Knight-Swift Transportation (KNX) investor relations material

Executive summary

• Q2 2026 delivered strong execution in an improving freight market, with total revenue up 12.6% year-over-year and revenue excluding fuel surcharge up 5.5%.

• Adjusted net income rose 79.7% to $102.8M, and adjusted EPS grew 80% to $0.63; GAAP EPS was $0.26, up 23.8%.

• Adjusted operating income increased 45.5% to $151M, and adjusted operating ratio improved 240 bps to 91.4%.

• Strategic investments in driver hiring, productivity incentives, and recent acquisitions expanded the revenue base and network efficiency.

• Regulatory actions and the Supreme Court's Montgomery ruling are tightening capacity, benefiting quality asset-based carriers.

Financial highlights

• Total revenue reached $2.1B in Q2 2026; revenue excluding fuel surcharge was $1.76B.

• Operating income rose 44.4% to $105M; adjusted operating income was $151M, up from $104M in Q2 2025.

• Adjusted net income was $103M, up from $57M; adjusted EPS was $0.63, up from $0.35.

• Adjusted operating ratio improved to 91.4% from 94.2% year-over-year.

• Free cash flow for the first half of 2026 was $190.4M; operating cash flow was $450.4M.

Outlook and guidance

• Adjusted EPS for Q3 2026 projected at $0.71–$0.77, reflecting volume, spot rate, bid activity, and driver hiring trends.

• Truckload revenue (excl. fuel surcharge) expected up mid-single digits year-over-year in Q3, with adjusted operating ratio improving 650–750 bps.

• LTL revenue expected up low single digits year-over-year, with adjusted operating ratio in the low 90s.

• Net cash capital expenditures for 2026 forecasted at $600M–$650M.

• Rate momentum from Q2 expected to continue, with further contract rate increases and strong peak season anticipated.