Covenant Logistics reported FY 2025 total revenue of USD 1.2 billion and freight revenue (excluding fuel surcharges) of USD 1.1 billion. Operating income from continuing operations was USD 2.9 million, while net income was USD 7.2 million (USD 0.27 per diluted share) and net income from continuing operations was USD 4.4 million (USD 0.16 per diluted share); net income from discontinued operations was USD 2.8 million (USD 0.11 per diluted share). By segment in FY 2025, revenue was USD 403.2 million in Dedicated, USD 373.3 million in Expedited, USD 286.8 million in Managed Freight, and USD 100.6 million in Warehousing. FY 2025 segment operating income was USD 21.1 million for Expedited, USD 20.0 million for Dedicated, USD 12.2 million for Managed Freight, and USD 7.7 million for Warehousing. The company reported a FY 2025 operating ratio of 99.7% and an adjusted operating ratio of 95.1%. Covenant Logistics said FY 2025 results reflected a challenging freight and logistics environment, and highlighted the October 2025 Star acquisition, which contributed to Managed Freight growth and helped offset the July 2025 loss of a key customer. The company also recorded a USD 10.7 million impairment of goodwill in FY 2025 (Dedicated segment), a USD 6.5 million write-down of held-for-sale assets, and noted insurance and claims per mile increased to 26.6 cents in FY 2025. For liquidity, Covenant Logistics ended FY 2025 with USD 53.3 million of available borrowing capacity under its credit facility and reported total indebtedness (total debt and finance leases, net of cash) of USD 296.3 million, with a leverage ratio of 2.89 at December 31, 2025. The company repurchased approximately 1.6 million shares for USD 36.2 million (excluding excise tax) in FY 2025 and paid USD 7.2 million in dividends.

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