CVLG on NYSE

Covenant Transport

Logo: ctgcompanies.com4

American shipping company

Covenant Logistics Group, Inc. (formerly Covenant Transport, Inc.) is an American company focused on truckload shipping.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

$1.2BRevenue, fiscal 20255
$7.2MNet income, fiscal 20255
1986Founded1

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  • TickerCVLG on NYSE1
  • Industrytransport1
  • HeadquartersChattanooga1
  • Founded inChattanooga1
  • Websitewww.ctgcompanies.com
  • Incorporated inNV6
  • Business address400 Birmingham Highway, Chattanooga, Tn 374196
  • Filer categoryAccelerated filer6

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Covenant Logistics Group, Inc. (formerly Covenant Transport, Inc.) is an American company focused on truckload shipping. The company is headquartered in Chattanooga, Tennessee, and is publicly traded on the New York Stock Exchange. The company provides temperature controlled trucking, regional delivery, and longhaul team driver delivery.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

0.3%Operating margin5
0.6%Net margin5
2.9%Revenue growth, 20255
1.8%Return on equity5
0.58×Debt to equity5
-$33.9MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Cargo and Freight brought in 91% of the revenue Covenant Transport broke down this way in fiscal 2025.

  1. Cargo and Freight$1.1B591%up 4% from 2024
  2. Fuel Surcharge$105.2M59%down 10% from 2024
  3. Other Revenue$637.0K50%
Products and services by year
Products and services202320242025
Cargo and Freight$970.5M$1.0B$1.1B
Fuel Surcharge$133.1M$117.5M$105.2M
Other Revenue$0$0$637.0K

Business segments

Dedicated brought in 58% of the revenue Covenant Transport broke down this way in fiscal 2025.

  1. Dedicated$403.2M558%up 11% from 2024
  2. Managed Freight$286.8M542%up 15% from 2024
  3. Other Operating$637.0K50%
Business segments by year
Business segments202320242025
Dedicated$320.3M$364.4M$403.2M
Managed Freight$258.9M$248.9M$286.8M
Other Operating$0$0$637.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs99¢$1.2B
  • Income tax0¢$1.2M
  • Profit1¢$7.2M

Out of $1.2B in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending77¢$147.6M
  • Dividends paid4¢$7.2M
  • Share buybacks19¢$36.6M

Out of $113.6M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue8910115$1.2B in 2025+32% since 2018
0$500.0M$1.0B$1.5B2018: $880.4M$880.4M20182019: $885.4M$885.4M2019+1%2020: $838.6M$838.6M2020−5%2021: $1.0B$1.0B2021+25%2022: $1.2B$1.2B2022+16%2023: $1.1B$1.1B2023−9%2024: $1.1B$1.1B2024+3%2025: $1.2B$1.2B2025+3%
Operating income8910115$2.9M in 2025−95% since 2018
-$50.0M0$50.0M$100.0M$150.0M2018: $55.4M$55.4M20182019: $8.8M$8.8M2019−84%2020: -$14.0M-$14.0M20202021: $67.2M$67.2M20212022: $120.7M$120.7M2022+80%2023: $58.8M$58.8M2023−51%2024: $44.8M$44.8M2024−24%2025: $2.9M$2.9M2025−93%
Net income8910115$7.2M in 2025−83% since 2018
-$50.0M0$50.0M$100.0M$150.0M2018: $42.5M$42.5M20182019: $8.5M$8.5M2019−80%2020: -$42.7M-$42.7M20202021: $60.7M$60.7M20212022: $108.7M$108.7M2022+79%2023: $55.2M$55.2M2023−49%2024: $35.9M$35.9M2024−35%2025: $7.2M$7.2M2025−80%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Revenue$1.2B$1.1B$1.1B
Salaries, wages, and related expenses$433.2M$423.3M$400.5M
Fuel expense$112.3M$116.0M$133.3M
Operations and maintenance$69.6M$61.7M$63.8M
Revenue equipment rentals and purchased transportation$286.7M$254.3M$271.9M
Operating taxes and licenses$13.8M$12.0M$13.4M
Insurance and claims$70.1M$59.8M$50.1M
Communications and utilities$6.4M$5.4M$5.0M
Other Cost and Expense, Operating$59.2M$66.1M$49.4M
Depreciation and amortization$92.7M$86.5M$69.9M
Write-down of held-for-sale assets$6.5M$0$0
Loss (gain) on disposition of property and equipment, net$337.0K$1.6M-$12.6M
Impairment of goodwill$10.7M$0$0
Total operating expenses$1.2B$1.1B$1.0B
Operating income$2.9M$44.8M$58.8M
Interest expense, net$12.1M$13.6M$8.0M
Income from equity method investment-$14.7M-$14.7M-$21.4M
Income before income taxes$5.6M$45.9M$72.2M
Income tax expense$1.2M$10.6M$17.6M
Income from continuing operations$4.4M$35.3M$54.6M
Income from discontinued operations, net of tax$2.8M$600.0K$600.0K
Net income$7.2M$35.9M$55.2M
Income from continuing operations (in dollars per share)$0$1$2
Income from discontinued operations (in dollars per share)$0$0$0
Net income per basic share(1) (in dollars per share)$0.28$1.37$2.12
Income from continuing operations (in dollars per share)$0$1$2
Income from discontinued operations (in dollars per share)$0$0$0
Net income per diluted share (in dollars per share)$0.27$1.30$2.00
Basic weighted average shares outstanding (in shares)25.6M shares26.3M shares26.1M shares
Diluted weighted average shares outstanding (in shares)26.9M shares27.7M shares27.7M shares

