Heartland Express Inc 10-Q for FY2026 Q1

Heartland Express Inc (HTLD)

10-Q 2026-05-11 For: 2026-03-31

Added on May 11, 2026

About this 10-Q

Heartland Express Inc filed this 10-Q on May 11, 2026, covering the quarter ended March 31, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $176.26M; down 19.7% from $219.42M a year earlier
Net loss: $4.82M; compared with a net loss of $13.87M a year earlier
Diluted EPS: -$0.06; compared with -$0.18 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 March 3 1 , 202 6 and December 31, 202 5 (unaudited)			3
Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31 , 202 6 and 202 5 (unaudited)			4
Consolidated Statements of Stockholders' Equity for the Three Months Ended March 3 1 , 202 6 and 202 5 (unaudited)			5
Consolidated Statements of Cash Flows for the Three Months Ended March 3 1 , 202 6 and 202 5 (unaudited)			6
Notes to Consolidated Financial Statements (unaudited)			7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			14
Item 3. Quantitative and Qualitative Disclosures about Market Risk			22
Item 4. Controls and Procedures			23

PART II - OTHER INFORMATION

Item 1. Legal Proceedings			24
Item 1A. Risk Factors			24
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			25
Item 3. Defaults Upon Senior Securities			25
Item 4. Mine Safety Disclosures			25
Item 5. Other Information			25
Item 6. Exhibits			26

Signatures			27


HEARTLAND EXPRESS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited)
ASSETS	March 31, 2026		December 31, 2025
CURRENT ASSETS
Cash and cash equivalents	$	44,490	$	18,475
Trade receivables, net of $1.5 and $1.5 million allowance in 2026 and 2025, respectively	77,843		74,172
Prepaid tires	11,162		11,626
Other current assets	9,706		9,181
Income tax receivable	—		1,146
Total current assets	143,201		114,600
PROPERTY AND EQUIPMENT
Land and land improvements	116,646		119,821
Buildings	167,884		171,513
Furniture and fixtures	6,653		6,679
Shop and service equipment	20,339		20,353
Revenue equipment	792,956		828,987
Construction in progress	1,208		1,340
Property and equipment, gross	1,105,686		1,148,693
Less accumulated depreciation	478,559		481,471
Property and equipment, net	627,127		667,222
GOODWILL	322,597		322,597
OTHER INTANGIBLES, NET	68,257		69,512
OTHER ASSETS	15,229		14,686
DEFERRED INCOME TAXES, NET	1,235		1,353
OPERATING LEASE RIGHT OF USE ASSETS	3,273		1,647
	$	1,180,919	$	1,191,617
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities	$	40,682	$	33,479
Compensation and benefits	25,351		25,061
Insurance accruals	30,456		31,437
Long-term debt and finance lease liabilities - current portion	—		5,714
Operating lease liabilities - current portion	1,865		1,330
Other accruals	13,981		13,143
Income taxes payable	227		—
Total current liabilities	112,562		110,164
LONG-TERM LIABILITIES
Income taxes payable	5,564		5,427
Long-term debt and finance lease liabilities less current portion	149,890		154,059
Operating lease liabilities less current portion	1,408		317
Deferred income taxes, net	131,362		133,629
Accident and work comp accruals less current portion	31,102		32,702
Total long-term liabilities	319,326		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 77,467 and 77,445 in 2026 and 2025, respectively	907		907
Additional paid-in capital	2,600		2,979
Retained earnings	959,034		965,405
Treasury stock, at cost; 13,222 and 13,244 shares in 2026 and 2025, respectively	(213,510)		(213,972)
	749,031		755,319
	$	1,180,919	$	1,191,617


HEARTLAND EXPRESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share amounts)
(unaudited)
	Three Months Ended March 31,
	2026		2025

OPERATING REVENUE	$	176,256	$	219,420

OPERATING EXPENSES
Salaries, wages, and benefits	69,095		93,237
Rent and purchased transportation	10,464		14,274
Fuel	32,738		37,918
Operations and maintenance	11,865		17,279
Operating taxes and licenses	3,951		4,741
Insurance and claims	12,779		11,922
Communications and utilities	1,596		2,266
Depreciation and amortization	35,158		41,628
Other operating expenses	9,222		12,837
Gain on disposal of property and equipment	(7,317)		(1,784)
	179,551		234,318

Operating loss	(3,295)		(14,898)

Interest income	207		129
Interest expense	(2,210)		(3,105)

Loss before income taxes	(5,298)		(17,874)

Federal and state income tax benefit	(477)		(4,001)

Net loss	$	(4,821)	$	(13,873)
Other comprehensive income, net of tax	—		—
Comprehensive loss	$	(4,821)	$	(13,873)

