HEARTLAND EXPRESS INC HTLD
Heartland Express, Inc. is a holding company incorporated in Nevada, which directly or indirectly owns all of the stock of the following legal entities: Heartland Express, Inc. of Iowa, Heartland Express Services, Inc., Heartland Express Maintenance Services, Inc. (collectively, "Heartland Express"), and Midwest Holding Group, LLC and Millis Transfer, LLC (together, "Millis Transfer"), and Smith Transport, LLC ("Smith Transport"), and certain Mexican entities. Effective December 31, 2025, we integrated and rebranded U.S. operations of Contract Freighters, Inc. ("CFI") into Heartland Express. Effective December 31, 2024, Franklin Logistics, LLC was merged into Smith Transport, LLC. Effective December 31, 2023, Smith Trucking, Inc. was merged into Smith Transport, Inc. Further, effective December 31, 2023 Smith Transport, Inc. and Franklin Logistics, Inc.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $58.1M | $78.0M | $94.8M | $50.7M | $11.4M | $14.3M | $13.5M | $14.9M | $24.3M | $29.4M |
| Total operating expenses | $863.1M | $1.07B | $1.17B | $779.6M | $501.9M | $551.8M | $502.5M | $521.0M | $543.8M | $527.4M |
| Operating income | -$57.4M | -$20.2M | $42.4M | $188.4M | $105.4M | $93.4M | $94.3M | $89.8M | $63.5M | $85.6M |
| Pre-tax income | -$68.1M | -$36.7M | $19.9M | $181.1M | $106.0M | $94.3M | $97.2M | $91.9M | $64.5M | $86.0M |
| Income tax | $15.7M | $7.0M | $5.1M | $47.5M | $26.8M | $23.5M | $24.2M | $19.2M | $10.7M | $29.7M |
| Net income | -$52.5M | -$29.7M | $14.8M | $133.6M | $79.3M | $70.8M | $73.0M | $72.7M | $75.2M | $56.4M |
| EPS, basic | -0.67 | -0.38 | 0.19 | 1.69 | 1.00 | 0.87 | 0.89 | 0.88 | 0.90 | 0.68 |
| EPS, diluted | -0.67 | -0.38 | 0.19 | 1.69 | 1.00 | 0.87 | 0.89 | 0.88 | 0.90 | 0.68 |
| Shares, diluted (wtd. avg.) | $77.9M | $78.8M | $79.1M | $79.0M | $79.6M | $81.4M | $82.0M | $82.4M | $83.3M | $83.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $18.5M | $12.8M | $28.1M | $64.5M | $173.8M | $131.1M | $96.1M | $182.9M | $106.1M | $150.2M |
| Receivables | $74.2M | $91.6M | $102.7M | $139.8M | $52.8M | $55.6M | $56.8M | $49.0M | $64.3M | $46.8M |
| Total current assets | $114.6M | $129.4M | $169.3M | $229.8M | $233.2M | $193.0M | $151.8M | $232.5M | $170.8M | $202.1M |
| Property, plant and equipment | $667.2M | $764.4M | $885.4M | $973.3M | $487.9M | $539.3M | $526.3M | $403.1M | $442.9M | $407.6M |
| Goodwill | $322.6M | $322.6M | $322.6M | $320.7M | $168.3M | $168.3M | $168.3M | $132.4M | $132.4M | $100.2M |
| Other intangibles | $69.5M | $93.5M | $98.5M | $103.7M | $22.4M | $24.7M | $27.1M | $14.5M | $17.0M | $12.1M |
| Total assets | $1.19B | $1.33B | $1.51B | $1.67B | $928.5M | $951.2M | $898.9M | $806.2M | $789.1M | $738.2M |
| Accounts payable | $33.5M | $35.4M | $37.8M | $62.7M | $20.5M | $12.8M | $11.1M | $10.6M | $14.4M | $12.4M |
| Short-term debt | $1.9M | $1.8M | $1.8M | $2.0M | — | — | — | — | — | — |
| Total current liabilities | $110.2M | $119.6M | $123.5M | $156.8M | $71.6M | $71.0M | $63.4M | $64.7M | $75.3M | $65.5M |
| Long-term debt | $154.1M | $191.7M | $290.7M | $399.1M | $0 | — | $70.2M | — | $17.4M | — |
| Retained earnings | $965.4M | $1.02B | $1.06B | $1.05B | $924.4M | $891.0M | $826.7M | $760.3M | $694.2M | $625.7M |
| Total equity | $755.3M | $822.6M | $865.3M | $855.5M | $727.1M | $724.3M | $684.7M | $616.0M | $574.6M | $505.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $89.3M | $144.3M | $165.3M | $194.7M | $123.4M | $178.8M | $146.4M | $146.5M | $109.5M | $155.8M |
| Depreciation and amortisation | $159.2M | $181.5M | $199.0M | $133.0M | $104.2M | $110.4M | $100.9M | $101.3M | $103.9M | $105.6M |
| Stock-based compensation | $2.2M | $1.0M | $1.6M | $1.4M | $1.1M | $2.1M | $2.1M | $500.0K | $500.0K | $1.3M |
| Capital expenditure | $156.2M | $109.5M | $208.6M | $160.6M | $132.6M | $204.3M | $163.8M | $169.3M | $184.1M | $86.1M |
| Investing cash flow | -$26.0M | -$46.5M | -$67.9M | -$663.3M | -$2.6M | -$111.0M | -$132.8M | -$37.8M | -$123.5M | -$28.8M |
| Financing cash flow | -$58.2M | -$112.7M | -$120.7M | $359.3M | -$78.1M | -$32.7M | -$100.4M | -$31.9M | -$30.2M | -$21.3M |
| Dividends paid | $6.2M | $4.7M | $6.3M | $6.3M | $45.9M | $6.5M | $6.6M | $6.6M | $6.7M | $6.7M |
| Buybacks | $10.4M | $7.3M | $0 | $0 | $32.0M | $25.7M | $0 | $25.1M | $0 | $14.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000799233-26-000006.
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