The Southwest Airlines of full truckload shipping.

Like J.B. Hunt, but laser-focused on efficient, asset-based truckload freight.

• Dry Van Truckload Transportation: Moving general commodities in standard enclosed trailers across North America.
• Temperature-Controlled Truckload Transportation: Hauling perishable and temperature-sensitive goods in refrigerated trailers.
• Dedicated Fleet Services: Providing a customized fleet of trucks and drivers exclusively for a single customer's specific transportation needs.

Heartland Express (HTLD) Major Customers

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Michael J. Gerdin, Chairman of the Board, President and Chief Executive Officer

Michael J. Gerdin began his career with Heartland Express in 1983, starting in the truck wash bay as a teenager. He progressed through various roles in operations, sales, safety, maintenance, and driver recruiting until 1998. From 1998 to 2001, he served as President of A&M Express, a wholly-owned subsidiary of Heartland Express. He was appointed Vice-President of Regional Operations in 2001, President of the Company in 2006, and has served as Chief Executive Officer and Chairman of the Board since September 2011. He earned his BA degree in Business Management from Luther College.

Christopher Alan Strain, Vice President, Finance, Chief Financial Officer, Treasurer and Principal Accounting Officer

Christopher Alan Strain has served as the Chief Financial Officer and Vice President of Finance, Treasurer of Heartland Express, Inc. since 2017. He also holds the title of Principal Accounting Officer. Prior to this, he was the Vice President, Controller, and Secretary from 2015 to 2017. Mr. Strain joined Heartland's accounting and finance department in 2007. Before his time at Heartland, he worked for Deloitte & Touche, LLP, as a certified public accountant from 1997 to 2007.

Kent D. Rigdon, Chief Operating Officer

Kent D. Rigdon has served as the Chief Operating Officer of Heartland Express since July 2022. He previously held the position of Vice President of Sales from May 2014 to June 2022. Mr. Rigdon has been involved in the Operations and Sales departments of Heartland Express since 2002 and possesses 34 years of experience in the transportation industry, including with another company.

Todd A. Trimble, Vice President, Safety and Security

Todd A. Trimble serves as the Vice President, Safety and Security. He has been Vice President of Midwestern Operations since November 2016. From October 2015 to October 2016, he was the Vice President of Operations, and from 2006 to September 2015, he served as Vice President of Regional Operations. Mr. Trimble has been with Heartland Express's Operations department since 1993.

K. Eric Eickman, Vice President, Information Technology

K. Eric Eickman serves as the Vice President, Information Technology at Heartland Express.

Heartland Express (HTLD) primarily offers asset-based dry van truckload services, encompassing long-haul and regional transportation across the United States, with some cross-border freight services to Mexico and Canada, and limited temperature-controlled transportation.

The addressable market for Heartland Express's main products and services is the U.S. full truckload (TL) sector, which is estimated to be $387 billion in 2025.

Heartland Express (HTLD) is expected to drive future revenue growth over the next 2-3 years through several key factors, primarily contingent on a broader industry recovery and successful internal initiatives.

1. Cyclical Recovery in Freight Demand and Pricing: The company's future revenue growth is highly dependent on an anticipated cyclical upswing in the trucking industry. While the current operating environment is characterized by weak freight demand, excess capacity, and unsustainable pricing, Heartland Express and analysts expect a more positive market outlook for freight demand and pricing to emerge later in 2025 and strengthen in 2026. This industry recovery is a crucial external driver for increased revenue.
2. Synergies and Market Expansion from Acquisition Integration: Heartland Express made significant acquisitions in 2022, including Smith Transport and CFI Logistica operations in Mexico. Successful integration of these acquired businesses, which includes bringing all operating brands onto a common transportation management system by the end of 2025, is expected to unlock synergies, enhance service offerings, and expand Heartland Express's market reach, particularly in new geographies like Mexico.
3. Operational Efficiencies and Cost Management: Although primarily impacting profitability, Heartland Express's ongoing focus on cost reductions, fleet right-sizing, and improved operational efficiencies can indirectly support revenue growth. By improving its operating ratio and reducing costs, the company can potentially offer more competitive pricing, allocate resources more effectively to growth initiatives, and gain market share as the industry environment improves. Furthermore, a stronger, more efficient operational base makes the company better positioned to capitalize on increased demand when the market recovers.

Share Repurchases

• Heartland Express repurchased a total of 4.3 million shares of common stock for $63.0 million over the past five years, as of September 30, 2025.
• Year-to-date as of September 30, 2025, the company repurchased $10.4 million of common stock.
• As of September 30, 2025, the company had authorization to repurchase an additional 4.8 million shares.

Share Issuance

• The 2021 Restricted Stock Award Plan made available up to 0.6 million shares for restricted stock grants to eligible employees, directors, and consultants.
• As of March 31, 2024, 0.5 million shares remained available for restricted stock grants under the 2021 Plan.

Outbound Investments

• Heartland Express completed the acquisition of Smith Transport in May 2022 and Contract Freighters, Inc. (CFI) in August 2022.
• These acquisitions led to a significant increase in the company's debt.
• The company does not expect to make any significant acquisitions while it is focused on debt reduction.

Capital Expenditures

• Net capital expenditures for the calendar year 2025 are currently expected to be approximately $27 to $30 million.
• For the twelve months ended December 31, 2024, the primary use of cash for investing activities was $46.5 million for net property and equipment transactions.
• Capital expenditures are primarily focused on investments in the fleet and terminal network, with the average age of the consolidated tractor fleet being 2.6 years and the trailer fleet being 7.5 years as of September 30, 2025.