Heartland Express 2026Q3扭亏为盈（EPS $0.01），但核心收入双位数下滑、利润依赖资产处置收益，盘前一度跌7%后盘中基本收复

October 20, 2026 For Immediate Release

Press Release

Heartland Express, Inc. Reports Net Income and Financial Results for the Third Quarter of 2026

NORTH LIBERTY, IOWA - October 20, 2026 - Heartland Express, Inc. (Nasdaq: HTLD) announced today
financial results for the three and nine months ended September 30, 2026.

Three months ended September 30, 2026:
• Operating Revenue of $179.5 million,
• Net Income of $1.0 million,
• Basic Earnings per Share of $0.01,
• Operating Ratio of 98.7% (a 500bp improvement to Q3 2025) and 97.6% Non-GAAP Adjusted
Operating Ratio(1),
• Purchased 183,371 shares of our common stock for $2.2 million,
• Payments of $35 million to reduce outstanding acquisition-related debt,
• Total Assets of $1.1 billion, including $48.5 million of Cash,
• Stockholders' Equity of $754.1 million.

Nine months ended September 30, 2026:
• Operating Revenue of $539.9 million,
• Net Income of $6.7 million,
• Basic Earnings per Share of $0.09,
• Operating Ratio of 97.1% and 95.7% Non-GAAP Adjusted Operating Ratio(1),
• Purchased 355,432 shares of our common stock for $4.6 million,
• Smith Transport debt and equipment leases eliminated,
• Payments of $59.9 million to reduce outstanding debt and finance lease obligations. Acquisition-
related debt and finance lease obligations reduced from $494.1 million in 2022 to $99.9 million.

Heartland Express Chief Executive Officer Mike Gerdin commented on the quarterly operating results and
ongoing initiatives of the Company, "Our consolidated operating results for the three months ended
September 30, 2026, reflect significant operating ratio improvement (98.7%) as compared to the third
quarter of 2025 (103.7%). The improved financial results reflect stronger freight volumes and improved
customer pricing resulting from ongoing industry capacity reductions, even though we do not expect the
positive impacts of ongoing contract negotiations to be fully reflected in our operating results until 2027.
During the third quarter of 2026, we continued to pay down acquisition-related debt and repurchase
shares of our common stock. Our operating expenses were significantly impacted by rising fuel costs
throughout the quarter, along with inflationary impacts to maintenance, repairs, and other employee-
related costs. We expect to rely on our positive cash flows from operations to invest in our fleet of tractors
and trailers over the remainder of the year. This allows us to continue our commitment to our professional
drivers and our customers, to provide the latest and most efficient equipment throughout our operating
fleet for their benefit."
Financial Results

For the three months ended September 30, 2026, the Company delivered operating revenues of $179.5
million, compared to $196.5 million in the same period of 2025. Operating revenues for the quarter
included fuel surcharge revenues of $32.7 million, compared to $24.1 million in the same period of 2025.
Net income was $1.0 million, as compared to a net loss of ($8.3) million in the third quarter of 2025. Basic
earnings per share was $0.01 during the quarter, as compared to basic loss per share of $(0.11) in the
same period of 2025. The Company posted an operating ratio of 98.7%, non-GAAP adjusted operating
ratio(1) of 97.6%, and net income as a percentage of operating revenues of 0.5% in the third quarter of
2026 compared to 103.7%, 103.5%, and (4.2)% (net loss as a percentage of operating revenues)
respectively, in the third quarter of 2025.

