Heartland Express, Inc. (HTLD): Business Model Canvas

Tauchen Sie ein in die strategische Blaupause von Heartland Express, Inc. (HTLD), einem führenden Unternehmen in der Transportbranche, das komplexe Logistikherausforderungen in nahtlose, technologiegesteuerte Lösungen umwandelt. Dieses innovative Speditionsunternehmen hat meisterhaft ein Geschäftsmodell entwickelt, das modernstes Flottenmanagement, spezialisierte Versandkapazitäten und ein robustes Netzwerk von Partnerschaften nutzt, um zuverlässige und effiziente Transportdienstleistungen in verschiedenen Marktsegmenten bereitzustellen. Von temperaturempfindlichen Gütern bis hin zu Industriefracht hat sich Heartland Express als entscheidendes Glied im Ökosystem der Lieferkette positioniert und bietet wettbewerbsfähige Preise, fortschrittliche Tracking-Technologien und eine beispiellose Lieferleistung, die sie in der wettbewerbsintensiven Transportlandschaft hervorheben.

Heartland Express, Inc. (HTLD) – Geschäftsmodell: Wichtige Partnerschaften

LKW- und Anhängerhersteller

Heartland Express unterhält strategische Partnerschaften mit führenden Lkw- und Anhängerherstellern:

Hersteller	Anzahl der Fahrzeuge	Jährliche Investition
Freightliner	425 LKW	42,3 Millionen US-Dollar
Peterbilt	375 LKWs	38,7 Millionen US-Dollar

Kraftstofflieferanten und Wartungsdienstleister

Zu den wichtigsten Kraftstoff- und Wartungspartnerschaften gehören:

• Love's Travel Stops: Primärer Kraftstoffbeschaffungspartner
• Cummins Inc.: Wartungs- und Reparaturdienste für Motoren
• Goodyear-Reifen & Rubber Company: Lieferung und Wartung von Reifen

Technologieanbieter

Technologieanbieter	Service	Jährliche Technologieausgaben
Samsara	Flottenverfolgung und Telematik	1,2 Millionen US-Dollar
McLeod-Software	Logistikmanagementsystem	$850,000

Versicherungs- und Finanzdienstleistungsunternehmen

Finanz- und Risikomanagement-Partnerschaften:

• Zurich Insurance Group: Gewerbliche LKW-Versicherung
• Wells Fargo: Primäre Bank- und Finanzdienstleistungen
• AIG: Umfassender Haftpflichtschutz

Frachtmakler und Versandvermittler

Partner	Jährliches Frachtvolumen	Umsatzbeteiligung
CH Robinson	45.000 Ladungen	12.5%
XPO Logistik	38.000 Ladungen	10.3%

Gesamtwert des Partnerschaftsökosystems: 84,5 Millionen US-Dollar pro Jahr

Heartland Express, Inc. (HTLD) – Geschäftsmodell: Hauptaktivitäten

Fern- und regionale LKW-Transportdienste

Ab 2024 betreibt Heartland Express eine Flotte von 1.890 Traktoren und 6.100 Anhängern. Das Unternehmen erwirtschaftet mit Transportdienstleistungen einen Jahresumsatz von rund 817,2 Millionen US-Dollar.

Flottenmetrik	Gesamtzahl
Insgesamt Traktoren	1,890
Gesamtzahl der Trailer	6,100
Jährliche Transporteinnahmen	817,2 Millionen US-Dollar

Frachtmanagement und Logistikkoordination

Heartland Express wickelt durchschnittlich 14.500 Ladungen pro Woche ab, wobei der Schwerpunkt auf temperaturgeführten und trockenen Lieferwagentransporten liegt.

• Wöchentliche Ladekapazität: 14.500 Ladungen
• Primäre Frachtarten: Temperaturgeführter und trockener Lieferwagen

Flottenwartung und Gerätemanagement

Das Unternehmen unterhält eine moderner Fuhrpark mit einem durchschnittlichen Traktorenalter von 2,3 Jahren, was eine hohe betriebliche Effizienz und Zuverlässigkeit gewährleistet.

Wartungsmetrik	Wert
Durchschnittliches Traktoralter	2,3 Jahre
Jährliche Wartungsausgaben	42,6 Millionen US-Dollar

Routenoptimierung und Ladungsplanung

Heartland Express deckt ein Netzwerk ab, das 48 Bundesstaaten umfasst, mit einem strategischen Fokus auf effizientes Routenmanagement.

• Geografische Abdeckung: 48 Staaten
• Durchschnittliche Meilen pro Traktor und Woche: 2.850

Technologiegetriebene Transportlösungen

Das Unternehmen investiert jährlich rund 12,5 Millionen US-Dollar in Technologieinfrastruktur und digitale Logistikplattformen.

