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Heartland Express (NASDAQ: HTLD) narrows Q1 2026 loss to $4.8M

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Heartland Express, Inc. reported a first-quarter 2026 net loss of $4.8 million, or $0.06 per share, on operating revenue of $176.3 million, down from $219.4 million a year earlier.

The operating ratio improved to 101.9% from 106.8%, and non-GAAP adjusted operating ratio improved to 101.3%. The company reduced acquisition-related debt and finance lease obligations to $149.9 million, fully eliminating Smith Transport debt, while ending the quarter with $44.5 million in cash and stockholders’ equity of $749.0 million.

Positive

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Negative

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Insights

Heartland narrows losses, improves efficiency, but revenue remains soft.

Heartland Express posted Q1 2026 revenue of $176.3 million, down from $219.4 million in Q1 2025, yet cut its net loss to $4.8 million from $13.9 million. Operating ratio improved to 101.9%, with a non-GAAP adjusted operating ratio of 101.3%.

Balance sheet quality is a key point: debt tied to acquisitions fell to $149.9 million, and Smith Transport obligations were eliminated. Cash rose to $44.5 million, while stockholders’ equity was $749.0 million. These figures suggest greater financial flexibility despite ongoing operating losses.

Management highlights sequential adjusted operating ratio gains since Q1 2025 and expects further benefits from CFI consolidation and market capacity reductions. They also plan $10–$20 million in 2026 net capital expenditures and anticipate $25–$35 million of gains on equipment sales, which could support future profitability as freight conditions evolve.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Operating revenue $176.3 million Three months ended March 31, 2026
Net loss $4.8 million Three months ended March 31, 2026
Operating ratio 101.9% Q1 2026 vs 106.8% in Q1 2025
Non-GAAP adjusted operating ratio 101.3% Three months ended March 31, 2026
Cash balance $44.5 million As of March 31, 2026
Debt and finance lease obligations $149.9 million Acquisition-related debt remaining at March 31, 2026
Net cash from operations $23.2 million First three months of 2026 (13.1% of revenue)
Basic loss per share $0.06 Three months ended March 31, 2026
operating ratio financial
"The Company posted an operating ratio of 101.9%, non-GAAP adjusted operating ratio(1) of 101.3%"
A company's operating ratio is a simple percentage that shows how much of its revenue is eaten up by the costs of running the business — calculated by dividing operating expenses by operating revenue. For investors it signals efficiency and profit potential: a lower operating ratio means the company keeps more of each dollar it earns (like a household with lower bills keeping more of its paycheck), while a higher ratio suggests tighter margins and less room to absorb shocks.
non-GAAP adjusted operating ratio financial
"Operating Ratio of 101.9% ... and 101.3% Non-GAAP Adjusted Operating Ratio(1)"
fuel surcharge revenue financial
"Operating revenues for the quarter included fuel surcharge revenues of $22.4 million"
An extra fee companies add to invoices to offset changing fuel costs, collected alongside regular sales rather than as a separate product. For investors it matters because it directly affects revenue and profit margins—when fuel prices rise the surcharge can protect margins, and when they fall it can reduce billed amounts—so tracking it helps assess how resilient a business’s cash flow and pricing power are, much like a restaurant raising menu prices when ingredient costs spike.
net capital expenditures financial
"we currently expect net capital expenditures of approximately $10 to $20 million"
Net capital expenditures are the cash a business spends on buying, improving or replacing long-lasting assets (like factories, equipment or buildings) minus any cash it receives from selling similar assets. Think of it as the money a homeowner puts into new appliances and roof repairs after selling an old car — it shows how much a company is investing to maintain or grow its ability to produce future revenue. Investors watch this number because it directly reduces available cash, signals growth or maintenance needs, and helps assess future profitability and the company’s capital intensity.
gains on disposal of property and equipment financial
"we currently expect ... $25 to $35 million of gains on disposal of property and equipment"
Operating revenue $176.3 million
Net loss $4.8 million
Operating ratio 101.9%
Non-GAAP adjusted operating ratio 101.3%
Basic loss per share $0.06
Understanding 8-K Material Events →
0000799233FALSE901 HEARTLAND WAY,NORTH LIBERTYIA319645-706000007992332026-04-232026-04-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------------------------------------------


FORM 8-K


CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
April 23, 2026

----------------------------------------------------------------
HEARTLAND EXPRESS, INC.
(Exact name of registrant as specified in its charter)

Nevada000-1508793-0926999
(State of other Jurisdiction(Commission(IRS Employer
of Incorporation)File Number)Identification No.)