For the nine months ended September 30, 2026, the Company delivered operating revenues of $539.9
million, compared to $626.4 million in the same period of 2025. Operating revenues for the period
included fuel surcharge revenues of $86.9 million, compared to $75.0 million in the same period of 2025.
Operating income for the nine-month period ended September 30, 2026 was $15.6 million, compared to
an operating loss of $(34.6) million in the same period of the prior year, an improvement of $50.2 million.
Net income was $6.7 million, compared to net loss of $(33.0) million in the same period of the prior year.
Basic earnings per share was $0.09 during the nine-month period as compared to $(0.42) basic loss per
share during the same period of 2025. The Company posted an operating ratio of 97.1%, non-GAAP
adjusted operating ratio(1) of 95.7%, and net income as a percentage of operating revenues of 1.2% for
the nine months ended September 30, 2026 compared to 105.5%, 105.6%, and (5.3)% (net loss as a
percentage of operating revenues) respectively, in the same period of the prior year.

Balance Sheet, Liquidity, and Capital Expenditures

As of September 30, 2026, the Company had $48.5 million in cash balances, an increase of $30.0 million
since December 31, 2025. Debt of $99.9 million remains at September 30, 2026, down from total
combined debt and finance lease obligations of $494.1 million related to the Smith Transport and
Contract Freighters, Inc. acquisitions in 2022. These reductions occurred during very challenging
truckload operating conditions during the same period. The acquisition-related debt and finance lease
obligations of Smith Transport were fully retired in the first three months of 2026. There were no
borrowings under the Company's unsecured line of credit at September 30, 2026. The Company had
$88.8 million in available borrowing capacity on the line of credit as of September 30, 2026 after
consideration of $11.2 million of outstanding letters of credit. The Company continues to be in compliance
with associated financial covenants. The Company ended the quarter with total assets of $1.1 billion and
stockholders' equity of $754.1 million.

Net cash flows from operations for the first nine months of 2026 were $55.1 million or 10.2% of operating
revenue. The primary uses of cash for financing activities were $59.9 million used for repayment of debt
and financing leases along with $4.6 million for dividends paid and $4.6 million for repurchases of
common stock. Cash provided by investing activities included $44.7 million from net property and
equipment transactions.

The average age of the Company's consolidated tractor fleet was 2.3 years as of September 30, 2026
compared to 2.6 years as of September 30, 2025. The average age of the Company's consolidated trailer
fleet was 7.1 years as of September 30, 2026 compared to 7.5 years as of September 30, 2025. We
expect to continue to dispose of excess trailers within our fleet as used equipment market conditions
improve. For the remainder of 2026, we currently expect total net capital expenditures to be
approximately $2 to $5 million and $9 to $13 million of total gains on disposal of property and equipment.

The Company continues its commitment to stockholders through the payment of cash dividends. Our
regular dividend of $0.02 per share was declared during the third quarter of 2026 and paid on October 7,
2026. The Company has now paid cumulative cash dividends of $566.1 million, including four special
dividends, ($2.00 in 2007, $1.00 in 2010, $1.00 in 2012, and $0.50 in 2021) over the past ninety-three
consecutive quarters since 2003. Our outstanding shares at September 30, 2026 were 77.2 million. A
total of 2.2 million shares of common stock have been repurchased for $22.9 million over the past five
years. The Company has the ability to repurchase an additional 4.5 million shares under the current
authorization which would result in 72.7 million outstanding shares if fully executed.

Other Information

During the third quarter of 2026, our family of operating brands continued to deliver award-winning
service as Heartland Express was recognized with the FedEx Yearly Performer award for outstanding
performance and received Logistics Management Magazine’s 2026 Quest for Quality Award within the
Expedited Motor Carriers classification.

Operating revenue excluding fuel surcharge revenue, adjusted operating income (loss), and adjusted
operating ratio are non-GAAP financial measures and are not intended to replace financial measures
calculated in accordance with GAAP. These non-GAAP financial measures supplement our GAAP results.
We believe that using these measures affords a more consistent basis for comparing our results of
operations from period to period. The information required by Item 10(e) of Regulation S-K under the
Securities Act of 1933 and the Securities Exchange Act of 1934 and Regulation G under the Securities
Exchange Act of 1934, including a reconciliation to the most directly comparable financial measure
calculated in accordance with GAAP, is included in the table at the end of this press release.

