Knight-Swift Transportation Holdings Inc. (referred to as Knight-Swift) is a publicly traded American motor carrier holding company based in Phoenix, Arizona. The company's primary subsidiaries are truckload carriers Knight Transportation, Swift Transportation, Midnite Express and, since July 2021, less than truckload (LTL) carrier AAA Cooper. Knight-Swift has continued to grow through acquisitions including its 2023 purchase of major truckload carrier U.S. Xpress.3 Its shares trade on NYSE under the symbol KNX.1Wikipedia text CC BY-SA 4.0
Knight-Swift Transportation Holdings Inc. (referred to as Knight-Swift) is a publicly traded American motor carrier holding company based in Phoenix, Arizona. The company's primary subsidiaries are truckload carriers Knight Transportation, Swift Transportation, Midnite Express and, since July 2021, less than truckload (LTL) carrier AAA Cooper. Knight-Swift has continued to grow through acquisitions including its 2023 purchase of major truckload carrier U.S. Xpress.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue91011128$7.5B in 2025+54% since 2019Operating income91011128$216.1M in 2025−49% since 2019Net income91011128$65.9M in 2025−79% since 2019
Revenue131415$1.9B in Q1 FY2026−1% since Q2 FY2025Operating income131415$28.6M in Q1 FY2026−61% since Q2 FY2025Net income131415-$1.3M in Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Total revenue
$7.5B
$7.4B
$7.1B
Salaries, wages, and benefits
$3.0B
$2.8B
$2.5B
Fuel
$838.8M
$871.1M
$878.4M
Operations and maintenance
$548.4M
$546.9M
$473.5M
Insurance and claims
$385.1M
$415.7M
$609.5M
Operating taxes and licenses
$135.1M
$127.5M
$117.0M
Communications
$29.3M
$31.2M
$29.7M
Depreciation and amortization of property and equipment
$711.1M
$717.5M
$665.0M
Amortization of intangibles
$77.0M
$75.3M
$70.1M
Rental expense
$166.8M
$171.7M
$130.3M
Purchased transportation
$1.1B
$1.2B
$1.2B
Impairments
$98.3M
$19.0M
$2.2M
Miscellaneous operating expenses
$179.0M
$198.1M
$157.3M
Total operating expenses
$7.3B
$7.2B
$6.8B
Operating income
$216.1M
$243.4M
$338.2M
Interest income
$10.9M
$16.6M
$21.6M
Interest expense
-$161.8M
-$171.2M
-$127.1M
Other income, net
$30.1M
$60.3M
$37.7M
Total other expenses, net
-$120.7M
-$94.3M
-$67.9M
Income before income taxes
$95.3M
$149.0M
$270.3M
Income tax expense
$29.8M
$33.0M
$54.8M
Net income
$65.6M
$116.1M
$215.5M
Net loss attributable to noncontrolling interest
$392.0K
$1.5M
$1.6M
Net income attributable to Knight-Swift
$65.9M
$117.6M
$217.1M
Other comprehensive (loss) income
-$274.0K
$388.0K
$1.6M
Comprehensive income
$65.7M
$118.0M
$218.8M
Basic earnings per share
$0.41
$0.73
$1.35
Diluted earnings per share
$0.41
$0.73
$1.34
Dividends declared per share: (in dollars per share)
$0.72
$0.64
$0.56
Basic (in shares)
162.2M shares
161.7M shares
161.2M shares
Diluted (in shares)
162.6M shares
162.2M shares
161.8M shares
No quarter-by-quarter statement was filed.
