Filing Flows › Covenant Logistics Group (CVLG) › Q3 2025
Covenant Logistics Group (CVLG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Covenant Logistics Group (CVLG) reported revenue of $297M for the third quarter 2025 (Q3 2025), +3% from a year earlier and -2% from the quarter before. Operating margin was 2.7%, net earnings $9.1M (3.1% of revenue).
Covenant Logistics Group, Q3 2025: revenue $297M (+3% year over year), operating margin 2.7%, net earnings $9.1M, operating cash flow $41.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $297M | -2% | +3% |
| Operating profit | $7.9M | -31% | -51% |
| Net earnings | $9.1M | -8% | -30% |
| Operating cash flow | $41.4M | +89% | -27% |
What changed
Revenue was $296.9M in Q3 2025, up 3% year over year and down 2% from the previous quarter. Cargo and Freight was the largest line at 91% of revenue. Cargo and Freight added $10.2M year over year (up 4%), 114% of the total change. Fuel Surcharge declined 4%.
Operating profit was $7.9M, a 2.7% margin (down 3.0 points year over year). Operating profit fell $8.3M even though revenue rose $9.0M versus a year earlier, so costs grew faster than sales. Total costs grew 6% against revenue growth of 3%. Net earnings were $9.1M, down 30% year over year. The effective tax rate was 16.3%. Non-operating items added $2.9M, 27% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $41.4M (down 27% year over year), 455% of net earnings. Non-cash charges added back $23.0M of depreciation and amortization and $1.1M of share-based compensation. Working capital and other items added $8.3M. Capital expenditures of $49.2M exceeded it, leaving free cash flow of −$7.8M.
Questions
What was Covenant Logistics Group's revenue in the third quarter 2025?
Covenant Logistics Group (CVLG) reported revenue of $297M for the third quarter 2025 (Q3 2025), +3% from a year earlier and -2% from the quarter before.
Was Covenant Logistics Group profitable in the third quarter 2025?
Operating profit was $7.9M (2.7% of revenue) and net earnings $9.1M.