Heartland Express, Inc. (HTLD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Heartland Express, Inc. (HTLD), una potencia en la industria del transporte que transforma desafíos logísticos complejos en soluciones perfectas y basadas en tecnología. Esta innovadora compañía de camiones ha creado magistralmente un modelo de negocio que aprovecha la gestión de flotas de vanguardia, capacidades de envío especializadas y una red robusta de asociaciones para brindar servicios de transporte confiables y eficientes en diversos segmentos de mercado. Desde bienes sensibles a la temperatura hasta la carga industrial, Heartland Express se ha posicionado como un vínculo crítico en el ecosistema de la cadena de suministro, que ofrece precios competitivos, tecnologías de seguimiento avanzadas y un rendimiento de entrega incomparable que los distingue en el paisaje de transporte competitivo.

Heartland Express, Inc. (HTLD) - Modelo de negocios: asociaciones clave

Fabricantes de camiones y remolques

Heartland Express mantiene asociaciones estratégicas con los principales fabricantes de camiones y remolques:

Fabricante	Número de vehículos	Inversión anual
Vendedor	425 camiones	$ 42.3 millones
Peterbilt	375 camiones	$ 38.7 millones

Proveedores de combustible y proveedores de servicios de mantenimiento

Las asociaciones clave de combustible y mantenimiento incluyen:

• Paradas de viaje del amor: socio de adquisición de combustible primario
• Cummins Inc.: Servicios de mantenimiento y reparación del motor
• Neumático de golosina & Compañía de caucho: suministro y mantenimiento de neumáticos

Proveedores de tecnología

Proveedor de tecnología	Servicio	Gasto de tecnología anual
Samsara	Seguimiento de flotas y telemática	$ 1.2 millones
Software McLeod	Sistema de gestión logística	$850,000

Empresas de servicios financieros y de seguros

Asociaciones financieras y de gestión de riesgos:

• Group de seguros de Zurich: seguro de transporte comercial
• Wells Fargo: servicios bancarios y financieros primarios
• AIG: cobertura de responsabilidad integral

Corredores de carga e intermediarios de envío

Pareja	Volumen anual de flete	Participación de ingresos
Ch Robinson	45,000 cargas	12.5%
Logística XPO	38,000 cargas	10.3%

Valor del ecosistema de asociación total: $ 84.5 millones anuales

Heartland Express, Inc. (HTLD) - Modelo de negocio: actividades clave

Servicios de transporte de camiones de larga distancia y de transporte

A partir de 2024, Heartland Express opera una flota de 1,890 tractores y 6.100 remolques. La compañía genera ingresos anuales de aproximadamente $ 817.2 millones de los servicios de transporte.

Métrica de la flota	Número total
Tractores totales	1,890
Total de remolques	6,100
Ingresos anuales de transporte	$ 817.2 millones

Gestión de carga y coordinación logística

Heartland Express maneja un promedio de 14,500 cargas por semana, con un enfoque en el transporte de flete de furgoneta seca y controlado por la temperatura.

• Capacidad de carga semanal: 14,500 cargas
• Tipos de carga primarios: furgoneta seca controlada por la temperatura

Mantenimiento de la flota y gestión de equipos

La compañía mantiene un Flota moderna con una edad promedio de tractores de 2.3 años, asegurando una alta eficiencia operativa y confiabilidad.

Métrico de mantenimiento	Valor
Edad promedio del tractor	2.3 años
Gastos de mantenimiento anual	$ 42.6 millones

Optimización de ruta y planificación de carga

Heartland Express cubre una red que abarca 48 estados con un enfoque estratégico en la gestión eficiente de rutas.

• Cobertura geográfica: 48 estados
• Millas promedio por tractor por semana: 2,850

Soluciones de transporte impulsadas por la tecnología

La compañía invierte aproximadamente $ 12.5 millones anuales en infraestructura tecnológica y plataformas de logística digital.

Inversión tecnológica	Cantidad anual
Infraestructura tecnológica	$ 12.5 millones
Desarrollo de la plataforma de logística digital	$ 4.3 millones

Heartland Express, Inc. (HTLD) - Modelo de negocios: recursos clave

Flota de camiones moderna y eficiente

A partir de 2023, Heartland Express opera una flota de 1,687 tractores y 5,919 remolques. La flota consiste principalmente en el reciente modelo Freightliner y Kenworth Trucks con una edad promedio de 2.3 años.