Total assets1691011128$12.0B in 2025+44% since 2019Total liabilities1691011128$4.9B in 2025+86% since 2019Shareholders’ equity1691011128$7.1B in 2025+25% since 2019Cash91011128$220.4M in 2025+38% since 2019Long-term debt1791011128$1.7B in 2025
Total assets131415$11.9B in Q1 FY2026−5% since Q2 FY2025Total liabilities131415$4.9B in Q1 FY2026−9% since Q2 FY2025Shareholders’ equity131415$7.1B in Q1 FY2026−1% since Q2 FY2025Cash131415$222.8M in Q1 FY2026+3% since Q2 FY2025Long-term debt131415$1.8B in Q1 FY2026−4% since Q2 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$220.4M
$218.3M
$168.5M
Cash and cash equivalents restricted
$82.4M
$147.7M
$297.3M
Trade receivables, net of allowance for doubtful accounts of $30,647 and $37,797, respectively
$305.3M
$803.7M
Contract balance revenue in transit
$9.6M
$7.2M
Prepaid expenses
$114.0M
$123.1M
Assets held for sale
$73.0M
$83.0M
Income tax receivable
$45.9M
$37.3M
Other current assets
$36.9M
$28.5M
Total current assets
$887.5M
$1.4B
Revenue equipment
$5.6B
$5.4B
Land and land improvements
$456.2M
$460.6M
Buildings and building improvements
$1.0B
$976.4M
Furniture and fixtures
$201.5M
$172.5M
Shop and service equipment
$95.0M
$99.3M
Leasehold improvements
$42.2M
$39.2M
Gross property and equipment
$7.4B
$7.1B
Less: accumulated depreciation and amortization
-$2.7B
-$2.4B
Property and equipment, net
$4.7B
$4.7B
Operating lease right-of-use-assets
$314.6M
$372.8M
Goodwill
$3.9B
$4.0B
Intangible assets, net
$1.9B
$2.1B
Other long-term assets
$165.2M
$154.4M
Total assets
$12.0B
$12.7B
Accounts payable
$200.8M
$329.7M
Accrued payroll and purchased transportation
$194.9M
$194.9M
Accrued liabilities
$66.6M
$64.1M
Claims accruals current portion
$246.9M
$250.0M
Finance lease liabilities and long-term debt current portion
$194.4M
$288.4M
Operating lease liabilities current portion
$127.5M
$120.7M
Accounts receivable securitization current portion
$0
$459.0M
Total current liabilities
$1.0B
$1.7B
Revolving line of credit
$626.0M
$232.0M
Long-term debt less current portion
$1.0B
$1.4B
Finance lease liabilities less current portion
$502.0M
$457.3M
Operating lease liabilities less current portion
$207.8M
$274.5M
Claims accruals less current portion
$359.5M
$335.9M
Deferred tax liabilities
$904.1M
$919.8M
Other long-term liabilities
$205.1M
$210.1M
Total liabilities
$4.9B
$5.6B
Preferred stock, par value $0.01 per share; 10,000 shares authorized; none issued
$0
$0
Preferred stock, par value
$0.01
$0.01
Preferred stock, shares authorized
10.0M shares
10.0M shares
Common stock, par value $0.01 per share; 500,000 shares authorized; 162,339 and 161,896 shares issued and outstanding as of December 31, 2025 and 2024, respectively.
$1.6M
$1.6M
Common stock, par value
$0.01
$0.01
Common stock, shares authorized
500.0M shares
500.0M shares
Beginning balance, shares
162.3M shares
161.9M shares
Common stock, shares issued
162.3M shares
161.9M shares
Additional paid-in capital
$4.5B
$4.4B
Accumulated other comprehensive loss
-$716.0K
-$442.0K
Retained earnings
$2.6B
$2.7B
Total Knight-Swift stockholders' equity
$7.1B
$7.1B
Noncontrolling interest
$9.4M
$7.8M
Total stockholders equity
$7.1B
$7.1B
$7.1B
$7.0B
Total liabilities and stockholders equity
$12.0B
$12.7B
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$220.4M
$218.3M
$168.5M
Cash and cash equivalents restricted
$82.4M
$147.7M
$297.3M
Trade receivables, net of allowance for doubtful accounts of $30,647 and $37,797, respectively
$305.3M
$803.7M
Contract balance revenue in transit
$9.6M
$7.2M
Prepaid expenses
$114.0M
$123.1M
Assets held for sale
$73.0M
$83.0M
Income tax receivable
$45.9M
$37.3M
Other current assets
$36.9M
$28.5M
Total current assets
$887.5M
$1.4B
Revenue equipment
$5.6B
$5.4B
Land and land improvements
$456.2M
$460.6M
Buildings and building improvements
$1.0B
$976.4M
Furniture and fixtures
$201.5M
$172.5M
Shop and service equipment
$95.0M
$99.3M
Leasehold improvements
$42.2M
$39.2M
Gross property and equipment
$7.4B
$7.1B
Less: accumulated depreciation and amortization
-$2.7B
-$2.4B
Property and equipment, net
$4.7B
$4.7B
