Heartland Express, Inc. (HTLD): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le plan stratégique de Heartland Express, Inc. (HTLD), une puissance de l'industrie du transport qui transforme les défis logistiques complexes en solutions transparentes et axées sur la technologie. Cette entreprise de camionnage innovante a magistralement conçu un modèle commercial qui tire parti de la gestion de la flotte de pointe, des capacités d'expédition spécialisées et un réseau solide de partenariats pour fournir des services de transport fiables et efficaces dans divers segments de marché. Des marchandises sensibles à la température au fret industriel, Heartland Express s'est positionné comme un lien critique dans l'écosystème de la chaîne d'approvisionnement, offrant des prix compétitifs, des technologies de suivi avancées et des performances de livraison inégalées qui les distinguent dans le paysage de transport compétitif.

Heartland Express, Inc. (HTLD) - Modèle commercial: partenariats clés

Fabricants de camions et de remorques

Heartland Express maintient des partenariats stratégiques avec les principaux fabricants de camions et de remorques:

Fabricant	Nombre de véhicules	Investissement annuel
Freightliner	425 camions	42,3 millions de dollars
Peterbilt	375 camions	38,7 millions de dollars

Fournisseurs de carburant et fournisseurs de services de maintenance

Les partenariats clés du carburant et de la maintenance comprennent:

• Les arrêts de voyage de l'amour: partenaire d'approvisionnement en carburant primaire
• Cummins Inc.: Services de maintenance et de réparation du moteur
• Goodyear Tire & Compagnie en caoutchouc: fourniture et entretien des pneus

Vendeurs technologiques

Fournisseur de technologie	Service	Dépenses technologiques annuelles
Samsara	Suivi de la flotte et télématique	1,2 million de dollars
Logiciel McLeod	Système de gestion de la logistique	$850,000

Sociétés d'assurance et de services financiers

Partenariats de gestion financière et des risques:

• Zurich Insurance Group: Assurance de camionnage commercial
• Wells Fargo: services bancaires et financiers primaires
• AIG: couverture de responsabilité complète

Brokers de marchandises et intermédiaires d'expédition

Partenaire	Volume annuel de fret	Part des revenus
Ch Robinson	45 000 charges	12.5%
Xpo logistique	38 000 charges	10.3%

Valeur totale de l'écosystème du partenariat: 84,5 millions de dollars par an

Heartland Express, Inc. (HTLD) - Modèle d'entreprise: activités clés

Services de transport de camionnage long-courrier et régional

En 2024, Heartland Express exploite une flotte de 1 890 tracteurs et 6 100 remorques. La société génère un chiffre d'affaires annuel d'environ 817,2 millions de dollars des services de transport.

Métrique de la flotte	Nombre total
Tracteurs totaux	1,890
Randonnées totales	6,100
Revenus de transport annuels	817,2 millions de dollars

Gestion du fret et coordination logistique

Heartland Express gère en moyenne 14 500 charges par semaine, en mettant l'accent sur le transport à la température et le transport sec de Van Freight.

• Capacité de charge hebdomadaire: 14 500 charges
• Types de fret primaire: camionnette à température contrôlée et sèche

Entretien de la flotte et gestion de l'équipement

La société maintient un flotte moderne avec un âge de tracteur moyen de 2,3 ans, assurant une efficacité opérationnelle élevée et une fiabilité.

Métrique de maintenance	Valeur
Âge du tracteur moyen	2,3 ans
Dépenses de maintenance annuelles	42,6 millions de dollars

Optimisation de l'itinéraire et planification de la charge

Heartland Express couvre un réseau couvrant 48 États avec un accent stratégique sur la gestion efficace des itinéraires.

• Couverture géographique: 48 États
• Miles moyens par tracteur par semaine: 2 850

Solutions de transport axées sur la technologie

La société investit environ 12,5 millions de dollars par an dans l'infrastructure technologique et les plateformes de logistique numérique.

Investissement technologique	Montant annuel
Infrastructure technologique	12,5 millions de dollars
Développement de la plate-forme logistique numérique	4,3 millions de dollars

Heartland Express, Inc. (HTLD) - Modèle d'entreprise: Ressources clés

Flotte de camions moderne et économe en carburant

En 2023, Heartland Express exploite une flotte de 1 687 tracteurs et 5 919 remorques. La flotte se compose principalement de récent modèle Freightliner et de camions Kenworth avec un âge moyen de 2,3 ans.

