Covenant Logistics Group, Inc. (CVLG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la logística y el transporte, Covenant Logistics Group, Inc. (CVLG) se destaca como una potencia innovadora, transformando cómo las empresas mueven bienes a través de cadenas de suministro complejas. Al combinar a la perfección la tecnología de vanguardia, las asociaciones estratégicas y las soluciones específicas de la industria, CVLG ha creado un notable modelo de negocio que ofrece servicios integrales de transporte adaptados a diversos sectores desde la fabricación automotriz hasta el comercio electrónico. Su enfoque único va más allá de los camiones tradicionales, ofreciendo un ecosistema de logística holística que promete confiabilidad, eficiencia y precisión tecnológica en cada milla recorrida.

Covenant Logistics Group, Inc. (CVLG) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con grandes compañías de transporte y transporte

Covenant Logistics Group mantiene asociaciones estratégicas con varias compañías clave de transporte:

Empresa asociada	Tipo de asociación	Año establecido
Werner Enterprises	Colaboración de flete	2019
Servicios de transporte de J.B. Hunt	Compartir la red de logística	2021
Transporte rápido	Coordinación regional de flete	2020

Colaboración con proveedores de tecnología para sistemas de gestión de flotas

Covenant Logistics Group se asocia con proveedores de tecnología para mejorar las capacidades de gestión de la flota:

• Samsara - IoT y plataforma de operaciones conectadas
• Ciencia de la plataforma - Tecnología de transporte digital
• Omnitracs - Software de gestión de flotas

Asociaciones con corredores de carga y proveedores de servicios de logística

Agente de carga	Volumen de transacción anual	Duración de la asociación
C.H. Robinson en todo el mundo	$ 12.3 millones	En curso desde 2018
Logística XPO	$ 8.7 millones	En curso desde 2019

Relaciones con clientes de la industria automotriz y manufacturera

Las asociaciones clave de automoción y fabricación incluyen:

Cliente	Valor de contrato de transporte anual	Tipo de servicio
Toyota Motor Norteamérica	$ 45.2 millones	Transporte dedicado
General Motors	$ 38.6 millones	Logística de la cadena de suministro
Nissan Norteamérica	$ 27.9 millones	Logística del vehículo terminado

Covenant Logistics Group, Inc. (CVLG) - Modelo de negocio: actividades clave

Servicios de transporte y logística de carga de camiones

A partir del cuarto trimestre de 2023, Covenant Logistics Group opera una flota de 2.200 tractores y 7,600 remolques. La compañía genera $ 1.08 mil millones en ingresos anuales de los servicios de transporte de camiones.

Métrica de la flota	Cantidad
Tractores totales	2,200
Total de remolques	7,600
Ingresos anuales de carga de camiones	$ 1.08 mil millones

Gestión de flota dedicada para clientes específicos

Covenant ofrece soluciones de transporte dedicadas para 59 contratos específicos de clientes, que cubren múltiples verticales de la industria.

• Contratos de flota dedicados: 59
• Duración promedio del contrato: 3-5 años
• Servicios especializados de gestión de flota de clientes

Corretaje de carga y soluciones de transporte

El segmento de corretaje de carga de la compañía maneja aproximadamente 125,000 cargas anualmente, generando $ 237 millones en ingresos de corretaje.

Métrico de corretaje	Valor
Cargas anuales manejadas	125,000
Ingresos de corretaje	$ 237 millones

Optimización logística basada en tecnología

Covenant invierte $ 12.4 millones anuales en infraestructura tecnológica y plataformas de logística digital.

• Inversión tecnológica anual: $ 12.4 millones
• Sistemas de seguimiento en tiempo real
• Software de optimización de ruta avanzada

Servicios de transporte especializados

Covenant opera en múltiples segmentos de la industria, con una presencia significativa en la logística automotriz, minorista y de fabricación.

