KNX - Pricing Gaining Momentum

研报英文原文证据摘录

KNX - Pricing Gaining Momentum

Airfreight & Surface Transportation

Trucking - Market Weight

KNIGHT-SWIFT TRANSPORTATION (KNX) July 22, 2026

KNX - Pricing Gaining Momentum Rating:

Peer Perform

The Wolfe Byte Price: $76.04

After the close, KNX reported a large 2Q beat and provided 3Q guidance Price Target:

above Consensus. We're raising our EPS estimates and remain materially above NA

Consensus, but maintain our Peer Perform rating. View KNX Model

View Comp Table

●2Q Beat and Upside 3Q Guidance. After the close, KNX reported 2Q EPS of Company Information

$0.63, well above both Consensus ($0.51) and our estimate ($0.52) with much 52-Week Range $39 - $83

Market Cap. (MM) $12,356

better TL margins vs. our model. KNX also provided 3Q guidance of $0.71- Enterprise Value (MM) $14,730

$0.77, above prior Consensus of $0.71 and more in line with our prior model. Shares Out. (MM) 162.5

Avg. Value Traded (MM) $4,319.20

●TL Pricing Momentum. TL yields increased 6% y/y and 3% q/q, the 2nd best Adj. Debt to Cap 11.0%

sequential increase in 2Q in the history of our model. And with double-digit SI% of Float 0.1% FCF Yield 3.1%

contract renewals, we expect pricing gains to accelerate further in 2H into the EV/ EBITDA 12.0x

double-digits. That said, KNX's utilization flattened out y/y and its TL fleet

declined 3% y/y. KNX's TL OR improved 350bp y/y in 2Q and KNX expects 85

700bp of y/y improvement in 3Q as pricing gains accelerate. KNX is also starting 8075

to adjust driver pay to help drive a rebound in its seated tractor count, but 7065

sounds optimistic that the magnitude of driver pay inflation will be more modest 6055

this cycle. 5045

●Mixed LTL Results. LTL shipments declined 4% y/y in 2Q, but volume trends 4035

improved throughout the quarter.