Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-13

Knight-Swift Transportation Holdings (KNX)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$5,011,329
Adam Miller total, FY2025
25th
CEO pay percentile vs peers
73:1
CEO-to-median pay ratio
97.15%
Say-on-pay support, latest vote
Companies that benchmark against KNX
10 companies name KNX as a compensation peer

Each company listed discloses KNX in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named KNX in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Adam Miller$950,000$3,242,667$803,130$15,532$5,011,329
CEO
Kevin Knight850,0002,735,987598,82524,1604,208,972
Executive Chairman
Andrew Hess505,7691,013,267348,7287,0001,874,764
CFO
Gary Knight450,000810,586237,76918,7841,517,139
Vice Chairman
Todd Carlson560,000495,512295,89015,0101,366,412
General Counsel and Corporate Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Adam Miller$5,011,329$4,798,814$3,342,974+212,515
Kevin Knight4,208,9724,308,2843,630,186−99,312
Andrew Hess1,874,7642,319,485−444,721
Gary Knight1,517,1391,556,3691,287,746−39,230
Todd Carlson1,366,4121,717,1791,460,835−350,767

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Gary KnightPSU2025-11-2843210,47926,198$490,627
Todd CarlsonRSU2025-11-0411,063495,512
Andrew HessRSU2025-11-288,733399,971
Andrew HessPSU2025-11-2854013,09932,748613,295
Gary KnightRSU2025-11-286,986319,959
Kevin KnightRSU2025-11-2823,5801,079,964
Kevin KnightPSU2025-11-281,45935,37088,4251,656,023
Adam MillerPSU2025-11-281,72941,920104,8001,962,694
Adam MillerRSU2025-11-2827,9471,279,973
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Gary Knight$319,959$490,627$060.5%
Todd Carlson495,512000.0%
Andrew Hess399,971613,295060.5%
Kevin Knight1,079,9641,656,023060.5%
Adam Miller1,279,9731,962,694060.5%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Adam MillerRSU75,805$3,963,085
KnightRSU70,0683,663,155
KnightRSU68,2283,566,960
Adam MillerRSU64,8783,391,822
Adam MillerRSU27,9471,461,069
KnightRSU23,5801,232,762
Andrew HessRSU21,4751,122,713
KnightRSU20,7601,085,333
Adam MillerRSU20,2151,056,840
KnightRSU20,2131,056,736
Andrew HessRSU19,2381,005,763
KnightRSU19,1801,002,730
KnightRSU18,194951,182
Adam MillerRSU17,758928,388
KnightRSU12,519654,493
Adam MillerRSU11,592606,030
Andrew HessRSU8,733456,561
KnightRSU6,986365,228
KnightRSU6,625346,355
Adam MillerRSU6,134320,686
Andrew HessRSU5,727299,408
KnightRSU5,682297,055
KnightRSU5,390281,789
KnightRSU3,710193,959
Andrew HessRSU3,438179,739
KnightRSU1,963102,626
Adam MillerRSU1,72990,392
Andrew HessRSU1,62184,746
KnightRSU1,45976,277
Andrew HessRSU1,31068,487
Andrew HessRSU91447,784
Andrew HessRSU54028,231
KnightRSU43222,585
Andrew HessRSU31516,468
05

Incentive-plan design — the Compensation Discussion & Analysis

Knight-Swift uses a conservative pay policy with executive officer pay targeted to the market median, designed to appropriately award executives for results and stockholder value by directly linking pay and performance. The program aims to motivate business initiatives, incentivize industry-leading efficiency, reinforce long-term value creation through performance-based awards, and retain a top-tier executive team.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantPearl Meyer
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-12145,003,1514,260,59551,60797.15%Passed
20252025-05-13131,853,7256,346,326319,54695.41%Passed
20242024-05-14137,927,8982,321,332101,07198.34%Passed
20232023-05-16136,844,7358,397,419221,67994.22%Passed
20222022-05-17134,592,32010,373,77199,67092.84%Passed
20212021-05-18139,819,3502,399,646135,08998.31%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1297.15%a
20252025-05-1395.41%b
20242024-05-1498.34%c

a. Approved under the standard stated in the filing — “Broker non-votes and abstentions will have no effect on the outcome of this proposal.”.

