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Heartland Express Inc (HTLD) stock

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NASDAQ: HTLD Nasdaq Cargo Ground Transportation Next results ~February 8, 2027

D Fundamentals grade

Heartland Express Inc is a US-listed company in the cargo ground transportation industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$4.8

Valuation models combined (4)

Base case. Range ~$2.2–$7.0. Weighted average of 4 models (forward price-to-earnings vs peers, residual income, justified price-to-book, forward price-to-sales vs peers).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Heartland Express Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds93 adding, 81 cuttingOf 34 active managers that changed their stake, 20 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Heartland Express files

Where Heartland Express stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $736m, down 21.0% on a year earlier, a smaller fall than the 23.5% decline a quarter earlier. That puts it 15 of 15 for growth among the cargo ground transportation companies we cover. Free-cash-flow margin fell to -11.6% from -3.4% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 3 of our 6 financial-health checks.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 8, 2027 (estimated)

Heartland Express Inc's trailing-twelve-month revenue fell 21.0% year on year, with a free-cash-flow margin of -11.6%. Where it stands out: days sales outstanding of 38 days ranks 2 of 18 cargo ground transportation companies we cover. Where it lags: revenue growth of -21.0% ranks 19 of 19 cargo ground transportation companies we cover.

Current signal Results well short of expectations: Reported earnings per share missed the analysts' consensus estimate by 68% in the quarter to 2026-09-30.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 1.2% in a year, so each share owns more of the business.

Things to watch

  • Revenue shrinking. Revenue fell 21.0% over the last 12 months.
  • Loss-making. Operating margin is -2.3%: costs exceed revenue.
  • Burning cash. Free cash flow was -11.6% of revenue over the last 12 months.
  • Weak cash conversion. Free cash flow was -112% of net income over the last 12 months.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 20.8% over 90 days.

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
$0.01 against an average estimate of $0.03: missed by 67.5%
Revenue
$184m, down 12.5% on a year earlier
Share reaction
+0.2% in the first session after the results on October 21, 2026, against -0.7% for the S&P 500
Guidance given
total net capital expenditures $2m to $5m (remainder of 2026); total gains on disposal of property and equipment $9m to $13m (remainder of 2026)
Next report
October 20, 2026; average EPS estimate $0.05

Heartland Express' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.3%
  • 1 week+5.4%
  • 1 month-11.3%
  • This year+17.5%
  • 1 year+36.4%
  • 5 years-34.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$736M
Operating margin
-2.3%

Growth

Revenue growth
−21.0%
Change in growth rate
+2.5 pts
Share count change
−1.2%

Cash

Free cash flow (TTM)
-$85.8M
FCF margin
-11.6%
Stock pay % of revenue
0.3%

Earnings

Last results
October 21, 2026
Next results (est.)
February 8, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Announcement
  4. Leadership
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Heartland Express Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Heartland Express Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.83 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.1 ~$0.4–$1.2 Left out: out of range vs price (0.10x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$7.0 ~$6.4–$10 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$4.5 ~$2.9–$6.7 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$2.2 ~$1.9–$2.5 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$6.1 ~$7.1–$21 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$1.0 ~$1.0–$2.0 Left out: out of range vs price (0.10x)
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$4.8 ~$2.2–$7.0 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Heartland Express Inc with Cargo Ground Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$15.62$18.77$21.59$17.00$19.63$16.95$16.29$14.94$13.96$11.06$8.98$10.56
Market value$1.4bn$1.6bn$1.8bn$1.4bn$1.6bn$1.4bn$1.3bn$1.2bn$1.1bn$871m$700m$818m
+ Net debt (− = net cash)−$33m−$129m−$58m−$161m−$77m−$114m−$158m$364m$272m$188m$141m$73m
Enterprise value$1.3bn$1.4bn$1.7bn$1.2bn$1.5bn$1.3bn$1.1bn$1.5bn$1.4bn$1.1bn$841m$891m
Multiples
Price / sales 1.8x2.6x3.0x2.3x2.7x2.1x2.1x1.2x0.9x0.8x0.9x1.1x
Price / earnings 18.6x27.7x23.9x19.3x22.1x19.5x16.4x8.8x74.7x———
Price / free cash flow —22.4x—————34.6x—25.0x——
EV / EBITDA 5.8x7.5x10.4x6.5x7.9x6.2x5.4x4.8x5.7x6.6x8.3x7.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

48 /100

Moderate moat

How hard Heartland Express's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 15 / 20

    Net income has been a median 9.4% of total assets over 10 years.

