Earnings quality remains disconnected from cash generation, as evidenced by a 2026Q1 OCF/NI ratio of -4.80 and capital expenditures consuming 10.2% of quarterly revenue.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 86.62M | 89.31M | 144.35M | 165.27M | 194.71M | 123.42M | 178.85M | 146.37M | 146.54M | 109.54M | 155.78M | 190.47M | 172.45M | 111.23M | 102.17M | 99.08M | 98.61M | 101.1M | 121.81M | 119.6M | 128.07M | 104.94M | 103.52M | 97.08M | 67.88M | 61.25M | 49.91M | 45.61M | 52.74M | 46.76M | 48.31M |
| Operating CF Margin % | - | 11.09% | 13.78% | 13.69% | 20.12% | 20.32% | 27.72% | 24.53% | 23.99% | 18.04% | 25.42% | 25.87% | 19.79% | 19.1% | 18.72% | 18.74% | 19.74% | 22% | 19.47% | 20.21% | 22.39% | 20.03% | 22.65% | 23.96% | 19.92% | 20.79% | 18.16% | 17.48% | 20.01% | 17.81% | 21.1% |
| Operating CF Growth % | -141.01% | -38.13% | -12.66% | -15.12% | 57.77% | -30.99% | 22.19% | -0.12% | 33.78% | -29.68% | -18.21% | 10.45% | 55.03% | 8.87% | 3.12% | 0.48% | -2.47% | -17% | 1.85% | -6.62% | 22.04% | 1.37% | 6.63% | 43.01% | 10.83% | 22.72% | 9.42% | -13.5% | 12.78% | -3.22% | 26.78% |
| Net Income | -43.4M | -52.45M | -29.72M | 14.78M | 133.58M | 79.28M | 70.81M | 72.97M | 72.68M | 75.17M | 56.39M | 73.06M | 84.83M | 70.58M | 61.54M | 69.93M | 62.22M | 56.95M | 69.97M | 76.17M | 87.17M | 71.91M | 62.45M | 57.22M | 42.81M | 37.66M | 34.3M | 33.12M | 33.11M | 30.07M | 25.03M |
| Depreciation & Amortization | 152.73M | 159.2M | 181.52M | 199.04M | 133.05M | 104.23M | 110.38M | 100.93M | 101.33M | 103.91M | 105.58M | 111.85M | 109.63M | 69.65M | 57.82M | 57.88M | 61.95M | 58.73M | 46.11M | 48.49M | 47.37M | 38.25M | 30.03M | 26.92M | 20.39M | 17.78M | 17.22M | 17.31M | 19.23M | 17.49M | 13.96M |
| Stock-Based Compensation | 847K | 2.16M | 1.04M | 1.62M | 1.4M | 1.15M | 2.09M | 2.06M | 539K | 511K | 856K | 1.25M | 1.13M | 1.18M | 2.38M | 150K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -19.3M | -25.15M | -30.2M | -18.08M | 2.41M | -5.87M | 8.15M | 4.7M | 2.75M | -27.12M | -4.58M | 8.62M | 39.07M | 10.26M | -5.75M | 14.74M | -8.44M | 14.64M | 2.19M | 494K | 5.1M | -2.63M | 3.47M | 9.5M | 5.32M | 2.99M | 1.48M | -467K | -426K | -3.15M | -2.81M |
| Other Non-Cash Items | -5.62M | -4.28M | -6.46M | -40.02M | -96.55M | -37.44M | -14.83M | -31.34M | -24.96M | -26.67M | -9.21M | -35.04M | -33.54M | -33.07M | -15.11M | -32.13M | -13.32M | 0 | -9.56M | 63K | 376.03K | -7.67M | -174.83K | 0 | 332.6K | 14.44K | -1.51M | -906.6K | -272.89K | -58.9K | -189.04K |
| Working Capital Changes | 1.37M | 9.85M | 28.16M | 7.93M | 20.82M | -17.93M | 2.25M | -2.95M | -5.79M | -16.26M | 6.75M | 30.74M | -28.67M | -7.37M | 1.29M | -11.49M | -3.8M | -9.51M | 13.1M | 4.54M | 6.2M | 5.09M | 7.75M | 3.49M | -689.6K | 2.81M | -1.58M | -3.45M | 1.1M | 2.41M | 12.32M |
