Knight-Swift Transportation Holdings Inc. (KNX): Business Model Canvas [Dec-2025 Updated]

You're digging into the actual mechanics of how Knight-Swift Transportation Holdings Inc. (KNX) makes its money, and after twenty years analyzing these giants, I can tell you their current strategy is a clear pivot: doubling down on Less-Than-Truckload (LTL) growth while maintaining their massive Truckload (TL) scale. This isn't just talk; their Q3 2025 LTL revenue (xFSC) was up 21.5% year-over-year, a direct result of integrating assets and expanding their network, all supported by a fleet of over 22,791 tractors. We need to see how they fund this-they're projecting net cash capital expenditures between $525M and $575M for 2025-while keeping an eye on the biggest cost: labor, which still accounts for nearly 39.6% of revenue. Keep reading below to see the complete, no-fluff Business Model Canvas that maps out exactly where the risks and the real opportunities lie for this transportation powerhouse.

Knight-Swift Transportation Holdings Inc. (KNX) - Canvas Business Model: Key Partnerships

You're looking at how Knight-Swift Transportation Holdings Inc. (KNX) builds its operational strength through key external relationships, which is crucial for a diversified carrier of this scale.

Major rail carriers like Union Pacific and Norfolk Southern for Intermodal

Knight-Swift Transportation Holdings Inc. publicly endorsed the proposed merger between Union Pacific Railroad and Norfolk Southern Corporation in September 2025. This move is aimed at creating the first truly coast-to-coast railroad network in the U.S. The belief is that this unified network will make cross-country intermodal shipping faster, more fuel-efficient, and more reliable by enabling seamless single-line service from coast to coast. Freight that previously required an interchange between separate railroads mid-journey will now stay on one rail line, eliminating handoff delays. CEO Adam Miller noted this aligns with the company's mission of delivering cost-effective, environmentally responsible freight solutions, allowing Knight-Swift Transportation to integrate its trucking operations with rail for cross-country shipments like never before.

The scale of Knight-Swift Transportation Holdings Inc.'s asset base, which includes thousands of trucks and intermodal containers, positions it to immediately leverage this change. For context, as of the 2024 Annual Report, the Intermodal segment operated an average of 615 tractors and 12,572 intermodal containers.

Multi-year agreement with CPKC for cross-border Mexico-US-Canada rail service

Knight-Swift Transportation Holdings Inc. maintains a multi-year agreement with Canadian Pacific Kansas City (CPKC) to provide truckload intermodal transportation service across CPKC's north-south corridor. This partnership facilitates the transition of Knight-Swift Transportation's Mexico-U.S. traffic, with a focus on growth between the Chicago, Texas, and Mexico markets. The original intent of this collaboration was to divert an estimated 64,000 long-haul truck shipments to rail annually. This diversion was projected to reduce total truck vehicle miles traveled by almost 2 billion miles over the next two decades across the networks involved. The agreement is designed to improve service reliability and competitiveness for Knight-Swift Transportation's established Mexico customer base by leveraging CPKC's cross-border efficiency.

Network of thousands of qualified third-party carriers for Logistics and Power Only services

The Logistics segment relies heavily on a network of third-party transportation providers to offer brokerage and freight management services. This approach allows Knight-Swift Transportation Holdings Inc. to complement its asset-based business and enhance returns on its capital assets, particularly through Power Only opportunities. The company has developed trailer tracking technologies that allow its Logistics segment to more efficiently and securely utilize its trailer fleet for these Power Only needs, offering customers drop-and-hook capabilities at scale. This flexibility helped the segment achieve an Adjusted Operating Ratio of 94.3% in the third quarter of 2025, with a gross margin of 17.8%.

