What is Heartland Express' operating income?

Heartland Express' total operating income in 2025 was -$57.41 million, based on the following breakdown: Total Gross Profit: $341.33 million Total Operating Expenses: $398.74 million

Heartland Express (HTLD) Financials

$12.84 +0.48 (+3.88%)

As of 08/21/2026 04:00 PM Eastern

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Annual Income Statements for Heartland Express

This table shows Heartland Express' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	73	113	75	73	73	71	79	134	15	-30	-52
Consolidated Net Income / (Loss)	73	113	75	73	73	71	79	134	15	-30	-52
Net Income / (Loss) Continuing Operations	73	56	75	73	73	71	79	134	15	-30	-52
Total Pre-Tax Income	117	86	64	92	97	94	106	181	20	-37	-68
Total Operating Income	117	86	64	90	94	93	105	188	42	-20	-57
Total Gross Profit	243	220	266	220	255	290	228	366	520	443	341
Total Revenue	736	613	607	611	597	645	607	968	1,207	1,048	806
Operating Revenue	736	613	607	611	597	645	607	968	1,207	1,048	806
Total Cost of Revenue	494	393	341	390	342	356	379	602	687	605	464
Operating Cost of Revenue	494	393	341	390	342	356	379	602	687	605	464
Total Operating Expenses	126	134	203	131	161	196	122	177	478	463	399
Selling, General & Admin Expense	29	13	25	22	23	26	21	51	66	57	46
Marketing Expense	22	24	19	17	17	22	21	34	45	51	58
Depreciation Expense	111	106	104	101	100	110	104	133	199	182	159
Other Operating Expenses / (Income)	-	-	82	16	52	53	14	55	208	181	140
Impairment Charge	-	-	-	-	-	-	-	-	0.00	0.00	19
Other Special Charges / (Income)	-35	-9.21	-27	-25	-31	-15	-37	-97	-41	-7.51	-23
Total Other Income / (Expense), net	0.19	0.48	0.95	2.13	2.90	0.84	0.64	-7.27	-23	-16	-11
Interest Expense	0.02	0.00	0.18	0.00	1.05	0.00	0.00	8.56	24	18	11
Interest & Investment Income	0.21	0.48	1.13	2.13	3.96	0.84	0.64	1.29	1.66	1.14	0.77
Income Tax Expense	44	30	-11	19	24	23	27	48	5.08	-6.95	-16
Basic Earnings per Share	$0.84	$0.68	$0.90	$0.88	$0.89	$0.87	$1.00	$1.69	$0.19	($0.38)	($0.67)
Weighted Average Basic Shares Outstanding	86.97M	83.30M	83.30M	82.38M	81.98M	81.39M	79.57M	78.94M	79.01M	78.73M	77.88M
Diluted Earnings per Share	$0.84	$0.68	$0.90	$0.88	$0.89	$0.87	$1.00	$1.69	$0.19	($0.38)	($0.67)
Weighted Average Diluted Shares Outstanding	87.11M	83.37M	83.34M	82.41M	82.02M	81.44M	79.61M	78.97M	79.08M	78.78M	77.94M
Weighted Average Basic & Diluted Shares Outstanding	87M	82.90M	167.10M	165.20M	164M	159.95M	157.86M	78.99M	79.05M	78.55M	77.45M
Cash Dividends to Common per Share	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.58	$0.08	$0.08	$0.08	$0.08

This table shows Heartland Express' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	5.10	-15	-3.48	-9.28	-1.85	-14	-11	-8.28	-19	-4.82	11
Consolidated Net Income / (Loss)	5.10	-15	-3.48	-9.28	-1.85	-14	-11	-8.28	-19	-4.82	11
Net Income / (Loss) Continuing Operations	5.10	-15	-3.48	-9.28	-1.85	-14	-11	-8.28	-19	-4.82	11
Total Pre-Tax Income	5.07	-19	-4.02	-11	-2.21	-18	-15	-9.93	-25	-5.30	15
Total Operating Income	11	-14	0.26	-7.14	1.02	-15	-12	-7.25	-23	-3.30	17
Total Gross Profit	114	110	118	109	35	88	90	85	78	74	74
Total Revenue	275	270	275	260	243	219	210	197	179	176	184
Operating Revenue	275	270	275	260	243	219	210	197	179	176	184
Total Cost of Revenue	161	160	157	151	207	131	121	111	101	102	110
Operating Cost of Revenue	161	160	157	151	207	131	121	111	101	102	110
Total Operating Expenses	103	125	117	116	34	103	102	92	101	78	58
Selling, General & Admin Expense	-33	32	30	34	-39	30	29	26	-40	21	22
Marketing Expense	15	15	13	11	12	12	14	15	16	13	12
Depreciation Expense	51	47	46	45	44	42	41	39	37	35	32
Other Operating Expenses / (Income)	96	32	29	26	23	21	20	19	80	16	17
Other Special Charges / (Income)	-25	0.09	-1.12	-0.48	-6.00	-1.78	-2.78	-6.69	-12	-7.32	-25
Total Other Income / (Expense), net	-5.63	-4.94	-4.29	-3.99	-3.23	-2.98	-2.76	-2.67	-2.30	-2.00	-1.51
Interest Expense	5.93	5.30	4.57	4.24	3.46	3.11	2.96	2.91	2.52	2.21	1.88
Interest & Investment Income	0.30	0.37	0.29	0.26	0.23	0.13	0.20	0.24	0.21	0.21	0.37
Income Tax Expense	-0.02	-4.21	-0.54	-1.84	-0.36	-4.00	-4.33	-1.64	-5.71	-0.48	4.46
Basic Earnings per Share	$0.07	($0.19)	($0.04)	($0.12)	($0.03)	($0.18)	($0.14)	($0.11)	($0.24)	($0.06)	$0.14
Weighted Average Basic Shares Outstanding	79.01M	79.04M	78.91M	78.49M	78.73M	78.54M	78.08M	77.47M	77.88M	77.46M	77.40M
Diluted Earnings per Share	$0.07	($0.19)	($0.04)	($0.12)	($0.03)	($0.18)	($0.14)	($0.11)	($0.24)	($0.06)	$0.14
Weighted Average Diluted Shares Outstanding	79.08M	79.12M	78.98M	78.50M	78.78M	78.61M	78.14M	77.52M	77.94M	77.49M	77.44M
Weighted Average Basic & Diluted Shares Outstanding	79.05M	158.10M	156.99M	78.50M	78.55M	78.55M	77.41M	77.45M	77.45M	77.49M	77.33M
Cash Dividends to Common per Share	$0.02	$0.02	$0.02	$0.02	$0.02	$0.02	$0.02	$0.02	$0.02	$0.02	$0.02