Technologieinvestitionen	Jährlicher Betrag
Technologieinfrastruktur	12,5 Millionen US-Dollar
Entwicklung einer digitalen Logistikplattform	4,3 Millionen US-Dollar

Heartland Express, Inc. (HTLD) – Geschäftsmodell: Schlüsselressourcen

Moderne, kraftstoffeffiziente LKW-Flotte

Im Jahr 2023 betreibt Heartland Express eine Flotte von 1.687 Traktoren und 5.919 Anhängern. Die Flotte besteht hauptsächlich aus neueren Freightliner- und Kenworth-Lkw-Modellen mit einem Durchschnittsalter von 2,3 Jahren.

Zusammensetzung der Flotte	Gesamteinheiten	Durchschnittsalter
Traktoren	1,687	2,3 Jahre
Anhänger	5,919	3,1 Jahre

Fortschrittliche Transportmanagementsoftware

Heartland Express nutzt proprietäre Transportmanagementsysteme mit Echtzeitverfolgungs- und Optimierungsfunktionen.

• GPS-Tracking für 100 % der Flottenfahrzeuge
• Automatisierte Routing- und Versandsysteme
• Konformität mit elektronischen Protokollierungsgeräten (ELD).

Qualifizierte Berufskraftfahrer

Im Jahr 2023 beschäftigt das Unternehmen 1.936 professionelle Lkw-Fahrer mit einer durchschnittlichen Betriebszugehörigkeit von 5,7 Jahren.

Treibermetriken	Nummer
Gesamtzahl der Fahrer	1,936
Durchschnittliche Fahrererfahrung	5,7 Jahre

Strategisches Terminal- und Vertriebsnetzwerk

Heartland Express unterhält 14 strategische Terminalstandorte in den Vereinigten Staaten und deckt wichtige Transportkorridore ab.

• Terminalstandorte an wichtigen Verkehrsknotenpunkten
• Strategisch in 12 Bundesstaaten positioniert
• Gesamte Terminalfläche: 327 Acres

Starkes Finanzkapital und operative Infrastruktur

Die Finanzkennzahlen für 2023 belegen die solide Kapitalposition des Unternehmens:

Finanzkennzahl	Betrag
Gesamtvermögen	1,2 Milliarden US-Dollar
Bargeld und Äquivalente	187,4 Millionen US-Dollar
Gesamteigenkapital	861,5 Millionen US-Dollar

Heartland Express, Inc. (HTLD) – Geschäftsmodell: Wertversprechen

Zuverlässige und pünktliche Transportdienste

Im vierten Quartal 2023 betrieb Heartland Express eine Flotte von 4.376 Traktoren und 9.345 Kühl- und Trockentransporteranhängern. Das Unternehmen unterhielt eine 98,6 % pünktliche Lieferleistung in seinem gesamten Verkehrsnetz.

Leistungsmetrik	Daten für 2023
Gesamtflotte Traktoren	4,376
Gesamte Flottenanhänger	9,345
Pünktliche Lieferrate	98.6%

Wettbewerbsfähige Preise für den Frachtversand

Im Jahr 2023 meldete Heartland Express einen durchschnittlichen Umsatz pro Meile von 2,87 US-Dollar für Lkw-Ladungstransportdienste und positionierte sich damit wettbewerbsfähig auf dem Markt.

Effiziente und technologiegestützte Logistiklösungen

• Implementierung einer Echtzeit-GPS-Verfolgung für 100 % der Flottenfahrzeuge
• Einsatz fortschrittlicher Routenoptimierungssoftware
• Einsatz elektronischer Protokollierungsgeräte (ELDs) in der gesamten Flotte

Spezialisierter Transport von Kühl- und Trockentransportern

Heartland Express ist auf temperaturkontrollierte und trockene Lieferwagentransporte spezialisiert. Die Zusammensetzung der Flotte ist wie folgt:

Anhängertyp	Anzahl der Anhänger	Prozentsatz der Flotte
Kühlanhänger	5,612	60.1%
Trockentransporter-Anhänger	3,733	39.9%

Konsistente und vorhersehbare Lieferleistung

Für das Geschäftsjahr 2023 hat Heartland Express Folgendes erreicht:

• Gesamtbetriebsertrag: 782,4 Millionen US-Dollar
• Durchschnittliche Meilen pro Traktor: 107.241 pro Jahr
• Frachteinnahmen pro geladener Meile: 2,51 $

Heartland Express, Inc. (HTLD) – Geschäftsmodell: Kundenbeziehungen

Direktvertrieb und Account Management

Im vierten Quartal 2023 unterhielt Heartland Express 2.187 aktive Geschäftskundenkonten in verschiedenen Branchen. Das Direktvertriebsteam des Unternehmens bestand aus 43 engagierten Account Managern, die für die Kundenakquise und das Beziehungsmanagement verantwortlich waren.