Here's a quick look at the Logistics segment's recent performance, which reflects the utilization of this external network:

• Adjusted Operating Ratio (H1 2025): 95.2%
• Gross Margin (H1 2025): 18.5%
• Revenue per Load Increase (Q3 2025): 3.6% year-over-year
• Load Count Decline (Q3 2025): 6.2% year-over-year

Original Equipment Manufacturers (OEMs) for continuous fleet replacement and modernization

Knight-Swift Transportation Holdings Inc., operating the largest full truckload fleet in North America, partners with OEMs to ensure continuous fleet replacement and modernization, which is key to managing cost per mile. While specific OEM names aren't detailed in the latest reports, the focus on cost structure improvement is evident. For instance, the Truckload segment improved its Adjusted Operating Ratio by 260 basis points year-over-year in Q2 2025, driven by progress in reducing cost per mile. The company continues to invest in its network; in Q2 2025, they opened three new locations and replaced one more. As of the 2024 filing, the Truckload segment operated an average of 22,791 tractors (comprising 20,644 company tractors and 2,147 independent contractor tractors) and 92,831 trailers.

Technology vendors for AI-driven operational efficiencies and platform development

The company actively invests in technology from vendors to drive operational efficiencies. This includes technology that allows Knight-Swift Transportation Holdings Inc. to seamlessly connect with customers and react quickly to spot market opportunities with real-time quotes. Furthermore, the development of trailer tracking technologies, mentioned above, is a direct result of technology partnerships that enhance the utilization of assets within the Logistics segment. This focus on digital integration helps maintain discipline on price and diligence in carrier qualification, even when load counts decline, such as the 11.7% decline in Logistics load count seen in Q2 2025, which was largely offset by a 10.6% increase in revenue per load.

Finance: draft 13-week cash view by Friday.

Knight-Swift Transportation Holdings Inc. (KNX) - Canvas Business Model: Key Activities

You're looking at the core engine of Knight-Swift Transportation Holdings Inc. as of late 2025, focusing on the actions that drive their value proposition across the segments. It's about scale, integration, and relentless cost management, especially given the recent financial pressures.

Operating North America's largest full Truckload (TL) fleet.

Knight-Swift Transportation Holdings Inc. operates the largest full truckload fleet in North America, a key resource underpinning its market position. While the exact current tractor count isn't public, the scale of the operation is evident in the segment's performance metrics, even when facing headwinds.

Rapidly expanding the Less-Than-Truckload (LTL) network, including terminal integration.

The strategic pivot to LTL is a major activity, with management actively harmonizing its acquired LTL brands under the AAA Cooper banner, effective January 1. This expansion is showing top-line results:

• LTL revenue, excluding fuel surcharge, increased 21.5% year-over-year in the third quarter of 2025.
• LTL shipments per day grew 14.2% in the third quarter of 2025.
• The LTL segment saw revenue, excluding fuel surcharge, increase 26.7% year-over-year in the first quarter of 2025.
• The company opened seven new LTL locations during the first quarter of 2025 as part of network investment.
• In the second quarter of 2025, LTL revenue grew 28% year-over-year via acquisitions, adding over 1,000 new service points and boosting daily shipments by 24.2%.

Managing a complex, multi-modal supply chain across four core segments.

Knight-Swift Transportation Holdings Inc. manages operations across four distinct reportable segments as of June 30, 2025: Truckload, LTL, Logistics, and Intermodal. The overall scale of activity in the third quarter of 2025 resulted in consolidated total revenue of $1.9 billion. The operational efficiency across these segments is tracked closely via the operating ratio:

The Intermodal segment reported its first adjusted operating profit in 10 quarters in Q3 2025, with its adjusted OR improving by 160 basis points year-over-year.

Overhauling and integrating acquired fleets, like the U.S. Xpress assets.

Integrating the U.S. Xpress fleet, acquired in July 2023, remains a key activity, though it carried specific costs in the third quarter of 2025. The legacy truckload brands, excluding U.S. Xpress, operated at a 93.7% Adjusted Operating Ratio in Q3 2025. The integration involved significant claims costs; the third quarter included $12.0 million of higher insurance and claims costs at U.S. Xpress, primarily from settling two large 2023 auto liability claims. On a positive note, the U.S. Xpress unit achieved a quarterly operating profit for the first time since the acquisition in the first quarter of 2025.

