# EDGAR Filing Document

**Accession Number:** 0000928658
**File Stem:** 0001008886-26-000101
**Filing Date:** 2026-4
**Character Count:** 34306
**Document Hash:** 6e02d109ec7048df846f3954b823c9ac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001008886-26-000101.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001008886-26-000101

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260423

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COVENANT LOGISTICS GROUP, INC.
- **CENTRAL INDEX KEY:** 0000928658
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRUCKING (NO LOCAL) [4213]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 880320154
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42192
- **FILM NUMBER:** 26889656

**BUSINESS ADDRESS:**
- **STREET 1:** 400 BIRMINGHAM HIGHWAY
- **CITY:** CHATTANOOGA
- **STATE:** TN
- **ZIP:** 37419
- **BUSINESS PHONE:** 4238211212

**MAIL ADDRESS:**
- **STREET 1:** 400 BIRMINGHAM HIGHWAY
- **CITY:** CHATTANOOGA
- **STATE:** TN
- **ZIP:** 37419

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COVENANT TRANSPORTATION GROUP INC
- **DATE OF NAME CHANGE:** 20070522

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COVENANT TRANSPORT INC
- **DATE OF NAME CHANGE:** 19940818

?xml version='1.0' encoding='ASCII'?

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**___________________________________________________________________**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported):

April 23, 2026

**___________________________________________________________________**

![](image1.gif)

**COVENANT LOGISTICS GROUP, INC.**

(Exact name of registrant as specified in its charter)

Nevada 001-42192 88-0320154 <br> (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

400 Birmingham Hwy., Chattanooga, TN 37419 <br> (Address of principal executive offices) (Zip Code)

(423) 821-1212

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class  | Trading Symbol(s)  | Name of each exchange on which registered  |
| $0.01 Par Value Class A common stock  | CVLG  | The New York Stock Exchange  |

---

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| | |
|:---|:---|
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging growth company ☐  |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |

---

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| | | |
|:---|:---|:---|
| **Item 2.02**  | **Results of Operations and Financial Condition.**  | **Results of Operations and Financial Condition.**  |
|  | On April 23, 2026, Covenant Logistics Group, Inc., a Nevada corporation (the "Company"), issued a press release announcing its financial and operating results for the quarter ended March 31, 2026. A copy of the press release is attached to this report as Exhibit 99.1. | On April 23, 2026, Covenant Logistics Group, Inc., a Nevada corporation (the "Company"), issued a press release announcing its financial and operating results for the quarter ended March 31, 2026. A copy of the press release is attached to this report as Exhibit 99.1. |
| **Item 9.01**  | **Financial Statements and Exhibits.**  | **Financial Statements and Exhibits.**  |
|  | **(d)** | **Exhibits.**  |
|  | EXHIBIT<br> <u>NUMBER</u> | <u>EXHIBIT DESCRIPTION</u>  |
|  | [99.1](exhibit991.htm) | Covenant Logistics Group, Inc. press release, announcing its financial and operating results for the quarter ended March 31, 2026. |
|  | 104 | Cover Page Interactive Data File. |
|  | The information contained in Items 2.02 and 9.01 of this report and the exhibit hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. | The information contained in Items 2.02 and 9.01 of this report and the exhibit hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **COVENANT LOGISTICS GROUP, INC.**  | **COVENANT LOGISTICS GROUP, INC.**  |
|  | *(Registrant)*  |  |
| Date: April 23, 2026  | By:  | /s/ James S. Grant  |
|  |  | James S. Grant  |
|  |  | Executive Vice President and Chief Financial Officer  |

---

## Exhibit 99.1

------

![](image1.gif)

**COVENANT LOGISTICS GROUP ANNOUNCES First QUARTER 2026**

**FINANCIAL AND OPERATING RESULTS**

CHATTANOOGA, TENNESSEE – April 23, 2026 - Covenant Logistics Group, Inc. (NYSE: CVLG) ("Covenant" or the "Company") announced today financial and operating results for the first quarter ended March 31, 2026. The Company's conference call to discuss the quarter will be held at 10:00 A.M. Eastern Time on Friday, April 24, 2026.