Segmento de la industria	Porcentaje de operaciones
Logística automotriz	35%
Logística minorista	28%
Logística de fabricación	22%
Otros servicios especializados	15%

Covenant Logistics Group, Inc. (CVLG) - Modelo de negocio: recursos clave

Diversa flota de camiones y remolques

A partir del cuarto trimestre de 2023, Covenant Logistics Group opera una flota de 2.450 camiones y aproximadamente 7.800 remolques. La composición de la flota incluye:

Tipo de vehículo	Cantidad	Porcentaje de flota
Remolques de camionetas secas	5,200	66.7%
Remolques refrigerados	1,850	23.7%
Remolques especializados	750	9.6%

Tecnología avanzada de gestión de transporte

La logística del pacto invierte $ 4.2 millones anuales en infraestructura tecnológica, que incluye:

• Sistemas de seguimiento GPS en tiempo real
• Software de optimización de ruta avanzada
• Dispositivos de registro electrónico (elds)
• Plataformas integradas de gestión de transporte

Conductores profesionales calificados y expertos en logística

Estadísticas de la fuerza laboral a partir de 2023:

Categoría de empleado	Número
Total de empleados	3,750
Conductores profesionales	2,600
Especialistas en logística	450
Personal administrativo	700

Extensa red de rutas de transporte

La cobertura operativa incluye:

• 48 Estados Unidos contiguo
• Partes de Canadá
• Capacidades de transporte transfronterizo

Infraestructura e instalaciones de logística robusta

Los activos de infraestructura incluyen:

Tipo de instalación	Número	Hoques cuadrados totales
Centros de distribución	12	680,000 pies cuadrados
Instalaciones de mantenimiento	8	220,000 pies cuadrados
Oficinas administrativas	6	140,000 pies cuadrados

Covenant Logistics Group, Inc. (CVLG) - Modelo de negocio: propuestas de valor

Soluciones integrales de transporte y logística

Covenant Logistics Group ofrece servicios de transporte multimodal con una flota de 2,023 tractores y 5,744 remolques al 31 de diciembre de 2022. La compañía generó $ 1.05 mil millones en ingresos totales para el año fiscal 2022.

Categoría de servicio	Contribución de ingresos
Transporte de camiones	$ 752.3 millones
Servicios logísticos	$ 297.7 millones

Servicios de entrega de carga confiables y eficientes

La compañía mantiene un 98.5% de rendimiento de entrega a tiempo a través de sus redes de transporte.

• Longitud promedio de los pasos: 672 millas
• Total de millas conducidas en 2022: 237 millones de millas
• Tasa de utilización promedio de camiones: 87.6%

Estrategias de transporte personalizadas para industrias específicas

De la industria vertical	Servicios especializados
Minorista	Soluciones de transporte dedicadas
Fabricación	Gestión integrada de la cadena de suministro
Alimento & Bebida	Logística controlada por temperatura

Seguimiento de logística y gestión de logística habilitada para la tecnología

Covenant invirtió $ 12.4 millones en infraestructura tecnológica y sistemas de seguimiento digital en 2022.

• Seguimiento de GPS en tiempo real para el 100% de la flota
• Software de optimización de ruta avanzada
• Cumplimiento del dispositivo de registro electrónico (ELD)

Opciones de transporte flexibles y escalables

El pacto opera con un cartera de transporte diversa incluyendo Van Dry, Servicios de transporte de contratos refrigerados y dedicados.

Modo de transporte	Porcentaje de ingresos
Camioneta seca	45%
Refrigerado	35%
Transporte de contrato dedicado	20%

Covenant Logistics Group, Inc. (CVLG) - Modelo de negocio: relaciones con los clientes

Relaciones a largo plazo basadas en contratos

A partir de 2024, Covenant Logistics Group mantiene 87 contratos activos de transporte y logística a largo plazo con una duración promedio de contrato de 3.2 años. El valor total del contrato para estos acuerdos es de $ 214.6 millones anuales.

Tipo de contrato	Número de contratos	Valor anual del contrato
Servicios de transporte	52	$ 138.7 millones
Gestión logística	35	$ 75.9 millones

Soporte de servicio al cliente personalizado

Covenant Logistics opera un equipo de atención al cliente dedicado de 42 representantes especializados, manejando un promedio de 1,247 interacciones de clientes por semana.

