Heartland Express, Inc. (HTLD) Cash Flow Statement
Where HTLD’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $89.3M −38.1% vs 2024
- Capital expenditures
- $156.2M 19.4% of revenue
- Free cash flow
- −$66.9M −8.3% margin
- Returned to shareholders
- $16.6M
- Change in cash
- $5.2M cash at year-end $31.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
HTLD operating cash flow, capex and free cash flow
HTLD cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $155.8M2016 | $89.3M2025 | −6.0%/yr | |
| Capital expenditures | $86.1M2016 | $156.2M2025 | +6.8%/yr | |
| Free cash flow | $69.7M2016 | −$66.9M2025 | — | |
| Free cash flow margin | 11.4%2016 | −8.3%2025 | −19.7 pts | |
| Operating cash flow / net income | 2.762016 | 11.192023 | +8.42 | |
| Stock-based compensation | $856,0002016 | $2.2M2025 | +10.8%/yr | |
| Dividends paid | $6.7M2016 | $6.2M2025 | −0.7%/yr | |
| Share buybacks (net) | $14.7M2016 | $10.4M2025 | −3.8%/yr | |
| Capex / revenue | 14.0%2016 | 19.4%2025 | +5.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HTLD cash flow by activity
HTLD net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HTLD cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$52.5M | −$29.7M | $14.8M | $133.6M | $79.3M | $70.8M | $73.0M | $72.7M | $75.2M | $56.4M |
| Depreciation & amortization | $159.2M | $181.5M | $199.0M | $133.0M | $104.2M | $110.4M | $100.9M | $101.3M | $103.9M | $105.6M |
| Stock-based compensation | $2.2M | $1.0M | $1.6M | $1.4M | $1.1M | $2.1M | $2.1M | $539,000 | $511,000 | $856,000 |
| Change in working capital | $9.8M | $28.2M | $7.9M | $20.8M | −$17.9M | $2.3M | −$3.0M | −$5.8M | −$16.3M | $6.7M |
| Other non-cash items | −$29.4M | −$36.7M | −$58.1M | −$94.1M | −$43.3M | −$6.7M | −$26.6M | −$22.2M | −$53.8M | −$13.8M |
| Cash from operating activities | $89.3M | $144.3M | $165.3M | $194.7M | $123.4M | $178.8M | $146.4M | $146.5M | $109.5M | $155.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$156.2M | −$109.5M | −$208.6M | −$160.6M | −$132.6M | −$204.3M | −$163.8M | −$169.3M | −$184.1M | −$86.1M |
| Investments (net) | — | −$46.5M | −$123.6M | −$663.3M | −$2.6M | −$111.0M | −$132.8M | −$37.8M | −$132.5M | −$39.2M |
| Acquisitions & other investing | $130.2M | $109.5M | $264.4M | $160.6M | $132.6M | $204.3M | $163.8M | $169.3M | $184.1M | $86.1M |
| Cash from investing activities | −$26.0M | −$46.5M | −$67.9M | −$663.3M | −$2.6M | −$111.0M | −$132.8M | −$37.8M | −$132.5M | −$39.2M |
| Financing activities | ||||||||||
| Dividends paid | −$6.2M | −$4.7M | −$6.3M | −$6.3M | −$45.9M | −$6.5M | −$6.6M | −$6.6M | −$6.7M | −$6.7M |
| Share repurchases & issuance (net) | −$10.4M | −$7.3M | −$290,000 | −$603,000 | −$32.0M | −$25.7M | −$12.3M | −$25.1M | −$198,000 | −$14.7M |
| Net borrowing (repayment) | −$41.1M | −$100.3M | −$114.1M | $365.9M | $365.9M | $365.9M | −$93.3M | −$93.3M | −$23.3M | −$23.3M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$365,000 | −$407,000 | $0 | $313,000 | −$366.1M | −$366.4M | $11.7M | $93.1M | $0 | $23.3M |
| Cash from financing activities | −$58.2M | −$112.7M | −$120.7M | $359.3M | −$78.1M | −$32.7M | −$100.4M | −$31.9M | −$30.2M | −$21.3M |
| Summary | ||||||||||
| Net change in cash | $5.2M | −$14.9M | −$23.3M | −$109.3M | $42.6M | $35.1M | −$86.9M | $76.8M | −$53.1M | $95.3M |
| Cash at end of period | $31.4M | $26.3M | $41.2M | $64.5M | $173.8M | $131.1M | $96.1M | $182.9M | $75.4M | $128.5M |
| Free cash flow | −$66.9M | $34.8M | −$43.3M | $34.1M | −$9.2M | −$25.5M | −$17.4M | −$22.7M | −$74.6M | $69.7M |
| Free cash flow margin | −8.3% | 3.3% | −3.6% | 3.5% | −1.5% | −3.9% | −2.9% | −3.7% | −12.3% | 11.4% |
| Capex / revenue | 19.4% | 10.5% | 17.3% | 16.6% | 21.8% | 31.7% | 27.4% | 27.7% | 30.3% | 14.0% |
| Operating cash flow / net income | — | — | 11.19 | 1.46 | 1.56 | 2.53 | 2.01 | 2.02 | 1.46 | 2.76 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $10.6M | −$4.8M | −$19.4M | −$8.3M | −$10.9M | −$13.9M | −$1.9M | −$9.3M | −$3.5M | −$15.1M | $5.1M | −$10.7M |
| Depreciation & amortization | $32.3M | $35.2M | $37.4M | $38.7M | $41.5M | $41.6M | $43.9M | $45.0M | $46.1M | $46.5M | $51.1M | $51.1M |
