Knight-Swift Transportation Holdings Inc. (KNX) · Oct 21, 2026 · Earnings

Knight-Swift earnings beat as truckload recovery widens

Beat — Adjusted EPS $0.83 vs ~$0.76 consensus

Knight-Swift’s Q3 earnings beat consensus as truckload margins rebounded sharply, though LTL profitability slipped and revenue growth stayed modest.

Knight-Swift is entering a freight-cycle recovery: tighter industry capacity is improving truckload pricing and customer demand for reliable asset-based carriers, a shift already visible before this report.

Metric	Q3 2026	Comparison	Read
Adjusted EPS	$0.83	~$0.76 consensus	Beat
Revenue	$2.201B	~$2.15B consensus; $1.927B prior year	Slightly above expectations; +14.2% year over year
Adjusted operating income	$198.5M	$106.0M prior year	+87.4%
Consolidated adjusted operating ratio	89.3%	93.8% prior year	Improved 450 bps
Truckload adjusted operating ratio	89.2%	96.2% prior year	Improved 700 bps
LTL adjusted operating ratio	91.4%	90.6% prior year	Worsened 80 bps

The quarter beat a modest earnings bar, but the real signal was operational leverage. Adjusted EPS of $0.83 exceeded the published consensus of roughly $0.76, while revenue was only slightly above the roughly $2.15 billion expectation. The earnings outperformance came primarily from much better execution and pricing in Truckload, not from a broad-based volume surge.

Truckload is now carrying the recovery story. Ex-fuel Truckload revenue rose 6.5%, its strongest organic growth in more than four years, while the adjusted operating ratio improved 700 basis points to 89.2%. 〔0〕 Pricing, fewer empty miles, and better utilization are converting tighter capacity into margin repair; the remaining question is how much further rates can rise as driver and fuel costs remain headwinds.

The U.S. Xpress integration is becoming less of a drag. The acquired over-the-road division reached a mid-90s adjusted operating ratio, while legacy brands achieved an 88.0% ratio. That narrows the performance gap inside the largest segment and makes the recovery more durable than a simple spot-rate rebound, although U.S. Xpress has not yet reached legacy-brand economics.

Diversification was mixed rather than uniformly strong. Intermodal revenue grew 30.6% and returned to profitability, while Logistics expanded adjusted profit despite a 1.0% revenue decline. 〔1〕 LTL revenue excluding fuel surcharge was nearly flat and its adjusted operating ratio deteriorated 80 basis points, so the broader portfolio helped but did not eliminate the dependence on Truckload.

The balance sheet and spending outlook offer incremental support, not a new thesis. Year-to-date operating cash flow was $799.9 million and free cash flow was $373.2 million, while full-year net capital-expenditure guidance was narrowed to $600 million-$625 million from $600 million-$650 million (Cash Flow statement; Equipment and Capital Expenditures). The company also issued $1.5 billion of convertible notes and repaid its revolver and term loans, leaving liquidity ample but adding a new convertible debt layer.

Management is signaling continued momentum rather than a fresh guidance reset. Fourth-quarter adjusted EPS guidance is $0.78-$0.84, based on pressured capacity, stable demand, and normal seasonality. That outlook is consistent with the recovery already expected by the market; the surprise here is that the margin improvement arrived faster and more broadly than the revenue line alone suggests.

Bottom line: This was a genuine but not explosive beat: Truckload pricing and execution are repairing margins, while Intermodal and Logistics add support. The event advances the recovery story, but LTL weakness and cost inflation keep it from being a clean all-segment acceleration.

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Knight-Swift earnings beat as truckload recovery widens

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