week range
$41.17 – $82.21
From 52-week high
−25.0%
vs 50-day average
−5.9%
vs 200-day average
−6.2%
Volatility (1 year)
38%
Beta vs S&P 500
1.00

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±3.9%
After a week
6 up, 6 down
typical move ±4.7%
After a month
6 up, 5 down
typical move ±9.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 21, 2026 −1.2% −0.7% −3.8% —
July 22, 2026 −5.7% −1.3% −7.4% −9.5%
April 22, 2026 +1.4% +0.6% −2.3% +8.3%
April 16, 2026 +4.6% +1.5% +6.8% +12.2%
January 21, 2026 +7.9% +1.7% +0.9% +12.0%
October 22, 2025 −7.3% +0.1% −6.3% −12.2%
July 23, 2025 +0.8% +0.9% −6.2% −5.4%
July 14, 2025 −4.0% −0.2% −6.0% −9.5%
April 23, 2025 +3.4% +3.7% +0.4% +11.4%
January 22, 2025 +4.2% +1.1% +5.5% −5.7%
October 23, 2024 −1.6% −0.7% +0.5% +6.5%
July 24, 2024 +5.3% −2.8% +10.1% +8.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Knight-swift Transportation Holdings Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.30× the last 60 days’ realised volatility , richer than 75% of the 229 stocks we screen today.
  • Calls are priced 2 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

KNX Knight-swift Transportation Holdings Inc. Grade C+ $61.85

Own 100 shares, sell the $65.00 call expiring December 18, 2026 (46 days) for $2.00 a share — $200 per contract.

Previous session · Bid $2.00, ask $2.45, quoted Mon 2 Nov, 17:27 New York time with KNX at $61.85. Option prices move with the shares: check the live chain at your broker before trading.

  • If KNX ends below $65.00: you keep your shares and the $200 — 3.2% extra on the position, 25.7% a year at that pace.
  • If it ends above $65.00: your shares are sold at $65.00, a total return of 8.3% including the premium — at or above our value of ~$46.
$515 $0 −$1.2k Break-even $59.85 Price $61.85 ← Our value ~$46
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$200
Annualised
25.7%
Break-even
$59.85
Max gain
$515
Chance of selling
~41%

