Knight-Swift reported FY 2025 total revenue of USD 7.47 billion (+0.8%) and operating income of USD 216.06 million (-11.2%), with an operating ratio of 97.1% (vs. 96.7%). FY 2025 net income attributable to shareholders was USD 65.95 million (-43.9%), or diluted EPS of USD 0.41; adjusted net income attributable to shareholders was USD 204.74 million and adjusted EPS was USD 1.26. Operating cash flow was USD 1.27 billion and free cash flow was USD 763.23 million. By segment in FY 2025, Truckload revenue was USD 4.87 billion with operating income of USD 147.23 million (operating ratio 97.0%); LTL revenue was USD 1.48 billion with operating income of USD 38.99 million (operating ratio 97.4%); Logistics revenue was USD 570.29 million with operating income of USD 23.06 million (operating ratio 96.0%); and Intermodal revenue was USD 364.91 million with an operating loss of USD 7.64 million (operating ratio 102.1%). Key updates included the launch on Dec. 31, 2025 of a new USD 575 million accounts receivable securitization facility structured as a sale of receivables, replacing the prior facility previously treated as secured financing; the company said the change removes the receivables and related borrowing from the balance sheet starting Dec. 31, 2025 and is expected to reduce expenses going forward. In Truckload, Knight-Swift decided in Q4 to combine Abilene’s operations into Swift, contributing to FY 2025 non-cash impairments tied to Abilene goodwill and intangibles and certain equipment and real property. In LTL, the company said it will adopt the AAA Cooper brand across its entire LTL business effective Jan. 1, 2026, and opened 16 new service centers during FY 2025.

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