| Change in Receivables | 17.15M | 17.45M | 11.12M | 37.08M | 20.03M | 2.77M | 1.18M | 6.68M | 15.34M | 15.24M | 14.16M | 16.02M | 7.37M | 7.83M | -2.36M | -2.58M | -4.26M | -558K | 7.56M | -860K | -639.07K | -5.76M | -266.08K | -3.82M | -7.31M | -745.75K | -1.48M | -2.09M | 2.86M | -4.62M | 2.34M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -90.63M | -141.18M | -66.63M | -67.43M | -72.75M | -151.55M | -165.08M | -152.84M | 0 | 0 | 0 | 2.84M | -3.1M | -1.08M | -186.26M | -142.47M | -149.68M | -116.55M | -114.13M | -127.5M | -83.08M | -68.23M | -35.95M |
| Change in Payables | -12.12M | -9.51M | 5.2M | -31M | -1.23M | -18.48M | 3.06M | -10.76M | -26.01M | -26.89M | -11.06M | 202K | -19.02M | -9.72M | 953K | -952K | 0 | 0 | 0 | 2.73M | 7.61M | 11.31M | 7.63M | 3.49M | 8.4M | 1.59M | 2.35M | -1.85M | -844.82K | 5.41M | 5.16M |
| Cash from Investing | 426K | -26M | -46.54M | -67.87M | -663.26M | -2.65M | -111.05M | -132.79M | -37.81M | -132.5M | -39.16M | -67.21M | -115.48M | -133.51M | -5.98M | -16.93M | 68.11M | -52.77M | -27.12M | 103.63M | -115.55M | -72.81M | -136.03M | -57.92M | -79.28M | -68.49M | -34.09M | -17.71M | 14.46M | -11.57M | -34.18M |
| Capital Expenditures | -150.63M | -156.17M | -109.54M | -208.6M | -160.57M | -132.83M | -204.34M | -163.78M | -169.28M | -184.11M | -86.09M | -217.25M | -204.97M | -135.19M | -66.81M | -126.26M | -14.55M | -79.12M | -35.95M | -43.58M | -76.06M | -49.16M | -43.9M | -47.06M | -58.47M | -29.1M | -36.34M | -18.61M | -5.51M | -22.38M | -7.49M |
| CapEx % of Revenue | 19.75% | 19.38% | 10.46% | 17.28% | 16.59% | 21.87% | 31.67% | 27.44% | 27.71% | 30.31% | 14.05% | 29.5% | 23.52% | 23.22% | 12.24% | 23.88% | 2.91% | 17.22% | 5.75% | 7.36% | 13.3% | 9.38% | 9.6% | 11.62% | 17.16% | 9.88% | 13.22% | 7.13% | 2.09% | 8.53% | 3.27% |
| Acquisitions | 90.18M | 129.92M | 0 | 0 | -675.85M | 130.18M | 0 | -61.93M | 130.75M | -86.73M | 57.28M | 0 | -3.01M | -110.9M | 0 | 0 | 21.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -26.72M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 60.87M | 251K | 63M | 140.73M | 173.16M | 0 | 93.29M | 92.92M | 131.46M | 138.34M | 46.93M | 150.04M | 92.5M | -825K | 28.48M | 71.2M | -217K | 26.34M | 2.13M | 13.02M | 1.08M | 1.88M | 783.59K | -453.97K | -69.43K | 901.52K | 1.75M | 1.41M | 200.76K | -878.33K | 255.89K |
| Cash from Financing | -66.66M | -58.15M | -112.71M | -120.69M | 359.26M | -78.14M | -32.74M | -100.44M | -31.89M | -30.17M | -21.34M | -107.33M | -57.43M | -79.8M | -116.12M | -63.5M | -97.94M | -52.63M | -46M | -223.72M | -9.43M | -28.38M | -4.5M | -998.26K | 0 | 0 | -14.01M | -45.13M | 0 | -18.54M | -705.44K |
| Debt Issued (Net) | -49.69M | -41.15M | -100.3M | -114.08M | 365.87M | 0 | 0 | -93.35M | 0 | -23.3M | 0 | -24.6M | -50.4M | -72.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -18.5M | -705.44K |
| Equity Issued (Net) | -10.47M | -10.39M | -7.28M | -290K | -290K | -32.02M | -25.65M | -532K | -25.09M | -198K | -14.68M | -74.02M | 0 | 0 | -24.19M | -56.35M | 0 | -45.36M | -36.4M | -19.39M | -2.55M | -22.42M | 0 | 0 | 0 | 0 | -14.01M | -45.13M | 0 | 0 | 0 |
