v3.26.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 254,156 $ 220,420
Cash and cash equivalents – restricted [1] 63,873 82,381
Trade receivables, net of allowance for doubtful accounts of $4,509 and $30,647, respectively 479,791 305,324
Contract balance – revenue in transit 17,138 9,642
Prepaid expenses 105,259 113,985
Assets held for sale 47,074 72,985
Income tax receivable 43,174 45,895
Other current assets 28,649 36,894
Total current assets 1,039,114 887,526
Gross property and equipment 7,741,664 7,380,056
Less: accumulated depreciation and amortization (2,888,540) (2,662,331)
Property and equipment, net 4,853,124 4,717,725
Operating lease right-of-use-assets 271,786 314,571
Goodwill 3,934,741 3,934,741
Intangible assets, net 1,879,267 1,935,699
Other long-term assets 163,537 165,174
Total assets 12,141,569 11,955,436
Current liabilities:    
Accounts payable 318,331 200,835
Accrued payroll and purchased transportation 231,383 194,910
Accrued liabilities 71,722 66,638
Claims accruals – current portion 257,129 246,882
Finance lease liabilities and long-term debt – current portion 167,645 194,406
Operating lease liabilities – current portion 96,550 127,538
Total current liabilities 1,142,760 1,031,209
Revolving line of credit 0 626,000
Long-term debt – less current portion 180,177 1,027,793
Convertible senior notes [2],[3] 1,467,377 0
Finance lease liabilities – less current portion 507,721 502,042
Operating lease liabilities – less current portion 187,089 207,788
Claims accruals – less current portion 404,916 359,546
Deferred tax liabilities 931,303 904,075
Other long-term liabilities 237,589 205,117
Total liabilities 5,058,932 4,863,570
Commitments and contingencies (Notes 7, 8, and 9)
Stockholders’ equity:    
Preferred stock, par value $0.01 per share; 10,000 shares authorized; none issued $ 0 $ 0
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 10,000 10,000
Preferred stock, shares issued (in shares) 0 0
Common stock, par value $0.01 per share; 500,000 shares authorized; 162,760 and 162,339 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively. $ 1,628 $ 1,623
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 500,000 500,000
Common stock, shares issued (in shares) 162,760 162,339
Common stock, shares outstanding (in shares) 162,760 162,339
Additional paid-in capital $ 4,421,607 $ 4,480,725
Accumulated other comprehensive loss (273) (716)
Retained earnings 2,650,102 2,600,822
Total Knight-Swift stockholders' equity 7,073,064 7,082,454
Noncontrolling interest 9,573 9,412
Total stockholders’ equity 7,082,637 7,091,866
Total liabilities and stockholders’ equity $ 12,141,569 $ 11,955,436
Common Class A [Member]    
Stockholders’ equity:    
Common stock, shares outstanding (in shares) 162,760 162,339
[1] Reflects cash and cash equivalents that are primarily restricted for claims payments.
[2] As of September 30, 2026, the carrying amount of the 2031 Notes was net of $1.2 million in unamortized debt issuance costs and $31.4 million of unamortized debt discount.
[3] Refer to Note 12 for information regarding the fair value of debt.