CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report contains certain statements that may be considered "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and Section 27A of the Securities Act of 1933, as amended. All statements, other than statements of historical or current fact, are statements that could be deemed forward-looking statements, including without limitation: •any projections of or guidance regarding earnings, earnings per share, revenues, cash flows, dividends, capital expenditures, or other financial items, •any statement of plans, strategies, and objectives of management for future operations, •any statements concerning proposed acquisition plans, new services, or developments, •any statements regarding future economic conditions or performance, and •any statements of belief and any statements of assumptions underlying any of the foregoing. In this Quarterly Report, forward-looking statements include, but are not limited to, statements we make concerning: •our ability to gain market share and adapt to market conditions, the ability of our infrastructure to support future growth, future market position, and the ability, desire, and effects of expanding our service offerings (including expansion of our LTL network), whether we grow organically or through potential acquisitions, •our ability to recruit and retain qualified driving associates, •future safety performance, •future performance of our segments or businesses, •future capital expenditures, equipment prices (including used equipment) and availability, our equipment purchasing or leasing plans, and mix of our owned versus leased revenue equipment, and our equipment turnover, •the impact of pending legal proceedings, •future insurance claims, coverage, coverage limits, premiums, and self-insured retention limits, including the potential impact of adverse developments in our prior period claims, •the expected freight environment, including freight demand, capacity, seasonality, and volumes, •economic conditions and growth, including future inflation, consumer spending, supply chain conditions, inventory levels or management, labor supply and relations, and trade policy, •expected liquidity and methods for achieving sufficient liquidity, including our expected need or desire to incur indebtedness, our ability to comply with debt covenants, and the expected impact of the 2031 Notes, •future fuel prices and availability and the expected impact of fuel efficiency initiatives, •future expenses, including depreciation and amortization, purchased transportation, impairments, interest rates, cost structure, and our ability to control costs, •future rates, operating profitability and margin, load count, asset utilization, and return on capital, •future third-party service provider relationships and availability, including pricing terms, •future contracted pay rates with independent contractors, ability to lease equipment to independent contractors, and compensation arrangements with driving associates, •future capital allocation, capital structure, capital requirements, and growth strategies and opportunities, •future share repurchases and dividends, •future tax rates, •expected tractor and trailer fleet age, fleet size, and demand for trailer fleet, •future investment in and deployment of new or updated technology or services, 27 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED •future classification of our independent contractors, including the impact of new laws and regulations regarding classification, •political conditions and regulations, including conflicts, trade regulation, quotas, duties, or tariffs, and any future changes to the foregoing, •integration efforts related to prior acquisitions and any future effects of such acquisitions, and •others. Such statements may be identified by their use of terms or phrases such as "believe," "may," "could," "will," "would," "should," "expects," "estimates," "designed," "likely," "foresee," "goals," "seek," "target," "forecast," "projects," "anticipates," "plans," "intends," "hopes," "strategy," "potential," "objective," "pursue," "address," "mission," "maintain," "ongoing," "predicts," "budgets," "remains," "continue," "outlook," "confident," "feel," and similar terms and phrases. Forward-looking statements are based on currently available operating, financial, and competitive information. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to materially differ from those set forth in, contemplated by, or underlying the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in Part II, Item 1A "Risk Factors" of this Quarterly Report, Part I, Item 1A "Risk Factors" in our 2025 Annual Report, and various disclosures in our press releases, stockholder reports, and other filings with the SEC. All such forward-looking statements speak only as of the date of this Quarterly Report. You are cautioned not to place undue reliance on such forward-looking statements. We expressly disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein, to reflect any change in our expectations with regard thereto, or any change in the events, conditions, or circumstances on which any such statement is based. Reference to Glossary of Terms Certain acronyms and terms used throughout this Quarterly Report are specific to our company, commonly used in our industry, or are otherwise frequently used throughout our document. Definitions for these acronyms and terms are provided in the "Glossary of Terms," available in the front of this document. Reference to Annual Report The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements (unaudited) and footnotes included in this Quarterly Report, as well as the consolidated financial statements and footnotes included in our 2025 Annual Report. 28 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Executive Summary Company Overview Knight-Swift Transportation Holdings Inc. is one of North America's largest and most diversified freight transportation companies, providing multiple full truckload, LTL, intermodal, and other complementary services. Our objective is to operate our business with industry-leading margins, continue organic growth, and continue growth through acquisitions while providing safe, high-quality, cost-effective solutions for our customers. Knight-Swift uses a nationwide network of business units and terminals in the US and Mexico to serve customers throughout North America. In addition to operating one of the country's largest truckload fleets, Knight-Swift also contracts with third-party equipment providers to provide a broad range of transportation services to our customers while creating quality driving jobs for our driving associates and successful business opportunities for independent contractors. Our four reportable segments are Truckload, LTL, Logistics, and Intermodal. Additionally, we have various other operating segments, included within our All Other Segments. Key Financial Highlights — Year-to-Date June 30, 2026 Consolidated operating income decreased 4.2% to $133.4 million during the first half of 2026, as compared to the same period last year. Net income attributable to Knight-Swift decreased 35.5% to $41.9 million. •Truckload — 95.0% operating ratio during the first half of 2026. The Adjusted Operating Ratio1 was 93.6%, with a 1.3% year-over-year increase in revenue, excluding fuel surcharge and intersegment transactions. •LTL — 97.7% operating ratio during the first half of 2026. The Adjusted Operating Ratio1 deteriorated 210 basis points year-over-year to 95.7%, primarily due to $18.0 million of expense for adverse claims development in our LTL segment during the first quarter of 2026, primarily related to an adverse arbitration ruling on a 2022 claim. •Logistics — 97.2% operating ratio during the first half of 2026. The Adjusted Operating Ratio1 was 96.3% with a gross margin of 16.0%. Revenue decreased 1.0% year-over-year driven by a 17.7% decline in load count, partially offset by a 19.7% increase in revenue per load. •Intermodal — 100.4% operating ratio during the first half of 2026, as year-over-year load count and revenue per load increased 10.0% and 7.4%, respectively. •All Other Segments — Operating loss was $17.5 million during the first half of 2026 compared to operating income of $12.8 million during the comparable period of 2025, largely as a result of the inclusion of $11.0 million of costs for the accounts receivable securitization program that were previously reported in interest expense under the prior arrangement as well as an $18.2 million severance charge primarily related to the retirement and related consulting arrangement for our former executive chairman, and startup costs on new contract awards incurred in the first quarter of 2026. •Liquidity and Capital — During the first half of 2026, we generated $450.4 million in operating cash flows and Free Cash Flow1 of $190.4 million. From a financing perspective, during the first half of 2026 we issued $1.5 billion face amount of convertible 1.0% notes due November 2031, and we made $626.0 million of net payments on our 2025 Revolver, $775.0 million on outstanding term loans, $66.7 million in payments on our finance lease liabilities and $77.6 million in payments on operating lease liabilities. Additionally, we had a net increase of $63.0 million in the outstanding investment in the accounts receivable securitization program. As of June 30, 2026, we had a balance of $186.1 million in unrestricted cash and cash equivalents, $2.2 billion face value outstanding debt, net of unrestricted cash, and $7.0 billion of stockholders' equity. We do not foresee material liquidity constraints or any issues with our ongoing ability to meet our debt covenants. See discussion under "Liquidity and Capital Resources" for additional information. ________ 1Refer to "Non-GAAP Financial Measures" below. 29 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Key Financial Data and Operating Metrics Quarter Ended June 30, Year-to-Date June 30, 2026 2025 2026 2025 GAAP financial data: (Dollars in thousands, except per share data) Total revenue $ 2,095,712 $ 1,861,940 $ 3,945,935 $ 3,686,302 Revenue, excluding truckload and LTL fuel surcharge $ 1,764,387 $ 1,672,201 $ 3,402,419 $ 3,305,164 Net income attributable to Knight-Swift $ 43,189 $ 34,243 $ 41,872 $ 64,882 Earnings per diluted share $ 0.26 $ 0.21 $ 0.26 $ 0.40 Operating ratio 95.0 % 96.1 % 96.6 % 96.2 % Non-GAAP financial data: Adjusted Net Income Attributable to Knight-Swift 1 $ 102,752 $ 57,179 $ 117,014 $ 102,551 Adjusted EPS 1 $ 0.63 $ 0.35 $ 0.72 $ 0.63 Adjusted Operating Ratio 1 91.4 % 93.8 % 94.1 % 94.2 % Revenue equipment statistics by segment: Truckload Average tractors 2 20,705 21,311 20,866 21,610 Average trailers 3 81,962 85,449 82,125 85,689 LTL Average tractors 4 4,307 4,193 4,273 4,108 Average trailers 5 11,454 10,962 11,368 10,969 Intermodal Average tractors 619 602 607 612 Average containers 12,498 12,543 12,504 12,544 1Adjusted Net Income Attributable to Knight-Swift, Adjusted EPS, and Adjusted Operating Ratio are non-GAAP financial measures and should not be considered alternatives, or superior to, the most directly comparable GAAP financial measures. However, management believes that presentation of these non-GAAP financial measures provides useful information to investors regarding the Company's results of operations. Adjusted Net Income Attributable to Knight-Swift, Adjusted EPS, and Adjusted Operating Ratio are reconciled to the most directly comparable GAAP financial measures under "Non-GAAP Financial Measures," below. 2Our tractor fleet within the Truckload segment had a weighted average age of 2.8 years and 2.7 years as of June 30, 2026 and 2025, respectively. 3Our average trailers includes 8,041 and 9,549 trailers related to leasing activities recorded within our All Other Segments for the quarters ended June 30, 2026 and 2025, respectively. Our average trailers includes 8,496 and 9,443 trailers related to leasing activities recorded within our non-reportable segments for the year-to-date periods June 30, 2026 and 2025, respectively. Our trailer fleet within the Truckload segment had a weighted average age of 10.2 years and 9.5 years as of June 30, 2026 and 2025, respectively. Starting with the fourth quarter of 2025, the Company is excluding chassis trailers from its average trailer calculation. Prior period information has been recast for comparability. 4Our LTL tractor fleet had a weighted average age of 3.8 years and 4.5 years as of June 30, 2026 and 2025, respectively. Our LTL tractor fleet includes 650 and 660 tractors from ACT's dedicated and other businesses for the quarters ended June 30, 2026 and 2025, respectively. Our LTL tractor fleet includes 648 and 664 tractors from ACT's dedicated and other businesses for the year-to-date periods June 30, 2026 and 2025, respectively. 