• Tiempo de respuesta promedio: 17 minutos
• Calificación de satisfacción del cliente: 94.3%
• Soporte multilingüe disponible en 3 idiomas

Equipos de gestión de cuentas dedicados

La compañía mantiene 23 equipos dedicados de gestión de cuentas, cada uno de los cuales sirve un promedio de 5-7 clientes corporativos importantes con ingresos anuales superiores a $ 500,000 por cuenta.

Categoría de equipo	Número de equipos	Valor promedio del cliente
Logística empresarial	12	$742,000
Transporte especializado	11	$618,500

Plataformas de seguimiento y comunicación en tiempo real

Covenant Logistics proporciona capacidades de seguimiento en tiempo real a través de plataformas digitales con las siguientes métricas:

• Tiempo de actividad de la plataforma digital: 99.87%
• Precisión de seguimiento: 99.4%
• Usuarios de aplicaciones móviles: 14,237
• Integración de API con 87 sistemas de clientes

Mecanismos de mejora del rendimiento continuo

Las iniciativas de mejora del desempeño incluyen revisiones trimestrales del desempeño del cliente y la inversión en tecnología.

Métrico de rendimiento	Objetivo 2024	Rendimiento actual
Entrega a tiempo	97%	96.5%
Envíos sin daños	99.2%	98.7%

Covenant Logistics Group, Inc. (CVLG) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Covenant Logistics Group mantiene un equipo de ventas directo dedicado de 87 representantes de ventas profesionales que se dirigen a clientes de transporte y logística.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	87
Territorios de ventas promedio cubiertos	12 estados
Generación de ingresos del equipo de ventas anual	$ 42.3 millones

Plataforma de gestión de transporte en línea

Covenant Logistics opera una plataforma digital patentada con capacidades de seguimiento en tiempo real.

• Año de lanzamiento de la plataforma: 2019
• Usuarios activos mensuales: 3,412
• Volumen de transacción de la plataforma: $ 128.6 millones anuales

Ferias y conferencias comerciales de la industria

La logística del pacto participa en 14 principales conferencias de transporte y logística anualmente.

Categoría de conferencia	Participación anual
Conferencias de logística nacional	7
Eventos de transporte regional	5
Tecnología en conferencias logísticas	2

Marketing digital y comunicación en la web

La estrategia de marketing digital se centra en el compromiso en línea dirigido.

• Sitio web Visitantes mensuales: 62,500
• Seguidores de LinkedIn: 8,743
• Presupuesto anual de marketing digital: $ 1.2 millones

Redes de corretaje de carga

Covenant Logistics mantiene extensas asociaciones de corretaje de carga.

Métrico de red	2023 datos
Socios de corretaje totales	326
Valor de transacción de corretaje anual	$ 215.7 millones
Duración promedio de la relación de pareja	4.3 años

Covenant Logistics Group, Inc. (CVLG) - Modelo de negocio: segmentos de clientes

Empresas de fabricación automotriz

Covenant Logistics sirve a fabricantes automotrices con soluciones de transporte especializadas.

Segmento de clientes automotrices	Contribución anual de ingresos	Fabricantes clave servidos
Logística de piezas automotrices	$ 87.3 millones	Toyota, General Motors, Ford
Transporte de componentes del vehículo	$ 62.5 millones	Nissan, Honda, Hyundai

Negocios minoristas y de bienes de consumo

Covenant ofrece servicios de logística integrales para sectores minoristas y de bienes de consumo.

• Walmart
• Objetivo
• Depósito de hogar
• Amazonas

Segmento minorista	Volumen de transporte anual	Ingresos generados
Logística de comercio electrónico	125,000 envíos	$ 104.6 millones
Cadena de suministro minorista	98,000 envíos	$ 89.2 millones

Fabricantes de equipos industriales y especializados

El pacto apoya las necesidades de transporte de equipos industriales.

• Oruga
• John Deere
• Siemens

Segmento industrial	Servicios de transporte anuales	Ingreso de segmento
Logística de equipos pesados	45,000 envíos	$ 76.4 millones

Empresas de comercio electrónico y distribución

Covenant proporciona logística especializada para plataformas de comercio digital.

Compañero de comercio electrónico	Volumen de envío anual	Contribución de ingresos
Amazon Fulfillment	212,000 envíos	$ 142.7 millones
Logística de Wayfair	89,000 envíos	$ 53.6 millones

Industrias agrícolas y de procesamiento de alimentos

Covenant apoya la logística agrícola y el transporte de la cadena de suministro de alimentos.

