HEARTLAND EXPRESS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HEARTLAND EXPRESS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	613	607	611	597	645	607	968	1,207	1,048	806
Operating income	85.6	63.5	89.8	94.3	93.4	105	188	42.4	-20.2	-57.4
Interest expense	0	0.18	0	1.05	0	0	8.56	24.2	17.6	11.5
Interest income	0.48	1.13	2.13	3.96	0.84	0.64	1.29	1.66	1.14	0.77
Pre-tax income	86	64.5	91.9	97.2	94.3	106	181	19.9	-36.7	-68.1
Income tax	29.7	-10.7	19.2	24.2	23.5	26.8	47.5	5.08	-6.95	-15.7
Net income	56.4	75.2	72.7	73	70.8	79.3	134	14.8	-29.7	-52.5
EBITDA	191	167	191	195	204	210	321	241	161	102
EPS, basic	0.68	0.90	0.88	0.89	0.87	1.00	1.69	0.19	-0.38	-0.67
EPS, diluted	0.68	0.90	0.88	0.89	0.87	1.00	1.69	0.19	-0.38	-0.67
Shares, basic (weighted)	83.3	83.3	82.4	82	81.4	79.6	78.9	79	78.7	77.9
Shares, diluted (weighted)	83.4	83.3	82.4	82	81.4	79.6	79	79.1	78.8	77.9
Dividend per share	0.08	0.08	0.08	0.08	0.08	0.58	0.08	0.08	0.08	0.08