This press release may contain statements that might be considered as forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements
may be identified by their use of terms or phrases such as “seek,” “expects,” “estimates,” “anticipates,”
“projects,” “believes,” “hopes,” “plans,” “goals,” “intends,” “may,” “might,” “likely,” “will,” “should,” “would,”
“could,” “potential,” “predict,” “continue,” “strategy,” “future,” “ensure,” “outlook,” and similar terms and
phrases. In this press release, the statements relating to freight supply and demand, our ability to react to
and capitalize on changing market conditions, the expected impact of operational improvements and
strategic changes, progress toward our goals, future capital expenditures, future dispositions of revenue
equipment and property and gains therefrom, future profitability, and future stock repurchases, dividends,
and debt repayment are forward-looking statements. Such statements are based on management's belief
or interpretation of information currently available. These statements and assumptions involve certain
risks and uncertainties, and undue reliance should not be placed on such statements. Actual events may
differ materially from those set forth in, contemplated by, or underlying such statements as a result of
numerous factors, including, without limitation, those specified in the Company's Annual Report on Form
10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended
March 31, 2026. The Company assumes no obligation to update any forward-looking statements, which
speak as of their respective dates.

Contact: Heartland Express, Inc. (319-645-7060)

Mike Gerdin, Chief Executive Officer
Chris Strain, Chief Financial Officer
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(unaudited)

Three Months Ended Nine Months Ended
September 30, September 30,
2026 2025 2026 2025
OPERATING REVENUE $ 179,504 $ 196,547 $ 539,887 $ 626,354


OPERATING EXPENSES:
Salaries, wages, and benefits $ 65,894 $ 77,253 $ 204,123 $ 257,649
Rent and purchased transportation 9,284 12,303 30,540 39,920
Fuel 43,236 34,081 116,523 105,708
Operations and maintenance 12,261 15,367 36,910 50,085
Operating taxes and licenses 3,759 4,241 11,476 13,404
Insurance and claims 9,329 15,342 33,891 41,419
Communications and utilities 1,956 2,187 5,530 6,658
Depreciation and amortization 30,963 38,742 98,426 121,833
Other operating expenses 8,357 10,971 27,116 35,501
Gain on disposal of property and equipment (7,832) (6,688) (40,199) (11,254)


177,207 203,799 524,336 660,923


Operating income (loss) 2,297 (7,252) 15,551 (34,569)


Interest income 490 235 1,067 561
Interest expense (1,589) (2,908) (5,677) (8,974)


Income (loss) before income taxes 1,198 (9,925) 10,941 (42,982)

Federal and state income tax (benefit) 239 (1,641) 4,221 (9,971)

Net Income (loss) $ 959 $ (8,284) $ 6,720 $ (33,011)


Income (loss) per share
Basic $ 0.01 $ (0.11) $ 0.09 $ (0.42)
Diluted $ 0.01 $ (0.11) $ 0.09 $ (0.42)


Weighted average shares outstanding
Basic 77,317 77,465 77,392 78,024
Diluted 77,392 77,518 77,427 78,086


Dividends declared per share $ 0.02 $ 0.02 $ 0.06 $ 0.06
HEARTLAND EXPRESS, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
(unaudited)
September 30, December 31,
ASSETS 2026 2025
CURRENT ASSETS
Cash and cash equivalents $ 48,503 $ 18,475
Trade receivables, net 75,530 74,172
Prepaid tires 11,103 11,626
Other current assets 18,678 9,181
Income taxes receivable — 1,146
Total current assets 153,814 114,600