Segmento agrícola	Servicios de transporte anuales	Ingreso de segmento
Logística de procesamiento de alimentos	67,000 envíos	$ 58.9 millones
Cadena de suministro agrícola	42,000 envíos	$ 39.5 millones

Covenant Logistics Group, Inc. (CVLG) - Modelo de negocio: Estructura de costos

Gastos de adquisición y mantenimiento de la flota

A partir del informe anual de 2023, la inversión total de la flota de Covenant Logistics Group fue de $ 220.4 millones. Los costos anuales de mantenimiento de la flota fueron de aproximadamente $ 42.7 millones.

Categoría de flota	Número de unidades	Costo promedio por unidad
Tractores	1,272	$165,000
Remolques	4,300	$35,000

Salarios del conductor y compensación

La compensación total del conductor para 2023 fue de $ 187.3 millones. El salario promedio anual del conductor fue de $ 68,500.

• Rango salarial base: $ 52,000 - $ 85,000
• Bonos de rendimiento: hasta el 15% del salario base
• Gastos totales relacionados con el conductor: $ 214.6 millones

Costos de combustible y operativo

El gasto anual de combustible para 2023 fue de $ 132.6 millones. Costo promedio de combustible por milla: $ 0.42.

Categoría de gastos operativos	Costo anual
Combustible	$ 132.6 millones
Reparaciones de camiones	$ 28.3 millones
Seguro	$ 22.1 millones

Inversiones de tecnología e infraestructura

La inversión tecnológica total en 2023 fue de $ 18.7 millones. Los gastos de tecnología clave incluyeron sistemas de gestión de flotas y plataformas de carga digital.

• Software de gestión de flotas: $ 5.2 millones
• Sistemas telemáticos: $ 4.3 millones
• Infraestructura de ciberseguridad: $ 3.6 millones

Cumplimiento y gastos regulatorios

Los costos anuales relacionados con el cumplimiento en 2023 totalizaron $ 16.4 millones.

Categoría de cumplimiento	Costo anual
Regulaciones de puntos	$ 7.2 millones
Capacitación en seguridad	$ 4.6 millones
Informes regulatorios	$ 4.6 millones

Covenant Logistics Group, Inc. (CVLG) - Modelo de negocio: flujos de ingresos

Servicios de transporte de camiones

Covenant Logistics Group reportó ingresos operativos totales de $ 1.13 mil millones para el año fiscal 2023. Los servicios de transporte de camiones constituyen una parte significativa de este flujo de ingresos.

Categoría de ingresos	Cantidad (2023)	Porcentaje de ingresos totales
Transporte de camiones	$ 612.5 millones	54.2%

Contratos de gestión de flota dedicados

Los servicios de gestión de flotas dedicados generaron $ 287.6 millones en ingresos para la compañía en 2023.

• Duración promedio del contrato: 3-5 años
• Industrias clave servidas: minorista, fabricación, alimentos y bebidas

Comisiones de corretaje de carga

El segmento de corretaje de carga de Covenant Logistics Group produjo $ 132.4 millones en ingresos para el año fiscal 2023.

Métrico de corretaje	2023 datos
Ingresos totales de corretaje	$ 132.4 millones
Tasa de comisión promedio	15-18%

Servicios de consultoría y optimización de logística

Los servicios de consultoría de logística habilitados para la tecnología contribuyeron con $ 68.5 millones a los ingresos de la compañía en 2023.

• Consultoría de optimización de la cadena de suministro
• Diseño de red de transporte
• Servicios de implementación de tecnología

Soluciones de transporte habilitadas para tecnología

Los servicios de tecnología avanzada generaron $ 39.6 millones en ingresos para Covenant Logistics Group en 2023.

Servicio tecnológico	Contribución de ingresos
Sistemas de gestión de transporte	$ 22.3 millones
Soluciones de seguimiento en tiempo real	$ 17.3 millones

Covenant Logistics Group, Inc. (CVLG) - Canvas Business Model: Value Propositions

You're looking at how Covenant Logistics Group, Inc. (CVLG) delivers distinct value to its customers as of late 2025. The core is built on securing long-term commitments while maintaining the agility to handle specialized, time-sensitive needs.

