Covenant Logistics Group, Inc. announced its financial and operating results for the third quarter ended September 30, 2026. The company reported earnings of $0.40 per diluted share for the quarter, with adjusted earnings per diluted share reaching $0.50. This marked the first time since the second quarter of 2022 that adjusted earnings per share increased both sequentially and year over year.
For the nine months ended September 30, 2026, the company reported total revenue of $993.9 million, compared to $869.1 million in the prior year period. Net income for the nine months was $23.7 million, while adjusted net income was $31.2 million. Adjusted earnings per diluted share for the nine-month period were $1.18, compared to $1.22 in the prior year.
The company’s operating performance was driven by its Truckload and Managed Freight segments. In the Truckload segment, total revenue for the quarter was $204.6 million, a 2.5% increase compared to the prior year. Freight revenue, excluding fuel surcharge, decreased by $5.8 million, largely due to an 8.9% decrease in the average fleet size. The Managed Freight segment reported freight revenue of $121.6 million for the quarter, a significant increase from $72.2 million in the prior year.
Chairman and Chief Executive Officer David R. Parker noted that approximately 80% of the company’s fleet assets were under long-term contracts as of the end of the third quarter. The company also highlighted the performance of its 49% equity method investment in Transport Enterprise Leasing (TEL), which contributed pre-tax net income of $5.7 million, or $0.16 per share, for the quarter.
The company’s conference call to discuss the quarter is scheduled for 10:00 A.M. Eastern Time on Friday, October 30, 2026.
