Knight-Swift Q3 revenue, EPS beat analyst expectations on pricing gains
KNX•Knight-Swift reported Q3 revenue of $2.2 billion and adjusted EPS of $0.83, topping analyst estimates of $2.15 billion and $0.76. It expects Q4 adjusted EPS of $0.78 to $0.84 and narrowed its FY26 net cash capex outlook to $600 million-$625 million.
1. Quarterly results
Knight-Swift reported Q3 revenue of $2.2 billion, above the $2.15 billion analyst consensus, and adjusted EPS of $0.83, beating the $0.76 estimate. Adjusted truckload operating income rose 202.3%, largely on pricing gains and a 170-basis-point reduction in empty miles.
2. Outlook and drivers
The company expects Q4 adjusted EPS of $0.78 to $0.84 and narrowed its FY26 net cash capex outlook to $600 million-$625 million from $600 million-$650 million. It forecasts Q4 truckload revenue excluding fuel surcharges to rise by a low double-digit percentage and adjusted operating ratio to improve 650 to 750 basis points year over year. Intermodal revenue growth reflected a 13.3% increase in load count and a 15.2% rise in revenue per load.