30 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED 5Our LTL trailer fleet had a weighted average age of 7.7 years and 8.2 years as of June 30, 2026 and 2025, respectively. Our LTL trailer fleet includes 1,356 and 1,039 trailers from ACT's dedicated and other businesses for the quarters ended June 30, 2026 and 2025, respectively. Our LTL trailer fleet includes 1,333 and 1,027 trailers from ACT's dedicated and other businesses for the year-to-date periods June 30, 2026 and 2025, respectively. Market Trends and Company Outlook Market Trends Freight market conditions improved during the second quarter as the truckload market continued to tighten following an extended period of excess capacity. Spot rates strengthened throughout the quarter, tender rejection rates increased to levels not seen since 2021, and contractual bid activity became increasingly supportive. While market improvement remained largely driven by supply-side dynamics, signs of improving demand also began to emerge. Regulatory actions by the Federal Motor Carrier Safety Administration and the U.S. Department of Transportation continued to influence capacity across the truckload market. Efforts related to CDL compliance, driver qualifications, and hours-of-service enforcement have contributed to reductions in capacity, particularly among certain lower-cost operators. As a result, shippers have increasingly focused on securing reliable, asset-based capacity amid a tightening market environment. Against this backdrop, truckload pricing activity accelerated during the quarter as annual bid cycles progressed and mini-bid and turnback activity increased. Unlike recent periods characterized by excess capacity and heightened pricing competition, bid activity increasingly reflected shippers' efforts to secure reliable capacity amid tightening market conditions. We remain focused on disciplined pricing, network efficiency, and aligning freight opportunities with our operating strategy while navigating these changing market conditions. In the LTL market, demand remained generally stable, with pockets of improvement emerging during the quarter. Freight mix continued to improve and contractual rate renewals remained at a mid-single-digit pace. Intermodal market conditions also improved, supported by volume growth, emerging pricing improvement, and ongoing operational efficiency initiatives. Overall, freight markets continued to rebalance during the second quarter as industry capacity tightened and pricing conditions improved. While market conditions remain subject to uncertainty related to economic activity, fuel costs, regulatory developments, and seasonal demand patterns, industry indicators and customer activity generally reflected a more constructive environment than experienced during recent periods. Company Outlook Our Company outlook for the third quarter of 2026 includes the following: Truckload •Truckload Segment revenue, excluding fuel surcharge, up mid single digit percent year-over-year with Adjusted Operating Ratio improving 650 - 750 basis points year-over-year in third quarter. LTL •LTL Segment revenue, excluding fuel surcharge, up low single digit percent year-over-year with Adjusted Operating Ratio in low 90's for third quarter. Logistics •Logistics Segment revenue and Adjusted Operating Ratio fairly stable sequentially in third quarter. Intermodal •Intermodal Segment revenue up low single-digit percent sequentially with Adjusted Operating Ratio improving slightly sequentially in third quarter. 31 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED All Other •All Other Segments operating income, before including the $11.5 million quarterly intangible asset amortization, approximately $18 million to $22 million in third quarter, which includes approximately $6 million of AR securitization cost that was reported as interest expense in 2025. Additional •Gain on sale to be in the range of $12 million to $17 million in third quarter, •Net interest expense down approximately $5 million sequentially in third quarter, •"Other income, net" below the line expected to be roughly $2 million to $4 million in third quarter, •Net cash capital expenditures for full-year 2026 expected range of $600 million - $650 million, •Expected effective tax rate on adjusted income before taxes of approximately 25.5% to 26.5% for third quarter and approximately 25.0% to 26.0% for full year 2026. In addition to the above, we expect the Truckload segment will continue to pursue opportunities, and the Logistics segment will continue to provide value to our customers through our power-only and traditional brokerage service offerings. With our mid-2024 acquisition of DHE and the continued organic expansion of our AAA Cooper brand, we expect additional yield and revenue opportunities from our growing super-regional LTL transportation network. The pace of our LTL facility expansion will be lower in 2026 than in 2025 as we focus on ongoing bid activities that we believe will provide further opportunities to grow shipment volumes and improve efficiencies in our LTL segment. The Intermodal segment continues to build out its network that aligns with our new rail partners as we pursue a more diversified portfolio of customers. Our All Other Segments are further expanding to complement our other service offerings. We anticipate that depreciation and amortization expense will increase, as a percentage of revenue, excluding truckload and LTL fuel surcharge, as we intend to purchase, rather than enter into operating leases, for a majority of our revenue equipment or terminal improvements during 2026. Additionally, we anticipate that our equipment suppliers may need to raise prices in response to tariffs. With significant tightening in the insurance markets, we may also experience changes in premiums, retention limits, and excess coverage limits in the remainder of 2026. While fuel expense is generally offset by fuel surcharge revenue, our fuel expense, net of truckload and LTL fuel surcharge revenue, may increase in the future, particularly during periods of sharply rising fuel prices like we have recently experienced. In periods of declining prices the opposite is true. Overall, we remain committed to long-term profitability as we continue to leverage opportunities across the Knight-Swift brands, and efficiently deploy our assets, while maintaining a relentless focus on cost control. This includes seeking acquisition opportunities to improve earnings, gain customers, and reach more professional drivers, as illustrated by the U.S. Xpress Acquisition and our intention to further expand the geographic footprint of our LTL network, as illustrated by the DHE Acquisition. 32 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Results of Operations — Summary Operating Results: Second Quarter 2026 compared to Second Quarter 2025 The $8.9 million increase in net income attributable to Knight-Swift to $43.2 million during the second quarter of 2026 from $34.2 million during the same period last year includes the following: •Contributor — $43.7 million increase in operating income within our Truckload segment primarily due to a 2.8% increase in revenue, excluding fuel surcharge and intersegment transactions, as a result of a 5.5% improvement in revenue per loaded mile, excluding fuel surcharge and intersegment transactions, partially offset by a 2.6% decrease in loaded miles. •Contributor — $3.3 million increase in operating income within our LTL segment primarily due to a 3.4% increase in revenue per shipment, excluding fuel surcharge. •Contributor — $4.1 million increase in operating income within our Intermodal segment, driven by 19.6% increase in load count and a 12.8% increase in revenue per load. •Contributor — $17.6 million decrease in consolidated interest expense primarily driven by a lower average of overall debt balances and lower average interest rates due to the terms of the 2031 Notes and the exclusion of $5.8 million of costs for the accounts receivable securitization program that were previously reported in interest expense under the prior arrangement. •Offset — $17.2 million decrease in operating income within the All Other Segments, partially due to the inclusion of $5.8 million of costs for the accounts receivable securitization program as well as an $18.2 million severance charge primarily related to the retirement and related consulting arrangement for our former executive chairman. •Offset — $1.7 million decrease in operating income within our Logistics segment due to a 16.4% decline in load count, partially offset by a 29.6% increase in revenue per load. •Offset — $31.1 million increase in other (expense) income, net, primarily due to the $22.8 million expense for the mark-to-market adjustment in 2026 related to certain purchase price obligations associated with the U.S. Xpress Acquisition and a decrease in net gains recorded within our portfolio of investments. •Offset — $8.4 million increase in consolidated income tax expense was primarily due to an increase in pretax income and additional tax expense associated with the mark-to-market adjustment. Our effective tax rate for the second quarter of 2026 was 34.1%, compared to 29.2% for the second quarter of 2025. 33 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Operating Results: Year-to-Date June 30, 2026 compared to Year-to-Date June 30, 2025 The $23.0 million decrease in net income attributable to Knight-Swift to $41.9 million during the first half of 2026 from $64.9 million during the same period last year includes the following: •Contributor — $43.3 million increase in other (expense) income, net, primarily due to the $22.8 million expense for the mark-to-market adjustment in 2026 related to certain purchase price obligations associated with the U.S. Xpress Acquisition and a net loss recorded within our portfolio of investments. •Contributor — $30.3 million decrease in operating income within the All Other Segments, partially due to the inclusion of $11.0 million of costs for the accounts receivable securitization program that were previously reported in interest expense under the prior arrangement as well as an $18.2 million severance charge primarily related to the retirement and related consulting arrangement for our former executive chairman, and startup costs on new contract awards incurred in the first quarter of 2026. •Contributor — $12.9 million decrease in operating income within our LTL segment primarily due to $18.0 million of expense for claims development, primarily related to an adverse arbitration ruling on a 2022 claim incurred in the first quarter of 2026, partially offset by a 3.9% increase in revenue excluding fuel surcharge per shipment. •Contributor — $3.2 million decrease in operating income within our Logistics segment due to a 17.7% decline in load count, partially offset by a 19.7% increase in revenue per load. •Offset — $36.2 million increase in operating income within our Truckload segment primarily due to a 1.3% increase in revenue, excluding fuel surcharge and intersegment transactions driven by a 3.6% increase in revenue per loaded mile, excluding fuel surcharge and intersegment transactions, partially offset by a 2.2% decrease in loaded miles. •Offset — $4.5 million decrease in operating loss within our Intermodal segment, driven by 10.0% increase in load count and a 7.4% increase in revenue per load. •Offset — $27.1 million decrease in consolidated interest expense primarily driven by lower average of overall debt balances and lower average interest rates due to the terms of the 2031 Notes and the exclusion of $11.0 million of costs for the accounts receivable securitization program that were previously reported in interest expense under the prior arrangement. •Offset — $2.0 million decrease in consolidated income tax expense, primarily due to a reduction of pre-tax income, partially offset by additional tax expense associated with the mark-to-market adjustment. Our effective tax rate for the year-to-date period ended June 30, 2026 was 34.8%, compared to 27.5% for the year-to-date period ended June 30, 2025. 