COVENANT LOGISTICS GROUP, INC.

Listed Company

CVLGCIK 0000928658NYSEAcceleratedTrucking (No Local)NevadaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$7.24M

Total Assets

$1.05B

Equity

$404.00M

Shares Out

—

Op. Cash Flow

$113.65M

Business

Covenant Logistics Group, Inc. provides transportation and logistics services focused on truckload freight, emphasizing expedited and dedicated truckload operations. Its main offerings include expedited two-person team long-haul service, dedicated solo-driver contract routes, managed freight services (brokerage and transportation management systems), day-to-day warehouse management, shuttle and switching, and participation in equipment leasing and used-equipment sales. The company reports four segments: Expedited, Dedicated, Managed Freight, and Warehousing, and holds an ownership interest in a leasing/resale joint venture. It operates throughout the continental United States serving manufacturers, retailers, parcel forwarders, third-party logistics providers, food shippers, and government customers using company-owned, leased, and independent contractor equipment.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	1,164	1,131	1,104	1,217	1,046
Salaries, wages, and related expenses	433	423	400	402	350
Fuel expense	112	116	133	166	104
Operations and maintenance	70	62	64	79	59
Revenue equipment rentals and purchased transportation	287	254	272	326	332
Operating taxes and licenses	14	12	13	12	11
Insurance and claims	70	60	50	51	39
Communications and utilities	6	5	5	5	5
Other Cost and Expense, Operating	59	66	49	38	30
Depreciation and amortization	93	87	70	58	54
Write-down of held-for-sale assets	7	0	0	—	0
Loss (gain) on disposition of property and equipment, net	300,000	2	−13	−40	−4
Impairment of goodwill	11	0	0	—	—
Total operating expenses	1,162	1,087	1,045	1,096	979
Operating income	3	45	59	121	67
Interest expense, net	12	14	8	3	3
Income from equity method investment	−15	−15	−21	−25	−15
Income before income taxes	6	46	72	143	79
Income tax expense	1	11	18	35	21
Income from continuing operations	4	35	55	108	58
Income from discontinued operations, net of tax	3	600,000	600,000	750,000	3
Net income	7	36	55	109	61
Income from continuing operations (in dollars per share)	0.17	1.35	2.09	3.6	3.46
Income from discontinued operations (in dollars per share)	0.11	0.02	0.02	0.02	0.15
Net income per basic share(1) (in dollars per share)	0.28	1.37	2.12	3.62	3.61
Income from continuing operations (in dollars per share)	0.16	1.28	1.97	3.48	3.42
Income from discontinued operations (in dollars per share)	0.11	0.02	0.02	0.02	0.15
Net income per diluted share (in dollars per share)	0.27	1.3	2	3.5	3.57
Basic weighted average shares outstanding (in shares)	26	26	26	30	17
Diluted weighted average shares outstanding (in shares)	27	28	28	31	17