Operating lease right-of-use-assets
$314.6M
$372.8M
Goodwill
$3.9B
$4.0B
Intangible assets, net
$1.9B
$2.1B
Other long-term assets
$165.2M
$154.4M
Total assets
$12.0B
$12.7B
Accounts payable
$200.8M
$329.7M
Accrued payroll and purchased transportation
$194.9M
$194.9M
Accrued liabilities
$66.6M
$64.1M
Claims accruals current portion
$246.9M
$250.0M
Finance lease liabilities and long-term debt current portion
$194.4M
$288.4M
Operating lease liabilities current portion
$127.5M
$120.7M
Accounts receivable securitization current portion
$0
$459.0M
Total current liabilities
$1.0B
$1.7B
Revolving line of credit
$626.0M
$232.0M
Long-term debt less current portion
$1.0B
$1.4B
Finance lease liabilities less current portion
$502.0M
$457.3M
Operating lease liabilities less current portion
$207.8M
$274.5M
Claims accruals less current portion
$359.5M
$335.9M
Deferred tax liabilities
$904.1M
$919.8M
Other long-term liabilities
$205.1M
$210.1M
Total liabilities
$4.9B
$5.6B
Preferred stock, par value $0.01 per share; 10,000 shares authorized; none issued
$0
$0
Preferred stock, par value
$0.01
$0.01
Preferred stock, shares authorized
10.0M shares
10.0M shares
Common stock, par value $0.01 per share; 500,000 shares authorized; 162,339 and 161,896 shares issued and outstanding as of December 31, 2025 and 2024, respectively.
$1.6M
$1.6M
Common stock, par value
$0.01
$0.01
Common stock, shares authorized
500.0M shares
500.0M shares
Beginning balance, shares
162.3M shares
161.9M shares
Common stock, shares issued
162.3M shares
161.9M shares
Additional paid-in capital
$4.5B
$4.4B
Accumulated other comprehensive loss
-$716.0K
-$442.0K
Retained earnings
$2.6B
$2.7B
Total Knight-Swift stockholders' equity
$7.1B
$7.1B
Noncontrolling interest
$9.4M
$7.8M
Total stockholders equity
$7.1B
$7.1B
$7.1B
$7.0B
Total liabilities and stockholders equity
$12.0B
$12.7B
Cash from operations91011128$1.3B in 2025+51% since 2019Dividends paid91011128$117.4M in 2025+183% since 2019Share buybacks9101112$0 in 2024
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Net Income
$65.6M
$116.1M
$215.5M
Depreciation and amortization of property, equipment, and intangibles
$788.1M
$792.8M
$735.1M
Gain on sale of property and equipment
-$71.4M
-$34.4M
-$64.7M
Impairments
$98.3M
$19.0M
$2.2M
Deferred income taxes
-$15.7M
-$22.3M
$10.8M
Non-cash lease expense
$163.6M
$171.8M
$121.8M
(Gain) loss on equity securities
-$910.0K
$11.6M
-$2.1M
Other adjustments to reconcile net income to net cash provided by operating activities
$35.5M
-$21.8M
$62.0M
Trade receivables
$486.3M
$78.0M
$155.1M
Income tax receivable
-$8.6M
$28.6M
-$6.8M
Accounts payable
-$130.3M
$14.8M
$12.6M
Accrued liabilities and claims accrual
$1.0M
-$221.6M
$53.3M
Operating lease liabilities
-$161.6M
-$175.9M
-$120.5M
Other assets and liabilities
$17.0M
$42.4M
-$12.7M
Net cash provided by operating activities
$1.3B
$799.1M
$1.2B
Proceeds from maturities of held-to-maturity investments
$0
$530.0K
$3.6M
Purchases of held-to-maturity investments
$0
$0
-$30.0K
Proceeds from sale of property and equipment, including assets held for sale
$292.0M
$253.9M
$292.6M
Purchases of property and equipment
-$795.4M
-$819.1M
-$1.1B
Expenditures on assets held for sale
-$1.1M
-$438.0K
-$833.0K
Net cash, restricted cash, and equivalents invested in acquisitions
$0
-$185.5M
-$458.3M
Acquisition of leased assets
-$10.4M
$0
$0
Other cash flows (used in) provided by investing activities
-$5.5M
-$8.5M
$6.5M
Net cash used in investing activities
-$520.4M
-$759.1M
-$1.2B
Repayments of finance leases and long-term debt
-$1.6B
-$275.1M
-$120.2M
Proceeds from long-term debt
$1.0B
$150.0M
$250.0M
Borrowings on revolving lines of credit
$925.0M
$552.0M
$466.0M
Repayments on revolving lines of credit
-$531.0M
-$387.0M
-$442.0M
Borrowings under accounts receivable securitization
$79.0M
$28.8M
$197.0M
Repayments of accounts receivable securitization
-$538.2M
-$96.6M
-$89.0M
Proceeds from common stock issued
$5.4M
$5.3M
$5.2M
Dividends paid
-$117.4M
-$104.2M
-$91.1M
Other cash flows used in financing activities
-$8.2M
-$12.7M
-$25.1M
Net cash (used in) provided by financing activities
