Heartland Express
30 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.
Customers
Top 25 customers
concentrated in · approximately 63%, 47%, and 32% of our operating revenuesnamed as a riskOur 25, 10, and 5 largest customers accounted for approximately 63%, 47%, and 32% of our operating revenues, respectively, in 2025.Business (Item 1)
Retail industry
concentrated innamed as a riskA substantial portion of our freight is from customers in the retail industry.Risk factors (Item 1A)
Also named by CVLG
Suppliers
Excess liability insurance carriers
depends on · $3.0 millionnamed as a riskCertain insurance carriers that provide excess insurance coverage to us currently and for past claim years have encountered financial issues.Risk factors (Item 1A)
Tractor and trailer manufacturers
depends onnamed as a riskIn recent years some tractor and trailer manufacturers experienced periodic shortages of certain component parts and supplies, including semiconductor chips, forcing such manufacturers to curtail or suspend their production.Risk factors (Item 1A)
Other companies
Contract Freighters, Inc. (CFI)
$19.0 million of impairment chargesnamed as a riskIn 2025, the decision to unify CFI with Heartland Express resulted in $19.0 million of impairment charges related to the CFI trade name.Risk factors (Item 1A)
Gerdin family
approximately 45% of our common stocknamed as a riskThe Gerdin family, our directors, and our executive officers, as a group, own or control approximately 45% of our common stock, and their interests may conflict with the interests of our other stockholders.Risk factors (Item 1A)
Places
United States
concentrated in · Substantially all of our revenueSubstantially all of our revenue is, and for the last three fiscal years has been, generated from within the U.S. with immaterial revenue derived from Mexico and Canada.Business (Item 1)
Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more
Commodities and inputs
Diesel fuel
exposed to its price · $135.2 millionnamed as a riskFor the years ended December 31, 2025, and 2024, fuel expense was $135.2 million and $177.2 million, or 15.7% and 16.6%, respectively, of our total operating expenses.Business (Item 1)
Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more
Diesel fuel
exposed to its price · approximately $12.6 millionnamed as a riskBased on our actual fuel purchases for 2025, assuming miles driven, fuel surcharges as a percentage of revenue, percentage of unproductive miles, and miles per gallon remained consistent with 2025 amounts, a $1.00 increase in the average price of fuel per gallon, year over year, would decrease our income before income taxes by approximately $12.6 million.Market risk (Item 7A)
Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more
SOFR
exposed to its price · $1.5 millionnamed as a riskAn increase of 1.0% in the SOFR rate would drive an increase of $1.5 million in interest expense annually based on our current amount of debt outstanding that is subject to variable interest rates.Market risk (Item 7A)
Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more
Tires (rubber)
exposed to its price · $2.2 millionnamed as a riskBased on our tire purchases for 2025, a 10% increase in the price of tires would increase our tire purchase expense by $2.2 million, resulting in a corresponding decrease in income before income taxes.Market risk (Item 7A)
Used equipment market
exposed to its pricenamed as a riskIn 2022 through 2025, we experienced a softened used equipment market.Risk factors (Item 1A)
Regulators
U.S. Department of Transportation (DOT)
subject tonamed as a riskIf any of our motor carriers received a conditional or unsatisfactory DOT safety rating, it could disrupt operations and adversely affect our business, as some of our existing customer contracts require a satisfactory DOT safety rating.Business (Item 1)
Also named by ACHR, AESI, ALK, BLDR, CHRW, CTAS, DAL, EXPE and 19 more
California Air Resources Board (CARB)
subject tonamed as a riskWhile the greenhouse gas standards affecting trailers were removed from the federal regulations, we must still ensure the majority of our fleet is compliant with the California standards, which may adversely affect our operating results and profitability.Business (Item 1)
Also named by CMI, CRC, CVLG, F, FND, GM, GNRC, KMI and 11 more
Federal Motor Carrier Safety Administration (FMCSA)
subject tonamed as a riskThe DOT, through the Federal Motor Carrier Safety Administration (“FMCSA”), imposes safety and fitness regulations on us and our drivers, including rules that restrict driver HOS.Business (Item 1)
Also named by CASY, CVLG, ET, FDXF, IOT, JBHT, LSTR, R and 5 more
Laws and programs
U.S. tariffs
subject tonamed as a riskImposition of additional tariffs or import or export controls, changes to certain trade agreements, and retaliatory trade policies could, among other things, result in decreased shipping volumes and have an adverse impact on our revenues and results of operations.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
California SB 253 and SB 261
subject tonamed as a riskImplementation of SB 253 and SB 261 or additional reporting requirements would result in increased compliance costs and resource utilization.Business (Item 1)
Food Safety Modernization Act
subject tonamed as a riskThe Food Safety Modernization Act of 2011 (the "FSMA") requires us to use sanitary transportation practices to ensure the safety of the food we transport.Business (Item 1)
FMCSA Compliance Safety Accountability (CSA) program
subject tonamed as a riskWe currently exceed the threshold in one category under one of our operating authorities.Risk factors (Item 1A)
FMCSA Hours of Service rules
subject tonamed as a riskAny future changes to HOS rules could materially and adversely affect our operations and profitability.Business (Item 1)
CARB Advanced Clean Trucks regulation
subject tonamed as a riskAmong other impacts, ACT could affect the cost and/or supply of traditional diesel tractors.Business (Item 1)
California wage and hour laws
subject tonamed as a riskBoth of these issues are adversely impacting the Company and the industry as a whole, with respect to the practical application of the laws, thereby resulting in additional cost.Business (Item 1)
FMCSA Drug and Alcohol Clearinghouse
subject tonamed as a riskIt is expected that any additional changes to the rule may further impair the availability of an already weak driver pool.Business (Item 1)
Also named by CVLG
CARB Advanced Clean Fleets regulation
subject tonamed as a riskIf CARB seeks to adopt and implement the ACF in the future, it could materially and negatively impact our business by increasing our compliance obligations, operating costs, and related expenses.Business (Item 1)
Also named by CVLG
FMCSA English proficiency requirements
subject tonamed as a riskCurrent government focus on English proficiency requirements, as well as reviews of CDL status for non-domiciled drivers, will potentially eliminate some level of driver capacity in our industry.Business (Item 1)
FMCSA Entry-Level Driver Training regulations
subject tonamed as a riskWe are also required to comply with this rule in the course of operating our driving schools.Business (Item 1)
EPA heavy-duty vehicle emission standards (2022 NOx Rule)
subject tonamed as a riskThe 2022 NOx Rule is expected to remain in effect to the extent based on separate criteria pollutant authority.Business (Item 1)