KNX

Let’s dig into the relative performance of Knight-Swift Transportation (NYSE:KNX) and its peers as we unravel the now-completed Q2 ground transportation earnings season. The growth of e-commerce and global trade continues to drive demand for shipping services, especially last-mile delivery, presenting opportunities for ground transportation companies. The industry continues to invest in data, analytics, and autonomous fleets to optimize efficiency and find the most cost-effective routes. Despite the essential services this industry provides, ground transportation companies are still at the whim of economic cycles. Consumer spending, for example, can greatly impact the demand for these companies’ offerings while fuel costs can influence profit margins. The 15 ground transportation stocks we track reported a strong Q2. As a group, revenues beat analysts’ consensus estimates by 1.7%. In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged since the latest earnings results. Covering 1.6 billion loaded miles in 2023 alone, Knight-Swift Transportation (NYSE:KNX) offers less-than-truckload and full truckload delivery services. Knight-Swift Transportation reported revenues of $2.10 billion, up 12.6% year on year. This print exceeded analysts’ expectations by 2%. Overall, it was an exceptional quarter for the company with a beat of analysts’ EPS estimates and EPS guidance for next quarter beating analysts’ expectations. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 9.1% since reporting and currently trades at $69.13. Is now the time to buy Knight-Swift Transportation? Access our full analysis of the earnings results here, it’s free. With access to millions of trucks, RXO (NYSE:RXO) offers full-truckload, less-than-truckload, and last-mile deliveries. RXO reported revenues of $1.77 billion, up 25% year on year, outperforming analysts’ expectations by 7.9%. The business had an incredible quarter with EBITDA guidance for next quarter exceeding analysts’ expectations and a beat of analysts’ EPS estimates. RXO achieved the biggest analyst estimate beat and fastest revenue growth of the whole group. The market seems content with the results as the stock is up 1.3% since reporting. It currently trades at $21.28. Is now the time to buy RXO? Access our full analysis of the earnings results here, it’s free. Conducting business in over a 100 countries, Werner (NASDAQ:WERN) offers full-truckload, less-than-truckload, and intermodal delivery services. Werner reported revenues of $933.9 million, up 24% year on year, in line with analysts’ expectations. It was a slower quarter as it posted a significant miss of analysts’ EPS estimates and adjusted operating income in line with analysts’ estimates. As expected, the stock is down 1.7% since the results and currently trades at $37.67. Read our full analysis of Werner’s results here. Pivoting its business model after realizing there was more success in delivering produce than selling it, Saia (NASDAQ:SAIA) is a provider of freight transportation solutions. Saia reported revenues of $956.5 million, up 17.1% year on year. This result was in line with analysts’ expectations. It was a satisfactory quarter as it also logged a beat of analysts’ EPS estimates. The stock is down 11.2% since reporting and currently trades at $350.16. Read our full, actionable report on Saia here, it’s free. Covering billions of miles throughout North America, Landstar (NASDAQ:LSTR) is a transportation company specializing in freight and last-mile delivery services. Landstar reported revenues of $1.43 billion, up 18.1% year on year. This number beat analysts’ expectations by 7%. Overall, it was a strong quarter for the company. The stock is down 3% since reporting and currently trades at $179.80. Read our full, actionable report on Landstar here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals. Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

A month has gone by since the last earnings report for Knight-Swift Transportation Holdings (KNX). Shares have lost about 4% in that time frame, underperforming the S&P 500. But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Knight-Swift due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts. Knight-Swift reported second-quarter 2026 adjusted earnings of 63 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 28.6% and increased 80.0% year over year. Stronger pricing and network efficiency across asset-based operations supported the improvement. Total revenues of $2.10 billion surpassed the consensus mark of $2.01 billion by 4.3% and rose 12.6% year over year. Truckload revenue per loaded mile, excluding fuel surcharge and intersegment transactions, increased 5.5%. KNX’s Consolidated Profitability Improves Revenue excluding truckload and LTL fuel surcharge increased 5.5% year over year to $1.76 billion. Operating income rose 44.4% to $104.85 million, while adjusted operating income advanced 45.5% to $150.95 million. The consolidated operating ratio improved 110 basis points to 95.0%. The adjusted operating ratio improved 240 basis points to 91.4%, reflecting better pricing and network efficiency across the asset-based businesses. Adjusted net income climbed 79.7% to $102.75 million. Knight-Swift’s Truckload Engine Accelerates Truckload revenues, excluding fuel surcharge and intersegment transactions, increased 2.8% year over year to $1.10 billion. The gain came despite a 2.6% decline in loaded miles, as tighter driver availability pressured the seated tractor count. Adjusted operating income surged 69.4% to $98.92 million. The adjusted operating ratio improved 360 basis points to 91.0%, helped by pricing gains and a 140-basis-point reduction in empty miles. U.S. Xpress’ over-the-road division achieved its first profitable quarter since the acquisition. KNX’s LTL Mix Supports Margin Recovery Less-than-truckload revenues, excluding fuel surcharge, declined 1.4% to $333.01 million as shipments per day fell 3.7%. However, daily tonnage increased 4.0%, weight per shipment rose 7.9% and length of haul expanded 5.3%. Revenue per shipment, excluding fuel surcharge, grew 3.4%, while revenue per hundredweight fell 4.2% because of heavier shipments. Adjusted operating income increased 13.3% to $26.45 million, and the adjusted operating ratio improved 100 basis points to 92.1%. Knight-Swift’s Logistics and Intermodal Diverge Logistics revenues rose 8.9% to $139.70 million, driven by a 29.6% increase in revenue per load, partly offset by a 16.4% drop in load count. Gross margin contracted 350 basis points to 15.4% as purchased transportation costs increased faster than customer pricing. Adjusted operating income declined 25.7%. Intermodal revenues jumped 34.9% to $113.39 million. Load count increased 19.6% and revenue per load rose 12.8%, helping the segment post operating income of $0.65 million versus a $3.43 million loss a year earlier. Its operating ratio improved 470 basis points to 99.4%. KNX’s Other Businesses Face Special Charges All Other Segments’ revenues increased 41.8% year over year to $105.56 million, supported by growth in warehousing and trailer leasing. These businesses generated an additional $7 million of income contribution compared with the prior-year quarter. The segment recorded an operating loss of $10.43 million compared with income of $6.75 million a year earlier. Results included $5.8 million of accounts receivable securitization costs and an $18.2 million severance charge primarily tied to the former executive chairman’s retirement. Knight-Swift’s Liquidity and Capital Spending Knight-Swift ended June with $186.11 million in cash and cash equivalents. Year-to-date operating cash flow was $450.36 million, while free cash flow totaled $190.44 million after $259.92 million of net capital expenditures. The company issued $1.50 billion of 1% convertible notes and used proceeds to repay floating-rate borrowings. Management expects the refinancing to generate roughly $44 million of annual pretax savings. Full-year net cash capital expenditures remain projected at $600-$650 million. KNX’s Q3 Outlook Points Higher KNX expects third-quarter 2026 adjusted earnings of 71-77 cents per share. Truckload revenue, excluding fuel surcharge, is projected to rise by a mid-single-digit percentage, with the adjusted operating ratio improving 650-750 basis points year over year. LTL revenue, excluding fuel surcharge, is expected to grow by a low-single-digit percentage, with the adjusted operating ratio in the low 90s. Logistics performance is expected to remain fairly stable sequentially, while intermodal revenue is projected to increase by a low-single-digit percentage from the second quarter. In the past month, investors have witnessed a upward trend in fresh estimates. The consensus estimate has shifted 8.2% due to these changes. At this time, Knight-Swift has a great Growth Score of A, a score with the same score on the momentum front. Charting a somewhat similar path, the stock has a score of B on the value side, putting it in the top 40% for value investors. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Knight-Swift has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Knight-Swift Transportation Holdings Inc. (KNX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Manning & Napier Group, LLC (Trades, Portfolio) (NYSE: MN) recently submitted its 13F filing for the second quarter of 2026, offering a transparent look into the investment decisions of this seasoned asset manager. Founded in 1970, the firm has built a reputation on a proprietary, bottom-up driven investment process that emphasizes fundamental analysis and strict pricing disciplines. Serving a diversified clientelefrom high-net-worth individuals to institutional plansthe firm's approach involves rigorous peer review and continuous monitoring to ensure each holding aligns with its strategic profile and valuation criteria. This latest filing reveals a dynamic quarter, highlighted by a significant new position in Knight-Swift Transportation Holdings Inc. Warning! GuruFocus has detected 4 Warning Signs with NVDA. Is NVDA fairly valued? Test your thesis with our free DCF calculator. Manning & Napier Group, LLC (Trades, Portfolio) added a total of 269 new stocks to its portfolio during the quarter. The most significant addition was Knight-Swift Transportation Holdings Inc (NYSE:KNX), with 2,221,397 shares acquired. This new position accounts for 2.23% of the portfolio, with a total value of $173.67 million. The second largest new buy was Tenet Healthcare Corp (NYSE:THC), consisting of 901,645 shares, representing approximately 2.16% of the portfolio, valued at $168.76 million. The third largest addition was AMETEK Inc (NYSE:AME), with 476,929 shares, accounting for 1.48% of the portfolio and a total value of $115.39 million. These moves signal a strategic shift toward industrials and healthcare, sectors where the firm likely identified undervalued opportunities through its fundamental analysis. Manning & Napier Group, LLC (Trades, Portfolio) also increased stakes in a total of 238 stocks, with a notable focus on fixed-income ETFs. The most notable increase was in Vanguard Intermediate-Term Government Bond ETF (NASDAQ:VGIT), with an additional 2,659,376 shares, bringing the total to 3,352,042 shares. This adjustment represents a significant 383.93% increase in share count, a 2.02% impact on the current portfolio, and a total value of $198.34 million. The second largest increase was in Vanguard Long-Term Government Bond ETF (NASDAQ:VGLT), with an additional 2,429,297 shares, bringing the total to 3,079,893 shares. This represents a 373.4% increase in share count and a total value of $171.80 million. These substantial additions to government bond ETFs suggest a defensive positioning, likely in response to market volatility or expectations of changing interest rates. In the second quarter of 2026, Manning & Napier Group, LLC (Trades, Portfolio) completely exited 21 holdings. Among the most notable exits were Coterra Energy Inc (CTRA), where the firm sold all 119,716 shares, resulting in a -0.06% impact on the portfolio. Additionally, Plains All American Pipeline LP (NASDAQ:PAA) was fully liquidated, with all 200,000 shares sold, also causing a -0.06% impact. These exits from the energy sector may reflect a reallocation of capital toward more promising opportunities or a shift in the firm's macroeconomic outlook, possibly due to fluctuating commodity prices or changing