Revenue contraction remains severe, with a 19.7% year-over-year decline in 2026Q1 and persistent negative operating margins that reached -8.9% in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 762.54M | 805.71M | 1.05B | 1.21B | 968M | 607.28M | 645.26M | 596.82M | 610.8M | 607.34M | 612.94M | 736.35M | 871.36M | 582.26M | 545.75M | 528.62M | 499.52M | 459.54M | 625.6M | 591.89M | 571.92M | 523.79M | 457.09M | 405.12M | 340.75M | 294.62M | 274.83M | 261M | 263.49M | 262.5M | 229.01M |
| Revenue Growth % | -23.49% | -23.08% | -13.25% | 24.74% | 59.4% | -5.89% | 8.12% | -2.29% | 0.57% | -0.91% | -16.76% | -15.49% | 49.65% | 6.69% | 3.24% | 5.83% | 8.7% | -26.54% | 5.69% | 3.49% | 9.19% | 14.59% | 12.83% | 18.89% | 15.66% | 7.2% | 5.3% | -0.94% | 0.38% | 14.62% | 19.58% |
| Cost of Goods Sold | 693.15M | 738.16M | 937.35M | 1.06B | 767.31M | 479.05M | 497.8M | 474.69M | 484.77M | 504.55M | 478.7M | 580.52M | 696.96M | 455.11M | 424.77M | 414.32M | 382.95M | 139.58M | 190.37M | 161.8M | 261.98M | 245.88M | 220.87M | 196.01M | 214.84M | 204.68M | 215.9M | 230.9M | 248.43M | 127.2M | 236.73M |
| COGS % of Revenue | - | 91.62% | 89.48% | 87.97% | 79.27% | 78.88% | 77.15% | 79.54% | 79.37% | 83.08% | 78.1% | 78.84% | 79.99% | 78.16% | 77.83% | 78.38% | 76.66% | 30.37% | 30.43% | 27.34% | 45.81% | 46.94% | 48.32% | 48.38% | 63.05% | 69.47% | 78.56% | 88.46% | 94.28% | 48.46% | 103.37% |
| Gross Profit | 69.4M | 67.54M | 110.16M | 145.28M | 200.69M | 128.24M | 147.46M | 122.13M | 126.03M | 102.78M | 134.24M | 155.83M | 174.4M | 127.14M | 120.98M | 114.3M | 116.56M | 319.96M | 435.23M | 430.09M | 309.94M | 277.92M | 236.21M | 209.11M | 125.91M | 89.94M | 58.92M | 30.11M | 15.06M | 135.3M | -7.71M |
| Gross Margin % | 9.1% | 8.38% | 10.52% | 12.03% | 20.73% | 21.12% | 22.85% | 20.46% | 20.63% | 16.92% | 21.9% | 21.16% | 20.01% | 21.84% | 22.17% | 21.62% | 23.34% | 69.63% | 69.57% | 72.66% | 54.19% | 53.06% | 51.68% | 51.62% | 36.95% | 30.53% | 21.44% | 11.54% | 5.72% | 51.54% | -3.37% |
| Gross Profit Growth % | - | -38.69% | -24.18% | -27.61% | 56.5% | -13.04% | 20.74% | -3.1% | 22.62% | -23.43% | -13.85% | -10.65% | 37.17% | 5.1% | 5.84% | -1.94% | -63.57% | -26.49% | 1.19% | 38.77% | 11.52% | 17.66% | 12.96% | 66.08% | 40% | 52.63% | 95.71% | 99.88% | -88.87% | 1853.97% | -138.29% |
| Operating Expenses | 125.19M | 129.41M | 137.9M | 143.98M | 109.24M | 22.83M | 54.04M | 27.86M | 36.25M | 39.24M | 48.67M | 39.25M | 42.53M | 14.84M | 26.08M | 7.74M | 25.11M | 319.96M | 435.23M | 430.09M | 309.94M | 277.92M | 236.21M | 209.11M | 125.91M | 89.94M | 58.92M | 30.11M | 15.06M | 135.3M | -7.71M |
| OpEx % of Revenue | - | 16.06% | 13.16% | 11.92% | 11.29% | 3.76% | 8.37% | 4.67% | 5.93% | 6.46% | 7.94% | 5.33% | 4.88% | 2.55% | 4.78% | 1.46% | 5.03% | 69.63% | 69.57% | 72.66% | 54.19% | 53.06% | 51.68% | 51.62% | 36.95% | 30.53% | 21.44% | 11.54% | 5.72% | 51.54% | -3.37% |
