Knight-Swift 10-Q Details Q3 EPS of $0.72 and Q4 Margin Guidance After 159% Adjusted EPS Jump
KNX sits 48% above its 52-week low of $41.235.
Summary
Knight-Swift's Q3 10-Q confirms the earnings beat first reported October 21 — $118.3 million of net income and $0.72 diluted EPS — and lays out Q4 guidance for 650-750 basis points of Truckload margin improvement alongside a debt profile now anchored by $1.5 billion of 1.00% convertible notes.
Key Events · Earnings and Guidance · KNX
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Q3 Net Income Jumps to $118.3 Million
Net income attributable to Knight-Swift was $118.3 million, or $0.72 per diluted share, versus $7.9 million and $0.05 a year earlier; consolidated operating ratio improved to 91.9% from 97.4%.
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Truckload Drives the Improvement
Truckload operating income rose to $123.1 million from $35.9 million on a 6.5% increase in revenue excluding fuel surcharge, with the segment operating ratio at 91.3% versus 97.1%.
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Q4 Guidance Calls for Further Margin Gains
Management guides Truckload Adjusted Operating Ratio to improve 650-750 basis points year over year in Q4, LTL 100-200 basis points, Logistics 300-400 basis points, and Intermodal revenue up 25%-30%.
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Convertible Notes Reshape the Balance Sheet
The $1.5 billion of 1.00% convertible notes due 2031 carry at $1.47 billion; proceeds repaid the term loan A-2, $436.0 million of term loan A-1 and all $620.0 million then outstanding on the revolver, leaving no revolver borrowings at quarter end.
Analysis · KNX · Energy & Transportation
The headline numbers were already out on October 21, but the 10-Q is where the full picture sits: net income attributable to Knight-Swift of $118.3 million ($0.72 diluted) versus $7.9 million a year ago, a 91.9% consolidated operating ratio against 97.4%, and segment-level Q4 guidance calling for Truckload Adjusted Operating Ratio to improve 650-750 basis points year over year. The balance sheet has been reshaped by the $1.5 billion 1.00% convertible notes due 2031 — the revolver is fully repaid and long-term debt ex-convertibles is down to $231.9 million — while $1.47 billion of convertible carrying value sits as a long-dated overhang, partly offset by capped calls struck at $104.75. Liquidity of $1.74 billion unrestricted, including $1.49 billion available on the revolver, leaves little near-term financing risk.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 30.7% of the 1698 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, KNX was trading at $60.83 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $9.9B. The 52-week trading range was $41.24 to $82.86. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.