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Covenant Logistics Group
Covenant Logistics Group (CVLG) investor relations material
Covenant Logistics Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary30 Jan, 2026
Executive summary
Freight market reached equilibrium in Q4 2025, with spot rates rising and improved revenue trends in January across all business units.
Reported a GAAP net loss of $18.3 million, or $0.73 per diluted share, for Q4 2025, primarily due to $19.4 million in non-cash impairment charges and $11.6 million in insurance claims costs.
Adjusted (non-GAAP) net income was $8.0 million, or $0.31 per diluted share, excluding significant one-time charges.
Completed acquisition of Star Logistics Solutions, diversifying into government emergency management and high-service CPG customers, and expanding logistics capabilities.
Secured low to mid-single-digit rate increases in expedited fleet, with more expected in Q2 2026.
Financial highlights
Consolidated freight revenue rose 7.8% year-over-year to $270.6 million in Q4 2025; total revenue increased 6.5% to $295.4 million.
Adjusted operating income declined 39.4% to $10.9 million due to margin compression in Expedited, Managed Freight, and Warehousing.
Adjusted operating ratio deteriorated to 96.0% from 92.9% year-over-year.
Net indebtedness increased by $76.9 million to $296.6 million, with an adjusted leverage ratio of 2.3x and debt-to-capital ratio of 42.3%.
Return on average invested capital was 5.6%, down from 8.1% the prior year.
Outlook and guidance
Optimistic about improving freight fundamentals and operating leverage in 2026, with improvements expected later in the year.
Q1 2026 expected to be seasonally soft, with sequential improvement anticipated in subsequent quarters.
Plans for 2026 include exiting unprofitable business, reducing the truckload fleet, improving free cash flow, and deleveraging.
Targeting high single-digit operating income margin in warehousing and improved operating ratios in Expedited and Dedicated segments.
Net capital equipment expenditures for 2026 expected to be $40–$50 million, a significant reduction from 2025.
Quantify 2026 truckload fleet reduction plan
What is the expected debt reduction from asset sales?
How will Star Logistics change freight mix?
What's driving increased bid activity and capacity concern?
How will fleet size and mix evolve by end of 2026?
What are the long-term OR targets for core segments?
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Next Covenant Logistics Group earnings date
Q1 202623 Apr, 2026
Covenant Logistics Group
Next Covenant Logistics Group earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
Covenant Logistics Group, Inc. operates as a third party logistics service provider primarily in the United States. It offers regional and freight brokerage services; intermodal, truckload, and dedicated transportation; expedited shipping services; and raw materials handling. The company also provides domestic and international air freight forwarding services through FedEx, DHL Worldwide Express, United Parcel Service, and Emery Worldwide. Covenant Logistics Group, Inc. was founded in 1986.
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