Chairman and Chief Executive Officer, David R. Parker, commented: "Our first quarter earnings were $0.17 per diluted share or $0.26 per diluted share on a non-GAAP adjusted basis. These results fell short of our expectations, largely as a result of severe weather shutdowns and fuel cost headwinds in January and February. However, freight volumes and rates improved in March, and we were encouraged by our positive operating performance and the momentum we carried into the second quarter. This momentum includes an expanding pipeline of new customers seeking committed capacity, rate increases with select existing customers, and the traditional seasonal improvement in freight volumes. Expedited and Managed Freight are expected to benefit first from the improving freight market. Given the characteristics of these segments, we believe there is significant operational leverage that will allow for sequential improvement throughout the year based on shifting market conditions. Our plan for the remainder of 2026 is to improve yields and reallocate assets to operations that improve our margins and returns. Based on a rapidly growing pipeline of customer demand, we expect to make significant progress assuming the current market momentum continues.

"Our 49% equity method investment with Transport Enterprise Leasing ("TEL") contributed pre-tax net income of $3.7 million, or $0.10 per share, was comparable to the 2025 quarter of $3.8 million, or $0.10 per share."

**First Quarter Financial Performance:**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **($000s, except per share information)**  | **2026** | **2025** |
| Total Revenue  | $307161 | $269355 |
| Freight Revenue, Excludes Fuel Surcharge  | $281925 | $243219 |
| Operating Income  | $6282 | $7627 |
| Adjusted Operating Income<sup>(1)</sup>  | $9610 | $10857 |
| Operating Ratio  | 98.0% | 97.2% |
| Adjusted Operating Ratio <sup>(1)</sup>  | 96.6% | 95.5% |
| Net Income  | $4420 | $6563 |
| Adjusted Net Income <sup>(1)</sup>  | $6915 | $8995 |
| Earnings per Diluted Share  | $0.17 | $0.24 |
| Adjusted Earnings per Diluted Share <sup>(1)</sup>  | $0.26 | $0.32 |

---

(1) Represents non-GAAP measures.

------

**Truckload Operating Data and Statistics**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **($000s, except statistical information)**  | **2026** | **2025** |
| **Combined Truckload**  |  |  |
| Total Revenue  | $188094 | $188302 |
| Freight Revenue, excludes Fuel Surcharge  | $163013 | $162329 |
| Segment Operating Income <sup>(1)</sup>  | $8408 | $7739 |
| Adj. Seg. Operating Income <sup>(2)</sup>  | $4811 | $6210 |
| Segment Operating Ratio <sup>(1)</sup>  | 95.5% | 95.9% |
| Adj. Seg. Operating Ratio <sup>(2)</sup>  | 97.0% | 96.2% |
| Average Freight Revenue per Tractor per Week  | $5576 | $5416 |
| Average Freight Revenue per Total Mile  | $2.76 | $2.53 |
| Average Miles per Tractor per Period  | 25961 | 27521 |
| Weighted Average Tractors for Period  | 2274 | 2331 |
| **Expedited**  |  |  |
| Total Revenue  | $84671 | $94693 |
| Freight Revenue, excludes Fuel Surcharge  | $71949 | $80249 |
| Segment Operating Income <sup>(1)</sup>  | $2821 | $5590 |
| Adj. Seg. Operating Income <sup>(2)</sup>  | $683 | $4655 |
| Segment Operating Ratio <sup>(1)</sup>  | 96.7% | 94.1% |
| Adj. Seg. Operating Ratio <sup>(2)</sup>  | 99.1% | 94.2% |
| Average Freight Revenue per Tractor per Week  | $7327 | $7323 |
| Average Freight Revenue per Total Mile  | $2.20 | $2.13 |
| Average Miles per Tractor per Period  | 42772 | 44260 |
| Weighted Average Tractors for Period  | 764 | 852 |
| **Dedicated**  |  |  |
| Total Revenue  | $103423 | $93609 |
| Freight Revenue, excludes Fuel Surcharge  | $91064 | $82080 |
| Segment Operating Income <sup>(1)</sup>  | $5587 | $2149 |
| Adj. Seg. Operating Income <sup>(2)</sup>  | $4128 | $1555 |
| Segment Operating Ratio <sup>(1)</sup>  | 94.6% | 97.7% |
| Adj. Seg. Operating Ratio <sup>(2)</sup>  | 95.5% | 98.1% |
| Average Freight Revenue per Tractor per Week  | $4691 | $4316 |
| Average Freight Revenue per Total Mile  | $3.45 | $3.10 |
| Average Miles per Tractor per Period  | 17459 | 17875 |
| Weighted Average Tractors for Period  | 1510 | 1479 |

---

(1) Segment operating income and segment operating ratio exclude indirect costs not directly attributable to any one reportable segment, amortization of intangible assets, impairment of goodwill, and contingent consideration liability adjustments to match the information our Chief Operating Decision Maker uses to evaluate the operating results of our reportable segments. The prior year periods have been conformed to this presentation.