b. Approved under the standard stated in the filing — “Broker non-votes and abstentions will have no effect on the outcome of this proposal.”.

c. Approved under the standard stated in the filing — “Broker non-votes and abstentions will have no effect on the outcome of this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)73 : 1
CEO total compensation
Median employee compensation$68,556
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Reid DoveNot independent · Nominating and Corporate Governance · Finance$0$0$332,653$332,653
David Vander PloegIndependent · Nominating and Corporate Governance · Compensation · Audit · Executive · Strategy Development · Communications / Marketing and Sales / Customer Service149,788129,9990279,787
Roberta Roberts ShankIndependent · Compensation (Chair) · Audit · Strategy Development · Communications / Marketing and Sales / Customer Service32,500219,9810252,481
Louis HobsonIndependent · Nominating and Corporate Governance · Finance (Chair) · Audit71,638179,9631251,602
Michael GarnreiterIndependent · Finance · Audit100,000149,9850249,985
Amy BoergerIndependent · Nominating and Corporate Governance · Compensation · Not standing for re-election104,404139,9920244,396
Kathryn MunroIndependent · Nominating and Corporate Governance · Executive · Compensation · Strategy Development73,500169,9710243,471
Jessica PowellIndependent · Nominating and Corporate Governance · Finance · Strategy Development112,808129,9990242,807
Douglas ColIndependent · Nominating and Corporate Governance · Finance · Compensation · Corporate Governance · Newly elected91,078104,3490195,427
Robert Synowicki JrIndependent · Not standing for re-election39,60146,971086,572
Adam MillerEmployee director · Executive0
Gary KnightIndependent · Executive · Audit
Kevin KnightIndependent · Board Chair · Executive (Chair)
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$140,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)15,000 / 12,500 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$775,317
Equity awards (grant-date value)$1,271,210
All other compensation$332,654
Total cost of the board$2,379,181