This table details how cash moves in and out of Heartland Express' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	16	106	-44	77	-87	35	43	-109	-23	-15	5.16
Net Cash From Operating Activities	190	156	110	147	146	179	123	195	165	144	89
Net Cash From Continuing Operating Activities	190	156	110	147	146	179	123	195	165	144	89
Net Income / (Loss) Continuing Operations	73	56	75	73	73	0.00	0.00	0.00	0.00	0.00	0.00
Depreciation Expense	112	106	104	101	101	110	104	133	199	182	159
Amortization Expense	-	-	-	-	-	0.00	0.00	0.36	1.07	1.05	0.18
Non-Cash Adjustments To Reconcile Net Income	-34	-8.35	-26	-24	-29	58	43	38	-25	-36	-55
Changes in Operating Assets and Liabilities, net	39	2.16	-43	-3.04	1.75	10	-24	23	-10	-2.04	-15
Net Cash From Investing Activities	-67	-29	-123	-38	-133	-111	-2.65	-663	-68	-47	-26
Net Cash From Continuing Investing Activities	-67	-29	-123	-38	-133	-111	-2.65	-663	-68	-47	-26
Purchase of Property, Plant & Equipment	-217	-86	-184	-169	-164	-204	-133	-161	-209	-110	-156
Sale of Property, Plant & Equipment	149	57	148	131	93	93	130	173	137	63	130
Other Investing Activities, net	1.25	0.00	-0.23	0.71	-0.03	0.13	-0.19	0.41	3.41	0.00	0.25
Net Cash From Financing Activities	-107	-21	-30	-32	-100	-33	-78	359	-121	-113	-58
Net Cash From Continuing Financing Activities	-107	-21	-30	-32	-100	-33	-78	359	-121	-113	-58
Repayment of Debt	-25	0.00	-23	0.00	-93	0.00	0.00	-81	-114	-100	-41
Repurchase of Common Equity	-74	-15	0.00	-25	0.00	-26	-32	0.00	0.00	-7.28	-10
Payment of Dividends	-6.94	-6.67	-6.67	-6.59	-6.56	-6.50	-46	-6.32	-6.32	-4.72	-6.24
Other Financing Activities, net	-1.76	0.00	-0.20	-0.21	-0.53	-0.58	-0.25	-0.29	-0.29	-0.41	-0.37
Cash Interest Paid	0.04	0.00	0.15	0.00	0.93	0.00	0.00	6.38	22	18	12
Cash Income Taxes Paid	25	36	22	13	19	14	39	44	30	16	9.30

This table details how cash moves in and out of Heartland Express' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	7.34	-3.80	-0.25	7.29	-18	11	-1.05	8.98	-14	27	18
Net Cash From Operating Activities	41	31	40	36	38	26	21	28	15	23	13
Net Cash From Continuing Operating Activities	41	31	40	36	38	26	21	28	15	23	13
Depreciation Expense	51	47	46	45	44	42	41	39	37	35	32
Non-Cash Adjustments To Reconcile Net Income	-19	-15	-4.20	-9.70	-7.55	-15	-13	-15	-12	-12	-14
Changes in Operating Assets and Liabilities, net	8.86	-1.06	-2.21	0.08	1.15	-0.97	-7.29	3.54	-11	-0.03	-5.71
Net Cash From Investing Activities	14	1.95	-4.58	4.13	-48	-11	-5.82	-6.91	-1.77	15	24
Net Cash From Continuing Investing Activities	14	1.95	-4.58	4.13	-48	-11	-5.82	-6.91	-1.77	15	24
Purchase of Property, Plant & Equipment	-32	-4.70	-11	-11	-83	-24	-34	-40	-59	-18	-47
Sale of Property, Plant & Equipment	43	6.65	5.93	15	35	12	28	33	57	33	72
Other Investing Activities, net	3.03	0.00	0.03	-	-0.03	0.15	0.01	-0.03	0.11	0.02	-0.32
Net Cash From Financing Activities	-47	-37	-36	-32	-7.90	-3.01	-16	-12	-27	-12	-19
Net Cash From Continuing Financing Activities	-47	-37	-36	-32	-7.90	-3.01	-16	-12	-27	-12	-19
Repayment of Debt	-44	-37	-27	-31	-6.30	-1.34	-5.61	-8.59	-26	-9.88	-15
Repurchase of Common Equity	-	-	-	-	-	0.00	-	-1.43	-0.04	0.00	-2.34
Payment of Dividends	-3.16	0.00	-	-1.57	-1.57	-1.57	-1.57	-1.55	-1.55	-1.55	-1.55
Other Financing Activities, net	-0.08	-0.06	-0.10	-0.23	-0.02	-0.10	-0.12	-0.07	-0.09	-0.08	-0.19
Cash Interest Paid	5.67	5.29	5.37	3.64	3.45	3.17	2.92	3.24	2.84	2.53	1.88
Cash Income Taxes Paid	1.00	-0.08	5.94	4.17	5.61	-0.33	7.13	0.13	2.37	0.17	2.31

