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Heartland Express
Heartland Express (HTLD) investor relations material
Heartland Express Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Operating revenue for the nine months ended September 30, 2025, was $626.4 million, down 22.2% year-over-year, with a net loss of $33.0 million and basic net loss per share of $0.42 compared to $27.9 million and $0.35 per share in the prior year.
Q3 2025 operating revenue was $196.5 million, a 24.4% decrease from Q3 2024, with a net loss of $8.3 million and basic loss per share of $0.11.
Sequential improvement in operating ratio was noted throughout Q3 2025, with positive cash flows from operations despite the net loss.
The operating ratio worsened to 105.5% for the nine months, reflecting cost inflation outpacing freight demand and rate improvements.
All four operating brands are now on a common transportation management system, expected to enhance efficiency and driver utilization.
Financial highlights
Operating revenue for Q3 2025 was $196.5 million, down from $259.9 million in Q3 2024; net loss improved to $8.3 million from $9.3 million year-over-year.
Nine-month 2025 operating revenue was $626.4 million, down from $804.9 million in the same period of 2024; net loss increased to $33.0 million from $27.9 million.
Fuel surcharge revenue for the nine months was $75.0 million, down from $105.9 million year-over-year; Q3 2025 fuel surcharge revenue was $24.1 million, down from $32.8 million in Q3 2024.
Gains on disposal of property and equipment increased to $11.3 million for the nine months, up from $1.5 million in the prior year.
Depreciation and amortization expense for the nine months was $121.8 million, down from $137.6 million year-over-year.
Outlook and guidance
Management does not expect material improvements in freight demand or pricing until sometime in 2026.
Cost improvements and transportation system changes implemented in 2025 are expected to improve profitability over the next twelve months.
Net capital expenditures for 2025 are expected to be $27–$30 million, with $21–$24 million in gains on equipment disposals.
Depreciation expense for 2025 is projected at $158–$163 million.
CFI brand will focus on operational and cost reduction efforts in Q4 2025 to improve financial results.
CFI's path to profitability by year-end
Quantify common TMS impact on operating ratio.
Trailer fleet modernization strategy and timing?
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Next Heartland Express earnings date
Q4 202511 Feb, 2026
Heartland Express
Next Heartland Express earnings date
Q4 202511 Feb, 2026
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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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