Knight-Swift Transportation Holdings Inc. reported a consolidated total revenue of $7.4 billion for the fiscal year 2024, marking a 3.8% increase from $7.1 billion in 2023. However, the company experienced a significant decline in profitability, with consolidated operating income dropping 28% to $243.4 million, compared to $338.2 million in the previous year. Net income attributable to Knight-Swift also fell sharply by 45.8%, amounting to $117.6 million, down from $217.1 million in 2023. The decrease in profitability was attributed to various factors, including a 7.6% decline in average revenue per tractor in the Truckload segment and increased costs associated with expanding the LTL service area.
In terms of operational metrics, the Truckload segment reported an operating ratio of 96.7%, while the LTL segment achieved a more favorable operating ratio of 92.9%. The Logistics segment saw a slight decrease in revenue, with a 1.3% decline attributed to an 11.1% drop in load count. The Intermodal segment reported an operating loss, although it improved by 10% year-over-year. The All Other Segments, which include various support services, improved their operating loss by 76.5% to $26.2 million, largely due to the winding down of the third-party insurance program.
Strategically, Knight-Swift has been active in expanding its service offerings through acquisitions. In 2024, the company completed the acquisition of Dependable Highway Express, Inc. (DHE) for $185 million, enhancing its LTL capabilities. Additionally, the acquisition of U.S. Xpress in July 2023 has contributed to the company's growth, with U.S. Xpress generating $1.6 billion in revenue during 2024. The company also opened 37 new service centers in 2024, increasing its LTL door count by over 30%.
As of December 31, 2024, Knight-Swift's total assets were valued at approximately $12.7 billion, with stockholders' equity at $7.1 billion. The company reported a working capital deficit of $258 million, primarily due to the current classification of its 2023 receivables securitization agreement. Looking ahead, Knight-Swift anticipates continued growth through both organic expansion and strategic acquisitions, while managing the challenges posed by inflation and a competitive labor market. The company expects to maintain its dividend policy, having declared $104.2 million in dividends to stockholders in 2024.
About Knight-Swift Transportation Holdings Inc.
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