Heartland Express, Inc.
- Open
- 15.38
- Day high
- 15.50
- Day low
- 15.06
- Prev close
- 15.39
- Volume
- 622K
- Mkt cap
- $1.2B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.6
- P/S
- 1.5
- Yield
- 0.53%
- Per share
- $0.08
- ▼Insiders net selling -$461K over the last 3 months (1 open-market buy, 1 sale)
- 🏛Institutions accumulating (13F)
Heartland Express, Inc. (HTLD) is a Industrials company listed on NASDAQ. The stock is up 79% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 1 sale (SEC Form 4).
Heartland Express, Inc. (HTLD) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HTLD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $-0.13 | $-0.06 | +53.8% | $176M | +0.6% |
| Feb 3, 2026 | $-0.07 | $-0.06 | +14.3% | $179M | +1.2% |
| Oct 31, 2025 | $-0.11 | $-0.11 | +0.0% | $197M | +1.0% |
| Jul 24, 2025 | $-0.08 | $-0.14 | -75.0% | $210M | -1.0% |
| Apr 30, 2025 | $-0.13 | $-0.18 | -38.5% | $219M | -17.4% |
| Jan 28, 2025 | $-0.04 | $-0.02 | +50.0% | $243M | -4.7% |
| Jul 23, 2024 | $-0.03 | $-0.04 | -34.8% | $275M | -0.2% |
| Jan 31, 2024 | $-0.08 | $0.06 | +175.0% | $275M | -6.3% |
| Oct 26, 2023 | $0.07 | $-0.14 | -300.0% | $295M | -0.7% |
| Apr 27, 2023 | $0.16 | $0.17 | +6.3% | $331M | +2.1% |
| Feb 3, 2023 | $0.29 | $0.21 | -27.6% | $355M | +5.3% |
| Nov 2, 2022 | $0.31 | $0.33 | +6.5% | $274M | +15.1% |
HTLD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 17, 2026 | Millis David Pauldirector | Sell | 31,402 | $15.67 |
| Jun 12, 2026 | SPALDING DAVID Pdirector | Buy | 2,000 | $15.69 |
| May 18, 2026 | Helmich Joshua Stefanofficer: CAO and Secretary | Tax | 167 | $13.30 |
| May 18, 2026 | Strain Christopher Alanofficer: Vice President/CFO/Treasurer | Grant | 500 | — |
| May 18, 2026 | Rigdon Kent Darylofficer: Chief Operating Officer | Grant | 500 | — |
| May 18, 2026 | Rigdon Kent Darylofficer: Chief Operating Officer | Tax | 167 | $13.30 |
| May 18, 2026 | EICKMAN KRIS ERICofficer: VP of Information Technology | Grant | 500 | — |
| May 18, 2026 | EICKMAN KRIS ERICofficer: VP of Information Technology | Tax | 167 | $13.30 |
| May 18, 2026 | Ann S. Gerdin Revocable Trust10 percent owner, other: Co-Trustee of 10% Owner | Grant | 500 | — |
| May 18, 2026 | Helmich Joshua Stefanofficer: CAO and Secretary | Grant | 500 | — |
| Apr 24, 2026 | Millis David Pauldirector, officer: President of Millis Transfer | Grant | 2,866 | — |
| Apr 24, 2026 | Millis David Pauldirector, officer: President of Millis Transfer | Tax | 746 | $13.03 |
| Apr 24, 2026 | Millis David Pauldirector, officer: President of Millis Transfer | Grant | 2,000 | — |
| Apr 24, 2026 | Millis David Pauldirector, officer: President of Millis Transfer | Tax | 1,069 | $11.58 |
| Oct 24, 2025 | Millis David Pauldirector, officer: President of Millis Transfer | Grant | 11,947 | — |
Source: HTLD SEC Form 4 filings, latest Jun 17, 2026. For informational purposes only — not investment advice.
See the full HTLD insider & 13F page →Heartland Express, Inc. company profile
Overview
Heartland Express, Inc. (NASDAQ:HTLD) is a long-haul trucking company founded in 1978 and headquartered in North Liberty, Iowa. The company went public in 1986 and has operated for over four decades as a major player in the North American freight transportation industry. Heartland provides asset-based truckload services across the United States and Canada, operating under both the Heartland Express and Millis Transfer brand names. The company has built its reputation on reliable dry van and temperature-controlled freight services, serving major retailers and manufacturers across various industries.
Business
Heartland Express operates in the trucking industry, which forms the backbone of North American freight transportation. The trucking industry is responsible for moving approximately 70% of all freight tonnage in the United States, making it essential to the supply chain that connects manufacturers, distributors, and retailers. The company provides asset-based truckload services, meaning it owns and operates its own fleet of trucks and trailers rather than brokering loads to independent contractors. This approach gives Heartland direct control over service quality, scheduling, and equipment maintenance. The company specializes in short-to-medium haul routes, typically covering distances that can be completed within regional corridors rather than coast-to-coast runs. Heartland's core services include two main offerings. Dry van truckload service represents the majority of its business, involving the transportation of non-perishable goods in standard enclosed trailers. This service covers routes from Washington to Florida and New England to California, providing comprehensive coverage across the continental United States. The company also offers temperature-controlled truckload services, which involves specialized refrigerated trailers for transporting perishable goods that require specific temperature conditions during transit. The company primarily serves retailers and manufacturers in several key industries including consumer goods, appliances, food products, and automotive sectors. These customers typically require reliable, scheduled freight services to maintain their supply chains and meet delivery commitments to their own customers or retail locations.
