Knight-swift Transportation Holdings Inc. · NYSE:KNX
Knight-swift Transportation — Q2 2026 Earnings Presentation
20 slides from Knight-swift Transportation's earnings presentation, Jul 22, 2026
Slide 1: Second Quarter 2026 Earnings
Second Quarter 2026 Earnings July 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: Q2 2026 Comparative Results
Q2 2026 Comparative Results Strong execution in an improving market Total Revenue Revenue xFSC Operating Income Adj. Operating Inc. 1 12.6% 5.5% 44.4% 45.5% Net Income Adj. Net Income 1 Earnings Per Share Adj. EPS 1 26.1% 79.7% 23.8% 80.0% 1 See GAAP to non-GAAP reconciliation in the schedules follo
Slide 4: Q2 2026 Segment Overview
Q2 2026 Segment Overview Revenue Adjusted Op Adjusted Q2 2026 Revenue Diversification xFSC2 Income1 OR1 ~14,900 irregular route and Truckload $1,103.1M $98.9M 91.0% ~5,800 dedicated tractors LTL 19% Less-than- 179 service centers $333.0M $26.4M 92.1% Truckload ~6,900 door count Logistics $139.7M $5.
Slide 5: Operating Performance - Truckload
Operating Performance - Truckload Network execution and pricing drove significant margin expansion in 2Q • Revenue, excluding fuel surcharge, increased 2.8%, driven by Truckload Financial Metrics Q2 2026 Q2 2025 Change a 5.5% improvement in revenue per loaded mile (Dollars in millions) ◦ Rate improv
Slide 6: Operating Performance - Less-Than-Truckload
Operating Performance - Less-Than-Truckload Continuing to develop an improved freight mix and network efficiencies • Tonnage per day increased 4% year-over-year with length of LTL Financial Metrics Q2 2026 Q2 2025 Change haul up 5.3% as the freight mix continues to evolve into our (Dollars in millio
Slide 7: Operating Performance - Logistics
Operating Performance - Logistics Pricing gains continue while constrained capacity pressures margins • Gross margin compressed to 15.4%, down 350 bps year-over- Logistics Financial Metrics Q2 2026 Q2 2025 Change year and 120 bps sequentially, as purchased transportation (Dollars in millions) costs
Slide 8: Operating Performance - Intermodal
Operating Performance - Intermodal Leveraging volume growth and network efficiency to improve margins • Revenue increased 34.9% year over year, driven by a 19.6% Intermodal Financial Metrics Q2 2026 Q2 2025 Change increase in load count and a 12.8% increase in revenue per (Dollars in millions) load
Slide 9: Operating Performance - All Other Segments
Operating Performance - All Other Segments Growing warehousing and leasing business providing meaningful income contribution growth • Revenue increased 41.8% year over year driven by new All Other Financial Metrics Q2 2026 Q2 2025 Change contract wins and volume awards in our warehousing and (Dollar
Slide 10: Capital Structure and Liquidity
Capital Structure and Liquidity Convertible notes financing strengthens the balance sheet and enhances financial flexibility $1.5B ~$44M $104.75 / Share Convertible notes issued Annual pre-tax benefit Effective Conversion Price 5.5-year tenor · 1.0% coupon ≈ $0.20 per share of EPS after call spread
Slide 11: EPS Guidance
EPS Guidance Expect Adjusted EPS to be in the range of $0.71 - $0.77 in Q3 2026 Guidance Assumptions • Revenue xFSC up mid-single digit year-over-year in Q3 Truckload • Adjusted Operating Ratio improving 650 to 750 bps year-over-year in Q3 Less-than- • Revenue xFSC up low-single digit year-over-year
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 June 30, Year-to-Date June 30, 2026 2025 2026 2025 GAAP Presentation (Dollars in thousands) Total revenue $ 2,095,712 $ 1,861,940 $ 3,945,935 $ 3,686,302 Total ope
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 June 30, Year-to-Date June 30, 2026 2025 2026 2025 (Dollars in thousands, except per share data) GAAP: Net income attributable to Knight-Swift $ 43,189 $ 34,243 $ 41,872 $ 64,882 Adj
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 June 30, Year-to-Date June 30, 2026 2025 2026 2025 GAAP: Earnings per diluted share $ 0.26 $ 0.21 $ 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 2026 2025 2026 2025 GAAP Presentation (Dollars in thousands) Total revenue $ 1,347,343 $ 1,214,036 $ 2,549
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 2026 2025 2026 2025 GAAP Presentation (Dollars in thousands) Total revenue $ 420,148 $ 386,854 $ 788,512 $ 739,2
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 2026 2025 2026 2025 GAAP Presentation (Dollars in thousands) Revenue $ 139,696 $ 128,298 $ 267,304 $ 269,9
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 2026 2025 2026 2025 GAAP Presentation (Dollars in thousands) Revenue $ 113,388 $ 84,065 $ 206,977 $ 175,1
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