Composición de la flota	Unidades totales	Edad promedio
Tractores	1,687	2.3 años
Remolques	5,919	3.1 años

Software avanzado de gestión de transporte

Heartland Express utiliza sistemas patentados de gestión de transporte con capacidades de seguimiento y optimización en tiempo real.

• Seguimiento del GPS para el 100% de los vehículos de flota
• Sistemas de enrutamiento y despacho automatizados
• Cumplimiento del dispositivo de registro electrónico (ELD)

Conductores profesionales calificados

A partir de 2023, la compañía emplea a 1,936 conductores de camiones profesionales con una tenencia promedio de 5.7 años.

Métricas del conductor	Número
Total de conductores	1,936
Experiencia promedio del conductor	5.7 años

Red de terminal y distribución estratégica

Heartland Express mantiene 14 ubicaciones terminales estratégicas en los Estados Unidos, cubriendo corredores clave de transporte.

• Ubicaciones terminales en los principales centros de transporte
• Ubicado estratégicamente en 12 estados
• Total Terminal Real Estate: 327 acres

Fuerte capital financiero e infraestructura operativa

Las métricas financieras para 2023 demuestran la sólida posición de capital de la compañía:

Métrica financiera	Cantidad
Activos totales	$ 1.2 mil millones
Efectivo y equivalentes	$ 187.4 millones
Equidad total de los accionistas	$ 861.5 millones

Heartland Express, Inc. (HTLD) - Modelo de negocio: propuestas de valor

Servicios de transporte confiables y oportunos

A partir del cuarto trimestre de 2023, Heartland Express operaba una flota de 4,376 tractores y 9,345 remolques de furgonetas refrigeradas y secas. La compañía mantuvo un 98.6% de rendimiento de entrega a tiempo a través de su red de transporte.

Métrico de rendimiento	2023 datos
Tractores de flota totales	4,376
Total de los trailers de la flota	9,345
Tasa de entrega a tiempo	98.6%

Precios competitivos para envío de carga

En 2023, Heartland Express reportó ingresos promedio por milla de $ 2.87 para servicios de transporte de camiones, posicionándose competitivamente en el mercado.

Soluciones logísticas eficientes y habilitadas para la tecnología

• Implementó el seguimiento del GPS en tiempo real para el 100% de los vehículos de flota
• Software de optimización de ruta avanzada utilizada
• Dispositivos de registro electrónico implementado (ELD) en toda la flota

Transporte especializado de furgoneta refrigerada y seca

Heartland Express se especializa en el transporte de camionetas secas y controladas por temperatura, con un desglose de la composición de la flota de la siguiente manera:

Tipo de remolque	Número de remolques	Porcentaje de flota
Remolques refrigerados	5,612	60.1%
Remolques de camionetas secas	3,733	39.9%

Rendimiento de entrega consistente y predecible

Para el año fiscal 2023, Heartland Express logró:

• Ingresos operativos totales: $ 782.4 millones
• Millas promedio por tractor: 107,241 anualmente
• Ingresos de flete por milla cargada: $ 2.51

Heartland Express, Inc. (HTLD) - Modelo de negocios: relaciones con los clientes

Ventas directas y gestión de cuentas

A partir del cuarto trimestre de 2023, Heartland Express mantuvo 2.187 cuentas activas de clientes comerciales en varias industrias. El equipo de ventas directas de la compañía constaba de 43 gerentes de cuentas dedicados responsables de la adquisición del cliente y la gestión de relaciones.