Guaranteed, customized Dedicated truckload capacity for long contracts is a cornerstone, designed to shield customers from spot market swings. This commitment is backed by fleet expansion; for instance, in the first quarter of 2025, the Dedicated segment increased its average total tractors by 212 units, representing a 16.7% year-over-year jump to 1,479 tractors. This segment aims for committed capacity over contracted periods generally targeted for three to five years in length. The segment showed its strength with revenue growing 13.1% in Q1 2025.

For urgent needs, the value proposition centers on high-speed, time-critical expedited delivery. While the Expedited segment faced headwinds, with revenue decreasing 8.2% in Q3 2025, the company maintains a service focus, targeting an operating ratio between 83-93 for this segment going forward. This service line is about reliability under pressure, even when utilization dips, as seen when utilization decreased 3.5% in Q2 2025, yet freight revenue per total mile still saw a 2.4% increase.

The flexibility comes from integrated asset-based and asset-light 3PL solutions. This blend allows Covenant Logistics Group, Inc. to manage capacity fluctuations effectively. The asset-light Managed Freight segment delivered significant growth in Q2 2025, with revenue increasing 28% to $77.5 million. The Warehousing segment also contributed, posting revenue of $25.5 million in that same quarter, a 1% year-over-year gain. Management is actively allocating capital toward these better-returning, asset-light business units.

Finally, Covenant Logistics Group, Inc. offers specialized, high-service niche transport for complex supply chains. This is where they focus investment, such as growing their dedicated fleet in niche areas. For example, growth in the dedicated protein supply chain business in Q1 2025 drove salaries, wages, and related expenses up by 15 cents, or approximately 12%, on a per total mile basis. Operational excellence in these specialized areas is recognized, with subsidiaries Landair and AAT Carriers earning the 2025 TCA Elite Fleet Certification.

Here's a quick look at the segment performance data from the first three quarters of 2025:

Segment	Key Metric	Value (Latest Reported 2025 Period)
Dedicated Truckload	Revenue Increase (Q1 2025 YoY)	13.1%
Dedicated Tractors (Avg.)	Count (Q1 2025)	1,479 units
Expedited Truckload	Revenue Decrease (Q3 2025 YoY)	8.2%
Expedited Target Operating Ratio	Target Range (Outlook)	83-93
Managed Freight	Revenue Increase (Q2 2025 YoY)	28%
Warehousing	Revenue (Q2 2025)	$25.5 million

The specific service capabilities Covenant Logistics Group, Inc. emphasizes include:

• Committed capacity over contracted periods.
• High-service freight delivery standards.
• Freight brokerage services and TMS (Transportation Management System).
• Distribution Center Management.

The company's overall trailing twelve-month revenue as of September 30, 2025, stood at approximately $1.15B.

Finance: review the Q4 2025 dedicated contract renewal pipeline against the three to five year target commitment length by next Tuesday.

Covenant Logistics Group, Inc. (CVLG) - Canvas Business Model: Customer Relationships

You're looking at how Covenant Logistics Group, Inc. (CVLG) manages its customer interactions, which clearly splits based on the service type. For the Dedicated segment, the relationship is deep and hands-on. This is where the company commits its own assets, aiming for those multi-year contracts, often three to five years in length, to sidestep the spot market volatility. It's about embedding into a customer's supply chain.

The focus here is definitely on dedicated account management, helping clients optimize their flow. This strategy is translating into growth; for instance, in the second quarter of 2025, freight revenue in the Dedicated segment grew by $8.3 million, which is a 10.2% year-over-year increase, supported by adding 162 tractors, an 11.7% jump from the prior year, reaching 1,546 tractors. By the third quarter of 2025, the Dedicated Truckload Revenue was up another 10.8%, adding $8.9 million, with the average tractor count at 1,539. This investment in owned capacity shows a commitment to specific, long-term partners, even if utilization dipped slightly in Q2 2025 by 7.7%.

