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Knight-Swift Q1 Earnings Match Estimates, Decrease Year Over Year
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Key Takeaways
KNX Q1 EPS of 9 cents met estimates but plunged 67.9% YoY and missed its guided range.
Revenue rose 1.4% YoY, while operating expenses increased 3.6%, pressuring profitability.
KNX expects its second-quarter 2026 adjusted earnings per share to be in the range of 45-49 cents.
Knight-Swift Transportation Holdings Inc.’s (KNX - Free Report) ) first-quarter 2026 adjusted earnings of 9 cents per share matched the Zacks Consensus Estimate but declined 67.9% year over year. The reported figure came below the guided range of 28-32 cents.
Total revenues of $1.85 million almost came in line with the Zacks Consensus Estimate and grew 1.4% year over year. Revenues, excluding truckload and LTL fuel surcharge, grew 0.3% year over year to $1.63 billion.
Knight-Swift Transportation Holdings Inc. Price, Consensus and EPS Surprise
Total operating expenses (on a reported basis) grew 3.6% year over year to $1.82 billion.
KNX’s Q1 Segmental Results
Revenues (excluding fuel surcharge and inter-segment transactions) from Truckload totaled $1.05 billion (below our estimate of $1.18 billion), down 0.3% year over year, owing to a 1.4% improvement in revenue per loaded mile, excluding fuel surcharge and intersegment transactions, largely offset by a 1.8% decrease in loaded miles. Adjusted operating income fell 16.4% year over year. The first-quarter adjusted operating ratio was 70 basis points higher year over year.
The Less-Than-Truckload segment generated revenues (excluding fuel surcharges) worth $313.13 million in the first quarter, up 2.6% year over year, owing to a 5.2% increase in weight per shipment and an 8.5% increase in length of haul, offset by a 1.0% decrease in shipments per day. Revenue per hundredweight, excluding fuel surcharge, fell 0.7% year over year, driven by the increase in weight per shipment, while renewal rates continue their recent trend of mid-single-digit percentage increases. Revenue per shipment, excluding fuel surcharge, increased 4.4% year over year. Adjusted operating income fell 93.1% year over year, and the adjusted operating ratio of 99.6% grew 540 basis points year over year.
Revenues from Logistics (excluding inter-segment transactions) amounted to $127.60 million, down 9.9% year over year, owing to an 18.9% decline in load count, partially offset by a 10.4% increase in revenue per load. Adjusted operating income decreased 24.1% year over year to $4.78 million. The adjusted operating ratio grew 70 bps to 96.2%.
Intermodal revenues (excluding inter-segment transactions) totaled $93.58 million, up 2.7% year over year, as 1.6% increase in revenue per load and a 1.2% increase in load count offset headwinds from winter weather in the reported quarter.
Within the All Other Segments, revenues grew 13.5%, and operating results declined more than 100% year over year, owing to the inclusion of $5.2 million of costs for the accounts receivable securitization program and startup costs on new contract awards in the company’s warehousing business.
Liquidity
Knight-Swift exited the first quarter with cash and cash equivalents of $222.77 million compared with $220.42 million at the prior-quarter end. Long-term debt (excluding current maturities) was $706.02 million compared with $1.02 billion at the end of the prior quarter.
KNX’s Guidance
KNX expects its second-quarter 2026 adjusted earnings per share to be in the range of 45-49 cents. The Zacks Consensus Estimate of 47 cents lies within the guidance.
Truckload Segment revenue, excluding fuel surcharge, is expected to be up low single-digit percent year over year, with operating margins improving 100 to 200 basis points year over year for the second quarter. LTL segment revenues, excluding fuel surcharge, are expected to be up low single-digit percent year over year in the second quarter, driven by mix and yield improvement, with shipment count relatively stable year over year.
Logistics segment revenues are expected to be low-to-mid single-digit percent year over year in the second quarter. Intermodal Segment load count is expected to be up in the high single to low double-digit percent sequentially in the second quarter. All Other Segments’ operating income, before including the $11.5 million quarterly intangible asset amortization, is anticipated to be between $14 million and $18 million in the second quarter.