34 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Results of Operations — Segment Review The Company has four reportable segments: Truckload, LTL, Logistics, and Intermodal, as well as certain other operating segments included within our All Other Segments. Consolidating Tables for Total Revenue and Operating Income (Loss) Quarter Ended June 30, Year-to-Date June 30, 2026 2025 2026 2025 Revenue: (In thousands) Truckload $ 1,347,343 $ 1,214,036 $ 2,549,509 $ 2,406,586 LTL 420,148 386,854 788,512 739,255 Logistics 139,696 128,298 267,304 269,919 Intermodal 113,388 84,065 206,977 175,168 Subtotal $ 2,020,575 $ 1,813,253 $ 3,812,302 $ 3,590,928 All Other Segments 105,564 74,446 186,766 146,011 Intersegment eliminations (30,427) (25,759) (53,133) (50,637) Total revenue $ 2,095,712 $ 1,861,940 $ 3,945,935 $ 3,686,302 Quarter Ended June 30, Year-to-Date June 30, 2026 2025 2026 2025 Operating income (loss): (In thousands) Truckload $ 89,145 $ 45,420 $ 126,203 $ 90,020 LTL 21,659 18,333 18,094 31,027 Logistics 3,827 5,547 7,450 10,690 Intermodal 653 (3,429) (771) (5,241) Subtotal $ 115,284 $ 65,871 $ 150,976 $ 126,496 All Other Segments (10,433) 6,745 (17,541) 12,783 Operating income $ 104,851 $ 72,616 $ 133,435 $ 139,279 35 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Revenue •Our truckload services include irregular route and dedicated, refrigerated, expedited, flatbed, and cross-border transportation of various products, goods, and materials for our diverse customer base with approximately 14,900 irregular route and 5,800 dedicated tractors. •Our LTL business, which was initially established in 2021 through the ACT Acquisition and later the MME and DHE acquisitions, provides our customers with super-regional LTL transportation service through our growing network of approximately 180 facilities and a door count of approximately 6,900. Our LTL segment operates approximately 4,300 tractors and approximately 11,500 trailers, including equipment used for dedicated and other businesses. The LTL segment also provides national coverage to our customers by utilizing partner carriers for areas outside of our direct network. •Our Logistics and Intermodal segments provide a multitude of shipping solutions, including additional sources of truckload capacity and alternative transportation modes, by utilizing our vast network of third-party capacity providers and rail providers, as well as certain logistics and freight management services. We offer power-only services through our Logistics segment leveraging our fleet of approximately 82,000 trailers. •Our All Other Segments include support services provided to our customers and third-party carriers including equipment maintenance, equipment leasing, warehousing, trailer parts manufacturing, and warranty services. Our All Other Segments also include certain corporate expenses (such as legal settlements and accruals, certain impairments, and amortization of intangibles related to the 2017 Merger and various acquisitions). •In addition to the revenues earned from our customers for the trucking and non-trucking services discussed above, we also earn fuel surcharge revenue from our customers through our fuel surcharge programs, which serve to recover a majority of our fuel costs. This generally applies only to loaded miles for our Truckload and LTL segments and typically does not offset non-paid empty miles, idle time, and out-of-route miles driven. Fuel surcharge programs involve a computation based on the change in national or regional fuel prices. These programs may update as often as weekly, but typically require a specified minimum change in fuel cost to prompt a change in fuel surcharge revenue. Therefore, many of these programs have a time lag between when fuel costs change and when the change is reflected in fuel surcharge revenue for our Truckload and LTL segments. Expenses Our most significant expenses typically vary with miles traveled and include fuel, driving associate-related expenses (such as wages and benefits), and services purchased from third-party service providers (including other trucking companies, railroad and drayage providers, and independent contractors). Maintenance and tire expenses, as well as the cost of insurance and claims generally vary with the miles we travel, but also have a controllable component based on safety performance, fleet age, operating efficiency, and other factors. Our primary fixed costs are depreciation and lease expense for revenue equipment and terminals, non-driver employee compensation, amortization of intangible assets, and interest expenses. 36 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Operating Statistics We measure our consolidated and segment results through the operating statistics listed in the table below. Our chief operating decision makers monitor the GAAP results of our reportable segments, supplemented by certain non-GAAP information. Refer to "Non-GAAP Financial Measures" for more details. Additionally, we use a number of primary indicators to monitor our revenue and expense performance and efficiency. Operating Statistic Relevant Segment(s) Description Average Revenue per Tractor Truckload Measures productivity and represents revenue (excluding fuel surcharge and intersegment transactions) divided by average tractor count Total Miles per Tractor Truckload Total miles (including loaded and empty miles) divided by average tractor count Average Length of Haul Truckload, LTL For our Truckload segment this is calculated as average miles traveled with loaded trailer cargo per order. For our LTL segment this is calculated as average miles traveled from the origin service center to the destination service center. Non-paid Empty Miles Percentage Truckload Percentage of miles without trailer cargo Shipments per Day LTL Average number of shipments completed each business day Weight per Shipment LTL Total weight (in pounds) divided by total shipments Revenue per shipment LTL Total revenue divided by total shipments Revenue xFSC per shipment LTL Total revenue, excluding fuel surcharge, divided by total shipments Revenue per hundredweight LTL Measures yield and is calculated as total revenue divided by total weight (in pounds) times 100 Revenue xFSC per hundredweight LTL Total revenue, excluding fuel surcharge, divided by total weight (in pounds) times 100 Average Tractors Truckload, LTL, Intermodal Average tractors in operation during the period including company tractors and tractors provided by independent contractors Average Trailers Truckload, LTL Average trailers in operation during the period Average Revenue per Load Logistics, Intermodal Total revenue (excluding intersegment transactions) divided by load count Gross Margin Percentage Logistics Logistics gross margin (revenue, excluding intersegment transactions, less purchased transportation expense, excluding intersegment transactions) as a percentage of logistics revenue, excluding intersegment transactions Average Containers Intermodal Average containers in operation during the period GAAP Operating Ratio Truckload, LTL, Logistics, Intermodal Measures operating efficiency and is widely used in our industry as an assessment of management's effectiveness in controlling all categories of operating expenses. Calculated as operating expenses as a percentage of total revenue, or the inverse of operating margin. Non-GAAP Adjusted Operating Ratio Truckload, LTL, Logistics, Intermodal Measures operating efficiency and is widely used in our industry as an assessment of management's effectiveness in controlling all categories of operating expenses. Consolidated and segment Adjusted Operating Ratios are reconciled to their corresponding GAAP operating ratios under "Non-GAAP Financial Measures," below. 37 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Segment Review Truckload Segment We generate revenue in the Truckload segment primarily through irregular route, dedicated, refrigerated, expedited, flatbed, and cross-border service operations across our brands. Generally, we are paid a predetermined rate per mile or per load for our truckload services. Additional revenues are generated by charging for tractor and trailer detention, loading and unloading activities, dedicated services, and other specialized services, as well as through the collection of fuel surcharge revenue to mitigate the impact of increases in the cost of fuel. The main factors that affect the revenue generated by our Truckload segment are rate per mile from our customers, the percentage of miles for which we are compensated, and the number of loaded miles we generate with our equipment. The most significant expenses in the Truckload segment are primarily variable and include fuel and fuel taxes, driving associate-related expenses (such as wages, benefits, training, and recruitment), and costs associated with independent contractors primarily included in "Purchased transportation" in the condensed consolidated statements of comprehensive income. Maintenance expense (which includes costs for replacement tires for our revenue equipment) and insurance and claims expenses have both fixed and variable components. These expenses generally vary with the miles we travel but also have a controllable component based on safety, fleet age, efficiency, and other factors. The main fixed costs in the Truckload segment are depreciation and rent expense from tractors, trailers, and terminals, as well as compensating our non-driver employees. Quarter Ended June 30, Year-to-Date June 30, QTD 2026 vs. YTD 2026 vs. 2026 2025 2026 2025 QTD 2025 YTD 2025 (Dollars in thousands, except per tractor data) Increase (Decrease) Total revenue $ 1,347,343 $ 1,214,036 $ 2,549,509 $ 2,406,586 11.0 % 5.9 % Revenue, excluding fuel surcharge and intersegment transactions $ 1,103,069 $ 1,073,300 $ 2,148,176 $ 2,121,383 2.8 % 1.3 % GAAP: Operating income $ 89,145 $ 45,420 $ 126,203 $ 90,020 96.3 % 40.2 % Non-GAAP: Adjusted Operating Income 1 $ 98,924 $ 58,404 $ 137,783 $ 104,889 69.4 % 31.4 % Average revenue per tractor 2 $ 53,275 $ 50,364 $ 102,951 $ 98,167 5.8 % 4.9 % GAAP: Operating ratio 2 93.4 % 96.3 % 95.0 % 96.3 % (290 bps) (130 bps) Non-GAAP: Adjusted Operating Ratio 1 2 91.0 % 94.6 % 93.6 % 95.1 % (360 bps) (150 bps) Non-paid empty miles percentage 2 12.5 % 13.9 % 12.9 % 14.0 % (140 bps) (110 bps) Average length of haul (miles) 2 376 369 375 371 1.9 % 1.1 % Total miles per tractor 2 21,033 21,335 41,323 41,366 (1.4 %) (0.1 %) Average tractors 2 3 20,705 21,311 20,866 21,610 (2.8 %) (3.4 %) Average trailers 2 4 81,962 85,449 82,125 85,689 (4.1 %) (4.2 %) 1 Refer to "Non-GAAP Financial Measures" below. 2 Defined under "Operating Statistics," above. 3 Includes 18,544 and 19,317 average company-owned tractors for the second quarter of 2026 and 2025, respectively. Includes 18,780 and 19,578 average company-owned tractors for the year-to-date periods June 30, 2026 and 2025, respectively. 4 Our average trailers includes 8,041 and 9,549 trailers related to leasing activities recorded within our All Other Segments for the quarters ended June 30, 2026 and 2025, respectively. Our average trailers includes 8,496 and 9,443 trailers related to leasing activities recorded within our All Other Segments for the year-to-date periods June 30, 2026 and 2025, respectively. Starting with the fourth quarter of 2025, the Company is excluding chassis trailers from its average trailer calculation. Prior period information has been recast for comparability. 38 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Comparison Between the Quarters Ended June 30, 2026 and 2025 — The Truckload market continued to rapidly evolve in the second quarter as seen in broad market indicators showing strengthening spot rates, contract pricing, and load tender rejection rates. Truckload segment revenue, excluding fuel surcharge and intersegment transactions, grew 2.8% year-over-year, as a 5.5% improvement in revenue per loaded mile, excluding fuel surcharge and intersegment transactions, overcame a 2.6% decrease in loaded miles which was largely driven by a tightening driver supply that pressured our seated truck count. Adjusted Operating Ratio improved 360 basis points year-over-year to 91.0%. Adjusted Operating Income improved 69.4% year-over-year, largely as a result of the improvement in pricing and a 140 basis point reduction in non-paid empty miles percentage as we improve the efficiency of our network. Total miles per tractor declined 1.4% year-over-year, largely due to the reduction in non-paid empty miles percentage as loaded miles per tractor increased year-over-year for the seventh consecutive quarter. The ongoing progress at U.S. Xpress is encouraging, and this brand is making strides with greater rate improvement than the legacy brands in the strengthening market, as we expected given the relative starting points. This helped the U.S. Xpress over-the-road division reach an important milestone, as the most challenged part of the business at the time of acquisition achieved its first profitable quarter since the acquisition. Across our truckload segment, we are focused on closely monitoring market pricing and demand development, intentionally deploying capacity, intensely managing costs, increasing our seated truck percentage, and enhancing utilization in order to maximize the opportunities provided by an improving market. Comparison Between Year-to-Date June 30, 2026 and 2025 — Truckload segment revenue, excluding fuel surcharge and intersegment transactions improved 1.3% year-over-year, driven by a 3.6% increase in revenue per loaded mile, excluding fuel surcharge and intersegment transactions, partially offset by a 2.2% decrease in loaded miles. Adjusted Operating Ratio improved 150 basis points during the year-to-date period ended June 30, 2026, to 93.6%. LTL Segment Our LTL segment provides super-regional direct service and serves our customers' national transportation needs by utilizing key partner carriers for coverage areas outside of our network. We primarily generate revenue by transporting freight for our customers through our core LTL services. Our revenues are impacted by shipment volume and tonnage levels that flow through our network. Additional revenues are generated through fuel surcharges and accessorial services provided during transit from shipment origin to destination. We focus on the following multiple revenue generation factors when reviewing revenue yield: revenue per hundredweight, revenue per shipment, weight per shipment, and length of haul. Fluctuations within each of these metrics are analyzed when determining the revenue quality of our customers' shipment density. Our most significant expenses are related to direct costs associated with the transportation of our freight moves including direct salary, wage and benefit costs, fuel expense, and depreciation expense associated with revenue equipment costs. Other expenses associated with revenue generation that can fluctuate and impact operating results are insurance and claims expense, as well as maintenance costs of our revenue equipment. These expenses can be influenced by multiple factors including our safety performance, equipment age, and other factors. A key component to lowering our operating costs is labor efficiency within our network. We continue to focus on technological advances to improve the customer experience and reduce our operating costs. 