energy policies. Manning & Napier Group, LLC (Trades, Portfolio) also reduced positions in 238 stocks, with the most significant changes involving Vertex Pharmaceuticals Inc (NASDAQ:VRTX) and TransUnion (NYSE:TRU). The firm reduced VRTX by 218,525 shares, resulting in a -99.06% decrease in shares and a -1.38% impact on the portfolio. The stock traded at an average price of $443.24 during the quarter and has returned 12.29% over the past 3 months and 11.56% year-to-date. Similarly, TRU was reduced by 1,255,451 shares, resulting in a -99.85% reduction in shares and a -1.23% impact on the portfolio. TRU traded at an average price of $70.10 during the quarter, returning 21.82% over the past 3 months but -5.82% year-to-date. These reductions suggest a profit-taking strategy or a reassessment of these companies' long-term growth prospects relative to the firm's valuation criteria. At the end of the second quarter of 2026, Manning & Napier Group, LLC (Trades, Portfolio)'s portfolio included 866 stocks. The top holdings were NVIDIA Corp (NASDAQ:NVDA) at 4.72%, Microsoft Corp (NASDAQ:MSFT) at 4.22%, Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM) at 3.6%, Amazon.com Inc (NASDAQ:AMZN) at 3.13%, and Mastercard Inc (NYSE:MA) at 2.92%. The portfolio's holdings are concentrated across 11 industries: Technology, Financial Services, Healthcare, Consumer Cyclical, Industrials, Communication Services, Real Estate, Basic Materials, Energy, Consumer Defensive, and Utilities. This diversification reflects the firm's disciplined approach to building balanced portfolios while maintaining a significant tilt toward technology, which continues to drive market performance. For value investors, this filing offers a window into Manning & Napier's strategic thinking. The firm's significant new position in Knight-Swift and its aggressive accumulation of government bond ETFs suggest a cautious yet opportunistic stance. By balancing high-growth tech holdings with defensive fixed-income instruments, the firm appears to be positioning its portfolio to weather potential market headwinds while capitalizing on undervalued sectors. As always, investors should consider these moves within the broader context of their own investment strategies and risk tolerance.

PHOENIX, August 06, 2026--(BUSINESS WIRE)--Knight-Swift Transportation Holdings Inc. (NYSE: KNX) (the "Company" or "Knight-Swift") announced today that its board of directors ("the Board") has declared the Company’s quarterly cash dividend of $0.20 per share of common stock. The Company's quarterly dividends are pursuant to a cash dividend policy approved by the Board. The actual declaration of future cash dividends, and the establishment of record and payment dates, is subject to final determination by the Board each quarter after its review of the Company’s financial performance. The Company’s dividend is payable to stockholders of record on September 4, 2026, and is expected to be paid on September 21, 2026. Knight-Swift is one of North America's largest and most diversified freight transportation companies providing multiple full truckload, less-than-truckload, intermodal, and logistics services. Knight-Swift uses a nationwide network of business units and terminals in the United States and Mexico to serve customers throughout North America. In addition to operating one of the country's largest tractor fleets, Knight-Swift also contracts with third-party equipment providers to provide a broad range of truckload services to our customers while creating quality driving jobs for our driving associates and successful business opportunities for independent contractors. This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. All statements, other than statements of historical or current fact, are statements that could be deemed forward-looking statements, including, without limitation, statements relating to our declaration of quarterly dividends. Forward-looking statements are based on the current beliefs, assumptions, and expectations of management and current market conditions. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. There can be no assurance that future dividends will be declared. The declaration and amount of future dividends is subject to approval of the Board and various risks and uncertainties, including, but not limited to: our cash flow and cash needs; compliance with applicable law; restrictions on the payment of dividends under existing or future financing arrangements; changes in tax laws relating to corporate dividends; deterioration in our financial condition or results, and those risks, uncertainties, and other factors identified from time-to-time in our filings with the Securities and Exchange Commission. Readers should review and consider the factors that may affect future results and other disclosures in Part I, Item 1A., Risk Factors, in Knight-Swift’s Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, and various disclosures in other press releases, stockholder reports, and filings with the Securities and Exchange Commission. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein. View source version on businesswire.com: https://www.businesswire.com/news/home/20260806709065/en/ Contacts Adam Miller, CEO, Andrew Hess, CFO, or Brad Stewart, Treasurer and SVP - (602) 606-6349