This table presents Heartland Express' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	736	738	789	806	899	951	929	1,669	1,510	1,334	1,192
Total Current Assets	136	202	171	233	152	193	233	230	169	129	115
Cash & Equivalents	33	129	75	161	77	114	158	49	28	13	18
Accounts Receivable	61	47	64	49	57	56	53	140	103	92	74
Prepaid Expenses	9.58	8.18	11	9.38	9.11	8.24	9.17	11	11	10	12
Current Deferred & Refundable Income Taxes	24	4.74	6.39	0.17	0.32	0.00	4.10	3.14	10	2.03	1.15
Other Current Assets	8.32	14	14	13	8.95	15	9.41	26	18	13	9.18
Plant, Property, & Equipment, net	474	408	443	403	526	539	488	973	885	764	667
Plant, Property & Equipment, gross	672	659	667	604	739	779	711	1,282	1,320	1,284	1,149
Accumulated Depreciation	198	251	224	201	213	240	223	309	435	520	481
Total Noncurrent Assets	126	128	175	171	221	219	207	466	455	440	410
Goodwill	100	100	132	132	168	168	168	321	323	323	323
Intangible Assets	14	12	17	14	27	25	22	104	99	94	70
Noncurrent Deferred & Refundable Income Taxes	0.00	3.79	1.74	4.54	6.01	8.16	0.00	1.22	1.49	0.95	1.35
Other Noncurrent Operating Assets	11	12	24	19	19	18	17	41	32	23	16
Total Liabilities & Shareholders' Equity	736	738	789	806	899	951	929	1,669	1,510	1,334	1,192
Total Liabilities	266	232	214	190	214	227	201	814	644	512	436
Total Current Liabilities	66	66	75	65	63	71	72	157	123	120	110
Short-Term Debt	-	-	-	-	-	-	0.00	14	9.30	9.04	5.71
Accounts Payable	7.52	12	14	11	11	13	21	63	38	35	33
Accrued Expenses	12	11	13	9.45	10	19	14	19	17	19	13
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	0.00	1.48	-	-	-	-	0.00
Current Employee Benefit Liabilities	25	23	27	23	25	22	21	31	28	27	25
Other Current Liabilities	22	19	21	22	18	16	16	30	31	30	33
Total Noncurrent Liabilities	200	167	139	126	151	156	130	657	521	392	326
Long-Term Debt	-	-	-	-	-	-	0.00	399	291	192	154
Asset Retirement Reserve & Litigation Obligation	59	60	66	49	51	46	34	35	27	34	33
Noncurrent Deferred Revenue	16	12	8.15	5.58	5.96	5.80	5.49	6.47	6.27	6.23	5.43
Noncurrent Deferred & Payable Income Tax Liabilities	112	95	65	71	94	104	90	208	189	158	134
Other Noncurrent Operating Liabilities	12	-	-	-	-	-	0.00	8.95	8.18	1.75	0.32
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	470	506	575	616	685	724	727	855	865	823	755
Total Preferred & Common Equity	470	506	575	616	685	724	727	855	865	823	755
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	470	506	575	616	685	724	727	855	865	823	755
Common Stock	5.03	4.34	4.43	4.36	5.05	5.24	5.05	5.07	5.43	4.08	3.89
Retained Earnings	576	626	694	760	827	891	924	1,052	1,060	1,024	965
Treasury Stock	-111	-124	-124	-149	-147	-172	-202	-201	-200	-206	-214

This table presents Heartland Express' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	1,702	1,613	1,597	1,452	1,413	1,361	1,345	1,299	1,258	1,181	1,175
Total Current Assets	266	212	199	160	164	157	140	136	138	143	186
Cash & Equivalents	65	56	46	24	24	31	24	23	33	44	62
Accounts Receivable	163	126	114	108	109	100	95	86	80	78	77
Prepaid Expenses	10	11	11	9.42	9.49	9.37	10	11	11	11	11
Current Deferred & Refundable Income Taxes	0.00	0.00	7.93	5.13	4.68	1.23	0.00	2.08	0.76	0.00	0.00
Other Current Assets	28	20	19	14	17	16	11	15	14	9.71	36
Plant, Property, & Equipment, net	968	938	927	841	803	761	767	729	689	627	571
Plant, Property & Equipment, gross	1,234	1,280	1,292	1,316	1,317	1,298	1,299	1,263	1,196	1,106	1,003
Accumulated Depreciation	266	342	365	475	515	537	532	534	507	479	432
Total Noncurrent Assets	467	462	471	451	447	444	438	434	431	411	418
Goodwill	317	321	321	323	323	323	323	323	323	323	323
Intangible Assets	103	102	101	97	96	95	92	91	90	68	67
Noncurrent Deferred & Refundable Income Taxes	1.99	1.49	1.56	1.40	1.30	1.16	0.95	0.91	0.92	1.24	1.31
Other Noncurrent Operating Assets	45	37	47	30	27	25	22	20	17	19	27
Total Liabilities & Shareholders' Equity	1,702	1,613	1,597	1,452	1,413	1,361	1,345	1,299	1,258	1,181	1,175
Total Liabilities	861	746	724	604	577	536	537	513	482	432	419
Total Current Liabilities	160	147	148	127	134	135	156	144	121	113	117
Short-Term Debt	18	13	13	8.99	8.64	8.73	11	11	7.84	0.00	0.00
Accounts Payable	59	47	61	36	40	42	62	54	41	41	34
Accrued Expenses	19	16	17	21	24	24	23	21	18	14	15
Current Deferred & Payable Income Tax Liabilities	3.25	9.61	-	-	-	-	2.27	-	-	0.23	11
Current Employee Benefit Liabilities	32	32	30	30	28	29	28	28	27	25	25
Other Current Liabilities	29	29	27	32	33	31	29	29	28	32	32
Total Noncurrent Liabilities	701	599	576	476	443	401	381	369	361	319	301
Long-Term Debt	447	353	336	255	229	198	189	183	178	150	135
Asset Retirement Reserve & Litigation Obligation	36	34	34	29	31	30	35	36	36	31	30
Noncurrent Deferred Revenue	6.40	6.57	6.18	6.24	6.01	6.12	6.25	5.03	5.12	5.56	5.84
Noncurrent Deferred & Payable Income Tax Liabilities	199	199	194	180	173	164	150	144	141	131	123
Other Noncurrent Operating Liabilities	12	6.69	5.05	6.40	4.47	2.80	1.29	0.96	0.62	1.41	8.31
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	841	867	873	849	837	826	808	787	776	749	756
Total Preferred & Common Equity	841	867	873	849	837	826	808	787	776	749	756
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	841	867	873	849	837	826	808	787	776	749	756
Common Stock	5.21	5.10	4.81	5.43	5.24	4.22	4.21	3.99	3.82	3.51	3.50
Retained Earnings	1,038	1,063	1,069	1,043	1,038	1,028	1,009	996	986	959	968
Treasury Stock	-202	-201	-201	-200	-207	-206	-205	-213	-215	-214	-215

