Knight-Swift is one of the largest trucking companies in North America, moving freight for large shippers across the U.S. and into Mexico through four service lines: truckload, LTL (less-than-truckload), logistics brokerage, and intermodal. The truckload segment is the core of the business, operating a fleet of over 21,000 tractors across one-way over-the-road and dedicated service. Knight-Swift charges shippers per loaded mile in truckload, per hundredweight in LTL, and per load in logistics and intermodal. Truckload profitability is driven by rate per loaded mile, fleet utilization, and cost per mile — roughly two-thirds of truckload costs are variable. LTL is more fixed-cost intensive, with profitability driven by network density; more shipments through a fixed service center network reduces cost per shipment. The logistics segment earns a spread between what shippers pay and what third-party carriers charge. Knight-Swift has grown primarily through acquisitions — 25 companies since 1966 — and the LTL buildout is the most significant current growth initiative, expanding toward 48-state coverage under the unified AAA Cooper brand. The company's largest customer accounts for roughly 13% of revenue, and the top 25 customers account for about half of total revenue. On the truckload side, near-term focus is on improving utilization and cost efficiency rather than fleet expansion, with technology investments in AI-based freight matching and fuel routing optimization expected to contribute to efficiency gains.