HTLD on Nasdaq

Heartland Express

Logo: Heartland Express, Public domain, via Wikimedia Commons5

American trucking company

Heartland Express is an American trucking company headquartered in North Liberty, Iowa. The company offers truckload shipping services across the United States.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

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  • TickerHTLD on Nasdaq1
  • IndustryTrucking (No Local)1
  • HeadquartersNorth Liberty1
  • Websitewww.heartlandexpress.com
  • Legal formpublic company1
  • Incorporated inNV6
  • Business address901 Heartland Way, North Liberty, Ia 523176
  • Filer categoryAccelerated filer6
  • LEI5299005V45FZIQGLOG394
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered address901 N Kansas Ave, 52317 North Liberty, United States4
  • Registered withBusiness Center (Secretary of State), NV198610148754

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Heartland Express is an American trucking company headquartered in North Liberty, Iowa. The company offers truckload shipping services across the United States.3

Financials

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

Key numbers, fiscal 2025

-7.1%Operating margin8
-6.5%Net margin8
-23.1%Revenue growth, 20258
-6.9%Return on equity8
0.20×Debt to equity8
-$66.9MFree cash flow8

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs98¢$790.0M
  • Income tax2¢$15.7M

Out of $805.7M in revenue.8 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending90¢$156.2M
  • Dividends paid4¢$6.2M
  • Share buybacks6¢$10.4M

Out of $89.3M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.8

Financial statements

Revenue91011128$805.7M in 2025+35% since 2019
0$500.0M$1.0B$1.5B2019: $596.8M$596.8M20192020: $645.3M$645.3M2020+8%2021: $607.3M$607.3M2021−6%2022: $968.0M$968.0M2022+59%2023: $1.2B$1.2B2023+25%2024: $1.0B$1.0B2024−13%2025: $805.7M$805.7M2025−23%
Operating income91011128-$57.4M in 2025
-$100.0M0$100.0M$200.0M2019: $94.3M$94.3M20192020: $93.4M$93.4M2020−1%2021: $105.4M$105.4M2021+13%2022: $188.4M$188.4M2022+79%2023: $42.4M$42.4M2023−77%2024: -$20.2M-$20.2M20242025: -$57.4M-$57.4M2025+184%
Net income91011128-$52.5M in 2025
-$100.0M-$50.0M0$50.0M$100.0M$150.0M2019: $73.0M$73.0M20192020: $70.8M$70.8M2020−3%2021: $79.3M$79.3M2021+12%2022: $133.6M$133.6M2022+69%2023: $14.8M$14.8M2023−89%2024: -$29.7M-$29.7M20242025: -$52.5M-$52.5M2025+76%

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-31
OPERATING REVENUE$805.7M$1.0B$1.2B
Salaries, wages and benefits$329.2M$427.7M$474.8M
Rent and purchased transportation$51.7M$80.1M$112.7M
Fuel$135.2M$177.2M$212.2M
Operations and maintenance$62.9M$70.8M$63.4M
Operating taxes and licenses$17.3M$20.4M$21.8M
Insurance and claims$57.9M$50.9M$45.3M
Communications and utilities$8.6M$9.4M$10.5M
Depreciation and amortization$159.2M$181.5M$199.0M
Impairment of trade name$19.0M$0$0
Other operating expenses$45.7M$57.2M$66.4M
Gain on disposal of property and equipment-$23.4M-$7.5M-$41.1M
Total operating expenses$863.1M$1.1B$1.2B
Operating income-$57.4M-$20.2M$42.4M
Interest income$774.0K$1.1M$1.7M
Interest expense-$11.5M-$17.6M-$24.2M
Income before income taxes-$68.1M-$36.7M$19.9M
Federal and state income tax expense-$15.7M-$7.0M$5.1M
Net Income-$52.5M-$29.7M$14.8M
Other comprehensive income, net of tax$0$0$0
Comprehensive income-$52.5M-$29.7M$14.8M
Basic-$0.67-$0.38$0.19
Diluted-$0.67-$0.38$0.19
Basic77.9M shares78.7M shares79.0M shares
Diluted77.9M shares78.8M shares79.1M shares
Dividends declared per share$0.08$0.08$0.08

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The story

Heartland Express was founded in 1978 by Russell A. Gerdin.

Heartland Express went public in 1986. By 1988, the company had a fleet of more than 300 tractors and a net income of more than $5 million.

Heartland Express acquired Illinois-based Munson Transportation in 1994, doubling the size of the company. By the end of the following year, the company reported a net income of more than $20.5 million.

In 2013, Heartland Express purchased Gordon Trucking for $300 million. The acquisition made the company the fifth-largest asset-based trucking company in the United States.

In 2017, the company acquired Interstate Distributor from Saltchuk for $113 million. Heartland express acquired Millis Transfer in 2019 for $150 Million.

In 2022, Heartland Express acquired Smith Transport for $170 million. The company acquired the trucking assets of Contract Freighters, Inc. (CFI) from TFI International for $525 million later the same year.

From Wikipedia’s article on Heartland Express, shared under CC BY-SA 4.0.7

Leadership

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

Chief executive

  1. Russell A. Gerdin2006–2011
  2. Michael J. Gerdin2011–now

President

  1. Michael J. Gerdin2006–2012
  2. David Paul Millis2021–now

Chief financial officer

  1. Christopher Alan Strain2017–2024
  2. Joshua Stefan Helmich2024–now

Chief operating officer

  1. Steven M. Gordon2013–2015
  2. Kent Daryl Rigdon2025–now
2010201520202025
Board members and other officers (23)

Products and brands

Heartland Express offers long-haul, regional, and dedicated truckload services. As of 2025, the company operates terminals in fourteen U.S. states.