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Knight-swift Transportation Holdings Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Knight-swift Transportation Holdings Inc.
$7B $7.5B $8B $8.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $7.1B Revenue (TTM), FY24 Q1: $7.3B Revenue (TTM), FY24 Q2: $7.6B Revenue (TTM), FY24 Q3: $7.5B Revenue (TTM), FY24 Q4: $7.4B Revenue (TTM), FY25 Q1: $7.4B Revenue (TTM), FY25 Q2: $7.4B Revenue (TTM), FY25 Q3: $7.5B Revenue (TTM), FY25 Q4: $7.5B Revenue (TTM), FY26 Q1: $7.5B Revenue (TTM), FY26 Q2: $7.7B Revenue (TTM), FY26 Q3: $8B $8B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $7.1B
FY24 Q1 $7.3B
FY24 Q2 $7.6B
FY24 Q3 $7.5B
FY24 Q4 $7.4B
FY25 Q1 $7.4B
FY25 Q2 $7.4B
FY25 Q3 $7.5B
FY25 Q4 $7.5B
FY26 Q1 $7.5B
FY26 Q2 $7.7B
FY26 Q3 $8B
Revenue growth, TTM YoY Knight-swift Transportation Holdings Inc.
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -3.9% Revenue growth, TTM YoY, FY24 Q1: 1.2% Revenue growth, TTM YoY, FY24 Q2: 11.6% Revenue growth, TTM YoY, FY24 Q3: 7.5% Revenue growth, TTM YoY, FY24 Q4: 3.8% Revenue growth, TTM YoY, FY25 Q1: 1.2% Revenue growth, TTM YoY, FY25 Q2: -2.5% Revenue growth, TTM YoY, FY25 Q3: -0.0% Revenue growth, TTM YoY, FY25 Q4: 0.8% Revenue growth, TTM YoY, FY26 Q1: 1.1% Revenue growth, TTM YoY, FY26 Q2: 4.1% Revenue growth, TTM YoY, FY26 Q3: 7.0% 7.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -3.9%
FY24 Q1 1.2%
FY24 Q2 11.6%
FY24 Q3 7.5%
FY24 Q4 3.8%
FY25 Q1 1.2%
FY25 Q2 -2.5%
FY25 Q3 -0.0%
FY25 Q4 0.8%
FY26 Q1 1.1%
FY26 Q2 4.1%
FY26 Q3 7.0%
Operating margin (TTM) Knight-swift Transportation Holdings Inc.
2% 3% 4% 5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 4.7% Operating margin (TTM), FY24 Q1: 2.9% Operating margin (TTM), FY24 Q2: 2.4% Operating margin (TTM), FY24 Q3: 2.5% Operating margin (TTM), FY24 Q4: 3.3% Operating margin (TTM), FY25 Q1: 3.9% Operating margin (TTM), FY25 Q2: 4.0% Operating margin (TTM), FY25 Q3: 3.6% Operating margin (TTM), FY25 Q4: 2.9% Operating margin (TTM), FY26 Q1: 2.4% Operating margin (TTM), FY26 Q2: 2.7% Operating margin (TTM), FY26 Q3: 4.2% 4.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 4.7%
FY24 Q1 2.9%
FY24 Q2 2.4%
FY24 Q3 2.5%
FY24 Q4 3.3%
FY25 Q1 3.9%
FY25 Q2 4.0%
FY25 Q3 3.6%
FY25 Q4 2.9%
FY26 Q1 2.4%
FY26 Q2 2.7%
FY26 Q3 4.2%
FCF margin (TTM) Knight-swift Transportation Holdings Inc.
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 6.5% FCF margin (TTM), FY24 Q1: 1.7% FCF margin (TTM), FY24 Q2: -0.0% FCF margin (TTM), FY24 Q3: 0.8% FCF margin (TTM), FY24 Q4: 0.6% FCF margin (TTM), FY25 Q1: 1.6% FCF margin (TTM), FY25 Q2: 0.9% FCF margin (TTM), FY25 Q3: 0.9% FCF margin (TTM), FY25 Q4: 6.9% FCF margin (TTM), FY26 Q1: 7.4% FCF margin (TTM), FY26 Q2: 8.3% FCF margin (TTM), FY26 Q3: 9.6% 9.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 6.5%
FY24 Q1 1.7%
FY24 Q2 -0.0%
FY24 Q3 0.8%
FY24 Q4 0.6%
FY25 Q1 1.6%
FY25 Q2 0.9%
FY25 Q3 0.9%
FY25 Q4 6.9%
FY26 Q1 7.4%
FY26 Q2 8.3%
FY26 Q3 9.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Knight-swift Transportation took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $7.5B
  2. Other operating costs $7.3B · 97.1%
  3. Operating income $216M · 2.9%
  4. Interest and other $120M · 1.6%
  5. Net income $65.9M · 0.9%

