Heartland Express (HTLD) investor relations material

Executive summary

• Operating revenue for Q2 2025 was $210.4 million, down 23.4% year-over-year, with a net loss of $10.9 million for the quarter and $24.7 million for the first half of 2025.

• The operating environment remains challenging due to weak freight demand, excess capacity, unsustainable pricing, and rising costs.

• Sequential improvement noted in some operating brands, with ongoing investments in fleet, debt reduction, and share repurchases.

• The company continues to focus on cost reductions, fleet right-sizing, and driver retention amid industry headwinds.

Financial highlights

• Q2 2025 net loss was $10.9 million, compared to $3.5 million in Q2 2024; six-month net loss was $24.7 million versus $18.6 million year-over-year.

• Operating revenue for the first half of 2025 was $429.8 million, down 21.1% from $545.1 million in 2024.

• Basic loss per share was $0.14 for Q2 and $0.32 for six months, compared to $0.04 and $0.24 in 2024.

• Cash flow from operations was $46.8 million for the first half of 2025, representing 10.9% of operating revenues.

• Cash, cash equivalents, and restricted cash totaled $36.6 million at June 30, 2025.

Outlook and guidance

• No material improvements in freight demand or pricing expected until later in 2025; more positive outlook for 2026.

• Cost improvements and transportation system changes are expected to improve profitability over the next twelve months.

• All operating brands expected to be on a common transportation management system by year-end 2025.

• Depreciation expense for 2025 is projected at $155–$165 million; expected gains on disposal of property and equipment for 2025 are $12–$17 million.

• Net capital expenditures for 2025 are expected to be $35–$45 million.