39 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Quarter Ended June 30, Year-to-Date June 30, QTD 2026 vs. YTD 2026 vs. 2026 2025 2026 2025 QTD 2025 YTD 2025 (Dollars in thousands, except per tractor data) Increase (Decrease) Total revenue $ 420,148 $ 386,854 $ 788,512 $ 739,255 8.6 % 6.7 % Revenue, excluding fuel surcharge $ 333,006 $ 337,726 $ 646,142 $ 642,984 (1.4 %) 0.5 % GAAP: Operating income $ 21,659 $ 18,333 $ 18,094 $ 31,027 18.1 % (41.7 %) Non-GAAP: Adjusted Operating Income 1 $ 26,449 $ 23,353 $ 27,670 $ 41,074 13.3 % (32.6 %) GAAP: Operating ratio 2 94.8 % 95.3 % 97.7 % 95.8 % (50 bps) 190 bps Non-GAAP: Adjusted Operating Ratio 1 2 92.1 % 93.1 % 95.7 % 93.6 % (100 bps) 210 bps LTL shipments per day 2 24,000 24,918 23,560 24,140 (3.7 %) (2.4 %) LTL weight per shipment 2 1,060 982 1,047 982 7.9 % 6.6 % LTL average length of haul (miles) 2 701 666 697 653 5.3 % 6.7 % LTL revenue per shipment 2 $ 244.11 $ 213.26 $ 234.23 $ 211.68 14.5 % 10.7 % LTL revenue xFSC per shipment 2 $ 192.26 $ 185.87 $ 190.93 $ 183.79 3.4 % 3.9 % LTL revenue per hundredweight 2 $ 23.03 $ 21.72 $ 22.37 $ 21.55 6.0 % 3.8 % LTL revenue xFSC per hundredweight 2 $ 18.14 $ 18.93 $ 18.24 $ 18.71 (4.2 %) (2.5 %) LTL average tractors 2 3 4,307 4,193 4,273 4,108 2.7 % 4.0 % LTL average trailers 2 4 11,454 10,962 11,368 10,969 4.5 % 3.6 % 1Refer to "Non-GAAP Financial Measures" below. 2Defined under "Operating Statistics," above. 3Our LTL tractor fleet includes 650 and 660 tractors from ACT's dedicated and other businesses for the second quarter of 2026 and 2025, respectively. Our LTL tractor fleet includes 648 and 664 tractors from ACT's dedicated and other businesses for the year-to-date periods June 30, 2026 and 2025, respectively. 4Our LTL trailer fleet includes 1,356 and 1,039 trailers from ACT's dedicated and other businesses for the second quarter of 2026 and 2025, respectively. Our LTL trailer fleet includes 1,333 and 1,027 from ACT's and dedicated and other businesses for the year-to-date periods June 30, 2026 and 2025, respectively. Comparison Between the Quarters Ended June 30, 2026 and 2025 — The LTL market is experiencing demand that is generally solid and starting to trend better with indirect effects beginning to emerge from the truckload market tightening. Revenue, excluding fuel surcharge, declined 1.4% year-over-year driven by a 3.7% decrease in shipments per day as we metered certain volumes to improve network efficiency, freight mix, and service delivery. Improvements in freight mix produced 4.0% growth in daily tonnage, 7.9% growth in weight per shipment, and a 5.3% increase in length of haul year-over-year. Revenue per hundredweight, excluding fuel surcharge, fell 4.2%, driven by the increase in weight per shipment while renewal rates continued their recent trend of mid single-digit percentage increases. Revenue per shipment, excluding fuel surcharge, increased by 3.4% year-over-year. Adjusted Operating Ratio improved 100 basis points year-over-year to 92.1%, and Adjusted Operating Income grew 13.3%. 40 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED During the quarter, we replaced three facilities with larger ones and opened one new service center to improve network efficiency and facilitate further growth. We believe ongoing bid events with new and existing customers will provide further opportunities to grow shipment volume, improve our freight mix, and drive operational efficiencies. Our near-term focus is to drive both revenue and margin expansion in the business through strong service, disciplined pricing, and cost efficiency. We continue to look for both organic and inorganic opportunities to geographically expand our footprint within the LTL market. Comparison Between Year-to-Date June 30, 2026 and 2025 — Our LTL segment revenue, excluding fuel surcharge, improved slightly year-over-year as weight per shipment per day increased 6.6% during the year-to-date period ended June 30, 2026. Revenue per hundredweight, excluding fuel surcharge, decreased 2.5%, while revenue per shipment, excluding fuel surcharge, increased by 3.9%. This segment produced a 95.7% Adjusted Operating Ratio during the year-to-date period ended June 30, 2026. Logistics Segment The Logistics segment is less asset-intensive than the Truckload and LTL segments and is dependent upon capable non-driver employees, modern and effective information technology, and third-party capacity providers. Logistics revenue is primarily generated by its brokerage operations. We generate additional revenue by offering specialized logistics solutions (including, but not limited to, trailing equipment, origin management, surge volume, disaster relief, special projects, and other logistics needs). Logistics revenue is mainly affected by the rates we obtain from customers, the freight volumes we ship through third-party capacity providers, and our ability to secure third-party capacity providers to transport customer freight. The most significant expense in the Logistics segment is purchased transportation that we pay to third-party capacity providers, which is primarily a variable cost and is included in "Purchased transportation" in the condensed consolidated statements of comprehensive income. Variability in this expense depends on truckload capacity, availability of third-party capacity providers, rates charged to customers, current freight demand, and customer shipping needs. Fixed Logistics operating expenses primarily include non-driver employee compensation and benefits recorded in "Salaries, wages, and benefits" and depreciation and amortization expense recorded in "Depreciation and amortization of property and equipment" in the condensed consolidated statements of comprehensive income. Quarter Ended June 30, Year-to-Date June 30, QTD 2026 vs. YTD 2026 vs. 2026 2025 2026 2025 QTD 2025 YTD 2025 (Dollars in thousands, except per load data) Increase (Decrease) Revenue $ 139,696 $ 128,298 $ 267,304 $ 269,919 8.9 % (1.0 %) GAAP: Operating income $ 3,827 $ 5,547 $ 7,450 $ 10,690 (31.0 %) (30.3 %) Non-GAAP: Adjusted Operating Income 1 2 $ 4,986 $ 6,711 $ 9,773 $ 13,018 (25.7 %) (24.9 %) Revenue per load – Brokerage only 2 $ 2,624 $ 2,025 $ 2,380 $ 1,988 29.6 % 19.7 % Gross margin percentage – Brokerage only 2 15.4 % 18.9 % 16.0 % 18.5 % (350 bps) (250 bps) GAAP: Operating ratio 2 97.3 % 95.7 % 97.2 % 96.0 % 160 bps 120 bps Non-GAAP: Adjusted Operating Ratio 1 2 96.4 % 94.8 % 96.3 % 95.2 % 160 bps 110 bps 1 Refer to "Non-GAAP Financial Measures" below. 2 Defined under "Operating Statistics," above. 41 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Comparison Between the Quarters Ended June 30, 2026 and 2025 — The Logistics segment grew revenue 8.9% year-over-year, driven by a 29.6% increase in revenue per load, partially offset by a 16.4% decline in load count as we maintain a disciplined approach to profitability and carrier quality. The Adjusted Operating Ratio of 96.4% was a 160 basis point degradation year-over-year, as a reduction in industry capacity and further enhancements to our rigorous carrier screening practices drove up purchased transportation costs, pressuring gross margins and load acceptance. Gross margin percent declined 350 basis points year-over-year and 120 basis points sequentially from the first quarter to 15.4%. As contractual pricing is reset through bid activity and proactive rate reviews, we expect to improve load volumes at appropriate gross margins. We remain disciplined on price and diligent in carrier qualification to provide value to customers while maintaining profitability. We continue to leverage our power-only capabilities to complement our asset business, build a broader and more diversified freight portfolio, and to enhance the returns on our capital assets. Comparison Between Year-to-Date June 30, 2026 and 2025 — The Logistics segment Adjusted Operating Ratio was 96.3%, with a gross margin of 16.0% in the year-to-date period ended June 30, 2026. Revenue decreased 1.0% year-over-year, driven by a 17.7% decline in load count, partially offset by a 19.7% increase in revenue per load. Intermodal Segment The Intermodal segment complements our regional operating model, allows us to better serve customers in longer haul lanes, and reduces our investment in fixed assets. Through the Intermodal segment, we generate revenue by moving freight over the rail in our containers and other trailing equipment, combined with revenue for drayage to transport loads between railheads and customer locations. The most significant expense in the Intermodal segment is the cost of purchased transportation that we pay to third-party capacity providers (including rail providers), which is primarily variable and included in "Purchased transportation" in the condensed consolidated statements of comprehensive income. While rail pricing is primarily determined on an annual basis, purchased transportation varies as it relates to rail capacity, freight demand, and customer shipping needs. The main fixed costs in the Intermodal segment are depreciation of our company tractors related to drayage, containers, and chassis, as well as non-driver employee compensation and benefits. Quarter Ended June 30, Year-to-Date June 30, QTD 2026 vs. YTD 2026 vs. 2026 2025 2026 2025 QTD 2025 YTD 2025 (Dollars in thousands, except per load data) Increase (Decrease) Revenue $ 113,388 $ 84,065 $ 206,977 $ 175,168 34.9 % 18.2 % GAAP: Operating income (loss) $ 653 $ (3,429) $ (771) $ (5,241) — 85.3 % Average revenue per load 1 $ 2,901 $ 2,572 $ 2,771 $ 2,580 12.8 % 7.4 % GAAP: Operating ratio 1 99.4 % 104.1 % 100.4 % 103.0 % (470 bps) (260 bps) Load count 39,082 32,682 74,698 67,893 19.6 % 10.0 % Average tractors 1 2 619 602 607 612 2.8 % (0.8 %) Average containers 1 12,498 12,543 12,504 12,544 (0.4 %) (0.3 %) 1 Defined under "Operating Statistics," above. 2 Includes 579 and 551 company-owned tractors for the second quarter of 2026 and 2025, respectively. Includes 566 and 564 company-owned tractors for the year-to-date periods ended June 30, 2026 and 2025, respectively. 