| Selling, General & Admin | 66.64M | 66.45M | 60.32M | 55.79M | 41.43M | 25.27M | 27.51M | 21.96M | 23.31M | 24.63M | 28.93M | 27.62M | 24.44M | 18.44M | 17.86M | 16.1M | 15.71M | 201.97M | 242.8M | 235.65M | 230.19M | 221.75M | 210.81M | 193.47M | 183.31M | 161.17M | 155.74M | 156.34M | 158.89M | 68.6M | 144.2M |
| SG&A % of Revenue | - | 8.25% | 5.76% | 4.62% | 4.28% | 4.16% | 4.26% | 3.68% | 3.82% | 4.06% | 4.72% | 3.75% | 2.8% | 3.17% | 3.27% | 3.05% | 3.15% | 43.95% | 38.81% | 39.81% | 40.25% | 42.34% | 46.12% | 47.76% | 53.8% | 54.71% | 56.67% | 59.9% | 60.3% | 26.13% | 62.97% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 62.96M | 77.59M | 88.2M | 67.81M | -2.44M | 26.53M | 5.9M | 12.93M | 14.61M | 19.74M | 11.63M | 18.09M | -3.6M | 8.22M | -8.36M | 9.4M | 117.99M | 192.43M | 194.44M | 79.75M | 56.16M | 25.4M | 15.64M | -57.41M | -71.24M | -96.82M | -126.23M | -143.83M | 66.7M | -151.91M |
| Operating Income | -55.8M | -61.87M | -27.74M | 1.3M | 91.45M | 105.41M | 93.42M | 94.28M | 89.79M | 63.54M | 85.57M | 116.58M | 131.87M | 112.3M | 94.9M | 106.56M | 91.45M | 78.96M | 146.56M | 146.67M | -162.95M | 104.11M | -164.07M | 85.1M | 62.05M | 52.62M | -244.84M | -276.53M | 46.04M | 55.2M | 36.89M |
| Operating Margin % | -7.32% | -7.68% | -2.65% | 0.11% | 9.45% | 17.36% | 14.48% | 15.8% | 14.7% | 10.46% | 13.96% | 15.83% | 15.13% | 19.29% | 17.39% | 20.16% | 18.31% | 17.18% | 23.43% | 24.78% | -28.49% | 19.88% | -35.9% | 21.01% | 18.21% | 17.86% | -89.09% | -105.95% | 17.47% | 21.03% | 16.11% |
| Operating Income Growth % | - | -122.99% | -2237.44% | -98.58% | -13.24% | 12.83% | -0.91% | 5% | 41.3% | -25.74% | -26.6% | -11.59% | 17.42% | 18.34% | -10.94% | 16.52% | 15.81% | -46.12% | -0.07% | 190.01% | -256.52% | 163.45% | -292.81% | 37.14% | 17.92% | 121.49% | 11.46% | -700.61% | -16.59% | 49.64% | 118.06% |
| EBITDA | 96.93M | 97.33M | 153.78M | 200.34M | 224.5M | 209.64M | 203.8M | 195.21M | 191.12M | 167.45M | 191.15M | 228.43M | 241.5M | 181.95M | 152.72M | 164.43M | 153.4M | 137.69M | 192.67M | 195.22M | -115.58M | 142.36M | -134.43M | 112.02M | 82.44M | 70.4M | -227.63M | -259.21M | 65.27M | 72.69M | 50.84M |
| EBITDA Margin % | 12.71% | 12.08% | 14.68% | 16.59% | 23.19% | 34.52% | 31.58% | 32.71% | 31.29% | 27.57% | 31.19% | 31.02% | 27.72% | 31.25% | 27.98% | 31.11% | 30.71% | 29.96% | 30.8% | 32.98% | -20.21% | 27.18% | -29.41% | 27.65% | 24.19% | 23.89% | -82.83% | -99.31% | 24.77% | 27.69% | 22.2% |
| EBITDA Growth % | -34.56% | -36.71% | -23.24% | -10.76% | 7.09% | 2.87% | 4.4% | 2.14% | 14.13% | -12.4% | -16.32% | -5.41% | 32.73% | 19.14% | -7.12% | 7.19% | 11.4% | -28.53% | -1.31% | 268.9% | -181.19% | 205.9% | -220.01% | 35.88% | 17.1% | 130.93% | 12.19% | -497.15% | -10.21% | 42.96% | 126.99% |