Composition de la flotte	Total des unités	Âge moyen
Tracteurs	1,687	2,3 ans
Bandes-bandes	5,919	3,1 ans

Logiciel avancé de gestion des transports

Heartland Express utilise des systèmes de gestion des transports propriétaires avec des capacités de suivi et d'optimisation en temps réel.

• Suivi GPS pour 100% des véhicules de flotte
• Systèmes de routage et d'expédition automatisés
• Conformité du dispositif de journalisation électronique (ELD)

Conducteurs professionnels qualifiés

En 2023, l'entreprise emploie 1 936 chauffeurs de camions professionnels avec un mandat moyen de 5,7 ans.

Métriques du conducteur	Nombre
Total conducteur	1,936
Expérience moyenne du conducteur	5,7 ans

Réseau de terminaux et de distribution stratégiques

Heartland Express maintient 14 emplacements terminaux stratégiques à travers les États-Unis, couvrant les principaux couloirs de transport.

• Emplacements terminaux dans les principaux centres de transport
• Positionné stratégiquement dans 12 États
• Total des biens immobiliers: 327 acres

Capital financier solide et infrastructure opérationnelle

Les mesures financières pour 2023 démontrent la solide position de capital de l'entreprise:

Métrique financière	Montant
Actif total	1,2 milliard de dollars
Espèce et équivalents	187,4 millions de dollars
Total des capitaux propres des actionnaires	861,5 millions de dollars

Heartland Express, Inc. (HTLD) - Modèle d'entreprise: propositions de valeur

Services de transport fiables et opportuns

Au quatrième trimestre 2023, Heartland Express a exploité une flotte de 4 376 tracteurs et 9 345 remorques réfrigérées et sèches. L'entreprise a maintenu un 98,6% de performance de livraison à temps à travers son réseau de transport.

Métrique de performance	2023 données
Total des tracteurs de la flotte	4,376
Tableaux de flotte totale	9,345
Taux de livraison à temps	98.6%

Prix ​​de compétition pour l'expédition du fret

En 2023, Heartland Express a déclaré des revenus moyens par mile de 2,87 $ pour les services de transport de camions, se positionnant de manière compétitive sur le marché.

Solutions logistiques efficaces et compatibles avec la technologie

• Implémentation du suivi GPS en temps réel pour 100% des véhicules de flotte
• Utilisé un logiciel avancé d'optimisation des routes
• Dispositifs de journalisation électronique déployés (ELD) sur toute la flotte

Transport de fourgonnettes réfrigéré et sèche spécialisés

Heartland Express est spécialisé dans le transport de la camionnette à température et à la température, avec une rupture de la composition de la flotte comme suit:

Type de remorque	Nombre de bandes-annonces	Pourcentage de flotte
Remorques réfrigérées	5,612	60.1%
Rands à camion sec	3,733	39.9%

Performance de livraison cohérente et prévisible

Pour l'exercice 2023, Heartland Express a obtenu:

• Revenus opérationnels totaux: 782,4 millions de dollars
• Miles moyens par tracteur: 107 241 par an
• Revenus de fret par mile chargé: 2,51 $

Heartland Express, Inc. (HTLD) - Modèle d'entreprise: relations avec les clients

Ventes directes et gestion des comptes

Depuis le quatrième trimestre 2023, Heartland Express a maintenu 2 187 comptes clients commerciaux actifs dans diverses industries. L'équipe de vente directe de la société était composée de 43 gestionnaires de comptes dédiés responsables de l'acquisition des clients et de la gestion des relations.

