Knight-Swift Transportation Holdings Inc. KNX Q2 2026 earnings

“The second quarter saw a continued and rapid progression in truckload market conditions, with supply-driven tightening pushing spot rates, tender rejection rates, and contractual negotiations higher over the course of the quarter. We believe our business is positioned particularly well for environments such as this, with our leading over-the-road scale, agility in the market to optimize yield, collaborative cross-brand solutions to meet shippers' needs, an industry-leading academy network and training infrastructure to source professional drivers, and an intense cultural focus on cost and excellence in execution to convert opportunities into earnings. We believe demand for our truckload service offering is outpacing the market, as evidenced by our tender rejection rates running roughly twice the levels of public indicators in the second quarter. Realized revenue per mile was just beginning to recover in the second quarter, as contract rate improvement in the period was largely driven by bids priced early in the year, with more recent bids reflecting the tighter backdrop only starting to take effect late in the quarter. While our Truckload revenue and margin grew during the quarter, we anticipate meaningful opportunity ahead as the improvement in rate per loaded mile accelerated from low single-digits coming into the quarter to high single-digits in June. Our over-the-road business in particular posted double-digit year-over-year improvement in rate for the month of June. In addition, disciplined network management amplified the margin opportunity as a reduction in empty miles produced even greater improvement in revenue per total mile.”