(2) Represents non-GAAP measures.

------

**Combined Truckload Revenue**

Paul Bunn, the Company's President commented on truckload operations, "For the quarter, total revenue in our truckload operations slightly decreased 0.1%, to $188.1 million. The decrease in total revenue consisted of $0.7 million more freight revenue and $0.9 million less fuel surcharge revenue, which varies with the cost of fuel."

**Expedited Truckload Revenue**

Mr. Bunn added, "Freight revenue in our Expedited segment decreased $8.3 million, or 10.3%. Average total tractors decreased by 88 units or 10.4% to 764, compared to 852 in the prior year quarter. Average freight revenue per tractor per week was comparable to the prior year quarter, as higher rates were offset by fewer miles per tractor."

**Dedicated Truckload Revenue**

"For the quarter, freight revenue in our Dedicated segment increased $9.0 million, or 10.9%. Average total tractors increased by 31 units or 2.1% to 1,510, compared to 1,479 in the prior year quarter. Average freight revenue per tractor per week increased 8.7% as a result of improved productivity from our agricultural protein related fleet which was negatively impacted by avian influenza during the prior year period."

**Combined Truckload Operating Expenses** 

Mr. Bunn continued, "Our combined truckload operating expenses increased approximately 22 cents per total mile or 8%, primarily resulting from changes in business mix that offer higher revenue per mile and more consistent volumes accompanied by lower miles per unit and higher costs. General inflation and elevated fuel prices as a result of the recent Iran conflict also impacted our costs.

**Managed Freight Segment**

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| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **($000s)**  | **2026** | **2025** |
| Freight Revenue  | $90731 | $56850 |
| Segment Operating Income <sup>(1)</sup>  | $3703 | $3540 |
| Adj. Seg. Operating Income <sup>(2)</sup>  | $3587 | $3349 |
| Segment Operating Ratio <sup>(1)</sup>  | 95.9% | 93.8% |
| Adj. Seg. Operating Ratio <sup>(2)</sup>  | 96.0% | 94.1% |

---

(1) Segment operating income and segment operating ratio exclude indirect costs not directly attributable to any one reportable segment, amortization of intangible assets, and contingent consideration liability adjustments to match the information our Chief Operating Decision Maker uses to evaluate the operating results of our reportable segments. The prior year periods have been conformed to this presentation.

(2) Represents non-GAAP measures.

"For the quarter, Managed Freight achieved a 59.6% year over year increase in freight revenue, primarily attributable to the integration of assets acquired during the fourth quarter of 2025. However, the segment operating ratio and adjusted segment operating ratio were negatively impacted compared to the same quarter last year due to heightened costs associated with securing capacity. Although margin compression is a headwind in the current quarter, we believe it is a signal of stronger freight fundamentals, allowing for improved pricing opportunities later in the year.

------

**Warehousing Segment**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **($000s)**  | **2026** | **2025** |
| Freight Revenue  | $27552 | $24040 |
| Segment Operating Income <sup>(1)</sup>  | $1778 | $1843 |
| Adj. Seg. Operating Income <sup>(2)</sup>  | $1212 | $1298 |
| Segment Operating Ratio <sup>(1)</sup>  | 93.6% | 92.4% |
| Adj. Seg. Operating Ratio <sup>(2)</sup>  | 95.6% | 94.6% |

---

(1) Segment operating income and segment operating ratio exclude indirect costs not directly attributable to any one reportable segment, amortization of intangible assets, and contingent consideration liability adjustments to match the information our Chief Operating Decision Maker uses to evaluate the operating results of our reportable segments. The prior year periods have been conformed to this presentation.

(2) Represents non-GAAP measures.