-$807.7M
-$139.4M
$150.7M
Net (decrease) increase in cash, restricted cash, and equivalents
-$61.5M
-$99.5M
$84.3M
Interest
$161.3M
$174.5M
$118.2M
Income taxes
$50.3M
$9.9M
$40.4M
Equipment acquired included in accounts payable
$5.2M
$4.1M
$45.6M
Contingent consideration associated with acquisitions and investments
$0
$0
$174.1M
Value of common stock issued for acquisition
$1.5M
Conversion of note receivable to equity investment
$0
$0
$12.1M
Right-of-use assets obtained in exchange for operating lease liabilities
$101.7M
$44.7M
$73.2M
Property and equipment obtained in exchange for finance lease liabilities
Knight-Swift Transportation sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Knight-Swift Transportation
PointState Capital LPFiled SCHEDULE 13G on Knight-Swift Transportation, latest Oct 13, 2026
FMR LLCFiled SCHEDULE 13G/A on Knight-Swift Transportation, latest Aug 6, 2026 (8 filings since Feb 9, 2022)
Wellington Management CompanyFiled SCHEDULE 13G/A on Knight-Swift Transportation, latest May 15, 2026 (11 filings since Feb 4, 2022)
BlackRockFiled SCHEDULE 13G/A on Knight-Swift Transportation, latest Apr 17, 2025 (7 filings since Feb 3, 2022)
AllianceBernsteinFiled SC 13G/A on Knight-Swift Transportation, latest Feb 14, 2023 (2 filings since Feb 14, 2022)
Jerry MoyesFiled SC 13D/A on Knight-Swift Transportation, latest Mar 11, 2022
Knight-Swift TransportationPhoenix, Arizona, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Knight-Swift Transportation reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our Knight and Swift headquarters are both located in Phoenix, Arizona. Our headquarters cover approximately 200 acres, consisting of about 300,000 square feet of office space, 150,000 square feet of repair and maintenance facilities, a 20,000 square-foot driving associates' center and restaurant, an eight thousand square-foot recruiting and training center, a six thousand square-foot warehouse, a 300-space parking structure, as well as two truck wash and fueling facilities. Our U.S. Xpress headquarters located in Chattanooga, Tennessee, covers approximately 29.4 acres of land consisting of about 100,000 square feet of office space. Our ACT headquarters located in Dothan, Alabama, covers approximately 20 acres of land consisting of about 57,474 square feet of office space, a 2,364 square foot supply warehouse, 37,248 square feet of repair and maintenance facilities, 8,274 square feet of parts warehousing, and a 15,110 square foot loading dock.
We have over 300 locations in the US and Mexico, including our headquarters, terminals, driving academies, and certain other locations, which are included in the table below. Our terminals may include customer service, marketing, fuel, and/or repair facilities. Given the fluidity of our operations, and to promote operational efficiency, our terminal properties are used by each of our Truckload, LTL, Logistics, Intermodal, and All Other Segments. We also own or lease parcels of vacant land, drop yards, and space for temporary trailer storage for ourselves and other carriers, as well as several non-operating facilities, which are excluded from the table below. As of December 31, 2025, our aggregate monthly rent for all leased properties was approximately $5.9 million with varying terms expiring through December 2053. We believe that substantially all of our property is in good condition and our facilities have sufficient capacity to meet our current needs.
The rest of Item 2
The following listing shows our logos with our corresponding company descriptions, as the logos are used to depict brand representation by location in the accompanying table:
Logo · Brand · Reportable Segment(s)
Knight · Truckload, Logistics
Swift · Truckload, Logistics, Intermodal
U.S. Xpress · Truckload, Logistics
ACT 1 · LTL
Barr-Nunn Transportation LLC · Truckload
Abilene Motor Express, LLC · Truckload
1Properties disclosed under the DHE or MME brands in 2024 have been consolidated under the ACT brand in 2025 to align with our decision to consolidate our LTL businesses under one brand.
