Covenant Logistics Q3 adjusted EPS $0.44, sees Q4 sequentially lower

COVENANT LOGISTICS GROUP, INC.

2025-Q3 EPS reported $0.94 revenue$869,098,000

Q3 adjusted EPS $0.44 per diluted share vs $0.54 a year ago; GAAP EPS $0.35 vs $0.47.
Total freight revenue (ex fuel) $268.8M, up 4% YoY; operating income fell to $7.9M from $16.2M.
Truckload segment operating income $9.2M vs $23.1M; costs rose for driver pay, insurance, and unused equipment.
TEL equity invest contributed $3.6M pre-tax ($0.10/sh) vs $4.0M; expects credit losses to continue.
Q4 2025 adjusted EPS expected sequentially lower due to TEL, government shutdown, and loss of large Managed Freight customer.

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