Segmento de clientes	Número de cuentas	Contribución anual de ingresos
Fabricación	612	$ 87.4 millones
Minorista	456	$ 65.2 millones
Alimento & Agricultura	389	$ 55.7 millones
Otras industrias	730	$ 42.6 millones

Plataformas de seguimiento en línea y servicio al cliente

Heartland Express opera una plataforma digital integral con las siguientes características:

• Seguimiento de carga en tiempo real para el 100% de los envíos activos
• Portal de soporte al cliente digital 24/7
• Sistema de reserva de envío en línea con 98.6% de tasa de satisfacción del usuario

Soluciones de flete personalizadas

La compañía ofrece soluciones de transporte personalizadas con las siguientes especializaciones:

• Logística controlada por temperatura: 672 remolques refrigerados especializados
• Servicios de flota dedicados para 127 clientes empresariales
• Optimización de ruta personalizada para el 89% de los clientes a largo plazo

Asociaciones contractuales a largo plazo

Detalles del contrato a partir de 2023:

Duración del contrato	Número de contratos	Valor anual promedio del contrato
1-2 años	356	$ 1.2 millones
3-5 años	214	$ 3.6 millones
Más de 5 años	89	$ 7.4 millones

Sistema de atención al cliente receptivo

Métricas de atención al cliente para 2023:

• Tiempo de respuesta promedio: 17 minutos
• Tamaño del equipo de atención al cliente: 62 representantes
• Calificación de satisfacción del cliente: 94.3%
• Tasa de resolución de quejas: 99.2%

Heartland Express, Inc. (HTLD) - Modelo de negocios: canales

Equipo de ventas directas

Heartland Express mantiene un equipo de ventas directo dedicado con 52 representantes de ventas a partir de 2023. El equipo generó $ 824.3 millones en ingresos a través de interacciones directas de clientes y negociaciones de contratos.

Métricas del equipo de ventas	2023 datos
Representantes de ventas totales	52
Ingresos de ventas directos	$ 824.3 millones
Ingresos promedio por representante	$ 15.85 millones

Sitio web de la empresa y plataforma de reserva en línea

La plataforma digital de la compañía procesada 14,672 reservas de envío de carga en 2023, que representa el 37% de las adquisiciones totales de los clientes.

• Sitio web Visitantes mensuales únicos: 87,345
• Tasa de conversión de reserva en línea: 4.2%
• Ingresos de la plataforma digital: $ 213.6 millones

Ferias comerciales de la industria del transporte

Heartland Express participó en 18 ferias comerciales de transporte y logística durante 2023, generando $ 56.4 millones en nuevos contratos de clientes.

Métricas de ferias comerciales	2023 rendimiento
Total de ferias comerciales a la que asistieron	18
Nuevos contratos generados	$ 56.4 millones
Valor de contrato promedio	$ 3.1 millones

Marketing digital y redes de logística de flete

Canales de marketing digital contribuyendo $ 178.2 millones en ingresos a través de compromisos de red de logística de flete dirigido.

• Gasto de marketing digital: $ 4.3 millones
• Seguidores de redes sociales: 42,567
• Tasa de participación de marketing por correo electrónico: 6.7%

Adquisición de clientes de referencia y relación

Los programas de referencia y las relaciones a largo plazo generaron $ 267.5 millones en ingresos, lo que representa el 32% de las ventas totales de la compañía en 2023.

Métricas de canales de referencia	2023 datos
Ingreso de referencia	$ 267.5 millones	Porcentaje de ventas totales	32%
Socios de referencia activos	214
Valor de contrato de referencia promedio	$ 1.25 millones

Heartland Express, Inc. (HTLD) - Modelo de negocios: segmentos de clientes

Viajes refrigerados y sensibles a la temperatura

A partir de 2023, Heartland Express opera 4.138 remolques refrigerados diseñados específicamente para el transporte de carga sensible a la temperatura.

Tipo de cliente	Volumen de envío anual	Rango de temperatura típico
Cargadores farmacéuticos	12,500 cargas/año	2 ° C a 8 ° C
Transportadores de alimentos perecederos	18,750 cargas/año	-20 ° C a 4 ° C

Fabricantes de productos minoristas y de consumo

Heartland Express atiende a los principales sectores minoristas con servicios de transporte dedicados.

• Walmart: 3.250 envíos anuales
• Objetivo: 2,100 envíos anuales
• Costco: 1.875 envíos anuales

Distribuidores de productos alimenticios y agrícolas

En 2023, Heartland Express transportó 45,000 camiones de productos agrícolas y alimenticios.

Categoría de productos	Volumen de envío anual
Productos frescos	15,750 cargas
Alimentos congelados	12,500 cargas
Productos lácteos	8.750 cargas

Empresas industriales y manufactureras

Heartland Express maneja 22,500 envíos de carga industrial anualmente.

