Heartland Express
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Heartland Express (HTLD) investor relations material

Heartland Express Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary9 Feb, 2026

Executive summary

  • Reported a net loss of $19.4 million for Q4 2025 and $52.5 million for the full year, reflecting ongoing freight market weakness and a $19.0 million trade name impairment charge in Q4.

  • Operating revenue was $179.4 million for Q4 2025 (down from $242.6 million YoY) and $805.7 million for the year (down 23.1% YoY).

  • Strategic initiatives included unifying CFI and Heartland Express fleets, aligning technology, and optimizing the network to improve efficiency.

Financial highlights

  • Q4 2025 net loss: $19.4 million; basic loss per share: $0.25.

  • FY 2025 net loss: $52.5 million; basic loss per share: $0.67.

  • Q4 2025 operating ratio: 112.7% (101.6% adjusted); FY 2025: 107.1% (104.7% adjusted).

  • Operating cash flows were $89.3 million for FY 2025 (11.1% of revenue).

  • $23.4 million gain on sales of property and equipment in 2025.

Outlook and guidance

  • Management expects operational improvements from recent investments and fleet unification to benefit results in 2026 and beyond.

  • No meaningful freight market recovery anticipated until later in 2026, but early positive trends in customer volume and rates are emerging.

  • Long-term goals remain: low to mid-80s operating ratio, profitable revenue growth, and a debt-free balance sheet by 2027.

Reason for CFI trade name impairment
When is meaningful market improvement expected?
What is the target operating ratio?
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Frequently asked questions

Heartland Express Inc. is a U.S.-based transportation and logistics company that provides truckload services across North America. The company specializes in short-to-medium haul routes, offering dry van truckload shipping primarily for retail, manufacturing, and consumer goods industries. Heartland Express focuses on delivering efficient and reliable transportation services with an emphasis on safety, customer service, and maintaining a modern, fuel-efficient fleet. The company is headquartered in North Liberty, Iowa, and its shares are listed on the Nasdaq.

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