Net loss per share
Basic	$	(0.06)	$	(0.18)
Diluted	$	(0.06)	$	(0.18)

Weighted average shares outstanding
Basic	77,457		78,540
Diluted	77,489		78,610

Dividends declared per share	$	0.02	$	0.02


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











	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


HEARTLAND EXPRESS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
	Three Months Ended March 31,
	2026		2025
OPERATING ACTIVITIES
Net loss	$	(4,821)	$	(13,873)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	35,158		41,628
Deferred income taxes	(2,149)		(7,998)
Stock-based compensation expense	160		667
Debt-related amortization	—		175
Gain on disposal of property and equipment	(7,317)		(1,784)
Changes in certain working capital items:
Trade receivables	(3,671)		(3,371)
Prepaid expenses and other current assets	2,104		1,291
Accounts payable, accrued liabilities, and accrued expenses	2,179		4,784
Accrued income taxes	1,510		4,324
Net cash provided by operating activities	23,153		25,843
INVESTING ACTIVITIES
Proceeds from sale of property and equipment	32,928		11,905
Purchases of property and equipment	(18,019)		(23,558)
Change in other assets	18		154
Net cash provided by (used in) investing activities	14,927		(11,499)
FINANCING ACTIVITIES
Payment of cash dividends	(1,550)		(1,570)
Shares withheld for employee taxes related to stock-based compensation	(77)		(96)
Repayments of finance leases and debt	(9,883)		(1,342)

Net cash used in financing activities	(11,510)		(3,008)
Net increase in cash, cash equivalents and restricted cash	26,570		11,336
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	31,445		26,284
End of period	$	58,015	$	37,620
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	2,525	$	3,169
Cash paid during the period for income taxes, net of refunds	$	168	$	(328)
Noncash investing and financing activities:
Purchased property and equipment in accounts payable	$	14,185	$	32,444
Sold revenue equipment and property in other current assets	2,579		—
Common stock dividends declared in accounts payable	1,550		1,572
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	$	44,490	$	23,873
Restricted cash included in other current assets	243		269
Restricted cash included in other assets	13,282		13,478
Total cash, cash equivalents and restricted cash	$	58,015	$	37,620


	Amortization period (years)	Gross Amount		Accumulated Amortization		Net finite intangible assets
		(in thousands)
Customer relationships	15-20	$	75,836	$	22,344	$	53,492
Trade name	0.5-10	12,900		11,250		1,650
Covenants not to compete	1-10	5,839		5,330		509
		$	94,575	$	38,924	$	55,651


	Three months ended March 31, 2026
	Net Loss (numerator)		Shares (denominator)	Per Share Amount
Basic loss per share	$	(4,821)	77,457	$	(0.06)
Effect of restricted stock	—		32
Diluted loss per share	$	(4,821)	77,489	$	(0.06)


	Three months ended March 31, 2025
	Net Loss (numerator)		Shares (denominator)	Per Share Amount
Basic loss per share	$	(13,873)	78,540	$	(0.18)
Effect of restricted stock	—		70
Diluted loss per share	$	(13,873)	78,610	$	(0.18)


	Three Months Ended March 31, 2026
	Number of Shares of Restricted Stock Awards (in thousands)	Weighted Average Grant Date Fair Value
Unvested at beginning of period	46.1	$	11.09
Granted	16.5	10.48
Vested	(31.4)	10.71
Forfeited	—	—
Outstanding (unvested) at end of period	31.2	$	11.14


(in thousands)	Operating
2026 (remaining)	$	1,486
2027	1,081
2028	781
2029	131
Total minimum lease payments	$	3,479
Less: future payment amount for interest	206
Present value of minimum lease payments	$	3,273
Less: current portion	1,865
Lease obligations, long-term	$	1,408


	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	60
Balance at March 31, 2026	$	4,543


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

	Three Months Ended March 31,
	2026			2025
	(Unaudited, in thousands)

Operating revenue	$	176,256		$	219,420
Less: Fuel surcharge revenue	22,443			26,321
Operating revenue, excluding fuel surcharge revenue	153,813			193,099

Operating expenses	179,551			234,318
Less: Fuel surcharge revenue	22,443			26,321
Less: Amortization of intangibles	1,254			1,254
Adjusted operating expenses	155,854			206,743

Operating loss	(3,295)			(14,898)
Adjusted operating loss	$	(2,041)		$	(13,644)

Operating ratio	101.9		%	106.8		%
Adjusted operating ratio	101.3		%	107.1		%


			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.
			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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Yes			[X]			No [ ]


Yes			[X]			No [ ]


Yes [ ]			No [ X ]


		HEARTLAND EXPRESS, INC.

Date:	May 11, 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 March 31, 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.