Knight-Swift Transportation
KNX · NYSETrucking (No Local) · Fiscal year ends Dec 31
Knight-Swift Transportation reported revenue of $7.5B in the fiscal year ended Dec 2025, up 0.8% from the year before. Operating income was $216M, an operating margin of 2.9%, and net income was $66M. Net debt was $1.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $6B | $7.4B | $7.1B | $7.4B | $7.5B |
| Operating income | $966M | $1.1B | $338M | $243M | $216M |
| Interest expense | $21M | $51M | $127M | $171M | $162M |
| Pre-tax income | $975M | $1B | $270M | $149M | $95M |
| Income tax | $231M | $249M | $55M | $33M | $30M |
| Net income | $743M | $771M | $217M | $118M | $66M |
| Diluted EPS | 4.45 | 4.73 | 1.34 | 0.73 | 0.41 |
| Diluted shares | 167M | 163M | 162M | 162M | 163M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $261M | $197M | $169M | $218M | $220M |
| Receivables | $911M | $842M | $889M | $804M | $305M |
| Current assets | $1.4B | $1.5B | $1.7B | $1.4B | $888M |
| Net PP&E | $3.6B | $3.8B | $4.6B | $4.7B | $4.7B |
| Goodwill | $3.5B | $3.5B | $3.8B | $4B | $3.9B |
| Total assets | $10.7B | $11B | $12.9B | $12.7B | $12B |
| Payables | $225M | $221M | $355M | $330M | $201M |
| Current liabilities | $1.1B | $894M | $1.8B | $1.7B | $1B |
| Long-term debt | $1.5B | $1.1B | $1.6B | $1.8B | $1.7B |
| Total liabilities | $4.1B | $4B | $5.8B | $5.6B | $4.9B |
| Shareholders' equity | $6.5B | $6.9B | $7.1B | $7.1B | $7.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $1.4B | $1.2B | $799M | $1.3B |
| Depreciation & amortisation | $578M | $660M | $735M | $793M | $788M |
| Stock-based compensation | $28M | $34M | $28M | $24M | $29M |
| Acquisitions | $1.5B | $31M | $458M | $185M | $0 |
| Share buybacks | $57M | $300M | $0 | $0 | – |
| Dividends paid | $64M | $78M | $91M | $104M | $117M |
| Dividend per share | 0.38 | 0.48 | 0.56 | 0.64 | 0.72 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 23.9% | −3.9% | 3.8% | 0.8% |
| Operating income growth (YoY) | – | 13.1% | −69.0% | −28.0% | −11.2% |
| EPS growth (YoY) | – | 6.3% | −71.7% | −45.5% | −43.8% |
| Operating margin | 16.1% | 14.7% | 4.7% | 3.3% | 2.9% |
| Net margin | 12.4% | 10.4% | 3.0% | 1.6% | 0.9% |
| Return on equityBlank when equity is negative | 11.4% | 11.1% | 3.1% | 1.7% | 0.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.1% | 10.9% | 3.1% | 2.2% | 2.0% |
| Cash conversion (CFO ÷ net income) | 1.60x | 1.86x | 5.35x | 6.79x | 19.2x |
| Receivable days | 55 | 41 | 45 | 40 | 15 |
| Interest cover | 45.7x | 21.5x | 2.66x | 1.42x | 1.34x |
| Debt ÷ equity | 0.23x | 0.16x | 0.23x | 0.26x | 0.25x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.2B | $884M | $1.5B | $1.6B | $1.5B |
| Current ratio | 1.32x | 1.67x | 0.94x | 0.85x | 0.86x |
Recent filings
More in Trucking (No Local)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.