901 HEARTLAND WAY, NORTH LIBERTY IA
52317
(Address of Principal Executive Offices) (Zip Code)
319 645-7060
Registrant's Telephone Number (including area code):


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueHTLDNASDAQ


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.   Results of Operations and Financial Condition.

On April 23, 2026, Heartland Express, Inc. announced its unaudited financial results for the quarter ended March 31, 2026. The press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

Item 9.01.   Financial Statements and Exhibits

(d) Exhibits
EXHIBIT 
NUMBEREXHIBIT DESCRIPTION
  
99.1
Heartland Express, Inc. press release dated April 23, 2026 with
 respect to the Company's unaudited financial results for the quarter ended
 
March 31, 2026


The information contained in Items 2.02 and 9.01 of this report and the exhibit hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act:”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

The information in this report and the exhibit hereto may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act.  Such statements are made based on the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties.  Actual results or events may differ from those anticipated by forward-looking statements. Please refer to the paragraph following the financial and operating information in the attached press release and various disclosures by the Company in its press releases, stockholder reports, and filings with the Securities and Exchange Commission for information concerning risk, uncertainties, and other factors that may affect future results.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  HEARTLAND EXPRESS, INC.
   
Date:April 24, 2026 By:/s/Christopher A. Strain
  Christopher A. Strain
  Vice President-Finance,
  Treasurer and Chief Financial Officer



April 23, 2026 For Immediate Release

Press Release

Heartland Express, Inc. Reports Operating Results for the First Quarter of 2026

NORTH LIBERTY, IOWA - April 23, 2026 - Heartland Express, Inc. (Nasdaq: HTLD) announced today financial results for the three months ended March 31, 2026.

Three months ended March 31, 2026:
•Operating Revenue of $176.3 million,
•Net Loss of $4.8 million ($0.06 Basic Loss per Share),
•Operating Ratio of 101.9% (a 490bp improvement to Q1 2025) and 101.3% Non-GAAP Adjusted Operating Ratio(1),
•Acquisition-related debt and finance lease obligations reduced from $494.1 million in 2022 to $149.9 million,
•Smith Transport debt and equipment leases eliminated,
•Total Assets of $1.2 billion, including $44.5 million of Cash,
•Stockholders' Equity of $749.0 million.

Heartland Express Chief Executive Officer Mike Gerdin commented on the quarterly operating results and ongoing initiatives of the Company, "Our consolidated operating results for the three months ended March 31, 2026, reflect significant operating ratio improvement (101.9%) as compared to the first quarter of 2025 (106.8%) and sequential non-GAAP adjusted operating ratio(1) improvement in each quarter since the first quarter of 2025. We are pleased with our operational improvements as we continue toward our foundational goal of an operating ratio of 85.0% or lower. Results for January and February 2026 were challenged by the combination of normal seasonality along with significant negative weather events. Results for March 2026 were better, reflecting improved freight volumes and driver utilization compared to the beginning of the quarter due to ongoing industry capacity reductions and more favorable weather patterns. The positive variables in March 2026 were partially offset by a headwind of higher fuel prices as compared to the beginning of the quarter and the 2025 quarter. Despite the operating loss during the quarter, we continued to have positive cash flows from operations to invest in our fleet, drivers, terminal infrastructure, and to reduce remaining acquisition-related debt, including elimination of all Smith Transport acquisition-related debt and equipment leases. We continue to focus on eliminating the remaining acquisition-related debt from CFI.

During the first quarter of 2026, we completed the previously announced consolidation of the domestic operations of CFI into Heartland Express, including corporate and tractor rebranding efforts. We have been pleased with our ability to retain drivers during the transition, and we have been able to identify additional freight options not previously available to CFI as a result of this change. We continue to focus our operational efforts on driver utilization, reduction of unproductive miles, and other cost control initiatives. We have begun to see some encouraging signs related to market capacity reductions and freight demand improvements. We believe that meaningful improvements in freight demand and freight pricing have started, but may not fully materialize until later in 2026."

