0001492691-26-000038
SEC filingKnight-Swift holds $652.4M in tractor/trailer purchase commitments and $200M remaining buyback authorization.
As of March 31, 2026, Knight-Swift held $222.8 million in cash and cash equivalents, plus $70.4 million in restricted cash, totaling $293.2 million in cash-related assets. Total debt (including the revolving line of credit) stood at $1.75 billion, up slightly from $1.74 billion at year-end 2025. The company's stockholders' equity was $7.06 billion, reflecting a modest decline from $7.09 billion due to dividends and a net loss. The current portion of long-term debt surged to $388.6 million from $90.2 million, driven by the upcoming maturity of the 2025 Term Loan A-2 due January 2027. The company maintained $658.0 million drawn on its $1.5 billion revolver, with $14.7 million in outstanding letters of credit under that facility.
The Notes reveal substantial purchase commitments: $652.4 million for revenue equipment (of which $509.1 million is for tractors) all due in the remainder of 2026, and $95.5 million for facilities and non-revenue equipment in 2026, with additional amounts of $40.1 million in 2027-2028 and $5.6 million in 2029-2030. These commitments represent significant near-term capital deployment. Additionally, the company has a $14.0 million loss contingency liability related to potential additional premiums under third-party reinsurance agreements. The accounts receivable securitization facility (2025 RPA) had $455.2 million in sold receivables as of March 31, 2026, with only $1.0 million in remaining availability.
No share repurchases occurred during Q1 2026; the remaining authorization under the 2022 plan is $200.0 million. Dividends totaled $32.7 million ($0.20 per share), up from $0.18 per share in the prior year quarter. Net debt decreased by $23.4 million, with $62.0 million in revolver borrowings offset by $30.0 million in repayments and $56.9 million in finance lease and long-term debt repayments. Capital expenditures were $130.0 million, funded partly by $44.4 million in proceeds from equipment sales. The company also completed a pension settlement, transferring $21.3 million in obligations and assets.
Segment data shows the Truckload segment generated $1.20 billion in revenue (up 0.8% YoY) with operating income of $37.1 million and a 96.9% operating ratio. The LTL segment posted a $3.6 million operating loss on $368.4 million revenue (101.0% OR), a sharp reversal from $12.7 million profit a year ago. Logistics revenue declined 9.9% to $127.6 million, while Intermodal revenue rose 2.7% to $93.6 million but remained unprofitable. All Other Segments (including leasing) reported a $7.1 million operating loss. International operations contributed less than 5% of total revenue and assets.