Disciplined pricing and intense cost control to maintain a competitive operating ratio.

Cost control is central to Knight-Swift Transportation Holdings Inc.'s operations, aiming for profitability even in soft markets. The consolidated adjusted operating ratio for the third quarter of 2025 was 93.8%, which was flat year-over-year and sequentially. The Truckload segment's revenue per loaded mile, excluding fuel surcharge and intersegment transactions, was flat year-over-year in Q3 2025, reflecting disciplined pricing amidst flat volume. Management explicitly stated they remain disciplined on price and diligent in carrier qualification to maintain profitability. The company expects Truckload operating income to improve sequentially in the fourth quarter of 2025, with an operating margin improvement guidance of 250 to 350 basis points. Net cash capital expenditures for the full year 2025 are projected to range between $475 million and $525 million.

Finance: draft 13-week cash view by Friday.

Knight-Swift Transportation Holdings Inc. (KNX) - Canvas Business Model: Key Resources

You're looking at the core assets that let Knight-Swift Transportation Holdings Inc. run its massive operation. These aren't just line items on a balance sheet; they are the physical and intellectual engines of the business.

• Massive fleet of over 22,791 Truckload tractors and 92,831 trailers.
• Extensive network of LTL service centers, covering approximately 70% of the U.S. population.
• Proprietary technology platforms like the FreightBox app for real-time visibility.
• Significant capital liquidity, with 2025 net cash capex projected at $525M - $575M.
• Large, diverse driver and non-driver employee base of about 35,000 people.

The scale of the physical assets is what sets Knight-Swift apart, especially when you look at the breakdown across its segments as of mid-2024. Honestly, that LTL network expansion, fueled by acquisitions like DHE Transportation, is key to hitting that 70% population coverage mark.

The employee base is critical, given the industry's reliance on drivers. The latest confirmed count puts the total workforce at 35,300 people, which supports that massive fleet and the growing LTL footprint. The technology investment, represented by platforms like the FreightBox app, is how they manage that complexity and provide customers with real-time tracking, which is table stakes now, but still a vital resource.

Financially, the projected capital expenditure for 2025-the $525M - $575M range for net cash capex-shows the commitment to maintaining and growing these physical resources, even in a cyclical market. That level of planned spending signals confidence in future asset utilization.

• Technology Investment Focus Areas:
• Real-time shipment visibility via apps like FreightBox.
• Automation of back-office functions for efficiency.
• Leveraging power-only capabilities to complement asset utilization.

Finance: draft 13-week cash view by Friday.

Knight-Swift Transportation Holdings Inc. (KNX) - Canvas Business Model: Value Propositions

You're looking at how Knight-Swift Transportation Holdings Inc. delivers value across its massive freight network as of late 2025. The core proposition is offering a single, integrated solution for nearly every shipping need you might have.

Comprehensive, single-source solution across TL, LTL, Intermodal, and Logistics

Knight-Swift Transportation Holdings Inc. provides a full complement of services across its four main segments: Truckload (TL), Less-than-Truckload (LTL), Logistics, and Intermodal. This breadth means you can consolidate your freight spend with one provider for diverse needs. For instance, Q1 2025 saw consolidated total revenue hit $1.8 billion, and by Q3 2025, that figure was $1.9 billion, showing the scale of their operations across these varied services.

The company operates across North America, using a network of terminals in the United States and Mexico.

Unmatched scale and capacity, mitigating supply chain risk for large shippers

The scale of Knight-Swift Transportation Holdings Inc. is definitely a key value driver, offering capacity that fewer competitors can match. They operate roughly 30,000 tractors and over 100,000 trailers across their segments. This massive asset base positions them as the industry's largest full truckload company. Having this much owned capacity helps large shippers manage risk when the market tightens.

