Covenant Logistics Group, Inc.
CVLG NYSE Trucking (No Local) Financials FY2014–FY2025
Revenue
Total sales reported in the income statement.
$1.1B
9.3%
vs prior year
Operating margin
Operating income as a share of revenue.
5.3%
4.6 pts
Net income
Profit after all expenses, interest and tax.
$55.2M
49.2%
Free cash flow
Cash from operations minus capital spending.
−$133M
325.9%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.4%
15.5 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $1.83 EPS (TTM)
What Covenant Logistics Group, Inc. does
No business description yet.
- Legal name
- COVENANT LOGISTICS GROUP, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0001437749-26-006086
0000928658
Revenue and margins
Covenant Logistics Group, Inc. had $1.1B of revenue in fiscal 2025.
FY14
Revenue $719M
FY15
Revenue $724M
FY16
Revenue $671M
FY17
Revenue $705M
FY18
Revenue $880M
FY19
Revenue $885M
FY20
Revenue $839M
FY21
Revenue $1.0B
FY22
Revenue $1.2B
FY25
Revenue $1.1B
Q3 '21
Revenue $275M
Q4 '21
Revenue $294M
Q1 '22
Revenue $292M
Q2 '22
Revenue $317M
Q3 '22
Revenue $312M
Q4 '22
Revenue $296M
Q1 '25
Revenue $267M
Q2 '25
Revenue $274M
Q3 '25
Revenue $289M
Q4 '25
Revenue $297M
Q1 '26
Revenue $307M
Q2 '26
Revenue $333M
FY14
Gross —
Operating 5.5%
Net 2.5%
FCF −12.5%
FY15
Gross —
Operating 9.4%
Net 5.8%
FCF −13.3%
FY16
Gross —
Operating 4.8%
Net 2.5%
FCF −1.5%
FY17
Gross —
Operating 4.0%
Net 7.9%
FCF −4.0%
FY18
Gross —
Operating 6.3%
Net 4.8%
FCF 5.6%
FY19
Gross —
Operating 1.0%
Net 1.0%
FCF −8.4%
FY20
Gross —
Operating −1.7%
Net −5.1%
FCF −3.7%
FY21
Gross —
Operating 6.4%
Net 5.8%
FCF 3.6%
FY22
Gross —
Operating 9.9%
Net 8.9%
FCF 4.8%
FY25
Gross —
Operating 5.3%
Net 5.0%
FCF −12.0%
Gross
Operating
Net
FCF
Q3 '21
Gross —
Operating 7.3%
Net 6.0%
FCF 9.6%
Q4 '21
Gross —
Operating 6.2%
Net 6.0%
FCF −2.9%
Q1 '22
Gross —
Operating 8.2%
Net 7.6%
FCF 10.5%
Q2 '22
Gross —
Operating 8.5%
Net 7.7%
FCF 5.9%
Q3 '22
Gross —
Operating 18.9%
Net 16.2%
FCF 3.3%
Q4 '22
Gross —
Operating 3.7%
Net 3.9%
FCF −0.3%
Q1 '25
Gross —
Operating 6.6%
Net 6.2%
FCF −3.4%
Q2 '25
Gross —
Operating 4.3%
Net 4.5%
FCF −13.8%
Q3 '25
Gross —
Operating 5.2%
Net 4.7%
FCF −4.3%
Q4 '25
Gross —
Operating 2.7%
Net 3.1%
FCF −2.9%
Q1 '26
Gross —
Operating 2.0%
Net 1.4%
FCF 5.7%
Q2 '26
Gross —
Operating 2.7%
Net 2.6%
FCF −13.4%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2014 to 2025, diluted EPS grew 6.3% a year. Loss periods are shown in red.
