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Covenant Logistics Group (CVLG) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Covenant Logistics Group (CVLG) Q3 2026 earnings results →
Q3 2026 Revenue up 19% year over year to $354M · 3¢ of every $1 of revenue kept as net profit · operating margin 3.5%
Covenant Logistics Group made $354M in Q3 2026 (+19% Y/Y): Cargo and Freight $315M, Fuel Surcharge $38.8M. Operating margin 3.5%, net earnings $10.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $353.9M in Q3 2026, up 19% year over year and up 6% from the previous quarter. Cargo and Freight was the largest line at 89% of revenue. Cargo and Freight added $46.2M year over year (up 17%), 81% of the total change.
Operating profit was $12.5M, a 3.5% margin (up 0.9 points year over year). Of the extra revenue versus Q3 2025, 8% reached operating profit, above the 3% margin then. Total costs grew 18% against revenue growth of 19%. Net earnings were $10.7M, up 18% year over year. The effective tax rate was 25.1%.
Operating cash flow was $26.7M (down 35% year over year), 250% of net earnings. Non-cash charges added back $23.5M of depreciation and amortization and $632K of share-based compensation. Working capital and other items used $8.0M. Capital expenditures of $33.9M exceeded it, leaving free cash flow of −$7.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $354M | +19% | 3.5% | $10.7M | $26.7M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $333M | +10% | 2.7% | $8.5M | −$10.9M |
| Q1 2026 | 10-Q | May 7, 2026 | $307M | +14% | 2.0% | $4.4M | $29.0M |
| Q4 2025 | 10-K | Feb 27, 2026 | $295M | +6% | -8.2% | −$18.3M | $25.5M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $297M | +3% | 2.7% | $9.1M | $41.4M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $303M | +5% | 3.8% | $9.8M | $21.9M |
| Q1 2025 | 10-Q | May 7, 2025 | $269M | -3% | 2.8% | $6.6M | $24.8M |
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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About Covenant Logistics Group
Covenant Logistics Group, Inc., through its subsidiaries, offers a portfolio of transportation and logistics services to customers throughout the United States. Primary services include asset-based expedited and dedicated truckload capacity, as well as asset-light warehousing, transportation management, and freight brokerage capability. In addition, Transport Enterprise Leasing is an affiliated company providing revenue equipment sales and leasing services to the trucking industry. Covenant's Class A common stock is traded on the New York Stock Exchange under the symbol, “CVLG.” (1) See GAAP to Non-GAAP Reconciliation in the schedules included with this release.
In its own words, from its 8-K, filed Jul 29, 2026.
Covenant Logistics Group against its Trucking (No Local) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +19% against the peers' median +17%. Operating margin: 3.5% against the peers' median 6.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| CVLG Covenant Logistics Group | Q3 2026 | $354M | +19% | 3.5% |
| JBHT Hunt J B Transport Services | Q3 2026 | $3.7B | +20% | 6.7% |
| KNX Knight-Swift Transportation Holdings | Q3 2026 | $2.2B | +14% | 8.1% |
| ODFL Old Dominion Freight Line | Q3 2026 | $1.6B | +13% | 28.5% |
| SNDR Schneider National | Q3 2026 | $1.6B | +9% | 3.9% |
| LSTR Landstar System | Q3 2026 | $1.5B | +25% | 4.3% |
| ARCB Arcbest | Q3 2026 | $1.2B | +16% | 6.1% |
| SAIA Saia | Q3 2026 | $982M | +17% | 12.4% |
| WERN Werner Enterprises | Q3 2026 | $951M | +23% | 1.8% |
Source: Covenant Logistics Group 10-Q on SEC EDGAR · CIK 928658 · Trucking (No Local)
Guidance and outlook
13F: who owns CVLG and who is buying
More on CVLG
- How Covenant Logistics Group makes money: revenue by segment
- Covenant Logistics Group next earnings date and what analysts expect
- Covenant Logistics Group stock forecast, price target and fair value
- Who owns Covenant Logistics Group stock: holders, funds and Congress trades
- Covenant Logistics Group guidance and outlook
- Is Covenant Logistics Group a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Covenant Logistics Group guidance history: guided vs reported
- Covenant Logistics Group operating margin by quarter
- Covenant Logistics Group net income by quarter
- Covenant Logistics Group capital expenditures by quarter
- Covenant Logistics Group Cargo and Freight revenue by quarter
- Covenant Logistics Group Fuel Surcharge revenue by quarter