Knight-Swift Transportation Reports $1.824 Billion Revenue and $30.6 Million Net Income in Q1 2025

Knight-Swift Transportation Holdings Inc. reported a notable financial performance for the first quarter of 2025, with total revenue reaching $1.824 billion, a slight increase from $1.822 billion in the same period last year. The company achieved a net income of $30.6 million, a significant turnaround from a net loss of $2.6 million in the first quarter of 2024. This improvement was driven by a 224.3% increase in operating income, which rose to $66.7 million compared to $20.6 million in the prior year. Earnings per diluted share were reported at $0.19, compared to a loss of $0.02 per share in the previous year.

The company experienced several operational changes during the quarter, including the integration of its recent acquisitions, notably the Dependable Highway Express (DHE) and U.S. Xpress. The LTL segment, which has been expanding, reported a 26.7% increase in revenue, driven by a rise in shipment counts and the inclusion of DHE's operations. However, the LTL segment's operating income decreased to $12.7 million from $20.3 million, primarily due to start-up costs associated with new facilities and lingering integration costs. The Truckload segment, on the other hand, saw a decline in revenue, attributed to a 5.4% decrease in loaded miles, although revenue per loaded mile increased by 1.5%.

In terms of operational metrics, Knight-Swift operated an average of 21,909 tractors and 89,567 trailers in its Truckload segment, while the LTL segment operated 4,023 tractors and 10,976 trailers. The company opened seven new LTL service centers during the quarter, contributing to a total of approximately 170 facilities. The average length of haul for the LTL segment was reported at 639 miles, with an average weight per shipment of 982 pounds. The company’s total employee headcount remained stable, reflecting its ongoing efforts to manage labor costs amid a competitive driver market.

Looking ahead, Knight-Swift anticipates continued growth in its Truckload and LTL segments, with expectations for low single-digit revenue growth in Truckload and a projected 25% to 30% year-over-year growth in LTL revenue for the second quarter of 2025. The company plans to maintain its focus on cost control and operational efficiency while navigating potential market volatility. Knight-Swift's liquidity position remains strong, with $209.5 million in unrestricted cash and cash equivalents as of March 31, 2025, and no material liquidity constraints are foreseen. The company is committed to leveraging its acquisitions and expanding its service offerings to enhance profitability and market share.