Revenue: As of FY2026 Q2, the actual value is USD 2.096 B, beating the estimate of USD 2.044 B.

EPS: As of FY2026 Q2, the actual value is USD 0.26, missing the estimate of USD 0.4632.

EBIT: As of FY2026 Q2, the actual value is USD 83.42 M.

Consolidated Results (Second Quarter 2026 vs. Second Quarter 2025)

Operating Income

• GAAP operating income was $104,851 thousand, a 44.4% increase year-over-year.
• Adjusted Operating Income was $150,954 thousand, a 45.5% increase year-over-year.

Operating Ratio

• The consolidated operating ratio improved by 110 basis points year-over-year to 95.0%.
• The Adjusted Operating Ratio improved by 240 basis points to 91.4%.

Net Income Attributable to Knight-Swift Transportation Holdings Inc.

• GAAP net income was $43,189 thousand, a 26.1% increase.
• Adjusted Net Income Attributable to Knight-Swift Transportation Holdings Inc. was $102,752 thousand, a 79.7% increase.

Other (Expense) Income

• Other (expense) income, net, was -$17,919 thousand in Q2 2026, primarily due to a -$22,810 thousand mark-to-market adjustment related to U.S. Xpress acquisition obligations and a -$1,514 thousand write-off of debt issuance costs.

Income Taxes

• The effective tax rate on GAAP results was 34.1%, compared to 29.2% in Q2 2025.
• The effective tax rate on non-GAAP results was 24.4%, compared to 28.0% in Q2 2025.

Dividend

• A quarterly cash dividend of $0.20 per share of common stock was declared.

Gain on Sale of Operating Assets

• Gain on sale of operating assets was $23,400 thousand, compared to $11,700 thousand in Q2 2025.

Segment Financial Performance (Second Quarter 2026 vs. Second Quarter 2025)

Truckload Segment

• Operating Income: GAAP operating income was $89,145 thousand, a 96.3% increase.
• Adjusted Operating Income was $98,924 thousand, a 69.4% increase.
• Operating Ratio: The operating ratio improved to 93.4%, a decrease of 290 basis points.
• The Adjusted Operating Ratio improved by 360 basis points to 91.0%.
• Operational Metrics: Average revenue per tractor was $53,275, up 5.8%.
• Non-paid empty miles percentage decreased by 140 basis points to 12.5%.
• Miles per tractor decreased by 1.4% to 21,033.
• Average tractors decreased by 2.8% to 20,705.
• Average trailers decreased by 4.1% to 81,962.
• The average age of the tractor fleet was 2.8 years, compared to 2.7 years in Q2 2025.

LTL Segment

• Operating Income: GAAP operating income was $21,659 thousand, an 18.1% increase.
• Adjusted Operating Income grew 13.3% to $26,449 thousand.
• Operating Ratio: The operating ratio improved by 50 basis points to 94.8%.
• The Adjusted Operating Ratio improved by 100 basis points to 92.1%.
• Operational Metrics: Shipments per day were 24,000.
• Tonnage per day grew 4.0%.
• Weight per shipment grew 7.9% to 1,060 pounds.
• Length of haul grew 5.3% to 701 miles.
• Revenue per hundredweight, excluding fuel surcharge, fell 4.2% to $18.14.
• Revenue per shipment, excluding fuel surcharge, increased 3.4% to $192.26.
• Average tractors increased by 2.7% to 4,307.
• Average trailers increased by 4.5% to 11,454.
• The average age of the tractor fleet was 3.8 years, compared to 4.5 years in Q2 2025.

Logistics Segment

• Operating Income: GAAP operating income was $3,827 thousand, a -31.0% decrease.
• Adjusted Operating Income was $4,986 thousand, a -25.7% decrease.
• Operating Ratio: The operating ratio degraded by 160 basis points to 97.3%.
• The Adjusted Operating Ratio degraded by 160 basis points to 96.4%.
• Gross Margin: Gross margin was 15.4%, a decline of 120 basis points sequentially from Q1 levels and 350 basis points year-over-year.

Intermodal Segment

• Operating Income (Loss): GAAP operating income was $653 thousand, compared to an operating loss of -$3,429 thousand in Q2 2025.
• Operating Ratio: The operating ratio improved by 470 basis points to 99.4%.
• Operational Metrics: Load count increased 19.6% to 39,082.
• Revenue per load increased 12.8% to $2,901.
• Average tractors increased by 2.8% to 619.
• Average containers decreased by 0.4% to 12,498.

All Other Segments

• Operating (Loss) Income: Operating results declined year-over-year to an operating loss of -$10,433 thousand, primarily due to $5,800 thousand in costs for the accounts receivable securitization program and an $18,200 thousand severance charge.

Year-to-Date Financial Performance (June 30, 2026 vs. June 30, 2025)

Cash Flow Sources (Uses)

• Net Cash Provided by Operating Activities: $450,358 thousand, an increase of $124,429 thousand.
• Net Cash Used in Investing Activities: -$257,063 thousand, an increase in usage of -$67,446 thousand.
• Net Cash Used in Financing Activities: -$234,376 thousand, an increase in usage of -$72,790 thousand.
• Net Decrease in Cash, Restricted Cash, and Equivalents: -$41,081 thousand, an increased decrease of -$15,807 thousand.
• Net Capital Expenditures: -$259,918 thousand, an increased expenditure of -$87,670 thousand.
• Free Cash Flow: $190,440 thousand, reflecting $450,358 thousand in operating cash flows and $259,918 thousand of cash capital expenditures, net of disposal proceeds.

Liquidity and Capitalization (as of June 30, 2026)

• Unrestricted Cash and Available Liquidity: $1,700,000 thousand.
• Stockholders’ Equity: $7,000,000 thousand.
• Net Debt: $2,200,000 thousand.

Outlook / Guidance (Third Quarter 2026)

Knight-Swift Transportation Holdings Inc. expects Adjusted EPS to range from $0.71 to $0.77 for the third quarter of 2026, assuming continued pressured capacity and stable demand, along with typical seasonal patterns. The Truckload segment anticipates mid-single-digit revenue growth (excluding fuel surcharge) and a 650-750 basis point improvement in Adjusted Operating Ratio. The LTL segment projects low-single-digit revenue growth (excluding fuel surcharge) with an Adjusted Operating Ratio in the low 90s, while Logistics and Intermodal segments expect fairly stable and slightly improved sequential performance, respectively.