42 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Comparison Between the Quarters Ended June 30, 2026 and 2025 — The Intermodal segment grew revenue 34.9% and improved its operating ratio 470 basis points year-over-year through a 19.6% increase in load count, a 12.8% increase in revenue per load, and improvements in cost and network efficiency. On a sequential basis, load count grew 9.7%, and revenue per load grew 10.4% over the first quarter levels. We outsource only a low single-digit percentage of our drayage needs, which should provide some insulation from the tightening in dray capacity. We remain focused on delivering excellent service and driving appropriate returns through cost control, network balance, equipment utilization, and growing our load count with disciplined pricing. Comparison Between Year-to-Date June 30, 2026 and 2025 — The Intermodal segment operated with a 100.4% operating ratio, with total revenue increasing 18.2% year-over-year. The increase in revenue was driven by a 10.0% increase in load count and a 7.4% increase in revenue per load when compared to the same period last year. All Other Segments Our All Other Segments include support services provided to our customers and third-party carriers including equipment maintenance, equipment leasing, warehousing, trailer parts manufacturing, warranty services, and insurance for independent contractors. Our All Other Segments also include certain corporate expenses (such as legal settlements and accruals, certain impairments, and $11.5 million in quarterly amortization of intangibles related to the 2017 Merger and various acquisitions). Quarter Ended June 30, Year-to-Date June 30, QTD 2026 vs. YTD 2026 vs. 2026 2025 2026 2025 QTD 2025 YTD 2025 (Dollars in thousands) Increase (Decrease) Total revenue $ 105,564 $ 74,446 $ 186,766 $ 146,011 41.8 % 27.9 % Operating (loss) income $ (10,433) $ 6,745 $ (17,541) $ 12,783 (254.7 %) (237.2 %) Comparison Between the Quarters Ended June 30, 2026 and 2025 — Revenue within our All Other Segments for the second quarter increased 41.8% primarily driven by growth in our warehousing and trailer leasing businesses. Operating results declined year-over-year to an operating loss partially due to the inclusion of $5.8 million of costs for the accounts receivable securitization program as well as an $18.2 million severance charge primarily related to the retirement and related consulting arrangement for our former executive chairman. Comparison Between Year-to-Date June 30, 2026 and 2025 — Revenue within our All Other Segments for the year-to-date period ended June 30, 2026 increased 27.9% primarily driven by growth in our warehousing and trailer leasing businesses. Operating results declined year-over-year to an operating loss partially due to the inclusion of $11.0 million of costs for the accounts receivable securitization program as well as an $18.2 million severance charge primarily related to the retirement and related consulting arrangement for our former executive chairman. 43 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Results of Operations — Consolidated Operating and Other Expenses Consolidated Operating Expenses The following tables present certain operating expenses from our condensed consolidated statements of comprehensive income, including each operating expense as a percentage of total revenue and as a percentage of revenue, excluding truckload and LTL fuel surcharge. Truckload and LTL fuel surcharge revenue can be volatile and is primarily dependent upon the cost of fuel, rather than operating expenses unrelated to fuel. Therefore, we believe that revenue, excluding truckload and LTL fuel surcharge is a better measure for analyzing many of our expenses and operating metrics. Quarter Ended June 30, Year-to-Date June 30, QTD 2026 vs. YTD 2026 vs. 2026 2025 2026 2025 QTD 2025 YTD 2025 (Dollars in thousands) Increase (Decrease) Salaries, wages, and benefits $ 768,813 $ 754,582 $ 1,497,511 $ 1,476,241 1.9 % 1.4 % % of total revenue 36.7 % 40.5 % 38.0 % 40.0 % (380 bps) (200 bps) % of revenue, excluding truckload and LTL fuel surcharge 43.6 % 45.1 % 44.0 % 44.7 % (150 bps) (70 bps) Salaries, wages, and benefits expense is primarily affected by the total number of miles driven by and rates we pay to our company driving associates, and employee benefits including healthcare, workers' compensation, and other benefits. To a lesser extent, non-driver employee headcount, compensation, and benefits affect this expense. Driving associate wages represent the largest component of salaries, wages, and benefits expense. Several ongoing market factors have reduced the pool of available driving associates, contributing to a challenging driver sourcing market, which we believe will continue. Having a sufficient number of qualified driving associates is a significant headwind, although we continue to seek ways to attract and retain qualified driving associates, including heavily investing in our recruiting efforts, our driving academies, technology, our equipment, and our terminals that improve the experience of driving associates. We expect labor costs (related to both driving associates and non-driver employees) to remain inflationary, which we expect will result in additional pay increases in the future, thereby increasing our salaries, wages, and benefits expense. Comparison Between the Quarters Ended June 30, 2026 and 2025 — The $14.2 million increase in consolidated salaries, wages, and benefits for the second quarter of 2026, as compared to the second quarter of 2025, is primarily due to a portion of the severance expense, $7.0 million, recorded in salaries, wages, and benefits primarily related to the retirement and related consulting arrangement for our former executive chairman, and increases in driving associate pay rates and non-driver salaries and wages, partially offset by a 4.6% decrease in total miles driven by company driving associates in our Truckload and LTL segments. Comparison Between Year-to-Date June 30, 2026 and 2025 — The $21.3 million increase in consolidated salaries, wages, and benefits for the year-to-date period ended June 30, 2026, as compared to the year-to-date period ended June 30, 2025, is primarily due to increases in our LTL segment as a result of service center expansion and the $7.0 million of severance expense primarily related to our former executive chairman's retirement and related consulting agreement noted above, partially offset a 4.4% decrease in total miles driven by company driving associates in our Truckload segment. 44 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Quarter Ended June 30, Year-to-Date June 30, QTD 2026 vs. YTD 2026 vs. 2026 2025 2026 2025 QTD 2025 YTD 2025 (Dollars in thousands) Increase (Decrease) Fuel $ 307,361 $ 203,566 $ 538,699 $ 410,812 51.0 % 31.1 % % of total revenue 14.7 % 10.9 % 13.7 % 11.1 % 380 bps 260 bps % of revenue, excluding truckload and LTL fuel surcharge 17.4 % 12.2 % 15.8 % 12.4 % 520 bps 340 bps Fuel expense consists primarily of diesel fuel expense for our company-owned tractors. The primary factors affecting our fuel expense are the cost of diesel fuel, the fuel economy of our equipment, and the miles driven by company driving associates. Our fuel surcharge programs help to offset increases in fuel prices, but generally apply only to loaded miles for our Truckload and LTL segments and typically do not offset non-paid empty miles, idle time, or out-of-route miles driven. Typical fuel surcharge programs involve a computation based on the change in national or regional fuel prices. These programs may update as often as weekly, but typically require a specified minimum change in fuel cost to prompt a change in fuel surcharge revenue for our Truckload and LTL segments. Therefore, many of these programs have a time lag between when fuel costs change and when the change is reflected in fuel surcharge revenue. Due to this time lag, our fuel expense, net of fuel surcharge, negatively impacts our operating income during periods of sharply rising fuel costs and positively impacts our operating income during periods of falling fuel costs. We continue to utilize our fuel efficiency initiatives such as trailer blades, idle-control, management of tractor speeds, fleet updates for more fuel-efficient engines, management of fuel procurement, and driving associate training programs that we believe contribute to controlling our fuel expense. Comparison Between Quarters Ended June 30, 2026 and 2025 — The $103.8 million increase in consolidated fuel expense for the second quarter of 2026 is primarily driven by an increase in the average weekly DOE fuel prices for the second quarter of 2026, as compared to the second quarter of 2025. Average weekly DOE fuel prices were $5.33 per gallon for the second quarter of 2026 and $3.56 per gallon for the second quarter of 2025. This was partially offset by a 4.6% decrease in total miles driven by company driving associates in our Truckload and LTL segments. Comparison Between Year-to-Date June 30, 2026 and 2025 — The $127.9 million increase in consolidated fuel expense for the year-to-date period ended June 30, 2026 is primarily driven by an increase in the average weekly DOE fuel prices for the year-to-date period ended June 30, 2026, as compared to the year-to-date period ended June 30, 2025. Average weekly DOE fuel prices were $4.73 per gallon for the year-to-date period ended June 30, 2026 and $3.59 for the year-to-date period ended June 30, 2025. This was partially offset by a 3.3% decrease in total miles driven by company driving associates in our Truckload and LTL segments. 45 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Quarter Ended June 30, Year-to-Date June 30, QTD 2026 vs. YTD 2026 vs. 2026 2025 2026 2025 QTD 2025 YTD 2025 (Dollars in thousands) Increase (Decrease) Operations and maintenance $ 136,438 $ 139,970 $ 264,911 $ 272,342 (2.5 %) (2.7 %) % of total revenue 6.5 % 7.5 % 6.7 % 7.4 % (100 bps) (70 bps) % of revenue, excluding truckload and LTL fuel surcharge 7.7 % 8.4 % 7.8 % 8.2 % (70 bps) (40 bps) Operations and maintenance expense consists of direct operating expenses, such as driving associate hiring and recruiting expenses, equipment maintenance, and tire expense. Operations and maintenance expenses are typically affected by the age of our company-owned fleet of tractors and trailers and the miles driven. We expect the driver market to remain competitive throughout 2026, which could increase future driving associate development and recruiting costs and negatively affect our operations and maintenance expense. We expect to continue refreshing our tractor fleet in the coming quarters, subject to availability of new revenue equipment, to maintain the average age of our equipment. Operations and maintenance expense decreased by $3.5 million and $7.4 million for the second quarter of and first half of 2026, respectively, as compared to the same periods last year, primarily due to the decrease in total company miles discussed above. Quarter Ended June 30, Year-to-Date June 30, QTD 2026 vs. YTD 2026 vs. 2026 2025 2026 2025 QTD 2025 YTD 2025 (Dollars in thousands) Increase (Decrease) Insurance and claims $ 100,164 $ 85,281 $ 209,321 $ 177,506 17.5 % 17.9 % % of total revenue 4.8 % 4.6 % 5.3 % 4.8 % 20 bps 50 bps % of revenue, excluding truckload and LTL fuel surcharge 5.7 % 5.1 % 6.2 % 5.4 % 60 bps 80 bps Insurance and claims expense consists of premiums for liability, physical damage, and cargo, and will vary based upon the frequency and severity of claims, our level of self-insurance, and premium expense. In recent years, insurance carriers have raised premiums for many transportation companies based upon significant verdicts and settlements against transportation companies. In addition, recent developments within the brokerage industry may contribute to further increases in brokerage-related insurance premiums and greater volatility in claims expense. As a result, our insurance and claims expense could increase in the future, or we could raise our self-insured retention limits or reduce excess coverage limits when our policies are renewed or replaced. Insurance and claims expense also varies based on the number of miles driven by company driving associates and independent contractors, the frequency and severity of accidents, trends in development factors used in actuarial accruals, and developments in prior-year claims. In future periods, our higher self-insured retention limits and lower excess coverage limits, may cause increased volatility in our consolidated insurance and claims expense. Comparison Between Quarters Ended June 30, 2026 and 2025 — Consolidated insurance and claims expense increased by $14.9 million for the second quarter of 2026, as compared to the same period last year. This increase was primarily due to an increase in claims development during the second quarter of 2026. Comparison Between Year-to-Date June 30, 2026 and 2025 — Consolidated insurance and claims expense increased by $31.8 million for the year-to-date period ended June 30, 2026, This increase was primarily due to $18.0 million of expense for claims development in our LTL segment, primarily related to an adverse arbitration ruling on a 2022 claim, during the first quarter of 2026, and an increase in claims development during the first half of 2026. 