Compare Covenant Transport with another company

The story

Covenant was founded in 1986 by David and Jacqueline Parker, with 25 trucks and 50 trailers.

In July 2018, Covenant Transport acquired Landair Holdings Inc., the parent of Landair Transport and Landair Logistics.

Covenant Transport rebranded as Covenant Logistics in 2021 following its acquisition of Landair Holdings.

In April of 2023, Covenant Logistics acquired Lew Thompson & Son Trucking, a company based out of Northern Arkansas that specialized in live haul transportation.

From Wikipedia’s article on Covenant Logistics, shared under CC BY-SA 4.0.7

Leadership

Who has led Covenant Transport, and when. Pick a name to see everywhere that person has worked.

President

  1. James F. Brower Jr.2006–2016
  2. Joey B. Hogan2016–2022
  3. John A. Tweed2018–2021
  4. Paul Bunn2023–now

Chief financial officer

  1. Joey B. Hogan2006
  2. Richard B. Cribbs2008–2020
  3. Paul Bunn2020–2021
  4. James S. Grant Iii.2022–now

Chief operating officer

  1. Michael W. Miller2006
  2. Joey B. Hogan2007–2020
  3. Samuel F. Hough2014–2020
  4. James F. Brower Jr.2016–2020
  5. Justin A. Smith2016
  6. Paul Newbourne2016–2019
  7. William Joseph Cartright2017–2020
  8. John A. Tweed2019–2021
  9. Paul Bunn2021–2024
  10. Dustin Koehl2024–now
1990200020102020
Board members and other officers (34)

Products and brands

The company now jointly operates over 3,000 trucks and 7,000 trailers with sister companies Southern Refrigerated Transport, Inc. (Texarkana, Arkansas), Star Transportation Inc. (La Vergne, Tennessee) and Landair Transportation, Inc. (Greeneville, Tennessee). The four companies have shared terminals in Chattanooga, Hutchins, Texas, Pomona, California, Texarkana, Arkansas, La Vergne, Allentown, Pennsylvania, Orlando, Florida, and Greenville.

In addition to the four asset-based companies, CTG owns a freight brokerage company, Covenant Transport Solutions, and an accounts receivable factoring company for smaller trucking companies, Transport Financial Solutions, both based in Chattanooga. CTG has a 49% stake in Transport Enterprise Leasing, a tractor and trailer leasing company that caters to smaller fleets and captive owner-operator programs, in addition to used tractor and trailer sales.

From Wikipedia’s article on Covenant Logistics, shared under CC BY-SA 4.0.7

Former names

  • COVENANT TRANSPORTATION GROUP INCMay 24, 2007 to Jun 19, 20206
  • COVENANT TRANSPORT INCNov 6, 1996 to May 10, 20076

Timeline

  1. 1986Founded Founded in Chattanooga1

Filings

316 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 64 major events, 185 insider forms, 15 large holders, 32 other. The latest 20:

  1. Aug 17, 20268-K EDGAR
  2. Aug 7, 202610-Q EDGAR
  3. Aug 7, 20268-K EDGAR
  4. Jul 29, 20268-K EDGAR
  5. Jul 6, 20264 EDGAR
  6. Jul 6, 20264 EDGAR
  7. Jul 6, 20264 EDGAR
  8. Jul 6, 20264 EDGAR
  9. Jun 29, 202611-K EDGAR
  10. Jun 23, 20268-K EDGAR
  11. Jun 1, 20264 EDGAR
  12. Jun 1, 20264 EDGAR
  13. Jun 1, 20264/A EDGAR
  14. May 27, 20264 EDGAR
  15. May 27, 20264 EDGAR
  16. May 27, 20264 EDGAR
  17. May 19, 20264 EDGAR
  18. May 15, 2026SCHEDULE 13G EDGAR
  19. May 15, 20264 EDGAR
  20. May 15, 20264 EDGAR