FY14
Net income $17.8M
FY15
Net income $42.1M
FY16
Net income $16.8M
FY17
Net income $55.4M
FY18
Net income $42.5M
FY19
Net income $8.5M
FY20
Net income −$42.7M
FY21
Net income $60.7M
FY22
Net income $109M
FY25
Net income $55.2M
Q3 '21
Net income $16.4M
Q4 '21
Net income $17.7M
Q1 '22
Net income $22.2M
Q2 '22
Net income $24.5M
Q3 '22
Net income $50.5M
Q4 '22
Net income $11.5M
Q1 '25
Net income $16.6M
Q2 '25
Net income $12.3M
Q3 '25
Net income $13.5M
Q4 '25
Net income $9.1M
Q1 '26
Net income $4.4M
Q2 '26
Net income $8.5M
FY14
Diluted EPS $1.15
FY15
Diluted EPS $2.30
FY16
Diluted EPS $0.92
FY17
Diluted EPS $3.02
FY18
Diluted EPS $2.30
FY19
Diluted EPS $0.45
FY20
Diluted EPS −$2.46
FY21
Diluted EPS $3.57
FY22
Diluted EPS $3.50
FY25
Diluted EPS $2.00
Q3 '21
Diluted EPS $0.97
Q4 '21
Diluted EPS $1.04
Q1 '22
Diluted EPS $1.32
Q2 '22
Diluted EPS $1.56
Q3 '22
Diluted EPS $3.39
Q4 '22
Diluted EPS −$2.77
Q1 '25
Diluted EPS $1.20
Q2 '25
Diluted EPS $0.91
Q3 '25
Diluted EPS $0.99
Q4 '25
Diluted EPS $0.35
Q1 '26
Diluted EPS $0.17
Q2 '26
Diluted EPS $0.32
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY14
Return on capital 7.7%
Return on equity 10.5%
Return on assets 3.3%
FY15
Return on capital 10.3%
Return on equity 22.7%
Return on assets 7.1%
FY16
Return on capital 5.0%
Return on equity 7.7%
Return on assets 2.7%
FY17
Return on capital 6.0%
Return on equity 20.9%
Return on assets 8.7%
FY18
Return on capital 7.9%
Return on equity 13.3%
Return on assets 6.0%
FY19
Return on capital 1.1%
Return on equity 2.4%
Return on assets 1.0%
FY20
Return on capital −3.3%
Return on equity −13.3%
Return on assets −5.5%
FY21
Return on capital 13.4%
Return on equity 19.0%
Return on assets 9.1%
FY22
Return on capital 21.8%
Return on equity 29.9%
Return on assets 15.0%
FY25
Return on capital 6.4%
Return on equity 13.7%
Return on assets 5.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$133M in fiscal 2025, −12.0% of revenue. Cash from operations minus capital spending.
FY14
Free cash flow −$89.9M
FY15
Free cash flow −$96.5M
FY16
Free cash flow −$10.4M
FY17
Free cash flow −$27.9M
FY18
Free cash flow $49.7M
FY19
Free cash flow −$74.2M
FY20
Free cash flow −$31.0M
FY21
Free cash flow $37.9M
FY22
Free cash flow $58.8M
FY25
Free cash flow −$133M
Q3 '21
Free cash flow $26.3M
Q4 '21
Free cash flow −$8.5M
Q1 '22
Free cash flow $30.7M
Q2 '22
Free cash flow $18.6M
Q3 '22
Free cash flow $10.3M
Q4 '22
Free cash flow −$0.9M
Q1 '25
Free cash flow −$9.0M
Q2 '25
Free cash flow −$37.7M
Q3 '25
Free cash flow −$12.4M
Q4 '25
Free cash flow −$8.6M
Q1 '26
Free cash flow $17.6M
Q2 '26
Free cash flow −$44.7M
FY14
Cash from operations $73.7M
Capital spending $164M
FY15
Cash from operations $85.5M
Capital spending $182M
FY16
Cash from operations $102M
Capital spending $113M
FY17
Cash from operations $82.9M
Capital spending $111M
FY18
Cash from operations $125M
Capital spending $75.1M
FY19
Cash from operations $64.0M
Capital spending $138M
FY20
Cash from operations $63.0M
Capital spending $94.0M
FY21
Cash from operations $73.2M
Capital spending $35.3M
FY22
Cash from operations $159M
Capital spending $100M
FY25
