KNX Q2 2026: Truckload pricing improves 650-750bp on tightening market; $1.5B debt refinance

Filed July 29, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 30, 2025 · ~2 min read

Key Changes

• high

  Truckload Adjusted Operating Ratio guided to improve 650-750 basis points year-over-year in Q3 2026, driven by strengthening spot rates, rising tender rejections, and supportive bid activity as the market tightens following extended excess capacity.

  MD&A: Truckload guidance verify on EDGAR →
• high

  Issued $1.5 billion in 1.0% convertible notes due 2031 during H1 2026, replacing higher-cost term loans and revolver borrowings; net debt improved ~$400 million year-over-year to $2.2 billion despite lower cash.

  MD&A: Financing verify on EDGAR →
• high

  Third-party insurance loss contingency liability surged from $2.8 million in Q2 2025 to $14.0 million as of June 30, 2026, as claims under the reinsurance transfer agreement developed significantly worse than initially estimated, reaching the maximum potential additional premium.

  Legal Proceedings verify on EDGAR →