Covenant Logistics
Asset-based truckload and asset-light freight services across the continental US.
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Profile
Operates four segments — Expedited, Dedicated, Managed Freight, and Warehousing — covering team-driver transcontinental lanes, contract carriage, freight brokerage, and contract warehouse management. Parker-family supervoting shares retain founder control.
Runs four service lines from Chattanooga: Expedited (team-driver truckload for time-sensitive freight on transcontinental and long-haul lanes), Dedicated (committed contract capacity for individual customers, built out through the 2018 Landair and 2023 Lew Thompson acquisitions), Managed Freight (brokerage and transportation-management services, expanded in late 2025 by the addition of Star Logistics Solutions), and Warehousing (contract warehouse management in a footprint inherited from Landair).
All freight moves within the continental United States. Expedited and Dedicated are asset-based; Managed Freight and Warehousing are asset-light. The Dedicated segment carries a geographic concentration in the South through live-haul poultry lanes originated by Lew Thompson.
The business depends on the US truckload freight cycle, driver availability, diesel fuel pricing passed through in fuel surcharges, insurance cost trends including nuclear-verdict exposure, and Parker-family Class B supervoting control that concentrates governance with the founders.
Company facts
Categories
Key statistics
Year to date +57.1% · Average volume (30d) 210.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Target |
|---|---|---|---|---|
| Aug 19, 2026 | Robert W. Baird | Target | $50 | |
| Jul 31, 2026 | Stephens | Target | $54 | |
| Jul 15, 2026 | Citigroup | Initiate | Outperform | |
| Jul 15, 2026 | National Bank | Target | $60 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.43 | $0.42 | −1.2% | $334.4M | $332.9M | −0.4% | −11.20% |
| Apr 23, 2026Q1 FY26 | $0.35 | $0.26 | −25.7% | $288.3M | $307.2M | +6.6% | +9.23% |
| Jan 22, 2026Q4 FY25 | $0.34 | $0.31 | −8.8% | $293.0M | $295.4M | +0.8% | −1.77% |
| Oct 22, 2025Q3 FY25 | $0.45 | $0.44 | −2.2% | $282.4M | $296.9M | +5.1% | −8.78% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $269.4M | $302.9M | $296.9M | $295.4M | $307.2M | $332.9M | |
| Gross profit | $41.9M | $48.7M | $42.4M | $36.9M | $25.8M | $26.4M | |
| Operating income | $7.6M | $11.6M | $7.9M | −$6.8M | $6.6M | $9.1M | |
| Net income | $6.6M | $9.8M | $9.1M | −$18.3M | $4.4M | $8.5M | |
| Diluted EPS | $0.24 | $0.36 | $0.34 | −$0.73 | $0.17 | $0.32 | |
| Gross margin | 15.6% | 16.1% | 14.3% | 12.5% | 8.4% | 7.9% | |
| Operating margin | 2.8% | 3.8% | 2.7% | -2.3% | 2.2% | 2.7% |
Fiscal years (4-quarter sums)FY21 $1.05B · FY22 $1.22B · FY23 $1.10B · FY24 $1.13B · FY25 $1.16B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $289.7M · Total debt $324.4M · Total assets $1.01B · Shareholders' equity $412.9M
Dividends
Raised for 3 straight years — most recently to $0.07 from $0.055 split-adjusted in Mar 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 5, 2026 | Jun 5 | Jun 26 | $0.07 | |
| Mar 6, 2026 | Mar 6 | Mar 27 | $0.07 | |
| Dec 5, 2025 | Dec 5 | Dec 26 | $0.07 | |
| Sep 5, 2025 | Sep 5 | Sep 26 | $0.07 | |
| Jun 6, 2025 | Jun 6 | Jun 27 | $0.07 | |
| Mar 7, 2025 | Mar 7 | Mar 28 | $0.07 | raised from $0.055 split-adjusted |
| Dec 6, 2024 | Dec 6 | Dec 27 | $0.11 | |
| Sep 6, 2024 | Sep 6 | Sep 27 | $0.11 |
Ownership
Shares outstanding 25.16M · Float 15.12M · 60.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 2.03M | 8.07% | 13F | Aug 7, 2026 |
| Dimensional Fund Advisors LP | 1.34M | 5.32% | 13F | Aug 11, 2026 |
| T. Rowe Price Investment Management, Inc. | 1.05M | 4.19% | 13F | Aug 14, 2026 |
| American Century Companies Inc | 859.6K | 3.42% | 13F | Aug 12, 2026 |
| Vanguard Capital Management LLC | 677.4K | 2.69% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 1, 2026 | Joey Ballard | officer: EVP, Chief People & Safety Off | −4,000 | $40.15 |
| May 26, 2026 | Joey Ballard | officer: EVP, Chief People & Safety Off | −3,718 | $38.00 |
| May 22, 2026 | Joey Ballard | officer: EVP, Chief People & Safety Off | −4,282 | $37.40 |
| May 27, 2026 | Joey B. Hogan | director | −12,800 | $39.18 |
| Apr 29, 2026 | D. Michael Kramer | director | −2,650 | $34.72 |
Peers
- Knight-Swift Transportation
Largest US truckload carrier with TL, LTL, logistics, and intermodal businesses.
- J.B. Hunt
Multimodal carrier with dominant dedicated contract and intermodal scale.
- Werner Enterprises
Top-5 US truckload carrier weighted heavily toward dedicated contract carriage.
- Schneider National
Multimodal carrier with truckload, intermodal, and brokerage at $5B scale.
- C.H. Robinson Worldwide
World's largest non-asset freight broker and 3PL by network scale.
- Hub Group
Intermodal-led supply chain provider with brokerage and managed logistics.
- Landstar System
Asset-light freight broker and 3PL operating through independent agents.
- Heartland Express
Asset-based dry van TL carrier focused on short-to-medium haul nationwide.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Covenant Logistics | $34.98 | −0.14% | $880.0M | 349.8 | 16.0 | 0.7 | +9.9% |
| Knight-Swift Transportation | $67.00 | −0.36% | $10.94B | 260.3 | 20.7 | 1.4 | +12.6% |
| J.B. Hunt | $261.03 | −0.02% | $24.51B | 37.0 | 29.5 | 1.9 | +19.4% |
| Werner Enterprises | $38.42 | +0.03% | $2.30B | — | 22.2 | 0.7 | +24.0% |
| Schneider National | $34.44 | −0.04% | $6.03B | 53.8 | 25.6 | 1.0 | +10.4% |
| C.H. Robinson Worldwide | $150.39 | −0.03% | $17.73B | 28.7 | 21.9 | 1.0 | +19.3% |
| Hub Group | $39.61 | −0.01% | $2.40B | 29.5 | 37.0 | 0.9 | −1.0% |
| Landstar System | $192.28 | +6.81% | $6.11B | 46.6 | 26.4 | 1.2 | +18.2% |
| Heartland Express | $12.18 | −0.04% | $943.8M | — | 39.8 | 1.3 | −12.5% |
| Median | 41.8 | 26.0 | 1.1 | +15.4% |