$KNX

SWIFT TRANSPORTATION Co

CIK:0001492691|SEC Filings

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Total revenue

$ 2,095,712

$ 1,861,940

$ 3,945,935

$ 3,686,302

Operating expenses:

Salaries, wages, and benefits

^[1]

768,813

754,582

1,497,511

1,476,241

Fuel

^[1]

307,361

203,566

538,699

410,812

Operations and maintenance

^[1]

136,438

139,970

264,911

272,342

Insurance and claims

^[1]

100,164

85,281

209,321

177,506

Operating taxes and licenses

34,735

34,525

72,129

68,891

Communications

7,245

7,381

13,687

14,764

Depreciation and amortization of property and equipment

^[1]

178,161

176,538

354,970

354,017

Amortization of intangibles

18,834

19,246

37,736

38,492

Rental expense

43,876

43,196

88,928

86,062

Purchased transportation

^[1]

322,147

265,722

600,775

543,016

Impairments

10,584

882

10,612

Miscellaneous operating expenses

73,087

48,733

132,951

94,268

Total operating expenses

1,990,861

1,789,324

3,812,500

3,547,023

Operating income

104,851

72,616

133,435

139,279

Other (expenses) income:

Interest income

1,824

3,036

3,630

6,070

Interest expense

(23,251)

(40,878)

(53,980)

(81,081)

Other (expense) income, net

(17,919)

13,150

(19,100)

24,188

Total other expenses, net

(39,346)

(24,692)

(69,450)

(50,823)

Income before income taxes

65,505

47,924

63,985

88,456

Income tax expense

22,355

13,993

22,248

24,296

Net income

43,150

33,931

41,737

64,160

Net loss attributable to noncontrolling interest

312

135

722

Net income attributable to Knight-Swift

43,189

34,243

41,872

64,882

Other comprehensive income (loss)

233

(109)

573

354

Comprehensive income

$ 43,422

$ 34,134

$ 42,445

$ 65,236

Earnings per share:

Basic (in dollars per share)

$ 0.27

$ 0.21

$ 0.26

$ 0.40

Diluted (in dollars per share)

0.26

0.21

0.26

0.40

Dividends declared per share: (in dollars per share)

$ 0.20

$ 0.18

$ 0.40

$ 0.36

Weighted average shares outstanding:

Basic (in shares)

162,579

162,131

162,502

162,052

Diluted (in shares)

163,283

162,541

163,216

162,497

Revenue, excluding truckload and LTL fuel surcharge

Total revenue

$ 1,764,387

$ 1,672,201

$ 3,402,419

$ 3,305,164

Truckload and LTL fuel surcharge

Total revenue

$ 331,325

$ 189,739

$ 543,516

$ 381,138

[1]	The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 41,737	$ 64,160
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, equipment, and intangibles	392,706	392,509
Gain on sale of property and equipment	(32,172)	(33,784)
Impairments	882	10,612
Deferred income taxes	20,188	(33,897)
Non-cash lease expense	77,862	77,327
Gain on equity securities	(195)	(177)
Other adjustments to reconcile net income to net cash provided by operating activities	43,593	12,204
Increase (decrease) in cash resulting from changes in:
Trade receivables	(134,378)	(53,883)
Income tax receivable	(3,004)	9,244
Accounts payable	46,272	(63,469)
Accrued liabilities and claims accrual	62,664	(128)
Operating lease liabilities	(77,637)	(75,366)
Other assets and liabilities	11,840	20,577
Net cash provided by operating activities	450,358	325,929
Cash flows from investing activities:
Proceeds from sale of property and equipment, including assets held for sale	120,764	158,366
Purchases of property and equipment	(380,682)	(330,614)
Expenditures on assets held for sale	0	(716)
Acquisition of leased assets	0	(10,425)
Other cash flows provided by (used in) investing activities	2,855	(6,228)
Net cash used in investing activities	(257,063)	(189,617)
Cash flows from financing activities:
Repayments of finance leases and long-term debt	(883,194)	(148,948)
Borrowings on revolving lines of credit	62,000	165,000
Repayments on revolving lines of credit	(688,000)	(100,000)
Borrowings under accounts receivable securitization	0	30,000
Repayments of accounts receivable securitization	0	(50,000)
Proceeds from convertible senior notes	1,466,250	0
Purchase of capped calls	(107,100)	0
Proceeds from common stock issued	3,187	3,409
Dividends paid	(65,807)	(58,985)
Other cash flows used in financing activities	(21,712)	(2,062)
Net cash used in financing activities	(234,376)	(161,586)
Net decrease in cash, restricted cash, and equivalents	(41,081)	(25,274)
Cash, restricted cash, and equivalents at beginning of period	308,740	370,230
Cash, restricted cash, and equivalents at end of period	267,659	344,956
Cash paid during the period for:
Interest	49,999	75,140
Income taxes	4,383	41,281
Other Significant Noncash Transactions [Line Items]
Equipment acquired included in accounts payable	39,188	39,614
Right-of-use assets obtained in exchange for operating lease liabilities	51,863	21,562
Property and equipment obtained in exchange for finance lease liabilities	66,809	3,138
Financing provided to independent contractors for equipment sold
Other Significant Noncash Transactions [Line Items]
Other non-cash investing and financing activities	618	314
Transfers from property and equipment to assets held for sale [Member]
Other Significant Noncash Transactions [Line Items]
Other non-cash investing and financing activities	42,628	71,904
Property and equipment obtained in exchange for debt and finance lease liabilities from operating lease liabilities
Other Significant Noncash Transactions [Line Items]
Property and equipment obtained in exchange for finance lease liabilities	$ 0	$ 11,860