This table displays calculated financial ratios and metrics derived from Heartland Express' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	85,152,840.00	83,286,391.00	83,302,592.00	81,926,604.00	82,020,455.00	80,798,486.00	78,904,751.00	-	-	-	77,447,537.00
DEI Adjusted Shares Outstanding	85,152,840.00	83,286,391.00	83,302,592.00	81,926,604.00	82,020,455.00	80,798,486.00	78,904,751.00	-	-	-	77,447,537.00
DEI Earnings Per Adjusted Shares Outstanding	0.86	1.35	0.90	0.89	0.89	0.88	1.00	-	-	-	-0.68
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	73	56	74	71	71	70	79	139	32	-14	-40
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	10.95%	2.71%	-1.38%	-4.39%
Earnings before Interest and Taxes (EBIT)	117	86	64	90	94	93	105	188	42	-20	-57
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	228	191	167	191	195	204	210	322	242	162	102
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	120	115	-48	116	-83	68	120	-511	113	112	74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	437	377	499	455	608	610	569	1,219	1,137	1,011	897
Increase / (Decrease) in Invested Capital	-47	-59	122	-45	153	2.51	-41	650	-82	-127	-114
Book Value per Share	$5.52	$6.07	$6.90	$7.52	$8.35	$8.96	$9.14	$10.84	$10.95	$10.48	$9.75
Tangible Book Value per Share	$4.18	$4.72	$5.10	$5.73	$5.96	$6.58	$6.74	$5.46	$5.62	$5.18	$4.69
Total Capital	470	506	575	616	685	724	727	1,268	1,165	1,023	915
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	413	300	201	160
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	399	291	192	154
Net Debt	-33	-129	-75	-161	-77	-114	-158	364	272	188	141
Capital Expenditures (CapEx)	68	29	37	39	71	111	2.46	-12	71	47	26
Debt-free, Cash-free Net Working Capital (DFCFNWC)	37	8.07	20	6.37	12	8.12	3.89	38	27	6.12	-8.33
Debt-free Net Working Capital (DFNWC)	70	137	96	168	88	122	162	87	55	19	10
Net Working Capital (NWC)	70	137	96	168	88	122	162	73	46	9.89	4.44
Net Nonoperating Expense (NNE)	-0.12	-57	-1.11	-1.68	-2.18	-0.63	-0.48	5.36	17	16	12
Net Nonoperating Obligations (NNO)	-33	-129	-75	-161	-77	-114	-158	364	272	188	141
Total Depreciation and Amortization (D&A)	112	106	104	101	101	110	104	133	200	183	159
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.84	$0.68	$0.90	$0.88	$0.89	$0.87	$1.00	$1.69	$0.19	($0.38)	($0.67)
Adjusted Weighted Average Basic Shares Outstanding	86.97M	83.30M	83.30M	82.38M	81.98M	81.39M	79.57M	78.94M	79.01M	78.73M	77.88M
Adjusted Diluted Earnings per Share	$0.84	$0.68	$0.90	$0.88	$0.89	$0.87	$1.00	$1.69	$0.19	($0.38)	($0.67)
Adjusted Weighted Average Diluted Shares Outstanding	87.11M	83.37M	83.34M	82.41M	82.02M	81.44M	79.61M	78.97M	79.08M	78.78M	77.94M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	83.20M	83.29M	83.31M	163.87M	164.11M	159.95M	157.86M	78.99M	79.05M	78.55M	77.45M
Normalized Net Operating Profit after Tax (NOPAT)	51	50	26	51	47	59	51	67	0.97	-19	-43
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Heartland Express' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	78,549,761.00	78,553,566.00	77,408,229.00	77,447,537.00	77,454,920.00	77,489,696.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	78,549,761.00	78,553,566.00	77,408,229.00	77,447,537.00	77,454,920.00	77,489,696.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-0.18	-0.14	-0.11	-0.25	-0.06	0.14
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-22.42%	-18.31%	-10.26%	-11.92%	-11.90%	-18.83%	-23.43%	-24.36%	-	-19.67%	-12.48%
EBITDA Growth	-19.44%	-54.79%	-28.03%	-13.34%	-27.18%	-16.92%	-37.76%	-17.30%	-	18.43%	68.21%
EBIT Growth	-59.09%	-162.84%	-98.37%	4.05%	-90.45%	-3.58%	-4,804.17%	-1.58%	-	77.88%	233.26%
NOPAT Growth	-45.69%	-160.33%	-98.43%	4.05%	-93.34%	-3.58%	-4,804.17%	-1.58%	-	77.88%	233.94%