The 316 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

56 open-market trades by officers, directors and large owners since October 2021: 1 buys and 55 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 1, 2026Ballard JoeyEVP, Chief People & Safety OffSale4,000$40.15$160.6KForm 4
May 27, 2026HOGAN JOEY BDirectorSale12,800$39.18$501.5KForm 4
May 26, 2026Ballard JoeyEVP, Chief People & Safety OffSale3,718$38.00$141.3KForm 4
May 22, 2026Ballard JoeyEVP, Chief People & Safety OffSale4,282$37.40$160.1KForm 4
Apr 29, 2026KRAMER D MICHAELDirectorSale2,650$34.72$92.0KForm 4
Apr 28, 2026HOGAN JOEY BDirectorSale14,700$34.76$511.0KForm 4
Apr 20, 2026Grant James S IIIEVP and CFOSale22,388$30.75$688.4KForm 4
Feb 20, 2026PARKER JACQUELINE F10% ownerSale30,400$29.18$887.1KForm 4
Feb 19, 2026PARKER JACQUELINE F10% ownerSale55,000$29.38$1.6MForm 4
Feb 18, 2026PARKER JACQUELINE F10% ownerSale65,000$29.34$1.9MForm 4
Feb 17, 2026PARKER DAVID RAYChairman and CEOSale100,000$29.67$3.0MForm 4
Feb 13, 2026PARKER DAVID RAYChairman and CEOSale15,000$28.46$426.9KForm 4
Feb 12, 2026PARKER DAVID RAYChairman and CEOSale20,000$29.02$580.4KForm 4
Feb 11, 2026PARKER JACQUELINE F10% ownerSale27,400$29.35$804.1KForm 4
Feb 10, 2026PARKER JACQUELINE F10% ownerSale70,000$29.05$2.0MForm 4
Feb 9, 2026PARKER JACQUELINE F10% ownerSale56,000$28.66$1.6MForm 4
May 21, 2025KRAMER D MICHAELDirectorSale2,200$22.80$50.2KForm 4
Jan 28, 2025Long MatisseChief Accounting OfficerSale2,114$28.96$61.2KForm 4
Nov 12, 2024HOGAN JOEY BDirectorSale8,700$60.83$529.2KForm 4
Nov 12, 2024MOLINE BRADLEY ADirectorSale3,000$60.47$181.4KForm 4

All 56 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.2,031,091$89.7M0.0%+53,642
Dimensional Fund Advisors LP1,339,144$59.2M0.0%−49,335
American Century Companies Inc859,565$38.0M0.0%+177,556
First Eagle Investment Management, LLC717,864$31.7M0.0%+469,710
Vanguard Capital Management LLC677,352$29.9M0.0%+13,591
Patton Albertson Miller Group, LLC584,866$25.8M2.6%+4,338
Next Century Growth Investors LLC551,906$24.4M1.3%+257,038
State Street Corp443,667$19.6M0.0%+15,164
Geode Capital Management, LLC388,369$17.2M0.0%+25,488
Royce & Associates LP354,647$15.7M0.1%+12,779
Russell Investments Group, Ltd.329,390$14.6M0.0%−67,444
Charles Schwab Investment Management Inc258,440$11.4M0.0%−33,233
Algert Global LLC240,319$10.6M0.1%−34,182
Ranger Investment Management, L.P.236,658$10.5M0.7%+63,948
Bridgeway Capital Management, LLC232,696$10.3M0.2%−28,659
4D Advisors, LLC225,000$9.9M3.8%+90,000
CastleKnight Management LP216,500$9.6M0.3%+73,500
Bank of New York Mellon Corp173,975$7.7M0.0%+1,521
Northern Trust Corp173,473$7.7M0.0%+18,685
Two Sigma Investments, LP167,280$7.4M0.0%+57,253
Anchor Capital Management Company, LLC161,078$7.1M7.3%New
Goldman Sachs Group Inc160,313$7.1M0.0%+66,490
Empowered Funds, LLC147,072$6.5M0.0%+6,517
Vanguard Portfolio Management LLC138,541$6.1M0.0%+32,845
Arrowstreet Capital, Limited Partnership129,148$5.7M0.0%−1,109

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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