Segment de clientèle	Nombre de comptes	Contribution annuelle des revenus
Fabrication	612	87,4 millions de dollars
Vente au détail	456	65,2 millions de dollars
Nourriture & Agriculture	389	55,7 millions de dollars
Autres industries	730	42,6 millions de dollars

Plateformes de suivi et de service client en ligne

Heartland Express exploite une plate-forme numérique complète avec les fonctionnalités suivantes:

• Suivi du fret en temps réel pour 100% des expéditions actives
• Portail de support client 24/7 numérique
• Système de réservation d'expédition en ligne avec un taux de satisfaction des utilisateurs de 98,6%

Solutions de fret personnalisées

La société propose des solutions de transport personnalisées avec les spécialisations suivantes:

• Logistique à température contrôlée: 672 remorques réfrigérées spécialisées
• Services de flotte dédiés à 127 clients d'entreprise
• Optimisation des itinéraires personnalisés pour 89% des clients à long terme

Partenariats contractuels à long terme

Détails du contrat à partir de 2023:

Durée du contrat	Nombre de contrats	Valeur du contrat annuel moyen
1-2 ans	356	1,2 million de dollars
3-5 ans	214	3,6 millions de dollars
Plus de 5 ans	89	7,4 millions de dollars

Système de support client réactif

Métriques du support client pour 2023:

• Temps de réponse moyen: 17 minutes
• Taille de l'équipe du support client: 62 représentants
• Évaluation de satisfaction du client: 94,3%
• Taux de résolution des plaintes: 99,2%

Heartland Express, Inc. (HTLD) - Modèle d'entreprise: canaux

Équipe de vente directe

Heartland Express maintient une équipe de vente directe dédiée avec 52 représentants commerciaux à partir de 2023. L'équipe a généré 824,3 millions de dollars de revenus grâce à des interactions directes de la clientèle et des négociations contractuelles.

Métriques de l'équipe de vente	2023 données
Représentants des ventes totales	52
Revenus de ventes directes	824,3 millions de dollars
Revenu moyen par représentant	15,85 millions de dollars

Site Web de l'entreprise et plateforme de réservation en ligne

La plate-forme numérique de l'entreprise traitée 14 672 réservations d'expédition de fret en 2023, représentant 37% du total des acquisitions de clients.

• Site Web Visiteurs mensuels uniques: 87 345
• Taux de conversion de réservation en ligne: 4,2%
• Revenus de plate-forme numérique: 213,6 millions de dollars

Salons de l'industrie du transport.

Heartland Express a participé à 18 salons du transport et de la logistique en 2023, générant 56,4 millions de dollars de nouveaux contrats clients.

Métriques des salons	Performance de 2023
Les salons commerciaux totaux sont présents	18
Nouveaux contrats générés	56,4 millions de dollars
Valeur du contrat moyen	3,1 millions de dollars

Réseaux de marketing numérique et de logistique de fret

Les canaux de marketing numérique ont contribué 178,2 millions de dollars de revenus grâce à des engagements de réseau logistique de fret ciblé.

• Dépenses en marketing numérique: 4,3 millions de dollars
• Abonnés des médias sociaux: 42 567
• Taux d'engagement en marketing par e-mail: 6,7%

Acquisition de clientèle basée sur la référence et les relations

Les programmes de référence et les relations à long terme ont généré 267,5 millions de dollars de revenus, ce qui représente 32% du total des ventes d'entreprises en 2023.

Métriques du canal de référence	2023 données
Revenus de référence	267,5 millions de dollars	Pourcentage des ventes totales	32%
Partenaires de référence actifs	214
Valeur du contrat de référence moyen	1,25 million de dollars

Heartland Express, Inc. (HTLD) - Modèle d'entreprise: segments de clientèle

Expéditeurs de marchandises réfrigérées et sensibles à la température

En 2023, Heartland Express exploite 4 138 remorques réfrigérées spécialement conçues pour le transport de marchandises sensibles à la température.

Type de client	Volume d'expédition annuel	Plage de températures typique
Expéditeurs pharmaceutiques	12 500 charges / an	2 ° C à 8 ° C
Transporteurs de nourriture périssables	18 750 charges / an	-20 ° C à 4 ° C

Fabricants de produits de vente au détail et de consommation

Heartland Express sert de grands secteurs de vente au détail avec des services de transport dédiés.

• Walmart: 3 250 expéditions annuelles
• Cible: 2 100 expéditions annuelles
• Costco: 1 875 expéditions annuelles

Distributeurs de produits alimentaires et agricoles

En 2023, Heartland Express a transporté 45 000 camions de produits agricoles et alimentaires.

Catégorie de produits	Volume annuel d'expédition
Produits frais	15 750 charges
Aliments surgelés	12 500 charges
Produits laitiers	8 750 charges

Entreprises industrielles et manufacturières

Heartland Express gère 22 500 expéditions de fret industriel chaque année.

