Knight-Swift’s third-quarter revenue before fuel grew 8% year over year. Last quarter, the firm posted its first meaningful increase in almost two years, particularly for the flagship truckload operations. LTL top line came in flat on revenue quality efforts, though industry demand is stable.
The legacy Knight truckload operations historically ranked among the most efficient and profitable carriers in trucking, with an average OR in the mid-80s before the Swift merger.
Bears
While industrial end markets are finally improving, economic fallout from US tariffs or an oil price shock could restrict demand recovery in 2026.
Knight-Swift Transportation is the largest full-truckload carrier in the US, with a diversified transportation offering. Roughly 82% of revenue derives from Knight’s asset-based trucking business, with full truckload (for-hire dry van, refrigerated, and dedicated contract) making up 63% and less than truckload 19%. Truck brokerage and other asset-light logistics services make up 8% of revenue, with intermodal near 5%. Knight's intermodal operations use the Class I railroads for the underlying movement of its shipping containers and include drayage (regional trucking services to and from inland intermodal ramps/terminals). The remainder of revenue is from services offered to shippers and third-party truckers, including equipment maintenance and leasing.