Knight-swift Transportation Holdings Inc. · NYSE:KNX
Knight-swift Transportation — Q3 2025 Earnings Presentation
19 slides from Knight-swift Transportation's earnings presentation, Oct 22, 2025
Slide 1: Third Quarter 2025 Earnings
Knight — Swift Transportation Third Quarter 2025 Earnings KNIGHT Q@SWiEr aan cooren US.xPRESS TRANSPORTATION, TRANSPORTATION ABILENE TransMex /BARR-NUNN on Mee | Tex “£7
Slide 2: Disclosure
Disclosure This presentation, including documents incorporated herein by reference, will contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements
Slide 3: Q3 2025 Comparative Results
Q3 2025 Comparative Results Growing both revenue and Adjusted Operating Income in a challenging market Total Revenue Revenue xFSC Operating Income Adj. Operating Inc. 1 2.7% 2.4% (38.2%) 4.2% 1,877 1,927 102 106 1,681 1,721 81 In millions In millions 50 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 Net In
Slide 4: Q3 2025 Segment Overview
Q3 2025 Segment Overview LTL becoming a meaningful share of business, increasing earnings diversification Revenue Adjusted Adjusted Q3 2025 Revenue Diversification xFSC2 Op Income1 OR1 ~15,400 irregular route and Truckload $1,084.4M $41.2M 96.2% ~5,900 dedicated tractors LTL 20% % s8 Less-than- tic
Slide 5: Operating Performance - Truckload
Operating Performance - Truckload Stable margins in Legacy Truckload with higher claims cost at U.S. Xpress Truckload Financial Metrics Q3 2025 Q3 2024 Change • Adjusted Operating Ratio deteriorated 60 bps year-over- (Dollars in millions) year, impacted by $12M of higher insurance at U.S. Xpress Rev
Slide 6: Operating Performance - Less-Than-Truckload
Operating Performance - Less-Than-Truckload Grew both revenue and Adjusted Operating Income while lapping DHE acquisition LTL Financial Metrics Q3 2025 Q3 2024 Change • Revenue xFSC increased 21.5% year-over-year driven by 14.2% (Dollars in millions) shipment growth and 6.1% year-over-year increase
Slide 7: Operating Performance - Logistics
Operating Performance - Logistics Improving income through disciplined operating model Logistics Financial Metrics Q3 2025 Q3 2024 Change • 94.3% Adjusted Operating Ratio1 during the quarter, 20 bps (Dollars in millions) improvement year-over-year Revenue ex intersegment $140.4 $143.6 (2.2 %) • Reve
Slide 8: Operating Performance - Intermodal
Operating Performance - Intermodal Returned to profitability through disciplined pricing and cost management Intermodal Financial Metrics Q3 2025 Q3 2024 Change • Adjusted Operating Ratio improved 160 bps year-over-year (Dollars in millions) driven by reductions in cost and improvements in network R
Slide 9: Operating Performance - All Other Segments
Operating Performance - All Other Segments Strong revenue and income growth led by equipment leasing and warehousing operations All Other Financial Metrics Q3 2025 Q3 2024 Change • Revenue increased 29.9% year-over-year and operating (Dollars in millions) income rose 86.4% YoY, driven primarily by s
Slide 10: EPS Guidance
EPS Guidance Expect Adjusted EPS to be in the range of $0.34 - $0.40 in Q4 Guidance Assumptions • Revenue xFSC fairly stable sequentially in Q4 with sequential operating margin improvement of 250 to 350 bps Truckload • Revenue per loaded mile improves low single-digit % sequentially as we secure som
Slide 11: Appendix
Knight — Swift Transportation Appendix KNIGHT Q@)Swirr aan cooren US.xPRESS TRANSPORTATION, TRANSPORTATION ABILENE TransViex ror CBSE Oo LOR
Slide 12: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 2 (Unaudited) Quarter Ended September 30, Year-to-Date September 30, 2025 2024 2025 2024 GAAP Presentation (Dollars in thousands) Total revenue $ 1,927,057 $ 1,876,676 $ 5,613,359 $ 5,545,7
Slide 13: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio (Unaudited) 1 Pursuant to the requirements of Regulation G, this table reconciles consolidated GAAP operating ratio to consolidated non-GAAP Adjusted Operating Ratio. 2 The reported results d
Slide 14: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Net Income Attributable to Knight-Swift and Adjusted EPS 1 2 (Unaudited) Quarter Ended September 30, Year-to-Date September 30, 2025 2024 2025 2024 (Dollars in thousands, except per share data) GAAP: Net income attributable to Knight-Swift $ 7,861 $ 30,464 $ 72,743 $
Slide 15: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Adjusted NetNet Income Attributable Income to Knight-Swift Attributable and Adjusted EPS to Knight-Swift (Unaudited)EPS 1 2 (Unaudited) and1 2Adjusted Quarter Ended September 30, Year-to-Date September 30, 2025 2024 2025 2024 GAAP: Earnings per diluted share $ 0.05 $
Slide 16: Non-GAAP Reconciliation
Non-GAAP Reconciliation Segment Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 (Unaudited) Quarter Ended September 30, Year-to-Date September 30, Truckload Segment 2025 2024 2025 2024 GAAP Presentation (Dollars in thousands) Total revenue $ 1,236,634 $ 1,258,1
Slide 17: Non-GAAP Reconciliation
Non-GAAP Reconciliation Segment Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 (Unaudited) Quarter Ended September 30, Year-to-Date September 30, LTL Segment 2 2025 2024 2025 2024 GAAP Presentation (Dollars in thousands) Total revenue $ 394,501 $ 325,412 $ 1,1
Slide 18: Non-GAAP Reconciliation
Non-GAAP Reconciliation Segment Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 (Unaudited) Quarter Ended September 30, Year-to-Date September 30, Logistics Segment 2025 2024 2025 2024 GAAP Presentation (Dollars in thousands) Revenue $ 140,404 $ 143,581 $ 410,3
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation Segment Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 (Unaudited) Quarter Ended September 30, Year-to-Date September 30, Intermodal Segment 2025 2024 2025 2024 GAAP Presentation (Dollars in thousands) Revenue $ 94,083 $ 102,679 $ 269,2
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