Net Income Growth	-67.10%	-219.79%	-144.76%	13.27%	-136.37%	8.17%	-212.10%	10.76%	-	65.25%	197.49%
EPS Growth	-65.00%	-218.75%	-140.00%	14.29%	-142.86%	5.26%	-250.00%	8.33%	-	66.67%	200.00%
Operating Cash Flow Growth	-50.32%	-53.38%	29.78%	30.88%	-7.42%	-16.57%	-47.49%	-22.66%	-	-10.41%	-38.70%
Free Cash Flow Firm Growth	114.71%	112.96%	124.78%	-181.46%	37.44%	20.76%	-33.47%	106.79%	-	33.78%	68.40%
Invested Capital Growth	-6.72%	-7.52%	-10.67%	0.00%	-11.13%	-9.66%	-8.78%	-7.33%	-	-13.12%	-13.47%
Revenue Q/Q Growth	-6.67%	0.00%	1.64%	-5.42%	-6.65%	-9.55%	-4.12%	-6.58%	-	-1.73%	4.47%
EBITDA Q/Q Growth	41.30%	0.00%	44.10%	-18.40%	18.73%	-40.49%	7.95%	8.42%	-	119.41%	53.33%
EBIT Q/Q Growth	243.88%	0.00%	101.84%	-2,804.17%	114.32%	-1,557.73%	16.64%	41.61%	-	85.58%	602.25%
NOPAT Q/Q Growth	306.40%	0.00%	101.84%	-2,804.17%	114.32%	-1,557.73%	16.64%	41.61%	-	85.58%	604.84%
Net Income Q/Q Growth	147.60%	0.00%	76.98%	-166.91%	80.04%	-648.68%	21.75%	23.68%	-	75.20%	319.52%
EPS Q/Q Growth	150.00%	0.00%	78.95%	-200.00%	75.00%	-500.00%	22.22%	21.43%	-	75.00%	333.33%
Operating Cash Flow Q/Q Growth	50.09%	0.00%	29.10%	-10.99%	6.16%	-31.61%	-18.74%	31.10%	-	54.95%	-44.40%
Free Cash Flow Firm Q/Q Growth	-92.50%	0.00%	60.12%	-901.75%	112.65%	-25.61%	-11.79%	-18.13%	-	29.38%	11.05%
Invested Capital Q/Q Growth	0.00%	0.00%	-3.54%	-4.60%	0.87%	-2.68%	-2.60%	-3.08%	-	-4.71%	-3.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.43%	40.80%	42.81%	41.82%	14.48%	40.23%	42.55%	43.36%	-	42.22%	40.43%
EBITDA Margin	22.55%	11.98%	16.98%	14.65%	18.64%	12.26%	13.81%	16.02%	-	18.08%	26.53%
Operating Margin	3.89%	-5.32%	0.10%	-2.75%	0.42%	-6.79%	-5.90%	-3.69%	-	-1.87%	8.99%
EBIT Margin	3.89%	-5.32%	0.10%	-2.75%	0.42%	-6.79%	-5.90%	-3.69%	-	-1.87%	8.99%
Profit (Net Income) Margin	1.85%	-5.59%	-1.27%	-3.57%	-0.76%	-6.32%	-5.16%	-4.21%	-	-2.74%	5.75%
Tax Burden Percent	100.41%	78.20%	86.47%	83.45%	83.85%	77.62%	71.49%	83.47%	-	91.00%	70.36%
Interest Burden Percent	47.40%	134.32%	-1,523.48%	155.82%	-216.24%	119.98%	122.26%	136.86%	-	160.79%	90.89%
Effective Tax Rate	-0.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	29.64%
Return on Invested Capital (ROIC)	4.00%	-3.77%	0.07%	-4.15%	0.29%	-4.57%	-3.84%	-2.33%	-	-1.09%	5.21%
ROIC Less NNEP Spread (ROIC-NNEP)	2.22%	-5.60%	-1.35%	-9.02%	-0.83%	-6.23%	-4.96%	-4.28%	-	-2.87%	4.34%
Return on Net Nonoperating Assets (RNNOA)	0.82%	-1.80%	-0.41%	-1.92%	-0.23%	-1.56%	-1.17%	-0.88%	-	-0.52%	0.69%
Return on Equity (ROE)	4.82%	-5.57%	-0.34%	-6.07%	0.06%	-6.13%	-5.01%	-3.20%	-	-1.61%	5.90%
Cash Return on Invested Capital (CROIC)	9.63%	8.13%	10.59%	-201.47%	10.47%	8.75%	6.86%	5.18%	-	10.55%	13.13%
Operating Return on Assets (OROA)	2.95%	-3.98%	0.07%	-2.18%	0.31%	-4.84%	-4.06%	-2.45%	-	-1.13%	5.35%
Return on Assets (ROA)	1.41%	-4.18%	-0.94%	-2.83%	-0.56%	-4.51%	-3.55%	-2.80%	-	-1.65%	3.42%
Return on Common Equity (ROCE)	4.82%	-5.57%	-0.34%	-6.07%	0.06%	-6.13%	-5.01%	-3.20%	-	-1.61%	5.90%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-1.53%	-2.89%	-2.76%	0.00%	-3.53%	0.00%	0.00%	-	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	11	-10	0.18	-5.00	0.72	-10	-8.69	-5.08	-16	-2.31	12
NOPAT Margin	3.90%	-3.72%	0.07%	-1.92%	0.29%	-4.75%	-4.13%	-2.58%	-	-1.31%	6.32%
Net Nonoperating Expense Percent (NNEP)	1.78%	1.83%	1.42%	4.87%	1.12%	1.66%	1.12%	1.95%	-	1.79%	0.87%
Return On Investment Capital (ROIC_SIMPLE)	0.92%	-	-	-	0.07%	-1.04%	-0.89%	-0.53%	-1.75%	-0.26%	1.31%
Cost of Revenue to Revenue	58.57%	59.20%	57.19%	58.18%	85.52%	59.77%	57.45%	56.65%	-	57.78%	59.57%
SG&A Expenses to Revenue	-11.88%	11.80%	10.98%	13.04%	-15.98%	13.73%	13.85%	13.40%	-	11.96%	12.12%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Operating Expenses to Revenue	37.55%	46.13%	42.72%	44.57%	14.06%	47.02%	48.45%	47.04%	-	44.09%	31.44%