  • Durability 3 / 20

    Operating margin has been a median 11.1%; its worst year was -3.6%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 3 of 10 years, at a median -2.2% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 3.9% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.14 +130% $720m −11%
Next $0.43 +202% $749m +4%

Next year's EPS estimate has moved −20.8% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +292.1% on 90 days ago. In the last 30 days, 0 analysts raised Heartland Express Inc's forecast and 3 cut it.

Consensus EPS forecast Heartland Express Inc, last 90 days
$0.00 $0.20 $0.40 $0.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.04 Current fiscal year, 60 days ago: $0.19 Current fiscal year, 30 days ago: $0.18 Current fiscal year, 7 days ago: $0.16 Current fiscal year, Now: $0.14 $0.14 Next fiscal year, 90 days ago: $0.55 Next fiscal year, 60 days ago: $0.50 Next fiscal year, 30 days ago: $0.50 Next fiscal year, 7 days ago: $0.48 Next fiscal year, Now: $0.43 $0.43

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.04$0.55
60 days ago $0.19$0.50
30 days ago $0.18$0.50
7 days ago $0.16$0.48
Now $0.14$0.43

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.03 $0.01 −67.5%
Jun 2026 −$0.01 $0.14 +2445.1%
Mar 2026 −$0.13 −$0.06 +53.1%
Dec 2025 −$0.08 −$0.06 +25.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026
  • total net capital expenditures remainder of 2026 $2m to $5m
    “For the remainder of 2026, we currently expect total net capital expenditures to be approximately $2 to $5 million and $9 to $13 million of total gains on disposal of property and equipment.” source
  • total gains on disposal of property and equipment remainder of 2026 $9m to $13m
    “For the remainder of 2026, we currently expect total net capital expenditures to be approximately $2 to $5 million and $9 to $13 million of total gains on disposal of property and equipment.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

6 analysts, Oct 2026
Buy00%
Hold467%
Sell233%

Monthly trend

  1. Oct 2026426
  2. Sep 20261326
  3. Aug 20261326
  4. Jul 20261326

Counts of recommendations published by analysts covering Heartland Express Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.5%
of tradable shares
Days to cover
4.51
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
51%
of shares
Held by insiders
51.5%
of shares
Employees
3,630
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +36.4%

$7.74 on October 31, 2025 to $10.56

ThenNowEffect
Revenue (last 12 months) $932m $736m −21.0%
Net margin 8.2% 10.4% +26.6%
P/E multiple 7.9x 10.7x +34.7%
Share count 78m 77m +1.2%

Biggest factor: p/e multiple.

Last 3 years −12.6%

$12.09 on November 3, 2023 to $10.56

ThenNowEffect
Revenue (last 12 months) $1.3bn $736m −41.8%
Net margin 6.1% 10.4% +71.9%
P/E multiple 12.5x 10.7x −14.3%
Share count 79m 77m +2.0%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HTLD−4%−8%−7%−21%−19%+18%
Industry peers (median)+38%−13%+16%−9%−12%+13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HTLD50%33%42%33%42%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HTLD−18%−24%−34%−30%−40%−38%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 70% from October 2, 2017 to November 20, 2025. Getting back needed a 230% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$7.03 – $16.17
From 52-week high
−34.7%
vs 50-day average
−7.9%
vs 200-day average
−14.0%
Volatility (1 year)
39%
Beta vs S&P 500
0.93

