# EDGAR Filing Document

**Accession Number:** 0000928658
**File Stem:** 0001008886-26-000017
**Filing Date:** 2026-1
**Character Count:** 51017
**Document Hash:** c964a03df954421a72567d133050f020
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001008886-26-000017.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001008886-26-000017

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260129

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**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:** 26579079

**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):

January 29, 2026

#### ___________________________________________________________________
![graphic](image0.jpg)

### 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 &nbsp;&nbsp;&nbsp;&nbsp;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:

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| | |
|:---|:---|
| ☐ | 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: | 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<br>| The New York Stock Exchange<br>|

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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 January 29, 2026, Covenant Logistics Group, Inc., a Nevada corporation (the "Company"), issued a press release announcing its financial and operating results for the quarter and year ended December 31, 2025. A copy of the press release is attached to this report as Exhibit 99.1. | On January 29, 2026, Covenant Logistics Group, Inc., a Nevada corporation (the "Company"), issued a press release announcing its financial and operating results for the quarter and year ended December 31, 2025. 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)<br>| Covenant Logistics Group, Inc. press release announcing its financial and operating results for the quarter and year ended December 31, 2025. |
|  | 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. |

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#### 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.

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| | | |
|:---|:---|:---|
|  | **COVENANT LOGISTICS GROUP, INC.** | **COVENANT LOGISTICS GROUP, INC.** |
|  | (Registrant) |  |
| Date: January 29, 2026 | By: | /s/ James S. Grant |
|  |  | James S. Grant |
|  |  | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

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Exhibit 99.1

![](image0.jpg)

#### COVENANT LOGISTICS GROUP ANNOUNCES FOURTH QUARTER 2025

#### FINANCIAL AND OPERATING RESULTS
CHATTANOOGA, TENNESSEE – January 29, 2026 - Covenant Logistics Group, Inc. (NYSE: CVLG) ("Covenant" or the "Company") announced today financial and operating results for the fourth quarter ended December 31, 2025. The Company's conference call to discuss the quarter will be held at 10:00 A.M. Eastern Time on Friday, January 30, 2026.

Chairman and Chief Executive Officer, David R. Parker, commented: "Our fourth quarter resulted in a loss of $0.73 per diluted share, driven by impairment charges to goodwill and equipment and elevated insurance expense, each discussed below. Excluding these charges our non-GAAP adjusted results reflect income of $0.31 per diluted share.

"Our adjusted results were in line with our expectations, with operating positives and negatives roughly offsetting. A seasonal uplift in volume provided some benefit, which was largely offset by the longest U.S. government shut down in history that affected our specialized team operation, increased costs of securing capacity in our Managed Freight segment, and start-up costs in Warehousing for a new location in November.

"Our plan for 2026 includes continued reallocation of capital to better returning operations while positioning for an expected improvement in freight fundamentals. During the first half of the year, we expect to exit unprofitable business relationships, moderately reduce our total truckload fleet (while growing the most profitable components), improve free cash flow and deleverage our balance sheet. We will be opportunistic in investing in areas that differentiate us from other carriers, focusing on high value and high service requirement freight. Our truckload business requires substantial capital and carries significant risks, and we need to seek and execute on business where the returns justify continued reinvestment.

"While tightly managing our asset-based fleet, we recently expanded our logistics platform and ability to flex with market demand by acquiring the assets of an approximately $130 million revenue truckload brokerage business, which we are operating under the brand "Star Logistics Solutions." In the acquisition, we picked up an enviable customer list and great people with strong capability in both consumer retail and disaster relief sectors where we historically have lacked exposure. We expect the consumer retail expertise will allow us to access more freight that we currently do not serve and afford upside leverage to a future freight market recovery. In addition, the disaster recovery market is highly specialized and synergistic with our Expedited business and offers occasional, high volume and high margin opportunities. We're proud to welcome this new team to Covenant.

"Our 49% equity method investment with Transport Enterprise Leasing ("TEL") contributed pre-tax net income of $3.1 million, or $0.09 per share, was comparable to the 2024 quarter of $3.0 million, or $0.08 per share."