Financial Results

For the three months ended March 31, 2026, the Company delivered operating revenues of $176.3 million, compared to $219.4 million in the same period of 2025. Operating revenues for the quarter included fuel surcharge revenues of $22.4 million, compared to $26.3 million in the same period of 2025. Net loss was $4.8 million, as compared to a net loss of $13.9 million in the first quarter of 2025. Basic loss per share was $0.06 during the quarter, as compared to basic loss per share of $0.18 in the same period of 2025. The Company posted an operating ratio of 101.9%, non-GAAP adjusted operating ratio(1)


of 101.3%, and net loss as a percentage of operating revenues of 2.7% in the first quarter of 2026 compared to 106.8%, 107.1%, and 6.3% respectively, in the first quarter of 2025.

Balance Sheet, Liquidity, and Capital Expenditures

As of March 31, 2026, the Company had $44.5 million in cash balances, an increase of $26.0 million since December 31, 2025. Debt of $149.9 million remains at March 31, 2026, down from the initial $447.3 million of borrowings less associated fees for the CFI acquisition in August 2022 along with $46.8 million debt and finance lease obligations assumed from the Smith acquisition in May 2022. The acquisition-related debt and finance lease obligations of Smith Transport have now been fully retired as of March 31, 2026. There were no borrowings under the Company's unsecured line of credit at March 31, 2026. The Company had $88.8 million in available borrowing capacity on the line of credit as of March 31, 2026 after consideration of $11.2 million of outstanding letters of credit. The Company continues to be in compliance with associated financial covenants. The Company ended the quarter with total assets of $1.2 billion and stockholders' equity of $749.0 million.

Net cash flows from operations for the first three months of 2026 were $23.2 million or 13.1% of operating revenue. The primary uses of cash for financing activities were $9.9 million used for repayment of debt and financing leases along with $1.6 million for dividends paid. Cash provided by investing activities was $14.9 million from net property and equipment transactions.

The average age of the Company's consolidated tractor fleet was 2.6 years as of March 31, 2026 and March 31, 2025. The average age of the Company's consolidated trailer fleet was 7.3 years as of March 31, 2026 compared to 7.4 years as of March 31, 2025. We expect to continue to dispose of excess trailers within our fleet as used equipment market conditions improve. During the calendar year of 2026, we currently expect net capital expenditures of approximately $10 to $20 million and $25 to $35 million of gains on disposal of property and equipment.

The Company continues its commitment to stockholders through the payment of cash dividends. Our regular dividend of $0.02 per share was declared during the first quarter of 2026 and paid on April 3, 2026. The Company has now paid cumulative cash dividends of $563.0 million, including four special dividends, ($2.00 in 2007, $1.00 in 2010, $1.00 in 2012, and $0.50 in 2021) over the past ninety-one consecutive quarters since 2003. Our outstanding shares at March 31, 2026 were 77.5 million. A total of 2.8 million shares of common stock have been repurchased for $34.7 million over the past five years. The Company has the ability to repurchase an additional 4.8 million shares under the current authorization which would result in 72.7 million outstanding shares if fully executed.

Other Information

During the first quarter of 2026, our family of operating brands continued to deliver award-winning service and corporate trust as evidenced by the following awards for our company and our employees:

•Pepsico Transportation - 2025 Carrier of the Year - WHD West Division
•Unilever - 2025 Carrier of the Year - Over-the-Road Asset
•Newsweek's 2026 Most Trustworthy Companies (4 times in 5 years)

In addition, we are extremely proud to recognize professional driver Richard Fertig (Smith Transport), as one of five Professional Drivers of the Year honored by the Truckload Carriers Association (TCA) at their 2026 Annual Convention.

Operating revenue excluding fuel surcharge revenue, adjusted operating loss, and adjusted operating ratio are non-GAAP financial measures and are not intended to replace financial measures calculated in accordance with GAAP. These non-GAAP financial measures supplement our GAAP results. We believe that using these measures affords a more consistent basis for comparing our results of operations from


period to period. The information required by Item 10(e) of Regulation S-K under the Securities Act of 1933 and the Securities Exchange Act of 1934 and Regulation G under the Securities Exchange Act of 1934, including a reconciliation to the most directly comparable financial measure calculated in accordance with GAAP, is included in the table at the end of this press release.