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±3.1%
After a week
4 up, 8 down
typical move ±4.6%
After a month
6 up, 5 down
typical move ±11.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 21, 2026 +0.2% −0.7% −0.8% —
August 5, 2026 −3.8% −0.4% −3.8% −3.3%
April 27, 2026 +4.1% −0.3% −4.1% +12.9%
February 9, 2026 +2.9% +0.2% +1.0% −15.1%
November 6, 2025 −1.2% −1.0% −1.6% +18.1%
July 29, 2025 −6.6% −0.4% −5.8% +2.0%
May 2, 2025 +4.7% +0.9% +14.8% +22.1%
February 3, 2025 −1.0% 0.0% −0.8% −12.4%
October 29, 2024 −3.0% −0.1% −4.4% +10.4%
July 26, 2024 −2.6% +1.2% −6.5% −6.7%
April 30, 2024 +4.4% −1.9% +9.8% +12.4%
February 2, 2024 −2.5% +0.7% +1.5% −8.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Heartland Express Inc in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Heartland Express Inc
$600M $800M $1B $1.2B $1.4B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.3B Revenue (TTM), FY23 Q4: $1.2B Revenue (TTM), FY24 Q1: $1.1B Revenue (TTM), FY24 Q2: $1.1B Revenue (TTM), FY24 Q3: $1.1B Revenue (TTM), FY24 Q4: $1B Revenue (TTM), FY25 Q1: $996.6M Revenue (TTM), FY25 Q2: $932.2M Revenue (TTM), FY25 Q3: $868.9M Revenue (TTM), FY25 Q4: $805.7M Revenue (TTM), FY26 Q1: $762.5M Revenue (TTM), FY26 Q2: $736.3M $736.3M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.3B
FY23 Q4 $1.2B
FY24 Q1 $1.1B
FY24 Q2 $1.1B
FY24 Q3 $1.1B
FY24 Q4 $1B
FY25 Q1 $996.6M
FY25 Q2 $932.2M
FY25 Q3 $868.9M
FY25 Q4 $805.7M
FY26 Q1 $762.5M
FY26 Q2 $736.3M
Revenue growth, TTM YoY Heartland Express Inc
-50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 69.1% Revenue growth, TTM YoY, FY23 Q4: 24.7% Revenue growth, TTM YoY, FY24 Q1: -0.1% Revenue growth, TTM YoY, FY24 Q2: -11.9% Revenue growth, TTM YoY, FY24 Q3: -16.1% Revenue growth, TTM YoY, FY24 Q4: -13.2% Revenue growth, TTM YoY, FY25 Q1: -13.1% Revenue growth, TTM YoY, FY25 Q2: -16.4% Revenue growth, TTM YoY, FY25 Q3: -19.6% Revenue growth, TTM YoY, FY25 Q4: -23.1% Revenue growth, TTM YoY, FY26 Q1: -23.5% Revenue growth, TTM YoY, FY26 Q2: -21.0% -21.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 69.1%
FY23 Q4 24.7%
FY24 Q1 -0.1%
FY24 Q2 -11.9%
FY24 Q3 -16.1%
FY24 Q4 -13.2%
FY25 Q1 -13.1%
FY25 Q2 -16.4%
FY25 Q3 -19.6%
FY25 Q4 -23.1%
FY26 Q1 -23.5%
FY26 Q2 -21.0%
Operating margin (TTM) Heartland Express Inc
-10% -5% 0% 5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 4.5% Operating margin (TTM), FY23 Q4: 3.5% Operating margin (TTM), FY24 Q1: 0.4% Operating margin (TTM), FY24 Q2: -1.0% Operating margin (TTM), FY24 Q3: -1.0% Operating margin (TTM), FY24 Q4: -1.9% Operating margin (TTM), FY25 Q1: -2.1% Operating margin (TTM), FY25 Q2: -3.6% Operating margin (TTM), FY25 Q3: -3.9% Operating margin (TTM), FY25 Q4: -7.1% Operating margin (TTM), FY26 Q1: -6.0% Operating margin (TTM), FY26 Q2: -2.3% -2.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 4.5%
FY23 Q4 3.5%
FY24 Q1 0.4%
FY24 Q2 -1.0%
FY24 Q3 -1.0%
FY24 Q4 -1.9%
FY25 Q1 -2.1%
FY25 Q2 -3.6%
FY25 Q3 -3.9%
FY25 Q4 -7.1%
FY26 Q1 -6.0%
FY26 Q2 -2.3%
FCF margin (TTM) Heartland Express Inc
