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CVLG

Covenant Logistics Group, Inc.

CVLG

Covenant Logistics Group, Inc. • NASDAQ
$19.94 ▼ -0.10% (-0.02)
Market Cap $500.55 M
52w High $30.11
52w Low $17.46
Dividend Yield 0.27%
P/E 18.64
Volume 33.33K
Outstanding Shares 25.10M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $296.889M ▼ $34.499M ▼ $9.093M ▼ 3.063% ▼ $0.36 ▼ $34.457M ▼
Q2-2025 $302.854M ▲ $37.176M ▲ $9.84M ▲ 3.249% ▲ $0.37 ▲ $38.952M ▲
Q1-2025 $269.355M ▼ $34.258M ▼ $6.563M ▼ 2.437% ▲ $0.25 ▼ $33.198M ▼
Q4-2024 $277.331M ▼ $38.242M ▲ $6.719M ▼ 2.423% ▼ $0.26 ▼ $33.632M ▼
Q3-2024 $287.885M $28.944M $13.033M 4.527% $0.5 $41.45M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $268.336M ▼ $1.026B ▲ $601.892M ▲ $423.716M ▲
Q2-2025 $268.694M ▲ $1.009B ▲ $592.218M ▲ $416.874M ▼
Q1-2025 $11.239M ▼ $979.969M ▼ $536.325M ▼ $443.644M ▲
Q4-2024 $35.619M ▲ $997.568M ▼ $559.228M ▼ $438.34M ▲
Q3-2024 $35.197M $1.01B $578.093M $431.552M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $9.093M ▼ $41.364M ▲ $-35.656M ▼ $-3.165M ▲ $2.543M ▲ $-7.816M ▲
Q2-2025 $9.84M ▲ $21.907M ▼ $-29.445M ▼ $-3.558M ▲ $-11.096M ▲ $-14.532M ▼
Q1-2025 $6.563M ▼ $24.83M ▲ $-24.08M ▼ $-25.13M ▼ $-24.38M ▼ $-8.595M ▼
Q4-2024 $6.719M ▼ $21.932M ▼ $-3.469M ▲ $-18.041M ▼ $422K ▼ $464K ▼
Q3-2024 $13.034M $56.86M $-17.735M $-5.208M $33.917M $24.262M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Cargo and Freight
Cargo and Freight
 $250.00M ▲$240.00M ▼$280.00M ▲$270.00M ▼
Fuel Surcharge
Fuel Surcharge
 $30.00M ▲$30.00M ▲$30.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has generally trended upward over the past five years, but not in a straight line, and the peak appears to have been a couple of years ago. Profitability improved sharply coming out of 2020 but has been pressured more recently, with operating profit and net income down from earlier highs. Earnings per share tell the same story: a strong rebound after the pandemic, then a step down as freight markets softened and costs stayed high. Overall, this looks like a cyclical trucking and logistics business that is still profitable, but earning less per dollar of revenue than at its mid-cycle peak.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown in size, with total assets and shareholder equity steadily climbing. Debt has also increased meaningfully over time, suggesting greater use of borrowing to fund trucks, equipment, and facilities. While leverage does not appear extreme relative to the asset base, the trend is clearly toward more financial obligation than a few years ago. Cash balances are relatively small and move around from year to year, which means the company likely relies heavily on ongoing cash generation and credit access to support operations and investment.

Cash Flow

Cash Flow Operating cash flow has been consistently positive, which is a good sign that the core business generates real cash, not just accounting profit. However, free cash flow has recently been negative because of heavy spending on capital investments such as fleet, warehouses, and technology. This indicates a reinvestment phase: money coming in from operations is largely being plowed back into the business, with the gap often filled by debt. The upside is potential future growth and efficiency; the downside is less cash left over as a cushion during weaker freight cycles.

Competitive Edge

Competitive Edge Covenant operates in a tough, price-sensitive trucking industry, but it has carved out some differentiating strengths. It offers a broad mix of services—expedited, dedicated, managed transportation, and warehousing—which reduces dependence on any single line of business and allows more tailored solutions for customers. Its focus on niche and higher-complexity segments, like defense-related and specialized freight, can support better margins and stickier relationships than basic, commoditized hauling. A values-based, customer-centric culture and a shift toward more asset-light services add to its resilience, though it still faces intense competition from much larger carriers and third-party logistics providers.

Innovation and R&D

Innovation and R&D Instead of classic lab-style R&D, Covenant’s innovation is mainly operational and technology-driven. It has invested in a modern warehouse management system, robotics, and automation to improve accuracy and productivity in distribution centers. On the transport side, it uses data analytics for routing and fleet optimization and is experimenting with autonomous trucking through a partnership with Aurora, aiming for long-term cost and safety gains. Sustainability upgrades like cleaner fuels and idle-reduction technology support both customer demand and regulatory trends. The opportunity is meaningful if these tools scale well, but there is execution risk and long, uncertain timelines—especially around autonomous trucks.

Summary

Covenant Logistics looks like a trucking and logistics company in transition from a traditional, asset-heavy carrier toward a more diversified, technology-enabled, and specialized operator. Financially, it remains solidly cash-generative but is experiencing margin pressure compared with its recent peak and is taking on more debt to fund an aggressive investment program. Strategically, it is leaning into niches, integrated solutions, and digital tools to differentiate itself in a crowded, cyclical industry. The main trade-off is clear: higher near-term spending and leverage in exchange for the possibility of a stronger, more defensible position if its technology and specialization strategy continues to gain traction.

NEWS

November 21, 2025 · 4:05 PM UTC

Covenant Logistics Group Announces Quarterly Cash Dividend

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October 22, 2025 · 4:05 PM UTC

Covenant Logistics Group Announces Third Quarter 2025 Financial and Operating Results

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October 1, 2025 · 4:05 PM UTC

Covenant Logistics Group, Inc. Announces Timing of Third Quarter Earnings Release and Conference Call

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