This press release may contain statements that might be considered as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be identified by their use of terms or phrases such as “seek,” “expects,” “estimates,” “anticipates,” “projects,” “believes,” “hopes,” “plans,” “goals,” “intends,” “may,” “might,” “likely,” “will,” “should,” “would,” “could,” “potential,” “predict,” “continue,” “strategy,” “future,” “ensure,” “outlook,” and similar terms and phrases. In this press release, the statements relating to freight supply and demand, our ability to react to and capitalize on changing market conditions, the expected impact of operational improvements and strategic changes, progress toward our goals, future capital expenditures, future dispositions of revenue equipment and gains therefrom, future profitability, and future stock repurchases, dividends, and debt repayment are forward-looking statements. Such statements are based on management's belief or interpretation of information currently available. These statements and assumptions involve certain risks and uncertainties, and undue reliance should not be placed on such statements. Actual events may differ materially from those set forth in, contemplated by, or underlying such statements as a result of numerous factors, including, without limitation, those specified in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 . The Company assumes no obligation to update any forward-looking statements, which speak as of their respective dates.

Contact: Heartland Express, Inc. (319-645-7060)

Mike Gerdin, Chief Executive Officer
Chris Strain, Chief Financial Officer



HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(unaudited)

Three Months Ended March 31,
20262025
OPERATING REVENUE$176,256 $219,420 
OPERATING EXPENSES:
Salaries, wages, and benefits$69,095 $93,237 
Rent and purchased transportation10,464 14,274 
Fuel32,738 37,918 
Operations and maintenance11,865 17,279 
Operating taxes and licenses3,951 4,741 
Insurance and claims12,779 11,922 
Communications and utilities1,596 2,266 
Depreciation and amortization35,158 41,628 
Other operating expenses9,222 12,837 
Gain on disposal of property and equipment(7,317)(1,784)
179,551 234,318 
Operating loss(3,295)(14,898)
Interest income207 129 
Interest expense(2,210)(3,105)
Loss before income taxes(5,298)(17,874)
Federal and state income tax benefit(477)(4,001)
Net loss$(4,821)$(13,873)
Loss per share
Basic$(0.06)$(0.18)
Diluted$(0.06)$(0.18)
Weighted average shares outstanding
Basic77,457 78,540 
Diluted77,489 78,610 
Dividends declared per share$0.02 $0.02 



HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES 
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
(unaudited)
March 31,December 31,
ASSETS20262025
CURRENT ASSETS 
Cash and cash equivalents$44,490 $18,475 
Trade receivables, net77,843 74,172 
Prepaid tires11,162 11,626 
Other current assets9,706 9,181 
Income taxes receivable— 1,146 
Total current assets143,201 114,600 
PROPERTY AND EQUIPMENT1,105,686 1,148,693 
Less accumulated depreciation478,559 481,471 
627,127 667,222 
GOODWILL322,597 322,597 
OTHER INTANGIBLES, NET68,257 69,512 
OTHER ASSETS15,229 14,686 
DEFERRED INCOME TAXES, NET1,235 1,353 
OPERATING LEASE RIGHT OF USE ASSETS3,273 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 benefits25,351 25,061 
Insurance accruals30,456 31,437 
Long-term debt and finance lease liabilities - current portion— 5,714 
Operating lease liabilities - current portion1,865 1,330 
Other accruals13,981 13,143 
Income taxes payable227 — 
Total current liabilities112,562 110,164 
LONG-TERM LIABILITIES  
Income taxes payable5,564 5,427 
Long-term debt and finance lease liabilities less current portion149,890 154,059 
Operating lease liabilities less current portion1,408 317 
Deferred income taxes, net131,362 133,629 
Insurance accruals less current portion31,102 32,702 
Total long-term liabilities319,326 326,134 
COMMITMENTS AND CONTINGENCIES  
STOCKHOLDERS' EQUITY  
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, respectively907 907 
Additional paid-in capital2,600 2,979 
Retained earnings959,034 965,405 
Treasury stock, at cost; 13,222 and 13,244 in 2026 and 2025, respectively(213,510)(213,972)
 749,031 755,319 
 $1,180,919 $1,191,617 


