Heartland Express (HTLD) financial statements
Heartland Express reported revenue of $806M in fiscal 2025, up 3.1% a year over 9 years.
Net income was -$52M and the operating margin -7.1%, against 14.0% in 2016.
Free cash flow was -$67M, and the company returned $6M in dividends and $10M in net buybacks.
The diluted share count fell 7% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Heartland Express's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $613M | $607M | $611M | $597M | $645M | $607M | $968M | $1.2B | $1.0B | $806M |
| Operating income | $86M | $64M | $90M | $94M | $93M | $105M | $188M | $42M | -$20M | -$57M |
| Interest expense | $0 | $175,000 | $0 | $1M | $0 | $0 | $9M | $24M | $18M | $11M |
| Pre-tax income | $86M | $64M | $92M | $97M | $94M | $106M | $181M | $20M | -$37M | -$68M |
| Income tax | $30M | -$11M | $19M | $24M | $23M | $27M | $48M | $5M | -$7M | -$16M |
| Net income | $56M | $75M | $73M | $73M | $71M | $79M | $134M | $15M | -$30M | -$52M |
| EPS (diluted) | $0.68 | $0.90 | $0.88 | $0.89 | $0.87 | $1.00 | $1.69 | $0.19 | -$0.38 | -$0.67 |
| Diluted shares | 83M | 83M | 82M | 82M | 81M | 80M | 79M | 79M | 79M | 78M |
| Operating margin | 14.0% | 10.5% | 14.7% | 15.8% | 14.5% | 17.4% | 19.5% | 3.5% | -1.9% | -7.1% |
| Net margin | 9.2% | 12.4% | 11.9% | 12.2% | 11.0% | 13.1% | 13.8% | 1.2% | -2.8% | -6.5% |
Balance sheet
Fiscal years, from Heartland Express's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $129M | $75M | $161M | $77M | $114M | $158M | $49M | $28M | $13M | $18M |
| Receivables | $47M | $64M | $49M | $57M | $56M | $53M | $140M | $103M | $92M | $74M |
| Total current assets | $202M | $171M | $233M | $152M | $193M | $233M | $230M | $169M | $129M | $115M |
| Property, plant and equipment | $408M | $443M | $403M | $526M | $539M | $488M | $973M | $885M | $764M | $667M |
| Goodwill | $100M | $132M | $132M | $168M | $168M | $168M | $321M | $323M | $323M | $323M |
| Total assets | $738M | $789M | $806M | $899M | $951M | $929M | $1.7B | $1.5B | $1.3B | $1.2B |
| Total current liabilities | $66M | $75M | $65M | $63M | $71M | $72M | $157M | $123M | $120M | $110M |
| Long-term debt | — | — | — | — | — | $0 | $399M | $291M | $192M | $154M |
| Total liabilities | $232M | $214M | $190M | $214M | $227M | $201M | $814M | $644M | $512M | $436M |
| Shareholders' equity | $506M | $575M | $616M | $685M | $724M | $727M | $855M | $865M | $823M | $755M |
| Net debt | -$129M | -$75M | -$161M | -$77M | -$114M | -$158M | $364M | $272M | $188M | $141M |
Cash flow
Fiscal years, from Heartland Express's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $156M | $110M | $147M | $146M | $179M | $123M | $195M | $165M | $144M | $89M |
| Capital spending | $86M | $184M | $169M | $164M | $204M | $133M | $161M | $209M | $110M | $156M |
| Free cash flow | $70M | -$75M | -$23M | -$17M | -$25M | -$9M | $34M | -$43M | $35M | -$67M |
| Stock-based compensation | $0 | $511,000 | $539,000 | $2M | $2M | $1M | $1M | $2M | $1M | $2M |
| Dividends paid | $7M | $7M | $7M | $7M | $7M | $46M | $6M | $6M | $5M | $6M |
| Share buybacks (net) | -$15M | $0 | -$25M | $0 | -$26M | -$32M | $0 | $0 | -$7M | -$10M |
| Net borrowing | — | — | — | — | $0 | $0 | $447M | $0 | $0 | — |
| Free cash flow margin | 11.4% | -12.3% | -3.7% | -2.9% | -3.9% | -1.5% | 3.5% | -3.6% | 3.3% | -8.3% |
| Dividends per share | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.58 | $0.08 | $0.08 | $0.06 | $0.08 |
Questions
What was Heartland Express's revenue in 2025?
$806M in fiscal 2025, from its 10-K filing.
How much free cash flow does Heartland Express generate?
-$67M in fiscal 2025 (operating cash flow minus capital spending).
From Heartland Express's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.