KNX

EX-99.1

2 exhibit99109302026.htm

KNIGHT-SWIFT HOLDINGS INC ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER 2026

Document

Exhibit 99.1

October 21, 2026

Phoenix, Arizona

Knight-Swift Transportation Holdings Inc. Reports Third Quarter 2026 Revenue and Earnings

Knight-Swift Transportation Holdings Inc. (NYSE: KNX) ("Knight-Swift" or the "Company"), one of the largest and most diversified freight transportation companies, operating the largest full truckload fleet in North America, today reported third quarter 2026 net income attributable to Knight-Swift of $118.3 million and Adjusted Net Income Attributable to Knight-Swift1 of $135.9 million. GAAP earnings per diluted share for the third quarter of 2026 were $0.72, compared to $0.05 for the third quarter of 2025. Adjusted EPS1 was $0.83 for the third quarter of 2026, compared to $0.32 for the third quarter of 2025.

Key Financial Highlights

Quarter Ended September 30,

20262025Change

(Dollars in thousands, except per share data)

Total revenue$2,200,926 $1,927,057 14.2 %

Revenue, excluding truckload and LTL fuel surcharge$1,852,830 $1,720,889 7.7 %

Operating income$178,705 $50,326 255.1 %

Adjusted Operating Income 1 $198,548 $105,951 87.4 %

Net income attributable to Knight-Swift$118,266 $7,861 1,404.5 %

Adjusted Net Income Attributable to Knight-Swift 1

$135,865 $51,281 164.9 %

Earnings per diluted share$0.72 $0.05 1,340.0 %

Adjusted EPS 1 $0.83 $0.32 159.4 %

1See GAAP to non-GAAP reconciliation in the schedules following this release.

During the third quarter of 2026, consolidated total revenue was $2.2 billion, a 14.2% increase from the third quarter of 2025, while consolidated revenue, excluding truckload and LTL fuel surcharge, grew 7.7%. Consolidated operating income was $178.7 million, a 255.1% increase compared to the same quarter last year. Adjusted Operating Income was $198.5 million, an 87.4% increase year-over-year. The consolidated operating ratio for the quarter improved 550 basis points year-over-year to 91.9%, and the Adjusted Operating Ratio1 improved 450 basis points to 89.3%.

•Truckload — Revenue, excluding fuel surcharge and intersegment transactions, increased 6.5% year-over-year driven by a 9.7% improvement in revenue per loaded mile, excluding fuel surcharge and intersegment transactions. Adjusted Operating Ratio of 89.2% was 700 basis points better year-over-year, primarily driven by pricing improvement, growth in loaded miles per tractor, and a 170 basis point reduction in empty miles percentage.

•LTL — Revenue, excluding fuel surcharge, increased 0.4% year-over-year and Adjusted Operating Ratio of 91.4% increased 80 basis points. Tonnage per day grew 3.3% on a 4.8% increase in weight per shipment, and length of haul grew 6.2% year-over-year.

•Logistics — Revenue decreased 1.0% year-over-year while Adjusted Operating Income of $9.6 million grew 19.6% and Adjusted Operating Ratio improved 120 basis points to 93.1%. Revenue per load increased 46.7% while load count declined 32.6% as we maintain a disciplined approach to profitability and carrier selection. Gross margin of 18.9% increased 110 basis points year-over-year and 350 basis points sequentially from second quarter levels as contract pricing resets in line with tighter capacity conditions.

•Intermodal — Revenue grew 30.6% year-over-year and Adjusted Operating Ratio improved 200 basis points to 97.8%. Revenue per load grew 15.2%, or 5.5% excluding fuel surcharge, and load count improved 13.3% year-over-year to the highest level in over five years.

Our GAAP and non-GAAP results for the quarter include certain items that impact the comparability of year-over-year results. These items include a $22.8 million reduction in interest expense and a 19.6 percentage point decrease in the effective tax rate on our GAAP results year-over-year. Additionally, operating income for the current quarter includes $6.3 million of costs for the new accounts receivable securitization program whereas costs of the prior arrangement were reported in interest expense prior to 2026. Further, our GAAP results for the prior year quarter include a loss contingency of $11.2 million, a $2.0 million write-off of debt issuance costs, and $34.8 million of impairment charges (primarily from combining our less-than-truckload (LTL) brands under one trade name), each of which, except the loss contingency, were excluded from our non-GAAP results as shown in the reconciliation schedules following this release.