#### Fourth Quarter Financial Performance:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **($000s, except per share information)** | **2025** | **2024** | **2025** | **2024** |
| Total Revenue | $295374 | $277331 | $1164472 | $1131476 |
| Freight Revenue, Excludes Fuel Surcharge | $270644 | $251145 | $1059235 | $1013941 |
| Operating (Loss) Income | $(24179) | $8613 | $2937 | $44760 |
| Adjusted Operating Income <sup>(1)</sup> | $10882 | $17943 | $51735 | $70740 |
| Operating Ratio | 108.2% | 96.9% | 99.7% | 96.0% |
| Adjusted Operating Ratio <sup>(1)</sup> | 96.0% | 92.9% | 95.1% | 93.0% |
| Net (Loss) Income | $(18257) | $6720 | $7239 | $35921 |
| Adjusted Net Income <sup>(1)</sup> | $8032 | $13687 | $41252 | $54977 |
| (Loss) Earnings per Diluted Share | $(0.73) | $0.24 | $0.27 | $1.30 |
| Adjusted Earnings per Diluted Share <sup>(1)</sup> | $0.31 | $0.49 | $1.53 | $1.98 |

---

(1) Represents non-GAAP measures.

------

#### Truckload Operating Data and Statistics

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **($000s, except statistical information)** | **2025** | **2024** | **2025** | **2024** |
| **Combined Truckload** |  |  |  |  |
| Total Revenue | $188943 | $190418 | $776474 | $780875 |
| Freight Revenue, excludes Fuel Surcharge | $164355 | $164479 | $671844 | $664484 |
| Segment Operating Income<sup>(1)</sup> | $10705 | $19121 | $41112 | $86520 |
| Adj. Seg. Operating Income<sup>(2)</sup> | $9168 | $10529 | $34943 | $47814 |
| Segment Operating Ratio<sup>(1)</sup> | 94.3% | 90.0% | 94.7% | 88.9% |
| Adj. Seg. Operating Ratio<sup>(2)</sup> | 94.4% | 93.6% | 94.8% | 92.8% |
| Average Freight Revenue per Tractor per Week | $5327 | $5444 | $5416 | $5613 |
| Average Freight Revenue per Total Mile | $2.61 | $2.48 | $2.54 | $2.41 |
| Average Miles per Tractor per Period | 26812 | 28795 | 110971 | 121935 |
| Weighted Average Tractors for Period | 2347 | 2299 | 2379 | 2264 |
| **Expedited** |  |  |  |  |
| Total Revenue | $86669 | $98666 | $373294 | $416461 |
| Freight Revenue, excludes Fuel Surcharge | $73556 | $83816 | $317218 | $346697 |
| Segment Operating Income<sup>(1)</sup> | $2991 | $11967 | $21126 | $47940 |
| Adj. Seg. Operating Income<sup>(2)</sup> | $2064 | $6677 | $16934 | $24295 |
| Segment Operating Ratio<sup>(1)</sup> | 96.5% | 87.9% | 94.3% | 88.5% |
| Adj. Seg. Operating Ratio<sup>(2)</sup> | 97.2% | 92.0% | 94.7% | 93.0% |
| Average Freight Revenue per Tractor per Week | $6718 | $7291 | $7143 | $7416 |
| Average Freight Revenue per Total Mile | $2.06 | $2.13 | $2.10 | $2.09 |
| Average Miles per Tractor per Period | 42774 | 45036 | 177114 | 185340 |
| Weighted Average Tractors for Period | 833 | 875 | 852 | 894 |
| **Dedicated** |  |  |  |  |
| Total Revenue | $102274 | $91752 | $403180 | $364414 |
| Freight Revenue, excludes Fuel Surcharge | $90799 | $80663 | $354626 | $317787 |
| Segment Operating Income<sup>(1)</sup> | $7714 | $7154 | $19986 | $38580 |
| Adj. Seg. Operating Income<sup>(2)</sup> | $7104 | $3852 | $18009 | $23519 |
| Segment Operating Ratio<sup>(1)</sup> | 92.5% | 92.2% | 95.0% | 89.4% |
| Adj. Seg. Operating Ratio<sup>(2)</sup> | 92.2% | 95.2% | 94.9% | 92.6% |
| Average Freight Revenue per Tractor per Week | $4561 | $4310 | $4453 | $4436 |
| Average Freight Revenue per Total Mile | $3.32 | $3.01 | $3.13 | $2.88 |
| Average Miles per Tractor per Period | 18029 | 18818 | 74076 | 80556 |
| Weighted Average Tractors for Period | 1514 | 1424 | 1527 | 1370 |

---

(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 0.8%, to $188.9 million. The decrease in total revenue consisted of $0.1 million less freight revenue and $1.4 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 $10.3 million, or 12.2%. Average total tractors decreased by 42 units or 4.8% to 833, compared to 875 in the prior year quarter. Average freight revenue per tractor per week decreased 7.8% as a result of a 5.0% decrease in utilization and a 3.3% decrease in freight revenue per total mile. Negative mix associated with the government shutdown contributed to the revenue per mile decline."