Shares of revenue. Source: Knight-swift Transportation's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 2,571 2,930 3,779 3,976 4,118 4,299 1,183 1,118 2,425 5,344 4,844 4,674 5,998 7,429 7,142 7,410 7,470 8,003
EBITDA 386 470 558 588 600 608 289 265 408 999 890 1,071 1,544 1,752 1,073 1,036 1,004 1,090
Operating income 132 243 322 352 357 370 178 148 201 569 427 564 966 1,092 338 243 216 339
Net income −436 −125 103 140 155 161 117 94 484 419 309 410 743 771 217 118 66 153
Diluted EPS −$7.25 −$1.98 $0.74 $1.00 $1.09 $1.12 $1.42 $1.16 $4.34 $2.36 $1.80 $2.40 $4.45 $4.73 $1.34 $0.73 $0.41 $0.94
Growth (year on year)
Revenue — +13.9% +29.0% +5.2% +3.6% +4.4% −72.5% −5.5% +116.9% +120.3% −9.4% −3.5% +28.3% +23.9% −3.9% +3.8% +0.8% +7.0%
EBITDA — +21.9% +18.9% +5.2% +2.1% +1.4% −52.5% −8.4% +54.1% +145.0% −10.9% +20.3% +44.1% +13.5% −38.7% −3.5% −3.1% +7.1%
Operating income — +84.1% +32.5% +9.2% +1.5% +3.7% −51.9% −16.6% +35.1% +183.6% −24.9% +32.1% +71.1% +13.1% −69.0% −28.0% −11.2% +26.6%
Net income — — — +36.3% +10.9% +3.7% −27.6% −19.6% +416.0% −13.4% −26.3% +32.6% +81.3% +3.8% −71.8% −45.8% — —
Diluted EPS — — — +35.1% +9.0% +2.8% +26.8% −18.3% +274.1% −45.6% −23.7% +33.3% +85.4% +6.3% −71.7% −45.5% — —
Margins
EBITDA margin 15.0% 16.0% 14.8% 14.8% 14.6% 14.1% 24.4% 23.7% 16.8% 18.7% 18.4% 22.9% 25.7% 23.6% 15.0% 14.0% 13.4% 13.6%
Operating margin 5.1% 8.3% 8.5% 8.8% 8.7% 8.6% 15.0% 13.3% 8.3% 10.6% 8.8% 12.1% 16.1% 14.7% 4.7% 3.3% 2.9% 4.2%
Net margin −16.9% −4.3% 2.7% 3.5% 3.8% 3.7% 9.9% 8.4% 20.0% 7.8% 6.4% 8.8% 12.4% 10.4% 3.0% 1.6% 0.9% 1.9%
Free-cash-flow margin 1.7% −3.6% 2.4% 3.3% 3.8% 2.1% −1.3% 8.0% −2.7% 2.4% 0.2% 19.7% 19.8% 19.3% 16.3% 10.8% 17.0% 19.0%
Cash flow
Cash from operations 115 58 340 447 474 396 206 244 323 882 840 920 1,190 1,436 1,162 799 1,267 1,523
Capital spending 71 165 250 314 318 306 222 155 387 756 830 0 0 0 0 0 0 0
Free cash flow 44 −106 90 133 155 90 −16 89 −65 126 10 920 1,190 1,436 1,162 799 1,267 1,523
Stock-based pay — 23 7 5 5 5 7 4 6 12 16 27 28 34 28 24 29 24
Free cash flow after stock pay — −129 83 128 151 84 −23 85 −71 114 −6 893 1,162 1,402 1,134 776 1,238 1,499
Balance sheet
Cash 116 49 82 54 59 17 9 8 77 82 160 157 261 197 169 218 220 254
Total debt 0 1,774 1,589 1,431 1,214 903 679 18 414 423 657 509 1,510 1,096 1,840 1,826 1,744 1,635
Net debt (negative = net cash) −116 1,725 1,507 1,377 1,155 886 670 10 337 341 497 352 1,249 899 1,672 1,607 1,524 1,381
Diluted shares 60m 63m 140m 140m 142m 143m 82m 81m 112m 178m 172m 171m 167m 163m 162m 162m 163m 163m
Returned to shareholders
Dividends 16 — — — — — 20 20 25 43 41 55 64 78 91 104 117 128
Buybacks — — — — 0 0 45 40 0 179 87 180 57 300 0 0 — —
Total returned 16 — — — 0 0 65 59 25 222 128 234 121 378 91 104 117 128

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 30, 2026
What it owns · $12.1bn
Short-term assets $1.0bnLonger-term assets $11.1bn
What it owes, and who funded it · $12.1bn
Short-term liabilities $1.1bnLonger-term liabilities $3.9bnShareholders' equity $7.1bn
  • Short-term assets cover short-term liabilities $1.0bn of assets due within a year against $1.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.0bn short-term assets against $3.9bn of longer-dated liabilities.
  • More cash than debt $254m of cash against $232m of debt.
  • Debt below 40% of shareholders' equity Debt is 3% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 21% to 3% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.5bn of operating cash flow against $232m of debt.
  • Operating profit covers interest at least five times over Operating income of $339m against $112m of interest.