Cost-effective freight solutions through a highly utilized, modern fleet

For the core Truckload business, cost-effectiveness is driven by asset utilization and efficiency gains. While the freight environment has seen pressure, the Truckload segment's Adjusted Operating Ratio for Q3 2025 was 96.2%. To put that in perspective, the Q2 2025 TL Adjusted Operating Ratio was 94.6%, which was an improvement of 260 basis points year-over-year, showing a focus on driving down costs per mile. This focus on efficiency helps keep their solutions competitive.

Seamless coast-to-coast LTL service via integrated brands (AAA Cooper, DHE, MME)

Knight-Swift Transportation Holdings Inc. is actively unifying its LTL operations to deliver a truly national service. The subsidiaries Midwest Motor Express (MME) and DHE Transportation are set to be officially folded into the AAA Cooper Transportation (ACT) brand starting Jan. 1, 2026. This integration follows significant expansion; the trio currently operates 179 strategically located facilities across 36 states. They've successfully expanded into over 50 new markets and established around 40,000 new line-haul lanes across the network. The LTL division posted revenue, excluding fuel surcharge, of $337.7 million in Q2 2025.

The LTL value proposition is built on this growing physical footprint:

• Expanded into over 50 new markets.
• Established around 40,000 new line-haul lanes.
• Operates 179 facilities across 36 states.
• Q2 2025 LTL shipments per day increased 21.7% year-over-year.

Cross-border expertise for Mexico and Canada, simplifying international trade

Knight-Swift Transportation Holdings Inc. offers established cross-border capabilities, which is critical given the high volume of North American trade. In March 2025, trucks moved $77.3 billion of freight with Mexico and $67.5 billion with Canada. Trucks carry over 60% of the surface trade along both the Northern and Southern land borders, highlighting the importance of trucking in this corridor. The company's network explicitly serves customers throughout Mexico and Canada.

Here's a snapshot of recent segment performance to show where the value is being generated:

Finance: draft 13-week cash view by Friday.

Knight-Swift Transportation Holdings Inc. (KNX) - Canvas Business Model: Customer Relationships

You're looking at how Knight-Swift Transportation Holdings Inc. keeps its customers locked in, which is key when freight volumes are choppy, like they were through mid-2025. The relationships are built on dedicated capacity, digital tools, and specialized handling for complex moves.

Dedicated fleet services providing customized capacity and long-term contracts.

Knight-Swift Transportation Holdings Inc. maintains a significant presence in dedicated services, ranking as the 5th Top Dedicated Contract Carrier in North America for 2025, operating approximately 6,500 Power Units in that specific service line. Under these dedicated arrangements, the company supplies the driving associates, equipment, and maintenance, supplementing a customer's internal transportation department. This structure inherently fosters long-term contracts by embedding Knight-Swift Transportation Holdings Inc.'s assets directly into the customer's supply chain. The company's overall Truckload segment, which houses dedicated services, posted an Adjusted Operating Ratio of 94.6% in the second quarter of 2025, an improvement of 260 basis points year-over-year, showing a focus on efficiency even with committed capacity.

Account management teams focused on complex, multi-modal solution design.

For customers needing more than just point-to-point truckload, the Logistics segment acts as the solution architect. This segment, which relies on brokerage operations and specialized logistics, saw its revenue per load jump 10.6% year-over-year in the second quarter of 2025, even as the load count declined by 11.7%. This suggests account managers successfully negotiated better pricing for the freight they did move, indicating strong value perception for complex needs. The segment finished Q2 2025 with an Adjusted Operating Ratio of 94.8% and a gross margin of 18.9%. The Intermodal unit, another multi-modal component, is working toward stability, though it posted a revenue decline of 13.8% in Q2 2025.

You need to see how the different service lines are performing for customers; here's a quick snapshot from the second quarter of 2025:

The LTL segment's operating income decline was attributed to start-up costs from new facilities and DHE integration costs, which management views as temporary drags on margin.