PROPERTY AND EQUIPMENT 962,225 1,148,693
Less accumulated depreciation 411,637 481,471
550,588 667,222
GOODWILL 322,597 322,597
OTHER INTANGIBLES, NET 65,749 69,512
OTHER ASSETS 14,772 14,686
DEFERRED INCOME TAXES, NET 1,186 1,353
OPERATING LEASE RIGHT OF USE ASSETS 14,291 1,647
$ 1,122,997 $ 1,191,617
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 27,578 $ 33,479
Compensation and benefits 24,346 25,061
Insurance accruals 29,579 31,437
Long-term debt and finance lease liabilities - current portion 99,890 5,714
Operating lease liabilities - current portion 3,287 1,330
Other accruals 13,190 13,143
Income taxes payable 2,972 —
Total current liabilities 200,842 110,164
LONG-TERM LIABILITIES
Income taxes payable 5,906 5,427
Long-term debt and finance lease liabilities less current portion — 154,059
Operating lease liabilities less current portion 11,004 317
Deferred income taxes, net 120,738 133,629
Insurance accruals less current portion 30,410 32,702
Total long-term liabilities 168,058 326,134
COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
Capital stock, common, $.01 par value; authorized 395,000 shares; issued 90,689 in
2026 and 2025; outstanding 77,203 and 77,445 in 2026 and 2025, respectively 907 907
Additional paid-in capital 2,197 2,979
Retained earnings 967,484 965,405
Treasury stock, at cost; 13,486 and 13,244 in 2026 and 2025, respectively (216,491) (213,972)
754,097 755,319
$ 1,122,997 $ 1,191,617
(1)

GAAP to Non-GAAP Reconciliation Schedule:
Operating revenue excluding fuel surcharge revenue, adjusted operating expenses, adjusted operating income (loss), and
adjusted operating ratio reconciliation (a)


Three Months Ended Nine Months Ended
September 30, September 30,
2026 2025 2026 2025
(Unaudited, in (Unaudited, in
thousands) thousands)


Operating revenue $179,504 $196,547 $539,887 $626,354
Less: Fuel surcharge revenue 32,723 24,122 86,909 74,952
Operating revenue, excluding fuel surcharge revenue 146,781 172,425 452,978 551,402


Operating expenses 177,207 203,799 524,336 660,923
Less: Fuel surcharge revenue 32,723 24,122 86,909 74,952
Less: Amortization of intangibles 1,254 1,254 3,763 3,763
Adjusted operating expenses 143,230 178,423 433,664 582,208


Operating income (loss) 2,297 (7,252) 15,551 (34,569)
Adjusted operating income (loss) $ 3,551 $ (5,998) $ 19,314 $(30,806)


Operating ratio 98.7 % 103.7 % 97.1 % 105.5 %
Adjusted operating ratio 97.6 % 103.5 % 95.7 % 105.6 %

(a) Operating revenue excluding fuel surcharge revenue, as reported in this press release is based upon operating revenue minus
fuel surcharge revenue. Adjusted operating income (loss) as reported in this press release is based upon operating revenue
excluding fuel surcharge revenue, less operating expenses, net of fuel surcharge revenue, and non-cash amortization expense
related to intangible assets. Adjusted operating ratio as reported in this press release is based upon operating expenses, net of
fuel surcharge revenue, and amortization of intangibles, as a percentage of operating revenue excluding fuel surcharge revenue.
We believe that operating revenue excluding fuel surcharge revenue, adjusted operating income (loss), and adjusted operating
ratio are more representative of our underlying operations by excluding the volatility of fuel prices, which we cannot control.
Operating revenue excluding fuel surcharge revenue, adjusted operating income (loss), and adjusted operating ratio are not
substitutes for operating revenue, operating income (loss), or operating ratio measured in accordance with GAAP. There are
limitations to using non-GAAP financial measures. Although we believe that operating revenue excluding fuel surcharge
revenue, adjusted operating income (loss), and adjusted operating ratio improve comparability in analyzing our period-to-period
performance, they could limit comparability to other companies in our industry if those companies define such measures
differently. Because of these limitations, operating revenue excluding fuel surcharge revenue, adjusted operating income (loss),
and adjusted operating ratio should not be considered measures of income generated by our business or discretionary cash
available to us to invest in the growth of our business. Management compensates for these limitations by primarily relying on
GAAP results and using non-GAAP financial measures on a supplemental basis.