Knight-Swift Transportation Holdings Inc.
Financial Performance
Knight-Swift Revenue & Financials
Revenue
$7.5B (FY2025)
Market Cap
$11.1B
Net Income
$65.9M
Employees
37,100
What is Knight-Swift's revenue?
Knight-Swift had $7.5B in revenue for fiscal year 2025, up 0.8% from 2024. Net income was $65.9M.
- Latest revenue
- $7.5B (FY2025)
- Year-over-year
- +0.8%
- Growth rate (CAGR)
- 23.5% over 9 years
- Peak revenue
- $7.5B (FY2025)
- Years of data
- 10
- Employees
- 37,100
- What is Knight-Swift's operating income?
- Knight-Swift reported operating income of $216.1M for fiscal year 2025. sec.gov
- How much profit does Knight-Swift make?
- Knight-Swift reported net income of $65.9M for fiscal year 2025. sec.gov
- How many employees does Knight-Swift have?
- Knight-Swift has about 37,100 employees.
Financial Analysis
Knight-Swift's earnings swing with the freight cycle. Net income peaked at $771 million in 2022, then fell to $217 million in 2023, $118 million in 2024 and $65.9 million in 2025 as truckload rates stayed weak while revenue held near $7.4-7.5 billion thanks to acquisitions. The turn showed up in 2026: Q2 2026 revenue rose 12.6% to $2.10 billion, GAAP net income rose 26% to $43.2 million, adjusted EPS rose 80% to $0.63, and the truckload segment's operating income nearly doubled to $89.1 million. Knight-Swift Transportation Holdings Inc. is the largest truckload carrier in North America, sustaining a robust market valuation typically over $8 billion.
Revenue Trend Analysis
YoY Change
+0.8%
9-Year CAGR
+23.5%
Peak Year
2025
Trend
Mostly Growing
Knight-Swift Transportation Holdings Inc. has 10 full fiscal year figures on this page, compounding at +23.5% annually over 9 years. The most recent year saw a 0.8% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $7.5B. Of 9 comparable year-over-year steps, 6 showed growth and 3 showed a decline.
Annual revenue history
Click any row to see year details.
Knight-Swift Transportation Holdings Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row.
| Fiscal Year | Operating cash flow | Total assets | Total liabilities | Shareholders' equity | Source |
|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $1.3B | $12B | $4.9B | $7.1B | Form 10-K |
| FY2024ended Dec 31, 2024 | $799.1M | $12.7B | $5.6B | $7.1B | Form 10-K |
| FY2023ended Dec 31, 2023 | $1.2B | $12.9B | $5.8B | $7.1B | Form 10-K |
| FY2022ended Dec 31, 2022 | $1.4B | $11B | $4B | $6.9B | Form 10-K |
| FY2021ended Dec 31, 2021 | $1.2B | $10.7B | $4.1B | $6.5B | Form 10-K |
| FY2020ended Dec 31, 2020 | $919.6M | $8.5B | $2.6B | $5.9B | Form 10-K |
| FY2019ended Dec 31, 2019 | $839.6M | $8.3B | $2.6B | $5.7B | Form 10-K |
| FY2018ended Dec 31, 2018 | $882M | $7.9B | $2.4B | $5.5B | Form 10-K |
| FY2017ended Dec 31, 2017 | $322.6M | $7.7B | $2.4B | $5.2B | Form 10-K |
| FY2016ended Dec 31, 2016 | $243.8M | $1.1B | $289.8M | $786.5M | Form 10-K |
Keep researching Knight-Swift
Knight-Swift Revenue and Financial FAQ
What is Knight-Swift Transportation's annual revenue scale?
Knight-Swift Transportation Holdings Inc. reported revenue of $7.5 billion for fiscal year 2025, up from $7.4 billion in fiscal 2024.
What is Knight-Swift's adjusted Operating Ratio (OR) and operating profitability?
Knight-Swift targets an industry-leading adjusted Operating Ratio (OR) in the mid-80s to low-90s percentile during normal freight cycles (where lower OR signifies higher operating profitability), generating hundreds of millions in operating income.
How is Knight-Swift's revenue divided across its operating business segments?
Truckload carriage represents the largest revenue contributor at approximately 55% to 60% of total revenue, followed by Less-Than-Truckload (LTL) at 15% to 18%, Logistics brokerage at 12% to 15%, and Intermodal generating around 7% to 10%.
What is Knight-Swift's capital expenditure budget for fleet renewal?
Knight-Swift invests $500 million to $700 million annually in net capital expenditures to systematically replace aging tractors and trailers, maintaining an ultra-young average tractor fleet age of 2.0 to 2.5 years to reduce maintenance costs and fuel consumption.
What is Knight-Swift's free cash flow profile and working capital management?
Knight-Swift generates predictable annual operating cash flows of $800 million to $1.2 billion, utilizing free cash flow to fund strategic LTL terminal acquisitions, reduce acquisition debt, and return capital to shareholders.
What is Knight-Swift's balance sheet structure, debt rating, and leverage target?
Knight-Swift maintains an investment-grade balance sheet with conservative leverage, targeting a net debt-to-EBITDA ratio between 1.0x and 1.5x, funded through low-interest revolving credit facilities and senior unsecured notes.
How does Knight-Swift return capital to shareholders through dividends and buybacks?
Knight-Swift pays consistent quarterly cash dividends (increasing payouts over consecutive years) and executes opportunistic multi-hundred-million-dollar share repurchase programs during cyclical freight downturns.
How does the cyclical 'freight recession' affect Knight-Swift's financial performance?
During cyclical freight market downturns characterized by excess trucking capacity and depressed spot rates, Knight-Swift uses its low-cost structure, dedicated contracts, and diverse LTL services to preserve profitability while weaker competitors exit the market.
Is Knight-Swift profitable?
Yes, but the trucking industry is brutally cyclical. During the 2021 pandemic boom, when Americans were buying massive amounts of goods, shipping rates exploded and Knight-Swift generated record billions in profit. However, during "freight recessions" (like 2023-2024), when demand collapses and fuel prices spike, their massive fixed costs (paying for thousands of idle trucks) severely compress their profit margins.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Knight-Swift Revenue & Financials." CorpDigest, https://corpdigest.com/company/knight-swift/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Knight-Swift reported $7.5B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/knight-swift/financials" target="_blank" rel="noopener">CorpDigest — Knight-Swift financials</a></div>Related Financial Audits
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