| D&A (Non-Cash Add-back) | 152.73M | 159.2M | 181.52M | 199.04M | 133.05M | 104.23M | 110.38M | 100.93M | 101.33M | 103.91M | 105.58M | 111.85M | 109.63M | 69.65M | 57.82M | 57.88M | 61.95M | 58.73M | 46.11M | 48.55M | 47.37M | 38.25M | 29.65M | 26.92M | 20.39M | 17.78M | 17.22M | 17.31M | 19.23M | 17.49M | 13.96M |
| EBIT | -44.96M | -56.64M | -19.09M | 44.04M | 189.65M | 106.05M | 94.26M | 98.23M | 91.92M | 64.67M | 86.05M | 116.79M | 132.06M | 112.76M | 95.58M | 107.33M | 78.13M | 78.96M | 146.56M | 146.67M | -162.95M | 104.11M | -164.07M | 85.1M | 62.05M | 52.62M | -244.84M | -276.53M | 46.04M | 55.2M | 36.89M |
| Net Interest Income | -9.74M | -10.72M | -16.44M | -22.53M | -7.27M | 640K | 842K | 2.9M | 2.13M | 954K | 481K | 191K | -251K | 254K | 674K | 773K | 1.42M | 2.34M | 9.13M | 10.29M | 11.73M | 7.37M | 3.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 853K | 774K | 1.14M | 1.66M | 1.29M | 640K | 842K | 3.96M | 2.13M | 1.13M | 481K | 210K | 195K | 462K | 674K | 773K | 1.42M | 2.34M | 9.13M | 10.29M | 11.73M | 7.37M | 3.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 10.6M | 11.49M | 17.58M | 24.19M | 8.55M | 0 | 0 | 1.05M | 0 | 175K | 0 | 19K | 446K | 208K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 245K | -6.26M | -8.93M | 18.55M | 89.64M | 640K | 842K | 2.9M | 2.13M | 954K | 481K | 191K | -251K | 254K | 674K | 773K | 1.42M | 2.34M | -39.48M | -25.93M | 298.1M | 7.37M | 260.7M | 2.05M | 2.81M | 4.43M | 296.82M | 327.19M | 4.9M | -8.2M | 2.84M |
| Pretax Income | -55.55M | -68.13M | -36.67M | 19.85M | 181.09M | 106.05M | 94.26M | 97.18M | 91.92M | 64.5M | 86.05M | 116.77M | 131.62M | 112.56M | 95.58M | 107.33M | 92.87M | 81.3M | 107.08M | 120.73M | 135.15M | 111.48M | 96.63M | 87.14M | 64.86M | 57.05M | 51.98M | 50.66M | 50.94M | 47M | 39.73M |
| Pretax Margin % | -7.29% | -8.46% | -3.5% | 1.64% | 18.71% | 17.46% | 14.61% | 16.28% | 15.05% | 10.62% | 14.04% | 15.86% | 15.1% | 19.33% | 17.51% | 20.3% | 18.59% | 17.69% | 17.12% | 20.4% | 23.63% | 21.28% | 21.14% | 21.51% | 19.03% | 19.37% | 18.91% | 19.41% | 19.33% | 17.9% | 17.35% |
| Income Tax | -12.15M | -15.68M | -6.95M | 5.08M | 47.51M | 26.77M | 23.45M | 24.21M | 19.24M | -10.68M | 29.66M | 43.72M | 46.78M | 41.97M | 34.03M | 37.4M | 30.66M | 24.35M | 37.11M | 44.56M | 47.98M | 39.58M | 34.18M | 29.92M | 22.05M | 19.4M | 17.67M | 17.54M | 17.83M | 16.9M | 14.7M |
| Effective Tax Rate % | 21.87% | 23.01% | 18.96% | 25.58% | 26.23% | 25.24% | 24.88% | 24.91% | 20.93% | -16.55% | 34.47% | 37.44% | 35.54% | 37.29% | 35.61% | 34.84% | 33.01% | 29.95% | 34.66% | 36.91% | 35.5% | 35.5% | 35.37% | 34.34% | 34% | 34% | 34% | 34.62% | 35% | 35.96% | 36.99% |
| Net Income | -43.4M | -52.45M | -29.72M | 14.78M | 133.58M | 79.28M | 70.81M | 72.97M | 72.68M | 75.17M | 56.39M | 73.06M | 84.83M | 70.58M | 61.54M | 69.93M | 62.22M | 56.95M | 69.97M | 76.17M | 87.17M | 71.91M | 62.45M | 57.22M | 42.81M | 37.66M | 34.3M | 33.12M | 33.11M | 30.1M | 25.03M |
