0001492691-26-000059
SEC filingQ2 营收增 12.6% 至 $2.10B，但净利仅 $43.2M，受一次性费用拖累。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $2,095,712K | $1,861,940K | +12.6% |
| Revenue, excluding truckload and LTL fuel surcharge | $1,764,387K | $1,672,201K | +5.5% |
| Gross Profit | $1,764,387K | $1,672,201K | +5.5% |
| Gross Margin | 84.2% | 89.8% | -560 bps |
| Operating Income | $104,851K | $72,616K | +44.4% |
| Operating Margin | 5.0% | 3.9% | +110 bps |
| Net Income attributable to Knight-Swift | $43,189K | $34,243K | +26.1% |
| Diluted EPS | $0.26 | $0.21 | +$0.05 |
| Adjusted Operating Ratio | 91.4% | 93.8% | -240 bps |
| Operating Cash Flow (YTD) | $450,358K | $325,929K | +38.2% |
| Free Cash Flow (YTD) | $190,440K | — | — |
Q2 营收增长主要由 Truckload 和 Intermodal 分部驱动。Truckload 营收（不含燃油附加费）同比增 2.8%，得益于 revenue per loaded mile 提升 5.5%，但 loaded miles 下降 2.6%。Intermodal 营收大增 34.9%，load count 和 revenue per load 分别增长 19.6% 和 12.8%。LTL 营收（不含燃油附加费）下降 1.4%，因 shipments per day 下降 3.7%，但 freight mix 改善推动 weight per shipment 增长 7.9%。
毛利率下降 560 bps 主要因燃油成本大幅上升（DOE 柴油均价同比增 49.7%），但燃油附加费收入同步增长，净影响有限。经营利润率改善 110 bps，主要得益于 Truckload 分部经营利润率大幅提升（operating ratio 改善 290 bps）和 Intermodal 扭亏。
盈利质量方面，GAAP 净利 $43.2M 受多项一次性费用拖累，包括 $22.8M 的 U.S. Xpress purchase price obligation mark-to-market 调整、$18.2M 的 severance 费用和 $8.2M 的 pre-acquisition tax assessment。剔除这些项目后，Adjusted Net Income 为 $102.8M，Adjusted EPS $0.63，显著高于 GAAP 数字。经营现金流强劲，YTD 达 $450.4M，同比增长 38.2%，主要受益于税收和利息支出下降。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Truckload | $1,347,343K | +11.0% | $89,145K | 6.6% | 定价改善，Adjusted OR 改善 360 bps |
| LTL | $420,148K | +8.6% | $21,659K | 5.2% | freight mix 改善，但 shipments 下降 |
| Logistics | $139,696K | +8.9% | $3,827K | 2.7% | load count 降 16.4%，gross margin 降 350 bps |
| Intermodal | $113,388K | +34.9% | $653K | 0.6% | load count 增 19.6%，扭亏为盈 |
| All Other Segments | $105,564K | +41.8% | ($10,433K) | -9.9% | severance 和 AR securitization 费用 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and cash equivalents | $186,114K | $220,420K |
| Total Debt (incl. revolver) | $303,478K | $1,744,015K |
| Convertible senior notes | $1,465,833K | $0 |
| Finance lease liabilities | $678,354K | $696,444K |
| Operating Cash Flow (YTD) | $450,358K | $325,929K |
| Capex (YTD) | $380,682K | $330,614K |
| Free Cash Flow (YTD) | $190,440K | — |
公司于 5 月发行 $1.5B 2031 Notes，并用所得偿还 $300M Term Loan A-2、$436M Term Loan A-1 和 $620M Revolver，大幅降低债务余额。总债务从 $1.74B 降至 $303M（不含 convertible notes），利息费用同比降 43.1%。Net Debt 计算：总债务 $303M + convertible notes $1.47B - 现金 $186M = $1.59B，但公司未披露 EBITDA，无法计算 Net Debt/EBITDA。
Q3 2026 指引：
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q3 2026 | Truckload 营收（不含燃油附加费） | 中个位数增长 | reported |
| Q3 2026 | Truckload Adjusted Operating Ratio | 改善 650-750 bps | reported |
| Q3 2026 | LTL 营收（不含燃油附加费） | 低个位数增长 | reported |
| Q3 2026 | LTL Adjusted Operating Ratio | 低 90s | reported |
| FY26 | Net cash capex | $600M-$650M | reported |
| FY26 | 有效税率 | 25.0%-26.0% | adjusted |
关注点：