HTLD · Heartland Express Inc · Executive Compensation

$12.34 +0.15 (+1.23%) At close · Sep 11

S&P 600 member Russell 2000 member Rebalance outlook locked

Customer concentration — top 5 customers 32% of revenue

5 customers — 32% of revenue (the year ended December 31, 2025)

“Our five largest customers accounted for approximately 32%, 26%, and 22% of operating revenues for the years ended December 31, 2025, 2024, and 2023, respectively.”

One customer — 10% of revenue (the year ended December 31, 2025)

“There was one customer that exceeded 10% of operating revenues for the year ended December 31, 2025.”

5 customers — 26% of revenue (the year ended December 31, 2024)

“Our five largest customers accounted for approximately 32%, 26%, and 22% of operating revenues for the years ended December 31, 2025, 2024, and 2023, respectively.”

5 customers — 29% of receivables (as of December 31, 2025)

“Our five largest customers accounted for approximately 29% of gross accounts receivable as of December 31, 2025 and 2024.”

One customer — 10% of receivables (as of December 31, 2025)

“This customer had accounts receivable of $8.9 million as of December 31, 2025 and was the only customer that exceeded 10% of gross accounts receivable.”

5 customers — 29% of receivables (as of December 31, 2024)

“Our five largest customers accounted for approximately 29% of gross accounts receivable as of December 31, 2025 and 2024.”

View the 10-K filed Mar 3, 2026

Market Cap

$954.28M

77.33M

Named-executive compensation from the company's DEF 14A proxy statements — salary, bonus, stock and option awards, non-equity incentive, and the company-reported total per executive per fiscal year, exactly as disclosed in the Summary Compensation Table.

Fiscal 2025

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Mr. Michael J. Gerdin	Chief Executive Officer, Chairman, President and Director	$1,050,000	—	—	—	—	$20,362	$1,070,362
Christopher A. Strain	Vice President of Finance, Treasurer, and Chief Financial Officer	$364,000	—	$10,960	—	—	$17,433	$392,393
Mr. Kent D. Rigdon	Chief Operating Officer	$327,600	—	$10,960	—	—	$6,552	$345,112
Mr. Joshua S. Helmich	Chief Administrative Officer and Secretary This column represents the aggregate grant date fair value of restricted stock grants computed in accordance with the Financial Accounting Standards Board authoritative guidance on stock-based compensation, FASB ASC Topic 718. The amount reflects the accounting expense to be recognized over the vesting period of the restricted stock award, and does not necessarily correspond to the actual value that will be recognized by the Named Executive Officer. Amounts reflect payments made under our Tuition Plan as discussed in the Compensation Discussion and Analysis. Prior to 2024, Mr. Millis' compensation included discretionary cash bonuses as a component of his compensation. These bonuses were compensation components established prior to the Company acquiring Millis Transfer. No Named Executive Officers received cash bonuses in 2024 or 2025. Amounts reflect Company contributions under the 401(k) Plan. Mr. Helmich was not a Named Executive Officer in 2023.	$286,000	—	$10,960	—	—	$14,416	$311,376
Mr. David P. Millis	Director and Millis Transfer President	$190,424	—	$99,996	—	—	$4,420	$294,840