| Net Margin % | -5.69% | -6.51% | -2.84% | 1.22% | 13.8% | 13.05% | 10.97% | 12.23% | 11.9% | 12.38% | 9.2% | 9.92% | 9.74% | 12.12% | 11.28% | 13.23% | 12.46% | 12.39% | 11.18% | 12.87% | 15.24% | 13.73% | 13.66% | 14.12% | 12.56% | 12.78% | 12.48% | 12.69% | 12.57% | 11.47% | 10.93% |
| Net Income Growth % | -52.36% | -76.48% | -301.16% | -88.94% | 68.5% | 11.96% | -2.96% | 0.4% | -3.32% | 33.32% | -22.82% | -13.88% | 20.19% | 14.69% | -12% | 12.4% | 9.25% | -18.61% | -8.14% | -12.62% | 21.23% | 15.15% | 9.13% | 33.67% | 13.68% | 9.77% | 3.56% | 0.04% | 10% | 20.25% | 21.59% |
| Net Income (Continuing) | -43.4M | -52.45M | -29.72M | 14.78M | 133.58M | 79.28M | 70.81M | 72.97M | 72.68M | 75.17M | 56.39M | 73.06M | 84.83M | 70.58M | 61.54M | 69.93M | 62.22M | 56.95M | 69.97M | 76.17M | 87.17M | 71.91M | 62.45M | 57.22M | 42.81M | 37.66M | 34.3M | 33.12M | 33.11M | 30.1M | 25.03M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.56 | -0.67 | -0.38 | 0.19 | 1.69 | 1.00 | 0.87 | 0.89 | 0.88 | 0.90 | 0.68 | 0.84 | 0.96 | 0.83 | 0.71 | 0.78 | 0.69 | 0.62 | 0.73 | 0.78 | 0.89 | 0.73 | 0.62 | 0.57 | 0.43 | 0.38 | 0.34 | 0.29 | 0.28 | 0.25 | 0.21 |
| EPS Growth % | -52.9% | -76.32% | -300% | -88.76% | 69% | 14.94% | -2.25% | 1.14% | -2.22% | 32.35% | -19.05% | -12.5% | 15.66% | 16.9% | -8.97% | 13.04% | 11.29% | -15.07% | -6.41% | -12.36% | 21.92% | 17.74% | 8.77% | 32.56% | 13.16% | 11.76% | 17.24% | 3.57% | 12% | 19.05% | 23.53% |
| EPS (Basic) | - | -0.67 | -0.38 | 0.19 | 1.69 | 1.00 | 0.87 | 0.89 | 0.88 | 0.90 | 0.68 | 0.84 | 0.97 | 0.83 | 0.72 | 0.78 | 0.69 | 0.62 | 0.73 | 0.78 | 0.89 | 0.73 | 0.62 | 0.57 | 0.43 | 0.38 | 0.34 | 0.29 | 0.28 | 0.25 | 0.21 |
| Diluted Shares Outstanding | 77.46M | 77.94M | 78.78M | 79.08M | 78.97M | 79.61M | 81.44M | 82.02M | 82.41M | 83.34M | 83.36M | 87.11M | 87.92M | 85.44M | 86.2M | 89.67M | 90.69M | 91.13M | 95.9M | 97.73M | 98.36M | 99.13M | 100M | 100M | 100M | 100M | 100.68M | 118.05M | 118.26M | 118.44M | 118.26M |
| Basic Shares Outstanding | 77.46M | 77.88M | 78.73M | 79.01M | 78.94M | 79.57M | 81.39M | 81.98M | 82.38M | 83.3M | 83.3M | 86.97M | 87.75M | 85.21M | 85.89M | 89.66M | 90.69M | 91.13M | 95.9M | 97.73M | 98.36M | 99.13M | 100M | 100M | 100M | 100M | 100.68M | 115.74M | 118.26M | 118.44M | 118.26M |
| Dividend Payout Ratio | - | - | - | 42.79% | 4.73% | 57.86% | 9.18% | 8.99% | 9.07% | 8.87% | 11.82% | 9.5% | 8.29% | 9.72% | 149.39% | 10.22% | 157.43% | 12.77% | 13.72% | 268.26% | 7.9% | 8.29% | 7.2% | 1.74% | - | - | - | - | - | - | - |
Persistent negative operating margins
According to the provided quarterly income statements, Heartland Express has experienced a consistent revenue decline, culminating in a 19.7% year-over-year contraction in 2026Q1, which highlights the severe impact of the current freight recession on the company's core dry van and temperature-controlled service segments.
