Heartland Express
HTLDNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $10.39 Prior regular-session close from the quote source.
- $10.33–$10.49 Regular-session low and high so far today.
- 430.4K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $7.00–$16.64 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own HTLD if freight pricing and integration synergies restore margins and free cash flow.
HTLD price history
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Investment thesis
What must happen next
A durable recovery in freight demand and pricing (spot and contract) will raise load density/revenue per mile and restore top-line toward pre-2024 levels, enabling margin recovery.HoldingMateriality: High
revenue declined from $1,207,458,000 (2023) to $1,047,511,000 (2024) to $805,709,000 (2025) — showing the freight-driven revenue swing the business is exposed to (MD&A / Item 1 Business). If freight/pricing recover, Heartland's dense-lane network converts that demand into revenue and improved profitability; if demand stays weak, revenue and margins will remain depressed and acquisitions may not be accretive.
Watch: Large shippers consolidating business onto national super-regional carriers or asset-light 3PLs could strip dense lanes and reduce profitable freight available to Heartland.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
revenue declined from $1,207,458,000 (2023) to $1,047,511,000 (2024) to $805,709,000 (2025) — showing the freight-driven revenue swing the business is.
Open source ↗Integration synergies and cost/asset utilization improvements can bring the adjusted operating ratio down toward management’s target (low–mid 80s) and convert losses back to operating income.HoldingMateriality: High
operating_income swung from $188,358,000 (2022) to $42,385,000 (2023) and then to operating losses of $20,236,000 (2024) and $57,412,000 (2025), showing both historical profitability and recent deterioration tied to operating ratio pressure (MD&A). Operating ratio is the company's primary profitability lever; achieving the low–mid 80s would turn operating losses into sustainable operating_income and free cash flow, enabling deleveraging and shareholder returns.
Watch: Persistent driver shortages or inability to staff profitable runs would block utilization gains and keep operating costs high.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_income swung from $188,358,000 (2022) to $42,385,000 (2023) and then to operating losses of $20,236,000 (2024) and $57,412,000 (2025), showing.
Open source ↗Terminal density (≈80% within 200 miles of the 30 largest metros) plus service/safety standards create durable customer stickiness on key lanes, limiting price erosion from pure-broker competitors on dense routes.HoldingMateriality: Medium
Business description: 'Approximately 80% of our terminals are located within 200 miles of the 30 largest metropolitan areas in the U.S.' and company cites being a 'core carrier' for many major customers (Item 1 Business). If true, Heartland can retain core customers and protect revenue/loaded miles even in price-competitive markets; if false, customers could shift to asset-light or lower-cost carriers and Heartland’s densest lanes would weaken.
Watch: Large shippers centralizing procurement and awarding volume to a smaller number of larger national carriers could erode dense-lane exclusivity.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Business description: 'Approximately 80% of our terminals are located within 200 miles of the 30 largest metropolitan areas in the.
Open source ↗Despite 2024–2025 losses, Heartland’s operating_cash_flow will remain positive and—together with disciplined capex—enable continued debt repayment toward a debt-free balance sheet, restoring capital allocation optionality.HoldingMateriality: Medium
operating_cash_flow remained positive across the downturn: $165,267,000 (2023), $144,348,000 (2024), $89,314,000 (2025), demonstrating continued cash conversion even with operating losses (MD&A). Positive and recovering operating_cash_flow is the pathway to pay down remaining debt, return to a debt-free status (a stated corporate goal), and resume buybacks/dividends; if cash flow fails, leverage and distress risk rise.
Watch: Prolonged weak freight and continued margin pressure could push operating_cash_flow lower or negative, preventing debt repayment.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_cash_flow remained positive across the downturn: $165,267,000 (2023), $144,348,000 (2024), $89,314,000 (2025), demonstrating continued cash conversion even with operating losses.