46 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Quarter Ended June 30, Year-to-Date June 30, QTD 2026 vs. YTD 2026 vs. 2026 2025 2026 2025 QTD 2025 YTD 2025 (Dollars in thousands) Increase (Decrease) Operating taxes and licenses $ 34,735 $ 34,525 $ 72,129 $ 68,891 0.6 % 4.7 % % of total revenue 1.7 % 1.9 % 1.8 % 1.9 % (20 bps) (10 bps) % of revenue, excluding truckload and LTL fuel surcharge 2.0 % 2.1 % 2.1 % 2.1 % (10 bps) — bps Operating taxes and licenses include state franchise taxes, state and federal highway use taxes, property taxes, vehicle license and registration fees, and fuel and mileage taxes, among others. The expense is impacted by changes in the tax rates and registration fees associated with our tractor fleet and regional operating facilities. Operating taxes and licenses as a percent of total revenue and revenue, excluding truckload and LTL fuel surcharge remained relatively flat for the second quarter, as compared to the same period last year. During the first half of 2026, "Operating taxes and licenses" increased $3.2 million compared to the same period last year primarily due to $4.1 million of expense in our Truckload segment for an adverse decision on VAT reimbursement in Mexico for prior tax years. Quarter Ended June 30, Year-to-Date June 30, QTD 2026 vs. YTD 2026 vs. 2026 2025 2026 2025 QTD 2025 YTD 2025 (Dollars in thousands) Increase (Decrease) Communications $ 7,245 $ 7,381 $ 13,687 $ 14,764 (1.8 %) (7.3 %) % of total revenue 0.3 % 0.4 % 0.3 % 0.4 % (10 bps) (10 bps) % of revenue, excluding truckload and LTL fuel surcharge 0.4 % 0.4 % 0.4 % 0.4 % — bps — bps Communications expense is comprised of costs associated with our tractor and trailer tracking systems, information technology systems, and phone systems. Communications expense as a percentage of total revenue and revenue, excluding truckload and LTL fuel surcharge remained relatively flat for the second quarter of 2026 and the first half of 2026, as compared to the same periods last year. Quarter Ended June 30, Year-to-Date June 30, QTD 2026 vs. YTD 2026 vs. 2026 2025 2026 2025 QTD 2025 YTD 2025 (Dollars in thousands) Increase (Decrease) Depreciation and amortization of property and equipment $ 178,161 $ 176,538 $ 354,970 $ 354,017 0.9 % 0.3 % % of total revenue 8.5 % 9.5 % 9.0 % 9.6 % (100 bps) (60 bps) % of revenue, excluding truckload and LTL fuel surcharge 10.1 % 10.6 % 10.4 % 10.7 % (50 bps) (30 bps) 47 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Depreciation relates primarily to our owned tractors, trailers, buildings, electronic logging devices, other communication units, and other similar assets. Changes to this fixed cost are generally attributed to increases or decreases to company-owned equipment, the relative percentage of owned versus leased equipment, and fluctuations in new equipment purchase prices. Depreciation can also be affected by the cost of used equipment that we sell or trade and the replacement of older used equipment. Management periodically reviews the condition, average age, and reasonableness of estimated useful lives and salvage values of our equipment and considers such factors in light of our experience with similar assets, used equipment market conditions, and prevailing industry practices. Comparison Between Quarters Ended June 30, 2026 and 2025 — The increases of $1.6 million and $1.0 million during the second quarter and first half of 2026, respectively, are primarily related to higher equipment costs from equipment refreshed during the second half of 2025. We anticipate that depreciation and amortization expense will increase, as a percentage of revenue, excluding truckload and LTL fuel surcharge, as we intend to purchase, rather than enter into operating leases, for a majority of our revenue equipment, terminal improvements, or terminal expansions in the remainder of 2026. Additionally, we anticipate that our equipment suppliers may need to raise prices in response to tariffs. Quarter Ended June 30, Year-to-Date June 30, QTD 2026 vs. YTD 2026 vs. 2026 2025 2026 2025 QTD 2025 YTD 2025 (Dollars in thousands) Increase (Decrease) Amortization of intangibles $ 18,834 $ 19,246 $ 37,736 $ 38,492 (2.1 %) (2.0 %) % of total revenue 0.9 % 1.0 % 1.0 % 1.0 % (10 bps) — bps % of revenue, excluding truckload and LTL fuel surcharge 1.1 % 1.2 % 1.1 % 1.2 % (10 bps) (10 bps) Amortization of intangibles relates to intangible assets identified with the 2017 Merger, ACT Acquisition, U.S. Xpress Acquisition, and various other acquisitions. Quarter Ended June 30, Year-to-Date June 30, QTD 2026 vs. YTD 2026 vs. 2026 2025 2026 2025 QTD 2025 YTD 2025 (Dollars in thousands) Increase (Decrease) Rental expense $ 43,876 $ 43,196 $ 88,928 $ 86,062 1.6 % 3.3 % % of total revenue 2.1 % 2.3 % 2.3 % 2.3 % (20 bps) — bps % of revenue, excluding truckload and LTL fuel surcharge 2.5 % 2.6 % 2.6 % 2.6 % (10 bps) — bps Rental expense consists primarily of payments for our terminals and other real estate leases, as well as for revenue equipment assumed in the U.S. Xpress Acquisition. Consolidated rental expense as a percent of total revenue and revenue, excluding truckload and LTL fuel surcharge remained relatively flat for the second quarter and first half of 2026, as compared to the same periods last year. We anticipate that rental expense will decrease, as a percentage of revenue, excluding truckload and LTL fuel surcharge, as we intend to purchase, rather than enter into operating leases, a majority of our revenue equipment, terminal improvements, or terminal expansions for the remainder of 2026. 48 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Quarter Ended June 30, Year-to-Date June 30, QTD 2026 vs. YTD 2026 vs. 2026 2025 2026 2025 QTD 2025 YTD 2025 (Dollars in thousands) Increase (Decrease) Purchased transportation $ 322,147 $ 265,722 $ 600,775 $ 543,016 21.2 % 10.6 % % of total revenue 15.4 % 14.3 % 15.2 % 14.7 % 110 bps 50 bps % of revenue, excluding truckload and LTL fuel surcharge 18.3 % 15.9 % 17.7 % 16.4 % 240 bps 130 bps Purchased transportation expense is comprised of payments to independent contractors in our trucking operations, as well as payments to third-party capacity providers related to logistics, freight management, and non-trucking services in our logistics and intermodal businesses. Purchased transportation is generally affected by capacity in the market as well as changes in fuel prices. As capacity tightens, our payments to third-party capacity providers and to independent contractors tend to increase. Additionally, as fuel prices increase, payments to third-party capacity providers and independent contractors increase. The $56.4 million and $57.8 million increases in the second quarter of 2026 and the first half of 2026, respectively, when compared to the same periods last year are primarily due to increases in intermodal loads, loaded miles hauled by independent contractors, and higher purchased transportation expense as third-party carriers increase prices to absorb rising fuel costs. Quarter Ended June 30, Year-to-Date June 30, QTD 2026 vs. YTD 2026 vs. 2026 2025 2026 2025 QTD 2025 YTD 2025 (Dollars in thousands) Increase (Decrease) Impairments $ — $ 10,584 $ 882 $ 10,612 (100.0 %) (91.7 %) First quarter 2026 reflects non-cash impairments related to certain intangible assets (within the All Other Segments) and assets held for sale (within the Truckload segment). Second quarter 2025 reflects non-cash impairments related to certain real property owned and leased (within the Truckload segment). First quarter 2025 reflects non-cash impairments related to certain real property leases (within the Truckload segment). Quarter Ended June 30, Year-to-Date June 30, QTD 2026 vs. YTD 2026 vs. 2026 2025 2026 2025 QTD 2025 YTD 2025 (Dollars in thousands) Increase (Decrease) Miscellaneous operating expenses $ 73,087 $ 48,733 $ 132,951 $ 94,268 50.0 % 41.0 % Miscellaneous operating expenses primarily consist of legal and professional services fees, general and administrative expenses, other costs, as well as net gain on sales of equipment. Comparison Between the Quarters Ended June 30, 2026 and 2025 — The $24.4 million increase in net consolidated miscellaneous operating expenses is primarily due to a portion of the severance expense, $10.1 million, recorded in miscellaneous operating expenses primarily related to the retirement and related consulting arrangement for our former executive chairman, an $8.2 million increase in our estimated exposure related to a pre-acquisition U.S. Xpress tax assessment, and the inclusion of $5.8 million of costs for the accounts receivable securitization program that were previously reported in interest expense under the prior arrangement. These were partially offset by an $11.7 million increase in gain on sales of operating property and equipment. 49 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Comparison Between Year-to-Date June 30, 2026 and 2025 — The $38.7 million increase in net consolidated miscellaneous operating expenses is primarily due to a portion of the severance expense, $10.1 million, recorded in "Miscellaneous operating expenses" primarily related to the retirement and related consulting arrangement for our former executive chairman, an $8.2 million increase in our estimated exposure related to a pre-acquisition U.S. Xpress tax assessment, and the inclusion of $11.0 million of costs for the accounts receivable securitization program that were previously reported in interest expense under the prior arrangement. These were partially offset by a $3.2 million increase in gain on sales of operating property and equipment. Consolidated Other Expenses (Income) Quarter Ended June 30, Year-to-Date June 30, QTD 2026 vs. YTD 2026 vs. 2026 2025 2026 2025 QTD 2025 YTD 2025 (Dollars in thousands) Increase (Decrease) Interest expense $ 23,251 $ 40,878 $ 53,980 $ 81,081 (43.1 %) (33.4 %) Other expense (income), net 17,919 (13,150) 19,100 (24,188) (236.3 %) (179.0 %) Income tax expense 22,355 13,993 22,248 24,296 59.8 % (8.4 %) Interest expense — Interest expense is comprised of debt and finance lease interest expense as well as amortization of deferred loan costs. Additional details regarding our debt are discussed in Note 5 in Part I, Item 1 of this Quarterly Report. Additional details regarding our senior convertible notes are discussed in Note 6 in Part I, Item 1 of this Quarterly Report. Comparison Between the Quarters Ended June 30, 2026 and 2025 — The $17.6 million decrease in interest expense is primarily driven by a lower average of overall debt balances and lower average interest rates due to the terms of the 2031 Notes and the exclusion of $5.8 million of costs for the accounts receivable securitization program that were previously reported in interest expense under the prior arrangement during the second quarter of 2026 when compared to the second quarter of 2025. Comparison Between Year-to-Date June 30, 2026 and 2025 — The $27.1 million decrease in interest expense is primarily driven by a lower average of overall debt balances and lower average interest rates due to the terms of the 2031 Notes and the exclusion of $11.0 million of costs for the accounts receivable securitization program that were previously reported in interest expense under the prior arrangement during the year-to-date period ended June 30, 2026, when compared to the year-to-date period ended June 30, 2025. Other expense (income), net — Other expense (income), net is primarily comprised of losses and (gains) from our various equity investments, as well as certain other non-operating income and expense items that may arise outside of the normal course of business. Comparison Between the Quarters Ended June 30, 2026 and 2025 — The $31.1 million increase in other expense (income), net is primarily driven by the $22.8 million expense for the mark-to-market adjustment in 2026 related to certain purchase price obligations associated with the U.S. Xpress Acquisition and a decrease in net gains recorded within our portfolio of investments during the second quarter of 2026. Comparison Between Year-to-Date June 30, 2026 and 2025 — The $43.3 million increase in other expense (income), net is primarily by the $22.8 million expense for the mark-to-market adjustment in 2026 related to certain purchase price obligations associated with the U.S. Xpress Acquisition and a decrease in net gains recorded within our portfolio of investments during the year-to-date period ended June 30, 2026. Income tax expense — In addition to the discussion below, Note 3 in Part I, Item 1 of this Quarterly Report provides further analysis related to income taxes. Comparison Between the Quarters Ended June 30, 2026 and 2025 — The $8.4 million increase in consolidated income tax expense was primarily due to an increase in pretax income and additional tax expense associated with the mark-to-market adjustment. Our effective tax rate for the second quarter of 2026 was 34.1%, compared to 29.2% for the second quarter of 2025. 50 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Comparison Between Year-to-Date June 30, 2026 and 2025 — The $2.0 million decrease in consolidated income tax expense was primarily due to a reduction of pre-tax income offset by additional tax expense associated with the mark-to-market adjustment. Our effective tax rate for the year-to-date period ended June 30, 2026 was 34.8%, compared to 27.5% for the year-to-date period ended June 30, 2025. 