Heartland Express Inc 10-Q for FY2026 Q2

Heartland Express Inc (HTLD)

10-Q 2026-08-10 For: 2026-06-30

Added on August 10, 2026

About this 10-Q

Heartland Express Inc filed this 10-Q on August 10, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $184.13M; down 12.5% from $210.39M a year earlier
Net income: $10.58M; compared with a net loss of $10.86M a year earlier
Diluted EPS: $0.14; compared with -$0.14 a year earlier

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	HTLD	NASDAQ


Large accelerated filer [ ]						Accelerated filer [X]
Non-accelerated filer [ ]						Smaller reporting company [ ]
						Emerging growth company [ ]




			Page
PART I - FINANCIAL INFORMATION

Item 1. Financial Statements
Consolidated Balance Sheets as of June 3 0 , 2026 and December 31, 2025 (unaudited)			3
Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 3 0 , 2026 and 2025 (unaudited)			4
Consolidated Statements of Stockholders' Equity for the Three a nd Six Months Ended June 3 0 , 2026 and 2025 (unaudited)			5
Consolidated Statements of Cash Flows for the Six Months Ended June 3 0 , 2026 and 2025 (unaudited)			6
Notes to Consolidated Financial Statements (unaudited)			7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			15
Item 3. Quantitative and Qualitative Disclosures about Market Risk			25
Item 4. Controls and Procedures			26

PART II - OTHER INFORMATION

Item 1. Legal Proceedings			27
Item 1A. Risk Factors			27
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			27
Item 3. Defaults Upon Senior Securities			27
Item 4. Mine Safety Disclosures			27
Item 5. Other Information			27
Item 6. Exhibits			28

Signatures			29


HEARTLAND EXPRESS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited)
ASSETS	June 30, 2026		December 31, 2025
CURRENT ASSETS
Cash and cash equivalents	$	62,385	$	18,475
Trade receivables, net of $1.2 and $1.5 million allowance in 2026 and 2025, respectively	76,658		74,172
Prepaid tires	11,055		11,626
Other current assets	35,696		9,181
Income tax receivable	—		1,146
Total current assets	185,794		114,600
PROPERTY AND EQUIPMENT
Land and land improvements	100,267		119,821
Buildings	153,012		171,513
Furniture and fixtures	6,630		6,679
Shop and service equipment	20,198		20,353
Revenue equipment	720,492		828,987
Construction in progress	2,582		1,340
Property and equipment, gross	1,003,181		1,148,693
Less accumulated depreciation	432,010		481,471
Property and equipment, net	571,171		667,222
GOODWILL	322,597		322,597
OTHER INTANGIBLES, NET	67,003		69,512
OTHER ASSETS	15,402		14,686
DEFERRED INCOME TAXES, NET	1,311		1,353
OPERATING LEASE RIGHT OF USE ASSETS	11,513		1,647
	$	1,174,791	$	1,191,617
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities	$	34,253	$	33,479
Compensation and benefits	25,387		25,061
Insurance accruals	28,761		31,437
Long-term debt and finance lease liabilities - current portion	—		5,714
Operating lease liabilities - current portion	3,202		1,330
Other accruals	14,691		13,143
Income taxes payable	10,935		—
Total current liabilities	117,229		110,164
LONG-TERM LIABILITIES
Income taxes payable	5,839		5,427
Long-term debt and finance lease liabilities less current portion	134,890		154,059
Operating lease liabilities less current portion	8,311		317
Deferred income taxes, net	122,550		133,629
Accident and work comp accruals less current portion	29,695		32,702
Total long-term liabilities	301,285		326,134
COMMITMENTS AND CONTINGENCIES (Note 14)
STOCKHOLDERS' EQUITY
Preferred stock, par value $.01; authorized 5,000 shares; none issued	—		—
Capital stock, common, $.01 par value; authorized 395,000 shares; issued 90,689 in 2026 and 2025; outstanding 77,328 and 77,445 in 2026 and 2025, respectively	907		907
Additional paid-in capital	2,588		2,979
Retained earnings	968,070		965,405
Treasury stock, at cost; 13,361 and 13,244 shares in 2026 and 2025, respectively	(215,288)		(213,972)
	756,277		755,319
	$	1,174,791	$	1,191,617