-15% -10% -5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -3.0% FCF margin (TTM), FY23 Q4: -3.6% FCF margin (TTM), FY24 Q1: -3.6% FCF margin (TTM), FY24 Q2: 2.1% FCF margin (TTM), FY24 Q3: 8.3% FCF margin (TTM), FY24 Q4: 3.3% FCF margin (TTM), FY25 Q1: 1.1% FCF margin (TTM), FY25 Q2: -3.4% FCF margin (TTM), FY25 Q3: -7.8% FCF margin (TTM), FY25 Q4: -8.3% FCF margin (TTM), FY26 Q1: -8.4% FCF margin (TTM), FY26 Q2: -11.6% -11.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -3.0%
FY23 Q4 -3.6%
FY24 Q1 -3.6%
FY24 Q2 2.1%
FY24 Q3 8.3%
FY24 Q4 3.3%
FY25 Q1 1.1%
FY25 Q2 -3.4%
FY25 Q3 -7.8%
FY25 Q4 -8.3%
FY26 Q1 -8.4%
FY26 Q2 -11.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 460 500 529 546 582 871 736 613 607 611 597 645 607 968 1,207 1,048 806 736
EBITDA 138 153 164 153 182 241 228 191 167 191 195 204 210 321 241 161 102 127
Operating income 79 91 107 95 112 132 117 86 64 90 94 93 105 188 42 −20 −57 −17
Net income 57 62 70 62 71 85 73 56 75 73 73 71 79 134 15 −30 −52 —
Diluted EPS $0.62 $0.69 $0.78 $0.71 $0.83 $0.96 $0.84 $0.68 $0.90 $0.88 $0.89 $0.87 $1.00 $1.69 $0.19 −$0.38 −$0.67 —
Growth (year on year)
Revenue −26.5% +8.7% +5.8% +3.2% +6.7% +49.7% −15.5% −16.8% −0.9% +0.6% −2.3% +8.1% −5.9% +59.4% +24.7% −13.2% −23.1% −21.0%
EBITDA −4.4% +11.4% +7.2% −7.1% +19.1% +32.7% −5.4% −16.3% −12.4% +14.1% +2.1% +4.4% +2.9% +53.3% −24.9% −33.2% −36.9% −8.5%
Operating income −19.4% +15.8% +16.5% −10.9% +18.3% +17.4% −11.6% −26.6% −25.7% +41.3% +5.0% −0.9% +12.8% +78.7% −77.5% −147.7% — —
Net income −18.6% +9.2% +12.4% −12.0% +14.7% +20.2% −13.9% −22.8% +33.3% −3.3% +0.4% −3.0% +12.0% +68.5% −88.9% — — —
Diluted EPS — +11.3% +13.0% −9.0% +16.9% +15.7% −12.5% −19.0% +32.4% −2.2% +1.1% −2.2% +14.9% +69.0% −88.8% — — —
Margins
EBITDA margin 30.0% 30.7% 31.1% 28.0% 31.2% 27.7% 31.0% 31.2% 27.6% 31.3% 32.7% 31.6% 34.5% 33.2% 20.0% 15.4% 12.6% 17.2%
Operating margin 17.2% 18.3% 20.2% 17.4% 19.3% 15.1% 15.8% 14.0% 10.5% 14.7% 15.8% 14.5% 17.4% 19.5% 3.5% −1.9% −7.1% −2.3%
Net margin 12.4% 12.5% 13.2% 11.3% 12.1% 9.7% 9.9% 9.2% 12.4% 11.9% 12.2% 11.0% 13.1% 13.8% 1.2% −2.8% −6.5% —
Free-cash-flow margin 4.8% 16.8% −5.1% 6.5% −4.1% −3.7% −3.6% 11.4% −12.3% −3.7% −2.9% −3.9% −1.5% 3.5% −3.6% 3.3% −8.3% −11.6%
Cash flow
Cash from operations 101 99 99 102 111 172 190 156 110 147 146 179 123 195 165 144 89 78
Capital spending 79 15 126 67 135 205 217 86 184 169 164 204 133 161 209 110 156 164
Free cash flow 22 84 −27 35 −24 −33 −27 70 −75 −23 −17 −25 −9 34 −43 35 −67 −86
Stock-based pay 0 0 0 2 1 1 1 1 1 1 2 2 1 1 2 1 2 2
Free cash flow after stock pay 22 84 −27 33 −25 −34 −28 68 −75 −23 −20 −28 −10 33 −45 34 −69 −88
Balance sheet
Cash 52 121 140 120 18 17 33 129 75 161 77 114 158 49 28 13 18 62
Total debt 0 0 0 0 75 25 0 0 17 0 0 0 0 413 300 201 160 135
Net debt (negative = net cash) −52 −121 −140 −120 57 7 −33 −129 −58 −161 −77 −114 −158 364 272 188 141 73
Diluted shares 91,131m 91m 90m 86m 85m 88m 87m 83m 83m 82m 82m 81m 80m 79m 79m 79m 78m 77m
Returned to shareholders
Dividends 7 7 7 7 7 7 7 7 7 7 7 7 46 6 6 6 6 6
Buybacks 45 0 56 24 0 0 74 15 0 25 0 26 32 0 0 7 10 —
Total returned 53 7 63 31 7 7 81 21 7 32 7 32 78 6 6 14 17 6