Adam Miller, CEO of Knight-Swift, commented, "The Truckload market was largely consistent with normal seasonality in the third quarter, and contractual volumes remained generally stable. Customers continue to seek reliable, quality carriers for one-way service, which is creating strong demand for our capacity, especially approaching the holiday shopping season. Industry capacity remains under pressure, and sourcing quality drivers is as challenging as it has been in years. Our training academy ne

EX-99.1

2 exhibit99106302026.htm

KNIGHT-SWIFT HOLDINGS INC ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER 2026

Document

Exhibit 99.1

July 22, 2026

Phoenix, Arizona

Knight-Swift Transportation Holdings Inc. Reports Second Quarter 2026 Revenue and Earnings

Knight-Swift Transportation Holdings Inc. (NYSE: KNX) ("Knight-Swift" or the "Company"), one of the largest and most diversified freight transportation companies, operating the largest full truckload fleet in North America, today reported second quarter 2026 net income attributable to Knight-Swift of $43.2 million and Adjusted Net Income Attributable to Knight-Swift1 of $102.8 million. GAAP earnings per diluted share for the second quarter of 2026 were $0.26, compared to $0.21 for the second quarter of 2025. Adjusted EPS1 was $0.63 for the second quarter of 2026, compared to $0.35 for the second quarter of 2025.

Key Financial Highlights

Quarter Ended June 30,

20262025Change

(Dollars in thousands, except per share data)

Total revenue$2,095,712 $1,861,940 12.6 %

Revenue, excluding truckload and LTL fuel surcharge$1,764,387 $1,672,201 5.5 %

Operating income$104,851 $72,616 44.4 %

Adjusted Operating Income 1 $150,954 $103,762 45.5 %

Net income attributable to Knight-Swift$43,189 $34,243 26.1 %

Adjusted Net Income Attributable to Knight-Swift 1

$102,752 $57,179 79.7 %

Earnings per diluted share$0.26 $0.21 23.8 %

Adjusted EPS 1 $0.63 $0.35 80.0 %

1See GAAP to non-GAAP reconciliation in the schedules following this release.

During the second quarter of 2026, consolidated total revenue was $2.1 billion, a 12.6% increase from the second quarter of 2025, while consolidated revenue, excluding truckload and LTL fuel surcharge, grew 5.5%. Consolidated operating income was $104.9 million, a 44.4% increase compared to the same quarter last year. Adjusted Operating Income was $151.0 million, a 45.5% increase year-over-year. The consolidated operating ratio for the quarter improved 110 basis points year-over-year to 95.0%, and the Adjusted Operating Ratio1 improved 240 basis points to 91.4%.

•Truckload — Revenue, excluding fuel surcharge, increased 2.8% year-over-year driven by a 5.5% improvement in revenue per loaded mile, excluding fuel surcharge and intersegment transactions. Adjusted Operating Ratio of 91.0% was 360 basis points better year-over-year, primarily driven by pricing improvement and a 140 basis point reduction in empty miles percentage.

•LTL — Revenue, excluding fuel surcharge, decreased 1.4% year-over-year on a 3.7% decrease in shipments per day as initiatives to improve freight mix and network efficiency continue. Tonnage per day grew 4.0% on a 7.9% increase in weight per shipment, and length of haul grew 5.3%. Adjusted Operating Ratio of 92.1% improved 100 basis points year-over-year.

•Logistics — Revenue grew 8.9% year-over-year as revenue per load increased 29.6% while load count declined 16.4% as we maintain a disciplined approach to profitability and carrier quality. Gross margin of 15.4% declined 120 basis points sequentially from first quarter levels as pressure on third-party capacity continues.

•Intermodal — Revenue grew 34.9% year-over-year and Operating Ratio improved 470 basis points to 99.4%. Revenue per load grew 12.8% and load count improved 19.6% year-over-year to the highest second quarter mark since 2021.

Our GAAP and non-GAAP results for the quarter include certain items that impact the comparability of year-over-year results. These items include a $17.6 million reduction in interest expense and a 4.9 percentage point increase in the effective tax rate on our GAAP results year-over-year. Additionally, operating income for the current quarter includes $5.8 million of costs for the new accounts receivable securitization program whereas costs of the prior arrangement were reported in interest expense prior to 2026. Further, our GAAP results for the current quarter include a $22.8 million expense for a mark-to-market adjustment related to certain purchase price obligations associated with the acquisition of U.S. Xpress, an $18.2 million severance charge primarily related to the retirement and related consulting arrangement for our former executive chairman, an $8.2 million increase in estimated accrual exposure related to a pre-acquisition U.S. Xpress tax assessment, and a $1.5 million write-off of debt issuance costs, while the prior year quarter included $11.5 million of impairment and severance charges, all of which are excluded from our non-GAAP results as shown in the reconciliation schedules following this release.