The Managed Freight segment, on the other hand, operates more transactionally. This is the brokerage arm where Covenant subcontracts carriers, and interactions are often rate-driven, especially when securing capacity for their Expedited segment. This business saw a significant, but perhaps less stable, revenue spike in Q2 2025, hitting $77.5 million, a 28% increase year-over-year, though one analyst noted this was thanks to a one-off contract. This segment also faced strategic changes, as the company incurred $3.7 million in severance and abandonment expenses in Q3 2025 related to exiting a large Managed Freight contract and exiting legacy Dedicated contracts not providing sufficient returns. That's the cost of pruning relationships that don't meet the long-term return profile.

Building lasting trust through superior service is a stated core value, which is why the shift toward Dedicated is so important. The company is actively allocating capital toward these more stable, specialized services, like poultry or food transportation, which are considered less cyclical. However, customer concentration remains a factor you need to watch; in the 2024 10-K, ten clients accounted for 45% of revenue. You want to see that trust spread out, but the focus on high-touch Dedicated service is the mechanism to keep those big accounts locked in.

Here's a quick comparison of the two primary customer-facing segments based on recent performance:

Metric	Dedicated Segment (Q2 2025)	Managed Freight Segment (Q2 2025)
Freight Revenue Change (YoY)	$8.3 million increase (10.2%)	$77.5 million revenue
Tractor Count Change (YoY)	162 units increase (11.7%)	N/A (Asset-Light)
Utilization Change (Q2 2025)	7.7% decrease	N/A

The operational reality of these customer relationships is reflected in the fleet metrics and financial positioning as of late 2025:

• Consolidated Freight Revenue reached an all-time high of $276.5 million in Q2 2025.
• The average tractor age across the combined Truckload fleet increased to 23 months by September 30, 2025.
• Net Indebtedness stood at approximately $268.3 million as of September 30, 2025.
• Cash and cash equivalents were thin, reported at $2.7 million at the end of Q3 2025.
• The leverage ratio remained around 2x EBITDA following Q2 2025 results.

Finance: draft 13-week cash view by Friday.

Covenant Logistics Group, Inc. (CVLG) - Canvas Business Model: Channels

You're looking at how Covenant Logistics Group, Inc. gets its services-from dedicated truckload capacity to brokerage-into the hands of its customers. This is all about the physical and digital pathways they use to deliver value across their four main segments: Expedited, Dedicated Services, Managed Freight, and Warehousing.

Direct sales team for securing multi-year Dedicated and Expedited contracts

The sales effort here is focused on locking in committed capacity, which is the backbone of the asset-based side. You see the results of these long-term agreements reflected in the Dedicated segment's growth, even when the broader market is soft. For instance, in the third quarter ending September 30, 2025, freight revenue in the Dedicated segment grew by $8.9 million, or 10.8%, year-over-year. This growth came as the average total tractor count in Dedicated rose to 1,539 units, an increase of 136 units, or about 9.7% compared to the prior year's quarter. This shows the sales team is successfully landing and growing those multi-year commitments, aiming for that three-to-five-year contract length mentioned in their structure.

Company-owned and operated truckload fleet and terminals

The physical assets are the core delivery mechanism for the Expedited and Dedicated services. Covenant Logistics Group owns a fleet that, as of late 2024, was noted to be over 2,500 trucks. The company strategically shifts equipment based on contract performance; for example, the Expedited fleet saw its average tractor count shrink to 861 units in Q3 2025, a decrease of 31 units or 3.4%, as resources moved toward Dedicated operations. The physical network supporting these operations includes shared terminals in key locations:

• Chattanooga, Tennessee
• Hutchins, Texas
• Pomona, California
• Texarkana, Arkansas
• La Vergne, Tennessee
• Allentown, Pennsylvania
• Orlando, Florida
• Greenville, Tennessee

The combined Truckload operations, which include both Expedited and Dedicated, posted total revenue of $199.7 million in the third quarter of 2025.

Digital freight matching and TMS platforms for brokerage

For the asset-light side, specifically the Managed Freight segment which includes brokerage services and the Transportation Management System (TMS), the channel is digital and capacity-focused. The TMS is used both internally and as part of the service offering to customers. The success of this channel varies; for instance, Managed Freight revenue saw a strong 28% increase year-over-year in the second quarter of 2025, though it also experienced a 9.1% reduction year-over-year in Q3 2024. By Q3 2025, Managed Freight revenue was up 14.0% from the prior year quarter. This shows the digital channel's ability to quickly scale revenue based on new business awards.

