CVLG

EX-99.1

5 exhibit991.htm

EXHIBIT 99.1

COVENANT LOGISTICS GROUP ANNOUNCES First QUARTER 2026

FINANCIAL AND OPERATING RESULTS

CHATTANOOGA, TENNESSEE – April 23, 2026 - Covenant Logistics Group, Inc. (NYSE: CVLG) (“Covenant” or the “Company”) announced today financial and operating results for the first quarter ended March 31, 2026. The Company’s conference call to discuss the quarter will be held at 10:00 A.M. Eastern Time on Friday, April 24, 2026.

Chairman and Chief Executive Officer, David R. Parker, commented: “Our first quarter earnings were $0.17 per diluted share or $0.26 per diluted share on a non-GAAP adjusted basis. These results fell short of our expectations, largely as a result of severe weather shutdowns and fuel cost headwinds in January and February.  However, freight volumes and rates improved in March, and we were encouraged by our positive operating performance and the momentum we carried into the second quarter.  This momentum includes an expanding pipeline of new customers seeking committed capacity, rate increases with select existing customers, and the traditional seasonal improvement in freight volumes.  Expedited and Managed Freight are expected to benefit first from the improving freight market.  Given the characteristics of these segments, we believe there is significant operational leverage that will allow for sequential improvement throughout the year based on shifting market conditions. Our plan for the remainder of 2026 is to improve yields and reallocate assets to operations that improve our margins and returns. Based on a rapidly growing pipeline of customer demand, we expect to make significant progress assuming the current market momentum continues.

“Our 49% equity method investment with Transport Enterprise Leasing (“TEL”) contributed pre-tax net income of $3.7 million, or $0.10 per share, was comparable to the 2025 quarter of $3.8 million, or $0.10 per share.”

First Quarter Financial Performance:

Three Months Ended March 31,

($000s, except per share information)

2026

2025

Total Revenue

$

307,161

$

269,355

Freight Revenue, Excludes Fuel Surcharge

$

281,925

$

243,219

Operating Income

$

6,282

$

7,627

Adjusted Operating Income(1)

$

9,610

$

10,857

Operating Ratio

98.0

%

97.2

%

Adjusted Operating Ratio (1)

96.6

%

95.5

%

Net Income

$

4,420

$

6,563

Adjusted Net Income (1)

$

6,915

$

8,995

Earnings per Diluted Share

$

0.17

$

0.24

Adjusted Earnings per Diluted Share (1)

$

0.26

$

0.32

(1)

Represents non-GAAP measures.

1

Truckload Operating Data and Statistics

Three Months Ended March 31,

($000s, except statistical information)

2026

2025

Combined Truckload

Total Revenue

$

188,094

$

188,302

Freight Revenue, excludes Fuel Surcharge

$

163,013

$

162,329

Segment Operating Income (1)

$

8,408

$

7,739

Adj. Seg. Operating Income (2)

$

4,811

$

6,210

Segment Operating Ratio (1)

95.5

%

95.9

%

Adj. Seg. Operating Ratio (2)

97.0

%

96.2

%

Average Freight Revenue per Tractor per Week

$

5,576

$

5,416

Average Freight Revenue per Total Mile

$

2.76

$

2.53

Average Miles per Tractor per Period

25,961

27,521

Weighted Average Tractors for Period

2,274

2,331

Expedited

Total Revenue

$

84,671

$

94,693

Freight Revenue, excludes Fuel Surcharge

$

71,949

$

80,249

Segment Operating Income (1)

$

2,821

$

5,590

Adj. Seg. Operating Income (2)

$

683

$

4,655

Segment Operating Ratio (1)

96.7

%

94.1

%

Adj. Seg. Operating Ratio (2)

99.1

%

94.2

%

Average Freight Revenue per Tractor per Week

$

7,327

$

7,323

Average Freight Revenue per Total Mile

$

2.20

$

2.13

Average Miles per Tractor per Period

42,772

44,260

Weighted Average Tractors for Period

764

852

Dedicated

Total Revenue

$

103,423

$

93,609

Freight Revenue, excludes Fuel Surcharge

$

91,064

$

82,080

Segment Operating Income (1)

$

5,587

$

2,149

Adj. Seg. Operating Income (2)