Fiscal 2024

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Mr. Michael J. Gerdin	Chief Executive Officer, Chairman, President and Director	$1,050,410	—	—	—	—	$20,097	$1,070,507
Mr. Michael P. Donovan	Former Chief Operating Officer of Smith Transport	$176,000	—	$326,162	—	—	$14,769	$516,931
Christopher A. Strain	Vice President of Finance, Treasurer, and Chief Financial Officer	$364,170	—	—	—	—	$8,729	$372,899
Mr. Kent D. Rigdon	Chief Operating Officer	$327,840	—	—	—	—	$15,492	$343,332
Mr. Joshua S. Helmich	Secretary of Heartland Express and Senior Vice President and Chief Financial Officer of Contract Freighters This column represents the aggregate grant date fair value of restricted stock grants computed in accordance with the Financial Accounting Standards Board authoritative guidance on stock-based compensation, FASB ASC Topic 718. The amount reflects the accounting expense to be recognized over the vesting period of the restricted stock award, and does not necessarily correspond to the actual value that will be recognized by the Named Executive Officer. Amounts reflect payments made under our Tuition Plan as discussed in the Compensation Discussion and Analysis. Prior to 2024, Mr. Millis and Mr. Donovan's compensation included discretionary cash bonuses as a component of their compensation. These bonuses were compensation components established prior to the Company acquiring Millis Transfer and Smith Transport. No Named Executive Officers received cash bonuses in 2024. Represents Company contributions to Mr. Millis under the Millis Transfer 401(k) Plan. Mr. Donovan was not a Named Executive Officer in 2022. Mr. Donovan retired effective August 2, 2024. Represents an automobile allowance that was established prior to the Company acquiring Smith Transport. Mr. Donovan is the only Named Executive Officers that received an automobile allowance. Mr. Helmich was not a Named Executive Officer in 2023 and 2022. Represents payments under our Tuition Plan and Company contributions to Mr. Helmich under the CFI 401(k) Plan.	$286,180	—	—	—	—	$12,589	$298,769
Mr. David P. Millis	Director and Millis Transfer President	$190,824	—	$98,218	—	—	$6,610	$295,652

Fiscal 2023

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Mr. Michael J. Gerdin	Chief Executive Officer, Chairman, President and Director	$980,577	—	—	—	—	$31,906	$1,012,483
Mr. Todd A. Smith	Former President of Smith Transport	$378,564	$275,000	—	—	—	$20,654	$674,218
Mr. Michael P. Donovan	Former Chief Operating Officer of Smith Transport	$277,115	$75,000	—	—	—	$24,000	$376,115
Mr. Kent D. Rigdon	Chief Operating Officer	$314,630	—	—	—	—	$19,810	$334,440
Christopher A. Strain	Vice President of Finance, Treasurer, and Chief Financial Officer	$331,160	—	—	—	—	—	$331,160
Mr. David P. Millis	Director and Millis Transfer President	$176,965	$28,560	$114,837	—	—	$8,123	$328,485

Fiscal 2022

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Mr. Michael J. Gerdin	Chief Executive Officer, Chairman, President and Director	$830,770	—	—	—	—	$8,895	$839,665
Christopher A. Strain	Vice President of Finance, Treasurer, and Chief Financial Officer	$295,115	—	$104,160	—	—	—	$399,275
Mr. Todd A. Smith	Former President of Smith Transport	$338,462	—	—	—	—	$18,462	$356,924
Mr. Kent D. Rigdon	Chief Operating Officer	$292,865	—	—	—	—	$19,184	$312,049
Mr. David P. Millis	Director and Millis Transfer President	$131,800	$55,400	$99,994	—	—	$4,905	$292,099

Fiscal 2021

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Mr. Michael J. Gerdin	Chief Executive Officer, Chairman, President and Director	$780,380	—	—	—	—	$17,520	$797,900
Mr. Kent D. Rigdon	Chief Operating Officer	$276,240	—	—	—	—	$13,704	$289,944
Christopher A. Strain	Vice President of Finance, Treasurer, and Chief Financial Officer	$276,190	—	—	—	—	—	$276,190
Ms. Jo A. Borden	Former Vice President of Human Resources and Risk Management	$253,500	—	—	—	—	—	$253,500
Mr. David P. Millis	Director and President of Millis Transfer	$130,000	$51,120	$10,044	—	—	$5,850	$197,014

Fiscal 2020

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Mr. Michael J. Gerdin	Chief Executive Officer, Chairman, President and Director	$795,370	—	—	—	—	$25,383	$820,753
Mr. David P. Millis	Director and President of Millis Transfer	$130,000	$51,780	$221,364	—	—	$5,931	$409,075
Kent D. Rigdon	Vice President of Sales	$266,930	—	—	—	—	$9,417	$276,347
Mr. Kent D. Rigdon	Chief Operating Officer	$266,930	—	—	—	—	$9,417	$276,347
Christopher A. Strain	Vice President of Finance, Treasurer, and Chief Financial Officer	$266,880	—	—	—	—	—	$266,880
Jo A. Borden	Vice President of Human Resources and Risk Management	$252,625	—	—	—	—	—	$252,625
Ms. Jo A. Borden	Former Vice President of Human Resources and Risk Management	$252,625	—	—	—	—	—	$252,625

