Heartland Express, Inc. (HTLD) Balance Sheet
HTLD balance sheet, 2025
December 31, 2025 · U.S. dollars$1.19B assets = $436.3M liabilities + $755.3M equity
Both columns are drawn to the same scale: what HTLD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HTLD financial health
Descriptive bands, not a rating. Fiscal 2025.
HTLD balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $738.2M2016 | $1.19B2025 | +5.5%/yr | |
| Total liabilities | $232.4M2016 | $436.3M2025 | +7.2%/yr | |
| Shareholders’ equity | $505.8M2016 | $755.3M2025 | +4.6%/yr | |
| Cash & short-term investments | $128.5M2016 | $18.5M2025 | −19.4%/yr | |
| Total debt | $31.0M2020 | $161.4M2025 | +39.1%/yr | |
| Net cash (debt) | $82.8M2020 | −$142.9M2025 | −$225.8M | |
| Working capital | $136.6M2016 | $4.4M2025 | −$132.1M | |
| Book value per share | $6.072016 | $9.692025 | +5.3%/yr | |
| Current ratio | 3.082016 | 1.042025 | −2.04 | |
| Debt / equity | 0.042020 | 0.212025 | +0.17 | |
| Shares outstanding | 83.4M2016 | 77.9M2025 | −0.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HTLD assets
HTLD liabilities and equity
HTLD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HTLD balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $18.5M | $12.8M | $28.1M | $50.2M | $157.7M | $113.9M | $76.7M | $161.4M | $75.4M | $128.5M |
| Cash & equivalents | $18.5M | $12.8M | $28.1M | $50.2M | $157.7M | $113.9M | $76.7M | $161.4M | $75.4M | $128.5M |
| Short-term investments | — | — | — | — | — | — | — | — | $7.9M | $9.3M |
| Receivables | $75.3M | $93.7M | $112.9M | $143.0M | $56.9M | $55.6M | $57.1M | $49.1M | $70.7M | $51.6M |
| Inventory | $0 | $0 | $332,000 | $11.3M | $9.2M | $8.2M | $9.1M | $9.4M | $11.0M | $8.2M |
| Other current assets | $20.8M | $23.0M | $27.9M | $25.3M | $9.4M | $15.3M | $8.9M | $12.6M | $13.7M | $13.8M |
| Total current assets | $114.6M | $129.4M | $169.3M | $229.8M | $233.2M | $193.0M | $151.8M | $232.5M | $170.8M | $202.1M |
| Property, plant & equipment (net) | $668.9M | $772.3M | $902.8M | $994.2M | $487.9M | $539.3M | $526.3M | $403.1M | $442.9M | $407.6M |
| Goodwill & intangible assets | $392.1M | $416.1M | $421.1M | $424.4M | $190.7M | $193.0M | $195.4M | $146.9M | $149.4M | $112.3M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $16.0M | $16.4M | $16.4M | $21.1M | $16.8M | $25.8M | $25.4M | $23.7M | $26.1M | $16.2M |
| Total assets | $1.19B | $1.33B | $1.51B | $1.67B | $928.5M | $951.2M | $898.9M | $806.2M | $789.1M | $738.2M |
| Liabilities | ||||||||||
| Accounts payable | $33.5M | $35.4M | $37.8M | $62.7M | $20.5M | $12.8M | $11.1M | $10.6M | $14.4M | $12.4M |
| Short-term debt | $7.0M | $15.2M | $18.6M | $25.9M | — | $705,437 | — | — | — | — |
| Deferred revenue | — | — | −$10.2M | $1.2M | — | — | — | — | — | — |
| Total current liabilities | $110.2M | $119.6M | $123.5M | $156.8M | $71.6M | $71.0M | $63.4M | $64.7M | $75.3M | $65.5M |
| Long-term debt | $154.1M | $191.7M | $290.7M | $399.1M | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $1.6M | $7.9M | $17.4M | $21.0M | $0 | — | — | — | — | — |
| Other long-term liabilities | $172.1M | $200.3M | $230.2M | $258.2M | $129.8M | $155.8M | $150.9M | $125.6M | $139.2M | $166.9M |
| Total liabilities | $436.3M | $511.6M | $644.4M | $814.0M | $201.4M | $226.8M | $214.3M | $190.2M | $214.5M | $232.4M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $907,000 | $907,000 | $907,000 | $907,000 | $907,000 | $907,000 | $907,000 | $907,000 | $907,000 | $907,000 |
| Retained earnings (deficit) | $965.4M | $1.02B | $1.06B | $1.05B | $924.4M | $891.0M | $826.7M | $760.3M | $694.2M | $625.7M |