Werner Enterprises WERN is showing clearer signs of an earnings recovery as pricing, asset utilization and FirstFleet savings strengthen its truckload operations. The improvement has helped rebuild confidence after a difficult freight cycle. The decision is less straightforward at the current valuation. Logistics remains unprofitable, driver availability is limiting fleet growth and acquisition-related debt keeps execution risk elevated. The earnings trajectory is moving in the right direction. Consensus projections call for adjusted earnings per share to move from a loss in 2025 to positive results in 2026 and 2027, reflecting better expectations for the truckload business. Werner Enterprises, Inc. price-eps-surprise | Werner Enterprises, Inc. Quote Recent estimate increases add support to that outlook. Dedicated pricing has improved, One-Way revenue per total mile rose 10.4% in the second quarter and restructuring has helped Werner select freight more carefully and use equipment more efficiently. Dedicated accounted for 80% of Werner’s truckload fleet at the end of the second quarter. The business retained more than 95% of customers, while higher revenue per truck and healthy contract renewals supported earnings visibility. FirstFleet expanded the Dedicated fleet and increased Werner’s scale in a relatively stable part of trucking. J.B. Hunt Transport Services JBHT, which also operates a large Dedicated Contract Services business, reported second-quarter 2026 segment revenue and operating income growth of 9%, underscoring the relative resilience of dedicated operations. Werner Logistics remains a drag. Its adjusted operating margin was negative 1.3% in the second quarter because purchased transportation costs increased faster than customer contracts could be repriced. Driver availability creates another constraint. Management reduced its 2026 truck-growth forecast, which could delay rebuilding the One-Way fleet and increase recruiting costs. Knight-Swift Transportation Holdings KNX, one of North America’s largest diversified freight carriers, also competes across truckload and logistics markets where driver supply and freight selection influence returns. WERN trades above its five-year median forward earnings multiple and at a premium to the broader transportation sector. That valuation assumes the earnings recovery will continue and leaves less room for delays. Further upside may require sustained truckload margin expansion, successful Logistics repricing and continued FirstFleet savings. Werner generated more than $3 million of FirstFleet-related savings in the first half of 2026 and expects more than $7 million for the full year, but its longer-term $18 million synergy target still depends on execution. Werner’s operating progress supports a more constructive view, but the premium valuation, Logistics losses, driver constraints and elevated debt argue against treating the recovery as complete. The stock may be better suited to investors willing to monitor execution rather than chase the rebound. WERN currently carries a Zacks Rank #3 (Hold). It also has a Growth Score of A, Momentum Score of A, Value Score of B and VGM Score of A, indicating favorable growth and momentum characteristics with reasonably supportive value traits. The Style Scores complement the Zacks Rank rather than replace it. A Hold ranking can support maintaining an existing position, but it does not provide the stronger near-term signal associated with a Zacks Rank #1 (Strong Buy) or #2 (Buy). For new investors, clearer Logistics improvement or a more attractive entry valuation would strengthen the case. Currently, WERN carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Werner Enterprises, Inc. (WERN) : Free Stock Analysis Report J.B. Hunt Transport Services, Inc. (JBHT) : Free Stock Analysis Report Knight-Swift Transportation Holdings Inc. (KNX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Old Dominion Freight Line, Inc. ODFL delivered a better-than-expected second quarter as pricing discipline and operating efficiency outweighed continued weakness in freight volumes. The result showed that the carrier can expand profits without a full demand recovery. The larger question is whether a sharply higher capital-spending plan can extend that progress. Management is investing in service centers, equipment and technology while preserving excess capacity for future growth. Second-quarter earnings rose 32.3% year over year to $1.68 per share, topping the Zacks Consensus Estimate of $1.52 by 10.5%. Revenues increased 10.4% to $1.55 billion and exceeded the consensus mark by 0.8%. The earnings beat was the fourth successive one by ODFL. The average beat is 6.7%. Old Dominion Freight Line, Inc. price-eps-surprise | Old Dominion Freight Line, Inc. Quote The top-line gain was driven mainly by pricing and freight mix. Less-than-truckload revenue per hundredweight increased 15.2%, while the measure excluding fuel surcharges improved 5.5%. Revenue per shipment advanced 17.2%, helping offset lower shipment activity. ODFL’s operating ratio (operating expenses as a % of revenues) improved 450 basis points to 70.1%, while operating income climbed 30% to $465.3 million. Total operating expenses increased only 3.7%, well below the pace of revenue growth. Those gains came even as LTL tons per day declined 4.1% and shipments per day fell 5.7%. Salaries, wages and benefits declined as a share of revenues, while a $17.2 million gain on property and equipment disposals also supported overhead efficiency. Old Dominion raised its 2026 capital-expenditure plan to about $380 million from $265 million. The updated plan includes $180 million for real estate and service-center projects, $155 million for tractors and trailers and $45 million for information technology and other assets. Management said the increase reflects strategic purchase opportunities rather than a lack of current capacity. ArcBest Corporation ARCB, another integrated logistics provider with an asset-based LTL network, illustrates how network assets remain central to service execution in the sector. ODFL maintained 99% on-time service and a claims ratio of 0.1% in the quarter. It also made about 1,000 lane adjustments during the year to improve standard transit times, strengthening the customer proposition while demand remained uneven. Knight-Swift Transportation Holdings Inc. KNX offers truckload, LTL, intermodal and logistics services through a broad North American network. Its diversified model underscores the competitive importance of scale and capacity as freight flows shift across modes. The quarter supports a constructive near-term view, but the spending increase will matter most if freight demand improves enough to absorb additional capacity. ODFL’s balance sheet provides room to invest, with $283.9 million in cash and only about $20 million of current debt at quarter-end. The stock currently carries a Zacks Rank #1 (Strong Buy) and a Momentum Score of A, which point to favorable estimate-revision and price trends over the next one to three months. A Growth Score of C, Value Score of F and VGM Score of D are less supportive, suggesting that