From Wikipedia’s article on Heartland Express, shared under CC BY-SA 4.0.7

Timeline

  1. Dec 2, 2011New chief executive Michael J. Gerdin becomes CEO16
  2. Feb 3, 2006New chief executive Russell A. Gerdin becomes CEO17
  3. 1986Went public Listed on NASDAQ1

Filings

261 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 71 major events, 119 insider forms, 26 large holders, 24 other. The latest 20:

  1. Sep 17, 20268-K EDGAR
  2. Sep 2, 20264 EDGAR
  3. Sep 2, 20268-K EDGAR
  4. Aug 14, 2026SCHEDULE 13G/A EDGAR
  5. Aug 10, 202610-Q EDGAR
  6. Aug 5, 20268-K EDGAR
  7. Jun 17, 20264 EDGAR
  8. Jun 17, 20268-K EDGAR
  9. Jun 12, 20264 EDGAR
  10. May 21, 20264 EDGAR
  11. May 21, 20264 EDGAR
  12. May 19, 20268-K EDGAR
  13. May 18, 20264 EDGAR
  14. May 18, 20264 EDGAR
  15. May 18, 20264 EDGAR
  16. May 18, 20264 EDGAR
  17. May 18, 20264 EDGAR
  18. May 15, 20268-K EDGAR
  19. May 14, 20263 EDGAR
  20. May 11, 202610-Q EDGAR

The 261 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

80 open-market trades by officers, directors and large owners since October 2021: 79 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 15, 2026Millis David PaulDirectorSale31,402$15.67$492.1KForm 4
Jun 10, 2026SPALDING DAVID PDirectorBuy2,000$15.69$31.4KForm 4
Aug 18, 2025GERDIN MICHAEL JChief Executive OfficerBuy24,798$8.19$203.1KForm 4
Aug 15, 2025GERDIN MICHAEL JChief Executive OfficerBuy3,888$8.20$31.9KForm 4
Aug 14, 2025GERDIN MICHAEL JChief Executive OfficerBuy1,314$8.20$10.8KForm 4
May 14, 2025PRATT JAMES GDirectorBuy6,571$8.96$58.9KForm 4
May 12, 2025Hupfeld AmandaDirectorBuy2,000$8.76$17.5KForm 4
May 12, 2025Janssen Angela KBuy167,644$8.95$1.5MForm 4
May 9, 2025GERDIN MICHAEL JChief Executive OfficerBuy148,272$8.50$1.3MForm 4
May 8, 2025Janssen Angela KBuy100,149$8.23$824.2KForm 4
May 7, 2025Janssen Angela KBuy148,272$7.70$1.1MForm 4
May 6, 2025Janssen Angela KBuy148,272$7.60$1.1MForm 4
May 5, 2025GERDIN MICHAEL JChief Executive OfficerBuy148,272$7.85$1.2MForm 4
Nov 18, 2024Janssen Angela KBuy49,506$12.24$606.0KForm 4
Nov 12, 2024GERDIN MICHAEL JChief Executive OfficerBuy1,683$11.99$20.2KForm 4
Nov 8, 2024GERDIN MICHAEL JChief Executive OfficerBuy35,960$11.97$430.4KForm 4
Nov 7, 2024GERDIN MICHAEL JChief Executive OfficerBuy10,951$11.99$131.3KForm 4
Nov 6, 2024GERDIN MICHAEL JChief Executive OfficerBuy5,210$11.49$59.9KForm 4
Nov 4, 2024GERDIN MICHAEL JChief Executive OfficerBuy63,074$10.95$690.7KForm 4
Sep 11, 2024GERDIN MICHAEL JChief Executive OfficerBuy50,000$11.67$583.5KForm 4

All 80 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.6,867,465$104.5M0.0%+76,125
Dimensional Fund Advisors LP4,003,566$60.9M0.0%+129,913
Vanguard Capital Management LLC2,067,376$31.5M0.0%−175,056
State Street Corp1,979,911$30.2M0.0%−85,955
American Century Companies Inc1,735,169$26.4M0.0%−95,174
Arrowstreet Capital, Limited Partnership1,374,534$20.9M0.0%+785,724
Two Sigma Investments, LP1,371,702$20.9M0.0%−68,432
Geode Capital Management, LLC1,174,602$17.9M0.0%−9,356
Ameriprise Financial Inc1,096,054$16.7M0.0%+112,563
Charles Schwab Investment Management Inc973,500$14.8M0.0%−116,050
Wallace Capital Management Inc.965,007$14.7M1.6%−6,060
Vanguard Portfolio Management LLC819,448$12.5M0.0%+7,804
Bridgeway Capital Management, LLC533,534$8.1M0.1%+25,740
Morgan Stanley493,746$7.5M0.0%+23,029
Goldman Sachs Group Inc491,186$7.5M0.0%−139,495
Citadel Advisors LLC485,506$7.4M0.0%+436,333
EVR Research LP480,000$7.3M3.6%+150,000
Frontier Capital Management Co LLC468,578$7.1M0.1%New
Dean Investment Associates, LLC458,623$7.0M0.9%+110,092
Northern Trust Corp444,818$6.8M0.0%−4,467
Nuveen, LLC432,034$6.6M0.0%+310,247
Aqr Capital Management LLC380,401$5.8M0.0%−21,862
Russell Investments Group, Ltd.358,005$5.4M0.0%+256,159
Empowered Funds, LLC356,418$5.4M0.0%+25,740
Invesco Ltd.350,290$5.3M0.0%−74,594

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

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 26, 2024Josh GottheimerDemocratic, HouseSale$1,001 - $15,000+57.3%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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