Cash from operations $84.8M
Capital spending $218M
Cash from operations
Capital spending
Q3 '21
Cash from operations $34.1M
Capital spending $7.8M
Q4 '21
Cash from operations $5.0M
Capital spending $13.5M
Q1 '22
Cash from operations $39.4M
Capital spending $8.7M
Q2 '22
Cash from operations $37.5M
Capital spending $18.9M
Q3 '22
Cash from operations $44.2M
Capital spending $33.8M
Q4 '22
Cash from operations $38.2M
Capital spending $39.1M
Q1 '25
Cash from operations $7.2M
Capital spending $16.2M
Q2 '25
Cash from operations $5.1M
Capital spending $42.8M
Q3 '25
Cash from operations $40.6M
Capital spending $53.0M
Q4 '25
Cash from operations $24.8M
Capital spending $33.4M
Q1 '26
Cash from operations $29.0M
Capital spending $11.4M
Q2 '26
Cash from operations −$10.9M
Capital spending $33.8M
Cash from operations
Capital spending
Dividends, buybacks and share count
Covenant Logistics Group, Inc. returned $31.2M to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY14
Dividends —
Buybacks —
FY15
Dividends —
Buybacks $5.0M
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks $0.0M
FY19
Dividends —
Buybacks $0.0M
FY20
Dividends —
Buybacks $17.5M
FY21
Dividends $0.0M
Buybacks $10.3M
FY22
Dividends $4.3M
Buybacks $84.7M
FY25
Dividends $5.8M
Buybacks $25.4M
Dividends
Buybacks
Q3 '21
Dividends $0.0M
Buybacks $2.0M
Q4 '21
Dividends $0.0M
Buybacks $0.0M
Q1 '22
Dividends $1.0M
Buybacks $14.8M
Q2 '22
Dividends $1.0M
Buybacks $28.6M
Q3 '22
Dividends $1.2M
Buybacks $27.5M
Q4 '22
Dividends $1.1M
Buybacks $13.8M
Q1 '25
Dividends $1.5M
Buybacks $20.8M
Q2 '25
Dividends $1.4M
Buybacks $4.7M
Q3 '25
Dividends $1.4M
Buybacks $0.0M
Q4 '25
Dividends $1.9M
Buybacks $0.0M
Q1 '26
Dividends $1.8M
Buybacks —
Q2 '26
Dividends $1.8M
Buybacks —
Dividends
Buybacks
FY14
Diluted shares 0.02B
FY15
Diluted shares 0.02B
FY16
Diluted shares 0.02B
FY17
Diluted shares 0.02B
FY18
Diluted shares 0.02B
FY19
Diluted shares 0.02B
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.02B
FY22
Diluted shares 0.03B
FY25
Diluted shares 0.03B
Balance sheet
Cash, debt and the ratios that show how comfortably Covenant Logistics Group, Inc. can carry it.
FY14
Cash $21.3M
Debt $187M
FY15
Cash $4.5M
Debt $235M
FY16
Cash $7.8M
Debt $194M
FY17
Cash $15.4M
Debt $189M
FY18
Cash $23.1M
Debt $195M
FY19
Cash $43.6M
Debt $288M
FY20
Cash $8.4M
Debt $71.9M
FY21
Cash $8.4M
Debt $36.9M
FY22
Cash $68.7M
Debt $115M
FY25
Cash $4.9M
Debt $301M
Cash
Debt
| Fiscal year end | FY19 | FY20 | FY21 | FY22 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $43.6M | $8.4M | $8.4M | $68.7M | $4.9M |
| Debt incl. finance leases | $288M | $71.9M | $36.9M | $115M | $301M |
| Net debt / EBITDA | 2.7x | 1.2x | 0.2x | 0.3x | 2.3x |
| Debt / equity | 0.7x | 0.2x | 0.1x | 0.3x | 0.7x |
| Interest coverage | 1.1x | −2.1x | 24.1x | 39.1x | 7.4x |
| Current ratio | 1.6x | 1.1x | 1.3x | 1.4x | 1.1x |
| Quick ratio | 1.6x | 1.1x | 1.3x | 1.4x | 1.1x |
| Total assets | $882M | $677M | $652M | $797M | $1.0B |
| Total liabilities | $532M | $386M | $302M | $420M | $642M |
| Shareholders' equity | $350M | $291M | $350M | $377M | $404M |