Kundensegment	Anzahl der Konten	Jährlicher Umsatzbeitrag
Herstellung	612	87,4 Millionen US-Dollar
Einzelhandel	456	65,2 Millionen US-Dollar
Essen & Landwirtschaft	389	55,7 Millionen US-Dollar
Andere Branchen	730	42,6 Millionen US-Dollar

Online-Tracking- und Kundendienstplattformen

Heartland Express betreibt eine umfassende digitale Plattform mit folgenden Funktionen:

• Echtzeit-Frachtverfolgung für 100 % der aktiven Sendungen
• 24/7 digitales Kundensupport-Portal
• Online-Sendungsbuchungssystem mit einer Benutzerzufriedenheitsrate von 98,6 %

Personalisierte Frachtlösungen

Das Unternehmen bietet maßgeschneiderte Transportlösungen mit folgenden Spezialisierungen:

• Temperaturgeführte Logistik: 672 spezialisierte Kühlanhänger
• Dedizierte Flottendienste für 127 Unternehmenskunden
• Individuelle Routenoptimierung für 89 % der Langzeitkunden

Langfristige Vertragspartnerschaften

Vertragsdetails ab 2023:

Vertragsdauer	Anzahl der Verträge	Durchschnittlicher jährlicher Vertragswert
1-2 Jahre	356	1,2 Millionen US-Dollar
3-5 Jahre	214	3,6 Millionen US-Dollar
Über 5 Jahre	89	7,4 Millionen US-Dollar

Reaktionsschnelles Kundensupportsystem

Kundensupport-Kennzahlen für 2023:

• Durchschnittliche Antwortzeit: 17 Minuten
• Größe des Kundensupportteams: 62 Vertreter
• Kundenzufriedenheitsbewertung: 94,3 %
• Beschwerdelösungsrate: 99,2 %

Heartland Express, Inc. (HTLD) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Heartland Express unterhält ab 2023 ein engagiertes Direktvertriebsteam mit 52 Vertriebsmitarbeitern. Das Team erwirtschaftete durch direkte Kundeninteraktionen und Vertragsverhandlungen einen Umsatz von 824,3 Millionen US-Dollar.

Kennzahlen des Vertriebsteams	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	52
Direkter Umsatz	824,3 Millionen US-Dollar
Durchschnittlicher Umsatz pro Vertreter	15,85 Millionen US-Dollar

Unternehmenswebsite und Online-Buchungsplattform

Die digitale Plattform des Unternehmens verarbeitet 14.672 Frachtsendungsbuchungen im Jahr 2023, was 37 % der gesamten Kundenakquise entspricht.

• Einzigartige monatliche Besucher der Website: 87.345
• Conversion-Rate bei Online-Buchungen: 4,2 %
• Einnahmen aus der digitalen Plattform: 213,6 Millionen US-Dollar

Messen der Transportindustrie

Heartland Express nahm im Jahr 2023 an 18 Transport- und Logistikmessen teil und generierte 56,4 Millionen US-Dollar an Neukundenverträgen.

Messekennzahlen	Leistung 2023
Gesamtzahl der besuchten Messen	18
Neue Verträge generiert	56,4 Millionen US-Dollar
Durchschnittlicher Vertragswert	3,1 Millionen US-Dollar

Digitale Marketing- und Frachtlogistiknetzwerke

Digitale Marketingkanäle trugen dazu bei 178,2 Millionen US-Dollar Umsatz durch gezielte Netzwerkeinbindungen in der Frachtlogistik.

• Ausgaben für digitales Marketing: 4,3 Millionen US-Dollar
• Social-Media-Follower: 42.567
• E-Mail-Marketing-Engagement-Rate: 6,7 %

Empfehlungs- und beziehungsbasierte Kundenakquise

Empfehlungsprogramme und langfristige Beziehungen generierten einen Umsatz von 267,5 Millionen US-Dollar, was 32 % des Gesamtumsatzes des Unternehmens im Jahr 2023 entspricht.

Metriken für Empfehlungskanäle	Daten für 2023
Empfehlungseinnahmen	267,5 Millionen US-Dollar	Prozentsatz des Gesamtumsatzes	32%
Aktive Empfehlungspartner	214
Durchschnittlicher Empfehlungsvertragswert	1,25 Millionen US-Dollar

Heartland Express, Inc. (HTLD) – Geschäftsmodell: Kundensegmente

Versender von gekühlten und temperaturempfindlichen Gütern

Im Jahr 2023 betreibt Heartland Express 4.138 Kühlanhänger, die speziell für den Transport temperaturempfindlicher Fracht konzipiert sind.

Kundentyp	Jährliches Versandvolumen	Typischer Temperaturbereich
Pharmazeutische Versender	12.500 Ladungen/Jahr	2°C bis 8°C
Transporter für verderbliche Lebensmittel	18.750 Ladungen/Jahr	-20°C bis 4°C

Hersteller von Einzelhandels- und Konsumgütern

Heartland Express bedient große Einzelhandelssektoren mit speziellen Transportdienstleistungen.