Warehousing facilities for day-to-day management services

The Warehousing segment uses its physical facilities as the direct channel for providing day-to-day management services. Revenue for this segment in the third quarter ending September 30, 2025, was $24.8 million. Management anticipates growth here from a major new facility startup scheduled for November 2025. The segment's performance is tied directly to the utilization and service levels within these buildings.

Here's a quick look at how the primary revenue-generating channels performed across the latest reported periods. Remember, these figures are snapshots of the top-line revenue contribution for each channel's segment:

Channel/Segment	Reporting Period End Date	Revenue Amount (USD)	Year-over-Year Change
Dedicated Truckload (Asset-Based)	Q3 2025 (Sep 30)	Implied Freight Revenue Growth: $8.9 million	+10.8% (Freight Revenue)
Expedited Truckload (Asset-Based)	Q3 2025 (Sep 30)	Freight Revenue Change: -$7.2 million	-8.2% (Freight Revenue)
Managed Freight (Brokerage/TMS)	Q3 2025 (Sep 30)	Freight Revenue Change: +$1.7 million	+14.0% (Freight Revenue)
Warehousing	Q3 2025 (Sep 30)	$24.8 million	-1.5% (Revenue)
Combined Truckload (Asset-Based)	Q3 2025 (Sep 30)	$199.7 million	+0.3% (Total Revenue)

The overall Trailing Twelve Month (TTM) revenue as of September 30, 2025, stood at $1.15 Billion, up from the full-year 2024 revenue of $1.131 Billion. That's the total flow through all these channels.

Finance: draft 13-week cash view by Friday.

Covenant Logistics Group, Inc. (CVLG) - Canvas Business Model: Customer Segments

You're looking at Covenant Logistics Group, Inc.'s customer base as of late 2025, which shows a clear strategic pivot toward more stable, contractual business, even while managing the risks of a concentrated top tier of clients. Honestly, the customer concentration is something to watch; in the 2024 10-K, ten clients accounted for 45% of revenue. On top of that, one of those clients alone represented 10% of sales in both 2023 and 2024, and those figures have stayed stable. Still, the company is actively growing its Dedicated segment, which directly targets the food and long-term contract space.

Here's a quick look at how the revenue was split across the main operating segments for the second quarter of 2025, which gives us a good proxy for the types of customers they serve:

Segment	Q2 2025 Revenue (Millions USD)	YoY Growth	Primary Focus Indication
Dedicated Services	102.3	9%	Committed Capacity, Food/Protein
Expedited Truckload	97.3	-10%	Auto Parts (Large Manufacturers)
Managed Freight	77.5	28%	Brokerage, Overflow Capacity
Warehousing	25.5	1%	Supply Chain Support

The Dedicated segment is where you see the focus on long-term relationships, running with more than 1,500 tractors as of late 2024, and it contracts heavily with poultry and food customers. This segment's freight revenue grew 11% year-over-year in the third quarter of 2025, supported by new contracts in the protein supply chain. This directly addresses the food and beverage shippers, including the protein supply chain requirement.

The Expedited segment, which saw revenue fall 10% in Q2 2025, operates on a just-in-time model focused mainly on transporting auto parts. This points directly to serving large manufacturers, likely within the automotive sector, who require high service and delivery standards.

The Managed Freight segment, which includes brokerage services, is the asset-light arm that helps absorb loads when internal capacity is lacking, and it showed strong growth in Q2 2025, up 28% year-over-year to $77.5 million. While not explicitly stated as parcel or LTL carriers, this segment's brokerage function and ability to subcontract other carriers is the mechanism used to serve broader market needs, including potentially those shippers that use parcel or LTL networks.

The commitment to long-term revenue stability is evident in the Dedicated Services segment, which provides committed truckload capacity over contracted periods with the goal of three to five years in length. The company is actively shifting capital toward these better-returning business units, expecting modest contraction in the combined truckload fleet overall but growth in asset-light segments.