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	5	36	2	69	8
Accounts receivable, net of allowance of $2,780 in 2025 and $2,360 in 2024	152	142	143	120	142
Drivers' advances and other receivables, net of allowance of $584 in 2025 and $593 in 2024	10	4	4	4	9
Inventory and supplies	6	6	5	4	3
Prepaid expenses	22	20	18	16	13
Assets held for sale	26	132,000	7	6	3
Income taxes receivable	12	6	7	5	10
Other short-term assets	240,000	343,000	531,000	367,000	0
Total current assets	233	214	186	223	189
Property and equipment, at cost	754	729	—	—	—
Less: accumulated depreciation and amortization	−241	−205	—	—	—
Net property and equipment	513	525	—	—	—
Goodwill	81	79	76	58	43
Other intangibles, net	106	90	100	48	20
Other receivables	17	3	—	—	—
Other assets, net	97	86	78	59	52
Noncurrent assets from discontinued operations	0	209,000	409,000	1	1
Total assets	1,046	998	954	797	652
Accounts payable	45	32	33	34	30
Accrued expenses	62	51	59	59	38
Current maturities of long-term debt	64	64	48	19	6
Current portion of finance lease obligations	840,000	751,000	781,000	5	7
Current portion of operating lease obligations	12	10	12	18	16
Current portion of insurance and claims accrual	25	23	18	21	21
Total current liabilities	210	181	170	156	143
Long-term debt	234	187	197	90	20
Long-term portion of finance lease obligations	2	3	5	432,000	4
Long-term portion of operating lease obligations	25	31	31	46	22
Insurance and claims accrual	36	19	16	16	21
Deferred income taxes	120	118	116	99	85
Other long-term liabilities	14	19	14	7	2
Other long-term liabilities of discontinued operations	0	835,000	2	4	5
Total liabilities	642	559	551	420	302
Commitments and contingencies	—	—	—	—	0
Additional paid-in-capital	159	159	156	153	149
Treasury stock at cost; 1,485,517 and no shares as of December 31, 2025 and December 31, 2024, respectively	−35	0	−132	−107	—
Accumulated other comprehensive income	612,000	1	816,000	1	−1
Retained earnings	278	278	379	329	225
Total stockholders' equity	404	438	403	377	350
Total liabilities and stockholders' equity	1,046	998	954	797	652

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Reversal of losses on accounts receivable	−157,000	−23,000	−258,000	367,000	1
Reversal of gain on sales to equity method investee, net	−12,000	−40,000	−16,000	−39,000	52,000
Depreciation and amortization	93	87	70	58	54
Deferred income tax benefit	3	4	19	14	18
Income tax expense arising from restricted share vesting and stock options exercised	−348,000	−1	−2	−526,000	−334,000
Stock-based compensation expense	4	4	7	7	9
Return on investment in affiliated company	7	4	10	15	—
(Loss) gain on disposition of property and equipment	−3	2	−13	−40	−4
Receivables and advances	−10	3	−22	39	−37
Prepaid expenses and other assets	−3	−3	−4	−4	−710,000
Inventory and supplies	−678,000	−800,000	−317,000	−193,000	−204,000
Insurance and claims accrual	6	8	−4	−6	−32
Accounts payable and accrued expenses	9	−4	−9	−6	13
Net cash flows provided by operating activities	114	123	85	159	73
Acquisitions, net of cash acquired	−27	−5	−108	−39	0
Other investments	−956,000	−597,000	−2	−241,000	−13,000
Acquisition of property and equipment	−148	−153	−218	−100	−35
Proceeds from disposition of property and equipment	36	50	92	53	44
Net cash flows used by investing activities	−140	−108	−236	−86	10
Cash dividend	−7	−6	−6	−4	0
Proceeds from issuance of notes payable	101	119	154	95	0
Proceeds from exercise of stock options	400,000	2	200,000	384,000	0
Repayments of notes payable	−85	−75	−30	−12	−14
Repayments of finance lease obligations	−750,000	−3	−6	−6	−6
Proceeds under revolving credit facility	109	57	140	60	645
Repayments under revolving credit facility	−79	−69	−128	−60	−696
Payment of minimum tax withholdings on stock compensation	−1	−900,000	−5	−2	−1
Payment of contingent liability	−5	−7	−9	0	0
Common stock repurchased	−37	0	−25	−85	−10
Net cash flows (used in) provided by financing activities	−4	18	85	−13	−84
Net change in cash and cash equivalents	−31	33	−66	60	5,000
Interest, net of capitalized interest	13	6	5	3	3
Income taxes	5	7	4	17	10
Equipment acquired under finance leases	0	815,000	6	458,000	0
Equipment acquired under operating leases	7	14	4	49	16
Contingent consideration associated with acquisitions	5	0	12	16	0
Non-cash debt reduction	0	26	0	0	—
Insurance and claims accrual	14	635,000	1	—	—
Other contingent liabilities	−835,000	−800,000	−800,000	−1	−3

Filings

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