execution strength does not remove valuation and cyclical risks. You can see the complete list of today’s Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Old Dominion Freight Line, Inc. (ODFL) : Free Stock Analysis Report Knight-Swift Transportation Holdings Inc. (KNX) : Free Stock Analysis Report ArcBest Corporation (ARCB) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Knight-Swift Transportation Holdings Inc.’s (KNX) second-quarter 2026 adjusted earnings of 63 cents per share beat the Zacks Consensus Estimate of 49 cents by 28.6% and increased 80.0% year over year. Stronger pricing and network efficiency across asset-based operations supported the improvement. Total revenues of $2.10 billion surpassed the consensus mark of $2.01 billion by 4.3% and rose 12.6% year over year. Truckload revenue per loaded mile, excluding fuel surcharge and intersegment transactions, increased 5.5%. Knight-Swift Transportation Holdings Inc. price-consensus-eps-surprise-chart | Knight-Swift Transportation Holdings Inc. Quote Revenues, excluding truckload and LTL fuel surcharge, increased 5.5% year over year to $1.76 billion. Operating income rose 44.4% to $104.85 million, while adjusted operating income advanced 45.5% to $150.95 million. The consolidated operating ratio improved 110 basis points to 95.0%. The adjusted operating ratio improved 240 basis points to 91.4%, reflecting better pricing and network efficiency across the asset-based businesses. Adjusted net income climbed 79.7% to $102.75 million. Knight-Swift’s Truckload Engine Accelerates Truckload revenues, excluding fuel surcharge and intersegment transactions, increased 2.8% year over year to $1.10 billion. The gain came despite a 2.6% decline in loaded miles, as tighter driver availability pressured the seated tractor count. Adjusted operating income surged 69.4% to $98.92 million. The adjusted operating ratio improved 360 basis points to 91.0%, helped by pricing gains and a 140-basis-point reduction in empty miles. U.S. Xpress’ over-the-road division achieved its first profitable quarter since the acquisition. Less-than-truckload (LTL) revenues, excluding fuel surcharge, declined 1.4% to $333.01 million as shipments per day fell 3.7%. However, daily tonnage increased 4.0%, weight per shipment rose 7.9% and length of haul expanded 5.3%. Revenue per shipment, excluding fuel surcharge, grew 3.4%, while revenue per hundredweight fell 4.2% because of heavier shipments. Adjusted operating income increased 13.3% to $26.45 million, and the adjusted operating ratio improved 100 basis points to 92.1%. Logistics revenues rose 8.9% to $139.70 million, driven by a 29.6% increase in revenue per load, partly offset by a 16.4% drop in load count. Gross margin contracted 350 basis points to 15.4% as purchased transportation costs increased faster than customer pricing. Adjusted operating income declined 25.7%. Intermodal revenues jumped 34.9% to $113.39 million. Load count increased 19.6% and revenue per load rose 12.8%, helping the segment post operating income of $0.65 million versus a $3.43 million loss a year earlier. Its operating ratio improved 470 basis points to 99.4%. All Other Segments’ revenues increased 41.8% year over year to $105.56 million, supported by growth in warehousing and trailer leasing. These businesses generated an additional $7 million of income contribution compared with the prior-year quarter. The segment recorded an operating loss of $10.43 million against an operating income of $6.75 million a year earlier. Results included $5.8 million of accounts receivable securitization costs and an $18.2 million severance charge primarily tied to the former executive chairman’s retirement. Knight-Swift ended June with $186.11 million in cash and cash equivalents. In the year-to-date period, operating cash flow was $450.36 million, while free cash flow totaled $190.44 million after $259.92 million of net capital expenditures. The company issued $1.50 billion of 1% convertible notes and used proceeds to repay floating-rate borrowings. Management expects the refinancing to generate roughly $44 million of annual pretax savings. Full-year net cash capital expenditures are expected to be in the range of $600-$650 million. KNX expects third-quarter 2026 adjusted earnings of 71-77 cents per share. Truckload revenues, excluding fuel surcharge, are projected to rise by a mid-single-digit percentage, with the adjusted operating ratio improving 650-750 basis points year over year. LTL revenues, excluding fuel surcharge, are expected to grow by a low-single-digit percentage, with the adjusted operating ratio in the low 90s. Logistics performance is expected to remain fairly stable sequentially, while intermodal revenues are projected to increase by a low-single-digit percentage from the second quarter. Currently, KNX sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. Delta Air Lines (DAL) reported second-quarter 2026 earnings (excluding 88 cents from non-recurring items) of $1.56 per share, beating the Zacks Consensus Estimate of $1.51. Earnings declined in double digits (% wise) from a year ago as sharply higher fuel costs pressured profitability. Revenues rose on a year-over-year basis to $17.67 billion but missed the consensus estimate of $17.76 billion. Broad demand strength lifted adjusted total revenue per available seat mile, or TRASM, 12.4%, while premium and diversified revenue streams continued to expand. United Airlines Holdings, Inc. (UAL) reported second-quarter 2026 adjusted earnings of $1.99 per share, down 48.6% year over year but above the Zacks Consensus Estimate of $1.92 by 3.7%. Operating revenues rose 16% to $17.67 billion and were essentially in line with the $17.68-billion consensus mark. A 12.1% increase in total revenue per available seat mile, or TRASM, and broad-based gains across premium, loyalty and cargo revenues supported the top line despite sharply higher fuel costs. J.B. Hunt Transport Services, Inc. (JBHT) reported second-quarter 2026 earnings of $1.91 per share, up 45.8% from $1.31 a year ago. The figure beat the Zacks Consensus Estimate of $1.71 by 11.7%. Operating revenues climbed 19.4% year over year to $3.50 billion and surpassed the consensus mark of $3.19 billion by 9.5%. Higher volumes and pricing across several businesses supported growth, led by a 10% increase in Intermodal loads. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Knight-Swift Transportation Holdings Inc. (KNX) : Free Stock Analysis Report Delta Air Lines, Inc. (DAL) : Free Stock Analysis Report United Airlines Holdings Inc (UAL) : Free Stock Analysis Report J.B. Hunt Transport Services, Inc. (JBHT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Consolidated Revenue Growth: Increased 5.5% year over year, excluding Truckload and LTL fuel surcharge. Operating Income Growth: Increased $32.2 million or 44.4% year over year. Adjusted Operating Income Growth: Increased $47.2 million or 45.5% year over year. GAAP EPS: $0.26, a 23.8% increase year over year. Adjusted EPS: $0.63, an 80% increase year over year. Adjusted Operating Ratio: Improved by 240 basis points to 91.4% year over year. Truckload Revenue Growth: Increased 2.8% year over year, excluding fuel surcharge. Truckload Adjusted Operating Income Growth: Increased 69.4% year over year. Truckload Revenue per Loaded Mile: Increased 5.5% year over year, excluding fuel surcharge. LTL Revenue Decline: Decreased 1.4% year over year, including fuel surcharge. LTL Adjusted Operating Income Growth: Increased 13.3% year over year. Logistics Revenue Growth: Increased 8.9% year over year. Intermodal Revenue Growth: Increased 34.9% year over year. All Other Segments Revenue Growth: Increased 41.8% year over year. Convertible Bonds Issuance: Expected annual savings of approximately $44 million pre-tax. Third Quarter 2026 Adjusted EPS Guidance: Projected to be in the range of $0.71 to $0.77. Warning! GuruFocus has detected 11 Warning Signs with KNX. Is KNX fairly valued? Test your thesis with our free DCF calculator. Release Date: July 22, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Knight-Swift Transportation Holdings Inc (NYSE:KNX) reported a 5.5% increase in consolidated revenue, excluding Truckload and LTL fuel surcharge, year over year. Operating income grew by $32.2 million or 44.4%, and adjusted operating income increased by $47.2 million or 45.5%, year over year. The Truckload segment saw a 69.4% increase in adjusted operating income year over year, driven by disciplined network management and strategic deployment of capacity. The Intermodal segment experienced a 34.9% increase in revenue and improved its operating ratio by 470 basis points year over year. Knight-Swift Transportation Holdings Inc (NYSE:KNX) successfully issued convertible bonds at 1%, generating annual savings of approximately $44 million pre-tax. The Logistics segment faced a 350 basis points decline in gross margin year over year, with an adjusted operating ratio of 96.4%. Revenue per hundredweight in the LTL segment, excluding fuel surcharge, fell by 4.2% due to an increase in weight per shipment. The company anticipates fuel to be a potential headwind in the third quarter, based on recent trends. Driver availability remains a challenge, affecting over-the-road dedicated LTL and drayage markets. Knight-Swift Transportation Holdings Inc (NYSE:KNX) experienced a significant increase in brokerage insurance premiums following the Montgomery ruling. Q: How do you adjust utilization or miles per tractor, and what is the timing for rolling in out-of-date contracts with new pricing? A: Adam Miller, CEO: During bid season, there's churn as we lose some incumbent business and pick up new lanes. We optimize efficiency by choosing lanes that enhance our network. The pace of rate implementation accelerated in June, with more bid activity expected in July. We are also increasing our exposure to the spot market, which is robust, and expect strong peak season demand. Q: Can you discuss the potential impact of ELD and hours-of-service enforcement on capacity? Also, do you see opportunities to grow your fleet organically? A: Adam Miller, CEO: The administration is pushing to clean up the environment by invalidating non-compliant ELDs and cracking down on CDL schools. This will push out non-compliant carriers. We believe quality asset-based carriers will benefit from the Montgomery ruling. We aim to grow our fleet organically, but driver availability is a limiting factor. We are taking strategic steps to recruit and retain drivers. Q: Can you provide more details on LTL trends and the expected fuel headwind? A: Andrew Hess, CFO: LTL shipments per day improved throughout the quarter, with a focus on optimizing freight mix and network efficiency. We anticipate fuel to be an unpredictable line in our P&L, which could be a headwind in Q3 based on recent trends. Q: How does the current driver-wage inflation potential compare to late 2020 and early 2021? What is the margin potential given these conditions? A: Adam Miller, CEO: The labor market is different now, with less competition from government incentives. We don't expect driver pay to increase as much as in 2020-2021. We aim to improve margins faster in this cycle, but we are starting from a lower level. The current market is supply-driven, which may lead to more durable rate improvements. Q: How are shippers discussing TL versus Intermodal, and how does this affect your business? A: Adam Miller, CEO: Some shippers are switching to Intermodal for longer hauls due to rate gaps, but it's not material compared to Truckload opportunities. We are open to this shift, as it aligns with our regional fleet strategy. Q: What are the expectations for Truckload revenue growth and rate improvements in the coming quarters? A: Adam Miller, CEO: We expect revenue per mile to trend towards double digits by September, with a strong fourth quarter anticipated. We are securing double-digit rate increases in bids, but dedicated business will take longer to reflect these changes. Q: How does the current cycle compare to previous cycles, and what are the expectations for rate increases over the next two years? A: Adam Miller, CEO: This cycle is more supply-driven, which may lead to slower but more durable rate improvements. If demand improves, rates could increase rapidly. We are cautious about predicting future rates but remain optimistic about the market's potential. Q: Regarding guidance, why is revenue growth only mid-single digits despite strong rate increases? How does this affect operating leverage? A: Adam Miller, CEO: We expect stable truck counts and continued rate improvements. Driver pay will not increase significantly, allowing us to focus on margin improvement. Utilization is expected to remain stable, contributing to operating leverage. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Knight-Swift Transportation Holdings (KNX) reported $2.1 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 12.6%. EPS of $0.63 for the same period compares to $0.35 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $2.01 billion, representing a surprise of +4.26%. The company delivered an EPS surprise of +28.57%, with the consensus EPS estimate being $0.49. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Knight-Swift performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Adjusted Operating Ratio: 91.4% versus the five-analyst average estimate of 92.9%. Operating Ratio: 95% compared to the 93.5% average estimate based on five analysts. Adjusted Operating Ratio - Logistics: 96.4% versus 96.3% estimated by four analysts on average. Adjusted Operating Ratio - Truckload: 91% versus the four-analyst average estimate of 92.9%. Revenue, excluding truckload and LTL fuel surcharge: $1.76 billion compared to the $1.73 billion average estimate based on five analysts. The reported number represents a change of +5.5% year over year. Truckload and LTL fuel surcharge: $331.33 million compared to the $271.42 million average estimate based on five analysts. The reported number represents a change of +74.6% year over year. Operating revenue- LTL: $420.15 million versus $405.31 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +8.6% change. Revenue, excluding fuel surcharge- LTL Segment: $333.01 million versus $340.6 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -1.4% change. Operating revenue- Intermodal: $113.39 million versus the three-analyst average estimate of $100 million. The reported number represents a year-over-year change of +34.9%. Revenue, excluding fuel surcharge and intersegment transactions- Truckload Segment: $1.1 billion compared to the $1.09 billion average estimate based on three analysts. The reported number represents a change of +2.8% year over year. Operating revenue- Logistics: $139.7 million compared to the $134.01 million average estimate based on three analysts. The reported number represents a change of +8.9% year over year. Operating revenue- Truckload: $1.35 billion compared to the $1.28 billion average estimate based on three analysts. The reported number represents a change of +11% year over year. View all Key Company Metrics for Knight-Swift here>>> Shares of Knight-Swift have returned +3.7% over the past month versus the Zacks S&P 500 composite's +0.3% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Knight-Swift Transportation Holdings Inc. (KNX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Knight-Swift Transportation Holdings Inc.? Here are five stocks we like better. Knight-Swift said the truckload market tightened sharply in Q2 2026, with spot rates, tender rejections and bid activity all improving. Management said the tighter environment was largely supply-driven, though demand signs are also starting to improve. Second-quarter earnings improved meaningfully, with adjusted EPS rising 80% year over year to $0.63 and consolidated adjusted operating ratio improving 240 basis points to 91.4%. The company also guided Q3 adjusted EPS to $0.71 to $0.77, above Q2 results. Truckload was the standout segment, benefiting from better pricing and network efficiency, while U.S. Xpress posted its first profitable quarter since acquisition. By contrast, Logistics was weaker and LTL was mixed, though both intermodal and LTL margins improved. These 3 Stocks Just Got Upgraded—and Could Keep Climbing Knight-Swift Transportation (NYSE:KNX) executives said the truckload freight market tightened sharply during the second quarter of 2026, helping drive year-over-year earnings improvement and prompting the company to issue third-quarter adjusted earnings guidance above its second-quarter result. Chief Executive Officer Adam Miller said spot rates have been “trending well ahead of normal seasonality,” tender rejection rates have reached levels not seen since 2021, and contractual bid activity has become increasingly supportive. He characterized the tightening as “largely supply-driven,” though he said signs of improving demand are beginning to appear. → Buyback Boom: These 3 Companies Are Betting Billions on Their Own Stocks Why Goldman Sachs Suddenly Boosted These 3 Trucking Stocks Miller said the company’s own tender rejection rates ran at roughly twice the level of public market indications during the second quarter, which he cited as evidence that demand for Knight-Swift’s truckload service offering is outpacing the broader market. He said realized revenue per mile began to recover in the quarter, with revenue per mile accelerating in June as more recent bids took effect. Those bids, he said, largely reflected double-digit percentage pricing gains. Chief Financial Officer Andrew Hess said consolidated revenue, excluding truckload and LTL fuel surcharge, increased 5.5% year over year. GAAP earnings per diluted share were $0.26, up 23.8% from the prior-year period, while adjusted earnings per share were $0.63, an 80% increase. Consolidated adjusted operating ratio improved 240 basis points to 91.4%. → 3 Photonics Companies Making Quantum Tech Possible Saia Builds Value: Why Its Uptrend Is Set to Continue Hess said the earnings improvement was primarily driven by pricing and network efficiency gains across the company’s asset-based businesses. He said all reportable segments other than Logistics improved their operating margins and income contribution year over year. The company projected adjusted earnings per share of $0.71 to $0.77 for the third quarter of 2026. Treasurer and Senior Vice President of Investor Relations Brad Stewart said the outlook reflects recent trends in volumes, spot rates, rate activity and driver hiring, as well as expected seasonal patterns in truckload and LTL services. → AI Data Centers Need Power, and