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $1.2bn
Short-term assets $186mLonger-term assets $989m
What it owes, and who funded it · $874m
Short-term liabilities $117mShareholders' equity $756m
  • Short-term assets cover short-term liabilities $186m of assets due within a year against $117m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $62m of cash against $135m of debt.
  • Debt below 40% of shareholders' equity Debt is 18% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 0% to 18% over five years.
  • A year's operating cash flow covers at least 20% of debt $78m of operating cash flow against $135m of debt.
  • Operating profit covers interest at least five times over Operating income of −$17m against $10m of interest.

From Heartland Express Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$6.2M
Buybacks, last 3 fiscal years
$17.7M
Diluted share count
−1.2%
year over year
Total shareholder yield
0.8%
dividends 0.8% + buybacks 0.0% of market value
Dividend payout ratio
8%
of net income paid out
Days sales outstanding
38 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in cargo ground transportation
Last 12 months unless stated HTLD MRTN PAMT SFWL CVLG ULH Median
Revenue, last 12 months $736m $858m $598m $572m $1.2bn $1.5bn $3.5bn
Revenue growth, last 12 months −21.0% −6.9% −8.8% 13.6% 8.3% −8.3% 7.0%
Revenue growth, 3-year average −16.5% −11.3% −13.4% — 2.4% −5.5% −0.8%
Revenue growth, latest quarter −12.5% −2.8% 8.9% — 9.9% −3.7% 10.4%
Operating margin −2.3% 1.8% −9.1% 2.9% −0.1% −3.3% 3.2%
Operating margin, 3-year average −2.3% 3.3% −5.6% — 2.7% 4.9% 3.4%
Net margin 12.5% 1.5% −7.1% 2.1% 0.3% −6.0% 3.0%
Cash from operations / revenue 10.7% 9.9% −2.8% 2.8% 6.9% 9.6% 9.9%
Free-cash-flow margin −11.6% −1.8% −9.7% −0.5% −3.1% 2.4% 3.0%
Free-cash-flow margin, 3-year average −4.3% 0.9% −6.2% — −5.1% −3.5% 0.9%
Stock pay / revenue 0.3% 0.2% 0.1% — 0.2% 0.1% 0.3%
Change in share count −1.2% 0.1% −2.9% 2.3% −4.6% −0.0% −1.5%

Median of all 19 companies we cover in cargo ground transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