Knight Transportation was founded in 1990 by four cousins: brothers Randy and Gary Knight, and brothers Kevin and Keith Knight. The four cousins worked for Swift Transportation, also based in Phoenix, and Randy was even a part-owner in Swift when Jerry Moyes bought out his interest. The Moyes family and the Knight family both were raised in Plain City, Utah, before moving to Phoenix in the late 1960s.
Knight began transporting general commodities from Phoenix, Arizona, to Los Angeles, California. Starting with just a handful of trucks and one service center in Phoenix, Arizona, the company now runs a fleet of over 4,000 trucks and more than 8,700 trailers (dry, refrigerated, and brokerage). Revenues have grown from over 13 million in 1991 to over $866 million in 2011, with operating ratios at or near 80% year after year. They have grown from a few associates to more than 4,000, and from a family-owned business to a publicly held company trading on the New York Stock Exchange (KNX) in 1994.
In 2017, Knight Transportation merged with Swift Transportation and Knight-Swift Transportation Holdings Inc. was formed to serve as the parent company for both carriers.
In 2019, Knight-Swift settled a $100 million class-action lawsuit alleging the company failed to classify 20,000 owner-operator drivers as employees. Drivers were not paid the minimum hourly wage in accordance with the Fair Labor Standards Act and had their rights violated under the forced labor statute. The lawsuit from March 11, 2009 is entitled Van Dusen, et al. v. Swift Transportation Co. of Arizona, LLC, et al.. The deadline for claimants to file was December 14, 2019.
Knight-Swift expanded from its core truckload market into less than truckload (LTL) freight in July 2021 when it acquired southeastern regional LTL firm AAA Cooper Transportation for US$1.35 billion.
Further acquisitions have expanded Knight-Swift's footprint in LTL including its January 2022 acquisition of Midwest Motor Express and July 2024 purchase of Los Angeles-based Dependable Highway Express, Inc. from Dependable Supply Chain Services. In July 2023 Knight-Swift acquired truckload carrier U.S. Xpress.
General counselJames FryAug 23, 2011 to Feb 27, 201572
Products and brands
Knight engages in the transportation of general commodities in the United States. It provides asset-based dry van truckload and temperature controlled truckload carrier services primarily to short to medium lengths of haul. The company also offers non-asset-based brokerage services. As of 2022, the company operates 41 service centers (31 in the USA, 11 in Mexico), 5 secured yards in Canada, and Swift Truckload centers in housing dry vans, flatbed, refrigerated, and cross-border services.
Knight-Swift is ranked 66th in pay for drivers among major trucking companies. In 2022, Knight-Swift announced plans for using autonomous vehicles in its trucking lines, through a partnership with Embark Technology.
Dec 14, 2010New chief executive Jerry Moyes becomes CEO21
Calendar
Coming up
Oct 21, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.32 a share, on Oct 22, 2025.85
When it reported results
Jul 22, 2026Reported quarterly or annual results74
Apr 22, 2026Reported quarterly or annual results78
Apr 16, 2026Reported quarterly or annual results79
Jan 21, 2026Reported quarterly or annual results82
Oct 22, 2025Reported quarterly or annual results86
Jul 23, 2025Reported quarterly or annual results87
Jul 14, 2025Reported quarterly or annual results88
Apr 23, 2025Reported quarterly or annual results89
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
472 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 67 major events, 314 insider forms, 40 large holders, 31 other. The latest 20:
53 open-market trades by officers, directors and large owners since October 2021: 1 buys and 52 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How Knight-Swift Transportation is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
Name on EDGARKnight-Swift Transportation Holdings Inc.2
From the cover page of the 10-K filed Feb 19, 2026 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks Knight-Swift Transportation names in Item 1A of its 10-K filed Feb 19, 2026: 37 risks under these headings, as written.18
We operate in a highly competitive and fragmented industry, and numerous competitive factors could limit growth opportunities and could have a materially adverse effect on our results of operations.
Increased prices for new revenue equipment, design changes of new engines, decreased availability of new revenue equipment, future use of autonomous trucks, and the failure of manufacturers to meet their sale or trade-back obligations to us could have a materially adverse effect on our business, financial condition, results of operations, and profitability.
Declines in demand for our used revenue equipment could result in decreased equipment sales, resale values, and gains on sales of assets.
If fuel prices increase significantly or fuel availability becomes scarce, our results of operations could be adversely affected.