From Knight-swift Transportation Holdings Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$128M
Diluted share count
+0.4%
year over year
Total shareholder yield
1.3%
dividends 1.3% + buybacks 0.0% of market value
Dividend payout ratio
83%
of net income paid out
Days sales outstanding
22 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in cargo ground transportation
Last 12 months unless stated KNX TFII XPO SNDR ODFL LSTR Median
Revenue, last 12 months $8.0bn $7.9bn $8.8bn $6.0bn $5.6bn $5.3bn $3.5bn
Revenue growth, last 12 months 7.0% −6.1% 9.5% 6.0% −0.6% 10.7% 7.0%
Revenue growth, 3-year average 4.8% — 5.0% 1.5% −2.0% −2.9% −0.8%
Revenue growth, latest quarter 14.2% — 12.4% 9.2% 10.4% 25.4% 10.4%
Gross margin — — 18.6% 57.9% — — 18.6%
Operating margin 4.2% 7.2% 9.9% 3.4% 25.8% 4.1% 3.2%
Operating margin, 3-year average 3.4% — 8.6% 3.1% 26.4% 4.4% 3.4%
Net margin 1.9% 3.9% 5.7% 2.4% 19.4% 3.0% 3.0%
Cash from operations / revenue 19.0% 12.4% 12.8% 9.9% 24.9% 3.2% 9.9%
Free-cash-flow margin 9.6% 8.9% 7.4% 4.3% 19.9% 3.0% 3.0%
Free-cash-flow margin, 3-year average 3.8% — 0.2% 4.2% 17.1% 4.3% 0.9%
Stock pay / revenue 0.3% 0.2% 0.9% 0.3% 0.3% 0.2% 0.3%
Change in share count 0.4% −2.1% −1.5% 0.1% −1.9% −2.8% −1.5%

Median of all 19 companies we cover in cargo ground transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

19 cargo ground transportation companies
Measure Company Peer median Rank
Revenue growth Growth 7.0% 7.0% 10 of 19
Change in growth rate Growth +3.0pp +3.0pp 10 of 19
Operating margin Profitability 4.2% 3.4% 7 of 18
Net margin Profitability 1.9% 3.0% 12 of 18
Free-cash-flow margin Cash generation 9.6% 3.0% 2 of 19
Stock pay as % of revenue Cash generation 0.3% 0.3% 10 of 15
Long-term debt as % of assets Balance sheet 1.9% 11.5% 4 of 17
Change in share count Balance sheet 0.4% -1.5% 16 of 18
Days sales outstanding Balance sheet 22 days 49 days 1 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Revenue Excluding Truckload Fuel Surcharge $6.7B 89.6% ▲ 1.2%
Truckload Fuel Surcharge Revenue $778M 10.4% ▼ 2.6%

From Knight-swift Transportation Holdings Inc.'s 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$12.7B
Institutions reporting
627
Shares held vs prior quarter
▲ 1.9%
Positions opened / closed
159 / 43

Top buyers and sellers, Q2 2026: 366 institutions bought and 212 sold ; the biggest buyer was Blackrock, Inc (+2.3M shares) and the biggest seller D1 Capital Partners L.P (−5.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.3B 17.2M 10.6% ▲ 15.3%
Dimensional Fund Advisors LP $667M 8.6M 5.3% ▲ 1.2%
FMR LLC $628M 8.1M 5.0% ▼ 17.0%
Vanguard Capital Management LLC $550M 7.1M 4.3% ▲ 0.4%
Vanguard Portfolio Management LLC $503M 6.5M 4.0% ▼ 2.2%
State Street Corp $406M 5.2M 3.2% ▲ 2.4%
Invesco Ltd. $401M 5.1M 3.2% ▲ 40.6%
Victory Capital Management Inc $373M 4.8M 2.9% ▼ 24.4%
AQR Capital Management LLC $350M 4.5M 2.8% ▲ 31.6%
Slate Path Capital LP $266M 3.4M 2.1% ▼ 26.1%
Morgan Stanley $257M 3.3M 2.0% ▼ 2.8%
Hood River Capital Management LLC $238M 3.1M 1.9% ▲ 14.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Knight-swift Transportation Holdings Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $25.7M 17 trades by 9 insiders · 0% under pre-set plans
Net ▼ $25.7M net selling
Insider Date Trade Shares Price Value
Dove Reid CEO AAA Cooper Transportation August 13, 2026 Sell 126,864 $73.13 $9.3M
Vander Ploeg David Director August 12, 2026 Sell 2,200 $52.33 $115,126
Dove Reid CEO AAA Cooper Transportation August 12, 2026 Sell 42,290 $71.49 $3M
Dove Reid Director July 31, 2026 Sell 50,000 $70.25 $3.5M
Flanagan Cary M Exec VP and CAO July 31, 2026 Sell 3,600 $70.82 $254,952
Smith Joshua CFO - US Xpress February 26, 2026 Sell 5,770 $60.91 $351,451
Knight Kevin P Executive Chairman February 20, 2026 Sell 30,000 $61.00 $1.8M
Knight Kevin P Executive Chairman February 18, 2026 Sell 8,857 $59.39 $526,017
Knight Kevin P Executive Chairman February 18, 2026 Sell 22,330 $60.17 $1.3M
Knight Kevin P Executive Chairman February 18, 2026 Sell 7,670 $60.03 $460,430
Knight Kevin P Executive Chairman February 17, 2026 Sell 31,143 $60.07 $1.9M
Harrington Timothy Sean Pres - US Xpress February 10, 2026 Sell 8,500 $59.81 $508,385