#### Dedicated Truckload Revenue
"For the quarter, freight revenue in our Dedicated segment increased $10.1 million, or 12.6%. Average total tractors increased by 90 units or 6.3% to 1,514, compared to 1,424 in the prior year quarter. Average freight revenue per tractor per week increased 5.8% as a result of a 10.3% increase in freight revenue per total mile, partially offset by a 4.2% decrease in utilization. Positive mix associated with growing our specialized agriculture capacity and shrinking more commoditized capacity contributed to the increase in revenue per mile."

------

#### Combined Truckload Operating Expenses
Mr. Bunn continued, "On a non-GAAP adjusted basis, operating expenses increased approximately 14 cents per total mile or 6% as a result of year over year business mix changes, as well as the continuation of inflationary cost pressures, particularly with compensation and equipment related costs.

"Salaries, wages, and related expenses increased by $0.06 per total mile, representing a year-over-year growth of approximately 5%. This rise is primarily attributable to the expanded scale of our dedicated agriculture supply chain operations and the strategic reduction in commoditized freight across both the expedited and dedicated fleets. As we transition our business mix toward higher-value, specialized freight, we recognize that our cost structure, including driver compensation, will trend upward accordingly. These specialized segments necessitate investment in skilled personnel and maintenance resources due to the operational demands of heavier loads and shorter hauls, which elevate our per-mile costs. Additionally, as the freight market improves and the driver market tightens, we anticipate driver pay to continue to rise.

"Equipment related expenses, including operations and maintenance, leased revenue equipment and depreciation and amortization expense, increased approximately $0.07 cents per total mile, or approximately 12%, compared to the prior year. This increase is a result of multiple factors, including escalating costs to acquire new equipment, a soft used equipment market, and excess unproductive equipment in the quarter, as well as year over year business mix changes between our Expedited and Dedicated fleets.

#### Managed Freight Segment

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **($000s)** | **2025** | **2024** | **2025** | **2024** |
| Freight Revenue | $80186 | $62271 | $286806 | $248939 |
| Segment Operating Income <sup>(1)</sup> | $1203 | $5421 | $12166 | $14905 |
| Adj. Seg. Operating Income <sup>(2)</sup> | $1007 | $5152 | $11563 | $13996 |
| Segment Operating Ratio <sup>(1)</sup> | 98.5% | 91.3% | 95.8% | 94.0% |
| Adj. Seg. Operating Ratio <sup>(2)</sup> | 98.7% | 91.7% | 96.0% | 94.4% |

---

(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 28.8% year over year increase in freight revenue, primarily attributable to the integration of assets acquired during the period now operating as Star Logistics Solutions. However, segment operating income and adjusted segment operating income were negatively impacted compared to the same quarter last year due to heightened costs associated with securing capacity during peak season. Freight volumes and capacity costs are not expected to remain as elevated in the first quarter due to normal seasonality. However, the significant market tightening in the fourth quarter could be an indicator of stronger freight fundamentals later in the year.

#### Warehousing Segment

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **($000s)** | **2025** | **2024** | **2025** | **2024** |
| Freight Revenue | $25519 | $24395 | $99948 | $100518 |
| Segment Operating Income <sup>(1)</sup> | $1440 | $2866 | $7699 | $11403 |
| Adj. Seg. Operating Income <sup>(2)</sup> | $707 | $2260 | $5229 | $8934 |
| Segment Operating Ratio <sup>(1)</sup> | 94.4% | 88.4% | 92.3% | 88.8% |
| Adj. Seg. Operating Ratio <sup>(2)</sup> | 97.2% | 90.7% | 94.8% | 91.1% |

---

(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, Warehousing's freight revenue increased $1.1 million, while segment operating income and adjusted segment operating income declined by $1.4 million and $1.6 million, respectively, compared to the fourth quarter of 2024. The onboarding of a significant new customer contributed to incremental revenue in this segment; however, the associated startup expenses and operational inefficiencies more than offset the additional revenue. Looking ahead, as activities within this startup normalize, we expect 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 December 31, 2025, our total indebtedness, composed of total debt and finance lease obligations, net of cash ("net indebtedness"), increased by $76.7 million to approximately $296.3 million as compared to December 31, 2024. In addition, our net indebtedness to total capitalization increased to 42.3% at December 31, 2025, from 33.4% at December 31, 2024.

"The increase to net indebtedness in the year is primarily attributable to $46.3 million in acquisition-related payments and $36.2 million of stock repurchases. Our immediate priority in 2026 is to use proceeds from the sale of excess equipment to paydown debt.

"At December 31, 2025, we had cash and cash equivalents totaling $4.9 million. Under our ABL credit facility, we had $30.0 million outstanding borrowings, undrawn letters of credit outstanding of $19.9 million, and immediate available borrowing capacity of $53.3 million.