Self-service options via user-friendly customer portals for LTL order entry and tracking.

The growth in the LTL business points directly to successful customer adoption of its services, which are supported by digital tools. For the first half of 2025, the LTL segment saw shipments per day increase 22.9% year-over-year, including the DHE acquisition. In the second quarter of 2025 alone, shipments per day were up 21.7% year-over-year, with revenue per hundredweight (excl. fuel surcharge) increasing 9.9%. This volume growth suggests that the self-service portals for LTL order entry and tracking are functional and being used by a growing base of customers. The LTL segment's revenue, excluding fuel surcharge, grew 28.4% year-over-year in Q2 2025.

High-touch, single point of contact for specialized cross-border logistics.

Knight-Swift Transportation Holdings Inc. explicitly serves customers throughout North America, including cross-border U.S./Mexico/Canada service. This specialized service requires a high-touch approach, often managed through dedicated account teams to navigate customs and specific regional regulations. While specific cross-border revenue isn't broken out, the overall Truckload segment, which handles much of this, showed strong operating income growth of 93.4% in Q2 2025, indicating that the high-value, specialized freight is performing well. The company's ability to maintain an Adjusted Operating Ratio of 94.6% in the TL segment despite market softness shows discipline in managing these complex lanes.

Focus on service enhancement and reliability to drive customer retention.

Reliability is demonstrated by the bottom-line results that matter to investors and, by extension, to long-term customers. For the second quarter of 2025, Adjusted EPS was $0.35, a significant increase from $0.24 in the second quarter of 2024. The company's CEO noted that the workforce demonstrated agility in mitigating pressure on miles and earnings due to volatile trade actions. The overall focus on cost discipline and asset rationalization, such as right-sizing the fleet since the U.S. Xpress acquisition, directly translates to more reliable service promises for customers. The company had approximately 162,302,000 shares of common stock outstanding as of July 23, 2025.

The LTL segment is a prime example of service enhancement, with its average length of haul climbing 13.8% year-over-year in Q2 2025 as the company won new business across its expanding network. That's a concrete win for customer relationships.

Finance: draft 13-week cash view by Friday.

Knight-Swift Transportation Holdings Inc. (KNX) - Canvas Business Model: Channels

You're looking at how Knight-Swift Transportation Holdings Inc. gets its services-from truckload to LTL-into the hands of shippers. It's a multi-pronged approach, blending traditional sales muscle with modern digital tools and a growing physical network. The scale of the operation is massive; they employ a 28,000 Person Workforce and operate the largest full truckload fleet in North America.

The direct sales channel remains critical for securing the big contracts. This is the Direct Sales Force managing large, enterprise-level shipper relationships. While I don't have the exact headcount for the sales team as of late 2025, the results show this channel is working to secure premium freight, as evidenced by the LTL segment's pricing power. For instance, in the third quarter of 2025, the LTL segment saw revenue per hundredweight rise 6.1% and revenue per shipment climb 6.6% year-over-year.

For day-to-day transactions and visibility, technology is key. This includes Digital Customer Portals for online booking, quoting, and real-time tracking. You can use these portals to 'Get a Quote' or 'Track Shipment' across their network. The company is focused on improving its technology offerings to make supply chain processes smoother.

To move freight for third parties, Knight-Swift uses the KNX Loadboard for brokering freight to third-party carriers. Management is actively making improvements to this platform, specifically integrating freight from all their brands to better serve their third-party carrier base.

The physical footprint is heavily invested in the Integrated LTL terminal network (AAA Cooper, DHE, MME) for regional and national coverage. This network is expanding intentionally. Before the Dependable Highway Express (DHE) acquisition, Knight-Swift operated 133 terminals and 5,100 doors. The DHE deal, effective July 30, 2024, increased their LTL terminal and door counts by approximately 10% and brought their network coverage of the US population to about 70%. The expansion continued into 2025, with the company opening seven new locations in the first quarter and three new locations (plus one replacement) in the second quarter. This investment is aimed at building a truly nationwide in-house LTL service.