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Knight-Swift Transportation Holdings names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Knight-Swift Transportation Holdings.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1C.H. Robinson Worldwide, Inc.2025David Bozeman$1,100,962$6,984,383$0$2,879,618$11,045,949
2J.B. Hunt Transport Services, Inc.2025Shelley Simpson961,3856,927,52901,067,4219,004,371
3GXO Logistics, Inc.2025Patrick Kelleher239,6156,506,536060,2267,628,275
4Knight-Swift Transportation Holdings2025Adam Miller950,0003,242,667803,1305,011,329
5Landstar System, Inc.2025Frank Lonegro800,0003,473,0490210,0004,574,887
6Hub Group, Inc.2024Phillip Yeager850,0002,400,342552,5003,964,450
RXO, Inc.not in coverage universe
ArcBest Corpnot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Knight-Swift Transportation Holdingsnot disclosedPRSU 60 · RSU 40not disclosedPearl Meyer
ArcBest Corpnot disclosednot disclosednot disclosednot disclosed
C.H. Robinson Worldwide, Inc.171%PSU 60 · RSU 40NoSemler Brossy
GXO Logistics, Inc.not disclosednot disclosedYes — Relative Total Shareholder Return (rTSR) compared to the S&P MidCap 400 IndexF.W. Cook
Hub Group, Inc.not disclosednot disclosednot disclosedAon
J.B. Hunt Transport Services, Inc.not disclosednot disclosedNoMeridian Compensation Partners, LLC
Landstar System, Inc.not disclosednot disclosednot disclosedFW Cook; Compensation Strategies, Inc.
RXO, Inc.not disclosednot disclosednot disclosednot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Adam MillerDEF 14A2026-04-020001492691-26-000025Section “Executive Compensation”. As printed: 5,011,329. Filing ↗
2Section 01, Kevin KnightDEF 14A2026-04-020001492691-26-000025Section “Executive Compensation”. As printed: 4,208,972. Filing ↗
3Section 01, Andrew HessDEF 14A2026-04-020001492691-26-000025Section “Executive Compensation”. As printed: 1,874,764. Filing ↗
4Section 01, Gary KnightDEF 14A2026-04-020001492691-26-000025Section “Executive Compensation”. As printed: 1,517,139. Filing ↗
5Section 01, Todd CarlsonDEF 14A2026-04-020001492691-26-000025Section “Executive Compensation”. As printed: 1,366,412. Filing ↗
6Section 03, Gary Knight PSUDEF 14A2026-04-020001492691-26-000025Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 838582–838589
7Section 03, Todd Carlson RSUDEF 14A2026-04-020001492691-26-000025Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 848203–848210
8Section 03, Andrew Hess RSUDEF 14A2026-04-020001492691-26-000025Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 823737–823744
9Section 03, Andrew Hess PSUDEF 14A2026-04-020001492691-26-000025Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 820947–820954
10Section 03, Gary Knight RSUDEF 14A2026-04-020001492691-26-000025Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 841222–841229
11Section 03, Kevin Knight RSUDEF 14A2026-04-020001492691-26-000025Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 833195–833204
12Section 03, Kevin Knight PSUDEF 14A2026-04-020001492691-26-000025Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 830077–830086
13Section 03, Adam Miller PSUDEF 14A2026-04-020001492691-26-000025Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 812215–812224
14Section 03, Adam Miller RSUDEF 14A2026-04-020001492691-26-000025Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 815333–815342
15Section 07, pay ratioDEF 14A2026-04-020001492691-26-000025Section “CEO Pay Ratio”. As printed: 73 : 1. Filing ↗
16Section 08, Reid DoveDEF 14A2026-04-020001492691-26-000025Section “Director Compensation”. As printed: 332,653. Filing ↗machine: span 471815–471822
17Section 08, David Vander PloegDEF 14A2026-04-020001492691-26-000025Section “Director Compensation”. As printed: 279,787. Filing ↗machine: span 486001–486008
18Section 08, Roberta Roberts ShankDEF 14A2026-04-020001492691-26-000025Section “Director Compensation”. As printed: 252,481. Filing ↗machine: span 481707–481714
19Section 08, Louis HobsonDEF 14A2026-04-020001492691-26-000025Section “Director Compensation”. As printed: 251,602. Filing ↗machine: span 476122–476129
20Section 08, Michael GarnreiterDEF 14A2026-04-020001492691-26-000025Section “Director Compensation”. As printed: 249,985. Filing ↗machine: span 474265–474272
