Exhibit 99.2

KNX 4Q20 Earnings Presentation

Disclosure

This presentation, including documents incorporated herein by reference, will contain forward- looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward- looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Please review our disclosures in filings with the United States Securities and Exchange Commission.

Non-GAAP Financial Data

This presentation includes the use of adjusted operating income, operating ratio, adjusted operating ratio, net income, adjusted earnings per share, adjusted pre-tax income, return on net tangible assets, adjusted leverage ratio, available liquidity, and free cash flow, which are financial measures that are not in accordance with United States generally accepted accounting principles ("GAAP"). Each such measure is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors and lenders. While management believes such measures are useful for investors, they should not be used as a replacement for financial measures that are in accordance with GAAP. In addition, our use of these non-GAAP measures should not be interpreted as indicating that these or similar items could not occur in future periods. In addition, adjusted operating ratio excludes trucking segment fuel surcharges from revenue and nets these surcharges against fuel expense.

2

Disclosure

On September 8, 2017, pursuant to the Agreement and Plan of Merger, dated as of April 9, 2017, by Swift Transportation Company ("Swift"), Bishop Merger Sub, Inc., a direct wholly owned subsidiary of Swift, ("Merger Sub"), and Knight Transportation, Inc. ("Knight"), Merger Sub merged with and into Knight, with Knight surviving as a direct wholly owned subsidiary of Swift (the "2017 Merger"). Knight was the accounting acquirer and Swift was the legal acquirer in the 2017 Merger. In accordance with the accounting treatment applicable to the 2017 Merger, throughout this presentation, the reported results do not include the results of operations of Swift and its subsidiaries on and prior to the 2017 Merger date of September 8, 2017 (the "2017 Merger Date"). However, where indicated, certain historical information of Swift and its subsidiaries on and prior to the 2017 Merger Date, including their results of operations and certain operational statistics (collectively, the "Swift Historical Information"), has been provided. Management believes that presentation of the Swift Historical Information will be useful to investors. The Swift Historical Information has not been prepared in accordance with the rules of the Securities and Exchange Commission, including Article 11 of Regulation S-X, and it therefore does not reflect any of the pro forma adjustments that would be required by Article 11 of Regulation S-X. The Swift Historical Information does not purport to indicate the results that would have been obtained had the Swift and Knight businesses been operated together during the periods presented, or which may be realized in the future.

3

KNX Overview

Q4 '20

FY 2020

Trucking

Revenue (ex. fuel surcharge and intersegment transactions)

$

940.9M

$

3,480.6M

Adjusted Operating Ratio 1

79.3 %

83.0 %

• 13,374 irregular route tractors, 5,099 dedicated tractors, and 57,644 combined trailers

• Dry Van, Refrigerated, Dedicated, Flatbed, Drayage, and Expedited service offerings

Q4 '20

FY 2020

Intermodal

Revenue (ex intersegment transactions)

$

115.0M

$

391.1M

Adjusted Operating Ratio 1

94.8 %

100.2 %

• 587 tractors and 10,848 containers

Logistics

Q4 '20

FY 2020

Revenue (ex intersegment transactions)

$

125.0M

$

365.1M

Adjusted Operating Ratio 1

91.2 %

94.5 %

FY 2020

Shareholder

• Free Cash Flow of $532M 2 3

• TTM Return on Net Tangible Assets of 14.7% 1

Value

• Leverage Ratio of 0.69 1

• Repurchased $180M of our common stock

• $55M paid out in Dividends

  • See GAAP to non-GAAP reconciliation in the schedules following this presentation
    2 Free Cash Flow is a non-GAAP measure defined as net cash provided by operating activities, less net cash capital expenditures.
  • 3 Includes $93M for a legal settlement during the first quarter associated with pre-2017 Merger legal matters that were previously accrued and disclosed by Swift

Fourth Quarter 2020 Comparative Results

Knight-Swift Consolidated

Q4 '20

Q4 '19

Change

(Dollars in thousands, except per share data)

Total revenue

$

1,277,961

$

1,196,810

6.8 %

Revenue xFSC

$

1,207,202

$

1,085,412

11.2 %

Operating income

$

194,691

$

99,593

95.5 %

Adj. Operating Income 1

$

216,975

$

131,969

64.4 %

Net income attributable to Knight-Swift

$

142,329

$

67,444

111.0 %

Adj. Net income Attributable to Knight Swift 1

$

158,826

$

93,472

69.9 %

Earnings per diluted share

$

0.84

$

0.39

115.4 %

Adj. EPS 1

$

0.94

$

0.55

70.9 %

Adjustments

  • See GAAP to non-GAAP reconciliation in the schedules following this presentation
  • $11.5M in Q4 2020 and $10.7M in Q4 2019 of amortization expense from mergers and acquisitions
  • $6.7M in Q4 2020 related to a change in fair value of deferred earnout related to the acquisition of a warehousing company
  • $4.1M in Q4 2020 and $1.3M in Q4 2019 of impairments
  • $20.3M of legal accruals in Q4 2019

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Knight-Swift Transportation Holdings Inc. published this content on 27 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2021 14:03:01 UTC