| Net debt (− = net cash) | $244M | $63.5M | $28.5M | $46.4M | $296M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY14 | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | — |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ | — |
| Current ratio rose | — | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | — |
| Share count didn't rise | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ | — |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ | — |
| F-score | — / 3 | 4 / 8 | 6 / 8 | 7 / 8 | 5 / 8 | 3 / 8 | 5 / 8 | 8 / 8 | 5 / 8 | — / 3 |
| Accruals ratio | −10.4% | −7.3% | −13.5% | −4.3% | −11.6% | −6.7% | −13.6% | −1.9% | −7.0% | −2.8% |
| Altman Z'' | 1.72 | 2.07 | 2.03 | 2.77 | 2.88 | 2.22 | 1.59 | 3.50 | 3.86 | 2.05 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY14 | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $719M | $724M | $671M | $705M | $880M | $885M | $839M | $1.0B | $1.2B | $1.1B |
| Operating income | $39.6M | $67.8M | $32.4M | $28.2M | $55.4M | $8.8M | −$14.0M | $67.2M | $121M | $58.8M |
| Interest expense | $10.8M | $8.4M | $8.2M | $8.3M | $7.3M | $8.2M | $6.8M | $2.8M | $3.1M | $8.0M |
| Pretax income | $32.6M | $63.9M | $27.2M | $23.3M | $55.8M | $7.6M | −$16.9M | $79.2M | $143M | $72.2M |
| Income tax | $14.8M | $21.8M | $10.4M | −$32.1M | $14.9M | $2.3M | −$2.8M | $21.0M | $34.9M | $17.6M |
| Net income | $17.8M | $42.1M | $16.8M | $55.4M | $42.5M | $8.5M | −$42.7M | $60.7M | $109M | $55.2M |
| Diluted EPS | $1.15 | $2.30 | $0.92 | $3.02 | $2.30 | $0.45 | −$2.46 | $3.57 | $3.50 | $2.00 |
| Diluted shares | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.03B | 0.03B |
| Cash flow | ||||||||||
| Cash from operations | $73.7M | $85.5M | $102M | $82.9M | $125M | $64.0M | $63.0M | $73.2M | $159M | $84.8M |
| Capital expenditure | $164M | $182M | $113M | $111M | $75.1M | $138M | $94.0M | $35.3M | $100M | $218M |
| Free cash flow | −$89.9M | −$96.5M | −$10.4M | −$27.9M | $49.7M | −$74.2M | −$31.0M | $37.9M | $58.8M | −$133M |
| Depreciation and amortization | $49.0M | $62.0M | $71.6M | $72.4M | $75.8M | $80.5M | $65.5M | $53.9M | $57.5M | $69.9M |
| Stock-based compensation | $1.3M | $1.3M | $1.2M | $1.0M | $4.8M | — | — | $9.1M | $6.6M | $7.1M |
| Acquisitions | — | — | — | — | $106M | $0.0M | $0.0M | $0.0M | $38.5M | $108M |
| Share buybacks | — | $5.0M | — | — | $0.0M | $0.0M | $17.5M | $10.3M | $84.7M | $25.4M |
| Dividends paid | — | — | — | — | — | — | — | $0.0M | $4.3M | $5.8M |
| Dividends and buybacks | — | $5.0M | — | — | $0.0M | $0.0M | $17.5M | $10.3M | $89.0M | $31.2M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $21.3M | $4.5M | $7.8M | $15.4M | $23.1M | $43.6M | $8.4M | $8.4M | $68.7M | $4.9M |
| Total debt | $187M | $235M | $194M | $189M | $195M | $255M | $55.5M | $26.1M | $109M | $298M |
| Finance lease liabilities | — | — | — | — | — | $33.3M | $16.4M | $10.8M | $5.8M | $3.2M |
| Current assets | $142M | $173M | $135M | $162M | $212M | $254M | $148M | $189M | $223M | $233M |
| Current liabilities | $101M | $126M | $87.8M | $81.2M | $127M | $161M | $133M | $143M | $156M | $210M |
