Knight-swift Transportation Holdings Inc. · NYSE:KNX
Knight-swift Transportation — Q2 2025 Earnings Presentation
20 slides from Knight-swift Transportation's earnings presentation, Jul 23, 2025
Slide 1: Second Quarter 2025 Earnings
Knight - Swift Transportation Second Quarter 2025 Earnings
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: Q2 2025 Comparative Results
Q2 2025 Comparative Results Continuing to grow income in a challenging environment Total Revenue Revenue xFSC Operating Income Adj. Operating Inc. 1 0.8% 1.9% 14.4% 17.2% 1,847 1,862 1,642 1,672 73 104 In millions 63 In millions 89 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 Net Income Adj. Net Income 1
Slide 4: Q2 2025 Segment Overview
Q2 2025 Segment Overview Improving Truckload performance while LTL grows into network Revenue Adjusted Adjusted Q2 2025 Revenue Diversification xFSC2 Op Income1 OR1 ~15,400 irregular route and Truckload $1,073.3M $58.4M 94.6% LTL 20% ~5,900 dedicated tractors % s8 Less-than- 176 service centers ic $
Slide 5: Operating Performance - Truckload
Operating Performance - Truckload Improved margins through cost discipline and productivity gains Truckload Financial Metrics Q2 2025 Q2 2024 Change • Adjusted Operating Ratio improved 260 bps year-over-year, (Dollars in millions) reflecting 300 bps improvement for U.S. Xpress and 250 bps Revenue xF
Slide 6: Positioning Truckload Cost Structure To Outperform
Positioning Truckload Cost Structure To Outperform Managing short-term market conditions while preserving scale for future freight demand Consolidated Truckload Cost Per Mile - YoY Reduction June 2025 TTM vs June 2024 TTM CPM reduced 1.5% (3 cents/mile) 4.0% Fixed Cost reductions primarily in: • Equ
Slide 7: Operating Performance - Less-Than-Truckload
Operating Performance - Less-Than-Truckload Balancing strategic network growth with focus on cost control and margin enhancement LTL Financial Metrics Q2 2025 Q2 2024 Change • Revenue xFSC increased 28.4% year-over-year driven by 21.7% (Dollars in millions) shipment growth and 9.9% year-over-year in
Slide 8: Operating Performance - Logistics
Operating Performance - Logistics Growing income in soft market through price discipline and resilient model Logistics Financial Metrics Q2 2025 Q2 2024 Change • 94.8% Adjusted Operating Ratio1 during the quarter, 70 bps (Dollars in millions) improvement year-over-year Revenue ex intersegment $128.3
Slide 9: Operating Performance - Intermodal
Operating Performance - Intermodal Q2 volumes pressured results; structural actions underway to support margin recovery Intermodal Financial Metrics Q2 2025 Q2 2024 Change • Operating ratio increased 230 bps year-over-year (Dollars in millions) • Load count down 12.4% year-over-year as West coast im
Slide 10: Operating Performance - All Other Segments
Operating Performance - All Other Segments Income growth led by equipment leasing and warehousing operations All Other Financial Metrics Q2 2025 Q2 2024 Change • Revenue increased 9.0% year-over-year (Dollars in millions) • Operating income rose 73.6% YoY, driven primarily by Revenue $74.4 $68.3 9.0
Slide 11: EPS Guidance
EPS Guidance Expect Adjusted EPS to be in the range of $0.36 - $0.42 in Q3 Guidance Assumptions • Revenue xFSC up low single-digit % sequentially in Q3 with operating margins slightly improved sequentially Truckload • Revenue per loaded mile recovers slightly sequentially as freight mix normalizes •
Slide 12: Appendix
Appendix Qsurr AAA COOPER US.XPRESS TRANSPORTATION A | RRIEENE (P teansmtex Done
Slide 13: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 2 (Unaudited) Quarter Ended June 30, Year-to-Date June 30, 2025 2024 2025 2024 GAAP Presentation (Dollars in thousands) Total revenue $ 1,861,940 $ 1,846,654 $ 3,686,302 $ 3,669,121 Total o
Slide 14: 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 15: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Net Income Attributable to Knight-Swift and Adjusted EPS 1 2 (Unaudited) Quarter Ended June 30, Year-to-Date June 30, 2025 2024 2025 2024 (Dollars in thousands, except per share data) GAAP: Net income attributable to Knight-Swift $ 34,243 $ 20,300 $ 64,882 $ 17,665 A
Slide 16: 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 June 30, Year-to-Date June 30, 2025 2024 2025 2024 GAAP: Earnings per diluted share $ 0.21 $ 0.13 $ 0.
Slide 17: Non-GAAP Reconciliation
Non-GAAP Reconciliation Segment Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 (Unaudited) Quarter Ended June 30, Year-to-Date June 30, Truckload Segment 2025 2024 2025 2024 GAAP Presentation (Dollars in thousands) Total revenue $ 1,214,036 $ 1,264,237 $ 2,406
Slide 18: Non-GAAP Reconciliation
Non-GAAP Reconciliation Segment Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 (Unaudited) Quarter Ended June 30, Year-to-Date June 30, LTL Segment 2 2025 2024 2025 2024 GAAP Presentation (Dollars in thousands) Total revenue $ 386,854 $ 306,478 $ 739,255 $ 588
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation Segment Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 (Unaudited) Quarter Ended June 30, Year-to-Date June 30, Logistics Segment 2025 2024 2025 2024 GAAP Presentation (Dollars in thousands) Revenue $ 128,298 $ 131,700 $ 269,919 $ 258,4
Slide 20: Non-GAAP Reconciliation
Non-GAAP Reconciliation Segment Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 (Unaudited) Quarter Ended June 30, Year-to-Date June 30, Intermodal Segment 2025 2024 2025 2024 GAAP Presentation (Dollars in thousands) Revenue $ 84,065 $ 97,528 $ 175,168 $ 185,51
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