"At the end of the quarter, we had $26.1 million in assets held for sale that we anticipate disposing of within twelve months. The average age of our tractors increased to 24 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 24 to 26 months.

"Our expectations for net capital equipment expenditures in 2026 is $40 million to $50 million, which is a significant reduction compared to 2025 due to purchasing significantly fewer new tractors in the year than we are selling."

#### Impairment and Other Adjustments

Mr. Grant continued, "The fourth quarter included approximately $19.4 million of non-cash impairment charges relating to goodwill and tractors pulled from service as we continue to evaluate and exit unprofitable accounts in both our Expedited and Dedicated fleets. Additionally, we recorded $11.6 million in claims costs primarily related to the settlement of an auto liability claim in insurance layers with shared retention. Other adjustments are more typical including non-cash amortization of intangibles and acquisition-related expenses. These charges are summarized below and have been adjusted out of our non-GAAP results as shown in the reconciliation schedules following the release.

---

| | |
|:---|:---|
| Expense items: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition related transaction costs | $0.4 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill | $10.7 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Large claims settlement | $11.6 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of revenue equipment and related charges | $8.7 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash intangibles amortization and contingent consideration adjustments | $3.7 million |
| **Total Fourth Quarter Adjustments** | **$35.1 million** |

---

#### Outlook

Mr. Parker concluded, "I am positive about Covenant's outlook as we enter a year full of challenge and opportunity. Challenge because we need to do more with the assets we have. Opportunity because our high-value pipeline and ability to capitalize on a freight recovery are as strong as ever. After a few years of using our balance sheet to fundamentally change our company, and buy back our shares at an attractive value, we look to operate more efficiently, refine our capital allocation, de-lever, and look for the next opportunity."

#### Conference Call Information
The Company will host a live conference call tomorrow, January 30, 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."

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."

<sup>(1)</sup> See GAAP to Non-GAAP Reconciliation in the schedules included with this release. In addition to operating (loss) income, segment operating income, operating ratio, segment operating ratio, net (loss) income, and (loss) 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 (loss) income, segment operating income, operating ratio, segment operating ratio, net (loss) income, and (loss) 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 are 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 (loss) income, segment operating income, operating ratio, segment operating ratio, net (loss) income, and (loss) 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.** | **Covenant Logistics Group, Inc.** | **Covenant Logistics Group, Inc.** | **Covenant Logistics Group, Inc.** | **Covenant Logistics Group, Inc.** | **Covenant Logistics Group, Inc.** | **Covenant Logistics Group, Inc.** |
| **Key Financial and Operating Statistics** | **Key Financial and Operating Statistics** | **Key Financial and Operating Statistics** | **Key Financial and Operating Statistics** | **Key Financial and Operating Statistics** | **Key Financial and Operating Statistics** | **Key Financial and Operating Statistics** |
|  | **Income Statement Data** | **Income Statement Data** | **Income Statement Data** | **Income Statement Data** | **Income Statement Data** | **Income Statement Data** |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **($s in 000s, except per share data)** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Revenues |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Freight revenue | $**270644** | $**251145** | 7.8<br>**%** | $**1059235** | $**1013941** | 4.5<br>**%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuel surcharge revenue | 24730 | 26186 | (5.6%) | 105237 | 117535 | (10.5%) |
| Total revenue | $295374 | $277331 | 6.5% | $1164472 | $1131476 | 2.9% |
| Operating expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salaries, wages, and related expenses | 109393 | 105796 |  | 433238 | 423319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuel expense | 26629 | 27391 |  | 112292 | 115981 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operations and maintenance | 17405 | 14858 |  | 69573 | 61696 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue equipment rentals and purchased transportation | 80207 | 60362 |  | 286711 | 254302 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating taxes and licenses | 3450 | 3083 |  | 13776 | 11954 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance and claims | 23356 | 15066 |  | 70125 | 59845 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications and utilities | 1799 | 1402 |  | 6379 | 5407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General supplies and expenses | 15061 | 18809 |  | 59185 | 66053 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 31352 | 22069 |  | 99221 | 86529 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss on disposition of property and equipment, net | 203 | (118) |  | 337 | 1630 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill | 10698 | - |  | 10698 | - |  |
| Total operating expenses | 319553 | 268718 |  | 1161535 | 1086716 |  |
| Operating (loss) income | (24179) | 8613 |  | 2937 | 44760 |  |
| Interest expense, net | 3260 | 3235 |  | 12055 | 13576 |  |
| Income from equity method investment | (3087) | (2950) |  | (14709) | (14713) |  |
| (Loss) income from continuing operations before income taxes | (24352) | 8328 |  | 5591 | 45897 |  |
| Income tax (benefit) expense | (6095) | 1758 |  | 1181 | 10576 |  |
| (Loss) income from continuing operations | (18257) | 6570 |  | 4410 | 35321 |  |
| Income from discontinued operations, net of tax | - | 150 |  | 2829 | 600 |  |
| Net (loss) income | $(18257) | $6720 |  | $7239 | $35921 |  |
| **Basic (loss) earnings per share <sup>(1)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from continuing operations | $(0.73) | $0.25 |  | $0.17 | $1.35 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from discontinued operations | $- | $0.01 |  | $0.11 | $0.02 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) net income per basic share | $(0.73) | $0.26 |  | $0.28 | $1.37 |  |
| **Diluted (loss) earnings per share <sup>(1)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from continuing operations | $(0.73) | $0.24 |  | $0.16 | $1.27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from discontinued operations | $- | $0.01 |  | $0.11 | $0.02 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (loss) income per diluted share | $(0.73) | $0.24 |  | $0.27 | $1.30 |  |
| Basic weighted average shares outstanding (000s) | 25048 | 26402 |  | 25648 | 26307 |  |
| Diluted weighted average shares outstanding (000s) | 26216 | 27900 |  | 26909 | 27714 |  |