Earnings before Interest and Taxes (EBIT)	11	-14	0.26	-7.14	1.02	-15	-12	-7.25	-23	-3.30	17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	62	32	47	38	45	27	29	31	15	32	49
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.29	0.00	1.16	1.17	1.07	0.90	0.86	0.84	-	1.08	1.56
Price to Tangible Book Value (P/TBV)	2.52	0.00	2.33	2.36	2.17	1.84	1.82	1.79	-	2.25	3.22
Price to Revenue (P/Rev)	0.93	0.00	0.87	0.89	0.84	0.73	0.73	0.75	-	1.06	1.60
Price to Earnings (P/E)	75.75	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Dividend Yield	0.56%	0.67%	0.65%	0.65%	0.71%	0.87%	0.93%	0.95%	-	0.77%	0.53%
Earnings Yield	1.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.22	0.00	1.13	1.14	1.06	0.92	0.89	0.86	-	1.07	1.51
Enterprise Value to Revenue (EV/Rev)	1.15	0.00	1.07	1.06	1.02	0.90	0.91	0.92	-	1.19	1.70
Enterprise Value to EBITDA (EV/EBITDA)	5.74	0.00	6.42	6.36	6.58	5.74	6.10	6.04	-	8.52	9.88
Enterprise Value to EBIT (EV/EBIT)	32.82	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	44.10	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	8.42	0.00	8.55	7.74	7.40	6.46	7.07	7.14	-	10.52	15.95
Enterprise Value to Free Cash Flow (EV/FCFF)	12.26	0.00	10.09	0.00	9.50	9.93	12.35	16.03	-	9.40	10.68
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.35	0.31	0.28	0.25	0.24	0.25	0.25	0.24	-	0.20	0.18
Long-Term Debt to Equity	0.34	0.30	0.27	0.24	0.23	0.23	0.23	0.23	-	0.20	0.18
Financial Leverage	0.37	0.32	0.30	0.21	0.27	0.25	0.24	0.21	-	0.18	0.16
Leverage Ratio	1.85	1.79	1.76	1.65	1.68	1.69	1.67	1.64	-	1.62	1.60
Compound Leverage Factor	0.88	2.40	-26.82	2.57	-3.64	2.03	2.04	2.24	-	2.61	1.46
Debt to Total Capital	25.75%	23.70%	22.08%	20.03%	19.62%	19.81%	19.78%	19.29%	-	16.67%	15.14%
Short-Term Debt to Total Capital	0.80%	0.81%	0.80%	0.85%	0.88%	1.07%	1.13%	0.82%	-	0.00%	0.00%
Long-Term Debt to Total Capital	24.95%	22.89%	21.28%	19.18%	18.73%	18.75%	18.65%	18.47%	-	16.67%	15.14%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Common Equity to Total Capital	74.25%	76.30%	77.92%	79.97%	80.38%	80.19%	80.22%	80.71%	-	83.33%	84.86%
Debt to EBITDA	1.24	1.30	1.28	1.15	1.24	1.27	1.39	1.40	-	1.40	1.06
Net Debt to EBITDA	1.12	1.18	1.15	0.98	1.16	1.12	1.23	1.15	-	0.99	0.57
Long-Term Debt to EBITDA	1.20	1.25	1.23	1.11	1.18	1.20	1.31	1.34	-	1.40	1.06
Debt to NOPAT	9.51	73.66	-31.22	-27.99	-14.17	-13.74	-8.29	-7.89	-	-4.67	-11.44
Net Debt to NOPAT	8.62	67.01	-28.07	-23.83	-13.27	-12.10	-7.31	-6.50	-	-3.29	-6.15
Long-Term Debt to NOPAT	9.22	71.15	-30.08	-26.81	-13.53	-13.00	-7.81	-7.56	-	-4.67	-11.44
Altman Z-Score	2.88	0.00	2.86	2.93	2.90	2.55	2.55	2.59	-	2.92	3.59
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.37	1.26	1.23	1.17	1.08	0.90	0.95	1.14	-	1.27	1.58
Quick Ratio	1.06	1.03	0.99	0.97	0.87	0.76	0.76	0.93	-	1.09	1.19
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	93	78	126	-1,007	127	95	84	68	98	127	141
Operating Cash Flow to CapEx	0.00%	0.00%	866.90%	0.00%	78.71%	221.77%	360.00%	400.09%	-	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	15.61	14.79	27.45	-237.28	36.76	30.50	28.21	23.52	-	57.33	74.92
Operating Cash Flow to Interest Expense	6.88	5.84	8.74	8.39	10.91	8.32	7.09	9.47	-	10.48	6.85
Operating Cash Flow Less CapEx to Interest Expense	8.72	6.21	7.73	9.36	-2.95	4.57	5.12	7.10	-	17.22	19.78
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.76	0.75	0.74	0.79	0.74	0.71	0.69	0.66	-	0.60	0.60
Accounts Receivable Turnover	9.96	9.80	9.99	10.80	10.78	9.82	9.58	9.65	-	8.82	9.07
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Fixed Asset Turnover	1.30	1.29	1.29	1.42	1.27	1.24	1.22	1.20	-	1.09	1.13
