Knight-Swift’s Q2 2026 earnings call featured CEO Adam W. Miller, CFO Andrew Hess, IR head Brad Stewart, analysts from major banks.
Miller flagged a rapid truckload tightening, with spot rates ahead of seasonality; tender rejections hit highs since 2021; bid pricing delivered double-digit gains.
Management tied further capacity tightening to FMCSA/DOT compliance actions, the Supreme Court’s Montgomery ruling, rising brokerage insurance costs, stricter shipper vetting.
Q2 adjusted EPS was $0.63; GAAP EPS was $0.26; adjusted operating ratio improved to 91.4%; truckload adjusted operating ratio improved to 91%.
Q3 adjusted EPS guidance was set at $0.71-$0.77; targeted driver-pay actions are planned to lift seated-tractor levels; truck count is expected to be stable sequentially.
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