Global conflicts could adversely impact our business and financial results.
We are subject to certain risks arising from doing business in Mexico.
We may not make acquisitions in the future, or if we do, we may not be successful in our acquisition strategy.
We may not grow substantially in the future and we may not be successful in sustaining or improving our profitability.
We derive a significant portion of our revenues from our major customers, the loss of one or more of which could have a materially adverse effect on our business.
We depend on third-party capacity providers, and service instability from these transportation providers could increase our operating costs and reduce our ability to offer intermodal and brokerage services, which could adversely affect our revenue, results of operations, and customer relationships.
Insurance and claims expenses could significantly reduce our earnings.
Insuring risk through our captive insurance companies could adversely impact our operations.
The other 25 risks
If we are unable to recruit, develop, and retain our key employees, our business, financial condition, and results of operations could be adversely affected.
Difficulties attracting and retaining qualified driving associates or increases in driving associate compensation could have a materially adverse effect on our profitability and the ability to maintain or grow our fleet.
Our leasing arrangements with independent contractors expose us to risks that we do not face with our company driving associates.
We have operations and business lines in ancillary areas that may increase risk or impair our financial position.
We are dependent on management information and communications systems and other information technology assets (including the data contained therein), and a significant systems disruption or failure in the foregoing, including those caused by cybersecurity breaches, whether internally or with third parties, could adversely affect our business.
The impact of climate change, weather, and other catastrophic events and seasonality could have a materially adverse effect on our infrastructure, results of operations and profitability or make our results of operations and profitability more volatile.
The effects of a widespread outbreak of an illness or disease, or any other public health crisis, as well as regulatory measures implemented in response to such events, could negatively impact the health and safety of our workforce and/or adversely impact our business, results of operations, financial condition, and cash flows.
We operate in a highly regulated industry, and changes in existing regulations or violations of existing or future regulations could have a materially adverse effect on our operations and profitability.
Receipt of an unfavorable DOT safety rating or an unfavorable ranking under the CSA program could have a material adverse effect on our profitability and operations.
Ineffective internal controls could have a negative impact on our business, results of operations, and our reputation.
Compliance with various environmental laws and regulations to which our operations are subject may increase our costs of operations, and non-compliance with such laws and regulations could result in substantial fines or penalties.
Developments in labor and employment law and any unionizing efforts by employees or employees of related businesses could have a materially adverse effect on our results of operations.
If our independent contractors are deemed by regulators or the judicial process to be employees, our business, financial condition, and results of operations could be adversely affected.
Litigation may adversely affect our business, financial condition, and results of operations.
Changes to trade regulation, export controls, quotas, duties or tariffs, caused by the changing US and geopolitical environments or otherwise, may increase our costs and adversely affect our business.
Increasing attention on environmental and societal matters may have a negative impact on our business, impose additional costs on us, and expose us to additional risks.
We have significant ongoing capital requirements that could affect our profitability if our capital investments do not match customer demand, we are unable to generate sufficient cash from operations, or we are unable to obtain financing on favorable terms.
In the future, we may need to obtain additional financing that may not be available or, if it is available, may result in a reduction in the percentage ownership of our then-existing stockholders.
In the event of an economic downturn or disruption in the credit markets, our indebtedness could place us at a competitive disadvantage in terms of our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or our industry, and prevent us from meeting our debt obligations compared to our competitors that are less leveraged.
Our debt agreements contain restrictions that limit our flexibility in operating our business.
Our debt agreements contain variable rate debt that could affect our financial results should interest rates rise.
We could determine that our goodwill and other indefinite-lived intangibles are impaired, thus recognizing a related impairment loss.
If our investments in entities are not successful or decrease in market value, we may be required to write off or lose the value of a portion or all of our investments, which could have a materially adverse effect on our results of operations.
Changes in taxation could lead to an increase of our tax exposure and could affect the Company’s financial results.
We may change our dividend policy at any time.
Legal proceedings
We are party to certain lawsuits in the ordinary course of business. Information about our legal proceedings is included in Note 17 in Part II, Item 8 of this Annual Report and is incorporated by reference herein. Based on management's present knowledge of the facts and (in certain cases) advice of outside counsel, management does not believe that loss contingencies arising from pending matters are likely to have a material adverse effect on the Company's overall financial position, operating results, or cash flows after taking into account any existing accruals. However, actual outcomes could be material to the Company's financial position, operating results, or cash flows for any particular period.
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