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Covenant Logistics (CVLG) investor relations material

Covenant Logistics Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary24 Jul, 2025

Executive summary

  • Achieved record Q2 2025 freight revenue of $276.5M, up 7.8% year-over-year, driven by dedicated fleet growth, managed freight, and a small acquisition, despite a competitive environment.

  • Diluted EPS was $0.36, down from $0.44; net income fell to $9.8M, with operating income declining to $11.6M from $15.6M year-over-year.

  • Repurchased 1.6M shares for $35.2M, reducing share count and increasing leverage; $13.8M remains under the $50M authorization.

  • Minority investment in TEL contributed $4.3M pre-tax net income, in line with prior year.

  • Margins remained compressed due to inflationary costs, high claims expense, and fuel price increases.

Financial highlights

  • Total revenue rose to $302.9M, up 5.3% year-over-year; freight revenue up 7.8% to $276.5M.

  • Adjusted operating income declined 19.6% to $15M; operating income was $11.6M, down from $15.6M.

  • Net income for Q2 2025 was $9.8M ($0.36 per diluted share), compared to $12.2M ($0.44 per diluted share) in Q2 2024.

  • Adjusted operating ratio for Q2 2025 was 94.6%, up from 92.7% in Q2 2024.

  • Net cash provided by operating activities for the first six months was $46.7M, up from $44.1M year-over-year.

Outlook and guidance

  • Management expects gradual improvement in general freight market fundamentals, though progress is uneven due to inventory, policy, and supply chain fluctuations.

  • Managed Freight segment revenue is expected to decline in H2 2025 due to the loss of a key customer in July 2025.

  • Focus remains on organic growth in Dedicated contracts, margin improvement, and evaluating acquisition opportunities.

  • Expects net capital equipment expenditures of $50M–$60M for the remainder of the year.

  • If the general freight market does not improve, mix change and seasonality are still expected to generate better results in H2 2025.

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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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