These 2 Industrials Are Cashing In Knight-Swift’s Truckload segment increased revenue, excluding fuel surcharge, by 2.8% year over year, while adjusted operating income rose 69.4%. Revenue per loaded mile, excluding fuel surcharge and intersegment transactions, increased 5.5% for the quarter. Hess said the company reduced deadhead miles by 140 basis points, improving revenue per total mile. The segment’s adjusted operating ratio improved 360 basis points year over year to 91%, which he said was the best adjusted operating margin for the combined Truckload segment in more than three years. Rate improvement accelerated in June, Hess said, with Truckload revenue per loaded mile, excluding fuel surcharge, up 8.4% year over year and revenue excluding fuel surcharge per tractor up 10.1%. He said results were stronger in the over-the-road service, which he described as the most capacity-constrained portion of the market. Hess also said U.S. Xpress is making greater rate gains than Knight-Swift’s legacy brands, consistent with the company’s acquisition thesis. He said the U.S. Xpress over-the-road division posted its first profitable quarter since the acquisition. During the question-and-answer portion of the call, Miller said Knight-Swift started the year with spot market exposure of about 10% and is now in the mid-teens. He said the company is continuing to see mini-bids, turnback bids and project activity as shippers look for capacity. In the LTL segment, revenue excluding fuel surcharge declined 1.4% year over year, driven by a 3.7% decrease in shipments per day as the company metered certain volumes to improve freight mix and network efficiency. Daily tonnage increased 4%, weight per shipment rose 7.9%, and length of haul increased 5.3%. Revenue per hundredweight, excluding fuel surcharge, declined 4.2%, which Hess attributed to the increase in weight per shipment, while revenue per shipment rose 3.4%. The segment’s adjusted operating ratio improved 100 basis points to 92.1%, and adjusted operating income increased 13.3%. Hess said LTL demand has been generally stable, with “pockets of improvement” and some indirect benefits from truckload tightness. In response to an analyst question, he said shipments per day improved through the quarter, with year-over-year declines narrowing from 6.5% in April to 3.2% in May and 1.3% in June. The Logistics segment grew revenue 8.9% year over year, driven by a 29.6% increase in revenue per load, partially offset by a 16.4% decline in load count. Stewart said the company maintained a disciplined approach to profitability and carrier quality. Gross margin declined to 15.4%, down 350 basis points year over year, and the adjusted operating ratio deteriorated 160 basis points to 96.4%. Intermodal revenue increased 34.9% year over year, with load count up 19.6% and revenue per load up 12.8%. The segment improved its operating ratio by 470 basis points. Stewart said load count improved progressively through the quarter, while core pricing also improved. He said intermodal pricing remains more competitive than truckload, but the company is seeing opportunities from mini-bids, turnback bids and modal conversion. Miller said the company expects ongoing federal efforts to address invalid commercial driver’s licenses, cabotage, non-compliant CDL schools and hours-of-service abuses to continue affecting capacity. He said those initiatives should have an “outsized impact” on the one-way truckload market, particularly among lower-priced capacity. Miller also discussed the Supreme Court’s Montgomery ruling, saying it could tighten the market further by increasing insurance costs and raising shipper and broker selection standards. He said the ruling should not add cost to Knight-Swift’s asset-based business because of the company’s longstanding safety investments, but could create opportunities as shippers favor quality asset-based capacity. For brokerage operations, Miller said the ruling could change economic incentives across a large portion of the industry. He said some shippers are asking for higher insurance limits, seeking more information on carrier vetting practices, or requesting the right to approve broker carriers before assignment. He also said Knight-Swift’s brokerage insurance renewal was affected shortly after the ruling, with premium rates increasing to multiples of the prior coverage. Miller said recruiting and retaining quality drivers has become more challenging as market conditions tighten. He said the company is making targeted investments beginning in the third quarter, generally in the form of hiring and productivity incentives, while seeking to preserve margin recovery. In response to analyst questions, Miller said the current driver labor market differs from 2020 and 2021, when carriers were competing with government stimulus and a tighter overall labor market. He said driver pay increases are expected to be more targeted this cycle, and not as broad-based as in the prior upcycle. Stewart also reviewed the company’s second-quarter convertible bond issuance. He said Knight-Swift issued bonds at 1% to repay floating-rate debt around 5%, which the company expects to generate approximately $44 million in annual pretax savings after deal costs. The company also used $107 million of proceeds to purchase a call spread, increasing the effective conversion price from roughly $80 per share to $105 per share. Knight-Swift Transportation Holdings Inc (NYSE: KNX) is one of North America's largest asset-based truckload carriers, offering a wide range of transportation and logistics services. The company was formed in 2017 through the merger of Knight Transportation and Swift Transportation, each with decades of experience in long-haul dry van and refrigerated freight. Since the merger, Knight-Swift has pursued a growth strategy that includes fleet expansions, targeted acquisitions, and investments in technology to enhance service reliability and network efficiency. The company's core business activities include full truckload operations for dry van, temperature-controlled and flatbed shipments. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Knight-Swift Transportation Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.