---

(1) Total may not sum due to rounding.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Segment Freight Revenues** | **Segment Freight Revenues** | **Segment Freight Revenues** | **Segment Freight Revenues** | **Segment Freight Revenues** | **Segment Freight Revenues** |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **($s in 000's)** | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Expedited - Truckload | $73556 | $83816 | (12.2%) | $317218 | $346697 | (8.5%) |
| Dedicated - Truckload | 90799 | 80663 | 12.6% | 354626 | 317787 | 11.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Combined Truckload | 164355 | 164479 | (0.1%) | 671844 | 664484 | 1.1% |
| Managed Freight | 80186 | 62271 | 28.8% | 286806 | 248939 | 15.2% |
| Warehousing | 25519 | 24395 | 4.6% | 99948 | 100518 | (0.6%) |
| Other | 584 | - | 100.0% | 637 | - | 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Freight Revenue | $270644 | $251145 | 7.8% | $1059235 | $1013941 | 4.5% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Truckload Operating Statistics** | **Truckload Operating Statistics** | **Truckload Operating Statistics** | **Truckload Operating Statistics** | **Truckload Operating Statistics** | **Truckload Operating Statistics** |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Average freight revenue per loaded mile | $3.15 | $2.91 | 8.2% | $3.02 | $2.77 | 9.0% |
| Average freight revenue per total mile | $2.61 | $2.48 | 5.2% | $2.54 | $2.41 | 5.4% |
| Average freight revenue per tractor per week | $5327 | $5444 | (2.1%) | $5416 | $5613 | (3.5%) |
| Average miles per tractor per period | 26812 | 28795 | (6.9%) | 110971 | 121935 | (9.0%) |
| Weighted avg. tractors for period | 2347 | 2299 | 2.1% | 2379 | 2264 | 5.1% |
| Tractors at end of period | 2315 | 2307 | 0.3% | 2315 | 2307 | 0.3% |
| Trailers at end of period | 7280 | 6445 | 12.9% | 7280 | 6445 | 12.9% |

---

------

---

| | | |
|:---|:---|:---|
|  | **Selected Balance Sheet Data** | **Selected Balance Sheet Data** |
| **($s in '000's, except per share data)** | **12/31/2025** | **12/31/2024** |
| Total assets | $1047548 | $997568 |
| Total stockholders' equity | $403997 | $438340 |
| Total indebtedness, comprised of total debt and finance leases, net of cash | $296297 | $219620 |
| Net Indebtedness to Capitalization Ratio | 42.3% | 33.4% |
| Leverage Ratio<sup>(1)</sup> | 2.89 | 1.65 |
| Tangible book value per end-of-quarter basic share | $8.69 | $10.17 |

