The earnings call highlighted growth in revenue and operating income across several segments, with notable improvements in the Truckload and LTL businesses. However, the company faced challenges due to a soft freight environment, particularly affecting the Intermodal segment, and experienced margin pressures in the LTL segment due to expansion costs. Overall, the company demonstrated resilience and strategic growth despite market challenges.

Company Guidance

During the Knight-Swift Transportation second quarter 2025 earnings call, several key metrics and guidance updates were provided. Revenue, excluding fuel surcharge, increased by 1.9%, with adjusted operating income showing a significant improvement of 17.2% year-over-year, equivalent to $15.2 million. GAAP earnings per diluted share rose by 61.5% to $0.21, while adjusted EPS increased by 45.8% to $0.35. The company's consolidated adjusted operating ratio improved by 80 basis points to 93.8%. Key segments such as Truckload and Logistics saw improvements in adjusted operating income and adjusted operating ratios. The LTL segment experienced a revenue growth of 28.4% year-over-year, although adjusted operating income declined by 36.8% due to integration costs. The company projects third-quarter adjusted EPS to range between $0.36 and $0.42, assuming stable conditions and some seasonality. Additionally, full-year net cash CapEx guidance was reduced to between $525 million and $575 million.

Revenue and Earnings Growth

Revenue, excluding fuel surcharge, increased by 1.9%, and adjusted operating income improved by 17.2% or $15.2 million year-over-year. GAAP EPS for Q2 2025 was $0.21, a 61.5% increase year-over-year, and adjusted EPS was $0.35, a 45.8% increase year-over-year.

Truckload Segment Performance

Adjusted operating income grew 87.5% year-over-year, and adjusted operating ratio improved by 260 basis points. Miles per truck improved 4% year-over-year, marking the eighth consecutive quarter of year-over-year gains.

LTL Segment Growth

LTL revenue, excluding fuel surcharge, grew 28.4% year-over-year, with shipments per day increasing 21.7%. Revenue per hundredweight, excluding fuel surcharge, increased 9.9% year-over-year.

Logistics Segment Improvement

Adjusted operating income grew by 13.3% year-over-year, and adjusted operating ratio improved by 70 basis points to 94.8%.

Knight Transportation (KNX) Earnings, Revenues Date & History

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KNX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 15, 2025	2025 (Q3)	0.39 / -	0.34	―	―	―
Jul 30, 2025	2025 (Q2)	0.33 / 0.35	0.24	45.83% (+0.11)
Apr 23, 2025	2025 (Q1)	0.23 / 0.28	0.12	133.33% (+0.16)
Jan 22, 2025	2024 (Q4)	0.33 / 0.36	0.09	300.00% (+0.27)
Oct 23, 2024	2024 (Q3)	0.32 / 0.34	0.41	-17.07% (-0.07)
Jul 24, 2024	2024 (Q2)	0.27 / 0.24	0.49	-51.02% (-0.25)
Apr 24, 2024	2024 (Q1)	0.30 / 0.12	0.73	-83.56% (-0.61)
Jan 24, 2024	2023 (Q4)	0.43 / 0.09	1	-91.00% (-0.91)
Oct 19, 2023	2023 (Q3)	0.36 / 0.41	1.27	-67.72% (-0.86)
Jul 20, 2023	2023 (Q2)	0.53 / 0.49	1.41	-65.25% (-0.92)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

KNX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 30, 2025	$42.19	$42.33	+0.33%
Apr 23, 2025	$39.27	$40.03	+1.94%
Jan 22, 2025	$54.35	$56.91	+4.71%
Oct 23, 2024	$51.97	$51.18	-1.52%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.