"For the quarter, Warehousing's freight revenue increased $3.5 million, primarily from onboarding a significant new customer in the fourth quarter of 2025. Segment operating income and adjusted segment operating income were comparable to the prior year period because new business startup expenses and operational inefficiencies more than offset the additional revenue. Looking ahead, we expect activities within this startup to normalize and operating income margins to recover to the high-single digit range."

**Capitalization, Liquidity and Capital Expenditures** 

Tripp Grant, the Company's Chief Financial Officer, added the following comments: "At March 31, 2026, our total indebtedness, composed of total debt and finance lease obligations, net of cash ("net indebtedness"), decreased by $51.0 million to approximately $245.3 million as compared to December 31, 2025. In addition, our net indebtedness to total capitalization decreased to 37.6% at March 31, 2026 from 42.3% at December 31, 2025.

"The decrease in net indebtedness in the first quarter was primarily a result of selling a large amount of unproductive used equipment and buying very little new equipment.

"At March 31, 2026, we had cash and cash equivalents totaling $11.2 million. Under our ABL credit facility, we had $29.0 million in outstanding borrowings, undrawn letters of credit outstanding of $19.9 million, and immediate available borrowing capacity of $57.5 million.

"At the end of the quarter, we had $1.6 million in assets held for sale that we anticipate disposing of within twelve months. The average age of our tractors increased to 26 months compared to 20 months a year ago. Given the mix change between our high mileage expedited fleet and lower mileage dedicated fleets, going forward, we anticipate the average age of our equipment to range from 25 to 28 months.

"Our expectations for net capital equipment expenditures in 2026 remains unchanged and currently ranges from $40 million to $50 million, which is a significant reduction compared to 2025."

**Outlook**

Mr. Parker concluded, "Solid economic demand and shrinking industry-wide driver capacity are creating a favorable environment for building project pipelines and improving yield and revenue per tractor. With most of our revenue under contracts ranging from one to three years in duration, we expect to see gradual improvement beginning this quarter and extending for several quarters to come. As contracts become available, we intend to be nimble in allocating our equipment and people toward the relationships that produce long-term value through adequate margin and returns. Our momentum continues to build this year, and I can feel the energy and enthusiasm of our team who are running the business. While we will always be required to navigate certain circumstances in this business, it is much more fun to navigate them with a strong tail wind."

------

**Conference Call Information**

The Company will host a live conference call tomorrow, April 24, 2026, at 10:00 a.m. Eastern time to discuss the quarter. Individuals may access the call by dialing 877-550-1505 (U.S./Canada) and 0800-524-4760 (International). An audio replay will be available for one week following the call at 800-645-7964, access code 3895#. For additional financial and statistical information regarding the Company that is expected to be discussed during the conference call, please visit our website at www.covenantlogistics.com/investors under the icon "Earnings Info."

**About Covenant Logistics Group**

Covenant Logistics Group, Inc., through its subsidiaries, offers a portfolio of transportation and logistics services to customers throughout the United States. Primary services include asset- based expedited and dedicated truckload capacity, as well as asset-light warehousing, transportation management, and freight brokerage capability. In addition, Transport Enterprise Leasing is an affiliated company providing revenue equipment sales and leasing services to the trucking industry. Covenant's Class A common stock is traded on the New York Stock Exchange under the symbol, "CVLG."

&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> See GAAP to Non-GAAP Reconciliation in the schedules included with this release. In addition to operating income, segment operating income, operating ratio, segment operating ratio, net income, and earnings per diluted share, we use adjusted operating income, adjusted segment operating income, adjusted operating ratio, adjusted segment operating ratio, adjusted net income, and adjusted earnings per diluted share, non-GAAP measures, as key measures of profitability. Adjusted operating income, adjusted segment operating income, adjusted operating ratio, adjusted segment operating ratio, adjusted net income, and adjusted earnings per diluted share are not substitutes for operating income, segment operating income, operating ratio, segment operating ratio, net income, and earnings per diluted share measured in accordance with GAAP. There are limitations to using non-GAAP financial measures. We believe our presentation of these non-GAAP financial measures is useful because it provides investors and securities analysts with supplemental information that we use internally for purposes of assessing profitability. Further, our Board and management use non-GAAP operating income, segment operating income, operating ratio, segment operating ratio, net income, and earnings per diluted share measures on a supplemental basis to remove items that may not be an indicator of performance from period-to-period. Although we believe that adjusted operating income, adjusted segment operating income, adjusted operating ratio, adjusted segment operating ratio, adjusted net income, and adjusted earnings per diluted share improves comparability in analyzing our period-to-period performance, they could limit comparability to other companies in our industry, if those companies define such measures differently. Because of these limitations, adjusted operating income, adjusted segment operating income, adjusted operating ratio, adjusted segment operating ratio, adjusted net income, and adjusted earnings per diluted share should not be considered measures of income generated by our business or discretionary cash available to us to invest in the growth of our business. Management compensates for these limitations by primarily relying on GAAP results and using non-GAAP financial measures on a supplemental basis.