---

(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 (loss) income, depreciation and amortization, and gain on disposition of property and equipment, net.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Covenant Logistics Group, Inc.** | **Covenant Logistics Group, Inc.** | **Covenant Logistics Group, Inc.** | **Covenant Logistics Group, Inc.** | **Covenant Logistics Group, Inc.** | **Covenant Logistics Group, Inc.** | **Covenant Logistics Group, Inc.** |
| **Non-GAAP Reconciliation (Unaudited)** | **Non-GAAP Reconciliation (Unaudited)** | **Non-GAAP Reconciliation (Unaudited)** | **Non-GAAP Reconciliation (Unaudited)** | **Non-GAAP Reconciliation (Unaudited)** | **Non-GAAP Reconciliation (Unaudited)** | **Non-GAAP Reconciliation (Unaudited)** |
| **Adjusted Operating Income and Adjusted Operating Ratio<sup>(1)</sup>** | **Adjusted Operating Income and Adjusted Operating Ratio<sup>(1)</sup>** | **Adjusted Operating Income and Adjusted Operating Ratio<sup>(1)</sup>** | **Adjusted Operating Income and Adjusted Operating Ratio<sup>(1)</sup>** | **Adjusted Operating Income and Adjusted Operating Ratio<sup>(1)</sup>** | **Adjusted Operating Income and Adjusted Operating Ratio<sup>(1)</sup>** | **Adjusted Operating Income and Adjusted Operating Ratio<sup>(1)</sup>** |
| ***(Dollars in thousands)*** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **GAAP Presentation** | **2025** | **2024** | **bps Change** | **2025** | **2024** | **bps Change** |
| Total revenue | $**295374** | $**277331** |  | $**1164472** | $**1131476** |  |
| Total operating expenses | 319553 | 268718 |  | 1161535 | 1086716 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating (loss) income | $(24179) | $8613 |  | $2937 | $44760  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating ratio | 108.2% | 96.9% | 1130 | 99.7% | 96.0% | 370 |
| **Non-GAAP Presentation** | **2025** | **2024** | **bps Change** | **2025** | **2024** | **bps Change** |
| Total revenue | $**295374** | $**277331** |  | $**1164472** | $**1131476** |  |
| Fuel surcharge revenue | (24730) | (26186) |  | (105237) | (117535) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Freight revenue (total revenue, excluding fuel surcharge) | 270644 | 251145 |  | 1059235 | 1013941 |  |
| Total operating (loss) income | (24179) | 8613 |  | 2937 | 44760 |  |
| Adjusted for: |  |  |  |  |  |  |
| Amortization of intangibles <sup>(2)</sup> | 3000 | 2372 |  | 10770 | 9488 |  |
| Contingent consideration liability adjustment | 708 | 6958 |  | 2838 | 16492 |  |
| Transaction costs | 418 | - |  | 567 | - |  |
| Employee separation costs | - | - |  | 1375 | - |  |
| Lease abandonment and customer exit costs | - | - |  | 429 | - |  |
| Abandonment of long-lived software | - | - |  | 1884 | - |  |
| Impairment of goodwill | 10698 | - |  | 10698 | - |  |
| Large claims settlement | 11585 | - |  | 11585 | - |  |
| Impairment of revenue equipment and related charges | 8652 | - |  | 8652 | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted operating income | $10882 | $17943 |  | $51735 | $70740 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted operating ratio | 96.0% | 92.9% | 310 | 95.1% | 93.0% | 210 |

---

(1) Pursuant to the requirements of Regulation G, this table reconciles consolidated GAAP operating (loss) 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>(1)</sup>** | **Non-GAAP Reconciliation (Unaudited)**<br> **Adjusted Net Income and Adjusted EPS<sup>(1)</sup>** | **Non-GAAP Reconciliation (Unaudited)**<br> **Adjusted Net Income and Adjusted EPS<sup>(1)</sup>** | **Non-GAAP Reconciliation (Unaudited)**<br> **Adjusted Net Income and Adjusted EPS<sup>(1)</sup>** | **Non-GAAP Reconciliation (Unaudited)**<br> **Adjusted Net Income and Adjusted EPS<sup>(1)</sup>** |
| ***(Dollars in thousands)*** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **GAAP Presentation - Net (loss) income** | $(18257) | $6720 | $7239 | $35921 |
| Adjusted for: |  |  |  |  |
| Amortization of intangibles <sup>(2)</sup> | 3000 | 2372 | 10770 | 9488 |
| Discontinued operations reversal of loss contingency <sup>(3)</sup> | - | (200) | (3773) | (800) |
| Contingent consideration liability adjustment | 708 | 6958 | 2838 | 16492 |
| Transaction costs | 418 | - | 567 | - |
| Employee separation costs | - | - | 1375 | - |
| Lease abandonment and customer exit costs | - | - | 429 | - |
| Abandonment of long-lived software | - | - | 1884 | - |
| Impairment of goodwill | 10698 | - | 10698 | - |
| Large claims settlement | 11585 | - | 11585 | - |
| Impairment of revenue equipment and related charges | 8652 | - | 8652 | - |
| Total adjustments before taxes | 35061 | 9130 | 45025 | 25180 |
| Provision for income tax expense at effective rate | (8772) | (2163) | (11012) | (6124) |
| Tax effected adjustments | $26289 | $6967 | $34013 | $19056 |
| **Non-GAAP Presentation - Adjusted net income** | $8032 | $13687 | $41252 | $54977 |
| GAAP Presentation - Diluted (loss) earnings per share ("EPS") <sup>(4)</sup> | $(0.73) | $0.24 | $0.27 | $1.30  |
| Adjusted for: |  |  |  |  |
| Amortization of intangibles <sup>(2)</sup> | 0.11 | 0.09 | 0.40 | 0.34 |
| Discontinued operations reversal of loss contingency<sup>(3)</sup> | - | (0.01) | (0.14) | (0.03) |
| Contingent consideration liability adjustment | 0.03 | 0.25 | 0.11 | 0.59 |
| Transaction costs | 0.02 | - | 0.02 | - |
| Employee separation costs | - | - | 0.05 | - |
| Lease abandonment and customer exit costs | - | - | 0.02 | - |
| Abandonment of long-lived software | - | - | 0.07 | - |
| Impairment of goodwill | 0.41 | - | 0.40 | - |
| Large claims settlement | 0.44 | - | 0.43 | - |
| Impairment of revenue equipment and related charges | 0.33 | - | 0.32 | - |
| Total adjustments before taxes | 1.34 | 0.33 | 1.67 | 0.90 |
| Provision for income tax expense at effective rate | (0.33) | (0.08) | (0.41) | (0.22) |
| Tax effected adjustments | $1.01 | $0.25 | $1.26 | $0.68 |
| Tax effected impact of dilutive shares | 0.03 | - | - | - |
| Non-GAAP Presentation - Adjusted EPS | $0.31 | $0.49 | $1.53 | $1.98 |

