Knight-swift Transportation Holdings Inc. · NYSE:KNX
Knight-swift Transportation — Q3 2026 Earnings Presentation
20 slides from Knight-swift Transportation's earnings presentation, Oct 21, 2026
Slide 1: Third Quarter 2026 Earnings
Third Quarter 2026 Earnings October 21, 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: Q3 2026 Comparative Results
Q3 2026 Comparative Results Pricing gains and cost control drove substantial earnings growth Total Revenue Revenue xFSC Operating Income Adj. Operating Inc. 1 14.2% 7.7% 255.1% 87.4% Net Income Adj. Net Income 1 Earnings Per Share Adj. EPS 1 1,404.5% 164.9% 1,340.0% 159.4% 1 See GAAP to non-GAAP rec
Slide 4: Q3 2026 Segment Overview
Q3 2026 Segment Overview Revenue Adjusted Op Adjusted Q3 2026 Revenue Diversification xFSC2 Income1 OR1 ~14,500 irregular route and Truckload $1,154.9M $124.6M 89.2% ~5,900 dedicated tractors LTL 18% Less-than- 179 service centers $341.7M $29.4M 91.4% Truckload ~6,900 door count Logistics $139.0M $9
Slide 5: Operating Performance - Truckload
Operating Performance - Truckload Pricing and network efficiency drove significant margin improvement • Revenue, excluding fuel surcharge, increased 6.5%, driven by Truckload Financial Metrics Q3 2026 Q3 2025 Change a 9.7% improvement in revenue per loaded mile, including (Dollars in millions) over-
Slide 6: Truckload Cost Performance
Truckload Cost Performance Rate is outpacing current cost inflation, driving 68% flow-through to margin restoration in Q3 KNX TL Rate vs. Cost per Mile: Year-over-Year Change Managing Cost Through the Cycle KNX TL Cost per mile: annual growth Q1 2026 Q2 2026 Q3 2026 +4.5% +3.5% Revenue per total mil
Slide 7: Operating Performance - Less-Than-Truckload
Operating Performance - Less-Than-Truckload Improved freight mix and sequential volume growth supported LTL performance • Adjusted Operating Ratio increased 80 basis points to 91.4%, LTL Financial Metrics Q3 2026 Q3 2025 Change primarily reflecting a $4.6 million year-over-year decrease in (Dollars
Slide 8: Operating Performance - Logistics
Operating Performance - Logistics Pricing discipline and gross margin recovery improved profitability • Revenue was relatively flat year-over-year as the 46.7% Logistics Financial Metrics Q3 2026 Q3 2025 Change increase in revenue per load was offset by a 32.6% decline in (Dollars in millions) load
Slide 9: Operating Performance - Intermodal
Operating Performance - Intermodal Volume and core pricing growth drove continued margin progress • Revenue increased 30.6% year-over-year, supported by both Intermodal Financial Metrics Q3 2026 Q3 2025 Change positive volume and rate momentum. (Dollars in millions) • New business captured and custo
Slide 10: Operating Performance - All Other Segments
Operating Performance - All Other Segments Warehousing and independent contractor services drove strong growth • Revenue increased 41.8% year over year, driven primarily All Other Financial Metrics Q3 2026 Q3 2025 Change by growth in warehousing services and services provided (Dollars in millions) t
Slide 11: EPS Guidance
EPS Guidance Expect Adjusted EPS to be in the range of $0.78 - $0.84 in Q4 2026 Segment Guidance Assumptions Revenue Adjusted Operating Ratio Truckload Up low double digit % year-over-year excluding fuel surcharge Improving 650 - 750 basis points year-over-year Less-than- Up high single to low doub
Slide 12: Appendix
Appendix 7
Slide 13: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 1 (Unaudited) Quarter Ended September 30, Year-to-Date September 30, 2026 2025 2026 2025 GAAP Presentation (Dollars in thousands) Total revenue $ 2,200,926 $ 1,927,057 $ 6,146,861 $ 5,613,359
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 "Amortization of intan
Slide 15: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Net Income Attributable to Knight-Swift and Adjusted EPS 1 (Unaudited) Quarter Ended September 30, Year-to-Date September 30, 2026 2025 2026 2025 (Dollars in thousands, except per share data) GAAP: Net income attributable to Knight-Swift $ 118,266 $ 7,861 $ 160,138 $
Slide 16: Non-GAAP Reconciliation
Non-GAAP Reconciliation Adjusted Adjusted NetNet Income Income Attributable Attributable to Knight-Swift to Knight-Swift and1 (Unaudited) and Adjusted EPS Adjusted EPS 1 2 (Unaudited) Quarter Ended September 30, Year-to-Date September 30, 2026 2025 2026 2025 GAAP: Earnings per diluted share $ 0.72 $
Slide 17: Non-GAAP Reconciliation - Truckload Segment
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 2026 2025 2026 2025 GAAP Presentation (Dollars in thousands) Total revenue $ 1,410,251 $ 1,236,6
Slide 18: Non-GAAP Reconciliation - LTL Segment
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 2026 2025 2026 2025 GAAP Presentation (Dollars in thousands) Total revenue $ 434,517 $ 394,501 $ 1,223
Slide 19: Non-GAAP Reconciliation - Logistics Segment
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 2026 2025 2026 2025 GAAP Presentation (Dollars in thousands) Revenue $ 138,974 $ 140,404 $ 406,2
Slide 20: Non-GAAP Reconciliation - Intermodal Segment
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 2026 2025 2026 2025 GAAP Presentation (Dollars in thousands) Revenue $ 122,876 $ 94,083 $ 329,8
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