HTLDNasdaqTrucking (No Local)US GAAP · USD

Heartland Express, Inc

Heartland Express is a U.S.-based truckload carrier and transportation services holding company built around short-, medium-, and long-haul dry van freight. It operates multiple brands, including Heartland Express, Millis Transfer, Smith Transport, and CFI, and serves major shippers with a focus on dense regional lanes, on-time service, and cross-border freight to and from Mexico.

Kysy yhtiöstä
Liikevaihto806milj. USD
−23,1 %v/v
Liikevoitto (EBIT)−57,4milj. USD
−183,7 %v/v
EBIT-marginaali−7,1%
−5,2 %-yks.v/v
Nettotulos−52,5milj. USD
−76,5 %v/v
Vapaa kassavirta−66,9milj. USD
−292,0 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−50005001 0001 500milj. USD2020: 645 milj. USD2020: EBIT 93 milj. USD20202021: 607 milj. USD2021: EBIT 105 milj. USD20212022: 968 milj. USD2022: EBIT 188 milj. USD20222023: 1 207 milj. USD2023: EBIT 42 milj. USD20232024: 1 048 milj. USD2024: EBIT −20 milj. USD20242025: 806 milj. USD2025: EBIT −57 milj. USD2025806−57
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Heartland Express, Inc

Liiketoiminta

Osuus liikevaihdosta
Dry van truckload80 %

Core nationwide asset-based dry van freight service for major shippers.

Cross-border freight12 %

Truckload moves between the United States and Mexico using third-party support.

Mexico logistics services4 %

Logistics coordination and related services in Mexico, mainly through CFI.

Temperature-controlled transportation4 %

Refrigerated or temperature-sensitive truckload service for selected customers.

Asiakkaat

Heartland Express primarily serves major shippers that need time-sensitive, recurring truckload capacity, especially customers with dense freight lanes and short-to-medium haul patterns. The company also targets retailers and manufacturers with just-in-time inventory needs, where service reliability, equipment availability, and on-time performance matter more than lowest-price bidding. Customer concentration is meaningful, so large accounts and bid outcomes can materially affect volumes and utilization.

Major national shippers

Large customers buying dedicated or recurring dry van capacity for broad U.S. distribution.

Retail and consumer goods customers

Retailers and branded consumer companies that need frequent, time-sensitive shipments.

Manufacturing and industrial shippers

Customers using just-in-time supply chains and requiring reliable on-time delivery.

Cross-border U.S.-Mexico shippers

Customers moving freight into and out of Mexico through terminal-supported lanes.

Temperature-controlled freight customers

Shippers needing refrigerated or temperature-sensitive truckload service.

Strategia

The company is focused on improving service quality, safety, and equipment availability so it can remain a core carrier for major customers. It is also working to build lane density, reduce empty miles, and improve driver home time, while integrating acquired brands such as CFI, Smith Transport, and Millis Transfer into a more unified operating model.

Increase lane density in core operating areasLyhyt aikaväli

Higher density lowers deadhead miles, improves margins, and supports driver home time.

Strengthen service quality and safety performanceLyhyt aikaväli

Premium service helps defend pricing and maintain core-carrier relationships with major shippers.

Integrate acquired brands and improve operating consistencyKeskipitkä aikaväli

A more unified operating model should reduce complexity and improve asset allocation across brands.

Grow cross-border and Mexico logistics capabilitiesKeskipitkä aikaväli

These lanes broaden the service offering and can deepen relationships with multinational shippers.

Maantiede

Heartland Express is primarily a U.S. carrier, with nationwide operations centered on dense regional lanes and average haul lengths under 400 miles. The company also has cross-border and logistics activity in Mexico through CFI and third-party providers, while Canada was historically immaterial. Geography matters because the business depends on lane density, terminal placement near the border, and the ability to keep trucks loaded on short-to-medium haul routes.

Riskit

Heartland Express is exposed to cyclical truckload demand, freight rate pressure, and cost inflation that can outpace pricing, especially when customer volumes soften. The company also has meaningful customer concentration, self-insured claims exposure, and integration risk across multiple brands, while cross-border operations add operational complexity and dependence on third parties in Mexico.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Truckload cycle and freight demand weakness1Cost inflation and under-utilized assets2Customer concentration and bid loss3Self-insured claims exposure4Driver retention challenges5Cross-border execution risk6
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Truckload cycle and freight demand weaknessVaikutus: KorkeaTodennäköisyys: Korkea

    Volumes and pricing depend on economic activity, retail sales, and shipping demand.

    Kohdistuu: U.S. dry van network

  2. Cost inflation and under-utilized assetsVaikutus: KorkeaTodennäköisyys: Korkea

    Operating costs can rise faster than freight rates, especially when equipment is not fully utilized.

    Kohdistuu: All operating brands

  3. Customer concentration and bid lossVaikutus: KorkeaTodennäköisyys: Kohtalainen

    A small number of major customers generate a significant portion of revenue, and bids can shift freight away.

    Kohdistuu: Major shippers and retail accounts

  4. Self-insured claims exposureVaikutus: KorkeaTodennäköisyys: Kohtalainen

    A significant portion of claims is self-insured, which can increase earnings volatility.

    Kohdistuu: Auto liability and casualty claims

  5. Driver retention challengesVaikutus: KeskitasoTodennäköisyys: Korkea

    The business depends on experienced drivers to maintain service levels and asset productivity.

    KohdistuuHeartland ExpressMillis TransferSmith TransportCFI
  6. Cross-border execution riskVaikutus: KeskitasoTodennäköisyys: Matala

    Mexico miles and border moves rely on third-party providers and coordination near the border.

    Kohdistuu: U.S.-Mexico freight

Kysy Clarifolta: Heartland Express, Inc

Kirjanpito

Harkinnanvaraiset erät
Revenue equipment depreciation estimates

Useful lives and salvage values materially affect depreciation in an asset-based trucking fleet.

Vaikutus: Changes can shift operating income and asset carrying values.

Self-insurance reserves

The company self-insures a significant portion of claims exposure, requiring judgment on reserves.

Vaikutus: Reserve changes can create volatility in operating expenses.

Trade name and intangible impairment

The company recorded an impairment tied to the decision to unify CFI with Heartland Express.

Vaikutus: Non-cash charges can distort year-over-year earnings comparisons.

Unrecognized tax benefits

State income tax filing positions create uncertain tax liabilities and interest/penalty accruals.

Vaikutus: Can affect tax expense and long-term liabilities.

Fuel surcharge presentation

Fuel surcharge revenue is excluded in adjusted operating metrics to show underlying freight economics.

Vaikutus: Affects comparability of margins and operating ratio trends.

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Päivitetty: 24.9.2026