Covenant Logistics (CVLG) financial statements
Covenant Logistics reported revenue of $1.2B in fiscal 2025, up 6.3% a year over 9 years.
Net income was $7M and the operating margin 0.3%, against 4.8% in 2016.
Free cash flow was -$34M, and the company returned $7M in dividends and $37M in net buybacks.
The diluted share count fell 26% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Covenant Logistics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $671M | $705M | $880M | $885M | $839M | $1.0B | $1.2B | $1.1B | $1.1B | $1.2B |
| Operating income | $32M | $28M | $55M | $9M | -$14M | $67M | $121M | $59M | $45M | $3M |
| Interest expense | $8M | $8M | $7M | $8M | $7M | $3M | $3M | $8M | $14M | $12M |
| Pre-tax income | $27M | $23M | $56M | $8M | -$17M | $79M | $143M | $72M | $46M | $6M |
| Income tax | $10M | -$32M | $15M | $2M | -$3M | $21M | $35M | $18M | $11M | $1M |
| Net income | $17M | $55M | $43M | $8M | -$43M | $61M | $109M | $55M | $36M | $7M |
| EPS (diluted) | $0.46 | $1.51 | $1.15 | $0.23 | -$1.23 | $1.78 | $3.50 | $2.00 | $1.30 | $0.27 |
| Diluted shares | 37M | 37M | 37M | 37M | 35M | 34M | 31M | 28M | 28M | 27M |
| Operating margin | 4.8% | 4.0% | 6.3% | 1.0% | -1.7% | 6.4% | 9.9% | 5.3% | 4.0% | 0.3% |
| Net margin | 2.5% | 7.9% | 4.8% | 1.0% | -5.1% | 5.8% | 8.9% | 5.0% | 3.2% | 0.6% |
Balance sheet
Fiscal years, from Covenant Logistics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $8M | $15M | $23M | $44M | $8M | $8M | $69M | $2M | $36M | $5M |
| Receivables | $97M | $104M | $151M | $81M | $91M | $142M | $120M | $143M | $142M | $152M |
| Total current assets | $135M | $162M | $212M | $254M | $148M | $189M | $223M | $186M | $214M | $233M |
| Property, plant and equipment | $465M | $464M | $451M | $517M | $391M | $346M | $408M | $515M | $525M | $477M |
| Goodwill | $0 | $0 | $42M | $43M | $43M | $43M | $58M | $76M | $79M | $80M |
| Total assets | $621M | $650M | $774M | $882M | $677M | $652M | $797M | $954M | $998M | $1.0B |
| Total current liabilities | $88M | $81M | $127M | $161M | $133M | $143M | $156M | $170M | $181M | $210M |
| Long-term debt | $169M | $164M | $167M | $200M | $48M | $20M | $90M | $197M | $187M | $234M |
| Total liabilities | $384M | $354M | $430M | $532M | $386M | $302M | $420M | $551M | $559M | $642M |
| Shareholders' equity | $236M | $295M | $343M | $350M | $291M | $350M | $377M | $403M | $438M | $404M |
| Net debt | $186M | $174M | $172M | $211M | $47M | $18M | $41M | $242M | $216M | $293M |
Cash flow
Fiscal years, from Covenant Logistics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $102M | $83M | $125M | $64M | $63M | $73M | $159M | $85M | $123M | $114M |
| Capital spending | $113M | $111M | $75M | $138M | $94M | $35M | $100M | $218M | $153M | $148M |
| Free cash flow | -$10M | -$28M | $50M | -$74M | -$31M | $38M | $59M | -$133M | -$30M | -$34M |
| Stock-based compensation | $1M | $1M | $5M | — | — | $9M | $7M | $7M | $4M | $4M |
| Dividends paid | — | — | — | — | — | $0 | $4M | $6M | $6M | $7M |
| Share buybacks (net) | — | — | $0 | $0 | -$17M | -$10M | -$85M | -$25M | $0 | -$37M |
| Free cash flow margin | -1.5% | -4.0% | 5.6% | -8.4% | -3.7% | 3.6% | 4.8% | -12.0% | -2.7% | -2.9% |
| Dividends per share | — | — | — | — | — | — | $0.14 | $0.21 | $0.21 | $0.27 |
Questions
What was Covenant Logistics's revenue in 2025?
$1.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Covenant Logistics generate?
-$34M in fiscal 2025 (operating cash flow minus capital spending).
From Covenant Logistics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.