FedEx Freight vs Knight-Swift
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The short version
- FedEx Freight is the larger business, with $8.8B of revenue in fiscal 2026 against $7.5B for Knight-Swift.
- Knight-Swift grew revenue faster (0.8%, against −1.1%).
- FedEx Freight kept more of each dollar of sales as operating profit (6.1% operating margin, against 2.9%).
- Knight-Swift turned more of its sales into free cash flow (16.9% FCF margin, against −2.4%).
- FedEx Freight earned a higher return on the capital invested in it (13.0%, against 1.6%).
| Latest fiscal year | FDXF · FY26 | KNX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.5B | $10.0B |
| Revenue | $8.8B | $7.5B |
| Free cash flow | −$212M | $1.3B |
| Net income | $655M | $65.9M |
| Growth | ||
| Revenue growth | −1.1% | 0.8% |
| 5-year growth | — | 9.8% |
| Share count change | 0.0% | 0.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 6.1% | 2.9% |
| Net margin | 7.5% | 0.9% |
| FCF margin | −2.4% | 16.9% |
| Return on capital | 13.0% | 1.6% |
| Return on equity | 69.1% | 0.9% |
| Balance sheet | ||
| Net debt | $4.3B | $2.1B |
| Net debt / EBITDA | 4.1x | 2.1x |
| Dividends and buybacks | $48.0M | $117M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | — | 6 |
Revenue
FY17
FDXF —
KNX $2.4B
FY18
FDXF —
KNX $5.3B
FY19
FDXF —
KNX $4.8B
FY20
FDXF —
KNX $4.7B
FY21
FDXF —
KNX $6.0B
FY22
FDXF —
KNX $7.4B
FY23
FDXF —
KNX $7.1B
FY24
FDXF $9.4B
KNX $7.4B
FY25
FDXF $8.9B
KNX $7.5B
FY26
FDXF $8.8B
KNX —
FDXF
KNX
Operating margin
FY17
FDXF —
KNX 8.3%
FY18
FDXF —
KNX 10.7%
FY19
FDXF —
KNX 8.8%
FY20
FDXF —
KNX 12.1%
FY21
FDXF —
KNX 16.1%
FY22
FDXF —
KNX 14.7%
FY23
FDXF —
KNX 4.7%
FY24
FDXF 18.6%
KNX 3.3%
FY25
FDXF 15.8%
KNX 2.9%
FY26
FDXF 6.1%
KNX —
FDXF
KNX
Free cash flow
FY17
FDXF —
KNX −$64.6M
FY18
FDXF —
KNX $126M
FY19
FDXF —
KNX $9.6M
FY20
FDXF —
KNX $919M
FY21
FDXF —
KNX $1.2B
FY22
FDXF —
KNX $1.4B
FY23
FDXF —
KNX $1.2B
FY24
FDXF $1.1B
KNX $799M
FY25
FDXF $1.1B
KNX $1.3B
FY26
FDXF −$212M
KNX —
FDXF
KNX
Return on capital
FY17
FDXF —
KNX 6.4%
FY18
FDXF —
KNX 7.7%
FY19
FDXF —
KNX 5.4%
FY20
FDXF —
KNX 6.6%
FY21
FDXF —
KNX 10.2%
FY22
FDXF —
KNX 10.1%
FY23
FDXF —
KNX 3.1%
FY24
FDXF —
KNX 2.1%
FY25
FDXF —
KNX 1.6%
FY26
FDXF 13.0%
KNX —
FDXF
KNX
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.