---
schema_version: "secwatch.filing_event.v1"
accession: "0001008886-23-000004"
form_type: "8-K"
ticker: "CVLG"
cik: "0000928658"
company_name: "COVENANT LOGISTICS GROUP, INC."
filed_at: "2023-01-25T23:59:59+00:00"
generated_at: "2026-06-20T10:20:26.432908+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Covenant Logistics Q4 EPS $0.81 includes $10M equipment charge; record FY EPS $7.00

## Summary
- Q4 GAAP EPS $0.81 vs $1.05; adjusted EPS $1.37 vs $1.07. Revenue $296M, freight revenue $255M.
- Q4 operating income $10.9M; adjusted $22.0M. Includes $7.5M lease abandonment and $2.5M excess equipment expense.
- Full year EPS $7.00 (record); adjusted $5.84. Freight revenue over $1B; ROIC 15.3%.
- Expedited segment revenue +25.9% (FEMA/AAT). Dedicated -4.7% (exited unprofitable). Managed Freight -29.6%. Warehousing +31%.
- Net debt $46.4M (10.9% cap). 2023 net capex guided $75-85M; management expects difficult H1 freight market.

## SEC filing metadata
- accession: 0001008886-23-000004
- form_type: 8-K
- ticker: CVLG
- cik: 0000928658
- company_name: COVENANT LOGISTICS GROUP, INC.
- filed_at: 2023-01-25T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/928658/000100888623000004/0001008886-23-000004-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/928658/000100888623000004/form8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001008886-23-000004
- JSON: https://secwatch.observer/filing/0001008886-23-000004.json
- Plain text: https://secwatch.observer/filing/0001008886-23-000004.txt

## Key facts
- Earnings Releases
  COVENANT LOGISTICS GROUP, INC. reported the fourth quarter ended December 31, 2022 results: revenue $ 296,057, net income $ 11,504, EPS $ 0.81.
  - Period: the fourth quarter ended December 31, 2022
  - Revenue: $ 296,057
  - Net income: $ 11,504
  - EPS: $ 0.81
  - Result: reported results
  source text: Total Revenue $ 296,057 $ 294,228 $ 1,216,858 $ 1,046,003 Freight Revenue, Excludes Fuel Surcharge $ 255,327 $ 267,022 $ 1,046,396 $ 949,913 Operating Income $ 10,904 $ 18,237 $ 120,682 $ 67,162 Adjusted Operating Income (1) $ 22,010 $ 18,824 $ 97,244 $ 71,205 Operating Ratio 96.3 % 93.8 % 90.1 % 93.6 % Adjusted Operating Ratio (1) 91.4 % 93.0 % 90.7 % 92.5 % Net Income $ 11,504 $ 17,732 $ 108,682 $ 60,731 Adjusted Net Income (1) $ 19,522 $ 18,169 $ 90,543 $ 61,287 Earnings per Diluted Share $ 0.81 $ 1.05 $ 7.00 $ 3.57
  evidence_url: https://www.sec.gov/Archives/edgar/data/928658/000100888623000004/0001008886-23-000004-index.htm
- Earnings Releases
  COVENANT LOGISTICS GROUP, INC. reported the year ended December 31, 2022 results: revenue $ 1,216,858, net income $ 108,682, EPS $ 7.00.
  - Period: the year ended December 31, 2022
  - Revenue: $ 1,216,858
  - Net income: $ 108,682
  - EPS: $ 7.00
  - Result: reported results
  source text: Total Revenue $ 296,057 $ 294,228 $ 1,216,858 $ 1,046,003 Freight Revenue, Excludes Fuel Surcharge $ 255,327 $ 267,022 $ 1,046,396 $ 949,913 Operating Income $ 10,904 $ 18,237 $ 120,682 $ 67,162 Adjusted Operating Income (1) $ 22,010 $ 18,824 $ 97,244 $ 71,205 Operating Ratio 96.3 % 93.8 % 90.1 % 93.6 % Adjusted Operating Ratio (1) 91.4 % 93.0 % 90.7 % 92.5 % Net Income $ 11,504 $ 17,732 $ 108,682 $ 60,731 Adjusted Net Income (1) $ 19,522 $ 18,169 $ 90,543 $ 61,287 Earnings per Diluted Share $ 0.81 $ 1.05 $ 7.00 $ 3.57
  evidence_url: https://www.sec.gov/Archives/edgar/data/928658/000100888623000004/0001008886-23-000004-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.