Accounts Payable Turnover	13.67	20.50	16.62	19.61	18.48	13.19	12.99	13.86	-	8.44	9.60
Days Sales Outstanding (DSO)	36.66	37.25	36.55	33.79	33.86	37.16	38.10	37.81	-	41.36	40.24
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Days Payable Outstanding (DPO)	26.69	17.80	21.96	18.61	19.75	27.68	28.10	26.34	-	43.24	38.00
Cash Conversion Cycle (CCC)	9.97	19.45	14.58	15.18	14.11	9.48	10.00	11.47	-	-1.88	2.24
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,137	1,089	1,050	1,002	1,011	983	958	928	897	854	829
Invested Capital Turnover	1.02	1.01	1.00	2.16	0.98	0.96	0.93	0.90	-	0.83	0.82
Increase / (Decrease) in Invested Capital	-82	-88	-125	1,002	-127	-105	-92	-73	-114	-129	-129
Enterprise Value (EV)	1,391	0.00	1,188	1,140	1,069	900	850	801	-	911	1,252
Market Capitalization	1,119	0.00	975	964	881	724	679	649	-	806	1,179
Book Value per Share	$10.95	$10.74	$10.59	$10.52	$10.48	$10.28	$10.02	$10.02	$9.75	$9.67	$9.76
Tangible Book Value per Share	$5.62	$5.43	$5.29	$5.20	$5.18	$5.00	$4.75	$4.69	$4.69	$4.62	$4.73
Total Capital	1,165	1,112	1,074	1,033	1,023	1,007	981	961	915	899	891
Total Debt	300	264	237	207	201	200	194	185	160	150	135
Total Long-Term Debt	291	255	229	198	192	189	183	178	154	150	135
Net Debt	272	240	213	176	188	176	171	153	141	105	73
Capital Expenditures (CapEx)	-11	-1.95	4.61	-4.13	48	12	5.83	6.88	1.88	-15	-24
Debt-free, Cash-free Net Working Capital (DFCFNWC)	27	18	15	0.40	6.12	-28	-19	-8.17	-8.33	-14	6.18
Debt-free Net Working Capital (DFNWC)	55	42	39	31	19	-4.34	3.67	25	10	31	69
Net Working Capital (NWC)	46	33	30	22	9.89	-15	-7.42	17	4.44	31	69
Net Nonoperating Expense (NNE)	5.65	5.04	3.66	4.29	2.57	3.44	2.16	3.21	3.45	2.51	1.06
Net Nonoperating Obligations (NNO)	272	240	213	176	188	176	171	153	141	105	73
Total Depreciation and Amortization (D&A)	51	47	46	45	44	42	41	39	37	35	32
Debt-free, Cash-free Net Working Capital to Revenue	2.23%	1.56%	1.35%	0.04%	0.58%	-2.83%	-2.06%	-0.94%	-	-1.82%	0.84%
Debt-free Net Working Capital to Revenue	4.56%	3.63%	3.49%	2.88%	1.81%	-0.44%	0.39%	2.82%	-	4.02%	9.31%
Net Working Capital to Revenue	3.79%	2.85%	2.71%	2.07%	0.94%	-1.51%	-0.80%	1.92%	-	4.02%	9.31%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.07	($0.19)	($0.04)	($0.12)	($0.03)	($0.18)	($0.14)	($0.11)	($0.24)	($0.06)	$0.14
Adjusted Weighted Average Basic Shares Outstanding	79.01M	79.04M	78.91M	78.49M	78.73M	78.54M	78.08M	77.47M	77.88M	77.46M	77.40M
Adjusted Diluted Earnings per Share	$0.07	($0.19)	($0.04)	($0.12)	($0.03)	($0.18)	($0.14)	($0.11)	($0.24)	($0.06)	$0.14
Adjusted Weighted Average Diluted Shares Outstanding	79.08M	79.12M	78.98M	78.50M	78.78M	78.61M	78.14M	77.52M	77.94M	77.49M	77.44M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	79.05M	158.10M	156.99M	78.50M	78.55M	78.55M	77.41M	77.45M	77.45M	77.49M	77.33M
Normalized Net Operating Profit after Tax (NOPAT)	-10	-10	-0.60	-5.33	-3.48	-12	-11	-9.76	-25	-7.43	-5.98
Normalized NOPAT Margin	-3.69%	-3.70%	-0.22%	-2.05%	-1.44%	-5.32%	-5.06%	-4.96%	-	-4.21%	-3.25%
Pre Tax Income Margin	1.84%	-7.15%	-1.46%	-4.28%	-0.91%	-8.15%	-7.22%	-5.05%	-	-3.01%	8.17%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.80	-2.71	0.06	-1.68	0.30	-4.80	-4.19	-2.49	-	-1.49	8.81
NOPAT to Interest Expense	1.81	-1.90	0.04	-1.18	0.21	-3.36	-2.93	-1.75	-	-1.04	6.20
EBIT Less CapEx to Interest Expense	3.64	-2.34	-0.95	-0.71	-13.57	-8.55	-6.16	-4.86	-	5.26	21.74
NOPAT Less CapEx to Interest Expense	3.65	-1.53	-0.97	-0.20	-13.66	-7.11	-4.90	-4.11	-	5.70	19.12
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	42.79%	0.00%	-26.13%	-27.72%	-15.88%	-22.08%	-17.51%	-17.97%	-	-14.34%	-28.23%
Augmented Payout Ratio	42.79%	0.00%	-56.23%	-59.69%	-40.38%	-22.08%	-42.42%	-47.68%	-	-38.29%	-45.57%

