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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2025 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-15087 HEARTLAND EXPRESS, INC. (Exact Name of Registrant as Specified in Its Charter) Nevada 93-0926999 (State or Other Jurisdiction (I ...

分组1 - J.B. Hunt reported an 11% year-over-year increase in adjusted operating income despite a 2% dip in revenue, benefiting from a $100-million cost reduction program that improved operating margin by 80 basis points [1] - The release of a white paper by Algorhythm Holdings, claiming significant savings through AI tools in freight brokerage, led to a selloff in 3PL stocks and affected asset-based carriers [3][6] - Knight-Swift Transportation's fourth-quarter adjusted earnings fell short of expectations, with operating margins eroding across all business units except intermodal, although first-quarter guidance aligned with consensus [9][10] 分组2 - Carriers experienced decent peak-season demand, but improving fundamentals were noted late in the quarter, indicating a prolonged downturn [5] - Schneider National's fourth-quarter results and 2026 outlook were below expectations, with a net loss reported and a conservative adjusted EPS guide [15][17] - Covenant Logistics Group reported a modest miss in the fourth quarter, citing heightened regulatory enforcement and a government shutdown as challenges, but noted improved revenue trends in early January [18][20] 分组3 - Marten Transport saw a 9% year-over-year revenue decline but a 70% sequential improvement in adjusted operating income, attributed to aggressive cost controls [13][14] - Werner Enterprises reported a net loss before adjustments but announced a restructuring of its one-way unit to improve fleet utilization and profitability, following the acquisition of dedicated carrier FirstFleet [24][25]

Financial Performance - Operating revenue for Q4 2025 was $179.4 million, down from $242.6 million in Q4 2024, representing a decrease of 26.0%[8] - Net loss for Q4 2025 was $19.4 million, compared to a net loss of $1.9 million in Q4 2024, with basic loss per share of $0.25 versus $0.02 in the prior year[8] - For the full year 2025, operating revenue was $805.7 million, a decrease of 23.1% from $1.0 billion in 2024[9] - Total operating expenses for Q4 2025 were $202.199 million, down from $241.554 million in Q4 2024, reflecting a reduction of 16%[21] - The net loss for Q4 2025 was $19.441 million, compared to a net loss of $1.854 million in Q4 2024, indicating a significant increase in losses[21] - Adjusted operating (loss) income for Q4 2025 was $(2.599) million, compared to an adjusted operating income of $2.276 million in Q4 2024[24] Operational Efficiency - The operating ratio for Q4 2025 was 112.7%, including a non-cash trade name impairment of $19.0 million, while the non-GAAP adjusted operating ratio was 101.6%[5] - The operating ratio for Q4 2025 was 112.7%, up from 99.6% in Q4 2024, indicating a decline in operational efficiency[24] - The company aims to achieve an operating ratio in the low to mid 80s and return to a debt-free balance sheet by 2027[7] Assets and Liabilities - Total assets at December 31, 2025, were $1.2 billion, with stockholders' equity of $755.3 million[11] - Long-term debt and finance lease liabilities decreased to $154.059 million in 2025 from $191.707 million in 2024, a reduction of 20%[23] - The company repurchased $10.4 million of common stock and paid down $41.2 million in debt during 2025, totaling $337.0 million in debt payments since acquisitions in 2022[5] Cash Flow and Liquidity - Operating cash flows for the twelve-month period ended December 31, 2025, were $89.3 million, representing 11.1% of operating revenues[12] - Cash and cash equivalents increased to $18.475 million in 2025 from $12.812 million in 2024, representing a growth of 44%[23] - Total current assets decreased to $114.600 million in 2025 from $129.448 million in 2024, a decline of 11%[23] Fleet and Operations - The average age of the tractor fleet was 2.6 years as of December 31, 2025, compared to 2.5 years at the end of 2024[13] - The company unified its two largest operating fleets into Heartland Express at the end of 2025, which is expected to unlock freight opportunities and improve driver compensation[6] Dividends and Shareholder Information - The company declared dividends of $0.02 per share for both Q4 2025 and Q4 2024, maintaining the same level[21] - The weighted average shares outstanding for Q4 2025 were 77.438 million, slightly down from 78.497 million in Q4 2024[21]

Core Viewpoint - Heartland Express reported a net loss of $19.4 million for the quarter, but showed sequential operating improvement despite the loss being impacted by a one-time impairment charge related to the integration of the CFI fleet acquired in 2022 [2][3] Financial Performance - The company reported revenue of $179 million, down 26% year-over-year and $15 million below consensus estimates [3] - Adjusted operating income was -$2.6 million, a decline of 214.2% year-over-year, while adjusted operating ratio was 101.6%, worsening by 270 basis points year-over-year but improving by 190 basis points sequentially [3] - Gains on equipment sales totaled $12.2 million, more than double the previous year, contributing approximately 6 cents per share to the results [2][3] Strategic Initiatives - Heartland has integrated all fleets onto the same Transportation Management System (TMS) and has restructured its network to eliminate unprofitable freight and excess real estate [4] - The company aims to profitably grow its topline through organic growth and M&A, targeting low- to mid-80s operating ratios and a debt-free balance sheet [4] Debt and Cash Flow - Net debt was reduced by $11 million in the fourth quarter, totaling $141 million, with $89 million available on an untapped revolving credit facility [6] - Operating cash flows decreased to $89 million in 2025 from $144 million in 2024 [5] Fleet and Operations - The average tractor age increased to 2.6 years, which is elevated compared to Heartland's historical standards [7]