HEARTLAND EXPRESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share amounts)
(unaudited)
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

OPERATING REVENUE	$	184,126	$	210,387	$	360,383	$	429,807

OPERATING EXPENSES
Salaries, wages, and benefits	69,135		87,159		138,230		180,396
Rent and purchased transportation	10,791		13,343		21,256		27,617
Fuel	40,549		33,709		73,286		71,627
Operations and maintenance	12,784		17,439		24,649		34,718
Operating taxes and licenses	3,765		4,422		7,717		9,163
Insurance and claims	11,783		14,154		24,562		26,076
Communications and utilities	1,977		2,206		3,574		4,471
Depreciation and amortization	32,306		41,463		67,463		83,091
Other operating expenses	9,537		11,693		18,759		24,531
Gain on disposal of property and equipment	(25,050)		(2,782)		(32,367)		(4,566)
	167,577		222,806		347,129		457,124

Operating income (loss)	16,549		(12,419)		13,254		(27,317)

Interest income	370		198		578		326
Interest expense	(1,878)		(2,962)		(4,088)		(6,066)

Income (loss) before income taxes	15,041		(15,183)		9,744		(33,057)

Federal and state income tax (benefit)	4,458		(4,328)		3,982		(8,329)

Net income (loss)	$	10,583	$	(10,855)	$	5,762	$	(24,728)
Other comprehensive income, net of tax	—		—		—		—
Comprehensive income (loss)	$	10,583	$	(10,855)	$	5,762	$	(24,728)

Net income (loss) per share
Basic	$	0.14	$	(0.14)	$	0.07	$	(0.32)
Diluted	$	0.14	$	(0.14)	$	0.07	$	(0.32)

Weighted average shares outstanding
Basic	77,404		78,079		77,430		78,308
Diluted	77,437		78,142		77,463		78,375

Dividends declared per share	$	0.02	$	0.02	$	0.04	$	0.04


HEARTLAND EXPRESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except per share amounts)
(unaudited)

	Capital		Additional
	Stock,		Paid-In		Retained		Treasury
	Common		Capital		Earnings		Stock		Total
Balance, December 31, 2025	$	907	$	2,979	$	965,405	$	(213,972)	$	755,319
Net loss	—		—		(4,821)		—		(4,821)
Dividends on common stock, $0.02 per share	—		—		(1,550)		—		(1,550)
Stock-based compensation, net of tax	—		(379)		—		462		83
Balance, March 31, 2026	$	907	$	2,600	$	959,034	$	(213,510)	$	749,031
Net income	—		—		10,583		—		10,583
Repurchases of common stock	—		—		—		(2,343)		(2,343)
Dividends on common stock, $0.02 per share	—		—		(1,547)		—		(1,547)
Stock-based compensation, net of tax	—		(12)		—		565		553
Balance, June 30, 2026	$	907	$	2,588	$	968,070	$	(215,288)	$	756,277






	Capital		Additional
	Stock,		Paid-In		Retained		Treasury
	Common		Capital		Earnings		Stock		Total
Balance, December 31, 2024	$	907	$	3,175	$	1,024,081	$	(205,564)	$	822,599
Net loss	—		—		(13,873)		—		(13,873)
Dividends on common stock, $0.02 per share	—		—		(1,572)		—		(1,572)
Stock-based compensation, net of tax	—		131		—		440		571
Balance, March 31, 2025	$	907	$	3,306	$	1,008,636	$	(205,124)	$	807,725
Net loss	—		—		(10,855)		—		(10,855)
Repurchases of common stock	—		—		—		(8,931)		(8,931)
Dividends on common stock, $0.02 per share	—		—		(1,552)		—		(1,552)
Stock-based compensation, net of tax	—		(221)		—		571		350
Balance, June 30, 2025	$	907	$	3,085	$	996,229	$	(213,484)	$	786,737