Net interest expense is expected to be fairly flat sequentially in the second quarter. Net cash capital expenditures for 2026 are expected to be in the range of $600 million-$650 million (prior view: $625 million-$675 million). Adjusted tax rate is expected to be between 25.5% and 26.5% for the second quarter of 2026 and for 2026.
Delta Air Lines (DAL - Free Report) reported first-quarter 2026 earnings (excluding $1.08 from non-recurring items) of 64 cents per share, which beat the Zacks Consensus Estimate of 61 cents. Earnings increased 39.1% on a year-over-year basis due to high labor costs. Adjusted revenues in the March-end quarter were $14.2 billion, beating the Zacks Consensus Estimate of $14 billion and increasing on a year-over-year basis.
United Airlines Holdings, Inc. (UAL - Free Report) reported solid first-quarter 2026 results wherein the company’s earnings and revenues beat the Zacks Consensus Estimate and improved on a year-over-year basis.
UAL's first-quarter 2026 adjusted earnings per share (EPS) (excluding 95 cents from non-recurring items) of $1.19 surpassed the Zacks Consensus Estimate of $1.08 and increased 30.8% on a year-over-year basis. The reported figure lies within the guided range of $1.00-$1.50.
Operating revenues of $14.6 billion outpaced the Zacks Consensus Estimate of $14.3 billion and increased 10.5% year over year. Passenger revenues (which accounted for 90.1% of the top line) increased 11% year over year to $13.1 billion. UAL flights transported 42,486 passengers in the first quarter, up 4.1% year over year.
Cargo revenues fell 1.6% year over year to $422 million. Revenues from other sources rose 10.5% year over year to $1.02 billion.
J.B. Hunt Transport Services (JBHT - Free Report) posted first-quarter 2026 earnings per share of $1.49, up 27% from $1.17 a year ago. The result topped the Zacks Consensus Estimate by $0.04, a 2.8% surprise.
Operating revenues totaled $3.06 billion, rising 4.6% year over year. Revenues beat the consensus mark of $2.94 billion, resulting in a 3.9% surprise, as demand proved resilient across several service offerings, led by Intermodal volume growth and higher revenue per load in select highway-related businesses.
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Knight-Swift Q1 Earnings Match Estimates, Decrease Year Over Year
Key Takeaways
Knight-Swift Transportation Holdings Inc.’s (KNX - Free Report) ) first-quarter 2026 adjusted earnings of 9 cents per share matched the Zacks Consensus Estimate but declined 67.9% year over year. The reported figure came below the guided range of 28-32 cents.
Total revenues of $1.85 million almost came in line with the Zacks Consensus Estimate and grew 1.4% year over year. Revenues, excluding truckload and LTL fuel surcharge, grew 0.3% year over year to $1.63 billion.
Knight-Swift Transportation Holdings Inc. Price, Consensus and EPS Surprise
Knight-Swift Transportation Holdings Inc. price-consensus-eps-surprise-chart | Knight-Swift Transportation Holdings Inc. Quote
Total operating expenses (on a reported basis) grew 3.6% year over year to $1.82 billion.
KNX’s Q1 Segmental Results
Revenues (excluding fuel surcharge and inter-segment transactions) from Truckload totaled $1.05 billion (below our estimate of $1.18 billion), down 0.3% year over year, owing to a 1.4% improvement in revenue per loaded mile, excluding fuel surcharge and intersegment transactions, largely offset by a 1.8% decrease in loaded miles. Adjusted operating income fell 16.4% year over year. The first-quarter adjusted operating ratio was 70 basis points higher year over year.
The Less-Than-Truckload segment generated revenues (excluding fuel surcharges) worth $313.13 million in the first quarter, up 2.6% year over year, owing to a 5.2% increase in weight per shipment and an 8.5% increase in length of haul, offset by a 1.0% decrease in shipments per day. Revenue per hundredweight, excluding fuel surcharge, fell 0.7% year over year, driven by the increase in weight per shipment, while renewal rates continue their recent trend of mid-single-digit percentage increases. Revenue per shipment, excluding fuel surcharge, increased 4.4% year over year. Adjusted operating income fell 93.1% year over year, and the adjusted operating ratio of 99.6% grew 540 basis points year over year.