---

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

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

(3) "Discontinued Operations reversal of loss contingency" reflects the non-cash reversal of a previously recorded loss contingency that is no longer considered
 probable. The original loss contingency was recorded in Q4 2020 as a result of our disposal of our former accounts receivable factoring segment, TFS.

(4) Total may not sum due to rounding.

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Covenant Logistics Group, Inc** | **Covenant Logistics Group, Inc** | **Covenant Logistics Group, Inc** | **Covenant Logistics Group, Inc** | **Covenant Logistics Group, Inc** | **Covenant Logistics Group, Inc** | **Covenant Logistics Group, Inc** | **Covenant Logistics Group, Inc** | **Covenant Logistics Group, Inc** | **Covenant Logistics Group, Inc** | **Covenant Logistics Group, Inc** |
| **Non-GAAP Reconciliation (Unaudited)** | **Non-GAAP Reconciliation (Unaudited)** | **Non-GAAP Reconciliation (Unaudited)** | **Non-GAAP Reconciliation (Unaudited)** | **Non-GAAP Reconciliation (Unaudited)** | **Non-GAAP Reconciliation (Unaudited)** | **Non-GAAP Reconciliation (Unaudited)** | **Non-GAAP Reconciliation (Unaudited)** | **Non-GAAP Reconciliation (Unaudited)** | **Non-GAAP Reconciliation (Unaudited)** | **Non-GAAP Reconciliation (Unaudited)** |
| **Adjusted Operating Income and Adjusted Operating Ratio <sup>(1)</sup>** | **Adjusted Operating Income and Adjusted Operating Ratio <sup>(1)</sup>** | **Adjusted Operating Income and Adjusted Operating Ratio <sup>(1)</sup>** | **Adjusted Operating Income and Adjusted Operating Ratio <sup>(1)</sup>** | **Adjusted Operating Income and Adjusted Operating Ratio <sup>(1)</sup>** | **Adjusted Operating Income and Adjusted Operating Ratio <sup>(1)</sup>** | **Adjusted Operating Income and Adjusted Operating Ratio <sup>(1)</sup>** | **Adjusted Operating Income and Adjusted Operating Ratio <sup>(1)</sup>** | **Adjusted Operating Income and Adjusted Operating Ratio <sup>(1)</sup>** | **Adjusted Operating Income and Adjusted Operating Ratio <sup>(1)</sup>** | **Adjusted Operating Income and Adjusted Operating Ratio <sup>(1)</sup>** |
| ***(Dollars in thousands)*** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| **GAAP Presentation** | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | Expedited | Dedicated | Combined Truckload | Managed Freight | Warehousing | Expedited | Dedicated | Combined Truckload | Managed Freight | Warehousing |
| Total revenue | $**86669** | $**102274** | $**188943** | $**80186** | $**25661** | $**98666** | $**91752** | $**190418** | $**62271** | $**24642** |
| Total segment operating expenses <sup>(2)</sup> | 83678 | 94560 | 178238 | 78983 | 24221 | 86699 | 84598 | 171297 | 56850 | 21776 |
| Segment operating income <sup>(2)</sup> | $2991 | $7714 | $10705 | $1203 | $1440 | $11967 | $7154 | $19121 | $5421 | $2866 |
| Segment operating ratio <sup>(2)</sup> | 96.5% | 92.5% | 94.3% | 98.5% | 94.4% | 87.9% | 92.2% | 90.0% | 91.3% | 88.4 |
| **Non-GAAP Presentation** |  |  |  |  |  |  |  |  |  |  |
| Total revenue | $**86669** | $**102274** | $**188943** | $**80186** | $**25661** | $**98666** | $**91752** | $**190418** | $**62271** | $**24642** |