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

No trades in Knight-swift Transportation Holdings Inc. disclosed in the last 12 months; 5 earlier trades on record.

  • Val T. Hoyle(D-OR 4):Purchase, $1,001 - $15,000, traded June 26, 2025, filed September 12, 2025
  • Greg Gianforte(MT):Sale (full), $50,001 - $100,000, traded February 6, 2019, filed March 11, 2019
  • Greg Gianforte(MT):Purchase, $50,001 - $100,000, traded December 24, 2018, filed February 2, 2019

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 18, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 22, 2026
  • April 22, 2026
  • April 16, 2026
  • January 21, 2026
  • October 22, 2025

Recent SEC filings

Data status

When each part of this page on Knight-swift Transportation Holdings Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Knight-swift Transportation Holdings Inc. in brief

What does Knight-swift Transportation Holdings Inc. do?
Knight-swift Transportation Holdings Inc. is a US-listed company in the cargo ground transportation industry. Its financial year ends in December.
What is Knight-swift Transportation Holdings Inc.'s stock ticker?
Knight-swift Transportation Holdings Inc. trades under the ticker KNX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Knight-swift Transportation Holdings Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Knight-swift Transportation Holdings Inc. reported revenue of $8B, 7.0% higher than a year earlier, according to its SEC filings.
What is Knight-swift Transportation Holdings Inc.'s free cash flow?
Knight-swift Transportation Holdings Inc.'s free-cash-flow margin is 9.6% of revenue over the trailing twelve months, ranking 2 of the 19 cargo ground transportation companies we cover.
What is Knight-swift Transportation Holdings Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Knight-swift Transportation Holdings Inc.'s free cash flow after stock-based pay gives ~$46 per share in the base case, and ~$33–$64 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Knight-swift Transportation Holdings Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dimensional Fund Advisors LP and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Knight-swift Transportation Holdings Inc.'s market cap?
On November 2, 2026, Knight-swift Transportation Holdings Inc.'s market capitalisation was about $10.1B, with a price-to-earnings ratio of 65.6 and net debt of $1.4B. Market figures come from third-party market data and may be delayed.
Does Knight-swift Transportation Holdings Inc. pay a dividend?
Yes: Knight-swift Transportation Holdings Inc. paid $128M in dividends over the trailing twelve months, a dividend yield of 1.27% and a payout ratio of 83.2%.
How much debt does Knight-swift Transportation Holdings Inc. have?
Knight-swift Transportation Holdings Inc.'s debt-to-equity ratio is 3.3%, from its latest balance sheet (21.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Knight-swift Transportation Holdings Inc.'s competitors?
In our Cargo Ground Transportation peer group, the companies closest to Knight-swift Transportation Holdings Inc. are TFI International Inc., XPO, Inc., Schneider National, Inc., Old Dominion and Landstar System Inc. The side-by-side comparison below sets their revenue, margins and growth against Knight-swift Transportation Holdings Inc.'s.
Are insiders buying or selling Knight-swift Transportation Holdings Inc. stock?
Over the last 12 months, Knight-swift Transportation Holdings Inc.'s directors and officers reported 0 open-market purchases and 17 sales on Form 4. The insider trading page charts every trade.
When is Knight-swift Transportation Holdings Inc.'s next earnings date?
Around January 20, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Knight-swift Transportation Holdings Inc. announces its own schedule.