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 186,114

$ 220,420

Cash and cash equivalents – restricted

^[1]

74,715

82,381

Trade receivables, net of allowance for doubtful accounts of $29,354 and $30,647, respectively

434,776

305,324

Contract balance – revenue in transit

12,014

9,642

Prepaid expenses

106,917

113,985

Assets held for sale

51,801

72,985

Income tax receivable

48,899

45,895

Other current assets

27,680

36,894

Total current assets

942,916

887,526

Gross property and equipment

7,581,734

7,380,056

Less: accumulated depreciation and amortization

(2,809,508)

(2,662,331)

Property and equipment, net

4,772,226

4,717,725

Operating lease right-of-use-assets

291,343

314,571

Goodwill

3,934,741

Intangible assets, net

1,897,759

1,935,699

Other long-term assets

165,360

165,174

Total assets

12,004,345

11,955,436

Current liabilities:

Accounts payable

281,673

200,835

Accrued payroll and purchased transportation

209,555

194,910

Accrued liabilities

60,117

66,638

Claims accruals – current portion

243,912

246,882

Finance lease liabilities and long-term debt – current portion

166,487

194,406

Operating lease liabilities – current portion

113,587

127,538

Total current liabilities

1,075,331

1,031,209

Revolving line of credit

626,000

Long-term debt – less current portion

231,425

1,027,793

Convertible senior notes

^[2],[3]

1,465,833

Finance lease liabilities – less current portion

511,867

502,042

Operating lease liabilities – less current portion

195,965

207,788

Claims accruals – less current portion

396,082

359,546

Deferred tax liabilities

898,110

904,075

Other long-term liabilities

238,922

205,117

Total liabilities

5,013,535

4,863,570

Commitments and contingencies (Notes 7, 8, and 9)

Stockholders’ equity:

Preferred stock, par value $0.01 per share; 10,000 shares authorized; none issued

$ 0

Preferred stock, par value (in dollars per share)

$ 0.01

Preferred stock, shares authorized (in shares)

10,000

Preferred stock, shares issued (in shares)

Common stock, par value $0.01 per share; 500,000 shares authorized; 162,736 and 162,339 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.

$ 1,627

$ 1,623

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized (in shares)

500,000

Common stock, shares issued (in shares)

162,736

162,339

Common stock, shares outstanding (in shares)

162,736

162,339

Additional paid-in capital

$ 4,414,691

$ 4,480,725

Accumulated other comprehensive loss

(143)

(716)

Retained earnings

2,565,098

2,600,822

Total Knight-Swift stockholders' equity

6,981,273

7,082,454

Noncontrolling interest

9,537

9,412

Total stockholders’ equity

6,990,810

7,091,866

Total liabilities and stockholders’ equity

$ 12,004,345

$ 11,955,436

Common Class A [Member]

Stockholders’ equity:

Common stock, shares outstanding (in shares)

162,736

162,339

[1]	Reflects cash and cash equivalents that are primarily restricted for claims payments.
[2]	As of June 30, 2026, the carrying amount of the 2031 Notes was net of $1.3 million in unamortized debt issuance costs and $32.9 million of unamortized debt discount.
[3]	Refer to Note 12 for information regarding the fair value of debt.