Knight-Swift Transportation Holdings (KNX): 2Q26 EPS Beat; Raising Estimates Based on Trendline and Above-Forecast 3Q Guide; Buy

Research evidence excerpt

Knight-Swift Transportation Holdings (KNX): 2Q26 EPS Beat; Raising Estimates Based on Trendline and Above-Forecast 3Q Guide; Buy

Equity Research

22 July 2026 | 9:49PM EDT

Knight-Swift Transportation Holdings (KNX): 2Q26 EPS Beat; Raising

Estimates Based on Trendline and Above-Forecast 3Q Guide; Buy

The Bottom Line: KNX reported adjusted 2Q26 operating EPS of $0.63 versus Jordan Alliger

+1(212)357-4913 |

$0.49/$0.51 forecasts for GSe/Visible Alpha consensus (reported GAAP EPS of jordan.alliger@gs.com

Goldman Sachs & Co. LLC

$0.26 included intangible amortization, severance expense and other nonrecurring

Andrzej Tomczyk, CFA

items). Total revenue excluding fuel surcharges was inline versus GSe (2% above +1(212)357-4445 |

Street) while consolidated adjusted OR of 91.4% was 140bps ahead of our 92.8% andrzej.tomczyk@gs.comGoldman Sachs & Co. LLC

forecast and 110bps ahead of consensus (92.5%); with ~inline revenue alongside the Paul Stoddard

better OR, consolidated adjusted EBIT of ~$151M was 21% above our estimate of +1(801)744-3761paul.x.stoddard@gs.com|

$125M (15% above ~$131M for consensus). Goldman Sachs & Co. LLC

KNX provided a guide for 3Q26 EPS to be in the range of $0.71-$0.77 versus

$0.64/$0.71 estimates for GS/consensus coming into the print; the company

noted that this EPS range assumes current conditions continue with pressured

capacity, stable demand and typical seasonal demand patterns in the truckload and

LTL markets.

Recall that we recently raised estimates for truckload stocks over our forecast

period to 2028, and at the same time we adjusted higher our blue-sky scenarios

previously published in January (see: Trucking and The 3-Legged Stool; Blue Sky

Potential = Further Upside Opportunity). We remind that our blue sky cases are