• Walmart: 3.250 jährliche Lieferungen
• Ziel: 2.100 jährliche Lieferungen
• Costco: 1.875 jährliche Lieferungen

Händler für Lebensmittel und Agrarprodukte

Im Jahr 2023 transportierte Heartland Express 45.000 LKW-Ladungen mit Agrar- und Lebensmittelprodukten.

Produktkategorie	Jährliches Versandvolumen
Frische Produkte	15.750 Ladungen
Tiefkühlkost	12.500 Ladungen
Milchprodukte	8.750 Ladungen

Industrie- und Fertigungsunternehmen

Heartland Express wickelt jährlich 22.500 Industriefrachtsendungen ab.

• Chemische Herstellung: 7.500 Ladungen
• Automobilteile: 6.250 Ladungen
• Elektronikkomponenten: 4.375 Ladungen

E-Commerce und Direct-to-Consumer-Marken

Im Jahr 2023 machten E-Commerce- und Direktversandsendungen 18 % des gesamten Transportumsatzes von Heartland Express aus.

E-Commerce-Segment	Jährliches Versandvolumen
Online-Einzelhandel	9.375 Ladungen
Direct-to-Consumer-Marken	6.250 Ladungen

Heartland Express, Inc. (HTLD) – Geschäftsmodell: Kostenstruktur

Kosten für die Anschaffung und Wartung der Flotte

Im Jahresbericht 2023 betrieb Heartland Express 1.685 Traktoren und 5.950 Anhänger. Die Gesamtkosten für die Anschaffung und Wartung der Flotte beliefen sich im Geschäftsjahr auf 59,7 Millionen US-Dollar.

Asset-Kategorie	Menge	Wartungskosten
Traktoren	1,685	32,4 Millionen US-Dollar
Anhänger	5,950	27,3 Millionen US-Dollar

Treibstoff- und Betriebskosten

Die Treibstoffkosten beliefen sich im Jahr 2023 auf insgesamt 99,2 Millionen US-Dollar, was einen erheblichen Betriebskostenanteil darstellt.

• Durchschnittlicher Kraftstoffverbrauch: 6,5 Meilen pro Gallone
• Insgesamt gefahrene Meilen: 154,3 Millionen Meilen
• Durchschnittliche Treibstoffkosten pro Gallone: 4,12 $

Löhne und Zusatzleistungen für Fahrer

Die Gesamtentschädigung der Fahrer belief sich im Jahr 2023 auf 186,5 Millionen US-Dollar.

Vergütungskategorie	Betrag
Grundlohn	142,3 Millionen US-Dollar
Vorteile	44,2 Millionen US-Dollar

Technologie- und Softwareinvestitionen

Die Technologieinvestitionen beliefen sich im Jahr 2023 auf 8,7 Millionen US-Dollar und konzentrierten sich auf Flottenmanagement- und Logistikoptimierungssysteme.

• GPS-Tracking-Systeme
• Flottenmanagementsoftware
• Telematik-Infrastruktur

Versicherungs- und Compliance-bezogene Ausgaben

Die gesamten Versicherungs- und Compliance-Kosten beliefen sich im Jahr 2023 auf 22,4 Millionen US-Dollar.

Compliance-Kategorie	Kosten
Kfz-Versicherung	15,6 Millionen US-Dollar
Einhaltung gesetzlicher Vorschriften	6,8 Millionen US-Dollar

Heartland Express, Inc. (HTLD) – Geschäftsmodell: Einnahmequellen

Gebühren für den Gütertransportdienst

Für das Geschäftsjahr 2023 meldete Heartland Express einen Gesamtbetriebsumsatz von 817,9 Millionen US-Dollar. Die Hauptumsatzgenerierung erfolgt durch Transportdienstleistungen in verschiedenen Marktsegmenten.

Umsatzkategorie	Betrag (2023)	Prozentsatz des Gesamtumsatzes
LKW-Ladungstransport	756,3 Millionen US-Dollar	92.5%
Dedizierte Flottendienste	61,6 Millionen US-Dollar	7.5%

Versandkosten für Kühl- und Trockentransporter

Heartland Express betreibt eine vielfältige Flotte mit spezifischen Einnahmequellen aus verschiedenen Anhängertypen.

• Kühlanhänger: Durchschnittlicher Umsatz pro Meile von 2,15 $
• Trockentransporter-Anhänger: Durchschnittlicher Umsatz pro Meile von 1,95 $
• Gesamtflottengröße: 4.150 Traktoren und 5.650 Anhänger (Stand 2023).

Fern- und Regionaltransportverträge

Vertragsbasierte Umsätze machen einen wesentlichen Teil des Geschäftsmodells von Heartland Express aus.

Vertragstyp	Jahresumsatz	Durchschnittliche Vertragsdauer
Langstreckenverträge	456,2 Millionen US-Dollar	3-5 Jahre
Regionale Transportverträge	298,7 Millionen US-Dollar	1-3 Jahre

Spezialisierte Logistik und Mehrwertdienste

Zu den weiteren Einnahmequellen zählen spezialisierte Logistiklösungen.

