Knight-swift Transportation Holdings Inc. · NYSE:KNX
Knight-swift Transportation — Q1 2026 Earnings Presentation
19 slides from Knight-swift Transportation's earnings presentation, Apr 22, 2026
Slide 1: First Quarter 2026 Earnings
First Quarter 2026 Earnings April 22, 2026
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: Q1 2026 Comparative Results
Q1 2026 Comparative Results Q1 impacted by one-time items; core operations remain well positioned as market improves Total Revenue Revenue xFSC Operating Income Adj. Operating Inc. 1 LTL: $18.0M expense primarily from an 1.4% 0.3% (57.1)% (42.5)% adverse arbitration ruling on a 2022 claim Truckload:
Slide 4: Q1 2026 Segment Overview
Q1 2026 Segment Overview Revenue Adjusted Op Adjusted Q1 2026 Revenue Diversification xFSC2 Income1 OR1 ~15,100 irregular route and Truckload $1,045.1M $38.9M 96.3% ~5,900 dedicated tractors LTL 19% Less-than- 178 service centers $313.1M $1.2M 99.6% Truckload ~6,700 door count Logistics $127.6M $4.8
Slide 5: Operating Performance - Truckload
Operating Performance - Truckload Truckload segment well positioned to capture developing market opportunities • Miles per tractor improved 1.2% year-over-year marking the Truckload Financial Metrics Q1 2026 Q1 2025 Change 7th consecutive quarter of year-over-year improvement (Dollars in millions) •
Slide 6: Operating Performance - Less-Than-Truckload
Operating Performance - Less-Than-Truckload LTL revenue growth and mix improved despite quarter-specific cost pressures • Tonnage per day year-over-year increased 4.1% driven by LTL Financial Metrics Q1 2026 Q1 2025 Change weight per shipment growth. Tonnage momentum building (Dollars in millions) t
Slide 7: Operating Performance - Logistics
Operating Performance - Logistics Logistics gross margins improved sequentially amid lower volumes and pricing pressure • Gross margin 16.6% down 150 bps year-over-year but Logistics Financial Metrics Q1 2026 Q1 2025 Change improved 110 bps sequentially as strengthening spot (Dollars in millions) op
Slide 8: Operating Performance - Intermodal
Operating Performance - Intermodal Operational improvements and volume growth support positive momentum exiting Q1 • Revenue increased 2.7% year-over-year, driven by 1.6% Intermodal Financial Metrics Q1 2026 Q1 2025 Change higher revenue per load and 1.2% load growth (Dollars in millions) • Volumes
Slide 9: Operating Performance - All Other Segments
Operating Performance - All Other Segments Warehousing operations anticipating strong growth into Q2 • Warehousing was impacted by the deferral of projects All Other Financial Metrics Q1 2026 Q1 2025 Change from Q1 to future quarters, while related costs had already been incurred (Dollars in million
Slide 10: EPS Guidance
EPS Guidance Expect Adjusted EPS to be in the range of $0.45 - $0.49 in Q2 2026 Guidance Assumptions • Revenue xFSC up low-single digit year-over-year in Q2 Truckload • Operating margins improving 100 to 200 bps year-over-year in Q2 Less-than- • Revenue xFSC growth low-single digit growth year-over-
Slide 11: Appendix
@: Appendix *
Slide 12: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 (Unaudited) Quarter Ended March 31, 2026 2025 GAAP Presentation (Dollars in thousands) Total revenue $ 1,850,223 $ 1,824,362 Total operating expenses (1,821,639) (1,757,699) Operating incom
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 "Amortization of intan
Slide 14: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Net Income Attributable to Knight-Swift and Adjusted EPS 1 (Unaudited) Quarter Ended March 31, 2026 2025 (Dollars in thousands, except per share data) GAAP: Net (loss) income attributable to Knight-Swift $ (1,317) $ 30,639 Adjusted for: Income tax (benefit) expense a
Slide 15: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Adjusted NetNet Income Attributable Income to Knight-Swift Attributable and Adjusted EPS to Knight-Swift and1 (Unaudited) Adjusted EPS 1 2 (Unaudited) Quarter Ended March 31, 2026 2025 GAAP: (Loss) earnings per diluted share $ (0.01) $ 0.19 Adjusted for: Income tax (
Slide 16: Non-GAAP Reconciliation
Non-GAAP Reconciliation Segment Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 (Unaudited) Quarter Ended March 31, Truckload Segment 2026 2025 GAAP Presentation (Dollars in thousands) Total revenue $ 1,202,166 $ 1,192,550 Total operating expenses (1,165,108) (
Slide 17: Non-GAAP Reconciliation
Non-GAAP Reconciliation Segment Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 (Unaudited) Quarter Ended March 31, LTL Segment 2026 2025 GAAP Presentation (Dollars in thousands) Total revenue $ 368,364 $ 352,401 Total operating expenses (371,929) (339,707) Ope
Slide 18: Non-GAAP Reconciliation
Non-GAAP Reconciliation Segment Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 (Unaudited) Quarter Ended March 31, Logistics Segment 2026 2025 GAAP Presentation (Dollars in thousands) Revenue $ 127,608 $ 141,621 Total operating expenses (123,985) (136,478) Ope
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation Segment Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 (Unaudited) Quarter Ended March 31, Intermodal Segment 2026 2025 GAAP Presentation (Dollars in thousands) Revenue $ 93,589 $ 91,103 Total operating expenses (95,013) (92,915) Operat
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