$

4,128

$

1,555

Segment Operating Ratio (1)

94.6

%

97.7

%

Adj. Seg. Operating Ratio (2)

95.5

%

98.1

%

Average Freight Revenue per Tractor per Week

$

4,691

$

4,316

Average Freight Revenue per Total Mile

$

3.45

$

3.10

Average Miles per Tractor per Period

17,459

17,875

Weighted Average Tractors for Period

1,510

1,479

(1)

Segment operating income and segment operating ratio exclude indirect costs not directly attributable to any one reportable segment, amortization of intangible assets, impairment of goodwill, and contingent consideration liability adjustments to match the information our Chief Operating Decision Maker uses to evaluate the operating results of our reportable segments. The prior year periods have been conformed to this presentation.

(2)

Represents non-GAAP measures.

2

Combined Truckload Revenue

Paul Bunn, the Company’s President commented on truckload operations, “For the quarter, total revenue in our truckload operations slightly decreased 0.1%, to $188.1 million.  The decrease i

false000092865800009286582026-01-292026-01-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

January 29, 2026

COVENANT LOGISTICS GROUP, INC.

(Exact name of registrant as specified in its charter)

Nevada

001-42192

88-0320154

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

400 Birmingham Hwy, Chattanooga, TN

37419

(Address of principal executive offices)

(Zip Code)

(423) 821-1212

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

$0.01 Par Value Class A common stock

CVLG

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   [   ]

Item 2.02

Results of Operations and Financial Condition.

On January 29, 2026, Covenant Logistics Group, Inc., a Nevada corporation (the "Company"), issued a press release announcing its financial and operating results for the quarter and year ended December 31, 2025.  A copy of the press release is attached to this report as Exhibit 99.1.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits.

EXHIBIT

NUMBER

EXHIBIT DESCRIPTION

99.1

Covenant Logistics Group, Inc. press release announcing its financial and operating results for the quarter and year ended December 31, 2025.

104

Cover Page Interactive Data File.

The information contained in Items 2.02 and 9.01 of this report and the exhibit hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

The information in Items 2.02 and 9.01 of this report and the exhibit hereto may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended.  Such statements are made based on the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties.  Actual results or events may differ from those anticipated by forward-looking statements.  Please refer to the italicized paragraph at the end of the attached press release and various disclosures by the Company in its press releases, stockholder reports, and filings with the Securities and Exchange Commission for information concerning risks, uncertainties, and other factors that may affect future results.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

COVENANT LOGISTICS GROUP, INC.

(Registrant)

Date: January 29, 2026

By:

/s/ James S. Grant

James S. Grant

Executive Vice President and Chief Financial Officer

false000092865800009286582025-10-222025-10-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

October 22, 2025

COVENANT LOGISTICS GROUP, INC.

(Exact name of registrant as specified in its charter)

Nevada

001-42192

88-0320154

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

400 Birmingham Hwy, Chattanooga, TN

37419

(Address of principal executive offices)

(Zip Code)

(423) 821-1212

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

$0.01 Par Value Class A common stock

CVLG

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   [   ]

Item 2.02

Results of Operations and Financial Condition.

On October 22, 2025, Covenant Logistics Group, Inc., a Nevada corporation (the "Company"), issued a press release announcing its financial and operating results for the quarter ended September 30, 2025.  A copy of the press release is attached to this report as Exhibit 99.1.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits.

EXHIBIT

NUMBER

EXHIBIT DESCRIPTION

99.1

Covenant Logistics Group, Inc. press release, announcing its financial and operating results for the quarter ended September 30, 2025.

104

Cover Page Interactive Data File.

The information contained in Items 2.02 and 9.01 of this report and the exhibit hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

The information in Items 2.02 and 9.01 of this report and the exhibit hereto may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended.  Such statements are made based on the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties.  Actual results or events may differ from those anticipated by forward-looking statements.  Please refer to the italicized paragraph at the end of the attached press release and various disclosures by the Company in its press releases, stockholder reports, and filings with the Securities and Exchange Commission for information concerning risks, uncertainties, and other factors that may affect future results.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

COVENANT LOGISTICS GROUP, INC.

(Registrant)

Date: October 22, 2025

By:

/s/ James S. Grant

James S. Grant

Executive Vice President and Chief Financial Officer