Big Beat and Guide Ahead but KNX Is Just Getting Started

Research evidence excerpt

Big Beat and Guide Ahead but KNX Is Just Getting Started

Idea

July 23, 2026 02:02 AM GMT

Morgan Stanley & Co. LLCMKnight-Swift Transportation Holdings Inc | North Ravi Shanker

America Equity Analyst

Ravi.Shanker@morganstanley.com +1 212 761-6350

Nancy Hipp

Research AssociateBig Beat and Guide Ahead but Nancy.Hipp@morganstanley.com +1 212 761-1311

Madison J Pasterchick

Research AssociateKNX Is Just Getting Started Madison.Pasterchick@morganstanley.com +1 212 761-3787

Knight-Swift Transportation Holdings Inc (KNX.N, KNX

AlphaSignals Earnings Reaction

UN)

Strengthens our thesis Meaningful upside Modest revision higher

Freight Transportation | United States of America

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Overweight

Source: Company data, Morgan Stanley Research Industry View In-Line

Price target $100.00

Shr price, close (Jul 22, 2026) $76.04

The bar was high into the print but KNX comfortably cleared it, Mkt cap, curr (mm) $12,421

which should soothe nerves around short-term froth in the 52-Week Range $82.84-38.65

stock. Call commentary also made clear that there is plenty

more to come.

Key Takeaways

KNX delivered a strong 2Q beat, with EBIT/EPS 14%/23% above consensus and

guidance ~5% above expectations despite already elevated estimates.

Truckload remains the key upside driver, as TL EBIT beat cons. by 23% before

2026 contract repricing has meaningfully flowed through.

Operational execution was excellent, with higher utilization and mgmt.

reinforcing DD% pricing expectations for the 2026 bid season.

Mgmt. expects industry margin restoration to outweigh driver wage inflation,

although sustaining this pricing discipline remains the key debate for investors.