Heartland Express
Moves freight through a regional dry van truckload network for major U.S. shippers.
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Profile
Runs asset-based dry van truckload service for major U.S. shippers, with smaller temperature-controlled and Mexico cross-border work. Revenue is managed as one reportable segment, shaped by regional terminal density, freight demand, acquisition integration, and third-party Mexico execution.
Provides asset-based dry van truckload service for major shippers across the United States. Smaller offerings include temperature-controlled truckload and Mexico cross-border logistics, where third-party partnerships handle the non-U.S. execution.
Operates through Heartland Express, Millis Transfer, and Smith Transport brands, with CFI's U.S. operations integrated into Heartland Express. The network is built around regional terminal density, supporting customer service, driver home time, and equipment service rather than a purely brokerage model.
Reports as one operating segment, so service lines are managed through a combined transportation business. Results depend on freight demand, workforce sizing, acquisition integration, insurance/self-insured retentions, and Mexico carrier partnerships.
Company facts
Categories
Key statistics
Year to date +33.2% · Average volume (30d) 756.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | Barclays | Reiterate | Underweight | $14 | $12 | |
| Aug 6, 2026 | UBS | Reiterate | Neutral | $12 | $13 | |
| Jul 6, 2026 | Morgan Stanley | Reiterate | Equal Weight | $12 | $13 | |
| May 8, 2026 | Morgan Stanley | Target | $9 | $12 | ||
| Apr 24, 2026 | UBS | Reiterate | Neutral | $11 | $12 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.00 | $0.14 | — | $185.1M | $184.1M | −0.5% | −2.00% |
| Apr 23, 2026Q1 FY26 | −$0.13 | −$0.06 | +53.8% | $175.2M | $176.3M | +0.6% | +8.40% |
| Feb 3, 2026Q4 FY25 | −$0.07 | −$0.06 | +14.3% | $192.1M | $179.4M | −6.6% | +6.32% |
| Oct 31, 2025Q3 FY25 | −$0.11 | −$0.11 | 0.0% | $194.5M | $196.5M | +1.0% | −1.15% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $219.4M | $210.4M | $196.5M | $179.4M | $176.3M | $184.1M | |
| Gross profit | $15.1M | $17.3M | $18.8M | $16.4M | $16.9M | $3.0M | |
| Operating income | −$16.7M | −$15.2M | −$13.9M | −$16.0M | −$10.6M | −$8.5M | |
| Net income | −$13.9M | −$10.9M | −$8.3M | −$19.4M | −$4.8M | $10.6M | |
| Diluted EPS | −$0.18 | −$0.14 | −$0.11 | −$0.25 | −$0.06 | $0.14 | |
| Gross margin | 6.9% | 8.2% | 9.6% | 9.1% | 9.6% | 1.6% | |
| Operating margin | -7.6% | -7.2% | -7.1% | -8.9% | -6.0% | -4.6% |
Fiscal years (4-quarter sums)FY21 $607.3M · FY22 $968.0M · FY23 $1.21B · FY24 $1.05B · FY25 $805.7M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $62.4M · Total debt $146.4M · Total assets $1.17B · Shareholders' equity $756.3M
Dividends
Raised for 21 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 23, 2026 | Jun 23 | Jul 6 | $0.02 | |
| Mar 24, 2026 | Mar 24 | Apr 3 | $0.02 | |
| Dec 26, 2025 | Dec 26 | Jan 7 | $0.02 | |
| Sep 23, 2025 | Sep 23 | Oct 3 | $0.02 | |
| Jun 23, 2025 | Jun 23 | Jul 3 | $0.02 | |
| Mar 25, 2025 | Mar 25 | Apr 4 | $0.02 | |
| Dec 27, 2024 | Dec 27 | Jan 8 | $0.02 | |
| Sep 27, 2024 | Sep 27 | Oct 7 | $0.02 |
Ownership
Shares outstanding 77.49M · Float 46.79M · 60.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Ann S. Gerdin Revocable Trust · 10 percent owner, other: Co-Trustee of 10% Owner | 8.95M | 11.55% | Form 4 | May 21, 2026 |
| Michael J. Gerdin · director, 10 percent owner, officer, other: Chief Executive Officer | 8.94M | 11.54% | Form 4 | May 21, 2026 |
| BlackRock, Inc. | 6.87M | 8.86% | 13F | Aug 7, 2026 |
| Gerdin Ann S | 6.40M | 8.30% | 13G | Feb 17, 2026 |
| Dimensional Fund Advisors LP | 4.00M | 5.17% | 13F | Aug 11, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 15, 2026 | David Paul Millis | director | −31,402 | $15.67 |
| Jun 10, 2026 | David P. Spalding | director | +2,000 | $15.69 |
Peers
- Knight-Swift Transportation
Scaled carrier in dry van, dedicated, refrigerated, and cross-border truckload
- Schneider National
Multimodal carrier with truckload, dedicated, intermodal, and Mexico reach
- Werner Enterprises
Direct dry van, regional, dedicated, refrigerated, and Mexico truckload peer
- J.B. Hunt
Diversified scale competitor in dedicated, truckload, intermodal, and brokerage
- TFI International
North American carrier with truckload, LTL, and logistics exposure
- Marten Transport
Temperature-sensitive and dry truckload peer with Mexico and dedicated overlap
- Covenant Logistics
Expedited and dedicated truckload carrier with managed freight services
- PAMT
Dry van truckload with dedicated, expedited, automotive, and Mexico lanes
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Heartland Express | $12.18 | −0.04% | $943.8M | — | 39.8 | 1.3 | −12.5% |
| Knight-Swift Transportation | $67.00 | −0.36% | $10.94B | 260.3 | 20.7 | 1.4 | +12.6% |
| Schneider National | $34.44 | −0.04% | $6.03B | 53.8 | 25.6 | 1.0 | +10.4% |
| Werner Enterprises | $38.42 | +0.03% | $2.30B | — | 22.2 | 0.7 | +24.0% |
| J.B. Hunt | $261.03 | −0.02% | $24.51B | 37.0 | 29.5 | 1.9 | +19.4% |
| TFI International | $133.75 | +0.33% | $10.96B | 30.3 | 18.7 | 1.2 | +51.2% |
| Marten Transport | $14.36 | 0.00% | $1.17B | 92.5 | 30.3 | 1.4 | −2.8% |
| Covenant Logistics | $34.98 | −0.14% | $880.0M | 349.8 | 16.0 | 0.7 | +9.9% |
| PAMT | $12.02 | −0.99% | $251.7M | — | — | 0.4 | +8.9% |
| Median | 73.2 | 22.2 | 1.1 | +11.5% |