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KNX NYSE Russell 1000 Earnings call

Knight-Swift (KNX) · Q2 2026 results and valuation

Share price: $62.39 · 2026-11-11

Results Q2 2026 vs Q1 2026 · previous quarter · published 22 Jul 2026 and 22 Apr 2026

Net income turned to a profit from a loss last quarter. Management sounded cautious, in its script and in answers to analysts.

Only a basic analysis is available for this company at the moment.

1 · Numbers

Turned profit

Net income vs Q1 2026

Outlook given

Net income 43.2M vs -1.3M

Revenue +13.3%

2 · How management spoke

Cautious

Among the least upbeat of all company calls

Answers to analysts: upbeat, in line with the script.

Similar to last call.

3 · What stood out

Figure

The LTIP share of various services offerings remained largely consistent quarter-over-quarter as intermodal gained slightly over the first quarter.

Valuation

Is Knight-Swift undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 0.2% growth a year (3-year revenue growth), the model's fair value is $30.27 a share — the stock trades 106% above it. Today's price assumes 9.4% growth a year.

Current price

$62.39

close of 2026-11-11

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

+9.4% for 10 yrs

Fair value / share

$30.27

Buy below

$22.71

Price vs fair value

Overvalued 106%

Price vs buy-below price

Overvalued 175%

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Key theme

    Some shippers are demanding higher insurance limits and stricter carrier vetting practices to mitigate risk, which may cause broker liability insurance premiums to rise as underwriters reevaluate risk.

    Source quote
    “Some shippers are starting to ask for higher insurance limits from brokers and carriers, asked questions about carrier vetting practices... ...to drive behavior change for many, but shipper behavior could bring that about sooner to the extent shippers step in requirements or allocate freight differently to mitigate risk. On the insurance front, our view has been that premiums for broker liability insurance will climb over time as underwriters work through a reevaluation of the risk and as litigation...”
  2. Guidance

    KNX expects insurance costs in this space to continue to climb.

    Source quote
    “So we expect insurance costs in this space will continue to climb.”
  3. Guidance

    KNX aims to offset anticipated Q3 fuel headwinds with efficiency gains and volume to maintain margins.

    Source quote
    “While we anticipate that fuel will be a quarter-over-quarter headwind in Q3 based on recent trends, we aim to offset this margin headwind with further efficiency gains, volume...”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Cautious (was restrained)
Answers to analysts Upbeat (was restrained)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone
“The Intermodal segment grew revenue 34.9% and improved its operating ratio of 470 basis points year-over-year through a 19.6% increase in load count, a 12.8% increase in revenue per load...”
“So it's going to be much on the lower end of that or even below the rolling that we sit do at with that 25% to 30% because the driver...”
“Though the intermodal pricing environment remains more competitive than truckload, we are encouraged by ongoing opportunities to leverage our strong service performance and our truckload relationships to continue growing our...”

Full figures

USD · ROIC.AI fundamentals (NYSE:KNX, period end 2026-06-30)

Metric Q2 2026period end 2026-06-30 Q1 2026period end 2026-03-31 Change Q2 2025 YoY
Revenue 2.10B 1.85B +13.3% 1.86B +12.6%
Gross profit 320.1M — —
Operating income 104.9M 28.6M +266.8% 72.6M +44.4%
Net income 43.2M -1.3M Turned profit 34.2M +26.1%
EPS 0.27 -0.01 Turned profit 0.21 +26.5%
P/E today 310.7 — 274.2 — 43.4 —

Topics

Most discussed now

  • New Particularly well for environments such as this with Knight-Swift's leading over-the-road scale agility in the market to optimize yield…
  • New Revenue per mile accelerated in June as the more recent bids reflecting the titer backdrop started taking effect.
  • The truckload freight market has rapidly progressed over the past few months, with spot rates trading well ahead of normal...
  • Further, Knight-Swift believes demand for its truckload service offering is outpacing the market as evidenced by its tender rejection…
  • Its brokerage insurance actually expired in June, and Knight-Swift was in market working towards a renewal when the Montgomery ruling...

Faded since Q1 2026

  • Fading Much of that capacity may not have been playing by the rules that Knight-Swift plays by and therefore, operating with...
  • Fading This cleanup effort should, in Knight-Swift's view, have an outsized impact on not just the one-way truckload market, but on...
  • Fading To the increase in third-party carrier costs brought on by the regulatory pressures on capacity, Knight-Swift's Logistics business...
  • Fading Expressed very early on in the acquisition to ensure that Knight-Swift had good quality drivers to drive down the craft...

Latest announcements

Official filings, newest first.

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