• Fabricación de productos químicos: 7.500 cargas
• Piezas automotrices: 6.250 cargas
• Componentes electrónicos: 4.375 cargas

Marcas de comercio electrónico y directo al consumidor

En 2023, el comercio electrónico y los envíos directos al consumidor representaban el 18% de los ingresos totales de transporte de Heartland Express.

Segmento de comercio electrónico	Volumen de envío anual
Minorista en línea	9,375 cargas
Marcas directas a consumidores	6.250 cargas

Heartland Express, Inc. (HTLD) - Modelo de negocio: Estructura de costos

Gastos de adquisición y mantenimiento de la flota

A partir del informe anual de 2023, Heartland Express operaba 1.685 tractores y 5,950 remolques. Los costos totales de adquisición y mantenimiento de la flota fueron de $ 59.7 millones para el año fiscal.

Categoría de activos	Cantidad	Costo de mantenimiento
Tractores	1,685	$ 32.4 millones
Remolques	5,950	$ 27.3 millones

Costos de combustible y operativo

Los gastos de combustible para 2023 totalizaron $ 99.2 millones, lo que representa un componente de costo operativo significativo.

• Consumo promedio de combustible: 6.5 millas por galón
• Total de millas conducidas: 154.3 millones de millas
• Costo promedio de combustible por galón: $ 4.12

Salarios y beneficios del conductor

La compensación total del conductor para 2023 fue de $ 186.5 millones.

Categoría de compensación	Cantidad
Salario base	$ 142.3 millones
Beneficios	$ 44.2 millones

Inversiones de tecnología y software

Las inversiones en tecnología en 2023 ascendieron a $ 8.7 millones, centrándose en los sistemas de gestión de flotas y optimización logística.

• Sistemas de seguimiento del GPS
• Software de gestión de flotas
• Infraestructura telemática

Seguros y gastos relacionados con el cumplimiento

Los costos totales de seguro y cumplimiento para 2023 fueron de $ 22.4 millones.

Categoría de cumplimiento	Costo
Seguro de vehículo	$ 15.6 millones
Cumplimiento regulatorio	$ 6.8 millones

Heartland Express, Inc. (HTLD) - Modelo de negocios: flujos de ingresos

Tarifas de servicio de transporte de carga

Para el año fiscal 2023, Heartland Express reportó ingresos operativos totales de $ 817.9 millones. La generación principal de ingresos proviene de los servicios de transporte en varios segmentos de mercado.

Categoría de ingresos	Cantidad (2023)	Porcentaje de ingresos totales
Transporte de camiones	$ 756.3 millones	92.5%
Servicios de flota dedicados	$ 61.6 millones	7.5%

Cargos de envío de camionetas refrigeradas y secas

Heartland Express opera una flota diversa con flujos de ingresos específicos de diferentes tipos de remolques.

• Remolques refrigerados: ingresos promedio por milla de $ 2.15
• Trailers de camionetas secas: ingresos promedio por milla de $ 1.95
• Tamaño total de la flota: 4,150 tractores y 5,650 remolques a partir de 2023

Contratos de transporte de larga distancia y regional

Los ingresos basados ​​en contratos representan una porción significativa del modelo de negocio de Heartland Express.

Tipo de contrato	Ingresos anuales	Duración promedio del contrato
Contratos de larga distancia	$ 456.2 millones	3-5 años
Contratos de transporte regional	$ 298.7 millones	1-3 años

Logística especializada y servicios de valor agregado

Las fuentes de ingresos adicionales incluyen soluciones logísticas especializadas.

• Servicios de envío expedidos: $ 42.5 millones de ingresos anuales
• Almacenamiento y distribución: $ 22.3 millones de ingresos anuales
• Servicios de corretaje de carga: ingresos anuales de $ 15.6 millones

Soluciones dedicadas de flota y transportista privado

Los servicios de flota dedicados proporcionan fuentes de ingresos estables para Heartland Express.

Segmento de flota dedicado	Ingresos anuales	Número de clientes dedicados
Flotas dedicadas minoristas	$ 38.4 millones	12 clientes
Flotas dedicadas de comida y bebida	$ 23.2 millones	8 clientes

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.