Covenant Logistics Group, Inc. (CVLG) Earnings
Covenant Logistics Group, Inc. is expected to report next earnings on July 22, 2026 (in NaN days), with a consensus EPS estimate of $0.42. CVLG has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +6.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 24, 2026 | $0.35 | $0.26 | -25.7% | $307M | +6.6% |
| Jan 22, 2026 | $0.34 | $0.49 | +44.1% | $295M | +0.8% |
| Oct 22, 2025 | $0.45 | $0.44 | -2.2% | $297M | +5.1% |
| Jul 23, 2025 | $0.41 | $0.45 | +9.8% | $303M | +7.4% |
| Apr 23, 2025 | $0.32 | $0.32 | +0.0% | $269M | -6.6% |
| Jan 24, 2025 | $0.49 | $0.49 | -0.5% | $277M | -2.0% |
| Oct 23, 2024 | $0.54 | $0.55 | +1.9% | $288M | -4.0% |
| Jul 24, 2024 | $0.48 | $0.52 | +8.3% | $287M | -1.8% |
| Jan 23, 2024 | $0.53 | $0.54 | +1.9% | $274M | +0.1% |
| Oct 25, 2023 | $0.56 | $0.57 | +1.8% | $289M | -0.3% |
| Jul 26, 2023 | $0.43 | $0.54 | +25.6% | $274M | +1.5% |
| Apr 27, 2023 | $0.39 | $0.47 | +20.5% | $267M | +3.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 24, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• First quarter included worst and best months in three years, trajectory positive into April, change in market structural. • Expedited segment negatively impacted by weather and fuel costs, but rates and volumes improving. • New business pipeline for committed truckload capacity strengthened. • Revenue trends strong in first three weeks of April. • Reduction in net indebtedness due to selling used equipment and buying little new equipment. • Average age of tractors increased, consistent with fleet changes. • Return on average invested capital 5% vs 7.6% prior year
Guidance
• 2026 expected to be transition year with sequential financial improvement. • First quarter secured rate and lane improvements, trend to continue. • First quarter activity to show up in subsequent quarters. • Expect improved cash flow and disciplined capital allocation to reduce leverage ratio over time
Segment performance
Consolidated freight revenue increased by 15.9% or approximately $38.7 million to $281.9 million. Consolidated adjusted operating income shrank by 11.5% to $9.6 million. Expedited segment: adjusted operating ratio 99.1, impacted by severe weather and fuel costs; expects sequential improvement. Dedicated segment: adjusted operating ratio 95.5, improvement from prior year, goal to restore double-digit margin. Managed freight: grew revenue and adjusted operating income, but cost to secure brokerage capacity elevated. Warehouse segment: freight revenue grew 14.6%, adjusted operating income declined slightly due to startup costs. Minority investment in TEL contributed pre-tax net income $3.7 million vs $3.8 million prior year
Risks & headwinds
• Leverage ratio may increase modestly in next couple of quarters depending on equipment deliveries and used equipment prices. • Severe weather and fuel costs could continue to impact expedited segment. • Cost to secure quality brokerage capacity remains elevated for managed freight. • Startup costs and operational inefficiencies could affect warehouse segment's adjusted operating margin
Analyst Q&A
Q: What's going on in the poultry market and DOD business?
A: Dedicated business pipeline strong for poultry and non-poultry, dedicated rate increases going well; DOD business in expedited is rolling better.
Q: Are you having peak season discussions?
A: Not talking about peak yet, but seeing capacity constraints like peak in some markets, more discussions on dedicated team capacity.
Q: How to think about driver pay increases?
A: Targeted driver pay discussions ongoing, mid-single digits likely, possibly high single digits if hot.
Q: What excites about direction?
A: More excited than in 48 months, industry turning around, manufacturing kicking in, DOT taking out bad drivers.
Q: How much rate increases net on margins?
A: Driver pay increase is part of cost, expect multiple rounds of rate increases, likely net 60-70% of bottom line.
Q: Section 232 tariffs on trucks?
A: Pricing for next year has $7,000 - $10,000 cost increase, new stuff prices to continue up.
Q: Delilah Law and tort reform in Washington?
A: Tort reform has 25% chance, DOT working on taking out bad drivers, LTL volume starting to improve.
Q: Near-term thoughts on businesses Q2, Q3?
A: Second quarter to be better than first, third quarter better than second