| Dividends Paid | -6.22M | -6.24M | -4.72M | -6.32M | -6.32M | -45.87M | -6.5M | -6.56M | -6.59M | -6.67M | -6.67M | -6.94M | -7.03M | -6.86M | -91.93M | -7.15M | -97.94M | -7.27M | -9.6M | -204.34M | -6.88M | -5.96M | -4.5M | -998.26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -10.47M | -10.39M | -7.28M | -290K | -290K | -32.02M | -25.65M | -532K | -25.09M | -198K | -14.68M | -74.02M | 0 | -41.1M | -24.19M | -56.35M | 0 | -45.36M | -36.4M | -19.39M | -2.55M | -22.42M | 0 | 0 | 0 | 0 | -14.01M | -45.13M | 0 | 0 | 0 |
| Other Financing | -269K | -365K | -407K | 0 | 0 | -247K | -582K | 0 | -213K | 0 | 0 | -1.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -42.13K | 0 |
| Net Change in Cash | 19.79M | 5.16M | -14.9M | -23.29M | -109.29M | 42.63M | 35.06M | -86.86M | 76.84M | -53.13M | 95.28M | 15.93M | -460K | -102.08M | -19.93M | 18.65M | 68.77M | -4.3M | 48.69M | -499K | 3.09M | 3.76M | -37.01M | 38.17M | -11.4M | -7.23M | 1.82M | -17.22M | 67.19M | 16.65M | 13.43M |
| Free Cash Flow | -64M | -66.85M | 34.81M | -43.33M | 34.15M | -9.22M | -25.49M | -17.41M | -22.73M | -74.58M | 69.69M | -26.78M | -32.52M | -23.96M | 35.36M | -27.18M | 84.06M | 21.98M | 85.86M | 76.02M | 52.02M | 55.79M | 59.62M | 50.02M | 9.41M | 32.15M | 13.58M | 27M | 47.22M | 24.38M | 40.82M |
| FCF Margin % | -8.39% | -8.3% | 3.32% | -3.59% | 3.53% | -1.52% | -3.95% | -2.92% | -3.72% | -12.28% | 11.37% | -3.64% | -3.73% | -4.12% | 6.48% | -5.14% | 16.83% | 4.78% | 13.72% | 12.84% | 9.1% | 10.65% | 13.04% | 12.35% | 2.76% | 10.91% | 4.94% | 10.34% | 17.92% | 9.29% | 17.83% |
| FCF Growth % | -691.65% | -292.04% | 180.34% | -226.9% | 470.26% | 63.82% | -46.41% | 23.42% | 69.52% | -207.01% | 360.23% | 17.65% | -35.73% | -167.76% | 230.12% | -132.33% | 282.42% | -74.4% | 12.95% | 46.14% | -6.75% | -6.43% | 19.19% | 431.31% | -70.71% | 136.79% | -49.72% | -42.82% | 93.73% | -40.29% | 8.21% |
| FCF per Share | -0.83 | -0.86 | 0.44 | -0.55 | 0.43 | -0.12 | -0.31 | -0.21 | -0.28 | -0.89 | 0.84 | -0.31 | -0.37 | -0.28 | 0.41 | -0.30 | 0.93 | 0.24 | 0.90 | 0.78 | 0.53 | 0.56 | 0.60 | 0.50 | 0.09 | 0.32 | 0.13 | 0.23 | 0.40 | 0.21 | 0.35 |
| FCF Conversion (FCF/Net Income) | 1.47x | -1.70x | -4.86x | 11.19x | 1.46x | 1.56x | 2.53x | 2.01x | 2.02x | 1.46x | 2.76x | 2.61x | 2.03x | 1.58x | 1.66x | 1.42x | 1.58x | 1.78x | 1.74x | 1.57x | 1.47x | 1.46x | 1.66x | 1.70x | 1.59x | 1.63x | 1.45x | 1.38x | 1.59x | 1.55x | 1.93x |
| Interest Paid | 11.52M | 0 | 17.74M | 22.44M | 6.38M | 0 | 0 | 929K | 0 | 153K | 0 | 40K | 484K | 4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 64.57K | 30.94K |
| Taxes Paid | 2.67M | 9.3M | 15.64M | 30.14M | 44.01M | 38.52M | 13.66M | 18.89M | 12.83M | 21.91M | 35.54M | 24.7M | 23.72M | 38.1M | 42.78M | 24.15M | 40.5M | 18.77M | 36.74M | 41.56M | 41.32M | 42.06M | 30.52M | 18.77M | 17.36M | 14.33M | 16.55M | 16.61M | 18.9M | 19.91M | 15.27M |
Negative operating cash conversion
