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Heartland Express cash flow, quarter by quarter

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

Free cash flow−$7.4M in Q3 2026 · −$81.1M over twelve months

Operating cash flow$19.0M
Capital spending−$26.5M
Free cash flow−$7.4M
Cash / net income19.9×

Analysis

In Q3 2026, Heartland Express generated $19.0M of operating cash flow and spent $26.5M on capital projects, leaving free cash flow of −$7.4M. That is $4.7M more than in Q3 2025 (−$12.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $70.0M; the largest uses were capital spending ($151M), other financing ($85.5M), dividends ($6.2M); besides operations, cash came from asset & business sales ($194M); the cash balance rose by $15.7M.

Operating cash flow was $19.0M against net income of $959K — 19.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$31.0M, prepaid and other assets +$16.2M, payables −$13.8M.

Free cash flow

Heartland Express: free cash flow by quarterHeartland Express: free cash flow by quarter$29.4MQ2 2024$24.6MQ3 2024$2.3MQ1 2025−$12.8MQ2 2025−$12.2MQ3 2025$5.1MQ1 2026−$34.6MQ2 2026−$7.4MQ3 2026
Operating cash flow less capital spending.
Heartland Express: operating cash flow against capital spendingHeartland Express: operating cash flow against capital spendingOperating cash flowCapital spending$40.0M$10.5MQ2 2024$35.6M$11.0MQ3 2024$25.8M$23.6MQ1 2025$21.0M$33.8MQ2 2025$27.5M$39.7MQ3 2025$23.2M$18.0MQ1 2026$12.9M$47.4MQ2 2026$19.0M$26.5MQ3 2026
Latest (Q3 2026): Operating cash flow $19.0M, Capital spending $26.5M.

Capital allocation, year by year

Heartland Express: where the cash came from (up) and went (down), by fiscal yearHeartland Express: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $123MFY2021: Asset sales $130MFY2021: Capital spending −$133MFY2021: Buybacks −$32.0MFY2021: Dividends −$45.9M$254MFY2021FY2022: Operating cash flow $195MFY2022: Net borrowing $366MFY2022: Asset sales $173MFY2022: Capital spending −$161MFY2022: Acquisitions −$676MFY2022: Dividends −$6.3M$733MFY2022FY2023: Operating cash flow $165MFY2023: Net borrowing −$114MFY2023: Asset sales $137MFY2023: Capital spending −$209MFY2023: Dividends −$6.3M$303MFY2023FY2024: Operating cash flow $144MFY2024: Net borrowing −$100MFY2024: Asset sales $63.0MFY2024: Capital spending −$110MFY2024: Buybacks −$7.3MFY2024: Dividends −$4.7M$207MFY2024FY2025: Operating cash flow $89.3MFY2025: Net borrowing −$41.1MFY2025: Asset sales $130MFY2025: Capital spending −$156MFY2025: Buybacks −$10.4MFY2025: Dividends −$6.2M$219MFY2025
Over these 5 years operating cash flow totalled $717M; the largest uses were capital spending ($768M) and acquisitions ($676M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$18.5M
Debt$154M
Net debt$136M
Due within a year$1.9M

Heartland Express's operations bring cash in ($70.0M over twelve months), and it spends more than that on capital projects: a gap of $81.1M funded from its $18.5M of cash and investments and from borrowing ($154M of debt, $1.9M due within a year). That is a choice to invest, not a cash runway running down.

Heartland Express: debt maturities by year (FY2025)Heartland Express: debt maturities by year (FY2025)$1.9MYear 1$153MYear 2$569KYear 3$11KYear 4
Principal due in each year as disclosed in the annual report, against $18.5M of cash and investments now.

Where the cash came from and went

Heartland Express: sources (+) and uses (−) of cash, Q3 2026Heartland Express: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)−$35.0MAsset & business sales$32.0MCapital spending−$26.5MOperating cash flow$19.0MCash drawn (+) / kept (−)$14.5MBuybacks−$2.2MDividends−$1.5MTaxes on employees’ shares−$293KOther investing$41K
Heartland Express: sources (+) and uses (−) of cash, TTM to Q3 2026Heartland Express: sources (+) and uses (−) of cash, TTM to Q3 2026Asset & business sales$194MCapital spending−$151MOther financing−$85.5MOperating cash flow$70.0MCash drawn (+) / kept (−)−$15.7MDividends−$6.2MBuybacks−$4.6MTaxes on employees’ shares−$649KOther investing−$145K

From profit to cash

Heartland Express: net income to operating cash flow, Q3 2026Heartland Express: net income to operating cash flow, Q3 2026Net income$959KDepreciation & amortization$31.0MStock-based pay$946KGains on disposals−$7.8MReceivables$1.1MPayables−$13.8MPrepaid and other assets$16.2MIncome taxes payable−$7.9MOperating cash flow$19.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$19.0M−$26.5M−$2.2M−$1.5M−$35.0M$14.5M−$7.4M
Q2 2026$12.9M−$47.4M—−$1.6M−$15.0M−$17.7M−$34.6M
Q1 2026$23.2M−$18.0M—−$1.6M−$9.9M−$26.6M$5.1M
Q3 2025$27.5M−$39.7M−$1.4M−$1.6M−$8.6M−$9.0M−$12.2M
Q2 2025$21.0M−$33.8M—−$1.6M−$5.6M$1.0M−$12.8M
Q1 2025$25.8M−$23.6M—−$1.6M−$1.3M−$11.3M$2.3M
Q3 2024$35.6M−$11.0M—−$1.6M−$30.6M−$7.3M$24.6M
Q2 2024$40.0M−$10.5M—−$1.6M−$26.7M$249K$29.4M

Heartland Express: income statement and cash flow

Heartland Express, Q3 2026: revenue $180M (-9% year over year), operating margin 1.3%. The chart follows the revenue to costs, profit and cash.

Heartland Express: 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.