------

For further information contact:

M. Paul Bunn, President

PBunn@covenantlogistics.com

Tripp Grant, Chief Financial Officer

TGrant@covenantlogistics.com

For copies of Company information contact:

Brooke McKenzie, Executive Administrative Assistant

BMcKenzie@covenantlogistics.com

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| |
|:---|
| **Covenant Logistics Group, Inc.**  |
| **Key Financial and Operating Statistics**  |

---

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| | | | |
|:---|:---|:---|:---|
|  | **Income Statement Data** | **Income Statement Data** | **Income Statement Data** |
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **($s in 000s, except per share data)**  | **2026** | **2025** | **% Change** |
| Revenues  |  |  |  |
| Freight revenue  | $**281925** | $**243219** | **15.9%**  |
| Fuel surcharge revenue  | 25236 | 26136 | (3.4%) |
| Total revenue  | $307161 | $269355 | 14.0% |
| Operating expenses:  |  |  |  |
| Salaries, wages, and related expenses  | 109268 | 104952 |  |
| Fuel expense  | 28297 | 28168 |  |
| Operations and maintenance  | 17914 | 15750 |  |
| Revenue equipment rentals and purchased transportation  | 89218 | 56805 |  |
| Operating taxes and licenses  | 2989 | 3586 |  |
| Insurance and claims  | 12646 | 15283 |  |
| Communications and utilities  | 2034 | 1468 |  |
| General supplies and expenses  | 14199 | 13595 |  |
| Depreciation and amortization  | 23976 | 21795 |  |
| Loss on disposition of property and equipment, net  | 338 | 326 |  |
| Total operating expenses  | 300879 | 261728 |  |
| Operating income  | 6282 | 7627 |  |
| Interest expense, net  | 3886 | 2857 |  |
| Income from equity method investment  | (3687) | (3776) |  |
| Income from continuing operations before income taxes  | 6083 | 8546 |  |
| Income tax expense  | 1663 | 1983 |  |
| Net income  | $4420 | $6563 |  |
| **Basic earnings per share**  |  |  |  |
| Income from continuing operations  | $0.18 | $0.25 |  |
| **Diluted earnings per share**  |  |  |  |
| Income from continuing operations  | $0.17 | $0.24 |  |
| Basic weighted average shares outstanding (000s)  | 25082 | 26538 |  |
| Diluted weighted average shares outstanding (000s)  | 26434 | 27877 |  |

---

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| | | | |
|:---|:---|:---|:---|
|  | **Segment Freight Revenues** | **Segment Freight Revenues** | **Segment Freight Revenues** |
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **($s in 000's)**  | **2026** | **2025** | **% Change** |
| Expedited - Truckload  | $71949 | $80249 | (10.3%) |
| Dedicated - Truckload  | 91064 | 82080 | 10.9% |
| &nbsp;&nbsp;&nbsp; Combined Truckload  | 163013 | 162329 | 0.4% |
| Managed Freight  | 90731 | 56850 | 59.6% |
| Warehousing  | 27552 | 24040 | 14.6% |
| Other  | 629 |  | 100.0% |
| &nbsp;&nbsp;&nbsp; Consolidated Freight Revenue  | $281925 | $243219 | 15.9% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Truckload Operating Statistics** | **Truckload Operating Statistics** | **Truckload Operating Statistics** |
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** | **% Change** |
| Average freight revenue per loaded mile  | $3.34 | $2.98 | 12.1% |
| Average freight revenue per total mile  | $2.76 | $2.53 | 9.1% |
| Average freight revenue per tractor per week  | $5576 | $5416 | 3.0% |
| Average miles per tractor per period  | 25961 | 27521 | (5.7%) |
| Weighted avg. tractors for period  | 2274 | 2331 | (2.4%) |
| Tractors at end of period  | 2234 | 2393 | (6.6%) |
| Trailers at end of period  | 7265 | 6516 | 11.5% |

