Knight-Swift Transportation (NYSE: KNX) reported fourth-quarter adjusted earnings that fell short of analyst expectations, even as revenue met forecasts.

The trucking operator posted adjusted earnings per share of $0.31 for the fourth quarter of 2025, below the consensus estimate of $0.36. Revenue totaled $1.9 billion, matching analyst expectations but declining 0.4% year over year. Consolidated operating income dropped 66.1% to $26.5 million, primarily reflecting $52.9 million in non-cash impairment charges tied to the company's decision to integrate the Abilene truckload brand into its Swift operations.

The truckload segment, Knight-Swift's largest business, reported a 2.4% year-over-year decline in revenue excluding fuel surcharges as loaded miles decreased 3.3%. The segment's adjusted operating ratio worsened to 92.9%, an increase of 70 basis points from the prior year.

For the first quarter of 2026, Knight-Swift forecast adjusted earnings per share of $0.28 to $0.32. The company said truckload revenue is expected to decline slightly, with operating margins remaining relatively stable compared with the same period last year. Full-year 2026 net cash capital expenditures are projected to range between $625 million and $675 million.