Adam Miller, CEO of Knight-Swift, commented, "The second quarter saw a continued and rapid progression in truckload market conditions, with supply-driven tightening pushing spot rates, tender rejection rates, and contractual negotiations higher over the course of the quarter. We believe our business is positioned particularly well for environments such as this, with our leading over-the-road scale,

EX-99.1

2 exhibit99103312026.htm

KNIGHT-SWIFT HOLDINGS INC ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER 2026

Document

Exhibit 99.1

April 22, 2026

Phoenix, Arizona

Knight-Swift Transportation Holdings Inc. Reports First Quarter 2026 Revenue and Earnings

First Quarter results include negative impacts from the following items:

•$0.05-0.06 per share estimated impact of severe weather disruption and sharp increase in fuel prices

•$0.08 per share impact to claims cost primarily related to unfavorable arbitration award on 2022 claim

•$0.02 per share due to adverse decision on VAT reimbursement in Mexico from prior tax years

Knight-Swift Transportation Holdings Inc. (NYSE: KNX) ("Knight-Swift" or the "Company"), one of the largest and most diversified freight transportation companies, operating the largest full truckload fleet in North America, today reported first quarter 2026 net loss attributable to Knight-Swift of $1.3 million and Adjusted Net Income Attributable to Knight-Swift1 of $14.3 million. GAAP (loss) earnings per diluted share for the first quarter of 2026 were $(0.01), compared to $0.19 for the first quarter of 2025. Adjusted EPS1 was $0.09 for the first quarter of 2026, compared to $0.28 for the first quarter of 2025.

The current quarter GAAP and non-GAAP results include $18.0 million of expense for claims development in our less-than-truckload (LTL) segment, primarily related to an adverse arbitration ruling on a 2022 claim, $4.1 million of expense in our Truckload segment for an adverse decision on VAT reimbursement in Mexico for prior tax years, and an estimated $12.0 to $14.0 million negative impact across our business segments from volume and cost headwinds from severe winter weather disruptions and sharply rising fuel prices during the quarter.

Key Financial Highlights

During the first quarter of 2026, consolidated total revenue was $1.9 billion, a 1.4% increase from the first quarter of 2025, while consolidated revenue, excluding truckload and LTL fuel surcharge, was essentially flat. Consolidated operating income was $28.6 million, a decrease of $38.1 million compared to the same quarter last year. Adjusted Operating Income was $49.8 million, a $36.8 million decrease year-over-year. The decline in both measures was primarily due to the items noted above. The consolidated operating ratio for the quarter was 98.5%, and the Adjusted Operating Ratio1 was 97.0%.

Quarter Ended March 31

20262025Change

(Dollars in thousands, except per share data)

Total revenue$1,850,223 $1,824,362 1.4 %

Revenue, excluding truckload and LTL fuel surcharge$1,638,032 $1,632,963 0.3 %

Operating income$28,584 $66,663 (57.1)%

Adjusted Operating Income 1 $49,826 $86,580 (42.5)%

Net (loss) income attributable to Knight-Swift$(1,317)$30,639 (104.3)%

Adjusted Net Income Attributable to Knight-Swift 1

$14,262 $45,372 (68.6)%

(Loss) earnings per diluted share$(0.01)$0.19 (105.3)%

Adjusted EPS 1 $0.09 $0.28 (67.9)%

1See GAAP to non-GAAP reconciliation in the schedules following this release.

•Truckload — Revenue, excluding fuel surcharge, flat year-over-year as a 1.4% improvement in revenue per loaded mile, excluding fuel surcharge and intersegment transactions, largely offset a 1.8% decline in loaded miles. Adjusted Operating Ratio of 96.3% as severe weather and sharply rising fuel prices pressured volumes and cost in the quarter, but fundamentals improved progressively throughout the quarter as the freight market tightened.

•LTL — Revenue, excluding fuel surcharge, increased 2.6% year-over-year as tonnage per day grew 4.1% on a 5.2% increase in weight per shipment and length of haul grew 8.5%. Adjusted Operating Ratio of 99.6%

increased 540 basis points year-over-year due to the $18.0 million of adverse claim development noted above, which negatively impacted the Adjusted Operating Ratio by 570 basis points.

•Logistics — Revenue per load up 10.4% year-over-year while gross margin of 16.6% improved 110 basis points sequentially over fourth quarter levels on strengthening spot opportunities and as contractual pricing begins to be reset in a market that remains tight.

•Intermodal — Revenue grew 2.7% year-over-year as revenue per load grew 1.6% and load count improved 1.2% to the highest first quarter mark since 2021. Adjusted Operating Ratio improved 50 basis points year-over-year to 101.5%.

Our GAAP and non-GAAP results for the quarter include certain items that impact the comparability of year-over-year results. These items include a $12.2 million decrease in other income, net, a $9.5 million reduction in interest expense, a $7.6 million decrease in gain on sale, and an 18.4 percentage point decrease in the effective tax rate on our GAAP results year-over-year. Additionally, operating income for the current quarter includes $5.2 million of costs for the new accounts receivable securitization program whereas costs of the prior arrangement were reported in interest expense in prior quarters. Furt