According to the provided quarterly data, Heartland Express consistently reports negative net income while maintaining positive operating cash flow, with the OCF/NI ratio reaching an extreme -4.80 in 2026Q1, suggesting that non-cash charges like depreciation are masking the underlying weakness in core freight profitability.
The persistent gap between net income and operating cash flow indicates that the company's cash generation is heavily reliant on accounting add-backs rather than operational earnings. Investors should monitor whether this reliance on depreciation-shielded cash flow is sustainable as the fleet ages and maintenance requirements inevitably rise.
As reported in financial statements, Heartland's capital expenditure as a percentage of revenue has surged to 10.2% in 2026Q1, reflecting a high-intensity investment cycle that appears disconnected from the company's current ability to generate top-line growth in a depressed freight environment.
The elevated capex levels suggest that the company is struggling to right-size its asset base to match lower demand, potentially leading to over-capacity. This capital intensity warrants further investigation into whether these investments are truly maintenance-focused or if they represent an attempt to modernize an aging acquired fleet.
Based on the reported figures, Heartland's free cash flow trajectory has become increasingly erratic, swinging from a $44.2 million outflow in 2025Q4 to a $5.1 million inflow in 2026Q1, which highlights the company's vulnerability to lumpy capital spending and cyclical revenue declines.
The inability to maintain consistent positive free cash flow suggests that the company's current operational model is struggling to self-fund its capital requirements. This volatility may force management to rely more heavily on external financing, further straining the balance sheet in a high-interest rate environment.
Data from recent filings indicates that Heartland has pivoted toward net cash inflows from asset sales, such as the $32.9 million in 2026Q1, to offset the cash-draining effects of recent acquisitions and ongoing operational losses, signaling a shift in capital allocation priorities.
The reliance on asset divestitures to bolster cash flow suggests that the company is liquidating parts of its fleet to manage liquidity rather than generating cash through core freight services. This strategy appears to be a stop-gap measure that may limit future operational capacity if the freight cycle turns.
Quick answers to the most common questions about buying HTLD stock.
Heartland Express, Inc. (HTLD) generated $89.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Heartland Express, Inc. (HTLD) reported negative free cash flow of $66.9M in 2025, indicating capital requirements exceeded cash from operations.
Heartland Express, Inc. (HTLD) spent $156.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Heartland Express, Inc. (HTLD) returned $6.2M to shareholders via cash dividends and spent $10.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.