Knight Transportation Inc

Knight-Swift Transportation Holdings is one of North America's largest trucking and freight companies. It moves goods for a broad mix of shippers across the US and Mexico. It uses its own trucks and drivers, plus outside carriers it hires. In 2025 it covered 1.8 billion loaded miles. That produced $7.5 billion in revenue and $216.1 million in operating income (profit from running the business, before interest and taxes).

Truckload is the core business, at 65.1% of 2025 revenue. A truckload carrier hauls one customer's full trailer straight from pickup to delivery and is generally paid by the mile. The segment ran an average of 21,428 tractors, including 2,033 supplied by independent contractors (self-employed drivers working under contract). Less-than-truckload, or LTL, added 19.8%. LTL trucks combine smaller shipments from many customers, sort them at service centers, and charge by weight, density and distance. Knight-Swift built this arm by acquiring ACT, MME and DHE.

Logistics (7.6%) includes freight brokerage, which arranges for other carriers to move customers' loads. Intermodal (4.9%) sends containers long distances by rail, with trucks handling pickup and delivery. Fuel surcharges are extra fees that pass fuel costs on to customers. Those on truckload and LTL shipments made up 10.4% of total revenue. The company took its present form in a 2017 merger and has acquired 25 companies over its history, including U.S. Xpress.

• In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.20B, up 14.2% from a year earlier, and net income was $118.3M (+1404.5%).
• For fiscal 2025, revenue was $7.47B (+0.8% year over year; +9.8% a year from FY2020 to FY2025) with a 0.9% net margin.

• Over FY2021–FY2025: $357.1M in buybacks and $454.6M in dividends.
• Regular dividend per share increased 6 years in a row.
• Regular dividends per share grew +17.6% a year over 5 years (FY2020–FY2025).
• Dividends took 178.1% of earnings in the latest fiscal year.
• Shares outstanding changed -1.9% from Oct 27, 2021 to Oct 21, 2026.

Rank among 1514 US companies

Market value at each year end

Knight Transportation’s market value went from $4.38B at the end of 2018 to $9.91B on Oct 28, 2026, about 2.3 times as much; since the end of 2025 it is up 17%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 11 sales ($22.6M).

Large shareholders (13G filings)

ETFs with the most weight in KNX

1. Its LTL expansion may not pay off. Knight-Swift aims to build a nationwide less-than-truckload network, which combines small shipments from many customers. New terminals cost money to open, may not become profitable, and could disrupt existing operations.
2. Freight slumps can erase most of its profit. Trucking profits rise and fall with the economy. In the 2023–2025 freight downturn, weak demand, soft pricing and rising costs cut net income from $771 million in 2022 to $66 million in 2025.
3. Growth through acquisitions may falter. Acquisitions, including U.S. Xpress, are central to Knight-Swift's growth strategy. Future deals may not happen or may disappoint. A weak purchase could force a write-down of goodwill (the premium paid above asset value).
4. Big accident verdicts can drive up insurance costs. Large court verdicts and settlements from truck accidents have pushed up insurance costs across the industry. Knight-Swift also covers some risk through its own captive insurance companies, so major claims can hit earnings directly.
5. Driver shortages could raise labor costs. The industry faces a shortage of qualified drivers, and higher pay cuts into profit. If regulators or courts decide its independent contractors are really employees, Knight-Swift's costs could rise.
6. Costlier new trucks, weaker used-truck values. Prices for new tractors and trailers have risen faster than their resale values. That raises the cost of keeping a modern fleet, and weak demand for used trucks can shrink gains on equipment sales.

• Oct 21, 2026 Quarterly results released
• Aug 6, 2026 Other company announcement
• Jul 22, 2026 Quarterly results released
• Jun 4, 2026 Executive or board change; Investor presentation or announcement
• May 13, 2026 Shareholder vote results; Other company announcement
• May 8, 2026 Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
• Apr 22, 2026 Quarterly results released
• Feb 13, 2026 Executive or board change
• Feb 12, 2026 Other company announcement
• Jan 21, 2026 Quarterly results released

Knight-Swift pays a modest but growing dividend. It raised its dividend for the sixth straight year in 2025, to $0.72 per share from $0.32 in 2020, or about 17.6% a year. The dividend yield (yearly dividends as a share of the stock price) was 1.28% as of October 28, 2026. The catch: 2025 earnings fell to $0.41 per share, so dividends equaled about 178% of profit. That cannot continue indefinitely without an earnings recovery, and the company warns it may change its dividend policy at any time. Buybacks, which shrink the share count, totaled $357 million from 2021 through 2025, none in 2023 or 2024.

The stock has fallen hard in past downturns: 40.8% in the 2008 financial crisis, 27.9% in the 2020 COVID crash and 28.3% in the 2022 bear market. It got back to its prior high about 10, 2 and 8.5 months after each low. Like any single stock, KNX carries more risk than a diversified fund.