HEARTLAND EXPRESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
	Six Months Ended June 30,
	2026		2025
OPERATING ACTIVITIES
Net income (loss)	$	5,762	$	(24,728)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	67,463		83,091
Deferred income taxes	(11,037)		(13,881)
Stock-based compensation expense	905		1,132
Debt-related amortization	—		175
Gain on disposal of property and equipment	(32,367)		(4,566)
Changes in certain working capital items:
Trade receivables	(2,486)		5,926
Prepaid expenses and other current assets	(15,689)		(3,023)
Accounts payable, accrued liabilities, and accrued expenses	10,982		3,963
Accrued income taxes	12,493		(1,247)
Net cash provided by operating activities	36,026		46,842
INVESTING ACTIVITIES
Proceeds from sale of property and equipment	104,631		39,864
Purchases of property and equipment	(65,452)		(57,350)
Change in other assets	(298)		168
Net cash provided by (used in) investing activities	38,881		(17,318)
FINANCING ACTIVITIES
Payment of cash dividends	(3,100)		(3,142)
Shares withheld for employee taxes related to stock-based compensation	(269)		(211)
Repayments of finance leases and debt	(24,883)		(6,949)
Repurchases of common stock	(2,343)		(8,931)
Net cash used in financing activities	(30,595)		(19,233)
Net increase in cash, cash equivalents and restricted cash	44,312		10,291
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	31,445		26,284
End of period	$	75,757	$	36,575
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	4,403	$	6,088
Cash paid during the period for income taxes, net of refunds	$	2,481	$	6,798
Noncash investing and financing activities:
Purchased property and equipment in accounts payable	$	9,458	$	20,166
Sold revenue equipment and property in other current assets	2,339		—
Common stock dividends declared in accounts payable	1,547		1,552
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	$	62,385	$	22,879
Restricted cash included in other current assets	233		251
Restricted cash included in other assets	13,139		13,445
Total cash, cash equivalents and restricted cash	$	75,757	$	36,575


	Amortization period (years)	Gross Amount		Accumulated Amortization		Net finite intangible assets
		(in thousands)
Customer relationships	15-20	$	75,836	$	23,434	$	52,402
Trade name	0.5-10	12,900		11,380		1,520
Covenants not to compete	1-10	5,839		5,391		448
		$	94,575	$	40,205	$	54,370


	Three months ended June 30, 2026
	Net Income (numerator)		Shares (denominator)	Per Share Amount
Basic earnings per share	$	10,583	77,404	$	0.14
Effect of restricted stock	—		33
Diluted earnings per share	$	10,583	77,437	$	0.14


	Three months ended June 30, 2025
	Net Loss (numerator)		Shares (denominator)	Per Share Amount
Basic loss per share	$	(10,855)	78,079	$	(0.14)
Effect of restricted stock	—		63
Diluted loss per share	$	(10,855)	78,142	$	(0.14)


	Six months ended June 30, 2026
	Net Income (numerator)		Shares (denominator)	Per Share Amount
Basic earnings per share	$	5,762	77,430	$	0.07
Effect of restricted stock	—		33
Diluted earnings per share	$	5,762	77,463	$	0.07


	Six months ended June 30, 2025
	Net Loss (numerator)		Shares (denominator)	Per Share Amount
Basic loss per share	$	(24,728)	78,308	$	(0.32)
Effect of restricted stock	—		67
Diluted loss per share	$	(24,728)	78,375	$	(0.32)


	Three Months Ended June 30, 2026
	Number of Shares of Restricted Stock Awards (in thousands)	Weighted Average Grant Date Fair Value
Unvested at beginning of period	31.3	$	11.14
Granted	58.9	13.58
Vested	(46.9)	13.00
Forfeited	—	—
Outstanding (unvested) at end of period	43.3	$	12.44