Financials Breakdown Chart

Key Financial Trends

Heartland Express (NASDAQ: HTLD) has had a very difficult stretch over the last several quarters. The latest quarter shows a company that is still generating solid cash from operations, but profitability remains under pressure and recent results are well below the stronger levels seen a year earlier.

In Q1 2026, Heartland reported revenue of $176.3 million and a net loss of $4.8 million, or -$0.06 per share. That was an improvement versus the prior quarter’s loss, but it was still weaker than the company’s performance in earlier periods. Operating income remained negative at -$3.3 million, showing that core operations are not yet consistently profitable.

The good news is that cash generation held up better than earnings. The company produced $23.2 million in operating cash flow in Q1 2026, helped by $35.2 million of depreciation and other non-cash items. Heartland also ended the quarter with $44.5 million in cash, giving it some liquidity cushion.

However, the balance sheet and income statement trends suggest a business that is still under strain. Debt remains meaningful, with $149.9 million of long-term debt and $112.6 million of current liabilities. At the same time, profitability has fallen sharply from the stronger quarters in 2023, when the company was often profitable and generating much stronger revenue.

Q1 2026 operating cash flow was positive at $23.2 million, showing the business can still generate cash despite accounting losses.
Cash and equivalents were $44.5 million at quarter-end, providing a reasonable near-term liquidity buffer.
The company sold $33.0 million of property and equipment in Q1 2026, which helped support investing cash flow.
Operating revenue remains sizable at $176.3 million, indicating Heartland still has a meaningful operating base.
Debt was reduced by $9.9 million in Q1 2026, continuing a pattern of paying down borrowings.
Gross profit was $74.4 million in Q1 2026, but the benefit was offset by heavy operating expenses.
Depreciation remains very high, reflecting a capital-intensive trucking fleet and ongoing equipment wear.
Share count was fairly stable, so dilution has not been a major issue recently.
The company still paid a dividend of $0.02 per share, but the payout is modest relative to recent losses.
Q1 2026 net loss of $4.8 million shows Heartland is not consistently profitable right now.
Revenue fell to $176.3 million from $179.4 million in Q4 2025 and was far below the stronger 2024 levels.
Operating income was negative, which means the core business is still not covering its operating costs.
Interest expense remains a burden at $2.2 million in Q1 2026, pressuring bottom-line results.
Long-term debt of $149.9 million adds financial leverage at a time when earnings are weak.
Compared with 2023, profitability has clearly deteriorated, when Heartland was still posting solid quarterly profits and much stronger operating performance.

Looking at the bigger picture, Heartland Express appears to be in a turnaround or stabilization phase rather than a growth phase. Cash flow remains the key strength, but the company needs to show better freight pricing, improved utilization, or lower costs before investors can expect a durable recovery in earnings.

Bottom line: HTLD is still financially functional and cash-generative, but the trend in sales and profits is weak. For retail investors, this looks like a name to watch for operational improvement rather than one with clear fundamental momentum right now.

08/23/26 01:26 AM ETAI Generated. May Contain Errors.

Heartland Express Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Heartland Express' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Heartland Express' net income appears to be on a downward trend, with a most recent value of -$52.45 million in 2025, falling from $73.06 million in 2015. The previous period was -$29.72 million in 2024. See where experts think Heartland Express is headed by visiting Heartland Express' forecast page.

Heartland Express' total operating income in 2025 was -$57.41 million, based on the following breakdown:

Total Gross Profit: $341.33 million
Total Operating Expenses: $398.74 million

Over the last 10 years, Heartland Express' total revenue changed from $736.35 million in 2015 to $805.71 million in 2025, a change of 9.4%.

Heartland Express' total liabilities were at $436.30 million at the end of 2025, a 14.7% decrease from 2024, and a 64.0% increase since 2015.

In the past 10 years, Heartland Express' cash and equivalents has ranged from $12.81 million in 2024 to $161.45 million in 2018, and is currently $18.48 million as of their latest financial filing in 2025.

Over the last 10 years, Heartland Express' book value per share changed from 5.52 in 2015 to 9.75 in 2025, a change of 76.7%.

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Financial statements for NASDAQ:HTLD last updated on 8/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Heartland Express (HTLD) Financials

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Heartland Express (HTLD) Financials

Annual Income Statements for Heartland Express

Quarterly Income Statements for Heartland Express

Annual Cash Flow Statements for Heartland Express

Quarterly Cash Flow Statements for Heartland Express

Annual Balance Sheets for Heartland Express

Quarterly Balance Sheets for Heartland Express

Annual Metrics And Ratios for Heartland Express

Quarterly Metrics And Ratios for Heartland Express

Financials Breakdown Chart

Key Financial Trends

Heartland Express Financials - Frequently Asked Questions

When does Heartland Express' financial year end?

How has Heartland Express' net income changed over the last 10 years?

What is Heartland Express' operating income?

How has Heartland Express' revenue changed over the last 10 years?

How much debt does Heartland Express have?

How much cash does Heartland Express have?

How has Heartland Express' book value per share changed over the last 10 years?

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