(1)
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,
20262025
(Unaudited, in thousands)
Operating revenue$176,256 $219,420 
Less: Fuel surcharge revenue22,443 26,321 
Operating revenue, excluding fuel surcharge revenue153,813 193,099 
Operating expenses179,551 234,318 
Less: Fuel surcharge revenue22,443 26,321 
Less: Amortization of intangibles1,254 1,254 
Adjusted operating expenses155,854 206,743 
Operating loss(3,295)(14,898)
Adjusted operating loss$(2,041)$(13,644)
Operating ratio101.9 %106.8 %
Adjusted operating ratio101.3 %107.1 %

(a) Operating revenue excluding fuel surcharge revenue, as reported in this press release is based upon operating revenue minus fuel surcharge revenue. Adjusted operating loss as reported in this press release is based upon operating revenue excluding fuel surcharge revenue, less operating expenses, net of fuel surcharge revenue, and non-cash amortization expense related to intangible assets. Adjusted operating ratio as reported in this press release is based upon operating expenses, net of fuel surcharge revenue, and amortization of intangibles, as a percentage of operating revenue excluding fuel surcharge revenue. We believe that operating revenue excluding fuel surcharge revenue, adjusted operating loss, and adjusted operating ratio are more representative of our underlying operations by excluding the volatility of fuel prices, which we cannot control. Operating revenue excluding fuel surcharge revenue, adjusted operating loss, and adjusted operating ratio are not substitutes for operating revenue, operating loss, or operating ratio measured in accordance with GAAP. There are limitations to using non-GAAP financial measures. Although we believe that operating revenue excluding fuel surcharge revenue, adjusted operating loss, and adjusted operating ratio improve comparability in analyzing our period-to-period performance, they could limit comparability to other companies in our industry if those companies define such measures differently. Because of these limitations, operating revenue excluding fuel surcharge revenue, adjusted operating loss, and adjusted operating ratio should not be considered measures of income generated by our business or discretionary cash available to us to invest in the growth of our business. Management compensates for these limitations by primarily relying on GAAP results and using non-GAAP financial measures on a supplemental basis.

Source: View Original Filing on SEC EDGAR

FAQ

How did Heartland Express (HTLD) perform financially in Q1 2026?

Heartland Express reported a net loss of $4.8 million in Q1 2026 on $176.3 million in operating revenue. This compares to a $13.9 million net loss on $219.4 million of revenue in Q1 2025, showing narrower losses despite lower sales.

What happened to Heartland Express (HTLD) operating ratio in Q1 2026?

Heartland Express improved its operating ratio to 101.9% in Q1 2026 from 106.8% a year earlier. The non-GAAP adjusted operating ratio was 101.3%, versus 107.1% in Q1 2025, reflecting better cost control even though the company still operated at a loss.

What is Heartland Express (HTLD) debt and cash position as of March 31, 2026?

As of March 31, 2026, Heartland Express had $44.5 million in cash and $149.9 million of debt and finance lease obligations. The company fully retired Smith Transport acquisition-related debt and maintained total stockholders’ equity of $749.0 million on total assets of $1.2 billion.

How much cash flow did Heartland Express (HTLD) generate from operations in Q1 2026?

Heartland Express generated $23.2 million of net cash flows from operations in the first three months of 2026. This represented 13.1% of operating revenue and helped fund fleet investment, debt repayments, and dividends despite the company reporting a net accounting loss for the quarter.

What dividends and share repurchases has Heartland Express (HTLD) made recently?

In Q1 2026, Heartland Express declared a regular dividend of $0.02 per share, paid April 3, 2026. Over five years, it repurchased 2.8 million shares for $34.7 million and can still repurchase 4.8 million more shares under its current authorization if fully utilized.

What are Heartland Express (HTLD) capital expenditure expectations for 2026?

For calendar 2026, Heartland Express currently expects net capital expenditures of about $10–$20 million. It also anticipates $25–$35 million of gains on disposal of property and equipment, supported by continued optimization of its trailer fleet and used equipment market conditions.

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