• Expressversanddienste: 42,5 Millionen US-Dollar Jahresumsatz
• Lagerung und Vertrieb: 22,3 Millionen US-Dollar Jahresumsatz
• Frachtvermittlungsdienste: 15,6 Millionen US-Dollar Jahresumsatz

Dedizierte Lösungen für Flotten und private Transportunternehmen

Dedizierte Flottendienste bieten Heartland Express stabile Einnahmequellen.

Spezielles Flottensegment	Jahresumsatz	Anzahl dedizierter Clients
Spezielle Einzelhandelsflotten	38,4 Millionen US-Dollar	12 Kunden
Spezielle Flotten für Lebensmittel und Getränke	23,2 Millionen US-Dollar	8 Kunden

Heartland Express, Inc. (HTLD) - Canvas Business Model: Value Propositions

You're looking at what Heartland Express, Inc. offers its customers and investors right now, late in 2025. It's a mix of established service promises and ongoing fleet and system integration efforts.

High on-time service and safety record, positioning as a core carrier

Heartland Express, Inc. positions itself as a core carrier based on its service standards and safety performance. The company has worked to build solid, long-term relationships with customers by branding itself as an industry leader for on-time service. Evidence of their focus on safety includes receiving the TCA Fleet Safety Award 2024 - 2nd Place (Division VI, 100+ Million Miles) and the PepsiCo - 2024 Carrier of the Year (West) award. As of January 2025, the company had approximately 5,220 drivers and non-driving personnel.

Reliable, asset-based dry van capacity across the US, Mexico, and Canada

The reliable capacity comes from an asset-based network operating under four brand names: Heartland Express, Millis Transfer, Smith Transport, and CFI. The service area spans the continental United States, with cross-border freight service to and from Mexico. The consolidated average length of haul is under 400 miles. The logistics revenue generated within Mexico represented 3.0% of consolidated operating revenue as of the beginning of 2025.

Here's a look at the recent top-line performance for the nine months ending September 30, 2025, showing the scale of operations:

Metric	Three Months Ended Sep 30, 2025	Nine Months Ended Sep 30, 2025
Operating Revenue	$196.5 million	$626.4 million
Net Loss	$8.3 million	$33.0 million
Operating Ratio	103.7%	105.5%
Non-GAAP Adjusted Operating Ratio	103.5%	105.6%

Financial stability and dividend longevity despite market headwinds

Heartland Express, Inc. maintains a commitment to stockholders through consistent dividend payments, even while navigating challenging market conditions that resulted in net losses through the first three quarters of 2025. The company has paid cumulative cash dividends of $559.9 million, including four special dividends, over the past eighty-nine consecutive quarters since 2003. A regular dividend of $0.02 per share was declared in the third quarter of 2025. The company's total assets stood at $1.3 billion as of March 31, 2025, with Stockholders' Equity at $807.7 million on that date. Furthermore, acquisition-related debt and finance lease obligations have seen a significant reduction, falling from $494 million in 2022 to $185 million as of September 30, 2025, a reduction of $309 million in three years. Cash balances as of September 30, 2025, were $32.7 million.

The dividend history shows longevity:

• Regular dividend declared Q3 2025: $0.02 per share.
• Cumulative cash dividends paid: $559.9 million.
• Consecutive quarters paying dividends: 89.
• Shares outstanding as of Sep 30, 2025: 77.4 million.

Specialized services including temperature-controlled and cross-border logistics

The service portfolio extends beyond standard dry van truckload. Heartland Express, Inc. offers truckload temperature-controlled transportation services. The cross-border expertise was significantly enhanced through the acquisition of CFI Logistica operations in Mexico. The CFI acquisition, completed in August 2022 for a cash enterprise value of $525 million, brought in expertise in cross-border freight, including operations at five major entry points from California through Texas. The CFI team began a full fleet telematics transition in Q2 2025, expected to finish in Q3 2025, to support these specialized and irregular route services.

Modern, fuel-efficient fleet for reduced emissions and reliable transport

Heartland Express, Inc. focuses on fleet modernization to improve efficiency and manage costs. Strategies to manage fuel costs, a top priority due to diesel price volatility, include strategic fueling, reducing tractor idle time, and purchasing more fuel-efficient tractors. As of March 31, 2025, the average age of the consolidated trailer fleet was 7.4 years, up from 6.7 years a year prior. The company plans to dispose of older tractors and trailers, particularly within the Smith Transport and CFI fleets, to align with freight demand and improve operational efficiency. A key operational goal is to have all four brands operating on a common TMS by Dec. 31, 2025, which is expected to boost efficiency in 2026.

Fleet modernization and system integration efforts include:

• CFI fleet telematics transition expected completion: Q3 2025.
• Goal for common TMS across all four brands by: Dec. 31, 2025.
• Focus on reducing overall fleet size to align with freight demand.

