At a glance
Heartland Express Inc is worth $788.0M. Revenue fell 23.1% to $805.7M in fiscal 2025, at a loss; over 5 years it has grown 4.5% a year. It pays a 0.79% dividend yield, and returned $119.2M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +28.6% over the past year with dividends reinvested and −8.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 21.4% in the 2020 crash (S&P 500: 33.7%) and 24.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 8 months after the lows.
The business in plain English
Heartland Express is a trucking company based in North Liberty, Iowa. It mainly hauls freight for large shippers nationwide in dry vans (enclosed, unrefrigerated trailers). It is "asset-based," meaning it owns its trucks and trailers rather than arranging loads for other carriers. It is generally paid by the mile or by the load. Its average haul is under 400 miles, so most loads need one driver rather than a two-person team.
Customers are mainly retailers, manufacturers and parcel carriers, and a few matter a lot. In 2025 the five largest made up about 32% of operating revenue and the 25 largest about 63%; one customer topped 10%. Substantially all revenue comes from within the US. Temperature-controlled hauling and logistics services in Mexico are not significant to results.
The company runs under the Heartland Express, Millis Transfer and Smith Transport brands, plus CFI (Contract Freighters, Inc.) for services within Mexico. It owns 25 terminals across the contiguous US and one in Mexico, besides its Iowa headquarters. Growth has come from adding customers and from ten acquisitions since 1986, the latest two being Smith Transport and CFI in 2022. Buying CFI added debt to a historically debt-free company, and Heartland does not expect significant acquisitions while it pays that down. Revenue was $805.7 million in 2025, down 23.1% from 2024.
Price history
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HTLD +28.6% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $184.1M, down 12.5% from a year earlier, and net income was $10.6M.
- For fiscal 2025, revenue was $805.7M (-23.1% year over year; +4.5% a year from FY2020 to FY2025) with a -6.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.5% watch |
|---|---|
| Operating margin | -7.1% weak |
| Free cash flow margin | -8.3% weak |
| Return on equity (FY2025) | -6.9% weak |
| Return on assets (FY2025) | -4.4% weak |
| Net cash (cash minus debt) | $-72.5M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $645.3M | $70.8M | $-25.5M |
| FY2021 | $607.3M | $79.3M | $-9.2M |
| FY2022 | $968.0M | $133.6M | $34.1M |
| FY2023 | $1.21B | $14.8M | $-43.3M |
| FY2024 | $1.05B | $-29.7M | $34.8M |
| FY2025 | $805.7M | $-52.5M | $-66.9M |
Valuation snapshot
| Market value | $788.0M |
|---|---|
| P/E ratio | — |
| Dividend yield | 0.79% |
Rank among 1514 US companies
Market value at each year end
Heartland Express’s market value went from $1.70B at the end of 2016 to $788.0M on Oct 28, 2026, down 54%; since the end of 2025 it is up 13%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $788.0M | +12.7% |
| 2025 | $699.4M | -20.6% |
| 2024 | $880.7M | -21.8% |
| 2023 | $1.13B | -6.9% |
| 2022 | $1.21B | -10.0% |
| 2021 | $1.35B | -8.0% |
| 2020 | $1.46B | -15.3% |
| 2019 | $1.73B | +15.2% |
| 2018 | $1.50B | -22.9% |
| 2017 | $1.94B | +14.7% |
| 2016 | $1.70B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HTLD price data to Oct 28, 2026 | +13.4% | +28.6% | -5.5% | -8.8% | -4.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +13.4% |
| 2025 | -18.8% |
| 2024 | -20.8% |
| 2023 | -6.5% |
| 2022 | -8.3% |
| 2021 | -3.9% |
| 2020 | -13.7% |
| 2019 | +15.5% |
| 2018 | -21.3% |
| 2017 | +15.1% |
| 2016 | +20.1% |
| 2015 | -36.7% |
| 2014 | +38.1% |
| 2013 | +50.9% |
| 2012 | -0.8% |
| 2011 | -10.3% |
| 2010 | +12.7% |
| 2009 | -2.6% |
| 2008 | +11.7% |
| 2007 | +6.1% |
| 2006 | -1.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 19.7% over that stretch · deepest drop along the way 34.5%, back to its old high 23.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 17.1% over that stretch · deepest drop along the way 21.4%, back to its old high 0.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.1% over that stretch · deepest drop along the way 24%, back to its old high 8.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (13 read): 1 open-market purchases ($31K) and 1 sales ($492K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 15, 2026 | David Paul Millis Director | sell | $492K |
| Jun 10, 2026 | David P Spalding Director | buy | $31K |
Who owns it
Large shareholders (13G filings)
| Gerdin Ann S | 22.5% | Dec 31, 2025 |
| BlackRock, Inc. | 8.1% | Sep 30, 2025 |
| Dimensional Fund Advisors LP | 5% | Mar 31, 2026 |
| The Vanguard Group | 3.91% | Dec 31, 2025 |
ETFs with the most weight in HTLD
| XSLV Invesco S&P SmallCap Low Volatility ETF | 0.62% |
| OASC OneAscent Small Cap Core ETF | 0.5% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.31% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.31% |
| SVAL iShares US Small Cap Value Factor ETF | 0.25% |
| BSVO EA Bridgeway Omni Small-Cap Value ETF | 0.24% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.2% |
| ISMD Inspire Small/Mid Cap ETF | 0.2% |
What could go wrong
- A few big customers drive revenue. The five largest customers made up about 32% of operating revenue in 2025, up from 26% in 2024, and one topped 10%. Losing one or more could cut revenue sharply.
