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Knight-Swift Transportation Holdings earns most of its revenue from shippers paying for a truck to carry their freight, generally at a rate per mile or per load. It uses its own fleet and drivers alongside independent contractors. Some customers sign multi-year dedicated contracts that assign drivers and equipment to specified routes and guarantee capacity; most other contracts do not guarantee shipment volumes.
Less-than-truckload transportation, for shipments that do not require a whole truck, is its second-largest revenue source. Charges depend on freight density, weight and distance. Smaller businesses arrange shipments with outside trucking companies or move freight in company containers by rail, with trucks handling the trips between rail terminals and customers. These services depend on securing capacity from other carriers and railroads.
Freight demand and available trucking capacity influence the rates Knight-Swift can negotiate and how much paid hauling its equipment performs. Major customers supply a substantial share of revenue, including one large customer that uses all its main businesses; retail and discount retailers also account for substantial freight. Operating its fleet requires qualified drivers and equipment that complies with emissions and fuel-efficiency rules.
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Schneider National competes with Knight-Swift for North American shippers paying for full-truckload hauling and transportation combining different modes. Its transportation and logistics business spans the United States, Canada and Mexico.
Werner Enterprises competes with Knight-Swift for shippers' dedicated, irregular-route dry-van, expedited and temperature-controlled truckload business. Watch its dedicated service to retail distribution centers and manufacturing facilities, where customers pay for trucks assigned to their needs.
J.B. Hunt competes with Knight-Swift to haul shippers' freight with dedicated trucks and full-load dry vans, combine rail and truck transport, and arrange outside carriers through freight brokerage. Its dedicated, intermodal and brokerage results offer separate views of those overlapping businesses.
TFI International competes with Knight-Swift for U.S. customers paying to move full truckloads, smaller loads consolidated for transport, and freight arranged through outside carriers. TFI identifies price and reliable, efficient, safe delivery as the main grounds of competition.
Heartland Express competes with Knight-Swift for nationwide dry-van truckload orders, particularly short- and medium-haul freight from major U.S. shippers. Its focus on time-sensitive shipments and premium service makes its pricing a useful comparison for Knight-Swift's regional truckload business.
Covenant Logistics competes with Knight-Swift for shippers paying for dedicated and expedited truckload hauling or for arranging outside carriers through freight brokerage. Watch its Dedicated, Expedited and Managed Freight revenue rather than its warehouse-management business when comparing the two.
Marten Transport competes with Knight-Swift for refrigerated and dry truckload freight, dedicated hauling and arranging carriers for shippers through brokerage. Temperature-sensitive products supplied approximately 59% of Marten's Truckload and Dedicated revenue in 2025, making those businesses a particularly useful refrigerated-freight comparison.
ArcBest competes with Knight-Swift for shippers' smaller consolidated loads through ABF Freight and for arranging full-truckload carriers through MoLo. ABF's freight volumes are worth watching because much of its terminal-network cost stays fixed unless service levels change significantly.
Old Dominion Freight Line competes with Knight-Swift's expanding network for customers' regional and national shipments too small to fill a truck, known as LTL freight. Its LTL demand provides a comparison tied to industrial production and the health of the U.S. domestic economy.
Saia competes with Knight-Swift for shippers' smaller loads, using terminal networks to pick up, move between terminals and deliver this LTL freight. Approximately 97% of Saia's revenue comes from LTL transportation, making that revenue line a focused comparison for Knight-Swift's LTL business.
XPO competes with Knight-Swift's LTL network for customers' smaller consolidated loads moving domestically and across borders in North America. Watch XPO's North American LTL results, rather than its European transportation business, for the relevant comparison.
FedEx Freight Holding Company competes with Knight-Swift for smaller-load shipments where customers choose either a delivery deadline or a lower-cost service with flexible transit times. Its Priority and Economy services distinguish those two customer needs within one LTL network.
Landstar competes with Knight-Swift to arrange full-truckload transport for North American shippers using outside carriers. Its independent sales agents bring in customers, while Landstar contracts with those customers and pays carriers—a useful comparison for Knight-Swift's third-party transportation business.
C.H. Robinson competes with Knight-Swift Logistics to arrange carriers for North American shippers' full truckloads and smaller consolidated loads, a service known as freight brokerage. Its North American Surface Transportation results are the relevant comparison, rather than its global ocean and air forwarding business.
PAMT CORP competes with Knight-Swift for U.S. and Mexico shippers' dry-van truckload orders and for arranging outside carriers through brokerage. Its freight includes automotive parts, retail merchandise and manufactured goods, giving concrete customer markets to watch in its results.
Ryder competes with Knight-Swift for shippers paying to have vehicles, drivers and transportation management assigned to their business. Watch Ryder's Dedicated Transportation Solutions results, but note that dedicated hauling integrated with a broader logistics package is primarily reported in Supply Chain Solutions.
Knight-Swift Transportation Holdings Inc. earningsThis company
Knight-Swift’s report will show whether freight revenue can support better truckload efficiency while its less-than-truckload business keeps growing.
Read Truckload revenue excluding fuel surcharges alongside its operating ratio, which is operating costs as a share of revenue, so lower is better. Rising revenue with a falling ratio would mean more freight revenue and lower costs relative to revenue, evidence of improving efficiency in Knight-Swift’s core business. Falling revenue with a rising ratio would point to continued pressure from demand and costs. Then check whether LTL revenue keeps growing to see if it is broadening the sources of growth.
Retail Sales MoM (Oct)
Retail sales track what consumers spend at retailers, and because retail and discount-retail customers ship a substantial share of Knight-Swift’s freight, stronger or weaker sales can change their shipping demand and the company’s freight revenue and truck utilization.
Stronger retail sales suggest consumer-facing customers may need more freight capacity, which can support Knight-Swift’s shipment volumes and truck utilization; weaker sales suggest less shipping demand and potential pressure on freight revenue and utilization.
