CVLG FINANCIAL STATEMENTS

Covenant Logistics Group, Inc. — balance sheet, income statement and cash flow trends

CVLGCovenant Logistics Group, Inc.

🇺🇸 USA · NYSE · Industrials · Trucking

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue1.2 B $+7.1%

Gross Profit153.9 M $-8.6%

Operating Income19.3 M $-60.5%

EBITDA111.1 M $-26.0%

Net Income5.1 M $-86.8%

Peer Comparison· Trucking

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
CVLG	7.1%	12.8%	9.2%	0.4%
MTL	7.9%	23.1%	15.0%	4.3%
TFII	1.6%	12.0%	14.7%	3.8%
Industry median	1.4%	12.5%	13.3%	1.5%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
CVLG	7.1%	12.8%	9.2%	0.4%
HTLD	-23.5%	9.1%	14.1%	-5.7%
MRTN	-7.8%	3.3%	13.4%	1.7%
WERN	3.3%	8.4%	10.4%	-0.3%
ARCB	-1.7%	4.1%	6.6%	1.4%
ULH	-11.1%	10.1%	5.3%	-7.1%
Industry median	1.4%	12.5%	13.3%	1.5%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity407.6 M $40%
Current Liabilities202.2 M $20%
Long-term Liabilities407.1 M $40%

Key Figures

YoY change

Total Assets1 B $+3.8%

Total Liabilities609.2 M $+13.6%

Total Equity407.6 M $-8.1%

Cash & ST Investments11.2 M $+0.1%

Total Debt291.7 M $+4.9%

Net Debt280.5 M $+5.1%

Peer Comparison· Trucking

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
CVLG	1.04	71.6%	2.52	40.1%
MTL	2.07	91.7%	2.77	44.2%
TFII	1.07	119.6%	2.37	35.5%
Industry median	1.27	42.0%	1.89	49.3%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
CVLG	1.04	71.6%	2.52	40.1%
HTLD	1.27	20.4%	1.01	63.4%
MRTN	2.08	0.0%	-0.60	80.7%
WERN	1.44	77.0%	3.06	41.5%
ARCB	0.93	35.8%	1.40	52.3%
ULH	1.13	172.8%	11.23	31.2%
Industry median	1.27	42.0%	1.89	49.3%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow117.8 M $-6.5%

Capital Expenditures216 M $+56.5%

Free Cash Flow139.8 M $—

Dividends Paid7.1 M $+13.7%

Peer Comparison· Trucking

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
CVLG	9.8%	11.6%	18.0%	2,311.2%
MTL	12.1%	7.8%	4.3%	279.2%
TFII	11.8%	8.4%	3.5%	312.2%
Industry median	11.3%	5.0%	7.0%	287.0%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
CVLG	9.8%	11.6%	18.0%	2,311.2%
HTLD	11.4%	-8.4%	19.8%	-199.6%
MRTN	10.5%	-5.5%	15.9%	623.3%
WERN	7.7%	-1.4%	9.1%	-2,755.0%
ARCB	6.4%	3.9%	2.6%	464.5%
ULH	8.6%	-3.2%	11.7%	-120.8%
Industry median	11.3%	5.0%	7.0%	287.0%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.