The persistent downward trajectory in top-line performance suggests that the company is struggling to maintain volume in a competitive pricing environment. Investors should monitor whether this decline represents a strategic shedding of low-margin freight or a broader loss of market share within their core Midwest and Southeast corridors.
As reported in financial statements, Heartland's gross margin has fluctuated significantly, reaching a low of 6.9% in 2025Q1 before recovering slightly to 9.6% in 2026Q1, indicating that the company's high-variable cost structure remains highly sensitive to equipment utilization and prevailing spot market rates.
The inability to consistently expand gross margins during this period suggests that the company's operational model is currently failing to offset inflationary pressures in driver wages and fuel costs. This margin volatility warrants further investigation into whether the recent acquisitions have permanently altered the company's historical cost-efficiency profile.
Based on the reported figures, Heartland's operating income has remained negative for seven of the last ten quarters, with a 2025Q4 operating margin of -8.9%, demonstrating that the company's fixed overhead costs are currently outpacing its ability to generate sufficient gross profit.
The persistent negative operating income suggests that the company is currently unable to achieve the necessary scale to cover its expanded cost base following recent acquisitions. This lack of operating leverage implies that the business model is currently in a state of structural imbalance that requires significant volume recovery to rectify.
Data from recent filings indicates that the integration of the CFI and Smith Transport fleets has coincided with a period of sustained negative net income, raising concerns that the company's shift toward an acquisition-heavy growth strategy may have permanently diluted its legacy operational efficiency.
Short-term observers may focus on the risk that the company's reliance on equipment resale gains to bolster margins is becoming less effective as used truck prices normalize. The transition from a debt-free balance sheet to one burdened by significant term debt further complicates the narrative, as interest expenses now exert additional pressure on the bottom line.
Quick answers to the most common questions about buying HTLD stock.
For fiscal year 2025, Heartland Express, Inc. (HTLD) reported total revenue of $805.7M. This represents a 251.8% increase compared to $229.0M in 1996.
Heartland Express, Inc. (HTLD) reported a net loss of $52.5M for the fiscal year ending 2025.
Heartland Express, Inc. (HTLD) reported an operating income of $-61.9M, resulting in an operating profit margin of -7.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Heartland Express, Inc. (HTLD) generated $67.5M in gross profit for the year, representing a gross profit margin of 8.4%. This demonstrates the company's core pricing power and production efficiency.