Knight-Swift Transportation

Q2 FY2026 EarningsFY26 Q2 results presented a mixed picture with a top-line beat and adjusted earnings outperformance, despite a GAAP-level miss. Revenue of $2,095.7M beat the $2,044.3M consensus (+2.52%), driven by a 5.5% improvement in Truckload revenue per loaded mile and a 34.9% surge in Intermodal revenue. Adjusted EPS of $0.63 significantly exceeded the $0.51 consensus (+22.5%), while GAAP EPS of $0.26 missed the $0.46 mean due to $41M in one-time charges, including an $18.2M severance package and a $22.8M mark-to-market adjustment on U.S. Xpress purchase obligations. Q3 FY26 outlook remains constructive with Truckload revenue expected to grow mid-single digits YoY.