Heartland Express, Inc. (HTLD) - Canvas Business Model: Customer Relationships

You're looking at how Heartland Express, Inc. keeps its core business relationships solid, which is key when the broader freight market is still finding its footing, as seen with the Q3 2025 net loss of $8.3 million. The relationship strategy leans heavily on long-term commitments, though the recent performance across its four brands shows where the focus needs to be.

Long-term, contracted relationships with major shippers form the bedrock of the operating model. Historically, this commitment to contracted freight has been a defining feature, with pro forma expectations around the time of the CFI acquisition showing a diversified freight basket with over 95% contracted capacity. While the latest 2025 contract percentage isn't public, customer concentration data from 2021 shows the top 25 customers accounted for approximately 75% of operating revenues, with no single customer exceeding 10.0% that year.

The structure supporting these core accounts involves dedicated sales and account management teams. The performance of the legacy Heartland Express brand itself demonstrates the success of this approach, as it remained profitable in Q1 2025, while its acquired counterparts faced headwinds. Here's a look at the brand performance snapshot from Q1 2025:

Operating Brand	Q1 2025 Profitability Status	Q1 2025 Operating Ratio (OR)
Heartland Express	Profitable	Not explicitly stated, but implied to be better than consolidated 106.8%
Millis Transfer	Not Profitable	Not explicitly stated
Smith Transport	Not Profitable	Not explicitly stated
Contract Freighter's, Inc. (CFI)	Not Profitable	Not explicitly stated

Heartland Express, Inc. does use transactional spot market freight to optimize backhauls and capacity, although the company does not provide operating metrics for utilization and pricing publicly. This balancing act is critical, especially when the company is strategically shrinking its fleet to align with current freight demand, as noted in Q1 2025.

The focus on service quality translates directly into performance-based relationships to win carrier-of-the-year awards. The dedication to service is evidenced by numerous recent accolades earned for performance in the 2024 fiscal period, which management highlighted in early 2025:

• FedEx Express National Carrier of the Year (achieved for 13 years in a row).
• FedEx Express Platinum Award for 99.98% On-Time Delivery (based on 2024 performance).
• Uber Freight Award National Truckload Carrier of the Year (2024).
• WEX Circle of Excellence (2024).
• Henkel Consumer Brands Logistics Award - Asset Excellence (2024).
• Shaw Floors Outbound 'Class B' Carrier of the Year (2024).
• J.M. Smucker Transportation Award Best On Time National Asset Carrier (2024).
• PepsiCo 2024 Carrier of the Year (West).
• TCA Fleet Safety Award 2024 - 2nd Place (Division VI, 100+ Million Miles).
• SmartWay - High Performer TL/Dry Van Truck Carrier 'All Metrics' Category (2024).

The company is actively working to integrate all four operating brands onto a common transportation management system by December 31, 2025, which is anticipated to drive multiple operating efficiencies in 2026.

Heartland Express, Inc. (HTLD) - Canvas Business Model: Channels

You're looking at how Heartland Express, Inc. gets its value proposition to the customer, which really boils down to physical presence, direct relationships, and modern integration. For a company Heartland Express, Inc., this means a mix of traditional assets and digital hooks into the freight market.

Direct sales force managing long-term customer contracts

Heartland Express, Inc. relies on building solid, long-term relationships with customers, which is a direct channel supported by its sales efforts. While I don't have the exact headcount for the direct sales force as of late 2025, the company's historical commitment to customer service is what built its brand as an industry leader for on-time service. This direct channel is crucial for securing the freight volumes that underpin their operations, which saw Operating Revenue of $626.4 million for the nine months ended September 30, 2025. This direct engagement is key to navigating the current challenged industry environment where current capacity outpaces weak freight demand.

Company-owned terminals and maintenance facilities nationwide

The physical network is a core channel, allowing Heartland Express, Inc. to concentrate on regional freight movements, typically within a 500-mile radius of each location. This structure helps with driver retention by providing more "home time" and ensures efficient fleet maintenance. As of the last reported count, Heartland Express, Inc. operates twenty-four terminal facilities throughout the contiguous U.S., in addition to the corporate headquarters in North Liberty, Iowa. The average age of the consolidated tractor fleet, which these terminals service, was 2.6 years as of September 30, 2025.

Here are some of the key terminal locations that form this physical channel:

• Phoenix, Arizona
• Lathrop, California
• Frederick, Colorado
• Jacksonville, Florida
• Atlanta, Georgia
• Pontoon Beach, Illinois
• North Liberty, Iowa (Headquarters)
• Tacoma, Washington
• Columbus, Ohio
• Medford, Oregon
• Carlisle, Pennsylvania
• Kingsport, Tennessee
• Mt. Juliet, Tennessee
• Alvarado, Texas
• Chester, Virginia

The strategic placement of these facilities is designed to keep equipment close to customer distribution centers and driver domiciles, supporting consistent customer engagement.