Finally, the Warehousing and Fulfillment services acting as an integrated 3PL channel are growing fast. This business falls under the 'All Other Segments' category in the reporting, which saw revenue jump 29.9% year-over-year in the third quarter of 2025. Knight-Swift Warehousing and Fulfillment (KSWF) offers e-commerce solutions like inventory management, kitting, transporting, distribution, and returns management, also servicing brick-and-mortar stores with retail fixtures.

Here's a look at how the revenue contributions from the segments most relevant to these channels performed in the middle of 2025:

The overall channel strategy is about integration. For example, the LTL network expansion is meant to 'further support our existing Truckload customers with LTL capacity.' The Logistics segment continues to leverage its power-only capabilities to complement the asset-based business and build a more diversified freight portfolio.

You can see the push for digital integration, but the physical network growth is what underpins the LTL service. If terminal build-out lags, churn risk rises for those regional shippers. Finance: draft 13-week cash view by Friday.

Knight-Swift Transportation Holdings Inc. (KNX) - Canvas Business Model: Customer Segments

Knight-Swift Transportation Holdings Inc. serves a broad base of customers across its four reportable segments: Truckload, Less-than-truckload (LTL), Logistics, and Intermodal. The customer base is diversified, reflecting the company's strategy to offer a full spectrum of North American freight solutions.

The Truckload segment, which includes irregular route, dedicated, refrigerated, expedited, flatbed, and cross-border operations, remains the dominant revenue generator. As of the first quarter of 2025, this segment accounted for approximately 63% of total revenue. This scale allows Knight-Swift Transportation Holdings Inc. to cater to very large, consistent shippers.

The LTL segment, bolstered by the acquisition of Dependable Highway Express (DHE), targets shippers needing flexible, smaller-volume freight movement. This segment saw significant growth, with revenue (excluding fuel surcharge) increasing 28.4% year-over-year in the second quarter of 2025, driven by a 21.7% increase in shipments per day.

The Logistics segment serves customers requiring brokerage solutions, often leveraging power-only capabilities to complement asset-based services. In the second quarter of 2025, this segment generated revenue of $128.3 million and maintained a gross margin of 18.9%.

Here is a breakdown of the primary revenue-generating segments as of the second quarter of 2025, which directly reflects the scale of service provided to different customer types:

You can map your specific needs to these established service lines:

• Large-scale Retail and E-commerce companies requiring high-volume capacity.
• Food and Beverage producers needing refrigerated and time-sensitive transport.
• Automotive and Manufacturing industries utilizing dedicated and flatbed services.
• Mid-sized shippers needing flexible LTL and Logistics brokerage solutions.
• Cross-border shippers focused on Mexico and Canada trade lanes.

The Truckload segment supports the specialized needs of manufacturing and food/beverage customers through its dedicated fleet of nearly 5,900 dedicated tractors and its refrigerated and flatbed capabilities. The cross-border operations are explicitly included within the Truckload segment structure.

For mid-sized shippers, the LTL segment provides the necessary network, having grown its service centers and shipment volume substantially following the DHE acquisition. The Logistics segment offers a non-asset alternative or supplement, where revenue per load increased by 10.6% in Q2 2025, showing pricing discipline for these customers.

Finance: review Q3 2025 segment revenue projections against these Q2 2025 figures by Monday.

Knight-Swift Transportation Holdings Inc. (KNX) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep Knight-Swift Transportation Holdings Inc. moving across the country, and honestly, they are dominated by people and equipment. The cost structure is heavily weighted toward variable and semi-variable operational costs, which means profitability swings with freight demand and market pricing.

Labor costs, including driver wages, are the largest expense at approximately 39.6% of revenue. This is the single biggest lever on the cost side, reflecting the industry's reliance on human capital for asset utilization.