Fiscal 2019

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Mr. Michael J. Gerdin	Chief Executive Officer, Chairman, President and Director	$757,591	—	—	—	—	—	$757,591
Christopher A. Strain	Vice President of Finance, Treasurer, and Chief Financial Officer	$252,056	—	$22,100	—	—	—	$274,156
Mr. Kent D. Rigdon	Vice President of Sales This column represents the aggregate grant date fair value of restricted stock grants computed in accordance with the Financial Accounting Standards Board authoritative guidance on stock-based compensation, FASB ASC Topic 718. The amount reflects the accounting expense to be recognized over the vesting period of the restricted stock award, and does not necessarily correspond to the actual value that will be recognized by the Named Executive Officer. Amounts reflect payments made under our Tuition Plan as discussed in the Compensation Discussion and Analysis. Mr. Millis and Ms. Borden were not Named Executive Officers in 2019. Mr. Millis's compensation includes components that were established prior to the Company acquiring Millis Transfer, with discretionary cash bonuses being a component of his compensation. Mr. Millis is the only Named Executive Officer that received a cash bonus. Represents Company contributions to Mr. Millis under the 401(k) Millis Transfer Plan. Mr. Millis is the only Named Executive Officer that received Company 401(k) contributions.	$252,106	—	$11,050	—	—	$7,423	$270,579
Kent D. Rigdon	Vice President of Sales	$252,106	—	$11,050	—	—	$7,423	$270,579
Todd A. Trimble	Vice President of Midwestern Operations	$171,840	—	$11,050	—	—	—	$182,890
K. Eric Eickman	Vice President of Information Technology	$157,740	—	$11,050	—	—	—	$168,790

Fiscal 2018

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Mr. Michael J. Gerdin	Chief Executive Officer, Chairman, President and Director	$705,892	—	—	—	—	—	$705,892
Kent D. Rigdon	Vice President of Sales	$237,548	—	—	—	—	$29,787	$267,335
Christopher A. Strain	Vice President of Finance, Treasurer, and Chief Financial Officer	$238,286	—	—	—	—	—	$238,286
Todd A. Trimble	Vice President of Midwestern Operations	$162,127	—	—	—	—	—	$162,127
K. Eric Eickman	Vice President of Information Technology	$149,465	—	—	—	—	—	$149,465

Fiscal 2017

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Mr. Michael J. Gerdin	Chief Executive Officer, Chairman, President and Director	$662,071	—	—	—	—	—	$662,071
Christopher A. Strain	Vice President of Finance, Treasurer, Chief Financial Officer, and Secretary	$187,560	—	$114,900	—	—	—	$302,460
Kent D. Rigdon	Vice President of Sales	$222,750	—	—	—	—	$9,699	$232,449
Todd A. Trimble	Vice President of Midwestern Operations	$152,594	—	—	—	—	$5,319	$157,913
K. Eric Eickman	Vice President of Information Technology	$141,565	—	—	—	—	—	$141,565

Executive changes

Person	Role	Change	Effective	Filed
Amanda M. Hupfeld	Chairperson of the Audit and Risk Committee	Appointed	2026-09-01	2026-09-02
Brenda S. Neville	member of the Board's Audit and Risk Committee	Appointed	2026-09-01	2026-09-02
James G. Pratt	member of the Board of Directors	Retired	2026-09-01	2026-09-02
David P. Millis	President of Millis Transfer	Retired	2026-04-24	2026-04-22
Joshua Helmich	Chief Administrative Officer	Appointed	2026-01-01	2026-01-07
Michael J. Sullivan	independent director	Terminated	2024-09-14	2024-09-19
Michael Donovan	Chief Operating Officer of Smith Transport	Retired	2024-08-02	2024-08-07

Key facts CIK 799233 CUSIP 422347104 13F (30d) 58 filings 57 filers Visit website Investor relations