(in thousands)	Operating
2026 (remaining)	$	2,010
2027	3,121
2028	2,821
2029	2,171
2030	2,040
2031	697
Total minimum lease payments	12,860
Less: future payment amount for interest	1,347
Present value of minimum lease payments	$	11,513
Less: current portion	3,202
Lease obligations, long-term	$	8,311


	2026
	(in thousands)
Balance at December 31, 2025	$	4,480
Additions based on tax positions related to current year	3
Additions for tax positions of prior years	882
Reductions for tax positions of prior years	(700)
Balance at June 30, 2026	$	4,665


Yes			[X]			No [ ]


Yes			[X]			No [ ]


Yes [ ]			No [ X ]


GAAP to Non-GAAP Reconciliation Schedule:
Operating revenue excluding fuel surcharge revenue, adjusted operating expenses, adjusted operating income (loss), and adjusted operating ratio reconciliation (a)

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(Unaudited, in thousands)						(Unaudited, in thousands)

Operating revenue	$	184,126		$	210,387		$	360,383		$	429,807
Less: Fuel surcharge revenue	31,743			24,509			54,186			50,830
Operating revenue, excluding fuel surcharge revenue	152,383			185,878			306,197			378,977

Operating expenses	167,577			222,806			347,129			457,124
Less: Fuel surcharge revenue	31,743			24,509			54,186			50,830
Less: Amortization of intangibles	1,254			1,254			2,509			2,509
Adjusted operating expenses	134,580			197,043			290,434			403,785

Operating income (loss)	16,549			(12,419)			13,254			(27,317)
Adjusted operating income (loss)	$	17,803		$	(11,165)		$	15,763		$	(24,808)

Operating ratio	91.0		%	105.9		%	96.3		%	106.4		%
Adjusted operating ratio	88.3		%	106.0		%	94.9		%	106.5		%


	(a) Total number of shares purchased	(b) Average price paid per share		(c) Total number of shares purchased as part of publicly announced plans or programs	(d) Maximum number of shares that may yet be purchased under the plans or programs (1)
					4,840,582
April 1, 2026 - April 30, 2026	—	—		—	4,840,582
May 1, 2026 - May 31, 2026	171,781	$	13.61	171,781	4,668,801
June 1, 2026 - June 30, 2026	280	$	15.00	280	4,668,521
Total	172,061			172,061


			3.1						Articles of Incorporation, as amended. Incorporated by reference to Exhibit 3.1 of the Company's Form 10-Q for the quarter ended September 30, 2017, dated November 9, 2017.
			3.2						Amended and Restated Bylaws. Incorporated by reference to Exhibit 3.2 of the Company's Form 10-Q for the quarter ended September 30, 2017, dated November 9, 2017.
			10.1#						Heartland Express, Inc. 2021 Restricted Stock Award Plan, as amended. Incorporated by reference to Appendix A to the Company’s Schedule 14-A filed on April 2, 2026.
			31.1*						Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
			31.2*						Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
			32.1**						Certification of Principal Executive Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
			32.2**						Certification of the Principal Financial Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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		HEARTLAND EXPRESS, INC.

Date:	August 10, 2026	By: /s/ Christopher A. Strain
		Christopher A. Strain
		Vice President of Finance
		and Chief Financial Officer
		(Principal Accounting and Financial Officer)


1.	I have reviewed this quarterly report on Form 10-Q of Heartland Express Inc. (the “Registrant”);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.	Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this quarterly report;

4.	The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the Registrant and we have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and

	d)	Disclosed in this quarterly report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant's fourth fiscal quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.	The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s independent registered public accounting firm and the audit committee of Registrant’s board of directors (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


In connection with the Quarterly Report of Heartland Express, Inc. (the "Company"), on Form 10-Q for the period ended June 30, 2026 (the "Report"), filed with the Securities and Exchange Commission, I, Michael J. Gerdin, Chairman, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

1.			The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and
2.			The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.