Capital investment remains a major, non-negotiable cost. For fleet replacement and network enhancement in fiscal year 2025, Knight-Swift Transportation Holdings Inc. guided net cash capital expenditures in the range of $525 million - $575 million. This shows a clear commitment to maintaining a modern, efficient asset base, even in a softer freight market.

The business model relies significantly on external capacity, especially within the Logistics and Intermodal segments, which drive purchased transportation costs. Management has explicitly stated they are making early progress in reducing these costs by deploying more of their own staff and equipment, which is a key part of their cost structure optimization strategy.

Other major variable costs include fuel, maintenance, and insurance. While fuel is always a major line item, Q3 2025 results highlighted specific pressures: Adjusted Operating Income was negatively impacted by $12.0 million of higher insurance and claims costs at U.S. Xpress, largely from settling two large 2023 accident claims. This specific event shows how insurance volatility can directly hit the bottom line, even as the company works to integrate better safety practices.

The ongoing LTL network expansion also brings one-time integration costs. For instance, the third quarter of 2025 included a significant $28.8 million trade name impairment charge related to the decision to combine LTL brands under the AAA Cooper trade name. This is the cost of simplifying and scaling that newer part of the business.

Here's a look at some of the key financial metrics and cost drivers as of late 2025, using Q3 2025 revenue as a reference point:

The company is actively managing these costs through several initiatives:

• Reducing purchase transportation by deploying owned equipment.
• Optimizing pickup and delivery through new technology implementation.
• Refining staffing levels and scheduling across locations.
• Making tangible progress reducing fixed costs on an absolute basis, aiming for durable improvements in areas like equipment G&A and facilities.

The consolidated Adjusted Operating Ratio for Q3 2025 was 93.8%, which was flat year-over-year, showing that cost control efforts are balancing out market pressures and integration headwinds. If onboarding takes 14+ days, churn risk rises.

Knight-Swift Transportation Holdings Inc. (KNX) - Canvas Business Model: Revenue Streams

You're looking at how Knight-Swift Transportation Holdings Inc. actually brings in the money, and it's a story of a dominant legacy business being strategically balanced by high-growth areas. The core of the operation remains the Truckload (TL) services, which historically has been the largest piece of the pie. For context on that scale, the 2024 revenue for the TL segment was reported at $5.03 billion. That's the baseline for the asset-heavy side of the business.

The real momentum, though, is in Less-Than-Truckload (LTL) services; this is definitely the key growth engine right now. For the third quarter of 2025, the LTL segment showed impressive traction, with revenue excluding fuel surcharge (xFSC) climbing 21.5% year-over-year. To put that into hard numbers for Q3 2025, the LTL revenue xFSC hit $340.5 million. Honestly, that kind of growth shows the integration and network expansion efforts are starting to pay off in top-line results, even if margins are still being worked on.

Here's a quick look at how the major segments stacked up in Q3 2025 based on revenue excluding fuel surcharges (xFSC), which gives a clearer view of the underlying freight movement:

Next up, you have the Logistics and Brokerage fees, which come from managing third-party freight. This stream provides diversification away from owning all the assets. In Q3 2025, the revenue for this segment was $140.4 million. While the load count softened by 6.2%, the revenue per load increased by 3.6%, showing discipline on pricing even with a slight top-line dip.

Intermodal services represent another revenue pillar, using rail partnerships for those longer, cross-country hauls where it makes sense. This segment brought in revenue of $94.1 million in the third quarter of 2025. That was down 8.4% year-over-year, but the company has been focused on cost initiatives here, aiming to improve the operating ratio despite the revenue pressure.

Don't forget the smaller, but important, ancillary services. Knight-Swift Transportation Holdings pulls in revenue from things outside of moving the actual freight. These streams include:

• Equipment leasing revenue.
• Repair and maintenance services billed to others.
• Warehousing operations.

While specific revenue figures for these are often bundled, the Q3 2025 results noted that earnings growth in the warehousing and leasing businesses helped offset other costs, indicating these streams are contributing positively to the overall Adjusted Operating Income.