| Fuel surcharge revenue | (13113) | (11475) | (24588) | - | (142) | (14850) | (11089) | (25939) | - | (247 |
| Freight revenue (total revenue, excluding fuel surcharge) | 73556 | 90799 | 164355 | 80186 | 25519 | 83816 | 80663 | 164479 | 62271 | 24395 |
| Total segment operating income <sup>(2)</sup> | $2991 | 7714 | $10705 | $1203 | $1440 | $11967 | $7154 | $19121 | $5421 | $2866 |
| Adjusted for: |  |  |  |  |  |  |  |  |  |  |
| Other <sup>(3)</sup> | (927) | (610) | (1537) | (196) | (733) | (5290) | (3302) | (8592) | (269) | (606 |
| Adjusted segment operating income | $2064 | $7104 | $9168 | $1007 | $707 | $6677 | $3852 | $10529 | $5152 | $2260 |
| Adjusted segment operating ratio | 97.2% | 92.2% | 94.4% | 98.7% | 97.2% | 92.0% | 95.2% | 93.6% | 91.7% | 90.7 |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **GAAP Presentation** | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | Expedited | Dedicated | Combined Truckload | Managed Freight | Warehousing | Expedited | Dedicated | Combined Truckload | Managed Freight | Warehousing |
| Total revenue | $**373294** | $**403180** | $**776474** | $**286806** | $**100555** | $**416461** | $**364414** | $**780875** | $**248939** | $**101662** |
| Total segment operating expenses <sup>(2)</sup> | 352168 | 383194 | 735362 | 274640 | 92856 | 368521 | 325834 | 694355 | 234034 | 90259 |
| Segment operating income <sup>(2)</sup> | $21126 | $19986 | $41112 | $12166 | $7699 | $47940 | $38580 | $86520 | $14905 | $11403 |
| Segment operating ratio <sup>(2)</sup> | 94.3% | 95.0% | 94.7% | 95.8% | 92.3% | 88.5% | 89.4% | 88.9% | 94.0% | 88.8% |
| **Non-GAAP Presentation** |  |  |  |  |  |  |  |  |  |  |
| Total revenue | $**373294** | $**403180** | $**776474** | $**286806** | $**100555** | $**416461** | $**364414** | $**780875** | $**248939** | $**101662** |
| Fuel surcharge revenue | (56076) | (48554) | (104630) | - | (607) | (69764) | (46627) | (116391) | - | (1144) |
| Freight revenue (total revenue, excluding fuel surcharge) | 317218 | 354626 | 671844 | 286806 | 99948 | 346697 | 317787 | 664484 | 248939 | 100518 |
| Total segment operating income <sup>(2)</sup> | $21126 | $19986 | $41112 | $12166 | $7699 | $47940 | $38580 | $86520 | $14905 | $11403 |
| Adjusted for: |  |  |  |  |  |  |  |  |  |  |
| Other <sup>(3)</sup> | (5801) | (3918) | (9719) | (890) | (2470) | (23645) | (15061) | (38706) | (909) | (2469) |
| Transaction costs | - | 149 | 149 | - | - | - | - | - | - | - |
| Employee separation costs | 680 | 622 | 1302 | 73 | - | - | - | - | - | - |
| Lease abandonment and customer exit costs | 49 | 166 | 215 | 214 | - | - | - | - | - | - |
| Abandonment of long-lived software | 880 | 1004 | 1884 | - | - | - | - | - | - | - |
| Adjusted segment operating income | $16934 | $18009 | $34943 | $11563 | $5229 | $24295 | $23519 | $47814 | $13996 | $8934 |
| Adjusted segment operating ratio | 94.7% | 94.9% | 94.8% | 96.0% | 94.8% | 93.0% | 92.6% | 92.8% | 94.4% | 91.1% |

---

(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, amortization of intangible assets, and contingent consideration liability
 adjustments.

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