---

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| | | |
|:---|:---|:---|
|  | **Selected Balance Sheet Data** | **Selected Balance Sheet Data** |
| **($s in '000's, except per share data)**  | **3/31/2026** | **12/31/2025** |
| Total assets  | $1016828 | $1047548 |
| Total stockholders' equity  | $407604 | $403997 |
| Total indebtedness, comprised of total debt and finance leases, net of cash  | $245256 | $296297 |
| Net Indebtedness to Capitalization Ratio  | 37.6% | 42.3% |
| Leverage Ratio<sup>(1)</sup>  | 2.37 | 2.89 |
| Tangible book value per end-of-quarter basic share  | $8.95 | $8.69 |

---

(1) Leverage Ratio is calculated as total indebtedness, comprised of total debt and finance leases, net of cash, divided by the trailing twelve months sum of operating income, depreciation and amortization, and gain on disposition of property and equipment, net.

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| |
|:---|
| **Covenant Logistics Group, Inc.**  |
| **Non-GAAP Reconciliation (Unaudited)**  |
| **Adjusted Operating Income and Adjusted Operating Ratio**<sup>(</sup><sup>1)</sup>  |

---

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| | | | |
|:---|:---|:---|:---|
| ***(Dollars in thousands)***  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **GAAP Presentation**  | **2026** | **2025** | **bps Change** |
| Total revenue  | $**307161** | $**269355** |  |
| Total operating expenses  | 300879 | 261728 |  |
| &nbsp;&nbsp;&nbsp; Operating income  | $6282 | $7627 |  |
| &nbsp;&nbsp;&nbsp; Operating ratio  | 98.0% | 97.2% | 80 |
| **Non-GAAP Presentation**  | **2026** | **2025** | **bps Change** |
| Total revenue  | $**307161** | $**269355** |  |
| Fuel surcharge revenue  | (25236) | (26136) |  |
| &nbsp;&nbsp;&nbsp; Freight revenue (total revenue, excluding fuel surcharge)  | 281925 | 243219 |  |
| Total operating income  | 6282 | 7627 |  |
| Adjusted for:  |  |  |  |
| Amortization of intangibles <sup>(2)</sup>  | 3000 | 2371 |  |
| Contingent consideration liability adjustment  | 328 | 710 |  |
| Transaction costs  | - | 149 |  |
| &nbsp;&nbsp;&nbsp; Adjusted operating income  | $9610 | $10857 |  |
| &nbsp;&nbsp;&nbsp; Adjusted operating ratio  | 96.6% | 95.5% | 110 |

---

(1) Pursuant to the requirements of Regulation G, this table reconciles consolidated GAAP operating income and operating ratio to consolidated non-GAAP adjusted operating income and adjusted operating ratio.

(2) "Amortization of intangibles" reflects the non-cash amortization expense relating to intangible assets.

**Non-GAAP Reconciliation (Unaudited)** <br> **Adjusted Net Income and Adjusted EPS**<sup>(</sup><sup>1</sup><sup>)</sup> <br>

---

| | | |
|:---|:---|:---|
| ***(Dollars in thousands)***  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **GAAP Presentation - Net income**  | $4420 | $6563 |
| Adjusted for:  |  |  |
| Amortization of intangibles <sup>(2)</sup>  | 3000 | 2371 |
| Contingent consideration liability adjustment  | 328 | 710 |
| Transaction costs  |  | 149 |
| Total adjustments before taxes  | 3328 | 3230 |
| Provision for income tax expense at effective rate  | (833) | (798) |
| Tax effected adjustments  | $2495 | $2432 |
| **Non-GAAP Presentation - Adjusted net income**  | $6915 | $8995 |
| GAAP Presentation - Diluted earnings per share ("EPS")  | $0.17 | $0.24 |
| Adjusted for:  |  |  |
| Amortization of intangibles <sup>(2)</sup>  | 0.11 | 0.09 |
| Contingent consideration liability adjustment  | 0.01 | 0.03 |
| Transaction costs  |  | 0.01 |
| Total adjustments before taxes  | 0.12 | 0.12 |
| Provision for income tax expense at effective rate  | (0.03) | (0.04) |
| Tax effected adjustments  | $0.09 | $0.08 |
| Non-GAAP Presentation - Adjusted EPS<sup>(3)</sup>  | $0.26 | $0.32 |

