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Covenant Logistics Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$7.1M in Q3 2026 · −$37.2M over twelve months

Operating cash flow$26.7M
Capital spending−$33.9M
Free cash flow−$7.1M
Cash / net income2.5×

Analysis

In Q3 2026, Covenant Logistics Group generated $26.7M of operating cash flow and spent $33.9M on capital projects, leaving free cash flow of −$7.1M. That is $687K more than in Q3 2025 (−$7.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was $70.4M; the largest uses were capital spending ($108M), other investing ($27.7M), dividends ($7.1M); besides operations, cash came from asset & business sales ($65.3M), net borrowing (+) / repaid (−) ($15.8M); the cash balance rose by $1.1M.

Operating cash flow was $26.7M against net income of $10.7M — 2.5× profit, cash ran ahead of reported earnings. The largest differences: receivables −$25.6M, depreciation & amortization +$23.5M, payables +$14.9M.

Free cash flow

Covenant Logistics Group: free cash flow by quarterCovenant Logistics Group: free cash flow by quarter$464KQ4 2024−$8.6MQ1 2025−$14.5MQ2 2025−$7.8MQ3 2025−$3.0MQ4 2025$17.6MQ1 2026−$44.7MQ2 2026−$7.1MQ3 2026
Operating cash flow less capital spending.
Covenant Logistics Group: operating cash flow against capital spendingCovenant Logistics Group: operating cash flow against capital spendingOperating cash flowCapital spending$21.9M$21.5MQ4 2024$24.8M$33.4MQ1 2025$21.9M$36.4MQ2 2025$41.4M$49.2MQ3 2025$25.5M$28.5MQ4 2025$29.0M$11.4MQ1 2026−$10.9M$33.8MQ2 2026$26.7M$33.9MQ3 2026
Latest (Q3 2026): Operating cash flow $26.7M, Capital spending $33.9M.

Capital allocation, year by year

Covenant Logistics Group: where the cash came from (up) and went (down), by fiscal yearCovenant Logistics Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $73.2MFY2021: Net borrowing −$70.7MFY2021: Asset sales $44.1MFY2021: Capital spending −$35.3MFY2021: Buybacks −$10.3M$117MFY2021FY2022: Operating cash flow $159MFY2022: Net borrowing $77.7MFY2022: Shares issued $384KFY2022: Asset sales $53.0MFY2022: Capital spending −$100MFY2022: Acquisitions −$38.5MFY2022: Buybacks −$84.7MFY2022: Dividends −$4.3M$290MFY2022FY2023: Operating cash flow $84.8MFY2023: Net borrowing $130MFY2023: Shares issued $236KFY2023: Asset sales $91.8MFY2023: Capital spending −$218MFY2023: Acquisitions −$108MFY2023: Buybacks −$25.4MFY2023: Dividends −$5.8M$307MFY2023FY2024: Operating cash flow $123MFY2024: Net borrowing $30.0MFY2024: Shares issued $1.8MFY2024: Asset sales $50.4MFY2024: Capital spending −$153MFY2024: Acquisitions −$4.6MFY2024: Dividends −$5.8M$205MFY2024FY2025: Operating cash flow $114MFY2025: Net borrowing $45.8MFY2025: Shares issued $399KFY2025: Asset sales $35.5MFY2025: Capital spending −$148MFY2025: Acquisitions −$27.1MFY2025: Buybacks −$36.6MFY2025: Dividends −$7.2M$195MFY2025
Over these 5 years operating cash flow totalled $554M; the largest uses were capital spending ($654M) and acquisitions ($178M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.7M
Debt$285M
Net debt$281M
Due within a year$64.0M

Covenant Logistics Group's operations bring cash in ($70.4M over twelve months), and it spends more than that on capital projects: a gap of $37.2M funded from its $3.7M of cash and investments and from borrowing ($285M of debt, $64.0M due within a year). That is a choice to invest, not a cash runway running down.

Covenant Logistics Group: debt maturities by year (FY2025)Covenant Logistics Group: debt maturities by year (FY2025)$64.0MYear 1$112MYear 2$73.7MYear 3$21.0MYear 4$6.3MYear 5$21.4MAfter year 5
Principal due in each year as disclosed in the annual report, against $3.7M of cash and investments now.

Where the cash came from and went

Covenant Logistics Group: sources (+) and uses (−) of cash, Q3 2026Covenant Logistics Group: sources (+) and uses (−) of cash, Q3 2026Capital spending−$33.9MOperating cash flow$26.7MAsset & business sales$15.5MNet borrowing (+) / repaid (−)−$4.7MDividends−$1.8MCash drawn (+) / kept (−)−$1.1MTaxes on employees’ shares−$704KOther financing−$326KShares issued$213KOther investing$102K
Covenant Logistics Group: sources (+) and uses (−) of cash, TTM to Q3 2026Covenant Logistics Group: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$108MOperating cash flow$70.4MAsset & business sales$65.3MOther investing−$27.7MNet borrowing (+) / repaid (−)$15.8MDividends−$7.1MOther financing−$5.5MTaxes on employees’ shares−$3.4MCash drawn (+) / kept (−)−$1.1MShares issued$750KBuybacks$7K

From profit to cash

Covenant Logistics Group: net income to operating cash flow, Q3 2026Covenant Logistics Group: net income to operating cash flow, Q3 2026Net income$10.7MDepreciation & amortization$23.5MStock-based pay$632KDeferred taxes$4.7MGains on disposals−$945KReceivables−$25.6MInventory−$438KPayables$14.9MPrepaid and other assets$4.5MOperating cash flow$26.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$26.7M−$33.9M——−$1.8M−$4.7M$213K−$1.1M−$7.1M
Q2 2026−$10.9M−$33.8M——−$1.8M$29.5M$437K$8.6M−$44.7M
Q1 2026$29.0M−$11.4M——−$1.8M−$44.8M$100K−$6.3M$17.6M
Q4 2025$25.5M−$28.5M−$27.1M$7K−$1.8M$30.0M—−$2.3M−$3.0M
Q3 2025$41.4M−$49.2M—−$1.0M−$1.8M—−$1K−$2.5M−$7.8M
Q2 2025$21.9M−$36.4M——−$1.8M−$2.2M—$11.1M−$14.5M
Q1 2025$24.8M−$33.4M——−$1.9M−$18.6M$400K$24.4M−$8.6M
Q4 2024$21.9M−$21.5M——−$1.5M−$16.7M$609K−$422K$464K

Covenant Logistics Group: income statement and cash flow

Covenant Logistics Group, Q3 2026: revenue $354M (+19% year over year), operating margin 3.5%. The chart follows the revenue to costs, profit and cash.

Covenant Logistics Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.