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%) |
Supply Chain AI Symposium
Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
The Old Post • Chicago, IL Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now