| Treasury stock | — | — | — | −$201.2M | −$202.3M | −$171.9M | −$147.1M | −$148.7M | −$124.0M | −$124.2M |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | $0 | −$200.6M | −$223.9M | −$251.4M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $755.3M | $822.6M | $865.3M | $855.5M | $727.1M | $724.3M | $684.7M | $616.0M | $574.6M | $505.8M |
| Key figures | ||||||||||
| Total debt | $161.4M | $208.6M | $317.4M | $434.0M | — | $31.0M | — | — | — | — |
| Net cash (debt) | −$142.9M | −$195.8M | −$289.3M | −$383.7M | — | $82.8M | — | — | — | — |
| Working capital | $4.4M | $9.9M | $45.8M | $73.0M | $161.6M | $122.0M | $88.4M | $167.8M | $95.5M | $136.6M |
| Tangible book value | $363.2M | $406.5M | $444.1M | $431.1M | $536.5M | $531.3M | $489.2M | $469.1M | $425.2M | $393.5M |
| Book value per share | $9.69 | $10.44 | $10.94 | $10.83 | $9.13 | $8.89 | $8.35 | $7.47 | $6.90 | $6.07 |
| Shares outstanding | 77.9M | 78.8M | 79.1M | 79.0M | 79.6M | 81.4M | 82.0M | 82.4M | 83.3M | 83.4M |
| Current ratio | 1.04 | 1.08 | 1.37 | 1.47 | 3.26 | 2.72 | 2.39 | 3.59 | 2.27 | 3.08 |
| Quick ratio | 0.85 | 0.89 | 1.14 | 1.23 | 3.00 | 2.38 | 2.11 | 3.26 | 1.94 | 2.75 |
| Debt / equity | 0.21 | 0.25 | 0.37 | 0.51 | — | 0.04 | — | — | — | — |
| Equity / assets | 63.4% | 61.7% | 57.3% | 51.2% | 78.3% | 76.2% | 76.2% | 76.4% | 72.8% | 68.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $62.4M | $44.5M | $18.5M | $32.7M | $22.9M | $23.9M | $12.8M | $30.7M | $23.9M | $23.8M | $28.1M | $20.4M |
| Cash & equivalents | $62.4M | $44.5M | $18.5M | $32.7M | $22.9M | $23.9M | $12.8M | $30.7M | $23.9M | $23.8M | $28.1M | $20.4M |
| Receivables | $76.7M | $77.8M | $75.3M | $80.8M | $87.8M | $95.0M | $93.7M | $101.2M | $113.6M | $113.1M | $112.9M | $131.4M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 | $11.9M |
| Other current assets | $46.8M | $20.9M | $20.8M | $24.7M | $25.5M | $21.6M | $23.0M | $25.1M | $26.7M | $23.3M | $28.3M | $18.3M |
| Total current assets | $185.8M | $143.2M | $114.6M | $138.1M | $136.2M | $140.4M | $129.4M | $157.1M | $164.1M | $160.1M | $169.3M | $182.1M |
| Property, plant & equipment (net) | $582.7M | $630.4M | $668.9M | $691.5M | $733.2M | $772.9M | $772.3M | $770.2M | $814.2M | $855.6M | $902.8M | $937.6M |
| Goodwill & intangible assets | $389.6M | $390.9M | $392.1M | $412.4M | $413.6M | $414.8M | $416.1M | $417.4M | $418.6M | $419.9M | $421.1M | $422.4M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $16.7M | $16.5M | $16.0M | $15.6M | $16.4M | $16.5M | $16.4M | $16.7M | $16.5M | $16.9M | $16.4M | $33.5M |
| Total assets | $1.17B | $1.18B | $1.19B | $1.26B | $1.30B | $1.34B | $1.33B | $1.36B | $1.41B | $1.45B | $1.51B | $1.58B |
| Liabilities | ||||||||||||
| Accounts payable | $34.3M | $40.7M | $33.5M | $40.8M | $54.0M | $62.4M | $35.4M | $41.6M | $40.0M | $35.7M | $37.8M | $60.3M |
| Short-term debt | $3.2M | $1.9M | $7.0M | $9.9M | $14.6M | $15.6M | $15.2M | $15.5M | $15.7M | $16.7M | $18.6M | $16.7M |
| Deferred revenue | — | — | — | — | — | — | — | −$6.8M | −$1 | — | — | −$77.0M |
| Total current liabilities | $117.2M | $112.6M | $110.2M | $121.4M | $143.6M | $155.5M | $119.6M | $134.7M | $133.8M | $127.5M | $123.5M | $142.1M |
| Long-term debt | $134.9M | $149.9M | $154.1M | $177.5M | $182.9M | $188.8M | $191.7M | $198.1M | $228.5M | $254.6M | $290.7M | $334.8M |
| Lease obligations | $11.5M | $3.3M | $1.6M | $2.7M | $4.5M | $6.2M | $7.9M | $9.6M | $11.5M | $14.1M | $17.4M | $11.5M |
| Other long-term liabilities | $166.4M | $169.4M | $172.1M | $183.0M | $186.1M | $192.6M | $200.3M | $202.9M | $214.3M | $221.6M | $230.2M | $237.5M |