| Stock-based compensation | $745,000 | $160,000 | $802,000 | $222,000 | $465,000 | $667,000 | $298,000 | $60,000 | $399,000 | $283,000 | $692,000 | $500,000 |
| Change in working capital | $3.2M | −$1.4M | −$2.5M | $6.7M | −$1.4M | $7.0M | $6.3M | $9.4M | $4.3M | $8.1M | $15.0M | −$14.5M |
| Other non-cash items | −$33.9M | −$5.9M | −$1.3M | −$9.9M | −$8.7M | −$9.6M | −$10.9M | −$9.5M | −$7.4M | −$8.8M | −$31.1M | $775,000 |
| Cash from operating activities | $12.9M | $23.2M | $14.9M | $27.5M | $21.0M | $25.8M | $37.8M | $35.6M | $40.0M | $31.0M | $40.8M | $27.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$47.4M | −$18.0M | −$59.1M | −$39.7M | −$33.8M | −$23.6M | −$83.3M | −$11.0M | −$10.5M | −$4.7M | −$31.7M | −$68.8M |
| Investments (net) | — | — | — | −$6.9M | −$5.8M | −$11.5M | −$48.0M | $4.1M | −$4.6M | $2.0M | $14.0M | −$48.1M |
| Acquisitions & other investing | $71.4M | $32.9M | $57.4M | $39.7M | $33.8M | $23.6M | $83.3M | $11.0M | $10.5M | $4.7M | $31.7M | $68.8M |
| Cash from investing activities | $24.0M | $14.9M | −$1.8M | −$6.9M | −$5.8M | −$11.5M | −$48.0M | $4.1M | −$4.6M | $2.0M | $14.0M | −$48.1M |
| Financing activities | ||||||||||||
| Dividends paid | −$1.6M | −$1.6M | −$1.5M | −$1.6M | −$1.6M | −$1.6M | −$1.6M | −$13,000 | −$1.6M | −$1.6M | −$3.2M | −$1.6M |
| Share repurchases & issuance (net) | −$2.3M | −$77,000 | −$35,000 | −$1.4M | −$8.9M | −$96,000 | $7.4M | −$225,000 | −$7.4M | −$63,000 | −$77,000 | −$58,000 |
| Net borrowing (repayment) | −$15.0M | −$9.9M | −$25.6M | −$8.6M | −$5.6M | −$1.3M | −$6.3M | −$30.6M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$192,000 | $0 | −$87,000 | −$67,000 | −$115,000 | $0 | −$7.4M | −$1.6M | −$26.7M | −$35.1M | −$44.2M | −$5.1M |
| Cash from financing activities | −$19.1M | −$11.5M | −$27.3M | −$11.6M | −$16.2M | −$3.0M | −$7.9M | −$32.4M | −$35.7M | −$36.7M | −$47.4M | −$6.8M |
| Summary | ||||||||||||
| Net change in cash | $17.9M | $26.0M | −$14.1M | $9.0M | −$1.0M | $11.3M | −$18.1M | $7.3M | −$249,000 | −$3.8M | $7.3M | −$27.6M |
| Cash at end of period | $62.4M | $44.7M | $31.4M | $45.6M | $36.6M | $37.6M | $26.3M | $44.4M | $37.1M | $37.4M | $41.2M | $33.8M |
| Free cash flow | −$34.6M | $5.1M | −$44.2M | −$12.2M | −$12.8M | $2.3M | −$45.5M | $24.6M | $29.4M | $26.3M | $9.1M | −$41.6M |
| Free cash flow margin | −18.8% | 2.9% | −24.6% | −6.2% | −6.1% | 1.0% | −18.8% | 9.5% | 10.7% | 9.7% | 3.3% | −14.1% |
| Capex / revenue | 25.8% | 10.2% | 33.0% | 20.2% | 16.1% | 10.7% | 34.3% | 4.2% | 3.8% | 1.7% | 11.5% | 23.3% |
| Operating cash flow / net income | 1.22 | — | — | — | — | — | — | — | — | — | 8.01 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
HTLD cash generation
In fiscal 2025 (ended December 31, 2025), Heartland Express generated $89.3 million of cash from operations (down 38.1%) and spent $156.2 million on capital expenditures, leaving free cash flow of -$66.9 million, −8.3% of revenue. It returned $16.6 million to shareholders through dividends ($6.2 million) and net share buybacks ($10.4 million). Cash and equivalents rose by $5.2 million over the year.
Related: HTLD income statement, HTLD balance sheet, HTLD dividend history. See the HTLD stock overview for the latest quote and news.
HTLD cash flow FAQ
What is Heartland Express's free cash flow?
Heartland Express's free cash flow was -$66.9 million in fiscal 2025: $89.3 million of operating cash flow minus $156.2 million of capital expenditures It was $34.8 million a year earlier..
How much cash does Heartland Express generate from operations?
Heartland Express generated $89.3 million of cash from operating activities in fiscal 2025.
How much does Heartland Express spend on capital expenditures?
Heartland Express spent $156.2 million on capital expenditures in fiscal 2025, 19.4% of revenue, compared with $109.5 million the year before.
How much stock does Heartland Express buy back?
Heartland Express spent $10.4 million on net share repurchases in fiscal 2025.
How much does Heartland Express pay in dividends?
Heartland Express paid $6.2 million in dividends in fiscal 2025.