Heartland Express Inc (NASDAQ: HTLD) is a trucking and transportation company that provides truckload freight services across the United States. Revenue comes from per-mile and per-load charges billed to shippers for moving freight via company-owned tractors and trailers. The company operates through subsidiaries including Heartland Express of Iowa, Millis Transfer, and Smith Transport, with CFI rebranded into Heartland Express effective December 31, 2025. Founded in 1978 by Russell A. Gerdin and headquartered in North Liberty, Iowa, the company became publicly traded in November 1986. FY2025 revenues were $805.7 million, down from a five-year peak period of $4.6 billion in aggregate revenue from 2021 through 2025. The Gerdin family, directors, and executive officers collectively own or control approximately 45% of common stock as of the 10-K filed March 3, 2026. Capital structure has historically been debt-light, though debt was incurred with the CFI acquisition and has been reduced since. Michael J. Gerdin serves as Chairman, President, and CEO.

Revenue model

Transactional, per-load and per-mile freight charges billed to shippers for truckload transportation services. Revenue scales with fleet size, miles driven, and freight volume.

Products and services

Truckload freight transportation services operated under the Heartland Express, Millis Transfer, and Smith Transport brands. The company uses a centralized computer network for load coordination, dispatching, and billing.

Customers and end markets

Shippers requiring truckload freight movement across major U.S. shipping corridors. Specific customer names and concentration percentages are not disclosed in the excerpts provided.

Value-chain role

Asset-based truckload carrier operating between shippers and receivers. The company owns and maintains its own revenue equipment and employs company drivers, placing it in the direct transportation execution role within the freight supply chain.

Geographic exposure

United States, with terminals located near major shipping corridors nationwide. Approximately 80% of terminals are within 200 miles of the 30 largest U.S. metropolitan areas as of the 10-K filed March 3, 2026. Certain Mexican entities are also subsidiaries.

Source: SEC 10-K, filed 2026-03-03

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