Knight-swift Transportation Holdings Inc. · NYSE:KNX
Knight-swift Transportation — Q4 2025 Earnings Presentation
20 slides from Knight-swift Transportation's earnings presentation, Jan 21, 2026
Slide 1: Fourth Quarter 2025 Earnings
Fourth 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: Key 2026 Priorities Supporting Our Long-Term Strategic Goals
Key 2026 Priorities Supporting Our Long-Term Strategic Goals Remain agile to capture opportunities and deliver customer value Truckload - Enhance customer value, leverage scale, improve returns through the cycles • Prepare to leverage our scale and flexibility in an improving market to capture an ou
Slide 4: Q4 2025 Comparative Results
Q4 2025 Comparative Results Revenue and Adjusted Operating Income stable in a market undergoing change Total Revenue Revenue xFSC Operating Income Adj. Operating Inc. 1 (0.4%) (0.6%) (66.1%) (5.3%) 1,864 1,856 106 101 1,677 1,666 78 In millions In millions 26 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25
Slide 5: Q4 2025 Segment Overview
Q4 2025 Segment Overview Enhancing revenue synergy opportunities across brands Revenue Adjusted Adjusted Q4 2025 Revenue Diversification xFSC2 Op Income1 OR1 ~15,200 irregular route and Truckload $1,077.7M $76.7M 92.9% ~6,000 dedicated tractors LTL 18% 9% Less-than- ics 178 service centers $298.5M $
Slide 6: Operating Performance - Truckload
Operating Performance - Truckload U.S. Xpress posts best operating margin since acquisition Truckload Financial Metrics Q4 2025 Q4 2024 Change • Adjusted Operating Ratio improved 330 bps vs Q3 2025 (Dollars in millions) • Legacy Truckload operated at 91.6% Adjusted OR Revenue xFSC $1,077.7 $1,104.3
Slide 7: Operating Performance - Less-Than-Truckload
Operating Performance - Less-Than-Truckload Grew revenue year-over-year despite muted demand LTL Financial Metrics Q4 2025 Q4 2024 Change • Revenue xFSC increased 7.0% year-over-year driven by 2.1% (Dollars in millions) shipment growth and 5.0% year-over-year increase in LTL Revenue xFSC $298.5 $278
Slide 8: Operating Performance - Logistics
Operating Performance - Logistics Implementing technology-enabled solutions to drive further operational efficiencies Logistics Financial Metrics Q4 2025 Q4 2024 Change • Gross margin 15.5% down 180 bps year-over-year reflecting (Dollars in millions) tightening capacity Revenue ex intersegment $160.
Slide 9: Operating Performance - Intermodal
Operating Performance - Intermodal Continued focus on building load count and optimizing network Intermodal Financial Metrics Q4 2025 Q4 2024 Change • Operating Ratio improved 140 bps year-over-year driven by (Dollars in millions) reductions in cost and improvements in network balance Revenue ex int
Slide 10: Operating Performance - All Other Segments
Operating Performance - All Other Segments Revenue growth led by equipment leasing and warehousing operations All Other Financial Metrics Q4 2025 Q4 2024 Change • Revenue increased 17.6% year-over-year and operating (Dollars in millions) loss improved 37.3% YoY, driven primarily by strong Revenue $5
Slide 11: EPS Guidance
EPS Guidance Expect Adjusted EPS to be in the range of $0.28 - $0.32 in Q1 2026 Guidance Assumptions • Revenue xFSC down slightly year-over-year in Q1 Truckload • Operating margins stable year-over-year in Q1 • Tractor count stable sequentially in Q1 Less-than- • Revenue xFSC growth between 5-10% ye
Slide 12: Appendix
Appendix ETAT 82978 on US. XPRESS [BA/ £ Da
Slide 13: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 2 (Unaudited) Quarter Ended December 31, Year-to-Date December 31, 2025 2024 2025 2024 GAAP Presentation (Dollars in thousands) Total revenue $ 1,856,330 $ 1,864,281 $ 7,469,689 $ 7,410,078
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 December 31, Year-to-Date December 31, 2025 2024 2025 2024 (Dollars in thousands, except per share data) GAAP: Net (loss) income attributable to Knight-Swift $ (6,797) $ 69,497 $ 6
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 December 31, Year-to-Date December 31, 2025 2024 2025 2024 GAAP: (Loss) earnings per diluted share $ (
Slide 17: Non-GAAP Reconciliation
Non-GAAP Reconciliation Segment Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 (Unaudited) Quarter Ended December 31, Year-to-Date December 31, Truckload Segment 2025 2024 2025 2024 GAAP Presentation (Dollars in thousands) Total revenue $ 1,221,814 $ 1,249,533
Slide 18: Non-GAAP Reconciliation
Non-GAAP Reconciliation Segment Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 (Unaudited) Quarter Ended December 31, Year-to-Date December 31, LTL Segment 2 2025 2024 2025 2024 GAAP Presentation (Dollars in thousands) Total revenue $ 344,752 $ 321,535 $ 1,478
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation Segment Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 (Unaudited) Quarter Ended December 31, Year-to-Date December 31, Logistics Segment 2025 2024 2025 2024 GAAP Presentation (Dollars in thousands) Revenue $ 159,971 $ 167,991 $ 570,294
Slide 20: Non-GAAP Reconciliation
Non-GAAP Reconciliation Segment Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 (Unaudited) Quarter Ended December 31, Year-to-Date December 31, Intermodal Segment 2025 2024 2025 2024 GAAP Presentation (Dollars in thousands) Revenue $ 95,663 $ 99,040 $ 364,914
Knight-Swift Transportation Holdings — Q4 2025 Earnings Presentation on 6ix