Heartland Express (NASDAQ:HTLD) reported a net loss for the fourth quarter and full year of 2025, as the truckload carrier grappled with a persistent industry-wide freight recession and a significant non-cash impairment charge.
The North Liberty, Iowa-based company posted a fourth-quarter net loss of $19.4 million, or $0.25 per share, on operating revenue of $179.4 million.
Results were weighed down by a $19 million trade name impairment, which pushed the quarterly operating ratio to 112.7%.
However, excluding one-time items, the company's adjusted operating ratio showed sequential improvement for the fourth consecutive quarter, falling to 101.6% in the final period of the year.
For the full year 2025, Heartland’s revenue totaled $805.7 million, down from the previous year as the carrier pruned underperforming lanes and consolidated its fleet.
Despite a full-year net loss of $52.5 million, the company maintained a strong cash position, generating $89.3 million in net cash from operations—representing 11.1% of revenue.
Meanwhile, Heartland has aggressively focused on de-leveraging its balance sheet following major acquisitions in 2022.
The company repaid $41.2 million in debt during 2025, bringing total debt reductions to $337 million since the purchase of CFI and Smith Transport.