Open source ↗
Full investment case & evidence
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Original research
A durable recovery in freight demand and pricing (spot and contract) will raise load density/revenue per mile and restore top-line toward pre-2024 levels, enabling margin recovery. If freight/pricing recover, Heartland's dense-lane network converts that demand into revenue and improved profitability; if demand stays weak, revenue and margins will remain depressed and acquisitions may not be accretive.
Integration synergies and cost/asset utilization improvements can bring the adjusted operating ratio down toward management’s target (low–mid 80s) and convert losses back to operating income. Operating ratio is the company's primary profitability lever; achieving the low–mid 80s would turn operating losses into sustainable operating_income and free cash flow, enabling deleveraging and shareholder returns.
Terminal density (≈80% within 200 miles of the 30 largest metros) plus service/safety standards create durable customer stickiness on key lanes, limiting price erosion from pure-broker competitors on dense routes. If true, Heartland can retain core customers and protect revenue/loaded miles even in price-competitive markets; if false, customers could shift to asset-light or lower-cost carriers and Heartland’s densest lanes would weaken.
Despite 2024–2025 losses, Heartland’s operating_cash_flow will remain positive and—together with disciplined capex—enable continued debt repayment toward a debt-free balance sheet, restoring capital allocation optionality. Positive and recovering operating_cash_flow is the pathway to pay down remaining debt, return to a debt-free status (a stated corporate goal), and resume buybacks/dividends; if cash flow fails, leverage and distress risk rise.
All standing thesis claims
Original report summary
freight pricing and integration synergies restore margins and free cash flow.
Bull case and bear case
Bull case and bear case for Heartland Express
Where the evidence on Heartland Express stands: Holding on the latest evidence (Oct 29, 2026). Of its 4 thesis points, 4 holding.
Bull case: what the evidence supports
A durable recovery in freight demand and pricing (spot and contract) will raise load density/revenue per mile and restore top-line toward pre-2024 levels, enabling margin recovery.
Integration synergies and cost/asset utilization improvements can bring the adjusted operating ratio down toward management’s target (low–mid 80s) and convert losses back to operating income.
Terminal density (≈80% within 200 miles of the 30 largest metros) plus service/safety standards create durable customer stickiness on key lanes, limiting price erosion from pure-broker competitors on dense routes.
Despite 2024–2025 losses, Heartland’s operating_cash_flow will remain positive and—together with disciplined capex—enable continued debt repayment toward a debt-free balance sheet, restoring capital allocation optionality.
Bear case: what would count against it
Large shippers consolidating business onto national super-regional carriers or asset-light 3PLs could strip dense lanes and reduce profitable freight available to Heartland.
Persistent driver shortages or inability to staff profitable runs would block utilization gains and keep operating costs high.
Large shippers centralizing procurement and awarding volume to a smaller number of larger national carriers could erode dense-lane exclusivity.
Thesis-Break Engine
Thesis-break watch · Heartland Express
Loading the break-condition record for Heartland Express.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Heartland Express filed an SEC 8-K on 2026-10-21: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedOther material event.
Heartland Express filed an SEC 8-K on 2026-09-17: Other material event. It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Heartland Express filed an SEC 8-K on 2026-09-02: Director or principal officer change. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large shippers consolidating business onto national super-regional carriers or asset-light 3PLs could strip dense lanes and reduce profitable freight available to Heartland.
- Persistent driver shortages or inability to staff profitable runs would block utilization gains and keep operating costs high.
- Large shippers centralizing procurement and awarding volume to a smaller number of larger national carriers could erode dense-lane exclusivity.
- Prolonged weak freight and continued margin pressure could push operating_cash_flow lower or negative, preventing debt repayment.
HTLD news
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Financial statements
HTLD income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
HTLD: quick answers
- What is HTLD's short interest?
- As of October 30, 2026, 3.4M HTLD shares were sold short, 4.43% of its shares outstanding, up 1.4% from the count before. At the stock's average daily volume that is 5.2 days to cover. FINRA publishes the count twice a month. HTLD short interest history
- Have members of Congress traded HTLD?
- 3 trades in HTLD have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed HTLD trade