19 cargo ground transportation companies
Measure Company Peer median Rank
Revenue growth Growth -21.0% 7.0% 19 of 19
Change in growth rate Growth +2.5pp +3.0pp 13 of 19
Operating margin Profitability -2.3% 3.4% 16 of 18
Free-cash-flow margin Cash generation -11.6% 3.0% 18 of 19
Stock pay as % of revenue Cash generation 0.3% 0.3% 8 of 15
Long-term debt as % of assets Balance sheet 11.5% 11.5% 9 of 17
Change in share count Balance sheet -1.2% -1.5% 11 of 18
Days sales outstanding Balance sheet 38 days 49 days 2 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$578M
Institutions reporting
198
Shares held vs prior quarter
▲ 3.3%
Positions opened / closed
41 / 21

Top buyers and sellers, Q2 2026: 93 institutions bought and 81 sold ; the biggest buyer was Arrowstreet Capital, Limited Partnership (+786K shares) and the biggest seller Gate City Capital Management, LLC (−1.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $105M 6.9M 18.1% ▲ 1.1%
Dimensional Fund Advisors LP $60.9M 4.0M 10.6% ▲ 3.4%
Vanguard Capital Management LLC $31.5M 2.1M 5.4% ▼ 7.8%
State Street Corp $30.2M 2.0M 5.2% ▼ 4.2%
American Century Companies Inc $26.4M 1.7M 4.6% ▼ 5.2%
Arrowstreet Capital, Limited Partnership $20.9M 1.4M 3.6% ▲ 133.4%
Two Sigma Investments, LP $20.9M 1.4M 3.6% ▼ 4.8%
Geode Capital Management, LLC $17.9M 1.2M 3.1% ▼ 0.8%
Ameriprise Financial Inc $16.7M 1.1M 2.9% ▲ 11.4%
Charles Schwab Investment Management Inc $14.8M 974K 2.6% ▼ 10.7%
Wallace Capital Management Inc. $14.7M 965K 2.5% ▼ 0.6%
Vanguard Portfolio Management LLC $12.5M 819K 2.2% ▲ 1.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Heartland Express Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Heartland Express Inc disclosed in the last 12 months; 3 earlier trades on record.

  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded July 26, 2024, filed August 15, 2024
  • Josh Gottheimer(D-NJ 5):Sale (partial), $1,001 - $15,000, traded November 4, 2021, filed December 13, 2021
  • Gilbert Ray Cisneros, Jr.(D-CA 39):Purchase, $1,001 - $15,000, traded March 31, 2020, filed April 16, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 8, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • August 5, 2026
  • April 27, 2026
  • February 9, 2026
  • November 6, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on Heartland Express Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Heartland Express Inc in brief

What does Heartland Express Inc do?
Heartland Express Inc is a US-listed company in the cargo ground transportation industry. Its financial year ends in December.
What is Heartland Express Inc's stock ticker?
Heartland Express Inc trades under the ticker HTLD on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Heartland Express Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Heartland Express Inc reported revenue of $736M, 21.0% lower than a year earlier, according to its SEC filings.
What is Heartland Express Inc's free cash flow?
Heartland Express Inc's free-cash-flow margin is -11.6% of revenue over the trailing twelve months, ranking 18 of the 19 cargo ground transportation companies we cover.
Who are Heartland Express Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dimensional Fund Advisors LP and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Heartland Express Inc's market cap?
On November 2, 2026, Heartland Express Inc's market capitalisation was about $818M and net debt of $72.5M. Market figures come from third-party market data and may be delayed.
Does Heartland Express Inc pay a dividend?
Yes: Heartland Express Inc paid $6.2M in dividends over the trailing twelve months, a dividend yield of 0.75% and a payout ratio of 8.0%.
How much debt does Heartland Express Inc have?
Heartland Express Inc's debt-to-equity ratio is 17.8%, from its latest balance sheet (0.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Heartland Express Inc's competitors?
In our Cargo Ground Transportation peer group, the companies closest to Heartland Express Inc are Marten Transport LTD, Pamt Corp, Shengfeng Development Ltd, Covenant Logistics Group, Inc. and Universal Logistics Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Heartland Express Inc's.
When is Heartland Express Inc's next earnings date?
Around February 8, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Heartland Express Inc announces its own schedule.