| Total liabilities | $418.5M | $431.9M | $436.3M | $482.0M | $512.6M | $537.0M | $511.6M | $535.7M | $576.7M | $603.7M | $644.4M | $714.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $907,000 | $907,000 | $907,000 | $907,000 | $907,000 | $907,000 | $907,000 | $907,000 | $907,000 | $907,000 | $907,000 | $907,000 |
| Retained earnings (deficit) | $968.1M | $959.0M | $965.4M | $986.4M | $996.2M | $1.01B | $1.02B | $1.03B | $1.04B | $1.04B | $1.06B | $1.06B |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $756.3M | $749.0M | $755.3M | $775.6M | $786.7M | $807.7M | $822.6M | $825.7M | $836.8M | $848.8M | $865.3M | $861.1M |
| Key figures | ||||||||||||
| Total debt | $146.4M | $153.2M | $161.4M | $188.1M | $198.5M | $205.8M | $208.6M | $216.4M | $248.6M | $277.7M | $317.4M | $355.4M |
| Net cash (debt) | −$84.0M | −$108.7M | −$142.9M | −$155.4M | −$175.6M | −$181.9M | −$195.8M | −$185.6M | −$224.8M | −$253.9M | −$289.3M | −$335.0M |
| Working capital | $68.6M | $30.6M | $4.4M | $16.7M | −$7.4M | −$15.1M | $9.9M | $22.4M | $30.3M | $32.7M | $45.8M | $40.0M |
| Tangible book value | $366.7M | $358.2M | $363.2M | $363.3M | $373.1M | $392.9M | $406.5M | $408.4M | $418.1M | $428.9M | $444.1M | $438.7M |
| Book value per share | $9.77 | $9.67 | $9.75 | $10.01 | $10.08 | $10.28 | $10.44 | $10.52 | $10.59 | $10.73 | $10.94 | $10.90 |
| Shares outstanding | 77.4M | 77.5M | 77.5M | 77.5M | 78.1M | 78.6M | 78.8M | 78.5M | 79.0M | 79.1M | 79.1M | 79.0M |
| Current ratio | 1.58 | 1.27 | 1.04 | 1.14 | 0.95 | 0.90 | 1.08 | 1.17 | 1.23 | 1.26 | 1.37 | 1.28 |
| Quick ratio | 1.19 | 1.09 | 0.85 | 0.93 | 0.77 | 0.76 | 0.89 | 0.98 | 1.03 | 1.07 | 1.14 | 1.07 |
| Debt / equity | 0.19 | 0.20 | 0.21 | 0.24 | 0.25 | 0.25 | 0.25 | 0.26 | 0.30 | 0.33 | 0.37 | 0.41 |
| Equity / assets | 64.4% | 63.4% | 63.4% | 61.7% | 60.5% | 60.1% | 61.7% | 60.7% | 59.2% | 58.4% | 57.3% | 54.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 3, 2026); data from EODHD.
HTLD financial position
At the end of fiscal 2025 (December 31, 2025), Heartland Express had total assets of $1.2 billion (down 10.7% from a year earlier), total liabilities of $436.3 million and shareholders' equity of $755.3 million. It held $18.5 million in cash and short-term investments against $161.4 million of debt, net debt of $142.9 million. Its current ratio was 1.04. In the latest quarter (ended June 30, 2026) total assets were $1.2 billion and equity $756.3 million.
Related: HTLD income statement, HTLD cash flow statement, HTLD key metrics. See the HTLD stock overview for the latest quote and news.
HTLD balance sheet FAQ
What are Heartland Express's total assets?
Heartland Express reported total assets of $1.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.3 billion a year earlier.
How much debt does Heartland Express have?
Heartland Express had $161.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.21.
How much cash does Heartland Express have?
Heartland Express held $18.5 million in cash and short-term investments at the end of fiscal 2025; with $161.4 million of debt that is net debt of $142.9 million.
What is Heartland Express's book value?
Heartland Express's shareholders' equity (book value) was $755.3 million at the end of fiscal 2025, or $9.69 per share.
What is Heartland Express's current ratio?
Heartland Express had current assets of $114.6 million and current liabilities of $110.2 million, a current ratio of 1.04 (it can cover its short-term obligations).
How much goodwill does Heartland Express have?
Heartland Express carried $392.1 million of goodwill and intangible assets, 32.9% of total assets, at the end of fiscal 2025.