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	129	75.4	161	76.7	114	158	49.5	28.1	12.8	18.5
Receivables	46.8	64.3	49	56.8	55.6	52.8	140	103	91.6	74.2
Other current assets	13.8	13.8	12.6	8.95	15.3	9.41	26.1	17.6	12.6	9.18
Total current assets	202	171	233	152	193	233	230	169	129	115
Property, plant and equipment	408	443	403	526	539	488	973	885	764	667
Lease right-of-use assets						0	21	17.4	7.87	1.65
Goodwill	100	132	132	168	168	168	321	323	323	323
Intangible assets	12.1	17	14.5	27.1	24.7	22.4	104	98.5	93.5	69.5
Other non-current assets	12.4	24.3	19.2	19.4	17.7	16.8	19.9	15	15.4	14.7
Total assets	738	789	806	899	951	929	1,669	1,510	1,334	1,192
Accounts payable	12.4	14.4	10.6	11.1	12.8	20.5	62.7	37.8	35.4	33.5
Accrued liabilities	23.3	26.8	22.6	24.7	22.4	21.4	31	28.5	27	25.1
Short-term debt			0			0	13.9	9.3	9.04	5.71
Total current liabilities	65.5	75.3	64.7	63.4	71	71.6	157	123	120	110
Long-term debt						0	399	291	192	154
Lease liabilities						0	8.95	8.18	1.75	0.32
Other non-current liabilities	0
Total liabilities	232	214	190	214	227	201	814	644	512	436
Total debt			0			0	380	280	188	154
Paid-in capital	3.43	3.52	3.45	4.14	4.33	4.14	4.17	4.53	3.18	2.98
Retained earnings	626	694	760	827	891	924	1,052	1,060	1,024	965
Treasury stock	-124	-124	-149	-147	-172	-202	-201	-200	-206	-214
Shareholders' equity	506	575	616	685	724	727	855	865	823	755
Total equity	506	575	616	685	724	727	855	865	823	755
Total liabilities and equity	738	789	806	899	951	929	1,669	1,510	1,334	1,192
Shares outstanding	83.3	83.3	81.9	82	80.7	78.9	79	79	78.5	77.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	56.4	75.2	72.7	73	70.8	79.3	134	14.8	-29.7	-52.5
Depreciation and amortization	106	104	101	101	110	104	133	199	182	159
Stock-based compensation	1.3	0.5	0.5	2.1	2.1	1.1	1.4	1.6	1	2.2
Deferred income tax	-5.46	-27.2	2.76	4.39	8.15	-5.87	5.7	-18.1	-30.2	-25.2
Change in receivables	14.2	15.2	15.3	6.68	1.18	2.77	20	37.1	11.1	17.4
Change in payables	-11.1	-26.9	-26	-10.8	3.06	-18.5	-1.23	-31	5.2	-9.51
Cash from operations	156	110	147	146	179	123	195	165	144	89.3
Capital expenditures	-86.1	-184	-169	-164	-204	-133	-161	-209	-110	-156
Acquisitions	0	-86.7	0	-61.9	0	0	-676	0	0
Cash from investing	-28.8	-123	-37.8	-133	-111	-2.65	-663	-67.9	-46.5	-26
Debt issued					0	0	447	0	0
Share buybacks	-14.7	0	-25.1	0	-25.7	-32	0	0	-7.28	-10.4
Dividends paid	-6.67	-6.67	-6.59	-6.56	-6.5	-45.9	-6.32	-6.32	-4.72	-6.24
Cash from financing	-21.3	-30.2	-31.9	-100	-32.7	-78.1	359	-121	-113	-58.2
Net change in cash	106	-44.1	76.8	-86.9	35.1	42.6	-109	-23.3	-14.9	5.16
Free cash flow	69.7	-74.6	-22.7	-17.4	-25.5	-9.22	34.1	-43.3	34.8	-66.9
Interest paid	0	0.15	0	0.93	0	0	6.38	22.4	17.7	12.2
Income taxes paid	35.5	21.9	12.8	18.9	13.7	38.5	44	30.1	15.6	9.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $11.30 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-2.3%	Operating income / revenue.
EBITDA margin	17.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-3.4%	Pre-tax income / revenue.
Net margin	-3.0%	Net income / revenue.
FCF margin	-11.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.7%	Cash from operations / revenue.
Return on equity (ROE)	-2.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.9%	Net income / average total assets.
Return on invested capital (ROIC)	-1.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	22.3%	Capital expenditures / revenue.
D&A / revenue	19.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-23.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-36.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-31.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-13.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-38.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-22.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-13.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-292.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-8.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-4.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-10.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-10.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.58x	Current assets / current liabilities.
Quick ratio	1.19x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.53x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.18x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	11.5%	Total debt / total assets.
Liabilities / assets	35.6%	Total liabilities / total assets.
Net debt	$72.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.57x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$68.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	33.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$366.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.63x	Revenue / average total assets.
Fixed asset turnover	1.29x	Revenue / average property, plant and equipment.
Receivables turnover	9.60x	Revenue / average receivables.
Days sales outstanding	38 days	365 x average receivables / revenue.
Capex / operating cash flow	209.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$9.51	Revenue / diluted weighted shares.
FCF per share	-$1.11	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.01	Cash from operations / diluted weighted shares.
Book value per share	$9.78	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.74	Tangible book value / shares outstanding.
Cash per share	$0.81	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$873.9M	Share price x shares outstanding.
Enterprise value	$946.4M	Market cap + total debt - cash - short-term investments.
P/S	1.19x	Market cap / revenue.
P/B	1.16x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.38x	Market cap / tangible book value, when positive.
P/OCF	11.1x	Market cap / cash from operations, when positive.
EV/Sales	1.29x	Enterprise value / revenue.
EV/EBITDA	7.47x	Enterprise value / EBITDA, when both are positive.
FCF yield	-9.8%	Free cash flow / market cap.
Earnings yield	-2.5%	Net income / market cap (the inverse of P/E).
Dividend yield	0.7%	Dividends paid over the period / market cap.
Shareholder yield	0.7%	(Dividends paid + share buybacks) / market cap.

What was HEARTLAND EXPRESS INC's revenue in fiscal 2025?

HEARTLAND EXPRESS INC reported revenue of $805.7M for fiscal 2025, 23.1% lower than the year before.

Was HEARTLAND EXPRESS INC profitable in fiscal 2025?

No. It reported a net loss of $52.5M.

How much free cash flow did HEARTLAND EXPRESS INC generate in fiscal 2025?

Cash from operations of $89.3M minus capital expenditures of $156.2M left free cash flow of -$66.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to HEARTLAND EXPRESS INC