---

(1) Pursuant to the requirements of Regulation G, this table reconciles consolidated GAAP net income to consolidated non-GAAP adjusted net income and consolidated GAAP diluted earnings per share to non-GAAP consolidated Adjusted EPS.

(2) "Amortization of intangibles" reflects the non-cash amortization expense relating to intangible assets.

(3) Total may not sum due to rounding.

------

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| |
|:---|
| **Covenant Logistics Group, Inc**  |
| **Non-GAAP Reconciliation (Unaudited)**  |
| **Adjusted Operating Income and Adjusted Operating Ratio** <sup>(1)</sup>  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***(Dollars in thousands)***  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **GAAP Presentation**  | **2026** | **2026** | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | Expedited | Dedicated | Combined Truckload | Managed Freight | Warehousing | Expedited | Dedicated | Combined Truckload | Managed Freight | Warehousing |
| Total revenue  | $**84671** | $**103423** | $**188094** | $**90731** | $**27707** | $**94693** | $**93609** | $**188302** | $**56850** | $**24203** |
| Total segment operating expenses <sup>(2)</sup>  | 81850 | 97836 | 179686 | 87028 | 25929 | 89103 | 91460 | 180563 | 53310 | 22360 |
| &nbsp;&nbsp; Segment operating income <sup>(2)</sup>  | $2821 | $5587 | $8408 | $3703 | $1778 | $5590 | $2149 | $7739 | $3540 | $1843 |
| &nbsp;&nbsp; Segment operating ratio <sup>(2)</sup>  | 96.7% | 94.6% | 95.5% | 95.9% | 93.6% | 94.1% | 97.7% | 95.9% | 93.8% | 92.4% |
| **Non-GAAP Presentation**  |  |  |  |  |  |  |  |  |  |  |
| Total revenue  | $**84671** | $**103423** | $**188094** | $**90731** | $**27707** | $**94693** | $**93609** | $**188302** | $**56850** | $**24203** |
| Fuel surcharge revenue  | (12722) | (12359) | (25081) |  | (155) | (14444) | (11529) | (25973) |  | (163) |
| &nbsp;&nbsp; Freight revenue (total revenue, excluding fuel surcharge)  | 71949 | 91064 | 163013 | 90731 | 27552 | 80249 | 82080 | 162329 | 56850 | 24040 |
| Total segment operating income <sup>(2)</sup>  | $2821 | $5587 | 8408 | $3703 | $1778 | $5590 | $2149 | 7739 | $3540 | $1843 |
| Adjusted for:  |  |  |  |  |  |  |  |  |  |  |
| Other <sup>(3)</sup>  | (2138) | (1459) | (3597) | (116) | (566) | (935) | (594) | (1529) | (191) | (545) |
| &nbsp;&nbsp; Adjusted segment operating income  | 683 | 4128 | 4811 | 3587 | 1212 | 4655 | 1555 | 6210 | 3349 | 1298 |
| &nbsp;&nbsp; Adjusted segment operating ratio  | 99.1% | 95.5% | 97.0% | 96.0% | 95.6% | 94.2% | 98.1% | 96.2% | 94.1% | 94.6% |

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(1) Pursuant to the requirements of Regulation G, this table reconciles consolidated GAAP segment operating income and segment operating ratio to consolidated non-GAAP adjusted segment operating income and adjusted segment operating ratio.

(2) Segment operating expenses, segment operating income, and segment operating ratio exclude indirect costs not directly attributable to any one reportable segment, amortization of intangible assets, impairment of goodwill, and contingent consideration liability adjustments to match the information our Chief Operating Decision Maker uses to evaluate the operating results of our reportable segments. The prior year periods have been conformed to this presentation.

(3) Represents indirect costs not directly attributable to any one reportable segment.