Revenues from Logistics (excluding inter-segment transactions) amounted to $127.60 million, down 9.9% year over year, owing to an 18.9% decline in load count, partially offset by a 10.4% increase in revenue per load. Adjusted operating income decreased 24.1% year over year to $4.78 million. The adjusted operating ratio grew 70 bps to 96.2%.
Intermodal revenues (excluding inter-segment transactions) totaled $93.58 million, up 2.7% year over year, as 1.6% increase in revenue per load and a 1.2% increase in load count offset headwinds from winter weather in the reported quarter.
Within the All Other Segments, revenues grew 13.5%, and operating results declined more than 100% year over year, owing to the inclusion of $5.2 million of costs for the accounts receivable securitization program and startup costs on new contract awards in the company’s warehousing business.
Liquidity
Knight-Swift exited the first quarter with cash and cash equivalents of $222.77 million compared with $220.42 million at the prior-quarter end. Long-term debt (excluding current maturities) was $706.02 million compared with $1.02 billion at the end of the prior quarter.
KNX’s Guidance
KNX expects its second-quarter 2026 adjusted earnings per share to be in the range of 45-49 cents. The Zacks Consensus Estimate of 47 cents lies within the guidance.
Truckload Segment revenue, excluding fuel surcharge, is expected to be up low single-digit percent year over year, with operating margins improving 100 to 200 basis points year over year for the second quarter. LTL segment revenues, excluding fuel surcharge, are expected to be up low single-digit percent year over year in the second quarter, driven by mix and yield improvement, with shipment count relatively stable year over year.
Logistics segment revenues are expected to be low-to-mid single-digit percent year over year in the second quarter. Intermodal Segment load count is expected to be up in the high single to low double-digit percent sequentially in the second quarter. All Other Segments’ operating income, before including the $11.5 million quarterly intangible asset amortization, is anticipated to be between $14 million and $18 million in the second quarter.
Net interest expense is expected to be fairly flat sequentially in the second quarter. Net cash capital expenditures for 2026 are expected to be in the range of $600 million-$650 million (prior view: $625 million-$675 million). Adjusted tax rate is expected to be between 25.5% and 26.5% for the second quarter of 2026 and for 2026.
Currently, KNX carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q1 Performances of Other Transportation Companies
Delta Air Lines (DAL - Free Report) reported first-quarter 2026 earnings (excluding $1.08 from non-recurring items) of 64 cents per share, which beat the Zacks Consensus Estimate of 61 cents. Earnings increased 39.1% on a year-over-year basis due to high labor costs. Adjusted revenues in the March-end quarter were $14.2 billion, beating the Zacks Consensus Estimate of $14 billion and increasing on a year-over-year basis.
United Airlines Holdings, Inc. (UAL - Free Report) reported solid first-quarter 2026 results wherein the company’s earnings and revenues beat the Zacks Consensus Estimate and improved on a year-over-year basis.
UAL's first-quarter 2026 adjusted earnings per share (EPS) (excluding 95 cents from non-recurring items) of $1.19 surpassed the Zacks Consensus Estimate of $1.08 and increased 30.8% on a year-over-year basis. The reported figure lies within the guided range of $1.00-$1.50.
Operating revenues of $14.6 billion outpaced the Zacks Consensus Estimate of $14.3 billion and increased 10.5% year over year. Passenger revenues (which accounted for 90.1% of the top line) increased 11% year over year to $13.1 billion. UAL flights transported 42,486 passengers in the first quarter, up 4.1% year over year.
Cargo revenues fell 1.6% year over year to $422 million. Revenues from other sources rose 10.5% year over year to $1.02 billion.
J.B. Hunt Transport Services (JBHT - Free Report) posted first-quarter 2026 earnings per share of $1.49, up 27% from $1.17 a year ago. The result topped the Zacks Consensus Estimate by $0.04, a 2.8% surprise.
Operating revenues totaled $3.06 billion, rising 4.6% year over year. Revenues beat the consensus mark of $2.94 billion, resulting in a 3.9% surprise, as demand proved resilient across several service offerings, led by Intermodal volume growth and higher revenue per load in select highway-related businesses.