51 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Non-GAAP Financial Measures The terms "Adjusted Net Income Attributable to Knight-Swift," "Adjusted EPS," "Adjusted Operating Income," "Adjusted Operating Expenses," "Adjusted Operating Ratio," and "Free Cash Flow," as we define them, are not presented in accordance with GAAP. These financial measures supplement our GAAP results in evaluating certain aspects of our business. We believe that using these measures improves comparability in analyzing our performance because they remove the impact of items from our operating results that, in our opinion, do not reflect our core operating performance. Management and the Board focus on Adjusted Net Income Attributable to Knight-Swift, Adjusted EPS, Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio as key measures of our performance, all of which are reconciled to the most comparable GAAP financial measures and further discussed below. Management and the Board use Free Cash Flow as a key measure of our liquidity. Free Cash Flow does not represent residual cash flow available for discretionary expenditures. We believe our presentation of these non-GAAP financial measures is useful because it provides investors and securities analysts the same information that we use internally for purposes of assessing our core operating performance. Adjusted Net Income Attributable to Knight-Swift, Adjusted EPS, Adjusted Operating Income, Adjusted Operating Expenses, Adjusted Operating Ratio, and Free Cash Flow are not substitutes for their comparable GAAP financial measures, such as net income, cash flows from operating activities, operating income, or other measures prescribed by GAAP. There are limitations to using non-GAAP financial measures. Although we believe that they improve comparability in analyzing our period to period performance, they could limit comparability to other companies in our industry if those companies define these measures differently. Because of these limitations, our non-GAAP financial measures should not be considered measures of income generated by our business or discretionary cash available to us to invest in the growth of our business. Management compensates for these limitations by primarily relying on GAAP results and using non-GAAP financial measures on a supplemental basis. Pursuant to the requirements of Regulation G, the following tables reconcile GAAP consolidated net income attributable to Knight-Swift to non-GAAP consolidated Adjusted Net Income attributable to Knight-Swift, GAAP consolidated earnings per diluted share to non-GAAP consolidated Adjusted EPS, GAAP consolidated operating ratio to non-GAAP consolidated Adjusted Operating Ratio, GAAP reportable segment operating income to non-GAAP reportable segment Adjusted Operating Income, GAAP reportable segment operating expenses to non-GAAP segment Adjusted Operating Expenses, GAAP reportable segment operating ratio to non-GAAP reportable segment Adjusted Operating Ratio, and GAAP cash flow from operations to non-GAAP Free Cash Flow. 52 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Non-GAAP Reconciliation: Consolidated Adjusted Net Income Attributable to Knight-Swift and Adjusted EPS Quarter Ended June 30, Year-to-Date June 30, 2026 2025 2026 2025 (In thousands) GAAP: Net income attributable to Knight-Swift $ 43,189 $ 34,243 $ 41,872 $ 64,882 Adjusted for: Income tax expense attributable to Knight-Swift 22,355 13,993 22,248 24,296 Income before income taxes attributable to Knight-Swift 65,544 48,236 64,120 89,178 Amortization of intangibles 1 18,979 19,621 38,021 39,249 Impairments 2 — 10,584 882 10,612 Legal accruals and loss contingencies 3 699 — 1,299 261 Pre-acquisition U.S. Xpress tax assessment increase 4 8,228 — 8,228 — Severance expense 5 18,197 941 18,715 941 Restructuring expense 6 — — 200 — Write-off of deferred debt issuance costs 7 1,514 — 1,514 — USX purchase price obligation mark-to-market adjustment 8 22,810 — 22,810 — Adjusted income before income taxes 135,971 79,382 155,789 140,241 Provision for income tax expense at effective rate 9 (33,219) (22,203) (38,775) (37,690) Non-GAAP: Adjusted Net Income Attributable to Knight-Swift $ 102,752 $ 57,179 $ 117,014 $ 102,551 Note: Since the numbers reflected in the table below are calculated on a per share basis, they may not foot due to rounding. Quarter Ended June 30, Year-to-Date June 30, 2026 2025 2026 2025 GAAP: Earnings per diluted share $ 0.26 $ 0.21 $ 0.26 $ 0.40 Adjusted for: Income tax expense attributable to Knight-Swift 0.14 0.09 0.14 0.15 Income before income taxes attributable to Knight-Swift 0.40 0.30 0.39 0.55 Amortization of intangibles 1 0.12 0.12 0.23 0.24 Impairments 2 — 0.07 0.01 0.07 Legal accruals and loss contingencies 3 — — 0.01 — Pre-acquisition U.S. Xpress tax assessment increase 4 0.05 — 0.05 — Severance expense 5 0.11 0.01 0.11 0.01 Restructuring expense 6 — — — — Write-off of deferred debt issuance costs 7 0.01 — 0.01 — USX purchase price obligation mark-to-market adjustment 8 0.14 — 0.14 — Adjusted income before income taxes 0.83 0.49 0.95 0.86 Provision for income tax expense at effective rate 9 (0.20) (0.14) (0.24) (0.23) Non-GAAP: Adjusted EPS $ 0.63 $ 0.35 $ 0.72 $ 0.63 53 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED 1 "Amortization of intangibles" reflects the non-cash amortization expense relating to intangible assets identified in the 2017 Merger, the ACT Acquisition, the U.S. Xpress Acquisition, and other acquisition, as well as the non-cash amortization expense related to the fair value of favorable leases assumed in the DHE acquisition included within "Rental expense" in the condensed consolidated statements of comprehensive income. 2 "Impairments" reflects the non-cash impairment: •First quarter 2026 reflects non-cash impairments related to certain intangible assets (within the All Other Segments) and assets held for sale (within the Truckload segment). •Second quarter 2025 reflects non-cash impairments related to certain real property owned and leased (within the Truckload segment). First quarter 2025 reflects non-cash impairments related to certain real property leases (within the Truckload segment). 3 "Legal accruals" are included in "Insurance and claims" and "Miscellaneous operating expenses" in the condensed consolidated statements of comprehensive income and reflect the following: •During the second quarter of 2026, the Company recorded estimated legal expense for various legal matters and reduced the estimated amount reserved for a loss contingency related to our third-party carrier insurance business (within the All Other Segments). First quarter 2026 legal expense reflects the net increased estimated exposure for accrued legal matters based on recent settlement agreements. •First quarter 2025 legal expense reflects the increased estimated exposure for accrued legal matters based on recent settlement agreements. 4 During the second quarter of 2026, the Company increased its estimate related to a pre-acquisition U.S. Xpress tax assessment (within the Truckload Segment) which is included in "Miscellaneous operating expenses" in the condensed consolidated statements of comprehensive income. 5 "Severance expense" is included within "Salaries, wages, and benefits" and "Miscellaneous operating expenses" in the condensed statements of comprehensive income. 6 "Restructuring expense" reflects costs incurred with the wind-down of Abilene Motor Express and is included within "Operations and maintenance" and "Miscellaneous operating expenses" in the condensed statements of comprehensive income. 7 "Write-off of deferred debt issuance costs" relates to the full repayment of the Term A-2 loan and the partial paydown of the Term A-1 loan associated with the 2031 Notes transaction. 8 Mark-to-market adjustment related to certain purchase price obligations associated with the acquisition of U.S. Xpress. 9 For the second quarter of 2026, an adjusted effective tax rate of 24.4% was applied in our Adjusted EPS calculation to exclude certain discrete items. For the year-to-date period ended June 30, 2026, an adjusted effective tax rate of 24.9% was applied in our Adjusted EPS calculation. For the second quarter of 2025, an adjusted effective tax rate of 28.0% was applied in our Adjusted EPS calculation to exclude certain discrete items. For the year-to-date period ended June 30, 2025, an adjusted effective tax rate of 26.9% was applied in our Adjusted EPS calculation to exclude certain discrete items. 54 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Non-GAAP Reconciliation: Consolidated Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio 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 operating expenses (1,990,861) (1,789,324) (3,812,500) (3,547,023) Operating income $ 104,851 $ 72,616 $ 133,435 $ 139,279 Operating ratio 95.0 % 96.1 % 96.6 % 96.2 % Non-GAAP Presentation Total revenue $ 2,095,712 $ 1,861,940 $ 3,945,935 $ 3,686,302 Truckload and LTL fuel surcharge (331,325) (189,739) (543,516) (381,138) Revenue, excluding truckload and LTL fuel surcharge 1,764,387 1,672,201 3,402,419 3,305,164 Total operating expenses 1,990,861 1,789,324 3,812,500 3,547,023 Adjusted for: Truckload and LTL fuel surcharge (331,325) (189,739) (543,516) (381,138) Amortization of intangibles 1 (18,979) (19,621) (38,021) (39,249) Impairments 2 — (10,584) (882) (10,612) Legal accruals and loss contingencies 3 (699) — (1,299) (261) Pre-acquisition U.S. Xpress tax assessment increase 4 (8,228) — (8,228) — Severance expense 5 (18,197) (941) (18,715) (941) Restructuring expense 6 — — (200) — Adjusted Operating Expenses 1,613,433 1,568,439 3,201,639 3,114,822 Adjusted Operating Income $ 150,954 $ 103,762 $ 200,780 $ 190,342 Adjusted Operating Ratio 91.4 % 93.8 % 94.1 % 94.2 % 1 See Non-GAAP Reconciliation: Consolidated Adjusted Net Income Attributable to Knight-Swift and Adjusted EPS footnote 1. 2 See Non-GAAP Reconciliation: Consolidated Adjusted Net Income Attributable to Knight-Swift and Adjusted EPS footnote 2. 3 See Non-GAAP Reconciliation: Consolidated Adjusted Net Income Attributable to Knight-Swift and Adjusted EPS footnote 3. 4 See Non-GAAP Reconciliation: Consolidated Adjusted Net Income Attributable to Knight-Swift and Adjusted EPS footnote 4. 5 See Non-GAAP Reconciliation: Consolidated Adjusted Net Income Attributable to Knight-Swift and Adjusted EPS footnote 5. 6 See Non-GAAP Reconciliation: Consolidated Adjusted Net Income Attributable to Knight-Swift and Adjusted EPS footnote 6. 55 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Non-GAAP Reconciliation: Reportable Segment Adjusted Operating Income, Adjusted Operating Expenses, and Adjusted Operating Ratio Truckload Segment Quarter Ended June 30, Year-to-Date June 30, 2026 2025 2026 2025 GAAP Presentation (Dollars in thousands) Total revenue $ 1,347,343 $ 1,214,036 $ 2,549,509 $ 2,406,586 Total operating expenses (1,258,198) (1,168,616) (2,423,306) (2,316,566) Operating income $ 89,145 $ 45,420 $ 126,203 $ 90,020 Operating ratio 93.4 % 96.3 % 95.0 % 96.3 % Non-GAAP Presentation Total revenue $ 1,347,343 $ 1,214,036 $ 2,549,509 $ 2,406,586 Fuel surcharge (244,183) (140,611) (401,146) (284,867) Intersegment transactions (91) (125) (187) (336) Revenue, excluding fuel surcharge and intersegment transactions 1,103,069 1,073,300 2,148,176 2,121,383 Total operating expenses 1,258,198 1,168,616 2,423,306 2,316,566 Adjusted for: Fuel surcharge (244,183) (140,611) (401,146) (284,867) Intersegment transactions (91) (125) (187) (336) Amortization of intangibles 1 (1,551) (1,775) (3,102) (3,550) Impairments 2 — (10,584) (50) (10,612) Legal accruals 3 — — — (82) Pre-acquisition U.S. Xpress tax assessment increase 4 (8,228) — (8,228) — Severance expense 5 — (625) — (625) Restructuring expense 6 — — (200) — Adjusted Operating Expenses 1,004,145 1,014,896 2,010,393 2,016,494 Adjusted Operating Income $ 98,924 $ 58,404 $ 137,783 $ 104,889 Adjusted Operating Ratio 91.0 % 94.6 % 93.6 % 95.1 % 1"Amortization of intangibles" reflects the non-cash amortization expense relating to intangible assets identified in historical Knight acquisitions and the U.S. Xpress Acquisition. 2See Non-GAAP Reconciliation: Consolidated Adjusted Net Income Attributable to Knight-Swift and Adjusted EPS footnote 2. 3See Non-GAAP Reconciliation: Consolidated Adjusted Net Income Attributable to Knight-Swift and Adjusted EPS footnote 3. 4See Non-GAAP Reconciliation: Consolidated Adjusted Net Income Attributable to Knight-Swift and Adjusted EPS footnote 4. 5See Non-GAAP Reconciliation: Consolidated Adjusted Net Income Attributable to Knight-Swift and Adjusted EPS footnote 5. 6See Non-GAAP Reconciliation: Consolidated Adjusted Net Income Attributable to Knight-Swift and Adjusted EPS footnote 6. 