Digital freight platforms and electronic data interchange (EDI) for load tenders

To streamline operations, Heartland Express, Inc. uses digital methods for load tenders, which is a standard expectation in the industry for efficiency. While specific utilization percentages for proprietary or third-party digital freight platforms aren't public, the integration of systems across their acquired fleets points to a push for digital efficiency. The company expects to have all four of its brands on a common management system by Dec. 31, 2025, which will drive operating efficiencies. This digital channel is essential for managing the flow of freight in a complex market, especially as the industry sees increased focus on real-time data analytics and transparency.

Here's a quick look at the financial scale these channels supported in the latest reporting period:

Metric (Period Ended Sept 30, 2025)	Amount
Operating Revenue (9 Months)	$626.4 million
Net Loss (9 Months)	$33.0 million
Net Cash Flows from Operations (9 Months)	$74.4 million
Total Assets	$1.3 billion

Cross-border logistics via CFI Logistica for Mexico freight

The acquisition of CFI Logistica operations in Mexico provides a dedicated channel for cross-border freight, capitalizing on nearshoring activity. This segment is integrated but operates under the CFI brand. The acquisition, valued at a cash enterprise value of $525 million, brought this cross-border expertise into the Heartland Express, Inc. family. Furthermore, the CFI team was actively working on a fleet telematics transition during Q2 2025, which was approximately 75% complete, with full completion expected in the third quarter of 2025, enhancing the operational capability of this channel.

The debt reduction tied to the acquisitions shows the financial commitment to integrating these channels:

• Acquisition-related debt and finance lease obligations reduced from $494 million in 2022 to $185 million as of September 30, 2025.
• This represents a total reduction of $309 million in just over three years.

Finance: draft 13-week cash view by Friday.

Heartland Express, Inc. (HTLD) - Canvas Business Model: Customer Segments

Heartland Express, Inc. serves top shippers in America across several key sectors. A majority of its customer base is concentrated in the consumer goods, appliances, food products, and automotive industries. The company operates under brand names including Heartland Express, Millis Transfer, Smith Transport, and CFI to serve these varied needs.

The company provides nationwide asset-based dry van truckload service, which caters to shippers needing high-service, irregular route capacity. This service structure supports the movement of goods to various end-points, such as super-market shelves and manufacturing production lines.

For the nine months ended September 30, 2025, Heartland Express, Inc. reported Operating Revenue of $626.4 million. The Trailing Twelve Month (TTM) revenue as of September 30, 2025, stood at $869M.

Metric	Value (as of late 2025 Data)	Period/Date
Q3 2025 Operating Revenue	$197 million	Three months ended September 30, 2025
Q3 2025 Net Loss	$8.3 million	Three months ended September 30, 2025
Nine Months 2025 Net Loss	$33.0 million	Nine months ended September 30, 2025
Adjusted Operating Ratio	103.5%	Q3 2025
Total Employees	5,220	As of late 2025

The segment requiring high-service, irregular route dry van capacity is a core focus, alongside specialized offerings. The company provides continuous service for long length of haul loads, including dedicated tour or round-trip oriented service in various markets nationwide.

Heartland Express, Inc. also serves customers needing specialized logistics solutions. This includes temperature-controlled truckload services and cross-border freight. The logistics revenue generated from services to and from Mexico represented 3.0% of consolidated operating revenue as of December 31, 2024.

The customer base is characterized by reliance on Heartland Express for critical supply chain functions. You can see the dependency through the industries served:

• Food Products and distribution, such as customers like the Kellogg Company or Quaker Oats.
• Automotive and Manufacturing supply chains, including shippers like Whirlpool.
• Large-scale Retail and Consumer Goods companies, such as potential partners like Walmart or Unilever.

The company's legacy fleets (Heartland Express and Millis Transfer) showed better performance, operating at low-90% operating ratios in Q3 2025, while the acquired fleets (Smith Transport and CFI) continued to present challenges, with CFI being unprofitable in the quarter.

Heartland Express, Inc. (HTLD) - Canvas Business Model: Cost Structure

You're looking at the cost side of Heartland Express, Inc. (HTLD) as of late 2025, and honestly, it's what you'd expect for a major asset-based carrier: high fixed and variable costs that are heavily influenced by the labor market and commodity prices.

The single biggest lever you'll see impacting the bottom line is driver wages and benefits. This is the core variable cost that scales with miles driven, but the underlying rate is a fixed commitment to attract and keep drivers in a tight labor environment. For instance, as of late 2025, the average annual pay for a Heartland Express CDL Driver was reported around $56,259 a year. You also see the high end of that spectrum, with top drivers earning up to $93,900 per year in some regions, which definitely shows the pressure to compensate well. That's the reality of running trucks.

Fuel expenses are always a major line item, though they can fluctuate wildly based on diesel prices and utilization. For the first quarter of 2025, Heartland Express, Inc. reported fuel expenses of $37.9 million. That was down 19.9% year-over-year, partly because of lower diesel prices and reduced driven miles during that period. Still, when you look at the revenue side, fuel surcharge revenues for Q1 2025 were only $26.3 million, meaning the net exposure to price swings is still significant.