21Section 08, Amy BoergerDEF 14A2026-04-020001492691-26-000025Section “Director Compensation”. As printed: 244,396. Filing ↗machine: span 468115–468122
22Section 08, Kathryn MunroDEF 14A2026-04-020001492691-26-000025Section “Director Compensation”. As printed: 243,471. Filing ↗machine: span 477981–477988
23Section 08, Jessica PowellDEF 14A2026-04-020001492691-26-000025Section “Director Compensation”. As printed: 242,807. Filing ↗machine: span 479841–479848
24Section 08, Douglas ColDEF 14A2026-04-020001492691-26-000025Section “Director Compensation”. As printed: 195,427. Filing ↗machine: span 470182–470189
25Section 08, Robert Synowicki JrDEF 14A2026-04-020001492691-26-000025Section “Director Compensation”. As printed: 86,572. Filing ↗machine: span 483754–483760
26Section 08, Adam MillerDEF 14A2026-04-020001492691-26-000025Section “Director Compensation”. As printed: 0. Filing ↗
27Section 08, Gary KnightDEF 14A2026-04-020001492691-26-000025Section “Director Compensation”. As printed: —. Filing ↗
28Section 08, Kevin KnightDEF 14A2026-04-020001492691-26-000025Section “Director Compensation”. As printed: —. Filing ↗
29Section 06, 2026 voteForm 8-K2026-05-130001492691-26-000047Item 5.07 · say-on-pay result. As reported: 97.15% (votes for as printed: 145,003,151). Filing ↗
30Section 06, 2025 voteForm 8-K2025-05-140001492691-25-000048Item 5.07 · say-on-pay result. As reported: 95.41% (votes for as printed: 131,853,725). Filing ↗
31Section 06, 2024 voteForm 8-K2024-05-150001492691-24-000070Item 5.07 · say-on-pay result. As reported: 98.34% (votes for as printed: 137,927,898). Filing ↗
32Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
33Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
34Section 09b board cost (computed)ComputedcomputedCash 775,317 + equity 1,271,210 + all other 332,654 = 2,379,181, summed across the director compensation table rows.machine: formula: Σ = 2,379,181
35C.H. Robinson Worldwide, Inc., Section 10b CEO totalDEF 14A2026-03-240001043277-26-000011CEO total compensation as printed in C.H. Robinson Worldwide, Inc.'s own proxy. As printed: 11,045,949. Filing ↗machine: r3 · c39 · span 1034575–1034585
36J.B. Hunt Transport Services, Inc., Section 10b CEO totalDEF 14A2026-03-110001437749-26-007732CEO total compensation as printed in J.B. Hunt Transport Services, Inc.'s own proxy. As printed: 9,004,371. Filing ↗machine: r1 · c21 · span 825167–825176
37GXO Logistics, Inc., Section 10b CEO totalDEF 14A2026-04-220001104659-26-046343CEO total compensation as printed in GXO Logistics, Inc.'s own proxy. As printed: 7,628,275. Filing ↗machine: t205 · r5 · c14 · span 1215049–1215059
38Knight-Swift Transportation Holdings (subject), Section 10b CEO totalDEF 14A2026-04-020001492691-26-000025CEO total compensation as printed in Knight-Swift Transportation Holdings's own proxy. As printed: 5,011,329. Filing ↗
39Landstar System, Inc., Section 10b CEO totalDEF 14A2026-03-230001193125-26-118697CEO total compensation as printed in Landstar System, Inc.'s own proxy. As printed: 4,574,887. Filing ↗machine: r3 · c39 · span 755488–755497
40Hub Group, Inc., Section 10b CEO totalDEF 14A2025-04-030001140361-25-012045CEO total compensation as printed in Hub Group, Inc.'s own proxy. As printed: 3,964,450. Filing ↗
41Section 10a, Landstar System, Inc. reciprocityDEF 14A0001193125-26-118697Landstar System, Inc. names Knight-Swift Transportation Holdings in its own disclosed peer group (read from its most recent proxy). Filing ↗
42Section 10a, C.H. Robinson Worldwide, Inc. reciprocityDEF 14A0001043277-26-000011C.H. Robinson Worldwide, Inc. names Knight-Swift Transportation Holdings in its own disclosed peer group (read from its most recent proxy). Filing ↗
43Section 10a, Hub Group, Inc. reciprocityDEF 14A0001140361-25-012045Hub Group, Inc. names Knight-Swift Transportation Holdings in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, GXO Logistics, Inc. reciprocityDEF 14A0001104659-26-046343GXO Logistics, Inc.'s most recent proxy was read; its disclosed peer group does not include Knight-Swift Transportation Holdings. Filing ↗
45Section 10a, J.B. Hunt Transport Services, Inc. reciprocityDEF 14A0001437749-26-007732J.B. Hunt Transport Services, Inc. names Knight-Swift Transportation Holdings in its own disclosed peer group (read from its most recent proxy). Filing ↗