The earnings call presented a mix of positive growth in certain segments like LTL and Truckload, alongside challenges such as a soft freight environment and margin pressures due to expansion costs. Overall, while there are significant achievements in revenue and income growth, the market conditions and segment-specific challenges create a balanced outlook.

Company Guidance -

Q3 2025

During the Knight-Swift Transportation Second Quarter 2025 Earnings Call, the company provided several key metrics on its financial performance and guidance. Revenue, excluding fuel surcharge, increased by 1.9%, while adjusted operating income improved by 17.2% year-over-year. GAAP earnings per diluted share rose by 61.5% to $0.21, and adjusted EPS increased by 45.8% to $0.35. The adjusted operating ratio was 93.8%, an improvement of 80 basis points from the previous year. The company projected its adjusted EPS for the third quarter of 2025 to be between $0.36 and $0.42, with expectations of a sequential improvement in Truckload operating income, modest gains in LTL revenue and operating margin, and a stable contribution from the Logistics segment. Additionally, the company revised its full-year net cash CapEx guidance to $525 million to $575 million, down from the initial range of $575 million to $625 million.

Revenue Growth and Operating Income Improvement

Revenue, excluding fuel surcharge, increased by 1.9%. Adjusted operating income improved by 17.2% year-over-year, or $15.2 million.

EPS Increase

GAAP earnings per diluted share for Q2 2025 were $0.21, a 61.5% year-over-year increase. Adjusted EPS was $0.35, a 45.8% year-over-year increase.

LTL Segment Growth

LTL business grew revenue excluding fuel surcharge by 28.4% year-over-year. Shipments per day increased by 21.7%.

Truckload Segment Performance

Truckload segment improved its adjusted operating ratio by 260 basis points and grew adjusted operating income by 87.5% year-over-year.

Logistics Segment Efficiency

Despite a 2.6% decline in revenue, the Logistics segment improved its adjusted operating ratio by 70 basis points to 94.8% and grew adjusted operating income by 13.3% year-over-year.

Cost Control Initiatives

The company made meaningful progress in cost control, reducing fixed costs on an absolute basis and keeping fixed cost per mile flat.

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 23, 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 23, 2025	$45.66	$45.55	-0.24%
Apr 23, 2025	$39.43	$40.20	+1.95%
Jan 22, 2025	$54.58	$57.15	+4.71%
Oct 23, 2024	$52.18	$51.39	-1.51%

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.