56 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED LTL Segment Quarter Ended June 30, Year-to-Date June 30, 2026 2025 2026 2025 GAAP Presentation (Dollars in thousands) Total revenue $ 420,148 $ 386,854 $ 788,512 $ 739,255 Total operating expenses (398,489) (368,521) (770,418) (708,228) Operating income $ 21,659 $ 18,333 $ 18,094 $ 31,027 Operating ratio 94.8 % 95.3 % 97.7 % 95.8 % Non-GAAP Presentation Total revenue $ 420,148 $ 386,854 $ 788,512 $ 739,255 Fuel surcharge (87,142) (49,128) (142,370) (96,271) Revenue, excluding fuel surcharge 333,006 337,726 646,142 642,984 Total operating expenses 398,489 368,521 770,418 708,228 Adjusted for: Fuel surcharge (87,142) (49,128) (142,370) (96,271) Amortization of intangibles 1 (4,790) (5,020) (9,576) (10,047) Adjusted Operating Expenses 306,557 314,373 618,472 601,910 Adjusted Operating Income $ 26,449 $ 23,353 $ 27,670 $ 41,074 Adjusted Operating Ratio 92.1 % 93.1 % 95.7 % 93.6 % 1"Amortization of intangibles" reflects the non-cash amortization expense relating to intangible assets identified with the ACT, MME, and DHE acquisitions, as well as the non-cash amortization expense related to the fair value of favorable leases assumed in the DHE Acquisition. Logistics Segment Quarter Ended June 30, Year-to-Date June 30, 2026 2025 2026 2025 GAAP Presentation (Dollars in thousands) Revenue $ 139,696 $ 128,298 $ 267,304 $ 269,919 Total operating expenses (135,869) (122,751) (259,854) (259,229) Operating income $ 3,827 $ 5,547 $ 7,450 $ 10,690 Operating ratio 97.3 % 95.7 % 97.2 % 96.0 % Non-GAAP Presentation Revenue $ 139,696 $ 128,298 $ 267,304 $ 269,919 Total operating expenses 135,869 122,751 259,854 259,229 Adjusted for: Amortization of intangibles 1 (1,159) (1,164) (2,323) (2,328) Adjusted Operating Expenses 134,710 121,587 257,531 256,901 Adjusted Operating Income $ 4,986 $ 6,711 $ 9,773 $ 13,018 Adjusted Operating Ratio 96.4 % 94.8 % 96.3 % 95.2 % 1"Amortization of intangibles" reflects the non-cash amortization expense relating to intangible assets identified in the U.S. Xpress and UTXL acquisitions. 57 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Intermodal Segment Quarter Ended June 30, Year-to-Date June 30, 2026 2025 2026 2025 GAAP Presentation (Dollars in thousands) Revenue $ 113,388 $ 84,065 $ 206,977 $ 175,168 Total operating expenses (112,735) (87,494) (207,748) (180,409) Operating income (loss) $ 653 $ (3,429) $ (771) $ (5,241) Operating ratio 99.4 % 104.1 % 100.4 % 103.0 % Non-GAAP Reconciliation: Free Cash Flow Year-to-Date June 30, 2026 GAAP: Cash flows from operations $ 450,358 Adjusted for: Proceeds from sale of property and equipment, including assets held for sale 120,764 Purchases of property and equipment (380,682) Non-GAAP: Free Cash Flow $ 190,440 Liquidity and Capital Resources Sources of Liquidity Our primary sources of liquidity are funds provided by operations and the following: Source June 30, 2026 (In thousands) Cash and cash equivalents, excluding restricted cash $ 186,114 Availability under 2025 Revolver, due July 8, 2030 1 1,485,305 Availability under 2025 RPA, due October 2, 2028 2 900 Total unrestricted liquidity $ 1,672,319 Cash and cash equivalents – restricted 3 81,545 Total liquidity, including restricted cash $ 1,753,864 1 As of June 30, 2026, we had no borrowings under our $1.5 billion 2025 Revolver. We additionally had $14.7 million in outstanding letters of credit (discussed below) issued under the 2025 Revolver, leaving $1,485.3 million available under the 2025 Revolver. 2 Based on eligible receivables at June 30, 2026, our facility capacity under the 2025 RPA was $542.1 million, while outstanding capital was $541.2 million, leaving $0.9 million available under the 2025 RPA. Refer to Note 4 in Part I, Item 1 of this Quarterly Report for more information regarding the 2025 RPA. 3 Restricted cash is primarily held by our captive insurance companies for claims payments. "Cash and cash equivalents – restricted" consists of $74.7 million included in "Cash and cash equivalents – restricted" on the condensed consolidated balance sheet held by Mohave and Red Rock for claims payments. The remaining $6.8 million is included in "Other long-term assets" and is held in escrow accounts to meet statutory requirements. 58 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Uses of Liquidity Our business requires substantial amounts of cash for operating activities, including salaries and wages paid to our employees, contract payments to independent contractors, insurance and claims payments, tax payments, and others. We also use large amounts of cash and credit for the following activities: Capital Expenditures — Subject to our liquidity and our ability to generate acceptable returns, we make substantial cash capital expenditures to maintain a modern company tractor fleet, refresh and expand our trailer fleet (when justified by customer demand), expand our network of LTL service centers, and, to a lesser extent, fund upgrades to our terminals and technology in our various service offerings. In connection with our business strategy, we regularly evaluate acquisition and strategic partnership opportunities. We expect net cash capital expenditures for full-year 2026 will be in the range of $600 million - $650 million. Our expected net cash capital expenditures primarily represent replacements of existing tractors and trailers and investments in our terminal network, driver amenities, and technology, and excludes acquisitions. We believe we have ample flexibility in our trade cycle and purchase agreements to alter our current plans if economic and other conditions warrant. Over the long-term, we will continue to have significant capital requirements, which may require us to seek additional borrowing, lease financing, or equity capital. The availability of financing or equity capital will depend upon our financial condition and results of operations as well as prevailing market conditions. If such additional borrowing, lease financing, or equity capital is not available at the time we need it, then we may need to borrow more under the 2025 Revolver (if not then fully drawn), extend the maturity of then-outstanding debt, rely on alternative financing arrangements, engage in asset sales, limit our fleet size, or operate our revenue equipment for longer periods. There can be no assurance that we will be able to obtain additional debt under our existing financial arrangements to satisfy our ongoing capital requirements. However, we believe the combination of our expected cash flows, financing available through operating and finance leases, available funds under our 2025 RPA, and availability under the 2025 Revolver will be sufficient to fund our expected capital expenditures for at least the next twelve months. Principal and Interest Payments — As of June 30, 2026, we had debt and finance lease obligations of $2.4 billion, which are discussed under "Material Debt Agreements," below. Certain cash flows from operations are committed to minimum payments of principal and interest on our debt and lease obligations. Additionally, when our financial position allows, we periodically make voluntary prepayments on our outstanding debt balances. Letters of Credit — Our lenders issue standby letters of credit on our behalf, certain of which reduce availability under our revolving line of credit. As of June 30, 2026, we also had outstanding letters of credit of $194.8 million pursuant to a bilateral agreement which do not impact the availability of the 2025 Revolver. Standby letters of credit are typically issued for the benefit of regulatory authorities, insurance companies and state departments of insurance for the purpose of satisfying certain collateral requirements, primarily related to our automobile, workers' compensation, and general insurance liabilities. Share Repurchases — From time to time, and depending on Free Cash Flow1 availability, debt levels, common stock prices, general economic and market conditions, as well as internal approval requirements, we may repurchase shares of our outstanding common stock. As of June 30, 2026, the Company had $200.0 million remaining under the 2022 Knight-Swift Share Repurchase Plan. Additional details regarding our share repurchase plans are discussed in Note 10 in Part I, Item 1 of this Quarterly Report. ________ 1Refer to "Non-GAAP Financial Measures." Working Capital We had a working capital deficit of $132.4 million as of June 30, 2026 and a working capital deficit of $143.7 million as of December 31, 2025. The working capital deficits as of June 30, 2026 and December 31, 2025 are primarily due to the reduction in our trade receivables due to their sale as part of the 2025 RPA. 59 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Material Debt Agreements As of June 30, 2026, we had $2.4 billion in material debt obligations at the following carrying values: •$224.4 million: 2025 Term Loan A-1, due July 2030, net of $0.6 million in deferred loan costs •$1.47 billion: 2031 Notes, due November 2031, net of $1.3 million in unamortized debt issuance costs and $32.9 million of unamortized debt discount •$606.3 million: Finance lease obligations •$0.0 million: 2025 Revolver, due July 2030 •$70.8 million: Revenue equipment installment notes •$8.3 million: Other As of December 31, 2025, we had $2.4 billion in material debt obligations at the following carrying values: •$698.1 million: 2025 Term Loan A-1, due July 2030, net of $1.9 million in deferred loan costs •$299.4 million: 2025 Term Loan A-2, due January 2027, net of $0.6 million in deferred loan costs •$606.2 million: Finance lease obligations •$626.0 million: 2025 Revolver, due July 2030 •$106.6 million: Revenue equipment installment notes •$13.9 million: Other Cash Flow Analysis Year-to-Date June 30, Change 2026 2025 (In thousands) Net cash provided by operating activities $ 450,358 $ 325,929 $ 124,429 Net cash used in investing activities (257,063) (189,617) (67,446) Net cash used in financing activities (234,376) (161,586) (72,790) Net Cash Provided by Operating Activities Comparison Between Year-to-Date June 30, 2026 and 2025 — The $124.4 million increase in net cash provided by operating activities was primarily driven by a $36.9 million decrease in income taxes paid, a $25.1 million decrease in interest paid, and the timing of changes of $62.8 million within "Accrued liabilities and claims accrual" for the year-to-date June 30, 2026 in comparison to the same period in 2025. Note: Factors affecting operating income are discussed in "Results of Operations — Consolidated Operating and Other Expenses." Net Cash Used in Investing Activities Comparison Between Year-to-Date June 30, 2026 and 2025 — The $67.4 million increase in net cash used in investing activities was primarily due to a $87.7 million increase in net cash capital expenditures and was partially offset by a $10.4 million decrease in cash used on the acquisitions of leased properties. Net Cash Used in Financing Activities Comparison Between Year-to-Date June 30, 2026 and 2025 — Net cash used in financing activities increased by $72.8 million, primarily due to an increase in net payments on our finance leases and long-term debt of $734.2 million, an increase in net payments on our revolver of $691.0 million, our purchase of $107.1 million of the 2026 Capped Calls, and a $6.8 million increase in dividends paid, partially offset by $1.5 billion in net proceeds from the 2031 Notes. 60 Table of Contents Glossary of Terms KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — CONTINUED Seasonality Discussion regarding the impact of seasonality on our business is included in Note 1 in the notes to the condensed consolidated financial statements, included in Part I, Item 1 of this Quarterly Report, incorporated by reference herein. Inflation Most of our operating expenses are inflation-sensitive, with inflation generally leading to increased costs of operations. Price increases in manufactured revenue equipment has impacted the cost for us to acquire new equipment. Cost increases have also impacted the cost of parts for equipment repairs and maintenance. The qualified driver shortage experienced by the trucking industry overall has had the effect of increasing compensation paid to our driving associates. We have also experienced inflation in insurance and claims cost related to health insurance and claims as well as auto liability insurance and claims. Prolonged periods of inflation have recently and could continue to cause interest rates, fuel, wages, and other costs to increase as well. Any of these factors could adversely affect our results of operations unless freight rates correspondingly increase. Recently Issued Accounting Pronouncements See Note 2 in Part I, Item 1 of this Quarterly Report, which is incorporated herein by reference, for the impact of recently issued accounting pronouncements on the Company's condensed consolidated financial statements.