HEARTLAND EXPRESS Business Summary

Heartland Express Inc. (HTLD) operates as a premier asset-based truckload carrier, generating revenue through short-to-medium haul transportation services for a diverse client base in the consumer goods, automotive, and food product sectors. The company’s business model is centered on high-service, time-sensitive freight delivery, primarily within its Truckload Services segment which encompasses dry van, temperature-controlled, and regional operations. Following the strategic integration of Contract Freighters, Inc. (CFI) and Smith Transport, Heartland has solidified its footprint across the United States, Mexico, and Canada, leveraging a modern fleet to maintain high utilization rates. Direct competitors include Marten Transport, Werner Enterprises, Knight-Swift Transportation, and J.B. Hunt; Heartland distinguishes itself in this landscape as a premium service provider with a historical focus on maintaining a low operating ratio and a debt-free balance sheet. Founded in 1978 by industry pioneer Russell Gerdin, the company remains under the leadership of the founding family. Michael J. Gerdin serves as Chairman, President, and CEO, bringing over four decades of experience since joining the firm in 1983. The current executive team includes Christopher A. Strain as Vice President of Finance, CFO, and Treasurer, Kent D. Rigdon as Chief Operating Officer, and Joshua Helmich, who was appointed Chief Administrative Officer in January 2026 to oversee administrative consolidation. The Gerdin family maintains a significant ownership stake of approximately 23.7%, while major institutional investors include BlackRock, The Vanguard Group, and Dimensional Fund Advisors. The Board of Directors features experienced industry and academic leaders, including David P. Millis and Dr. Benjamin J. Allen.