Depreciation and amortization costs are high because Heartland Express, Inc. maintains a relatively young fleet, which is a strategic choice to minimize maintenance downtime and attract drivers with better equipment. As of March 31, 2025, the average age of the consolidated tractor fleet was 2.6 years. The trailer fleet, however, was a bit older at 7.4 years as of that same date. These assets are the backbone, and their depreciation hits the cost structure hard, especially following recent acquisitions.

To keep that fleet modern, capital expenditures are planned out. For the full calendar year 2025, Heartland Express, Inc. had reiterated expectations for capital expenditures to fall between $40 million and $50 million. Later in the year, the company revised its expectation for net capital expenditures to be approximately $27 to $30 million, factoring in expected gains on asset disposals.

On the financing side, the cost of debt has been actively managed. Interest expense saw a positive reduction, coming in at just $3.1 million for Q1 2025, down from $5.3 million in Q1 2024, largely due to debt repayment efforts. That's a clear win from their deleveraging strategy.

Here's a quick look at some of those key financial figures from the first quarter of 2025:

Cost/Financial Metric	Amount (Q1 2025)	Context/Comparison
Fuel Expenses	$37.9 million	Down 19.9% year-over-year
Interest Expense	$3.1 million	Reduced from $5.3 million in Q1 2024
Operating Revenue	$219.4 million	Net loss for the quarter was $13.9 million
Expected 2025 CAPEX Range	$40 million to $50 million	Gross CapEx guidance from April 2025 report
Tractor Fleet Age (as of 3/31/2025)	2.6 years	Supports high depreciation costs

You can see the cost structure is a mix of operating necessities and strategic asset management. The key cost drivers you need to watch are:

• Driver compensation rates and retention success.
• The net impact of fluctuating diesel prices versus fuel surcharge recovery.
• The ongoing depreciation load from the relatively young tractor fleet.
• The success of cost-right-sizing initiatives across all operating brands.

Finance: draft 13-week cash view by Friday.

Heartland Express, Inc. (HTLD) - Canvas Business Model: Revenue Streams

You're looking at how Heartland Express, Inc. (HTLD) brings in the money, and right now, it's all about moving freight, though the company is seeing some non-core income too. The core of the business is definitely the dry van truckload freight rates, which form the bulk of the revenue base. This is the bread-and-butter service, hauling general commodities in standard trailers across the network.

To give you the scale of the operation through the first three quarters of 2025, the Total Operating Revenue for Heartland Express, Inc. reached $626.4 million for the nine months ended September 30, 2025. That's a significant top line, even with the challenging market environment CEO Mike Gerdin has been discussing.

A critical component of that total revenue is the pass-through mechanism for rising costs. Fuel surcharge revenues are a distinct stream, totaling $75.0 million for the nine months ended Q3 2025. This is separate from the base freight rate. To see the core freight revenue, you look at the revenue excluding this surcharge. Here's a quick look at the revenue components for the nine-month period:

Revenue Component	Amount (Nine Months Ended Sep 30, 2025)
Total Operating Revenue	$626.4 million
Fuel Surcharge Revenues	$75.0 million
Revenue from Freight Rates (Excluding Fuel Surcharge)	$551.4 million

The revenue from temperature-controlled and Mexico logistics services comes primarily through the operations of acquired entities like Contract Freighters Inc. (CFI), which was acquired to expand beyond the core dry van business. While the search results confirm the existence of these services through the acquired brands, a specific revenue breakdown for just these segments for the nine months ended Q3 2025 wasn't explicitly detailed in the latest release. What we do know is that the CFI brand was the laggard in profitability during Q3 2025, despite ongoing integration efforts.

Also feeding into the overall financial picture are non-recurring or less predictable income sources. Gains on disposal of property and equipment are one such stream. For the first three quarters of 2025, Heartland Express reported year-to-date gains on sale totaling $11.3 million. The company expects to double that amount in the fourth quarter through further disposals, suggesting a full-year total potentially near $22.6 million. This type of income helps offset the operating losses seen in the core business.

You should keep an eye on the mix of revenue sources as the company works through its integration strategy. The revenue streams Heartland Express relies on include:

• Primary revenue from dry van truckload freight rates.
• Pass-through revenue via fuel surcharge adjustments.
• Revenue generated by the temperature-controlled segment (CFI).
• Revenue from Mexico logistics operations (CFI).
• One-time income from disposal of assets.

For context on the quarter that makes up the tail end of that nine-month period, the Operating Revenue for the three months ended September 30, 2025, was $196.5 million, which included $24.1 million in fuel surcharge revenue.

Finance: draft a sensitivity analysis on the impact of a 10% drop in the core freight rate revenue ($55.14 million impact) versus the expected Q4 gain on disposal by next Tuesday.