Covenant Logistics Group Inc. reported $302.85 million in total revenue during the second quarter, a 5% year-over-year increase from the same period in 2024.
Freight revenue rose 7.8% year-over-year in the second-quarter to $276.5 million, while truckload operations decreased 1% to $199.6 million.
Chattanooga, Tennessee-based Covenant (NASDAQ: CVLG) reported adjusted earnings per share of 45 cents in the quarter, compared to 52 cents in the same year-ago quarter.
“The highlight of our second quarter’s results was year-over-year freight revenue growth of 7.8% to $276.5 million, an all-time high for any quarter in the history of our enterprise,” Covenant Chairman and CEO David R. Parker said in a news release. “This milestone was achieved despite an operating environment that remained competitive throughout the quarter across many Expedited, Managed Freight, and non-specialized equipment Dedicated accounts.”
Freight revenue per tractor per week decreased 3.2% year-over-year to $5,543. Revenue in the expedited truckload segment fell 10% to $97.3 million, while dedicated segment revenue rose 9% to $102.3 million.
Covenant’s managed freight segment saw revenue of $77.5 million in the second quarter, an increase of 28% from the same time last year. The warehousing segment had revenue of $25.5 million during the quarter, a 1% year-over-year gain.
During the quarter, Covenant repurchased 1.6 million shares of outstanding common stock at an average price of $22.69 per share, amounting to $35.2 million of the company’s $50 million stock repurchase program.
“Our 49% equity method investment with Transport Enterprise Leasing contributed pre-tax net income of $4.3 million, or $0.12 per share, roughly in line with the prior year quarter’s results of $4.1 million,” Parker said.
Covenant will hold a conference call to discuss results with analysts at 10 a.m. Thursday.
| Covenant Logistics Group | Q2/25 | Q2/24 | Y/Y% Change |
| Total revenue | $302.9M | $287.5M | 5% |
| Truckload combined: | |||
| Revenue | $199.6M | $201.5M | (1%) |
| Freight revenue (ex fuel) | $173.4M | $170.8M | 2% |
| Revenue per total mile | $2.52 | $2.38 | 6% |
| Revenue per tractor per week | $5,543 | $5,726 | (3%) |
| Managed freight: | |||
| Revenue | $77.6M | $60.4 | 28% |
| Adjusted operating income | $4.2M | $3.6M | 17% |
| Expedited freight: | |||
| Revenue (ex fuel) | $97.3M | $108M | (6%) |
| Adjusted operating income | $5.1M | $5.3M | (4%) |
| Adjusted earnings per share | $0.45 | $0.52 | (16%) |