| Property and equipment, net | $382M | $454M | $465M | $464M | $451M | $517M | $391M | $346M | $408M | — |
| Goodwill | $0.0M | $0.0M | $0.0M | $0.0M | $41.6M | $42.5M | $42.5M | $42.5M | $58.2M | $80.5M |
| Intangible assets | $0.2M | $0.2M | $0.0M | $0.0M | $32.5M | $29.6M | $24.5M | $20.5M | $48.2M | $106M |
| Total assets | $539M | $647M | $621M | $650M | $774M | $882M | $677M | $652M | $797M | $1.0B |
| Total liabilities | $370M | $445M | $384M | $354M | $430M | $532M | $386M | $302M | $420M | $642M |
| Shareholders' equity | $169M | $202M | $236M | $295M | $343M | $350M | $291M | $350M | $377M | $404M |
| Margins | ||||||||||
| Operating margin | 5.5% | 9.4% | 4.8% | 4.0% | 6.3% | 1.0% | −1.7% | 6.4% | 9.9% | 5.3% |
| EBITDA margin | 12.3% | 17.9% | 15.5% | 14.3% | 14.9% | 10.1% | 6.1% | 11.6% | 14.6% | 11.7% |
| Net margin | 2.5% | 5.8% | 2.5% | 7.9% | 4.8% | 1.0% | −5.1% | 5.8% | 8.9% | 5.0% |
| FCF margin | −12.5% | −13.3% | −1.5% | −4.0% | 5.6% | −8.4% | −3.7% | 3.6% | 4.8% | −12.0% |
| Returns | ||||||||||
| Return on capital | 7.7% | 10.3% | 5.0% | 6.0% | 7.9% | 1.1% | −3.3% | 13.4% | 21.8% | 6.4% |
| Return on capital employed | 9.0% | 13.0% | 6.1% | 5.0% | 8.6% | 1.2% | −2.6% | 13.2% | 18.8% | 7.0% |
| Return on equity | 10.5% | 22.7% | 7.7% | 20.9% | 13.3% | 2.4% | −13.3% | 19.0% | 29.9% | 13.7% |
| Return on assets | 3.3% | 7.1% | 2.7% | 8.7% | 6.0% | 1.0% | −5.5% | 9.1% | 15.0% | 5.3% |
| Return on tangible equity | 10.5% | 20.8% | 7.1% | 18.8% | 15.8% | 3.0% | −19.1% | 21.2% | 40.1% | 25.3% |
| Growth | ||||||||||
| Revenue growth | — | 0.7% | −7.4% | 5.1% | 24.9% | 0.6% | −5.3% | 24.7% | 16.3% | — |
| Net income growth | — | 136.3% | −60.0% | 229.3% | −23.3% | −80.1% | −603.9% | — | 79.0% | — |
| EPS growth | — | 100.0% | −60.0% | 228.3% | −23.8% | −80.4% | −646.7% | — | −2.0% | — |
| FCF growth | — | — | — | — | — | −249.5% | — | — | 54.9% | — |
| Share count change | — | 18.0% | −0.2% | 0.6% | 0.5% | 0.9% | −6.9% | −1.9% | 82.4% | — |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.9x | 1.8x | 1.8x | 1.7x | 1.3x | 2.7x | 1.2x | 0.2x | 0.3x | 2.3x |
| Debt / equity | 1.1x | 1.2x | 0.8x | 0.6x | 0.6x | 0.7x | 0.2x | 0.1x | 0.3x | 0.7x |
| Interest coverage | 3.7x | 8.0x | 3.9x | 3.4x | 7.5x | 1.1x | −2.1x | 24.1x | 39.1x | 7.4x |
| Current ratio | 1.4x | 1.4x | 1.5x | 2.0x | 1.7x | 1.6x | 1.1x | 1.3x | 1.4x | 1.1x |
| Quick ratio | 1.4x | 1.4x | 1.5x | 2.0x | 1.7x | 1.6x | 1.1x | 1.3x | 1.4x | 1.1x |
| Capital allocation | ||||||||||
| Capex / revenue | 22.8% | 25.1% | 16.8% | 15.7% | 8.5% | 15.6% | 11.2% | 3.4% | 8.3% | 19.7% |
| Stock comp / revenue | 0.2% | 0.2% | 0.2% | 0.1% | 0.5% | — | — | 0.9% | 0.5% | 0.6% |
| Payouts / FCF | — | — | — | — | 0.0% | — | — | 27.3% | 151.5% | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | 4.0 | 6.0 | 7.0 | 5.0 | 3.0 | 5.0 | 8.0 | 5.0 | — |
| Altman Z'' | 1.7 | 2.1 | 2.0 | 2.8 | 2.9 | 2.2 | 1.6 | 3.5 | 3.9 | 2.1 |
| Accruals ratio | −10.4% | −7.3% | −13.5% | −4.3% | −11.6% | −6.7% | −13.6% | −1.9% | −7.0% | −2.8% |
Source: SEC EDGAR XBRL filings (CIK 0000928658). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.