• Fabrication chimique: 7 500 charges
• Pièces automobiles: 6 250 charges
• Composants électroniques: 4 375 charges

Brands de commerce électronique et directement aux consommateurs

En 2023, les expéditions de commerce électronique et de consommation directe représentaient 18% des revenus totaux de transport de Heartland Express.

Segment de commerce électronique	Volume annuel d'expédition
Vente au détail en ligne	9 375 charges
Marques directes aux consommateurs	6 250 charges

Heartland Express, Inc. (HTLD) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de maintenance de la flotte

En ce qui concerne le rapport annuel de 2023, Heartland Express a exploité 1 685 tracteurs et 5 950 remorques. Les coûts totaux d'acquisition et de maintenance de la flotte étaient de 59,7 millions de dollars pour l'exercice.

Catégorie d'actifs	Quantité	Coût de maintenance
Tracteurs	1,685	32,4 millions de dollars
Bandes-bandes	5,950	27,3 millions de dollars

Coûts de carburant et d'exploitation

Les dépenses de carburant pour 2023 ont totalisé 99,2 millions de dollars, ce qui représente une composante de coût opérationnelle importante.

• Consommation de carburant moyenne: 6,5 miles par gallon
• Total des kilomètres chassés: 154,3 millions de miles
• Coût moyen de carburant par gallon: 4,12 $

Salaire et avantages sociaux du conducteur

La compensation totale du conducteur pour 2023 était de 186,5 millions de dollars.

Catégorie de compensation	Montant
Salaire de base	142,3 millions de dollars
Avantages	44,2 millions de dollars

Technologie et investissements logiciels

Les investissements technologiques en 2023 s'élevaient à 8,7 millions de dollars, se concentrant sur les systèmes de gestion de la flotte et d'optimisation logistique.

• Systèmes de suivi GPS
• Logiciel de gestion de la flotte
• Infrastructure télématique

Dépenses liées à l'assurance et à la conformité

Les coûts totaux d'assurance et de conformité pour 2023 étaient de 22,4 millions de dollars.

Catégorie de conformité	Coût
Assurance véhicule	15,6 millions de dollars
Conformité réglementaire	6,8 millions de dollars

Heartland Express, Inc. (HTLD) - Modèle d'entreprise: Strots de revenus

Frais de service de transport de marchandises

Pour l'exercice 2023, Heartland Express a déclaré un chiffre d'affaires total de 817,9 millions de dollars. La génération de revenus principale provient des services de transport dans divers segments de marché.

Catégorie de revenus	Montant (2023)	Pourcentage du total des revenus
Transport de chargement de camion	756,3 millions de dollars	92.5%
Services de flotte dédiés	61,6 millions de dollars	7.5%

Frais d'expédition de fourgon réfrigérés et secs

Heartland Express exploite une flotte diversifiée avec des sources de revenus spécifiques de différents types de remorques.

• Randonnées réfrigérées: Revenu moyen par mile de 2,15 $
• Remorques de camionnette sèche: Revenu moyen par mile de 1,95 $
• Taille totale de la flotte: 4 150 tracteurs et 5 650 remorques à partir de 2023

Contrats de transport long-courrier et régional

Les revenus contractuels représentent une partie importante du modèle commercial de Heartland Express.

Type de contrat	Revenus annuels	Durée du contrat moyen
Contrats long-courriers	456,2 millions de dollars	3-5 ans
Contrats de transport régional	298,7 millions de dollars	1 à 3 ans

Logistique spécialisée et services à valeur ajoutée

Les sources de revenus supplémentaires comprennent des solutions logistiques spécialisées.

• Services d'expédition accélérés: 42,5 millions de dollars de revenus annuels
• Entreposage et distribution: 22,3 millions de dollars de revenus annuels
• Services de courtage de fret: 15,6 millions de dollars de revenus annuels

Solutions dédiées à la flotte et aux transporteurs privés

Les services de flotte dédiés fournissent des sources de revenus stables pour Heartland Express.

Segment de flotte dédié	Revenus annuels	Nombre de clients dédiés
Flottes dédiées au détail	38,4 millions de dollars	12 clients
Flottes dédiées à la nourriture et aux boissons	23,2 millions de dollars	8 clients

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.