FreightCasts

Housing data disappoints as concerns around energy costs loom this winter. Rising energy costs are not all bad. Knight Swift’s beat explained as they outperform peers.

⁠Follow the Freightonomics Podcast⁠

⁠Other FreightWaves Shows⁠
Learn more about your ad choices. Visit megaphone.fm/adchoices

FreightWaves Today breaks down a pivotal week for the freight market, with strong earnings from Knight-Swift Transportation, Triumph Financial and Cass Information Systems offering insight into rising rates, higher operating costs and shifting market conditions. Hosts Malcolm Harris and Zach Strickland speak with Triumph Financial CEO Aaron Graft and Cass Information Systems EVP and CFO Mike Normille about their latest results, while the SONAR team examines trucking capacity, diesel prices, refinery constraints and a cooling housing market.

Knight-Swift Delivers a Major Earnings Beat

Knight-Swift Transportation reported third-quarter adjusted earnings of $0.83 per share, beating analyst expectations and its own guidance. Revenue reached $2.2 billion, up 14% year over year, while revenue per loaded mile increased 10%. The company’s truckload adjusted operating ratio improved to 89.2%, excluding fuel, and loaded miles per tractor rose for the eighth consecutive quarter.

Triumph Financial CEO Aaron Graft on Growth, Investment and Freight’s Next Cycle

Aaron Graft joins the show to explain how four years of investment in payments, intelligence and load-pay products are beginning to pay off as the freight market improves. Graft also shares his outlook on freight supply, rates and Triumph’s opportunity to monetize years of platform investment.

Cass Information Systems: Higher Freight Invoices and Interest Rates Lift Results

Cass Information Systems EVP and CFO Mike Normille discusses the company’s third-quarter performance and what could drive results in the months ahead.

⁠Follow the FreightWaves Today Podcast⁠

⁠Other FreightWaves Shows⁠
Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, we kick things off by examining the nation's largest asset-based truckload carrier delivering a major earnings beat that signals fundamental market momentum. ⁠Knight-Swift Transportation crushed Wall Street's consensus estimate⁠ with third-quarter adjusted earnings per share of eighty-three cents, seven cents above expectations and above its own guidance range. Revenue climbed fourteen percent year-over-year to two point two billion dollars, driven by aggressive rate increases and the truckload unit's massive seven hundred basis point improvement in adjusted operating ratio.

Next, we explore the fintech sector where ⁠Triumph Financial's CEO highlighted arrows pointing up across nearly every key metric⁠ in his quarterly shareholder letter, validating years of heavy investment in building comprehensive financial services infrastructure for trucking. Transportation revenue growth hit thirty-seven point eight percent, easily surpassing the company's long-term target, while factoring operating margin reached forty-three percent and the firm now services about eight thousand of the more than ninety thousand factored carriers nationwide.

Finally, we cover a critical production milestone that could reshape the electric Class 8 market as ⁠Tesla confirmed it has begun volume production of its Semi truck⁠ at its Nevada factory with installed annual capacity now at twenty-five thousand units. The top variant Semi can travel five hundred miles at full eighty-two thousand pounds gross combination weight while using just a third of the energy consumed by a comparable diesel truck, with Tesla targeting its first European customer deliveries by the end of twenty twenty-seven.

⁠Follow the FreightWaves Today Podcast⁠

⁠Other FreightWaves Shows⁠
Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of FreightWaves Today, Malcolm Harris and Julie Van de Kamp break down the latest developments shaping freight markets, from a nearly $1 million trading card theft and alarming truck safety violations to third-quarter earnings, rising transportation costs, and the growing shift from highways to rail. Plus, Vertical Aerospace’s Michael Cervenka explains how its Valo electric aircraft could transform time-critical cargo delivery, and Trains magazine editor Bill Stephens joins the show to discuss surging rail traffic and the outlook for railroad earnings.

In this episode:

Nearly $1 Million in Trading Cards Stolen From a FedEx Truck: FreightWaves Head of Fraud Media and Education Phil Brink and Highway Chief Product Officer Brendan Bailey discuss the disappearance of approximately $963,000 worth of Pokémon, sports, and other trading cards from a FedEx truck in Santa Ana, California. Investigators are working to determine when and where the theft occurred. The conversation explores why high-value collectibles are attractive targets, the cargo theft risks facing Southern California, and the security procedures carriers should follow when transporting valuable freight.

Cargo Theft vs. Freight Fraud: Understanding the Risks: Brink and Bailey explain the differences between straight theft, direct theft, and strategic theft, including situations involving compromised carrier email accounts and fraudulent access to shipments. Bailey also explains how Highway’s secure rate confirmation delivery process helps protect sensitive shipment information by requiring carriers to authenticate before accessing documents, rather than relying on email inbox security.

Truck Safety Inspections Reveal Serious Violations: Enforcement operations in Arizona and North Dakota uncovered hundreds of violations, including unsafe vehicles and severe equipment failures. One truck stopped in Arizona had completely inoperative trailer brakes, seven broken trailer cross members, and extensive lower-rail damage. Malcolm and Julie discuss why these findings underscore the importance of preventive maintenance, qualified drivers, and freight rates that allow carriers to invest in safety.