Core Insights - Heartland Express (HTLD) reported a revenue of $179.36 million for the quarter ended December 2025, reflecting a year-over-year decline of 26.1% [1] - The earnings per share (EPS) for the same period was -$0.06, compared to -$0.02 a year ago [1] - The reported revenue fell short of the Zacks Consensus Estimate of $185.76 million, resulting in a surprise of -3.45% [1] - The company achieved an EPS surprise of +14.29%, with the consensus EPS estimate being -$0.07 [1] Financial Performance Metrics - The operating ratio was reported at 112.7%, significantly higher than the estimated 101.8% by analysts [4] - Fuel surcharge revenue was $21.68 million, slightly below the estimated $22.03 million, marking a -22.6% change compared to the year-ago quarter [4] - Operating revenue, excluding fuel surcharge revenue, was $157.68 million, which is lower than the estimated $163.72 million, representing a -26.5% change year-over-year [4] Stock Performance - Heartland Express shares have returned +9.5% over the past month, outperforming the Zacks S&P 500 composite's +1.8% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - Heartland Express, Inc. is facing macroeconomic challenges but shows potential for recovery due to insider buying and an upward trend in price targets among analysts [2][3][5]. Group 1: Company Overview - Heartland Express, Inc. is a significant player in the trucking industry, providing short-to-medium haul truckload services across the U.S. and Canada, primarily serving sectors like consumer goods, appliances, food products, and automotive industries [1]. Group 2: Price Target and Analyst Sentiment - The consensus price target for Heartland Express has increased from $9.25 a quarter ago to $10.50, indicating growing optimism among analysts about the company's future performance [2]. - Analyst Brandon Oglenski from Barclays has set a price target of $17 for the stock, reflecting confidence in its future growth despite current challenges [4]. Group 3: Financial Performance and Challenges - Heartland Express is expected to report negative earnings in its upcoming quarterly release due to weak demand and oil price volatility affecting revenue [3]. - The company is focusing on improving efficiency through effective cost controls while maintaining a strong balance sheet, stable cash flow, and low leverage [3]. Group 4: Stock Valuation and Insider Activity - The stock is currently trading below its book value and historical averages, suggesting that the recent downtrend may be overdone, presenting an attractive upside potential for investors [4]. - Notable insider trading activity has been observed, with insiders purchasing shares, indicating confidence in the company's prospects despite mixed analyst reports [5][6].

Core Viewpoint - The company's stock has been declining for nearly a decade, but there has been a recent temporary increase, likely due to long-only investment strategies focusing on operational aspects rather than market-driven dynamics [1]. Group 1: Investment Strategy - The investment approach emphasizes evaluating companies from an operational and buy-and-hold perspective, focusing on long-term earnings potential and competitive dynamics within industries [1]. - The strategy involves holding most companies, with only a small fraction deemed suitable for purchase at any given time, promoting a healthy skepticism in a generally bullish market [1]. Group 2: Market Dynamics - The articles produced by Quipus Capital do not prioritize future price movements but rather the operational fundamentals of companies, which is intended to provide valuable insights for future investors [1].

Core Insights - Palm Valley Capital Fund's performance in Q4 2025 showed a 0.66% appreciation, underperforming the S&P SmallCap 600's 1.70% gain and the Morningstar Small Cap Total Return Index's 3.12% rise [1] - The Fund increased its allocation to Treasury bills from 74.1% to 76.3% during the quarter, while equity holdings rose by 1.12% [1] - Precious metals, particularly silver, significantly contributed to the Fund's equity performance [1] Company-Specific Insights - Heartland Express, Inc. (NASDAQ:HTLD) was highlighted as a top contributor to the Fund's performance in Q4 2025, with a one-month return of 6.26% despite a 52-week loss of 8.97% [2][3] - The company is experiencing stabilization in operating results amidst a severe freight recession, with signs of trucking rates bottoming out and beginning to rise [3] - Capacity reductions and stricter trucking regulations are expected to improve pricing and profitability for Heartland Express in 2026, with a 60% reduction in net debt over three years [3] - Heartland Express is not among the 30 Most Popular Stocks Among Hedge Funds, with 17 hedge fund portfolios holding its stock at the end of Q3 2025, an increase from 15 in the previous quarter [4]

Core Viewpoint - U.S. stock futures showed mixed results, with Dow futures declining approximately 0.1% as Biohaven Ltd's shares fell sharply following disappointing trial results for its depression drug [1] Company-Specific Summary - Biohaven Ltd (NYSE:BHVN) reported that its investigational drug BHV-7000 for major depressive disorder did not meet its primary endpoint in a six-week trial, failing to show a significant reduction in depressive symptoms compared to placebo, as measured by the Montgomery Åsberg Depression Rating Scale [2] - Following the announcement, Biohaven's shares dropped 14.3% to $9.27 in pre-market trading [2] Other Stocks Movement - Heartland Express Inc (NASDAQ:HTLD) saw a decline of 8.9% to $8.40 in pre-market trading after declaring a regular quarterly cash dividend of 2 cents per share [3] - Omeros Corp (NASDAQ:OMER) decreased by 6.8% to $14.32 in pre-market trading, despite a previous surge of over 75% after FDA approval of YARTEMLEA for a specific medical condition [3] - Andersen Group Inc (NYSE:ANDG) fell 4.6% to $24.30 in pre-market trading after a prior gain of 4% [3] - PennyMac Mortgage Investment Trust (NYSE:PMT) declined 2.8% to $12.67, while Black Rock Coffee Bar Inc (NASDAQ:BRCB) and Lifestance Health Group Inc (NASDAQ:LFST) both fell by 2.7% to $22.70 and $6.90 respectively [3] - Kyverna Therapeutics Inc (NASDAQ:KYTX) experienced a decrease of 2.6% to $8.76 in pre-market trading [3]