• The Dedicated segment is the primary source for customers requiring committed capacity over three to five years.
• Dedicated segment freight revenue was $91.6 million in Q3 2025.
• The company is investing in new start-up contracts within the Dedicated segment, which are expected to improve over time.
• The Expedited segment serves customers with high service freight and delivery standards, likely large manufacturers.
• The Expedited segment generated freight revenue of $80.2 million in Q3 2025.

Finance: draft updated customer concentration analysis based on Q3 2025 data by next Tuesday.

Covenant Logistics Group, Inc. (CVLG) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Covenant Logistics Group, Inc. (CVLG) operations as of late 2025. The cost structure is heavily weighted toward variable, per-mile expenses, which makes utilization a critical lever for profitability, especially when rates are flat or declining.

The third quarter of 2025 showed clear pressure points. For instance, salaries, wages, and related expenses rose by 5 cents, or about 4%, on a per-total-mile basis year-over-year. That increase was tied to growth in the dedicated protein supply chain business and separation costs incurred during the quarter. That's the reality of labor costs in this environment.

Here's a quick look at the key per-mile cost movements from Q3 2025 compared to the prior year:

• Salaries, wages and related expenses: Increased by 5 cents per total mile, or 4%.
• Operations and maintenance expenses: Increased by 2 cents per total mile, or 10%.
• Total equipment-related expenses (O&M plus Depreciation/Amortization): Increased by 8 cents per total mile, or 15%.
• Insurance and claims expense: Hit 4 cents per mile, marking a 24% year-over-year increase.

Fuel is a wash on the bottom line for Q3 2025, but don't be fooled; when fuel surcharge revenue is netted out, the impact to operating income was unfavorable by 5 cents per total mile. That's a hidden cost you need to track.

The persistent industry headwind, high insurance and claims expense, is definitely biting. In Q3 2025, this cost component alone was 4 cents per mile. This is driven by the incurrence and development of certain large claims, and management expects this expense to remain elevated into Q4.

For capital expenditures (CapEx), the baseline you mentioned for FY2025 was in the $55 million to $65 million range. However, looking at the most recent guidance, Covenant Logistics Group expected net capital equipment expenditures for the fourth quarter alone to be between $15 million to $20 million. This suggests a potential shift or acceleration in equipment spending late in the fiscal year, possibly to support growth in better-returning business units.

You can see how these major cost buckets stack up in the Truckload segment, where operating income dropped sharply to $9.2 million in Q3 2025 from $23.1 million a year earlier, directly due to these rising costs weighing on margins.

Cost Category	Q3 2025 Metric	Year-over-Year Change
Salaries, Wages, Related Expenses (Per Mile)	5 cents	+4%
Operations & Maintenance (Per Mile)	Increased by 2 cents	+10%
Insurance & Claims (Per Mile)	4 cents	+24%
Net Fuel Impact (Per Mile)	Unfavorable by 5 cents	N/A
Truckload Segment Operating Income	$9.2 million	Down from $23.1 million (Q3 2024)

The company is actively managing this by evaluating contracts for improvement or exit, signaling a cost-focused approach to right-size the combined Truckload fleet. Finance: draft 13-week cash view by Friday.

Covenant Logistics Group, Inc. (CVLG) - Canvas Business Model: Revenue Streams

Covenant Logistics Group, Inc. generates revenue across several distinct service lines as of the third quarter of 2025.

Revenue Stream Category	Q3 2025 Revenue Amount	Year-over-Year Change (Freight Revenue)
Dedicated Truckload Freight Revenue	$105 million	10.8% increase
Managed Freight/Brokerage Revenue	$72.2 million	14.0% increase
Expedited Truckload Freight Revenue	$94.6 million	8.2% decrease
Warehousing Revenue	$24.8 million	1.5% decrease

The total revenue for the combined Truckload operations (which includes Dedicated and Expedited) for the quarter was $199.7 million.

• Equity income from TEL (Transport Enterprise Leasing) contributed pre-tax net income of $3.6 million for Q3 2025.
• Revenue from used equipment sales is not separately itemized but is part of the broader operational adjustments, including the disposal of equipment in volatile used equipment markets.