Heartland Express Returns to Profitability: Heartland Express reported third-quarter net income of $1 million, reversing an $8.3 million loss from the same quarter a year earlier. Improved freight volumes, stronger customer pricing, and reduced industry capacity helped drive the turnaround. The company’s adjusted operating ratio improved to 97.6%, while fuel, maintenance, repair, and employee-related costs continued to pressure results.

SONAR Deep Dive: Rising Rates, Rising Costs: Julie examines third-quarter earnings and freight market indicators from J.B. Hunt, Werner, and Heartland Express. Truckload carriers are gaining pricing power as capacity tightens, but higher diesel prices, driver recruitment and retention expenses, insurance claims, and equipment costs are absorbing much of the improvement. The discussion also highlights the growing cost advantage of intermodal transportation and the potential for continued road-to-rail conversion.

Vertical Aerospace’s Valo Aircraft Could Change Urgent Freight Delivery: Michael Cervenka, chief commercial and strategy officer at Vertical Aerospace, explains how the Valo electric vertical takeoff and landing (eVTOL) aircraft combines helicopter-style vertical takeoff and landing with airplane-style flight. The company is targeting certification around 2028–2029, with operational service expected from 2030 onward. Potential cargo applications include time-critical medical equipment, humanitarian aid, defense logistics, and deliveries to remote locations without suitable runway infrastructure.

Rail Traffic Accelerates as Intermodal Gains Momentum: Bill Stephens, editor of Trains magazine, reviews the latest Association of American Railroads traffic figures. U.S. rail traffic rose 8.5% year over year for the week, with intermodal volume surging as high diesel prices and tight truck capacity encourage shippers to move more freight by rail. Stephens also discusses rail earnings expectations, rising steel-related shipments, and the competitive dynamics among major railroads.

Railroad Earnings Season Begins: With CSX, Union Pacific, and Norfolk Southern reporting third-quarter results, the show explores what investors and freight market participants should watch. The discussion covers earnings expectations, intermodal market share, fuel surcharges, rail pricing, and whether railroads can keep pace with rising operating costs.

⁠Follow the FreightWaves Today Podcast⁠

⁠Other FreightWaves Shows⁠
Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of What the Truck?!, Malcolm Harris and Michael Vincent tackle some of the biggest challenges facing the freight industry, from freight fraud and cargo theft to truck safety and the legal risks surrounding serious trucking accidents. Plus, John Moore from Volvo Trucks joins the show to break down the all-new VNX and the technology changing vocational trucking.

In this episode:

Volvo Trucks Unveils the All-New VNX: John Moore, product marketing manager at Volvo Trucks, explains how the new VNX is advancing vocational and heavy-haul operations. Learn how remote steering lets drivers guide a truck from outside the cab, how automated direction changes can make repetitive work smoother, and how integrated body telematics can alert drivers to equipment issues—like a raised dump bed or a concrete mixer that stops turning. Moore also discusses new air-curtain airbags, pedestrian detection, blind-spot radar, automatic emergency calls, and improvements to cab comfort.

Freight Fraud: More Than Double Brokering: Anna Bothwell, founder of Freight 411, shares firsthand lessons from her experience running a trucking company, freight brokerage, and warehouse. She describes deceptive practices involving altered seals, unauthorized load consolidation, stolen shipments, and suspicious cross-docking requests—including a shipment of sour cream allegedly transported alongside rat poison. The conversation explores why fraud prevention must continue throughout a shipment, not stop after carrier vetting.

Cargo Theft and Smarter Shipment Tracking: Guy, president of SmartSense, discusses cargo theft research and the challenges of protecting high-value freight. The conversation examines fraudulent pickups, GPS jamming, tracking technology placed with the cargo itself, and why detecting theft is only part of the solution. Rapid alerts, coordinated systems, and timely intervention can help companies respond before stolen freight disappears.

When a Truck Crash Becomes a Legal Battle: Matthew Alles Brooke, founder of the Texas Law Dog, explains the challenges of investigating serious trucking accidents and building a case around reliable evidence. The discussion covers dashcam footage, electronic control module (ECM) data, crash reports, accident reconstruction, and the difficulties that arise when key evidence is missing or unavailable. His advice to trucking companies, fleet managers, and freight brokers: operate as though a jury may one day review every record.

A Million-Dollar Pokémon Card Heist: The hosts react to news of a reported $1 million theft involving two pallets of rare Pokémon cards in California, highlighting how high-value, easily transported goods can become targets for cargo thieves.

⁠Watch on YouTube⁠

⁠Visit our sponsor - TRUCKSTOP.COM⁠

⁠Subscribe to the WTT newsletter⁠

⁠Apple Podcasts⁠

⁠Spotify⁠

⁠More FreightWaves Podcasts⁠

#WHATTHETRUCK #FreightNews #supplychain
Learn more about your ad choices. Visit megaphone.fm/adchoices