What Knight-Swift Transportation Holdings Inc. told the SEC could break it.

Knight-Swift operates in the US and Mexico and is exposed to changes in US-Mexico trade relations and trade agreements, additional tariffs on imports from Mexico and Mexican retaliatory tariffs, which could affect cross-border freight volumes and equipment costs.

“changes in trade agreements, US-Mexico trade relations, or the imposition of additional tariffs on imports from Mexico and related retaliatory tariffs that may be imposed by the Mexican government”

EPA's 2022 NOx Rule sets heavy-duty emissions standards more than 80% stronger starting with model year 2027, and California Phase 2 standards apply to most of the fleet — raising the cost and complexity of Knight-Swift's tractor purchases.

“In 2022, the EPA adopted a final rule regarding emissions standards of nitrogen oxides for heavy-duty motor vehicles beginning with model year 2027 being more than 80% stronger than current emission standards, with the intent to reduce heavy duty emissions by almost 50% from 2022 levels by 2045 (the “2022 NOx Rule”).”

Knight-Swift is exposed to diesel fuel price movements for its company-owned tractor fleet, mitigated by a fuel surcharge program that passes a majority of increases to customers (with a lag).

“Commodity Price Risk We have commodity exposure with respect to fuel used in company-owned tractors.”

Knight-Swift's largest customer generated 13.1% of total revenue in 2025 (12.6% in 2024, 11.2% in 2023) across all reportable segments; no other customer exceeded 10%, so loss of that customer would materially affect revenue.

“Customer Concentration Services provided to the Company's largest customer generated 13.1 %, 12.6 %, and 11.2 % of total revenue in 2025, 2024, and 2023, respectively.”