- Folding CFI into Heartland Express. Effective December 31, 2025, Heartland folded the US operations of CFI, acquired in 2022, into Heartland Express. Combining operations can disrupt service, and the premium paid for acquisitions, recorded as goodwill, could be written down.
- Weak freight demand has produced losses. Trucking swings with the economy. Heartland cites a weak freight market and a shortage of profitable freight in the three years through 2025. Revenue fell 23.1% in 2025, and the company lost $52.5 million.
- Debt taken on to buy CFI. Historically debt free, Heartland borrowed to buy CFI. As of June 30, 2026, debt was $134.9 million against $62.4 million in cash and investments. Debt can limit flexibility when cash flow is weak.
- An ongoing shortage of qualified drivers. Heartland expects the shortage of drivers who meet its hiring standards to persist. Paying more to attract and keep drivers, or failing to find enough, could squeeze profits and limit the fleet's size.
- Self-insured claims can hit earnings. Heartland covers a significant portion of its own claims instead of buying insurance for them, and some exposure falls outside its coverage. Large or unexpected claims could cause big swings in earnings.
Recent events
- Quarterly results released
- Other company announcement
- Executive or board change
- Quarterly results released
- Other company announcement
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Executive or board change
For income and retirement investors
Heartland Express pays a small dividend that has not grown. The regular payout was $0.08 per share each year from 2020 through 2025; 2021's $0.58 included a special dividend. At the share price on October 28, 2026, the $0.08 payout was a 0.79% yield, low for income seekers. In 2025 Heartland lost money and had negative free cash flow (cash left after running the business and buying equipment), so neither covered the dividend. Over FY2021–FY2025 it paid $69.5 million in dividends and spent $49.7 million on buybacks (repurchases of its own shares); the share count fell 2% between October 2021 and August 2026.
The stock has fallen sharply in downturns. It dropped 34.5% in the 2008 financial crisis and took 23 months after the March 2009 low to recover. It fell 21% in the 2020 COVID crash but recovered within a month, and fell 24% in 2022 before recovering by December. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Heartland Express make money?
Heartland Express makes money hauling freight for large shippers in its own trucks and trailers, mostly in dry vans (enclosed, unrefrigerated trailers). It is generally paid by the mile or by the load, and its average haul is under 400 miles. Its main customers are retailers, manufacturers and parcel carriers; the five largest provided about 32% of operating revenue in 2025. Substantially all revenue comes from within the US, and total revenue was $805.7 million in 2025.
Does Heartland Express pay a dividend?
Yes, but it is small and has not grown. Heartland paid a regular dividend of $0.08 per share each year from 2020 through 2025, and the yield was 0.79% as of October 28, 2026. The 2021 total of $0.58 included a special dividend. The company lost money in 2025, so earnings did not cover the payout that year. Its annual report also warns that the dividend policy can change at any time.
Is Heartland Express profitable?
Not on a full-year basis. Heartland lost money in both 2024 and 2025: the 2025 net loss was $52.5 million, or $0.67 per share, after a $29.7 million loss in 2024. Revenue fell 23.1% in 2025 to $805.7 million. The company points to a weak freight market and a shortage of profitable freight. It did earn $10.6 million in the quarter ended June 30, 2026, though revenue that quarter was 12.5% below a year earlier.
How has Heartland Express stock performed over the long term?
The shares have lost ground over three, five and ten years. As of October 28, 2026, the stock was down 16% over three years, 37% over five years (about 8.8% a year) and 39% over ten years. It fell in every calendar year from 2020 through 2025, including drops of 20.8% in 2024 and 18.8% in 2025. It was up 13.4% year to date and 28.6% over one year, but its deepest fall during the three years to that date was 51.4%.
Who are the largest shareholders of Heartland Express?
Ann S. Gerdin is the largest holder named in ownership filings, with about 22.5% of shares as of December 31, 2025. Other large holders include BlackRock (8.1% as of September 30, 2025), Dimensional Fund Advisors (5% as of March 31, 2026) and Vanguard (3.91% as of December 31, 2025). The company warns that concentrated ownership and its leadership structure can sway shareholder votes and may discourage a takeover, which could weigh on the share price.