Revenue model
Heartland Express generates revenue through freight transportation services charged on a per-load or per-mile basis. The company's customers - primarily large retailers and manufacturers - pay for the transportation of their goods between specified pickup and delivery locations. Revenue is typically calculated based on factors including distance traveled, type of freight, urgency of delivery, and current market rates for trucking services. The company's asset-based model means it invests heavily in trucks, trailers, and maintenance facilities, but retains full control over pricing and service delivery. This contrasts with asset-light freight brokers who arrange transportation through third-party carriers. Heartland's paying customers include major corporations in consumer goods, appliances, food products, and automotive industries who require reliable freight capacity. Several factors significantly impact Heartland's profitability margins. Fuel costs represent a major expense that fluctuates with oil prices, though the company typically passes fuel surcharges to customers with some lag time. Driver wages and availability critically affect operations, as the trucking industry faces chronic driver shortages that drive up compensation costs. Equipment utilization rates directly impact profitability - trucks generating revenue while moving loaded trailers versus sitting idle or running empty. Freight demand cycles influence pricing power, with strong economic periods allowing higher rates while recessions pressure margins. Regulatory compliance costs including safety requirements, electronic logging devices, and emissions standards create ongoing expense pressures. Insurance and maintenance costs for the vehicle fleet represent significant fixed expenses that must be managed efficiently to maintain margins.
Competitive moat
Heartland Express operates in the highly competitive and fragmented trucking industry, which presents limited opportunities for sustainable competitive advantages. The company's primary moat comes from its operational efficiency and service reliability, built over decades of experience in route optimization, fleet management, and customer relationships. Its asset-based model provides some advantages in service control and customer relationships compared to brokers, but this comes at the cost of higher capital requirements and fixed expenses. The company's established customer relationships with major retailers and manufacturers provide some stability, as these customers value reliable service providers who can meet their scheduling and quality requirements. However, these relationships are not exclusive and customers regularly bid out freight contracts to multiple carriers. Heartland's moat is relatively weak compared to companies in other industries. The trucking industry has low barriers to entry for new competitors, and freight transportation is largely a commodity service where price often determines contract awards. Technological disruption poses a significant long-term threat, particularly from autonomous trucking technology that could dramatically reduce labor costs for competitors who adopt it early. Economic cyclicality creates periods where excess capacity drives down pricing across the industry. Large competitors with greater scale advantages, such as major logistics companies and railroads expanding into trucking, can pressure smaller players like Heartland. The company's regional focus, while providing operational efficiency, also limits its growth opportunities compared to national carriers.
Risks & safety
Heartland Express presents moderate financial risk with concerning recent performance trends. • Cash and liquidity: $23.9 million cash with $2.3 million free cash flow in Q1 2025, down from stronger historical levels • Debt levels: Debt-to-equity ratio of 0.25, indicating conservative leverage but still meaningful obligations given recent losses • Profitability concerns: Net losses in recent quarters (-$13.9 million Q1 2025, -$29.7 million full year 2024) versus $133.6 million profit in 2022 • Valuation metrics: Trading at 0.90 price-to-book ratio, suggesting potential undervaluation, but negative earnings make P/E ratios meaningless • Current ratio: 0.90 indicates potential short-term liquidity pressure with current liabilities exceeding current assets • Asset base: $1.34 billion in total assets provides substantial backing, though asset values depend on used truck market conditions • Cyclical risk: Operating in highly cyclical industry during apparent downturn phase
Recent development
Based on the financial data spanning 2022-2025, Heartland Express has experienced significant challenges following a strong 2022 performance. The company earned $133.6 million in 2022 but has since struggled with profitability, posting losses in 2024 and continuing into 2025. This deterioration appears linked to broader trucking industry challenges including oversupply of capacity, reduced freight demand, and margin compression. The company's revenue has declined from $968 million in 2022 to $1.05 billion in 2024, with the 2024 figure representing a decline from 2023's $1.21 billion. This suggests Heartland has faced pricing pressure and potentially lost market share during the industry downturn. The company's EBITDA margins have compressed significantly, falling from healthy levels in 2022 to much lower margins in recent periods. Without detailed earnings call transcripts, specific strategic initiatives are not available, but the financial performance suggests the company is navigating through a challenging cycle in the trucking industry. The asset-heavy nature of the business means that during downturns, high fixed costs for equipment, insurance, and maintenance continue even as revenue and pricing power decline.
HTLD company profile · for informational purposes only — not investment advice.
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