Heartland Express, Inc. (HTLD) Income Statement

30Y historyFree accessUpdated daily

Revenue fell from $274.8M in Q2 2024 to $179.5M in Q3 2026 while operating margin stayed negative at -3.1%, indicating fixed costs are not scaling down with volume.

Annual statement

HTLD Income Statement

Heartland Express, Inc. (HTLD) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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	719.24M	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 %	-17.23%	-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	678.13M	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	41.11M	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 %	5.72%	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	81.8M	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	36.68M	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	-40.69M	-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 %	-5.66%	-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	95.1M	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 %	13.22%	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 %	-17.28%	-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)	135.79M	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	-39.75M	-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	-6.91M	-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	1.28M	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	8.19M	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	26.49M	-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	-14.21M	-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 %	-1.97%	-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	-1.48M	-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 %	10.45%	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	-12.72M	-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 %	-1.77%	-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 %	63.51%	-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)	-12.72M	-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)	-0.16	-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 %	64.77%	-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	77.39M	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	77.32M	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%	-	-	-	-	-	-	-

Key Metrics

Growth RegimeContracting

ProfitabilityStrained

Balance SheetStrained

Cash FlowMixed

Top Statement Risk

Sustained revenue contraction

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Revenue Contraction Persists Despite Stabilization

Based on Heartland Express's reported figures, quarterly revenue fell to $184.1M in Q2 2026, roughly 12.5% below the prior-year quarter, with the decline moderating from earlier double-digit drops across 2025 and early 2026 but not yet reversing.

The shrinkage from $274.8M in Q2 2024 to $179.5M in Q3 2026 indicates a sustained freight downcycle rather than a single bad quarter. The narrowing of year-over-year declines suggests the company may be approaching a floor, but sequential revenue has not recovered, which implies volume and pricing have not yet stabilized. Investors should monitor whether the top line bottoms before the operating ratio improvement can be credibly attributed to durable margin expansion.

Gross Margin Compression Tied to Freight Cycle

As reported in the income statement, gross margin ranged from 1.6% to 12.0% over ten quarters, with the latest reading of 2.7% in Q3 2026 indicating that cost of revenue continues to absorb nearly all of revenue.

The thin and volatile gross margin profile suggests Heartland's cost base, dominated by driver wages, fuel, and depreciation, is poorly matched to current rate levels. Margins peaked near 12% in 2024 before compressing sharply as revenue declined, which points to high operating leverage to freight pricing. Without a recovery in rates, the company appears to lack the pricing power needed to restore margins toward historical levels.

Negative Operating Leverage Amid Cost Rigidity

Based on the reported quarterly data, operating income swung from a $0.3M profit in Q2 2024 to losses of $5.5M to $16.0M in subsequent quarters, showing that fixed costs are not scaling down with revenue.

The deterioration in operating income outpaced the revenue decline, which indicates meaningful negative operating leverage in the business. SG&A at roughly $2.0M in the most recent quarters, after levels near $14M to $18M previously, suggests the company has made material overhead reductions. The improvement in operating margin from -8.9% toward -3.1% points to cost actions taking effect, though the absolute level remains negative.

Net Income Volatility Obscures Underlying Trend

According to the reported figures, net income swung from a $10.6M profit in Q2 2026 to a loss of $4.8M in Q1 2026, with the Q2 result sitting well above operating income, which suggests non-operating items may be inflating reported earnings.

Net income in Q2 2026 of $10.6M exceeded an operating loss of $8.5M, a gap that warrants further investigation and may reflect gains on equipment sales, which the company has historically relied on. The EPS of $0.14 versus a consensus of $0.05 therefore rests on items outside core freight operations. Investors should treat the single-quarter beat cautiously until operating income itself turns positive.

Operating Ratio Gains May Be Cost-Driven Only

The strongest challenge is that the reported operating ratio improvement may reflect cost cutting in a still-contracting freight market rather than a demand recovery, leaving revenue down 23% year over year.

Revenue declines of 23% year over year, with management maintaining guidance rather than raising it, suggest the bull case depends on sustaining cost discipline indefinitely. If freight rates remain soft, continued shrinkage could offset further cost gains and push margins back negative. The acquisition-driven balance sheet, with term debt tied to the CFI transaction, may further constrain flexibility if earnings do not recover.

HTLD — Frequently Asked Questions

Quick answers to the most common questions about buying HTLD stock.

What was Heartland Express, Inc.'s (HTLD) revenue in 2025?

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.

Is Heartland Express, Inc. (HTLD) profitable?

Heartland Express, Inc. (HTLD) reported a net loss of $52.5M for the fiscal year ending 2025.

What is Heartland Express, Inc.'s operating profit margin?

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.

What is Heartland Express, Inc.'s gross profit and gross margin?

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.